The economy is improving, values are rising, transactions are increasing, banks are lending, Downtown is booming, and it’s all very apparent to Robert Gilman, a partner at Anchin, Block & Anchin LLP who co-chairs the accounting firm’s real estate practice. “People say we’re in a stalled economy,” Mr. Gilman said. “But in real estate, we’re Read More
Confidence among New York real estate brokers dipped in the third quarter thanks to political disarray in Washington and a relentless push toward super-luxury residential development that has dimmed the prospect of middle-class housing creation.
Tenant rights group Tenants PAC is lashing out at the Real Estate Board of New York for its role in supporting favored political candidates through the independent expenditures of political action committee Jobs for New York.
The group has pledged not to endorse any candidates benefiting from the expenditures – unless the candidates agree to Read More
The number of Manhattan properties under landmark protection has reached a milestone, but this will only restrain job creation, constrict development and increase the city’s cost of living, according to the Real Estate Board of New York.
A report from REBNY found that 11,857 properties – nearly 27.7 percent – of Manhattan properties are now Read More
Leslie Himmel started Himmel+Meringoff Properties from the ground up with business partner Steve Meringoff in 1985. “Just believe in yourself and buy real estate,” were the words of wisdom with which Ms. Himmel’s mentor, former REBNY chairman Bernard Mendik, inspired her at the time. “It’s easy to say but not always so easy to do,” Read More
About 200 retail real estate specialists gathered at 101 Park Avenue’s 101 Club last Tuesday for the Real Estate Board of New York’s 15th annual Retail Deal of the Year Awards cocktail party.
Brokers flocked to a bountiful buffet and an open bar with generous pours. In a lonely corner, an ignored PowerPoint presentation summarized the nominees. Here’s what went down as the assembled waited to hear which of the nine submitted transactions would take home the evening’s two big honors.
Brokers who brought big name chain retailers to a pair of Jeff Sutton properties won big last night at the Real Estate Board of New York‘s Retail Deal of the Year Awards at 101 Park Avenue.
David LaPierre of CBRE nabbed the prize for “most ingenious and creative retail deal that demonstrates exceptional broker acumen” for a transaction that brought Express to 1552-1560 Broadway. Jacqueline Klinger and Chase Welles of SCG Retail‘s success in landing Whole Foods in Harlem (at 100 West 125th Street) were deemed the brokers behind “the retail deal which is most significant in its overall characteristics and importance to the New York City Retail Market”
Midtown East Rezoning
Andrew Penson, president and founder of Argent Ventures, owner of Grand Central Terminal, is fighting back against the Midtown East rezoning plan, which Mr. Penson argues undervalues the 1.3 million square feet of transferable development rights acquired along with the rail station, Crain’s New York reported.
As part of the rezoning proposal, the city is planning to charge $250 per square foot for development rights allowing developers to build larger towers in the Midtown East submarket. The city’s price, Mr. Penson argues, is half of what Argent values the air rights at.
An organization comprised of real estate owners, developers, banks and investment firms will spend as much as $10 million toward ensuring a future City Council that is hospitable toward the industry.
The political action committee, Jobs for New York, is backed by construction unions and symbolizes an unusually pronounced involvement of an independent group in city elections.
The Real Estate Board of New York released its spring retail report today, and the numbers back up the board’s sentiment that “the retail market continues to be one of the healthiest sectors” in the city.
While across-the-board Manhattan average asking rents rose a mere 2 percent ($116 this spring compared to $114 last spring), prime corridors enjoyed dramatic gains. Average asking rents in the Times Square submarket spiked 55 percent to $2,175 per square foot compared to $1,400 a foot last spring. The Broadway corridor between 14th and 23rd Streets in the Flatiron District was not far behind, with a 50 percent increase to $320 a foot from $215. REBNY attributed the Times Square leap to a limited supply and a bump in tourism numbers.
The Newmark Grubb Knight Frank team of Barry Gosin, Brian Waterman and Romel Canete was awarded the Real Estate Board of New York’s Henry Hart Rice Award for the Most Ingenious Deal of the Year Award at the trade association’s 69th annual cocktail reception yesterday evening. The deal, which was a lease for Morgan Stanley at One New York Plaza, closed in April of last year.
The judging committee evaluated 37 dealmakers across sales, lease and finance transactions over the last year. So impressive were the submissions, that a presenter at last night’s event at the 101 Club wondered aloud whether the authors of the submissions had advanced degrees in creative writing.
The Real Estate Board of New York has opened the submission process for the Retail Deal of the Year Awards, it was announced yesterday. The awards recognize the most creative and significant retail deals in New York City.
Submissions for the awards are due April 25. Winners will be announced at the REBNY Retail Committee’s Deal of the Year cocktail party on June 11.
“It’s certainly the most prestigious award given in our business,” Peter Braus, retail committee chair at REBNY, told The Commercial Observer. “As retail has gotten to be more of a factor in New York real estate, it has gotten to be quite the market prestige to win the award.”
The Real Estate Board of New York today released the nominees for this year’s Most Ingenious Deal of the Year awards. Board president Steve Spinola said that REBNY had received 19 “very interesting” submissions for the 2013 honors. “As the number of submissions grows, the brokers continue to raise the bar,” Mr. Spinola said in a prepared statement.
Submissions are broken into sales, lease and finance categories. One thing that jumps out about the contending sales and lease deals is the number of brokers from CBRE and Newmark Grubb Knight Frank: eight of the 14 submissions come from the two firms. First, second and third place prize winners will be announced on April 23 at the 101 Club.
See the sales and lease nominees below.
Industry veteran John Ryan III is the latest hire in Canadian real estate firm Avison Young’s mission to expand its footprint across New York City and the United States.
As Principal of the firm’s New York City office, Mr. Ryan will harness his 23 years of experience in tenant and landlord representation, providing brokerage services for key clients.
“I am thrilled by the opportunity to join Avison Young,” Mr. Ryan said, in a prepared statement. “The positive trajectory of Avison Young’s growth nationally, as well as in the New York City market, where the firm has established a high-quality reputation in a relatively short period of time, has been very exciting to watch.”
Thursday’s Real Estate Board of New York gala packed an estimated 2,400 guests into the Hilton New York’s overstuffed Grand Ballroom—an increase from last year by about 200. The Commercial Observer walked the room, hobnobbed with brokers and landlords and taste-tested a dinner of steak and potatoes while washing it all down with a few stiff drinks. Staff Reporters Karsten Strauss and Al Barbarino get the inside dish.