March 16, 2010 12:00PM
Guy Langford
Financial services firm Deloitte has appointed Guy Langford, a 20-year company veteran, to head up its U.S. distressed asset and debt practice, according to the company. The move is in conjunction with Deloitte's plan to augment its distressed asset practice, as more investors angle for opportunities in the down market. "In the next three to five years, we will likely witness a continuation of an important cycle of deleveraging that will involve restructurings, recapitalization and ownership transfers that reaches beyond commercial real estate," Langford said. "Lenders, borrowers and investors are all positioning themselves today to weather the current market and the storm that may lie ahead, as well as execute on opportunities that may arise as the cycle of distress works itself through the system." TRD
Tags:
commercial real estate
deloitte
distress
distressed assets
guy langford
March 16, 2010 11:30AM
A map of the development area
Melrose Commons, a once-dilapidated South Bronx neighborhood that underwent a massive redevelopment, has been awarded LEED Stage II silver Certification for Neighborhood Development by the U.S. Green Building Council. The award recognizes the sustainable design and redevelopment of the urban renewal area and is the first time the certification has been awarded in the state. The urban renewal project, which began in 1994, has included the construction of mixed-income housing, according to Christine Hunter, a principal with MAP Green, the architecture firm that helped design the project, along with developer Melrose Associates. "We felt strongly that Melrose Commons should be certified because, from the start, the neighborhood-based team was committed to pedestrian-oriented mixed-use, mixed-income development, maintaining open space and incorporating sustainable design and construction techniques," Hunter said. TRD
Tags:
christine hunter
leed
map green
melrose associates
melrose commons
March 16, 2010 11:00AM
Broadway Triangle
Court hearings over the controversial Broadway Triangle rezoning began last week, with plaintiffs contending that the city left key community groups out of the planning process before handing the development rights over to Ridgewood Bushwick Senior Citizens Council and the United Jewish Organizations, according to the Brooklyn Paper. The city, on the other hand, claims that the plans moved more quickly not because of bias but due to a funding deadline. Louise Moed, an attorney for the city, said that blocking the project would be a detriment to the community. "The city will be harmed and residents will lose access to affordable housing if the sites are not developed," Moed said.
[Brooklyn Paper]
Tags:
broadway triangle
louise moed
ridgewood bushwick senior citizens council
united jewish organizations
March 16, 2010 10:45AM
Looking for a job?
Elika Associates is looking for
"motivated real estate agents" for the firm's offices at 26 Broadway.
The position is full-time and Elika is looking to fill the spot
immediately. Learn more about the position by clicking here.
Meanwhile,
Venture Capital Properties is seeking a market research/financial
analyst intern. The position is unpaid but could lead to a full-time
paid spot. To learn more about the internship, click here.
For all real estate-related job opportunities, see the link to The Real Deal's new and improved job board at the top of the Web site or click here. Jobs are searchable by title, company, location and job type.TRD
Tags:
the real deal job board
March 16, 2010 10:00AM
The Department of Transportation's 700-foot-long parking lot and storage facility in South Williamsburg has some of the best Manhattan skyline views around, and much to Community Board 1's dismay, the city doesn't want to give up that valuable waterfront real estate. Last week, Community Board 1 voted to ask the city to turn over the land on -- Kent Avenue between South Sixth Street and Broadway -- to the parks department. The site actually used to be a park many years ago, and the community wants it back, thanks in part to the proposed 2,200-unit Domino Sugar factory development nearby that would reduce the per capital open space in the neighborhood. "The Department of Transportation has a carpentry shop there. There's no reason why it has to be on such pristine land," said Community Board 1 Parks Committee member Dewey Thompson. [Brooklyn Paper]
Tags:
domino sugar
community board 1
dewey thompson
department of transportation
March 16, 2010 09:30AM
The New York metro area has the second-largest backlog rate for bad loans among the country's top 10 markets, according to a recent Barclays Capital report. With 21 percent of its loans still in the delinquency pipeline, the region, which thus far hasn't been hit as hard as others by price declines, could take longer to recover as the dud loans work their way through the system. The Miami market also bears the weight of a substantial foreclosure backlog, the report says, having worked its way through just 18 percent of the process of liquidating its delinquent loans. The common ground likely stems from the judicial foreclosure process in states like New York and Florida. Since judges have to sign off on all foreclosures there, the process is more prone to delays. [WSJ]
Tags:
barclays capital
Miami
foreclosures
March 16, 2010 09:00AM
The Gem Tower and Raizy Haas, senior development vice president with Extell
Extell's upcoming
International Gem Tower has 100,000 square feet worth of contracts, plus another 50,000 to 75,000 square feet of space that's in negotiation, Raizy Haas, the company's senior development vice president, told the Post. The 34-story project at 44 West 47th Street was designed by Skidmore Owings & Merrill as a new home for the gem business and is being sold as commercial condos. The
Gemological Institute of America took on one floor, or 30,000 square feet, in January, and several Israeli companies have reportedly signed contracts since then. The foundation is complete and construction is slated to finish in 2012. "We'll be out on the street in the next few months bidding out work to the major trades -- steel, concrete and elevators," Haas said.
[Post, 4th item]
Tags:
44 west 47th street
extell
gem tower
gemological institute of america
international gem tower
raizy haas
skidmore owings & merrill
March 16, 2010 08:40AM
Brooklyn Bridge Park
The officials in charge of the new $350 million Brooklyn Bridge Park know what New Yorkers want -- and that's an outdoor wine bar and plaza along the water. The Brooklyn Bridge Park Development Corporation, which is overseeing the 1.7-mile Dumbo park until the city takes over, is planning a plaza with four concessions at Pier 1, one of which will be an elevated wine bar, the group told Community Board 2's Parks and Recreation Committee last night. "We're looking for concessions that cater to everyone -- and one of the biggest questions we got during the design phase was, 'Where can I drink publicly in your park?'" said David Lowin, a vice president with the corporation. The plaza, bordered by Old Fulton Street, the waterfront and the Brooklyn Bridge, would also include fare like hot dogs and snacks. The corporation has already sought proposals for Pier 1 and plans to do so for Pier 6, which would have two more cart concessions plus a restaurant with rooftop access, in the coming weeks. Concessions at both piers would open by July. [Brooklyn Paper]
Tags:
brooklyn bridge park
community board 2
david lowin
wine bar
March 16, 2010 08:00AM
1. Bloomberg: Housing Authority stimulus plan won't put residents at risk [NYDN]
2. Last year's massive Gap Inc. lease at 40 Worth Street came with two years' free rent [Post, 3rd item]
3. Paterson expects Aqueduct deal back on track within a month [NYDN]
4. Central Park in talks to offer tennis year-round with new winter bubbles [Post]
5. Manhattan market's rate of rebound to slow [UrbanDigs]
6. Nearly 40 percent of Manhattan addresses unmarked, study reveals [Post]
7. As demand for butler service, poolside cabanas rebounds, luxury hotels rates rise [Bloomberg]
8. City to install taxi stand near Staten Island Ferry entrance [Post]
9. Prospect Park skating rink shutters for two-year renovation [Brooklyn Paper]
10. Blaichman's 450 West 14th Street at the High Line gets glassed [Post, 2nd item]
11. Bay Ridge gets a new Key Food supermarket [Brooklyn Paper]
12. Designer Joseph Abboud's new HMX Group to expand, consolidate with 57,000 square feet at 125 Park Avenue [Post]
13. Enhanced Capital Partners moves into 601 Lexington Avenue, nearly doubling its old space [Post, 5th item]
March 15, 2010 06:30PM
By Amy Tennery
From left: Pret A Manger is moving in on the corner of 29th Street and Seventh Avenue and Fresh & Co. is a recent addition to the neighborhood on the corner of 30th Street and Seventh Avenue
Once thought of as a transit hub for travelers moving in and out of Penn Station, a strip of Seventh Avenue is slowly gaining retailer clout. Brokers say the stretch of retail from 29th to 34th streets is improving because of shifting real estate values, large development projects on the horizon and the influence of one property owner: Vornado Realty Trust. In the last few months, the quality of retailers in the area appears to have shifted. Fresh & Co., an upscale -- primarily lunch -- eatery, opened several months ago at the corner of 30th Street and Seventh Avenue. Pret A Manger, meanwhile, has plywood up on the corner of West 29th Street. And, within a couple of months after
Supermac macaroni and cheese joint's closing last November, a new vegan sit-down restaurant opened in the location on Seventh Avenue between 29th and 30th streets. And, as these high-end eateries crop up, some retail experts say that the neighborhood is turning a corner.
More
Tags:
CB Richard Ellis
CBRE
Hudson Yards
Midtown
Moynihan Station
bernstein real estate
cpex real estate
david berger
faith hope consolo
fresh & co.
gfi capital resources group
gfi retail group
h&m
herald square
lou rubackin
penn station
peter braus
pret a manger
prudential douglas elliman
sierra realty
timothy king
vornado
vornado realty trust
By the numbers: Market down, but political...
