Scanning the papers and business web-sites, you’d assume the economy—and, perhaps, the real estate industry in general—was approaching a quagmire, what with employment rates still lower than expected and leasing sluggish.
Nonetheless, with Thanksgiving approaching we asked some of the commercial real estate industry’s biggest names what they were thankful for this year,and their answers were far more positive than expected.
After the jump, a brief sampling of the responses, as told to Commercial Observer staff reporters Al Barbarino and Billy Gray.
Newark, N.J.-based Treetop Development has closed on two West Harlem walk-up properties for $8.8 million.
The 5-story buildings at 220-226 West 116th Street and 449 West 125th Street, which make up a total of 52 two- and three-bedroom apartments and seven retail stores, are part of a continued push by the company to acquire properties in under-served Manhattan neighborhoods.
In the area north of 96th Street and up to 135th Street on the west side, rents are still relatively affordable, new projects and retail hubs are sprouting, and there’s access to transportation and universities, said Adam Mermelstein, Treetop’s managing founder along with Azi Mandel.
On the Market
The Gindi family, owners of the large discount department store chain Century 21, are selling a 26-building portfolio of residential properties.
The family has hired Bob Knakal, chairman of the real estate sales brokerage Massey Knakal, to market the buildings, which are expected to trade for more than $200 million.
Massey Knakal is marketing a large portfolio of residential buildings in upper Manhattan for around $65 million.
The five buildings, 601, 605, 607 and 609 West 137th Street, comprise the whole block front on the north side of West 137th Street between Broadway and Riverside Drive in the neighborhood of Hamilton Heights. The properties are owned by Extell Development.