The Real Deal New York

Posts Tagged ‘collier’s international’

  • 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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  • Excessive pay to get brokers in the door?

    November 15, 2011 10:28AM


    Mark Rose, CEO of Avison Young
    From the November issue: Real estate executives are quietly fuming over what they say are aggressive bonuses that several new and expanding commercial firms are paying to poach brokers.

    The past two months have been a particularly active time for brokers shifting alliances, partly because some firms have stumbled in the weak economy and make for soft targets, and partly because brokerages with a national presence are expanding into the New York market, which remains one of the strongest in the nation. In the last few months, the firms Avison Young, Stan Johnson, Lee & Associates and Brookfield Financial have all made plays to open or expand in New York. … [more]

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  • From left: Colleen Susini, director at Regus, 477 Madison Avenue and 77 Water Street (buildings credits: PropertyShark)

    International office space giant Regus, known for offering flexible long- and short-term leasing solutions for individuals and businesses, is expanding its presence in Manhattan, with two new office space options next month, plus at least one next year.

    The company will be opening a 40,000-square-foot space at the William Kaufman Organization’s 77 Water Street and a 13,000-square-foot space at J.A.B. Madison Associates’ 477 Madison Avenue in November, Colleen Susini, director for the New York area at Regus, said. The two openings are part of a larger initiative to expand the company’s presence in New York City, which will also include an office at 411 Lafayette Street at the beginning of 2012. Details of the Lafayette Street space were not yet available. … [more]

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  • The 57-year-old privately held commercial advisory firm Studley entered the lucrative Manhattan retail leasing market for the first time, tapping Patrick Breslin, an executive in Grubb & Ellis’ retail operations, to lead the new East Coast division, the company announced this morning.

    Michael Colacino, president of Studley, said the firm is adding retail in New York City because it believed it could profit by providing additional services to existing clients that have retail operations as well as earn relatively high commissions paid on retail deals.

    This is not the first retail operation for Studley, which has store-leasing agents in Los Angeles, Washington and Chicago, but it is seeking to create a cohesive operation throughout the country. … [more]

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  • More than half of the surveyed stores closed by some of the nation’s largest big-box retailers in 2008 and 2009 remain vacant, according to a Colliers International report cited by the Wall Street Journal. The survey examined 233 of the 1,259 stores closed by Circuit City, Linens n’ Things, Mervyn’s and Gottshcalks, and found that replacement tenants in the large retail centers paid 17.9 percent less per month than their closed predecessors. That survey is a microcosm of the big-box retail landscape as a whole, where vacancy rates declined to 7 percent in the first quarter of 2011 — down from the 7.5 percent highs in early 2010 — but only because rent has declined 6.4 percent since the second quarter of 2008, according to a separate report released by Reis. Landlords are struggling to balance the costs associated with signing big retail tenants for substantially smaller rents and those associated with anchor vacancies causing other stores to vacate the outdoor shopping centers. … [more]

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