Vantage Properties, a leading owner-operator of apartment properties throughout the city, has added Peter Stevens and David Cosentino to its team. Mr. Stevens will join as vice president, New York acquisitions and Mr. Cosentino will serve as a director of marketing and communications.
2013 Owners Magazine
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Houston-based global law firm Baker Botts has signed a 10-year, 104,000-square-foot renewal for its space at Tishman Speyer’s 30 Rockefeller Plaza.
The move comes on the same day that the firm, the fourth-biggest adviser on North American oil and natural gas deals this year, announced it will expand to Brazil as Petroleo Brasileiro SA – its Read More
Food & Drink
NBC staffers are hungry. For a sorely needed ratings bump, yes. But also for a private dining room conducive to power lunches.
It looks like the Peacock Network is in luck: 30 Rock owner Tishman Speyer reportedly plans to reopen the 65th floor Rainbow Room shortly after the New Year.
For Riggs Kubiak, the appeal of real estate lay in its tangibility.
“Working with things that you can touch, feel, walk into and experience,” he said, “was more exciting to me than dealing with synthetic collateralized debt obligations.”
Mr. Kubiak, 32, got his start in the industry renting apartments while he was an undergraduate at Boston College. And, following stints at Ernst & Young and Granite Partners, he rose to become the global head of sustainability at Tishman Speyer, where he worked for five years.
Now he’s the chief executive officer of Honest Buildings, a website he co-founded with his sister, Garrett Kubiak, and Cody Roberts that connects building owners and tenants with brokers, contractors and other real estate professionals in a bid to bolster transparency and hasten innovation in construction, design and other fields.
The consignment store Second Time Around signed a long-term lease for 1,213 square feet of Stuyvesant Town real estate at 334 First Avenue.
Scott Galin and Darell Handler of Handler Real Estate Organization represented the tenant. Bruce Spiegel and William Bergman of Rose Associates, Inc. represented the landlord, ST Owner, LP. Messrs. Galin and Handler said asking rent was $120 per square foot.
Lewis Baach PLLC, a Washington, D.C.-based law firm, has signed a 4-year lease for 3,867 square feet on the 32nd floor of the Chrysler Building at 405 Lexington Avenue, it was announced yesterday. Asking rent was $65 per square foot.
The law firm, which has international offices in London and Buenos Aires, will operate in New York under the name Lewis Baach PLLC Kaufmann Middlemiss. The office is currently operational according to Adam Kaufmann, partner, who will be joined in New York by Arthur Middlemiss. Mr. Kaufman recently left the Manhattan District Attorney’s office to join the firm.
The New York Times’s Charles Bagli’s new book Other People’s Money tackles the housing crisis and 2010 collapse of the Stuyvesant Town-Peter Cooper Village deal. Set for release April 4, the book takes readers inside the bidding war and the eventual loss of billions of dollars of investor money. Mr. Bagli, a former reporter at The New York Observer, spoke with The Commercial Observer about the book, how the Stuy Town deal defined an era, and whether or not investors and the industry learned a lesson.
The Commercial Observer: What is the significance of this story?
Mr. Bagli: For me—just my own thinking—it was a critical moment. Here we are in the midst of another real estate boom, and it just really highlighted the fact that these guys that used to go for the “glass and brass” are out there scooping up what some people would call “meat and potatoes,” the brick tenements. You sort of step back and say: ‘Whoa, what’s this about?’ Like I say in the book, I think Stuyvesant Town, in a way, is for New Yorkers an iconic place, not dissimilar from the Empire State Building or Rockefeller Center.
A Boom With a View
The view from the Empire State Building observation deck was especially expansive on March 13, with crystal-clear skies hovering over the five boroughs, New Jersey and, visible to the north, Westchester County. Yet Coco Jones briefly dominated the panorama.
Ms. Jones, 15, was perched, alone, on the southeastern corner of the deck. The Disney Channel alumna—she appeared on the cable network’s short-lived sketch comedy series So Random!—had released her debut EP, Made Of, the previous day. And although its lead single, “Holla at the DJ,” had yet to chart on Billboard’s Hot 100, Ms. Jones was ready to celebrate its release on the Empire State’s Building’s 86th floor.
Miami native Rick Rosa stuffed a few bags with his belongings in 1999 and headed for New York City.
Though not the postcard image he envisioned, he stumbled upon the industrial waterfront neighborhood of Long Island City, where he found an affordable pad, close to Manhattan, with a yard for his dog, Benny.
“The neighborhood Read More
Though not a traditional owner-operator, TIAA-CREF has begun to draw the attention of the real estate industry in recent months for a bevy of deals, including its acquisition of a stake in the Frank Gehry-designed building at 8 Spruce Street and a joint venture with Norges Bank Investment Management.
The asset management firm’s steady persistence in the real estate market during the downturn has led to a realization of gains, and recent deals could lead to the redeployment of capital in key markets going forward, said analysts familiar with the firm’s strategy going into 2013.
“TIAA is one of the investors that was pretty active in the depths of the market in 2009 and 2010, and some of those investments have turned into significant home runs,” said Dan Fasulo, managing director and head of research at Real Capital Analytics.
In one of the largest real estate deals in recent memory, Comcast will purchase from General Electric the properties used by NBCUniversal at iconic 30 Rockefeller Plaza and CNBC Headquarters as part of its acquisition of GE’s remaining 49 percent equity stake in the media company, it was announced earlier this week.
Though the building is owned by Tishman Speyer, the office and studio space at 30 Rock involved in the deal is owned by GE and is considered a commercial condo. GE will keep space in the building on the 52nd and 53rd floors.
The real estate component of the deal accounts for approximately $1.4 billion of the $16.7 billion transaction and trumps the $1.1 billion sale of the Sony Building to the Chetrit Group last month.
On the Market
Massey Knakal is marketing a massive lot for long-term net lease at 39-19 21st Street for $1.5 million, hoping to capitalize on the rapid development occurring in western Queens.
Neatly tucked between a number of strategic roadways and two rapidly changing neighborhoods, the 100,000-square-foot lot on the corner of 39th Avenue and 21st Street sits between Long Island City and Astoria, Queens.
“It’s rare to come up with this large a footprint along a main drag,” said Benjamin Fox, executive vice president of retail leasing with the firm, who is exclusively marketing the property.
Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.
The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said.
As forecasters became more and more certain that a monster storm named Sandy was barreling toward Manhattan in the 48 hours leading up to its landfall on Monday, October 29, Real Estate Board of New York President Steven Spinola lay in a hospital bed recovering from a sudden medical emergency.
But the hospital stay didn’t Read More