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?
The new ownership of a former teddy bear factory at 497 Broome Street in SoHo is breathing new life into a building that’s available for lease for the first time since it was built in 1900, The Commercial Observer has learned.
A.M. Properties and Quality Capital have appointed Cushman & Wakefield as exclusive leasing agent Read More
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.
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.
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.
Cushman & Wakefield’s Equity, Debt & Structured Finance team has arranged $100 million in floating rate financing for Thor Equities’ 590 Fifth Avenue.
Thor Equities, headed by CEO Joseph Sitt, bought the 19-story, 100,000-square-foot office and retail building in 2007 from the Feil Organization for $90 million, according to data from Real Capital Analytics. Tenants there include AT&T and the NBA store.
What's in a Name?
After acquiring the majority interest in Sonnenblick Goldman in 2007, Cushman & Wakefield Sonnenblick Goldman is dropping the name in a move that a spokesman told The Mortgage Observer is designed to merely “align its services globally.” The group will now be known as the Equity, Debt & Structured Finance practice.
The move doesn’t involve any personnel changes, the spokesman said.