With an ownership dispute ongoing, DelShah Capital is planning to lease a vacant Meatpacking District building to a tenant who could redevelop the five-story property as a boutique hotel, The Real Deal has learned. The 25,109-square-foot building, located at 55 Gansevoort Street, would come with a triple net lease, according to marketing materials. [more]
Posts Tagged ‘hff’
The 128-unit Hoboken, N.J. multifamily property known as the Juliana has traded hands for $67 million, according to a release issued by HFF, which represented the seller. Boston-based investment firm AEW Capital Management purchased the development from the Milestone Group and Dallas-based Invesco, on behalf of one of the firm’s funds, known as AEW Core Property Trust. [more]
Revenues rose by double digits for the five commercial services firms that have publicly reported full year earnings for 2011, but the profit margins among the group were uneven. Cushman & Wakefield, the global services firm based in Midtown, reported this morning gross revenues of $2 billion in 2011, a 13 percent increase over 2010. That was its second-highest level ever, only behind $2.1 billion reached during the height of the boom in 2007. The figures were released following a meeting of its Italian parent company, Exor. See charts comparing each firm’s revenue with its EBITDA figures, after the jump…. [more]
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]
Joint owners JPMorgan Asset Management and AXA Equitable Life Insurance have secured $372 million in refinancing for 1285 Sixth Avenue at Rockefeller Center, HFF, which arranged the refinancing, announced yesterday. The 10-year fixed-rate loan on the 1.65 million-square-foot, 42-story Midtown tower is with MetLife Real Estate Investments, HFF said.
Whitney Wilcox and Mike Tepedino, senior managing directors at HFF, represented the borrower.
Developed in 1960 as the Equitable Life Assurance Society of the United States headquarters, the building is currently 99.9 percent leased, HFF said. Anchor tenants include UBS, law firm Paul Weiss, Rifkind, Wharton & Garrison and advertising agency BBDO. – Katherine Clarke… [more]