The Real Deal - New York Real Estate News

Small firms could feel pinch in Brooklyn

May 15, 2008 04:15 PM

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Allen Barcelon of Boerum Hill Realty From the May issue: Not only is the era of windfall sellouts over for independent real estate firms in brownstone Brooklyn, but community storefronts may be in for tough times as the economy falters and outer borough properties take a hit. As prices in Brooklyn have leveled off, and in some cases dropped, the powerhouse firms that were once gobbling up their independent counterparts have slowed their acquisitions. Yet the competition they've created could make it harder for the remaining independent firms to compete going forward, especially as they have smaller budgets. more By Kate Pickert and Catherine Contiguglia

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Manhattan retail rents rise

May 15, 2008 04:08 PM

Despite the economic slowdown, Manhattan retail rents increased in prime shopping corridors over the past six months as tourists continued to spend freely, a report released today from the Real Estate Board of New York said. Manhattan retail rents grew by 3 percent compared to a year ago to an average of $111 per square foot, the report said. Not all the news was good. In some areas rents fell, including on Madison Avenue from 57th to 72nd street, where the average asking rent fell by 8 percent to $1,066 per square foot. more By Adam Pincus

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Condé Nast looks west … and more

May 15, 2008 04:00 PM

1. Cond Nast is expected to remain part of the Durst-Vornado Hudson Yards bids [NYO]
2. Gov. Paterson expected to pick statewide development chief soon [NYO]
3. A vision of what could replace a power plant that is being demolished in Williamsburg [Curbed]
4. Union Hall on Park Slope gets to keep its liquor license, but residents are angry [Brownstoner]
5. Manhattan-based Newmark Knight Frank is expanding in Texas [Dallas Morning News]
6. Blackstone posts an unexpected loss of $66.5 million, as real estate revenues drop [Bloomberg]

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Big Tishman project moves forward in Long Island City

May 15, 2008 03:01 PM

Tishman Speyer might have dropped its deal with the Metropolitan Transportation Authority this week for the massive development of Hudson Yards. But flying under the radar is the firm's big commercial project in Long Island City, Queens, where the first stirrings of work have begun. A portion of the long-awaited 3.2-million-square-foot complex, dubbed Gotham Center, is slated to be built on a city-owned site occupied by a municipal parking garage, where demolition could begin soon. The site is on the south side of Queens Plaza, at the corner of Queens Boulevard and Jackson Avenue. Queens broker John Maltz, president of Greiner-Maltz Real Estate, said he had heard that the city Department of Health and Mental Hygiene could leasing up to 600,000 square feet of the complex's first building, which will be 800,000 square feet. more By Adam Pincus

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Money manager buys at Plaza for $15M

May 15, 2008 02:48 PM

Plaza Hotel Money manager Oscar Schafer paid $14.7 million for a condo in the Plaza Hotel, according to property records posted today. Schafer is founder and managing partner of Manhattan-based O.S.S. Capital Management, a seven-year-old private investment partnership. The apartment went into contract in December 2005 and the sale was finalized May 5. By Adam Pincus

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Apartment building sales slow

May 15, 2008 02:05 PM

The number of apartment buildings sold in the city dropped last year, indicating prices could stabilize or drop this year, according to a report prepared by appraiser Miller Cicero for brokerage Massey Knakal. The report, which doesn't track Staten Island, said the number of buildings sold dropped 16.9 percent compared to the year's first half. The price per square foot for apartment buildings increased to $234, up only 1.3 percent from the first half of the year. TRD more

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Makeover for 100 Church St.

May 15, 2008 01:25 PM

100 Church Street The facade of 100 Church Street is getting a makeover, with a planned exterior of black granite and double-paned windows. The building's transformation might help bring in tenants, as the space has had high vacancies since September 11, 2001. Deals fell through with the Toy Industry Association and Omnicom Group, and most recently Newsweek magazine chose to move into Soho instead, leaving the landlord, the Sapir Organization, with a vacant block of 400,000 square feet. The building, designed in 1958 by architects Emory Roth and Sons, was featured in The Real Deal's March issue. [Sun]

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Toll Brothers towers coming to Jersey City's Powerhouse Arts District

May 15, 2008 01:19 PM

Jersey City Powerhouse Arts District Toll Brothers is developing three high-rise condo towers in the Jersey City Powerhouse Arts District, and residents aren't happy. The neighborhood was once planned as a 12-block artist district with low-rise spaces for galleries and theaters. Last month, the city council gave Toll Brothers the go-ahead to build the towers, all at least 30 stories tall. Many Jersey City residents say the developments, being built on the site of an old matzo factory, aren't welcomed. "It's not only not in keeping with the vision of the redevelopment plan, but it goes counter to it and it destroys it," said Jill Edelman, president of the area's neighborhood association. The local redevelopment agency's head says opponents have a "myopic Nimby approach." [NYT]

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Commercial market braces for open space

May 15, 2008 01:05 PM

Millions of square feet of commercial space are about to hit the market as fears about the economy's strength persist and financial service workers face layoffs. JPMorgan Chase announced Tuesday that 50 percent of Bear Sterns employees will be cut, and plans to vacate about 1 million square feet of office space in New York City. As JPMorgan empties Bear Stearns offices, even more office space will become available with the opening of the 2.1-million-square-foot Bank of America tower at 1 Brant Park and Equity Office's1.3-million-square-foot building at 1095 Sixth Avenue. "We are now starting to see more space come on the market due to the layoffs," said Joseph Harbert, chief operating officer of Cushman & Wakefield's New York metro region. [Sun]

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Condo associations struggle

May 15, 2008 01:00 PM

With many condos in Miami facing foreclosure, many residents' monthly payments to building associations are shrinking. As a result, the remaining owners are being required to shell out thousands of dollars in addition to their own monthly fees to compensate. In many of these buildings the association still fails to pay for necessary hallway and ceiling repairs. Buyers say they are wary of low upfront condo prices, which may hide unexpected common fees. Last month's issue of The Real Deal explored the same trend of condo owners' woes in New York City. [NYT]