The Real Deal New York

Posts Tagged ‘Commercial Real Estate’

  • 29 Ryerson Street and 256-266 Flushing Avenue

    A Brooklyn company is in contract to purchase an eight-story warehouse building and adjacent one-story structure in Clinton Hill, a stone’s throw from the Brooklyn Navy Yard, for $26.25 million, and convert it to hotel, retail and offices uses, sources familiar with the transaction said.

    The buyer, an entity called Ryerson Equity with an address in Borough Park, plans to acquire the 192,000-square-foot structure at 29 Ryerson Street, as well as the lot next door at 256-266 Flushing Avenue, which includes an 8,070-square-foot building, the sources said. The property belongs to Robert Lewis, who owns the document storage company Total Records Information Management. [more]

  • Office leasing market stagnates

    March 06, 2013 10:00AM

    From the March issue: Despite the large lease extension signed by Macy’s in Midtown’s Penn Plaza district, prices and availability in the Manhattan office market remained stagnant last month. And insiders predict that conditions will remain flat for the next few months. “The general thinking in the brokerage community is that the first half of the year will be flat, with a pickup and growth in the latter half of the year on an accelerated basis into 2014,” said David Greenbaum, president of the New York City Office Division of Vornado Realty Trust, during the firm’s fourth-quarter earnings call last month. [more]

  • From the March issue: This is the second installment of reporter Adam Pincus’ five-part online and print series examining the top moneymakers of commercial brokerage in 2012.

    In the cutthroat world of Manhattan office leasing, brokerages are regularly trying to best one another by finding new landlords and tenants to represent. But which firm actually does the most deals? [more]

  • Click to enlarge

    From the March issue: This is the first installment of reporter Adam Pincus’ five-part online and print series examining the top moneymakers of commercial brokerage in 2012.

    Commercial property sales in New York City surged in 2012, boosting transaction volume and revenue for most, but not all, of the city’s investment brokerage firms. Buyers spent $39.1 billion purchasing commercial real estate in New York City last year, according to figures from Massey Knakal Realty Services. [more]

  • The Real Deal’s monthly Deal Sheet

    February 04, 2013 04:00PM

    From the February issue:

  • Price relief for Midtown South?

    February 01, 2013 04:30PM

    From the February issue: The recent sale of a hulking, three-block-long office building straddling the border of Soho and the Meatpacking District may provide relief to tenants priced out of the famously tight Midtown South leasing market. That’s because the buyers — a partnership of Fortress Investment Group, Atlas Capital Group and Westbrook Partners who purchased the property from long-time investor Eugene Grant — could get more aggressive about wooing new tenants in with competitive leasing prices. [more]

  • 32-01 57th Street and a Tibetan Community performance

    The oldest and largest organization for Tibetans in North America has purchased an industrial building and adjoining vacant lot for $4.4 million in Woodside, Queens, and is planning an expansion of its communal and social services, as well as its affiliated school.  [more]

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    From the January issue: The uncertain economy kept larger companies at bay in 2012 when it came to buying and leasing Manhattan office buildings. On the investment sales side, the top 10 priciest building sales of last year included only three office buildings — a weak showing compared to the year before, when there were eight. Meanwhile, there was a steep drop-off on the office-leasing front, which saw activity fall by as much as a third from 2011, preliminary data from Cassidy Turley revealed. [more]

  • Eastern Consolidated’s chief economist Barbara Byrne Denham and 666 Fifth Avenue, which help retail jumo 729 percent, with Vornado’s $707.8 million purchase.

    Manhattan’s retail property sales volume surged in the fourth quarter, posting sevenfold increase,  its strongest performance since 2007, according to preliminary data from Eastern Consolidated, cited by the New York Observer. The final quarter of 2012 saw nearly $13 billion in sales volume, which is the best increase since record-breaking sales volumes — fueled fears of impending capital gains taxes – were posted. The market peaked in the second quarter of 2007 at $19 billion. “This was definitely fiscal-driven growth,” Barbara Byrne Denham, Eastern Consolidated’s chief economist, said.  “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.” … [more]

  • A Mandee location at 3860 E. Tremont Avenue in the Bronx

    The retailer Big M, owner of  low-priced chains Mandee and Annie Sez, filed for Chapter 11 bankruptcy protection yesterday afternoon, after Hurricane Sandy shut down its stores in New York and New Jersey, Crain’s reported.  The Totowa, N.J.-based company cited both assets and liabilities of between $50 million and $100 million. It owes money to more than 1,000 creditors. Big M operates at least 15 Mandee stores in New York City, several of which were on hard-hit Staten Island. In total, the Big M operates 84 Mandee stores, 35 Annie Sez stores and 10 Afaze stores. … [more]

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  • Mercedes-Benz’s 11th Ave dealership in the base of Mercedes House

    A new Maserati dealership coming to a remote area of 11th Avenue is set to pay more rent than many Soho retailers for a space leased until recently by an industrial tool supplier — a sign of the far West Side’s rapidly changing real estate market, according to the Wall Street Journal. And Maserati isn’t the only car dealership rushing into the gentrifying neighborhood.

  • From the January issue: Although the European debt crisis seems to be further from investors’ minds today than it was a year ago, fresh hurdles like the fiscal cliff standoff in Washington, prospective tax changes and a New York City mayoral election loom. And those are not the only questions that industry pros are pondering as 2013 gets underway. Also on their minds: Will the tech sector continue to prop up commercial leasing? What kinds of housing stock will move — and what will languish on the market? Where will the next wave of retail condo sales take place? And which overall sectors of the market will investors gravitate towards? This month, The Real Deal talked to New York City real estate insiders from several different sectors of the market to get their industry predictions for 2013. [more]

  • Office leasing lows

    January 02, 2013 04:30PM

    From the January issue: Despite a small flurry of deals last month, 2012 was one of the slowest years in recent memory for office leasing. Total leasing volume for 2012 fell to roughly 26.8 million square feet, a 33 percent drop from 40.7 million in 2011, preliminary figures from commercial firm Cassidy Turley showed. That drop-off, experts say, was due largely to big companies’ concerns about committing to space during these uncertain political and economic times (see related story: The office slump). But this year may be a different story. [more]

  • 2012’s biggest money makers

    December 10, 2012 10:30AM

    Click to enlarge

    From the December issue:  Typically, investment sales deals are ranked by the sale price, but that emphasis hides the figure that real estate players truly care about most: how much money the deal made. Indeed, the number that real estate investors brag about at the end of the day is their return on equity. That figure reveals how effectively an investor deployed his or her money.

    So for the first time, this month The Real Deal ranked Manhattan’s top commercial building sales for 2012 by their estimated return on equity. [more]

  • RCA Commercial Property Price Index values from 2001 to 2012, according data from Real Capital. The RCA CPPI are a suite of over 200 granular commercial property indices that measure the empirical change in commercial property prices over time. Click to enlarge

    It will come as no surprise to those following the Manhattan multifamily investment market that prices are at record levels. Now that’s borne out by Real Capital Analytics’ new commercial property price indices. The RCA data shows that the average sale prices of Manhattan apartment building are higher than they were in the second quarter of 2008. [more]

  • Office market chugs along

    December 04, 2012 04:30PM

    From the December issue: In a weird twist, Hurricane Sandy made no measurable impact on November’s office leasing numbers. That’s despite the storm rendering nearly 20 million square feet of office space unusable as of late last month.

    Just after the storm hit, brokers worked feverishly to find alternate spaces for their clients, unsure how long they would be out of their offices. But instead of signing new leases, many large companies moved to their firm’s own satellite offices, used spaces borrowed from friendly business associates or clients — or had employees work remotely. [more]

  • Rockaway retail starts slow recovery

    November 19, 2012 09:30AM

    Rockaway Beach Boulevard after Hurricane Sandy

    Hurricane Sandy left Rockaway Beach Boulevard, the commercial drag of Rockaway, Queens powerless and the streets full of debris. But only two weeks after the storm, the first signs of a retail recovery can be seen in some area shop windows, Crain’s reported.

    Thanks to a generator, Eden Delicatessen, at 11507 Rockaway Beach Boulevard, has “Open” written in  pink across the store’s window. [more]

  • 168-10 Douglas Avenue in Jamaica

    With the announcement that Hostess Brands is closing up shop in the face of a  Bakers Union strike, the world must carry on without the company’s whimsically named baked goods. Treats such as Twinkies, Ding Dongs, Sno Balls and Ho Ho’s are gone — that is, unless a buyer with a sweet tooth steps in — and with them will go some 33 bakeries, 565 distribution centers and 570 bakery outlet stores throughout the United States, according to the company’s website.

    The 82-year-old company will close all of it facilities, meaning that a number of its properties could soon hit the market. A search of public records revealed that Hostess owns at least four commercial properties in New York City’s outer boroughs, and one on Long Island. [more]

  • From left: Richard LeFrak, Rob Speyer and Haim Chera

    Increasingly low interest rates are driving commercial property prices through the roof, leaving investors vulnerable when rates inevitably climb back up, real estate pros said today at the Bloomberg Commercial Real Estate Summit.

    The $380 million sale of a prime retail condominium inside the St. Regis New York hotel is just one high-profile example of sky high prices, they said. Swiss luxury-goods company Richemont North America bought the 24,800-square-foot condo from a partnership led by Crown Acquisitions, Goldman Properties and the Feil Organization for $15,100 per square foot, it was previously reported. [more]

  • 4 New York Plaza

    Despite the Financial District’s current state of water pumping, closed buildings and workers in Hazmat suits walking down the streets, analysts don’t think that Hurricane Sandy damage will cause tenants to pack their boxes en masse, the New York Times reported. Not only that, commercial tenants interested in setting up shop in the neighborhood won’t likely be deterred from the area over flood concerns. Brokers say it’s a good place to do business.

    Similarly, Lower Manhattan residential properties remain in demand despite the storm’s impact. [more]


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