A prospective development site in the Washington Heights area primed for a multi-level retail cube has hit the market for $16 million. [more]
Posts Tagged ‘robert shapiro’
Developer Fortuna Realty Group bought two Midtown West buildings totaling 30,000 square feet for $18.3 million in an off-market deal, according to property records filed with the city today. [more]
“What I did for the gig” is a weekly web feature that chronicles the outlandish, risky and comical strategies that residential and commercial real estate brokers have used to land listings, clients and jobs.
Negotiating for space in Midtown Manhattan is a tough business, especially when faced with an uninterested seller and a looming deadline. For Robert Shapiro, a broker who orchestrated a 1986 REBNY award-winning assemblage deal for the Crowne Plaza Times Square, the challenge called for a stunt that would let him rise to the occasion. Literally…. [more]
A longtime city program that gives landmarked properties the ability to sell their air rights to developers across the street in a “kitty corner” transaction is woefully underused, and some industry insiders have been discussing plans for air rights reform. Eager to avoid getting tangled in expensive bureaucratic red tape, developers currently prefer to engage in as-of-right zoning lot merger transfers with these landmarked buildings, thereby rendering the city’s special provision for landmarks largely useless, insiders say. … [more]
The Rogosin Institute, a not-for-profit treatment and research center specializing in kidney diseases that’s part of the New York-Presbyterian Healthcare System, signed a 20-year lease for 37,416 square feet at 619 West 54th Street near 12th Avenue in Midtown West. According to Grubb & Ellis, which brokered the transaction, the total cost was $26 million, or about $34.75 per square foot.
Rogosin will keep its current location at 505 East 70th Street, and use the new space to expand its dialysis and transplantation operations. — Adam Fusfeld… [more]
From left: Robert Knakal, Garrett Thelander and Robert Shapiro, all from Massey Knakal, On the Ave Hotel and the Park Central Hotel
While the New York City property sales statistics are vastly improved from 2010, the
market is still “slogging along,” according to Massey Knakal Realty Service’s mid-year
property sales report. The report, which covers all investment sales throughout the five
boroughs, shows dollar volume increased to $12.6 billion in the first half of 2011 — 74
percent more than 2010 on an annually adjusted
basis. In fact, $8.6 billion worth of sales were recorded in the second quarter, the most
since the fourth quarter of 2007. But sales volume, perhaps a better read on market
activity, increased just 15 percent on an annualized basis, to 1,920, less than 40 percent of
the 5,018 sales achieved in 2007…. [more]
While commercial real estate experts had expected to see a significant uptick in market activity in the fist quarter of 2010, the volume of building sales in New York City stayed relatively stagnant, according to Massey Knakal Realty Services’ first-quarter report, released today.
The city had one borough that showed some strides — Manhattan, with the northern part of the borough producing particularly strong figures.
There were 35 properties sold in the first quarter in northern Manhattan (which covers north of 96th Street on the East Side and north of 110th Street on the West Side), 94 percent higher than was seen during the same time period a year earlier. Aggregate sales meanwhile, which hit approximately $117 million, went up 197 percent over first-quarter 2009…. [more]
After having his defamation claim against TDG/TREGNY denied in the New York State Appellate Court, Christakis Shiamili, a principal broker with ArdorNY, told The Real Deal that he intends to appeal the decision. In a suit filed March 2008, Shiamili claimed that TDG/TREGNY — which, at the time, went by the name the Real Estate Group New York, or TREGNY — had financially-backed a now-defunct Web site ShittyHabitats.com. The site, Shiamili said, published defamatory comments about many of TDG/TREGNY’s competitors, including Manhattan Apartments, Citi Habitats (from which the site got its name, Shiamili said) and Ardor, Shiamili’s firm, which was previously known as Ardor Realty. The lawsuit also names Ryan McCann, who currently works in TDG/TREGNY’s marketing group, and Daniel Baum, CEO of TDG/TREGNY, whose credit card number was allegedly used to register the domain name. McCann had operated the Web site, according to Robert Shapiro, Shiamili’s attorney. McCann was not available for comment by press time. “[The Web site] was created solely, we allege, to harm their competitors,” Shapiro said. Baum told The Real Deal that his firm did not financially-back the Web site. But, when asked whether his personal credit card had been used to register the site, Baum declined to comment…. [more]
The developer of 70 Pine Street in the Financial District predicts it will be able to sell residential condominium units in the tower of the American International Group building for $2,000 per square foot following a rehabilitation of the 63-story structure. Developer Youngwoo & Associates bought the Art Deco office tower and neighboring 72 Wall Street for $150 million, or about $105 per square foot in August, with financial partner South Korea’s Kumho Investment Bank. Young Woo, principal of Youngwoo & Associates, said the key to getting $2,000 per square foot was to market the building as a premium product, comparing it to a Louis Vuitton bag or an iPod. “If we can create that perfect trend lifestyle for this building, for our targeted audience, we are not afraid to achieve $2,000 a square foot,” Woo said. He added that units in his West Village condo, the Sky Garage at 200 11th Avenue at 24th Street, a building that includes an elevator for cars, sold for more than $4,000 per square foot…. [more]
The city is mulling over a proposal from the Real Estate Board of New
York that would increase the value of 421-a negotiable certificates
that are part of an affordable housing incentive program that gives
10-year tax abatements to owners and developers of residential
apartments. The industry group wants to base the tax deduction on the full assessed value of
the property — as the state law was originally written in the 1980s –
not on a narrower limit that was imposed two years ago. In 2007, the state law capped the amount that could be deducted at an
assessed valuation of $65,000. Once the limit was in place, the
certificates with it sold for prices about half those of the
certificates that were not capped. By Adam Pincus… [more]