The New York City real estate industry’s employment gains continue to be offset by big job losses in the construction industry, according to an employment report released today by Eastern Consolidated that placed the former among the city’s biggest gainers in 2011 and the latter among the city’s biggest job losers. Overall 500 new real estate jobs were added in November bringing the year’s total count to 2,900 new jobs, while the construction industry lost 700 jobs last month bringing the year-to-date loss to 3,200 jobs.

New York City as a whole added about 9,000 jobs in November, thanks largely to retailers loading up on staff for the holiday shopping season. – Adam Fusfeld [more]

From left: The UGL, CPEX and Cassidy Turley parties

The city’s commercial firms generally went with scaled-down holiday parties as the industry licked it wounds in 2011 after making it through a difficult year.

Many commercial firms opted for low-key themes either by spending fewer dollars or going for a less formal environment, for example at least two opted for bowling, and CBRE Group headed to the circus. [more]

From left: Jay-Z and 511 West 21st Street (credit: PropertyShark)

A parcel of land ripe for development, and previously owned and lost by rapper Jay-Z will likely be bought by the Albanese Organization for around $60 million, the New York Observer reported.

The site, at 511 West 21st Street, between 10th and 11th avenues, has 140,000 buildable square feet and is zoned for retail, hotel or office space.

The hip-hop star and real estate investor purchased the site at the height of the market for more than $50 million, and spent millions more on air rights, the Observer said. [more]

From left: Marion Jones and David Schechtman of Eastern Consolidated and 701 West 135th Street

A free-standing retail building near Columbia University’s developing Manhattanville campus has hit the market for $11 million, according to Eastern Consolidated, which is the exclusive listing agent for the property.

The 18,200-square-foot, rectangular building at 701 West 135th Street currently yields more than $400,000 in annual income from current leases, according to the listing, with one retail suite still vacant. Alternatively, the two in-place leases each contain terms to provide for vacant delivery by summer 2012.

“It’s an absolutely phenomenal opportunity to reposition a 20,000-square-foot building in a proven retail strip,” said Marion Jones, a director at Eastern, who shares the listing with colleague David Schechtman. – Katherine Clarke [more]

The developer of a high-end, 9-unit building on the Upper West Side has abandoned plans to sell the units individually as condominiums and instead is offering to sell the entire property in one transaction, with an asking price of $22.8 million.

Brooklyn-based Manor Properties Group constructed the new, 10-story building at 208 West 96th Street, between Broadway and Amsterdam Avenue, and was given its certificate of occupancy in April.
But attempts by Halstead Property Development Marketing to sell the units as condominiums with prices according to Streeteasy.com of about $2.3 million each, failed. Then Manor Properties tried renting the apartments, which are all full-floor, three-bedroom units. [more]

Around 2,100 real estate jobs were lost in October, according to a New York City employment report from Eastern Consolidated. New York City lost 2,100 public sector jobs in total in October while the private sector lost 5,700 jobs. The public sector added 3,600 jobs, mostly at the local level.

“October’s results were so disappointing because of the unexpected losses in industries that had been so solid in the city,” Eastern Consolidated said in a statement, referring to “private education, retail and even real estate.”

While jobs in the real estate sector (which include all positions within real estate companies) have rise by 2,400 in total since December 2010, they dropped dramatically in October, by 2,100.
– Katherine Clarke [more]

From left: Siraj Dadabhoy, principal of Aion, David Schectman, principal at Eastern Consolidated, 57-63 Greene Street and 21-25 Mercer Street

New York real estate investment fund Aion Partners is marketing two Soho retail condominiums in an effort to capitalize on demand for these types of properties in key locations, Crain’s reported.

The company has listed a 13,700-square-foot condo at 57-63 Greene Street and another at 21-25 Mercer Street, the latter which includes a residential condo unit and three stores. Tenants at the first property include Bang & Olufsen, Cyrus Co. and Raul Carrasco and at the second, Nike, Toto and Surface to Air.

“The tenants are paying at least 40 percent below current rents so there is a great opportunity for upside,” said David Schechtman, a principal at Eastern Consolidated, who is handling the sales. “But you also have solid cash flow.” The asking prices for the properties are $19 million and $20 million, respectively. [more]

From left: Jeff Sutton, SL Green President Andrew Mathias and 141 Fifth Avenue

SL Green Realty and its joint venture partner, Jeff Sutton, have made an agreement to sell two retail condominium units totaling 9,860 square feet at 141 Fifth Avenue for $46 million, SL Green announced today. The identity of the buyer was not immediately clear.

The transaction, which is subject to the lender’s approval of the transfer, is expected to generate around $17.5 million in net proceeds for SL Green, the company said in a statement.

Andrew Mathias, president of SL Green, said: “SL Green continuously looks to take advantage of evolving market conditions to enhance both its office and retail portfolios with selective dispositions and acquisitions. We are very pleased with the growth and success of our retail platform and anticipate making more strategic investments in the near term.” -- Katherine Clarke [more]

Anglo Irish Bank protestFrom the October issue: The auction of Anglo Irish Bank’s troubled $9.5 billion U.S. loan portfolio has surprised some industry observers — and spread fear among some borrowers, who worry about having new lenders take over their troubled projects.

Ben Thypin, a senior market analyst at Real Capital Analytics, said the fact that three lenders divvied up Anglo Irish’s portfolio was” not particularly unexpected.”

“No one but a bank could really afford to buy the performing loans, so the performers and non performers inevitably went to different buyers,” he said.

But what was surprising was who ended up at the winners’ table — Lone Star Funds acquired about $5 billion in sub- and nonperforming loans, while Wells Fargo and JPMorgan Chase acquired the remaining performing loans in separate transactions.
[more]

New York City lost 900 construction jobs in September and added 100 real estate sector jobs, according to an Eastern Consolidated report with the most recent city employment data from the New York State Department of Labor.

Overall, the city lost 13,500 jobs last month, including 8,700 private sector jobs, marking a correction in an otherwise positive trajectory of job growth.

“Since bottoming in September 2009, New York City has added 82,200 jobs, or 2.2 percent. The U.S. has added 2.09 million jobs since its nadir, February 2010, a growth rate of 1.6 percent,” the report says. “The city is 36,400 private sector jobs short of its peak in April 2008, or 1.5 percent below. The U.S. remains 6.26 million private sector jobs short of its peak in January 2008, or 5.4 percent below.” – Katherine Clarke [more]