From left: Barry Gosin, Joe Lhota and Anthony Weiner
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]
Brian Waterman (left) and Romel Canete (right) of NGKF with attorney Jonathan Mechanic
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, Joe Sitt, Jeff Sutton 560 Broadway and Jeff Sutton
Wharton Properties President Jeff Sutton and Thor head Joseph Sitt are linking up to buy out a minority stake in 560 Broadway, a prime Soho commercial building on the corner of Prince Street. [more]
Barry Gosin
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]
From left: Howard Lutnick, Chairman of Cantor Fitzgerald and Barry Gosin, CEO of Newmark Knight Frank
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]
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]
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]
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