The Real Deal New York

Posts Tagged ‘avalonbay’

  • From left: renderings of 88 Whilloughby Street and 333 Schermerhorn Street, Brooklyn

    88 Willoughby Street and 333 Schermerhorn Street

    Studios are hot in Fort Greene, with average prices jumping more than 5 percent in the last month to $2,450, according to new figures from brokerage MNS Realty.

    The report attributes the recent price hike to a combination of lack of inventory in the neighborhood and a flurry of luxury developments cropping up on the border of Downtown Brooklyn.  [more]

    Comments
  • From left: Steven Roth, Sam Zell and Marc Holliday

    From left: Steven Roth, Sam Zell and Marc Holliday

    New York-focused real estate investment trusts are still reeling from the Federal Reserve’s “taper talk,” but Vornado Realty Trust’s continued push to streamline its business ensured it led the pack in the fourth quarter of 2013, according to investor returns data from the investment banking firm Sandler O’Neill + Partners. [more]

    Comments
  • From left: Laura Kosik and Christopher Schmidt

    From left: Laura Kosik and Christopher Schmidt

    UPDATED: 2:27 P.M., Dec. 10: Mega developer the Related Companies has expanded its luxury leasing team in Manhattan with the addition of two vice presidents, a spokesperson for the firm told The Real Deal exclusively.

    Laura Kosik, who previously managed properties for Related, and Christopher Schmidt, current head of leasing and marketing for Stuyvesant Town/Peter Cooper Village, will handle leasing at existing luxury buildings like the Caledonia and the Lyric, as well as at the many new developments Related has in the pipeline. [more]

    2 Comments
  • 150-72nd-street-nyc

    150 East 72nd Street (Credit: Will Femia)

    Massey Knakal tapped to market Toll Brothers’ Gramercy retail condo. Dollar value of U.S. agent commissions sees biggest jump in 8 years. Macklowe condo conversion under way at 150 East 72nd Street: PHOTOS. Recyclebank signs five-year, 17k sf deal at 151 West 26th Street in Midtown South Hovnanian sees $1.3 million second-quarter profit. Read these stories and more after the jump.

    Comments
  • Max Fish

    Townhouse at 386 Van Brunt Street asking $2.15 million could set a Red Hook record if sold. Lehman Brothers to sell millions of shares of AvalonBay and Equity Residential. Brooklyn-bound Max Fish hightailing it out of LES by July. Digital marketing firm signs lease for 8,732 sf in Midtown South. Barbara Corcoran tells her story — of going from a diner waitress to a mogul. Read these stories and more after the jump.

    Comments
  • The CEOs of the major New York REITs- Clockwise from top: Marc Holliday, Michael Fascitelli, Owen Thomas, David Neithercut, Dennis Friedrich, Timothy Naughton

    The large New York-focused real estate investment trusts struggled in the first quarter of 2013, unlike their national counterparts, with only SL Green Realty outperforming both the MSCI US REIT Index and the Standard & Poor 500 Stock Index.  [more]

    Comments
  • From left: Avalon Bay CEO Timothy Naughton, the Archstone Chelsea at 800 Sixth Avenue and Equity Residential head Samuel Zell

    Last week’s revelation that Sam Zell’s Equity Residential and AvalonBay Communities were buying Archstone for $16 billion has helped multi-family stocks rally, Businessweek reported.

    Before the sale, Lehman Brothers hand been planning to take Archstone public in a $3.45 billion initial public offering, but with the new acquisition,  apartment stocks ended their 13 percent slide since their July peak. [more]

    Comments
  • A rendering of 88 Willoughby Street

    Completing a four-years process, residential developer AvalonBay Communities has acquired the last two properties from United American Land needed to construct an 861-unit rental apartment building in Downtown Brooklyn, at 88 Willoughby Street. When completed, the tower is currently expected to be the tallest residential building in the borough.

    AvalonBay, a real estate investment trust based in Arlington, Va., paid United American $125.5 million for 11 properties at the corner of Willoughby and Bridge streets in a series of sales that began in 2008, an analysis of city property records show. [more]

    Comments
  • From left: TF Cornerstone Chairman Thomas Elghanayan, President Fred Elghanayan and 602 West 57th Street

    Updated: Residential developer TF Cornerstone signed a long-term lease to take control of four parcels on the West Side where AvalonBay once considered building a luxury rental tower.

    Thomas and Fred Elghanayan’s TF Cornerstone closed on the 99-year lease for 602 West 57th Street with property owner Four Plus, a real estate investment company based in Montgomery, Ala., on May 29, documents filed with the city show. [more]

    Comments
  • From left: renderings of Three Northside Piers, 388 Bridge Street and 88 Willoughby Street

    As space for residential development dwindles in Manhattan, developers are turning to Brooklyn, the Wall Street Journal reported, but they must be careful if they want to appeal to the different sensibilities of Brooklyn renters.

    Citing a report by Nancy Packes, a consultant to some of the city’s largest developers, the Journal said 14,000 new residential units are being planned for Brooklyn in the coming years, compared to just 5,000 in Manhattan. [more]

    1 Comment
  • Long Island is beginning to approve developers’ plans for multi-family housing at a faster rate, as the construction industry suffers and the demand for downtown-area housing picks up, the New York Times reported.

    For example, in downtown Riverhead concrete was poured last week for the foundation of a four-story, 52-unit rental complex with a restaurant, cafe and shops called Summer Wind Square being developed by Epic Partners. [more]

    1 Comment
  • alternate<br /></a>text
    From left: Rendering of 388 Bridge Street and 88 Willoughby Street
    The Brooklyn skyline continues to grow, as two planned towers are vying for the title of tallest building in the borough, according to the Wall Street Journal, after the mark was set last year by Equity Residential and the Clarett Group’s the Brooklyner.

    Early next year, the Stahl Organization will break ground on a 590-foot residential tower, at 388 Bridge Street in Downtown Brooklyn, that would surpass the height of the Brooklyner, at 111 Lawrence Street, by 76 feet. That building was the first to rise taller than the Williamsburgh Savings Bank Tower, which was built more than 80 years ago to 512 feet tall. … [more]

    Comments
  • The Associated Builders and Owners of Greater New York held its 101st annual dinner dance to honor achievements and contributions from notable members of New York City’s real estate community last night. About 200 members filled the ballroom of the Ritz-Carlton Hotel in Battery Park City to take part in the celebration.

    This year’s honorees were: Police Commissioner Raymond Kelly as Public Servant of the Year; George McDonald, founder of the DOE Fund, as Jerome Belson Humanitarian of the Year; Fred Harris, senior vice president of AvalonBay Communities, as Development Company of the Year; and Massey Knakal Realty Services Chairman Robert Knakal for leading the Brokerage Company of the Year. – Marc Becker[more]

    Comments
  • Failed Olympic bid builds Far West Side

    November 28, 2011 09:42AM

    Mayor Michael Bloomberg’s failed 2012 Olympic bid paved the way for the development of Manhattan’s Far West Side, which has given birth to 15 residential towers and 12 hotels since 2005, when the International Olympic Committee selected London to host the games.

    According to the New York Times, the city rezoned and adjusted land use laws for the area to facilitate development for the Olympics and began planning the $2 billion extension of the 7 subway line to 34th Street and 11th Avenue. Though the Olympics didn’t follow, development has. In addition to the Related Companies’ Hudson Yards site, Avalon Bay is planning a 30-story rental development at 11th Avenue and 29th Street, and the Gotham Organization broke ground on a $520 million residential complex 15 blocks to the north. New parks and a boulevard between 10th and 11th avenues are also on the docket. … [more]

    1 Comment
  • Zell leads bidding for Archstone REIT

    November 16, 2011 02:19PM

    Sam Zell and an Archstone building at 800 Sixth Avenue

    Sam Zell’s Equity Residential has emerged as the leading bidder in a race to buy 53 percent of rival Archstone, offering more than $2.5 billion in cash for the stake, currently held by Bank of America and Barclays, the Wall Street Journal reported. The rest of the company, a real estate investment trust, is owned by the bankruptcy estate of Lehman Brothers Holdings.

    The proposed sale to Equity Residential would value Archstone at about $16 billion, the Journal said. If sold as a whole company, Archstone currently could be worth as much as $18 billion.

    Real estate giants the Blackstone Group, Brookfield Asset Management, Equity Residential and AvalonBay Communities have all submitted bids for Archstone in recent months, it was previously reported. … [more]

    Comments
  • Local developers are promising to spend $8 million to help move along the construction of a public park at Willoughby Square in Downtown Brooklyn, Crain’s reported. The city had spent $40 million on acquisition, relocation and design costs for the $70 million project, but then the Economic Development Corporation cut $7 million from its capital budget that had been intended for the park.

    The 1-acre green space is intended to sit atop a 694-space underground garage, which is being funded by private companies. … [more]

    Comments
  • AvalonBay abandons West Side plans

    September 20, 2011 07:05PM

    AvalonBay has abandoned its plans to construct a new luxury rental development on the far West Side, Crain’s reported. The company has decided not to lease four parcels of land owned by Four Plus Corp. located on a block bounded by West 56th and West 57th streets and 11th and 12th avenues. A lease deal had been pending since February 2008, but it was put on hold due to the recession.

    AvalonBay had planned to build a 44-story rental development with retail on the ground floor and roughly 700 apartments, including some affordable housing units, on the site…. [more]

    Comments

  • From left: Charles Berman, 15 Central Park West exterior and Kyle Blackmon of Brown Harris Stevens and interior of unit 3A

    A three-bedroom, 3.5-bathroom condominium unit at 15 Central Park West has been pulled from the market after going into contract with an unidentified buyer, data from Streeteasy.com shows. The 2,909-square foot apartment is located on the third floor on the southeast corner of the uber-exclusive condo, which has become the residential building of choice for hotshot celebrities like actor Denzel Washington and musician Sting, and finance bigwigs such as Goldman Sachs CEO Lloyd Blankfein and Citigroup Chairman Emeritus Sanford Weill.
    The condo was put on the market by another financial honcho — Charles Berman, a managing principal and vice chairman with MacFarlane Partners, a real estate investment management firm in New Canaan, Conn. Berman and his wife Melanie purchased the low-floor unit, number 3A, from developer Zeckendorf Development Company in the fall of 2008 for just $6.7 million, according to public records. … [more]

    Comments
  • Real estate giants bid on Archstone REIT

    September 07, 2011 09:12AM

    Real estate giants the Blackstone Group, Brookfield Asset Management, Equity Residential and AvalonBay Communities have all submitted bids for real estate investment trust Archstone in recent weeks, but the offers haven’t been enough to resolve a disagreement among the owners over how to unwind Archstone, the Wall Street Journal reported.
    Barclays and the estate of Lehman Brothers Holdings are in an ongoing dispute over Archstone, a $22 billion investment made at the peak of the commercial real estate boom that contributed to Lehman’s downfall. According to the Wall Street Journal, Barclays is pushing to sell the company or its assets privately whereas Lehman favors a longer-term approach: taking the company public in what would be the largest real estate initial public offering ever. … [more]

    Comments
  • Nine tenants in two adjoining buildings at the corner of Second Avenue and East 1st Street will have the opportunity to purchase apartments in a new 12-story 60-unit condominium building when it opens on the site in two years for just $10 (tax-free), Crain’s reported. However, the former residents of the buildings housing the soon-to-be-demolished Mars Bar are not thrilled at the arrangement.

    For developer BFC Partners, the deal makes good financial sense, Crain’s said. With a 1,261-square-foot, two-bedroom apartment across the street renting for $7,955 a month, the market-rate condos should make enough profit to allow for affordable units, making government subsidy unnecessary. It is more economical to build a new building and use market-rate rentals to subsidize free apartments for the tenants than to rehabilitate their five- and three-story structures…. [more]

    Comments
MENU