Los Angeles-based CBRE Group posted the largest net income for the third quarter and Pittsburgh-based Holliday Fenoglio Fowler posted the strongest net income relative to revenue, among the six major commercial brokerage companies that report earnings publicly, an analysis of the latest quarterly results by The Real Deal shows.

Meanwhile, Midtown-based commercial service firm Cushman & Wakefield, which reported earnings today through its parent company Exor, headquartered in Turin, Italy, had net income of $9 million on revenues of $520 million in the third quarter. It was the only company (excluding Grubb & Ellis which has not yet reported for the third quarter) to report a loss for the nine months of 2011. Through September, the company shows a loss of $13.5 million on revenues of $1.4 billion. [more]

Developer Victor Homes is set to build an 80- to 90-unit condominium in Chelsea, after buying a 12,500-square-foot lot at 524-532 West 29th Street for $12 million, according to company vice president Ran Korolik.

The lot, which currently contains two art galleries, was previously owned by Walter Seelig of High Ridge Enterprises, according to Korolik, whose recent projects include the Gramercy Starck condo at 340 East 23rd Street. Seelig did not immediately respond to a request for comment. Korolik said he plans to tear down the existing art galleries after their leases expire in roughly a year and a half. [more]

The number of investment transactions closed in New York City in 2010 totaled 33, at an average of $496 per square foot, according to Colliers’ fourth-quarter capital market report. The market value of the sales completed was more than triple the 2009 total of $1.9 billion, an increase fueled by a strong rebound in the leasing market, sustained growth in New York City’s employment level and a recovery in credit availability, the report says. TRD [more]

From left: New hires Mark De Riemer, Charles Goldberg and Andrew Simon; Colliers COO Joseph Caridi

New York City’s commercial leasing and sales brokers continue to play musical chairs.
Colliers International announced today that it had hired three brokers from the Manhattan office of international competitor NAI Global. The news comes a week after Jones Lang LaSalle poached veteran Cushman & Wakefield producer Mitchell Konsker and four of his top teammates.

Colliers has brought on Andrew Simon for investments sales and leasing; Mark De Riemer for investments sales; and Charles Goldberg for leasing, according to Joseph Caridi, company chief operating officer. [more]

Colliers International has promoted Joseph Caridi to COO of the New York Tri-State region. Caridi, who was previously vice president, joined the firm in late 2008. He handles day-to-day operations and oversees the production and revenue components, including brokerage operations and consulting services. He is also responsible for expanding service lines, recruitment, and the negotiation of corporate acquisitions and the creation of new offices. Before joining Colliers, he was an executive vice president of Newmark Knight Frank, becoming executive director of brokerage and advisory services in the New York Tri-State region in 2006. TRD [more]

The International Planned Parenthood Federation-Western Hemisphere is moving into a new, 26,000-square-foot office condominium at 125 Maiden Lane, according to the New York Post, after purchasing the space from the New York Empire State Development Corp. for $9 million. The new office marks a significant expansion for the group, which previously occupied a 19,000-square-foot office at 120 Wall Street, also in Lower Manhattan. Planned Parenthood was represented by Suzanne Sunshine, president of S. Sunshine & Associates, who reportedly donated a quarter of her commission. The seller was represented by Colliers and Cornerstone Group. [Post, 2nd item]

[more]

Midtown and Downtown Manhattan, two of the largest central business
districts in the nation, topped this year’s Colliers International 10th
annual parking rate su [more]

A Beirut-based investment group is in contract to buy the landmark
Argonaut Building at 224 West 57th Street from the Hearst Corporation,
the Post reported. The investors, an affiliate of M1 Group, had already
inked a 99-year ground lease on the property in 2008 and had been
renovating the 164,800-square-foot, mostly-vacant building ever since.
The 1909, Francis Kimball-designed building is getting a $45 million
upgrade by architecture group Gensler, with an end goal of LEED gold
certification. While the price of the sale contract was not immediately
clear, the Post speculated that it would likely go for between $50
million and $100 million. The 10-story structure has 6,000 square feet
of ground-floor retail space available with an asking rent for $225 per
square foot, which can be combined for a discount with 10,000 square
feet on the basement level and 13,000 square feet on the second floor.
There are also seven 18,000-square-foot office floors upstairs and a
4,800-square-foot penthouse. Colliers International is marketing the
space. [Post]

[more]

Mark Jaccom

Commercial real estate services firm Colliers International has rebranded Long Island brokerage Sutton & Edwards, according to Mark Jaccom, CEO of Colliers’ tri-state region. The nearly 50-year-old Sutton & Edwards, which has offices in Lake Success and Ronkonkoma, will now operate under the Colliers name, giving the brand more of a foothold in the Long Island market, according to Jaccom. “Bringing [Sutton & Edwards] under the Colliers International umbrella is a tremendous coup for us,” Jaccom said. Sutton & Edwards currently manages 2.5 million square feet, with clients including GE Capital, Prudential Life Insurance and State Farm Insurance. Colliers has existing tri-state region offices in Manhattan, Connecticut, New Jersey and Long Island. TRD

[more]

Mark Jaccom

Commercial real estate services firm Colliers International has rebranded Long Island brokerage Sutton & Edwards, according to Mark Jaccom, CEO of Colliers’ tri-state region. The nearly 50-year-old Sutton & Edwards, which has offices in Lake Success and Ronkonkoma, will now operate under the Colliers name, giving the brand more of a foothold in the Long Island market, according to Jaccom. “Bringing [Sutton & Edwards] under the Colliers International umbrella is a tremendous coup for us,” Jaccom said. Sutton & Edwards currently manages 2.5 million square feet, with clients including GE Capital, Prudential Life Insurance and State Farm Insurance. Colliers has existing tri-state region offices in Manhattan, Connecticut, New Jersey and Long Island. TRD

[more]