By Al Barbarino 3/13 8:00am

Development

wagon

Midtown’s Westward Expansion Offers a Modern Crack at Manifest Destiny

Like the westward expansion that gripped the nation during the early to mid-1800′s, the expansion of Midtown Manhattan offers the city’s commercial real estate pioneers a modern crack at manifest destiny.

The trajectory of Midtown’s new building stock over the last seven decades tells a story of westward expansion that most recently struck Midtown West with the Hudson Yards development project.

“Hudson Yards really is the last frontier,” said James Delmonte, principal and vice president of research at Avison Young.  “Firms are looking for newer product and larger floor plates, largely because there really is no available land on the east side.” Read More

By Al Barbarino 2/22 10:58am

The Lobby

AY_JohnRyan_2013

Avison Young Continues Hiring Spree With Addition of John Ryan III

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.” Read More

By Richard Persichetti 1/24 9:00am

Stat of the Week

Print

Deals Under 20,000 SF Ruled in 2012

Mega deals rule the commercial real estate market and the trade papers, as everyone in the industry wants to know where the latest big block of space was leased and who will take down the next one.

The market saw its share of deals that were 100,000 square feet and more in 2012, just slightly off of 2011’s pace—53 versus 56, respectively. It is always great to read about the UBS-type 890,000-square-foot renewals and expansions and the Microsoft-like 204,000-square-foot deals, but based on the number of transactions, these household names account for merely 3 percent of the leasing activity in any given year. Read More

By Michael Stoler 12/06/12 2:00pm

Mortgage Observer

2013_web

Class of 2013: New Hires Signal Banks’ Growth Heading Into New Year

Everyone wants to operate a business in New York City. Companies from around the world travel to the Big Apple to expand their presence in the global market by staking out space here.

While the costs of operating a business in the city and in the region can be astronomical, the rewards can make it well worth it. So despite the challenges, each year a number of financial institutions from around the globe decide that it’s time to expand in New York in order to capitalize on companies’ desires to open shop or expand their operations here. As 2012 draws to a close, a number of new entrants from regional and national banks are elbowing in to gain market share in the New York tristate area by offering financing for commercial real estate. That means new hires. Read More

By Alessia Pirolo 9/21/12 3:55pm

Mortgage Beat

437 Seventh Avenue.

Vornado Realty Closes Loans on Midtown Properties

With a recently obtained mortgage and other two rumored to come next, Vornado Realty seems close to obtaining over $1 billion in loans on Midtown properties from some of the biggest players on the market.

The German Bank Landesbank Baden-Württemberg has recently provided $98 million of refinancing on 435 Seventh Avenue, at the corner with 34th Street. The 43,000-square-foot building is fully leased to the Swedish retailer H&M. Vornado Realty might now use part of the proceeds of the new loan to retire a $52 million mortgage provided in 2009 by HSBC Holdings. Read More

By Daniel Geiger 1/24/12 12:00pm

Power Broker

Meyer Last

Last But Not Least

Is he the most prolific attorney in the city you’ve never heard about?

Probably not.

Still, it’s possible to lose track of just how many deals Fried Frank partner Meyer Last inked in 2011. Call it the Jon Mechanic effect. Read More

By Matt Chaban 6/20/11 11:50am

Cashing In

The balls on this guy.

Wall Street Is Back in the Hunt

As Wall Street continues to swagger back from the brink, once again enjoying outsized profits and sneering at federal regulators, it means good news for at least one group of New Yorkers: landlords.

As The Journal reports today, no fewer than eight major banks are each looking for at least 500,000 square feet of office space in the city. They are hunting for bargains as much as anything, taking advantage of lower rents while uncertain of their own futures and that of the economy: Read More