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.
Any institution with 117 years under its belt is sure to accumulate truckloads of data points, and the Real Estate Board of New York, which celebrates its 1,404th month in existence this February, is no exception.
Indeed, from its modest beginnings as an organization with fewer than 50 members to its current position as the real estate industry’s most influential lobbying group, the board has come along way—and The Commercial Observer has the numbers to prove it.
After the jump, a random sampling of data points from over the course of REBNY’s distinguished, colorful history.
Stat of the Week
Every year for the past 116 years, the Real Estate Board of New York has hosted its annual banquet. This year, the 117th banquet will take place on 1-17, which either is a coincidence or the REBNY Board has a secret numerologist among its ranks.
As we are unable to look back at commercial real estate statistics from 1896 due to a non-functioning flux capacitor, a time-travel-less comparison over the past 17 years proves that 2012 was a typical year of ups and downs for the market.
They enter alone and in small groups, often single file, but by the time the city’s brokers, politicians and landlords reach the mezzanine level of the New York Hilton, they’ve already fanned out into concentric circles, each composed of friends and colleagues.
And as the room continues to fill each year, so too do those clusters of men and women, each one separated by a mere foot or two from the next, and the next and the next. Indeed, with an estimated 2,200 guests expected to attend this year’s Real Estate Board of New York gala, those small footpaths will only narrow, making it more challenging than ever to connect with allies or retreat from rivals.
It’s with these considerations in mind that we at The Commercial Observer and REBNY have compiled a comprehensive seating chart inside the Hilton’s Grand Ballroom, where employees of firms including Vornado Realty Trust (front and center) and the law firm Morrison & Foerster (near the bathrooms) can all eventually be found, or avoided, whichever the case may be.
Take a look before the lights dim, draw up a plan and use this map, above and on the next page, as a resource.
Since 1986, Steven Spinola has served as president of the Real Estate Board of New York. With his organization’s annual gala approaching next week, Mr. Spinola is saying goodbye to outgoing chair Mary Ann Tighe and welcoming Rob Speyer, president and co-chief executive officer of Tishman Speyer, while also guiding REBNY’s agenda for 2013. The Read More
If you are a regular reader of Concrete Thoughts, you know that I think networking is extremely valuable for participants in our commercial real estate market.
One of the main benefits of networking is getting to meet people face-to-face and developing relationships that are lasting and lead to business opportunities. One of the best trade organizations through which to network is the Real Estate Board of New York.
This week, REBNY is holding its 117th annual banquet, so I thought it appropriate to recognize the tremendous work that the board does on behalf of our industry. Not only does REBNY provide tremendous networking opportunities, it’s also a leading advocate for our industry.
CBRE tristate Chief Executive Officer Mary Ann Tighe is a legend in New York’s voracious real estate world. Winner of multiple Deal of the Year awards and a 2009 REBNY lifetime achievement award, Ms. Tighe has conquered every peak in her nearly 30 years in the industry, rising to an almost mythic status among the Read More