An 11-story Beaux-Arts office tower owned by Rabina Properties and Samson Management has reached full occupancy after commercial real estate research firm Real Capital Analytics recently grabbed more than 16,000 square feet on the seventh floor. [more]
Posts Tagged ‘real capital analytics’
Times are changing for “Chibeca,” an area along Broadway in Tribeca that is so-called because of its proximity to Chinatown. [more]
New York City real estate may not be quite back to the dizzying heights of the 2007 peak, but the climb back seems to be strong and swift. Property sales activity clocked in at $17.96 billion in the first half of 2013, a year-over-year increase of 41.3 percent, according to data from Real Capital Analytics provided to The Real Deal.
“We’re at an interesting point in the cycle where investors and owners are taking different perspectives on value,” said Real Capital’s Dan Fasulo. “This leads to more activity.” [more]
Real estate investors are complaining that distressed opportunities in Manhattan have become much harder to find in recent months. Of the $29.9 billion in distressed assets identified in Manhattan after the financial crisis, 74 percent have been worked out, according to data from Real Capital Analytics. Just $3.3 billion in Manhattan assets went into distress in 2012, while $6.1 billion in distressed assets was worked out. [more]
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]
There were a record number, $13.3 billion worth, of national office recapitalizations last year, according to data from Real Capital Analytics cited by the Wall Street Journal, underscoring the huge debt piles accumulated by landlords during the pre-recession property boom.
“There were a lot of white knights coming to help recapitalize” buildings that had mortgage loans coming due last year, said Dan Fasulo, managing director at RCA. Recaps were at their highest level since RCA began tracking the numbers, even surpassing the last peak, in 2007, of $11 billion. [more]
From left: Sheldon Solow and 9 West 57th StreetDeveloper Sheldon Solow has obtained a $625 million loan on 9 West 57th Street from Deutsche Bank, which beat out AIG and JPMorgan Chase to provide financing for the trophy property, Bloomberg News reported.
The loan refinances debt set to mature in February that Solow took out at the height of the bubble in 2007. About $55 billion of property loans are set to come due in 2012, and $19 billion of them were originated at the height of the bubble. But most of them will struggle to refinance, Standard & Poor’s predicted, as property values have decreased about 42 percent from the peak.
In this case, several parties competed for Solow’s refinancing because of the location and prestige of the building, exemplifying the demand for prime buildings, Bloomberg said. … [more]
At Facebook.com’s new Silicon Valley headquarters in Menlo Park, Calif., employees roam the halls with laptops, discuss the company’s newest features from comfy sofas scattered throughout the building and even draw diagrams on the walls on the complex. The building, which was recently renovated for $250 million in a “hacker” style, may provide an inspiring model for new “cool” and “creative” office complexes across the country, Bloomberg News reported, and even in New York.
Nondescript properties with tall ceilings and few interior walls are ideal for Internet firms to take over, Bloomberg said, and are becoming increasingly popular in gateway U.S. cities.
“Creative space” is outperforming other property types, said Dan Fasulo, managing director of Real Capital Analytics. … [more]
An L-shaped Lower East Side parcel zoned for 70,000 square feet of residential development has hit the market, Crain’s reported, and bids are due tomorrow.
The site has frontage on both East Houston and Suffolk streets, but wraps around the land on that corner, with the addresses 255 East Houston Street and 171 Suffolk Street.
The lots were purchased by the Mahfar family for $7.7 million, according to public records, and are being marketed by Cushman & Wakefield. … [more]
As $17.5 billion in securitized loans backed by U.S. lodging properties mature in the next 18 months, lenders are quickly making agreements on distressed loans, working harder to avoid foreclosure on hotel properties than on any other commercial assets, Bloomberg News reported.
Data from Real Capital Analytics shows that workout agreements have been reached on 53 percent of distressed hotel loans since the beginning of 2008, more than on any other type of property. The reason, some experts speculate, may be that hotels are effectively rented by the night, and contracts with hotel operators may be terminated if a property is foreclosed on, making it harder to run or sell. … [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]
Building a hotel in New York City may be cheaper than purchasing one, Bloomberg News reported, as demand from investors helps drive hotel property prices through the roof. According to hotel consultancy firm Lodging Econometrics, New York developers are planning to open around 50 new hotels in the city before 2013 and 68 more by 2014.
“Right now, it can be cheaper to build,” Bruce Ford, senior vice president of sales at Lodging Econometrics, told Bloomberg. “Most developers would argue that it’s better to open a hotel in 2013 than in 2012, but in New York City, a market that leads the cycle, next year should be good.” Manhattan hotels have sold for an average of $505,157 per room so far in 2011, up from $344,799 in 2010 and $413,644 in 2009, according to data from research firm Real Capital Analytics. … [more]
New York-based real estate investment trust Gramercy Capital’s shares rose by as much as 14 percent after the company agreed to settle $549.7 million in mortgage debt by giving control of many of its buildings over to lenders, Bloomberg News reported.
Around 317 commercial properties were surrendered yesterday to lender KBS Debt Holdings in an initial transfer, Gramercy said in a statement.
“What remains of Gramercy may be an attractive acquisition target both for buyers of discounted financial assets and someone looking to acquire a public real estate platform,” Ben Thypin, director of market analysis for New York-based Real Capital, told Bloomberg. … [more]
Large Manhattan investment sales remained strong in July even as national market sales fell by more than half compared with the prior month, new figures from Real Capital Analytics show.
July investment sales for properties above $2.5 million declined in Manhattan by 10 percent to $2.46 billion, from $2.74 billion in June, data from Real Capital Analytics shows (see chart). Deals such as Colorado-based real estate investment trust UDR closing on the $443 million purchase of the Rivergate apartment building at 606 First Avenue in Murray Hill kept the July volume in Manhattan near where it was in June. … [more]
Commercial property buyers who had shifted their focus from prime coastal city properties such as in New York and San Francisco to secondary markets like Las Vegas, Dallas and Minneapolis, may be rethinking their strategies as a result of recent financial market volatility, Bloomberg News reported.
Investors had been showing interest in secondary markets amid growing confidence in the recovery and soaring prices in prime cities, Bloomberg said, with transactions increasing sixfold in Las Vegas in the first half of 2011 from the same period in 2010, by about 253 percent in Phoenix, 204 percent in Atlanta and 267 percent in Pittsburgh, according to data from Real Capital Analytics.
Concern, however, that the U.S. property market may only experience sluggish growth in the next few years could stymie this trend before it takes off, sources said. … [more]
Influential commercial real estate analyst and frequent media commentator Sam
Chandan has left his job as global chief economist and executive vice president
at commercial property data firm Real Capital Analytics to launch a new venture.
Chandan left the firm last month after only a year and a half, but has not made a
public statement about his future plans.
“I am a huge fan of Real Capital Analytics. It’s just a move in a different
direction,” he told The Real Deal during a break at the National Association of
Real Estate Investment Trusts conference
in Midtown today. … [more]
Grubb & Ellis said the exclusive negotiation period for the struggling commercial real estate brokerage to hammer out an acquisition or other strategic alliance with Colony Capital, expired this past Sunday.
The Santa Ana, Calif.-based firm, which hired investment bank JMP Securities in March to explore a potential suitor, said it will continue to discuss a possible deal with Colony Capital, a real estate fund led billionaire Thomas Barrack, and will pursue discussions with other potential partners as well.
Meanwhile, Grubb & Ellis said it has made significant progress with a potential sale of its Daymark Realty Advisors subsidiary, and expects to reach an agreement soon. Daymark, manages more than 30 million square feet of commercial real estate, including 8,700 multi-family apartment units nationwide. … [more]
Financing for New York City real estate projects is back. Of the top 35 deals done in the last 12 months, 24 were refinancing and nine were new loans taken out of acquisitions, according to Crain’s. The largest deal was an $800 million refinancing of 245 Park Avenue, between 46th and 47th streets, for which Brookfield Asset Management and ING Clarion tapped the Bank of China in September 2010. It was followed closely by Boston Properties’ $700 million loan from MetLife for the Citigroup Center at 153 East 53rd Street, between Third and Lexington avenues, in March 2011, and a $650 million refinancing of One Bryant Park between 42nd and 43rd streets in June last year by Bank of America. … [more]
Joseph Sitt’s Thor Equities and developer Joseph Moinian have completed the long-awaited deal to buy out Goldman Sachs at 245 Fifth Avenue for $162 million.
The property, near 28th Street, had been up for sale since January, when Moinian and his previous venture partner, Goldman Sachs Whitehall Funds, decided to put the building up for sale through Eastdil Secured.
The property was originally purchased for $190 million, or $620 a square foot, at the height of the market in 2007. … [more]
Wyndham Hotel Group’s under-construction flagship select-service hotel, called TRYP New York City-Times Square South, received a $13.6 million mezzanine loan late last month after the construction lender shut off funds for the project, officials said.
Boston-based UC Funding provided the loan — its first ever loan in New York City — to complete the 173-unit property, located at 345 West 35th Street. The deal will allow the developers to buy the necessary fixtures and equipment for the property and get a certificate of occupancy from the Department of Buildings. … [more]