The Real Deal New York

Posts Tagged ‘Costar Group’

  • CoStar buys Apartments.com for $585M

    March 04, 2014 06:20PM
    From left: Andrew Florance and the homepage for Apartments.com

    From left: Andrew Florance and the homepage for Apartments.com

    A subscription-driven data cruncher for the commercial real estate industry has swallowed up an online apartment search company for $585 million. [more]

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  • dtz

    From left: David Gialanella and Tod Lickman

    Los Angeles-based commercial brokerage DTZ plans to double the number of brokers it employs in the New York City area, offering signing bonuses as an incentive.

    The bonuses will amount to roughly 75 percent of the average commissions that the rival firms’ targeted top brokers earned over a three-year period. David Gialanella, who was tapped in July to lead the New York Tri-State region for DTZ, told the Wall Street Journal that his goal is to double – or even triple – the current staff of 65 in New York and 20 in New Jersey over the next year or year and a half. [more]

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  • From left: Arnold Fisher, 605 Third Avenue and Univision CEO Randy Falco

    From left: Arnold Fisher, 605 Third Avenue and Univision CEO Randy Falco

    Spanish-language media giant Univision has expanded its presence at the Fisher Brothers’ 605 Third Avenue office tower to just under 195,000 square feet, a spokesperson for the landlord told The Real Deal. [more]

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  • ShimonShkury

    Ariel Property Advisors’ Shimon Shkury

    Ariel Property Advisors has come far in two years, growing from a staff of 10 to 40 and handling $250 million in business last year.

    The investment-property sales firm, which specializes in commercial and rental-apartment buildings in the city’s outer boroughs, is on pace to double its sales volume this year, founder Shimon Shkury said. It has three Manhattan deals in the works, ranging from $30 million to $50 million apiece. Below 96th Street, competition is stiff among Ariel’s adversaries, which include Cushman & Wakefield, Eastern Consolidated, CBRE and Massey Knakal, where Shkury served as a senior broker before branching out on his own. [more]

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  • Growth of $10,000 over last three years in the Vanguard REIT Index

    Though real estate investment trusts’ returns are diminishing, they’re not losing any popularity among investors because so many other investment vehicles are actually in negative yield territory, according to the New York Times.

    The latest figures from the National Association of Realtors and CoStar show residential and commercial property prices have gained 7.9 percent and 6.5 percent, respectively, in the last year. As a result, the Vanguard REIT Index returned 2.8 percent in the second quarter and real estate mutual funds returned 3.5 percent. [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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  • Normandy Real Estate Partners has gone into contract to purchase a 275,000-square-foot, 16-story office building at 1370 Broadway and 37th Street for $125 million, according to the New York Post. Sources said the building was snapped up by the company just before Thanksgiving.

    As The Real Deal previously reported, the seller, Sitt Asset Management, had been soliciting bids for the building in October. CoStar Group data shows the property has about 22 percent of its space available to lease. Large tenants there include apparel retailer Esprit and executive office firm Jay Suites…. [more]

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  • Well-leased commercial buildings in major markets may not be as profitable as
    many commercial real estate investors believe they are, the Wall Street Journal
    reported. According to an analysis by Costar Group, many leases in top
    markets such as New York City, San Francisco and other areas are set
    to expire next year. And because of the weak economy, tenants might be
    demanding significantly lower rents than they otherwise would. In
    Manhattan, Costar found that despite recent gains,
    current office rents are still nearly 28 percent below their peak prices in
    2008. The Real Deal recently found that office leasing in Manhattan was tightening[more]

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  • alternate<br /></a>text
    President Obama and Midtown Manhattan

    Now that the debt ceiling has been raised and budget cuts have been agreed upon, the real estate industry’s focus shifts to how the new legislation will affect the commercial market. And according to Chris Macke, a senior real estate strategist at the CoStar Group, in an article for Forbes, that all depends on whether the economy has slumped because of a reduction in demand, or because federal spending has corporations concerned over forthcoming tax hikes.

    If it’s the former, then the commercial real estate market could be in for a rude awakening. With the federal government spending $2.7 trillion less over the next decade, or $270 billion less per year, many private sector companies who do big business with the government will find their revenues slashed. In that case, corporate America certainly would not increase hiring and demand for commercial real estate would be stifled…. [more]

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  • alternate<br /></a>text
    Carlton’s Howard Michaels

    Howard Michaels‘ Carlton Group has reached the number one spot among New York City office investment sales brokerages for the first time thanks to demand for recapitalizations, the New York Post reported.

    Carlton ranked number six nationally for the first half of the year based on $1.1 billion in total volume of debt and equity financings. Eastdil Secured came in at number one with over $4 billion.

    Carlton’s New York figures are due to three local recaps valued at $1.1 billion — at 1 Park Avenue, 1180 Sixth Avenue and 450 West 33rd Street, according to the Post.

    “Typically, recaps haven’t been recognized as investment sales, but they’re the exact same art,” Michaels said. With $850 billion in commercial mortgages due to mature by the end of the year, according to CoStar Group, Michaels anticipates even more demand for recaps, “due to the widening out of spreads in the CMBS market, which is lowering loan levels, and the sluggish economy.” … [more]

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  • Top row, from left: Mitchell Konsker, Paul Glickman, Mitti Liebersohn and Alex Chudnoff. Bottom row, from left: 99 Park Avenue, 1290 Sixth Avenue, 681 Fifth Avenue and 1411 Broadway

    Following the exit by five major leasing brokers from Cushman & Wakefield to Jones Lang LaSalle last month, there has been a behind-the-scenes battle over who is the landlord leasing representative for millions of square feet of Manhattan office space that had been handled by Cushman.

    In that contest, JLL has picked up at least three buildings owned by Midtown-based Eastgate Realty with more than 1.7 million square feet.

    The buildings are the 550,000-square-foot 99 Park Avenue, the 530,000-square-foot 120 Park Avenue and 665,000-square-foot 875 Third Avenue, data from CoStar Group shows…. [more]

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  • alternate text
    From left: Garret Thelander and Paul Massey

    Massey Knakal Realty Services has tapped Anglo Irish Bank executive Garrett Thelander, who helped open the New York office of the troubled lender and grow its staff to 35, to lead its new mortgage division, it was expected to be announced today.

    Thelander, 55, is once again charged with starting a new office, this time as a managing director for Massey Knakal, to hire brokers and develop the new arm, Paul Massey, company CEO, told The Real Deal.

    The hiring of the bank executive comes two weeks after Massey Knakal launched a retail brokerage division, bringing in long-time retail agent Benjamin Fox for that job. At the same time, the firm has had significant defections, including a top producer for the firm, Shimon Shkury, who left with his team to open the new firm Ariel Property Advisors. … [more]

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  • City’s CMBS market least distresse

    September 02, 2010 09:30AM

    New York City now has the lowest level of overall distressed CMBS loans in the nation after surpassing Seattle for the first-place spot, according to a new report from CoStar Group, which examined data from Investcap Advisors and QuantumRisk. As of the end of July, both New York and Seattle had a probability of default ratios of less than 2 percent. New York was also among the least stressed office markets in the nation, with a ratio also below 2 percent for that segment of the real estate market. Meanwhile, Las Vegas, Phoenix, Orlando, Atlanta and Detroit got no such good news. As the top five markets with the highest overall probabilities of default — their ratios came in between 11 and 15 percent — the cities are also facing potential loss severities on CMBS loans of between 10 and 14 percent. TRD

    [more]

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  • CoStar expands with new Midtown office

    August 17, 2010 03:00PM

    Real estate data company CoStar is expanding its New York City office presence, according to Crain’s, more than doubling its space with a 12,000-square-foot office at 1177 Sixth Avenue between 45th and 46th streets. Although the company had been on the hunt for raw space it could build out, CoStar eventually settled on the space, which sits among the building’s upper-level floors. Although the rent is unclear, asking rents for similar space in that building range from $75 to $85 per square foot. CoStar will be leaving its current New York City office at 420 Lexington Avenue, where it had leased 5,000 square feet. [Crain's]

    [more]

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  • Commercial services firm CB Richard Ellis represented the tenants in
    seven of the 10 largest office leasing deals that closed in the first
    half of 2010,
    up from three of the top leasing deals in same period last year, a
    CoStar Group ranking of the top 50 leasing deals published today in
    Crain’s shows. CBRE dominated the upper tier of leases with the top four tenants:
    Proskauer Rose, Polo Ralph Lauren, Showtime and Beijing Vantone Real
    Estate…. [more]

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  • The National Football League is nearing a deal to relocate its
    Manhattan headquarters in a cost-cutting move that would shrink its
    office space by about 15 percent, according to the Wall Street Journal.
    The NFL is currently located in 205,000 square feet at 280 Park Avenue,
    which is owned by Broadway Partners, but the lease expires in 2012 and
    it is now planning to sign on for 175,000 square feet at the Rudin
    family-owned 345 Park Avenue, two blocks north. The organization will
    hardly be the first big tenant to downsize and take advantage of
    bargain prices amid the commercial real estate slump. Office rents on
    Park Avenue between 47th and 65th streets are down to $65.97 per square
    foot from their $102.62 per square foot peak, according to CoStar, and
    while leasing activity has picked up, that’s mostly because of tenants
    like the NFL consolidating while it’s still inexpensive to do so. The
    NFL, which has been cutting costs across the board since late 2008, has
    around 75 fewer staffers in its New York office since the downturn
    began and has tapped Ted Moudis Associates to design the new office
    space. [WSJ]

    [more]

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  • John Cushman

    The international law firm Milbank, Tweed, Hadley & McCloy headquartered at 1 Chase Manhattan Plaza in the Financial District … [more]

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  • John Cushman

    The international law firm Milbank, Tweed, Hadley & McCloy headquartered at 1 Chase Manhattan Plaza in the Financial District … [more]

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  • From left: Gene Spiegelman of Cushman & Wakefield, Peter Braus of landlord Sierra Realty

    The Real Estate Board of New York is in its 10th year of publishing a bi-annual retail report covering Manhattan, and commercial firm Cushman & Wakefield has been putting out its own comprehensive report for years, yet the industry remains far less transparent than its commercial twin, office leasing, insiders say.

    REBNY is expected to release its survey of 16 retail corridors and seven neighborhoods in Manhattan next week, a report first published in the fall of 2000 to combat what it considered inaccuracies in market data in news stories.

    Last month, Cushman came out with its first-quarter 2010 detailed report on seven Manhattan corridors, and other firms such as CB Richard Ellis and CoStar Group, put out their own quarterly data.

    While these reports provide general asking rent data, they pale in comparison to office reports which provide figures on effective rents, leasing volume and other details. … [more]

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  • Q & A with CoStar CEO Andrew Florance

    April 12, 2010 11:05AM

    How does real estate analytics firm the CoStar Group mine data on its 1.4 million property listings? According to founder and CEO Andrew Florance, the company employs roughly 800 researchers who interview real estate power players and read S.E.C. filings and has “a fleet of Priuses that visit literally millions of properties.” While some CoStar customers dropped the service during the downturn, the company has seen its customer base increase in the last few quarters, Florance said. “When the market was going up, nobody had to analyze anything — you just buy something, sell it later and make money,” he explained. “Now all of a sudden people are like, ‘Oh my gosh, we just lost our shirt!’ They are buying data they should have bought before.” CoStar is relocating its New York office, Florance revealed, noting that in the eight-month span between his two office-hunting trips, the same spaces were on the market. [NYT]

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