590 Madison Owner Seeks $650M Loan

590 Madison Avenue.

Plaza District office tower 590 Madison Avenue is shopping for a loan of up to $650 million, a source told Commercial Observer. A loan of that size could be one of the largest to close so far this year, if the landlord can find the funds.

The 42-story property’s owner, the State Teachers Retirement System of Ohio, has retained Cushman & Wakefield to source the funds, a representative for C&W confirmed. Read More

Sales Beat

RFR Picks Up Macklowe’s East 72nd Street Retail Condo for $19.9M

150 East 72nd Street

Macklowe Properties has sold the retail condominium at the base of its residential condominium conversion at 150 East 72nd Street to RFR Realty for $19.9 million, Cushman & Wakefield, the firm that represented Macklowe in the deal, announced.

The building, on the southeast corner of Lexington and 72nd Street, is configured as four individual retail storefronts, totaling 4,000 square feet of ground floor space with 900 square feet of below-grade space and more than 150 feet of retail frontage on two major thoroughfares. Read More

Mortgage Observer

Cushman & Wakefield Advises on $57 Million Capital One Loan for Boston Apartment Community

The Peninsula at 401 Mt. Vernon Street

Capital One has provided a $56.8 million loan to affiliates of Bethesda-based ASB Real Estate Investments for The Peninsula, a 285,205-square-foot apartment community in Dorchester Bay, Boston, Mortgage Observer can exclusively report.

The 10-year loan is “a delayed refinancing of a loan that was paid off a number of quarters ago,” Robert Bellinger, president and CEO of ASB Real Estate Investments, said in an email exchange. He declined to give details on the loan’s interest rate. Capital One did not return requests for comment. Read More


Sunshine by the Square Foot

Aerial Photographs of New York City - Archive Images

While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.

Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.

Read More

Sales Beat

Fortis Plans Mixed Use Maiden Lane Development

A rendering of the development at 151-161 Maiden Lane

Fortis Property Group has purchased 151-161 Maiden Lane for $64 million.

Cushman & Wakefield made the announcement today after a team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci, Bruce Mosler and George Giannopoulos represented Maiden Lane Development LLC in the sale.

“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire Read More

Sales Beat

Downtown Residential Development Site Sells for $223 Million


A partnership between Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for $223 million, it was announced today. The sale is the largest residential development site transaction in lower Manhattan.

“101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” said Helen Hwang, executive vice president at Cushman & Wakefield, who represented the seller, in a prepared statement. “We are privileged to have helped St. John’s University successfully realize such an important transaction for its academic mission.” Read More


Q&A: Steve Kohn, president of Cushman & Wakefield’s Equity, Debt & Structured Finance Group

Steve Kohn.

The Mortgage Observer met with Steve Kohn, head of one of three service lines under the capital markets department at Cushman & Wakefield. Mr. Kohn shared his outlook for 2013 and details about he types of deals his growing group is busy working on.

The Mortgage Observer: How did you get your start in the industry?

Steve Kohn: My first job in real estate was with Reliance Development Group, which was a subsidiary of Reliance Insurance in Philadelphia. The president of Reliance Development Group was a gentleman named Henry Lambert, who still is very active in real estate here in New York City. He hired me, and I actually worked for his other business—he had a food business called Pasta & Cheese. I worked for the summers at Pasta & Cheese, and then when I graduated college, I knew that he had a big job in real estate.

What were you doing for him? Read More

Sales Beat

Dermot Property Associates Sells 14 Building Portfolio for $190.5M

201 W 11th St - Front

Dermot Property Associates has sold a portfolio of 14 buildings in Manhattan, the Bronx and Queens for $190.5 million, The Commercial Observer has learned.

Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.

The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller. Read More

The Lobby

C&W Hires Harmeyer to Head Capital Markets for the East

Fred Harmeyer.

Cushman & Wakefield has tapped Fred Harmeyer as senior managing director and regional head of U.S. Capital Markets for the eastern region.

He’ll be responsible for coordinating activities within Equity, Debt & Structured Finance, Corporate Finance & Investment Banking and Investment Sales & Acquisitions. Additionally he’s going to work with Steve Kohn, president of Equity, Debt & Structured Finance to grow that division nationally. Read More


71 Smith Street For Sale

Nat Rockett

71 Smith Street, a development site in Brooklyn’s Boerum Hill, is up for grabs. Cushman & Wakefield and JRT Realty Group have been tapped to market the property, a parking lot.

The 27,582-square-foot parcel is located between Schermerhorn and State Streets and allows for a 311,801 square-foot mixed-use project to be built. Up to 206,530 square feet of residential space can be raised. Another 105,271 square feet for commercial use is also zoned for the site. Read More