The Real Deal New York

Posts Tagged ‘collier’s international’

  • From left: 45 East 65th Street and 145 East 32nd Street

    From left: 45 East 65th Street and 145 East 32nd Street

    Psychotherapy training institute Albert Ellis is joining a host of other medical tenants at 145 East 32nd Street, after unloading the company’s previous headquarters at 45 East 65th Street for $20 million. [more]

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  • Bill Rudin and 641 Lexington Avenue

    Bill Rudin and 641 Lexington Avenue

    Rudin Management’s 641 Lexington is leasing 25,000 square feet to an Israeli securities brokerage in a 15-year deal, the New York Post reported.

    The Development Corporation for Israel, which handles securities issued by the government of Israel in the United States, is set to move in 2014 to the 32-story, 400,000-square-foot building, on the northeast corner of Lexington Avenue and East 54th Street. [more]

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  • Seagram Building at 375 Park Avenue

    The Seagram Building

    Manhattan has seen an uptick in office leasing deals with rents per square foot in the triple digits in the first half of the year, signifying a growing demand for premium office space, the Wall Street Journal reported.

    There have been 35 deals with rents north of $100 per square foot so far this year, compared to 41 in all of 2012, according to research from Colliers International seen by the Journal. The 2007 peak of the market saw 113 deals, while at the bottom – in 2009 – there were just 17. [more]

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  • From left: Manhattan and Colliers' president of the eastern region Joseph Harbert

    From left: Manhattan and Colliers’ president of the eastern region Joseph Harbert

    Despite the fact that large financial institutions continue to downsize, leasing is up in Manhattan’s priciest market, Midtown, due to increased demand from hedge funds and private equity firms, Colliers International’s commercial market report for the second quarter shows. [more]

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  • 120 Wall Street

    The American Institute of Chemical Engineers is leaving behind Murray Hill for a skyscraper in the Financial District.

    The nonprofit signed a long-term, 16,506-square-foot lease at the Silverstein Properties-owned 120 Wall Street after scouring Midtown South and Downtown for two years, said Leon Manoff of brokerage Colliers International in a release reported by the New York Observer. Asking rents were in the upper-$30s per square foot at the property, where the organization will occupy the full 23rd floor. [more]

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  • From left: Peter Kozel, Robert Freedman and Joseph Harbert

    Manhattan leasing activity in the first quarter of 2013 was on par with performance in the first and fourth quarters of 2012, but continued to hover below historical averages, said executives at Colliers International during a luncheon held to discuss the Manhattan office market. Net absorption — the difference between square footage that appeared on the market and square footage leased in the same period — was negative 777,831. [more]

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  • Alex Jinishian and 925 Ninth Avenue

    Given that New York City seems to suffer perpetually from a lack of good schools, the addition of one in a neighborhood can lure homebuyers and boost property values. But schools are also behind a variety of recent real estate deals across the city, with a total of eight scheduled to expand or open in 2013 and 2014, the New York Observer reported. Two are already up and running. [more]

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  • From left: Von Der Ahe of Marcus & Millichap and Robert Freedman of Colliers International

    A Lower East Side retirement home at 15-17 Bialystoker Place has sold for $28 million to an undisclosed party, The Real Deal has learned. The sale was confirmed by Peter Von Der Ahe of Marcus & Millichap, a broker involved with the transaction. He was not able to confirm the identity of the buyer or any plans for the building, a brick high-rise at Grand Street. The sale has not yet appeared in public records. [more]

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  • From left: Michael Cohen, Robert Freedman and Joseph Harbert

    The private equity sector made the greatest moves in 2012’s Manhattan office trading market, while institutional investors had a rather quiet year, said executives at Colliers International during a luncheon held to discuss the firm’s 2013 forecast. Private equity firms—which include foreign investments— made 47 percent of total office purchases, representing an estimated $4.4 billion of the total $9.4 billion Manhattan market, executives said. In comparison, foreign and institutional investors were each responsible for 16 percent of total sales in the year. [more]

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  • Joseph Harbert

    Office leasing in Manhattan hit the brakes in the third quarter compared with the prior quarter, but was about equal to the same period one year ago, executives at commercial firm Colliers International said at a third quarter media briefing held this afternoon in Midtown.

    Tenants leased 6 million square feet of space in the three months ending this week, which was down about 19 percent from the second quarter, when 7.4 million square feet was leased. [more]

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  • Mark Jaccom

    Mark Jaccom, the former Tri-state co-chairman of Colliers International, has plans to double the size of his new firm, Cresa Partners, within the next year. Appointed Cresa’s president three months ago, Jaccom told GlobeSt.com that he has hired eight more people already and has three more ready to sign on, bringing Cresa’s NYC presence to 31. When he was hired the office had 20 people, and he hopes to take it to 40, including 25 brokers.

    With his focus now solely on tenant representation, Jaccom said he believes more of them are willing to look Downtown. While other brokers have reported that the newer, cheaper office space is being used merely as a negotiation tool, Jaccom believes tenants are legitimately interested in the newer, high-tech office stock. [more]

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  • Clockwise from top left: Tara Stacom, Darcy Stacom, Michael Laginestra and Rocco Laginestra

    A long-established facet of real estate development, nepotism is becoming an increasingly large factor in the commercial brokerage industry, the Wall Street Journal reported, as big-name brokers pass business off to their children and relatives. They’re creating “dynasties” by offering experienced advice, contacts and even entry-level jobs to their descendants.

    Take the Stacoms, for example. Darcy and Tara, vice chairmen at CBRE and Cushman & Wakefield, respectively, are the daughters of Matthew Stacom, who the Journal said was instrumental in the leasing of Chicago’s Sears Tower, now the Willis Tower. As previously reported, Darcy last week helped close two small Midtown office buildings. [more]

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  • Robert Freedman

    Commercial brokers are increasingly offering rebates on commissions to the biggest tenants amid growing pressure to land big clients, the Wall Street Journal reported. Commissions for large New York City deals — which generally run about one-third of the first year’s rent, the Journal said — can be “well over” $10 million. Now, with the commercial leasing climate slowing, executives in commercial real estate report quietly rebating up to 50 percent of commissions, according to the Journal. [more]

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  • From left: Arthur Mirante of Avison, Joseph Harbert of Colliers International and Howard Lutnick of BGC Partners

    In the midst of several Cushman & Wakefield defections to commercial brokerages setting up shop here in New York, the market is beginning to look more competitive, Crain’s reported. The trend is a product of firms pursuing deals in New York City, where the real estate market remains far more active than it is in much of the rest of the country. [more]

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  • Joseph Harbert

    Cushman & Wakefield COO Joseph Harbert has jumped ship for Colliers International, the Seattle-based brokerage looking to raise its New York City profile, Crain’s reported. Harbert will lead Colliers’ expansion into new sectors such as retail and capital markets, and serve as president of the Eastern region. The veteran broker had also previously worked for CBRE, Crain’s said. [more]

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  • Michael Cohen, president at Colliers International

    Occupancy and average asking rents grew in the first quarter of 2012, but the volume of office leasing was down, according to data released today by Colliers International. Overall Manhattan asking rents increased to $55.01 per square foot, up from $54.23 per square foot quarter-over-quarter. Vacancy declined, to 5.8 percent, a decrease from 5.9 percent in the previous quarter and from 6.7 percent year-over-year, the numbers show. [more]

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  • 28-46 West 23rd Street (credit: PropertyShark)

    The landlords of 28-46 West 23rd Street are considering adding floors to the top of the Midtown South office building and the home of Home Depot, between Fifth and Sixth avenues, the New York Observer reported.

    The plan is still in the works, according to the paper, but the owners, including Colliers International President Michael Cohen, hope to utilize unclaimed air rights as the building lies in the submarket which boasts the nation’s lowest commercial vacancy rate. Since the building is landmarked, the changes will need to be approved and not significantly alter the building’s key original features. The plan is to add space and spruce up the top floors. [more]

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  • Though historically averse to social media and online marketing, the commercial real estate sector is increasingly giving these tools a shot, CoStar News reported.

    “Clearly social media is still a divisive issue in commercial real estate — the difference in sentiment between enthusiastic adopters and major detractors parallels the sentiments in other industries driven by client relations, such as non-profits and law firms,” said Angela Brown, external communications manager for CoStar Group. [more]

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  • Andrew Roos, vice chairman at Colliers International, who was victimized by his secretary

    The former GVA Williams Midtown administrative assistant who was convicted of stealing $3 million from executive Andrew Roos in 2008, was denied parole earlier this month, the New York Observer reported.

    Agnes Dickinson, now 59, will continue her 13-year sentence at Bayview Correctional Facility in Manhattan, according to the New York State Department of Corrections, because she remains a threat. Dickinson was found guilty of grand larceny, forgery and money laundering, according to the Observer. She began serving time in 2008. [more]

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  • Gary Barnett’s Extell Development is putting its leasehold interest in an office property at 175 Varick Street on the market, following a large leasing deal at the building last month, the New York Observer reported. Jones Lang LaSalle’s Richard Baxter has been tapped to market the deal to potential buyers. The asking price wasn’t immediately available. Earlier this month, Extell found a tenant, WeWork, a flexible office space provider, to take a 75,000-square-foot, 15-year lease at 175 Varick Street. JLL represented WeWork in the deal. Colliers International represented Extell. … [more]

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