What can mayor-elect Bill de Blasio do to placate the real estate industry? Bigwigs from the city’s top development firms and brokerages agree on one thing: keeping taxes down is paramount. [more]
Posts Tagged ‘barry gosin’
Joseph Lhota may be a relative newcomer to the New York City mayoral race, but in the last two months he has captured the lion’s share of real estate contributions, beating out rivals Christine Quinn, Bill de Blasio and others for industry donations, a review of the latest city campaign finance records show. [more]
Barry Gosin, Brian Waterman and Romel Canete of Newmark Grubb Knight Frank took home top honors last night at the Real Estate Board of New York’s annual “Most Ingenious Deal of the Year” awards, held at the 101 Club on Park Avenue. [more]
Barry Gosin, CEO of newly created Newmark Grubb Knight Frank, has had an exciting year — his company arranged the massive lease at 1 New York Plaza for Morgan Stanley, and he oversaw the integration of Grubb & Ellis and Newmark Knight Frank — but he will now shift into an almost purely executive role, the Wall Street Journal reported.
The shift is one that the broker is not necessarily excited about. “It’s sort of in my blood,” Gosin told the Journal. But he will continue to serve certain clients. “I will always be there for my long-term clients.” [more]
Midtown-based commercial services firm Newmark Knight Frank took in revenues of $54.4 million in the fourth quarter of 2011, its publicly traded parent company BGC Partners reported this morning.
This was the first public reporting of earnings for Newmark Knight Frank, which BGC purchased in October 2011. Prior to that it was a closely held private company. It was also the first call since BGC announced this week that it had agreed to acquire most of the assets of national commercial firm Grubb & Ellis, which filed for bankruptcy Monday night. [more]
The city’s commercial firms generally went with scaled-down holiday parties as the industry licked it wounds in 2011 after making it through a difficult year.
Many commercial firms opted for low-key themes either by spending fewer dollars or going for a less formal environment, for example at least two opted for bowling, and CBRE Group headed to the circus. [more]
From left: Howard Lutnick, CEO of BGC, Barry Gosin, CEO of
Newmark and Jeff Gural, principal at Newmark Knight Frank
Howard Lutnick’s BGC Partners is paying $63 million in cash and $2.3 million in stock for Newmark & Company Real Estate, BGC said in a filing with the Securities and Exchange Commission last week.
BGC could pay an additional 4.83 million shares, which today have a value of $33.38 million, to Newmark shareholders, if certain incentive goals are reached, the company said.
BGC closed Friday on the acquisition of Newmark including the company’s majority interests in 13 affiliated companies around the United States…. [more]
BGC Partners has completed its acquisition of Newmark Knight Frank, the finance brokerage announced in a statement today.
As The Real Deal previously reported, the purchase of the Midtown-based commercial services firm involves about 425 brokers, and includes Newmark’s New York business and the company’s majority interest in more than 25 offices around the country as well as other affiliates.
Lower Manhattan-based BGC intends to drive Newmark’s growth by attracting experienced brokers, investing in proprietary technology, and capitalizing on Newmark’s extensive domestic relationships and international reach, according to the statement. — Miranda Neubauer… [more]
Financial firm BGC Partners will grow the average revenue per Newmark broker as
well as develop a detailed financial product tied to commercial real estate following the
purchase of the property brokerage later this year, Howard Lutnick, BGC company
chairman and CEO said this morning on a first quarter conference call.
The average revenue per BGC broker for the first quarter of 2011 is about $210,000, higher than that earned by
the average Newmark commercial real estate broker, although the amount was not
identified. (Note: clarification). “We believe the Newmark revenue per broker is higher than its public peers,” Lutnick
said. “However, commercial real estate brokers in general have a lower production per
broker than the BGC average. We expect Newmark’s profit margins to grow to become as
high as — if not higher than — BGC’s.”… [more]
From left: David Noonan, Jennifer Schwartzman, Robert Eisenberg, Barry Gosin, Mark Weiss and Steven Spinola
Newmark Knight Frank brokers David Noonan and Jennifer Schwartzman took home the top prize last night at the Real Estate Board of New York’s Most Ingenious Deal of the Year Awards. The ceremony honored the most creative commercial deals made in the last year, as judged by a panel that includes brokers and property owners, according to REBNY President Steven Spinola.
Taking home second place were Robert Eisenberg, Barry Gosin and Mark Weiss, also from Newmark, while CB Richard Ellis’ Darcy Stacom and William Shanahan nabbed third place…. [more]
The commercial real estate rumor mill is buzzing with reports that Morgan Stanley is mulling a move to the 1 million square feet Goldman Sachs vacated at 85 Broad Street when it moved to its new 200 West Street tower, but the Post’s Steve Cuozzo notes that the rumors probably aren’t true. In fact, his sources gossiped that Morgan Stanley, despite having hired Newmark Knight Frank’s Barry Gosin to help the bank hunt for downtown space, is actually angling to stay at 1 New York Plaza when its 700,000-square-foot lease expires in 2013. Morgan Stanley did check out 85 Broad, but it’s possible that all the talk about moving is a ploy to convince landlord Brookfield Properties to negotiate a cheaper renewal lease and possible 300,000-square-foot expansion at 1 New York Plaza, according to Cuozzo. “So, they’re trying to use 85 Broad as a stalking horse to persuade Brookfield how nice it would be to keep them,” one source said. [Post]
Newmark Knight Frank has become the official commercial real estate partner of the Women’s National Basketball Association, according to an announcement made today by both parties. Newmark Knight Frank’s appointment marks the first time in WNBA history that a commercial real estate services firm has partnered with the league. WNBA will use Newmark Knight Frank as an advisor on all commercial real estate transactions, according to the basketball league. “We are thrilled to support professional women’s sports and partner with the WNBA,” Barry Gosin, CEO Of Newmark Knight Frank, said. TRD
From left: Peter Hauspurg, Daun Paris Hauspurg, Barry Gosin and the property that traded hands in Bedford Corners
Newmark Knight Frank principal and CEO Barry Gosin bought the
Westchester County estate of Eastern Consolidated founders Peter
Hauspurg and Daun Paris Hauspurg, for $9.4 million. Gosin and his
wife Jacqueline closed on the purchase of the 26-acre parcel that
includes several residences at 617 Croton Lake Road in Bedford Corners
April 8, records filed with Westchester County yesterday show. Hauspurg
said he and Paris, who are married, no longer need all the space. “It
is a magnificent property,” Hauspurg said, but too large for them now
that their children have moved out. “We are rattling around [in it].”… [more]
The Real Deal had a contingent of reporters and editors at the New York Hilton for the Real Estate Board of New York’s annual banquet and awards ceremony (click here to see an article on the event). The Real Deal’s Web editor Lauren Elkies interviewed a slew of real estate bigwigs from Bill Rudin of Rudin Management — who said Jonathan Mechanic of Fried, Frank (who The Real Deal also spoke to) is “the real deal” — to Bruce Mosler of Cushman & Wakefield — who said he loves The Real Deal, to Frederick Peters of Warburg Realty — who said “Virtual Office Web sites,” or VOWS, “will ultimately be insignificant.”… [more]
It is hard to believe that a person who I had considered one of the pessimists on the state of the office market, Barry Gosin, the president of Newmark Knight Frank, has become the optimist on the New York City office market.
Last Friday, Barry appeared on CNBC, stating that he thinks that office rents have reached bottom.
“We are calling a bottom,” he said. “Our view is that the rents have priced forward, that values have come down significantly, and that sometime this year, prices will start to turn.”
Unfortunately, I would consider myself cautiously optimistic on the state of the office market and have therefore reached out to some other real estate leaders to provide me with their thoughts (read: more realistic) on the state of the market.
Joseph Harbert, the COO of the New York metro region at Cushman & Wakefield, believes “we haven’t reached bottom, but further declines should be minimal — maybe another 5 percent to go.”
Downtown, he said, “expect further rent declines as space comes to market. We have started to see some deals in the $20s [per square foot], although Class A office space is expected to remain above $30 a foot. In Midtown, Class A rents have experienced the greatest decline and are approaching a bottom in the next three to six months. So saying we are close to the bottom would be the most accurate way to put it.” … [more]
In an unusual move for commercial brokerages in New York City, the still-unnamed replacement for outgoing Cushman & Wakefield CEO Bruce Mosler may not have a real estate background, the company told The Real Deal today. The firm announced last month that Mosler would step down Jan. 1, 2010 as president and CEO and become co-chairman of the board, along with John Cushman, who is currently chairman. No replacement has been named, and the search led by the company’s board of directors and executive search firm Spencer Stuart, continues. “We are committed to identifying the best candidate for the position and we have cast a wide net outside and inside the industry,” a spokesperson for the company said in an e-mail, but would not comment on why the firm would look beyond the brokerage industry. Cushman is owned by Exor, the investment company of the Italian Agnelli family, which is represented on the board of directors of Cushman & Wakefield…. [more]
As the residential market, theoretically, begins to bottom out and the commercial market nears a possible nose-dive, the inquiring minds at CNBC’s Squawk Box turned their attention toward identifying the challenges the market faces. The show’s guests, Robert Knakal, chairman of Massey Knakal Realty Services, and Barry Gosin, CEO of Newmark Knight Frank, both cited bank stability as key. “To talk about credit, you have to disaggregate the market,” Knakal said. He argued that smaller community banks continued to lend throughout the credit crisis and still do so today. But getting those nine-figure loans from bigger banks — that remains a tricky task, Knakal said. “There are tremendous challenges trying to get larger loans.” Another problem: as banks regain stability, Gosin said, they’re going to focus less on lending and more on deleveraging. “Subprime was only the spark,” Gosin said. “[There are] so many different ways that the banks became over-leveraged with all of these assets.”… [more]
While the commercial market suffered in the first quarter of the year, Newmark Knight Frank CEO Barry Gosin told CNBC that leases are being signed once again. “It was a pretty bleak first quarter,” Gosin said. But the second quarter gave way to some improvement: “at least businesses are more confident to make decisions so leases are being signed.” The burning question at this moment is how refinancing options — or a lack thereof — will affect commercial market stability. “With everything assaulting the banks, they’re still hoarding cash and as a result they’re very easily going to roll over some of these loans,” Gosin said.
Two of the top Manhattan office leasing brokers
said rents had further to fall on a panel yesterday, but Newmark Knight Frank CEO Barry
Gosin took a different stance. Robert Freedman, executive chairman of FirstService Williams said the
market needed another 12 to 14 months before hitting bottom, and large
sublease blocks needed to be absorbed first. Peter Turchin, executive vice
president at CB Richard Ellis, said it might be another year before
prices would pick up. But Gosin said following the fastest price discovery he had ever seen, leasing values are about at the bottom. “Usually I am the bear in the group, this is hilarious,” Gosin said. “I
think prices are pretty well established and I think we are bumping
along the bottom. I don’t think there is a significant decline left in
the market.”… [more]