The Real Deal New York

Posts Tagged ‘avalonbay’

  • From left: Dermot CEO Stephen Benjamin, 377 East 33rd Street in Kips Bay and AvalonBay Communities CEO Timothy Naughton

    From left: Stephen Benjamin, 377 East 33rd Street in Kips Bay and AvalonBay Communities CEO Timothy Naughton

    The Dermot Company is in contract to buy a Kips Bay apartment building from AvalonBay Communities for $175 million, part of its effort to transition into the luxury market.

    A majority of the 209 units in the building — located at 377 East 33rd Street — are occupied. The 23-story building consists of 185,549 square feet of residential space and 19,000 square feet of commercial space, which is currently leased by New York University. [more]

  • AvalonBay NYC

    Timothy Naughton and Avalon Midtown West at 250 West 50th Street

    AvalonBay Communities is “very cautious” on the New York City residential market due to concerns over housing supply and both “land pricing and construction costs,” the real estate investment trust said in its third quarter earnings call this week.

    Responding to an analyst’s question on which markets the residential real estate investment trust found “relatively unattractive for development,” chairman and CEO Timothy Naughton cited New York, and Manhattan specifically, alongside Northern California and Seattle. [more]

  • 1865 Broadway

    1865 Broadway

    After roughly 50 years of housing holy tenants, the American Bible Society’s Columbus Circle headquarters will soon be demolished to make way for new apartments.

    AvalonBay Communities bought 1865 Broadway for $300 million in February and plans to build a 300,000-square-foot residential tower. The demolition of the 12-story building, which is being overseen by Howard I. Shapiro & Associates, should be completed next year. [more]

  • From left: Tim Naughton and Steven Roth

    From left: Tim Naughton and Steven Roth

    Economic uncertainty has led several investment banks to downgrade their forecasts on real estate investment trusts. But not Credit Suisse, which last week upgraded Vornado Realty Trust and offered a decidedly sunny short-term outlook on the overall REIT sector.

    The Swiss investment bank upgraded Vornado to a “neutral” rating from the previous designation of “underperform,” noting that “both [New York City] office and retail fundamentals are healthy (and improving), while there is a continued strong bid for NYC real estate by foreign buyers,” who represented 42 percent of the market share this year. [more]

  • REIT executives

    From left: Owen Thomas, Steven Roth, Sam Zell and Marc Holliday

    The major New York-focused real estate investment trusts had a largely successful first quarter in 2015, with most outperforming both the MSCI US REIT Index and the S&P 500 Stock Index by some distance. [more]

  • 1865 Broadway

    1865 Broadway

    The American Bible Society sold its headquarters at 1865 Broadway for $300 million to real estate investment trust AvalonBay Communities.

    The Bible Society, an organization that translates bibles into different languages, picked AvalonBay’s bid from about 25 domestic and international bids, according to the Wall Street Journal. Cushman & Wakefield marketed the building. [more]

  • From left: Jason Muss, 1501 Voorhies in Sheepshead Bay and Timothy Naughton

    From left: Jason Muss, 1501 Voorhies in Sheepshead Bay and Timothy Naughton

    In July, word surfaced that Muss Development and Avalon Bay would build a mixed-use development in Sheepshead Bay. New filings indicate that the project will literally tower over the neighborhood. [more]

  • avalon

    229 Chrystie Street (Inset: Ben Ashkenazy)

    Ashkenazy Acquisition is in contract to pay $400 million for Avalon Chrystie Place, a Lower East Side complex with 361 rental units and the 72,300 square-foot Whole Foods space. The deal would mark the developer’s first venture into residential real estate in the city. [more]

  • 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]

  • 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]

  • 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]

  • 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.

  • 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.

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

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  • 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]

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  • alternatetext
    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]