February was another strong month for multifamily building sales in the city, as the dollar volume of those deals skyrocketed 186 percent year-over-year, according to the latest monthly report from investment firm Ariel Property Advisors. [more]
Posts Tagged ‘Shimon Shkury’
Real estate investment firm Atkins & Breskin is aiming to sell an East Village residential condominium for $28 million, according to marketing materials obtained by The Real Deal.
The five-story, 30,662-square-foot building is located at 47-53 Third Avenue, between East 10th and East 11th Streets. The property has 28 one-and-two bedroom apartments and will be delivered vacant, according to the marketing materials from Ariel Property Advisors. It comes with an additional 7,802 square feet of as-of-right air rights. A team led by Ariel’s Victor Sozio and Shimon Shkury is marketing the property on behalf of Atkins. [more]
A bevy of small building sales boosted the number of multi-family deals in the city in October by 40 percent – for the second time this year, according to data from Ariel Property Advisors provided exclusively to The Real Deal.
October’s 70 multi-family deals included 99 properties worth more than $648 million. Year-over-year, deal volume was up 40 percent and dollar volume up 61 percent. During October 2012, there were 50 deals involving 70 buildings totaling roughly $403 million. [more]
Institutional sales drove big gains in the New York City multi-family market in September, as the dollar volume of transactions climbed 71 percent year-over-year, according to a monthly report from Ariel Property Advisors.
There were 53 deals comprised of 110 buildings totaling about $657 million in September. The number of deals rose a mere 6 percent from 50 sales in September 2012, but the total value nearly doubled from $384.6 million. [more]
Multi-family home sales took a dip in August, according to Ariel Property Advisors’ monthly report on multi-family sales provided exclusively to The Real Deal. [more]
Thanks largely to a boost from the $600 million sale of Westbrook Partners’ residential portfolio to Ziel Feldman, the dollar volume of July multi-family trades roared at 90 percent year-over-year, according to Ariel Property Advisors’ monthly report on multi-family sales provided exclusively to The Real Deal [more]
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]
Multi-family property transactions accounted for $7.8 billion in New York City real estate deals in 2012, according to a report by Ariel Property Advisors, a 54 percent increase from the previous year. There were 639 multi-family transactions in the five boroughs during the year, the report shows, while in 2011 there were just 470 trades totaling $5.06 billion. [more]
New York City multi-family transaction volume rose 24 percent during the month of October compared to October 2011 and 9 percent month-over-month, according to data provided to The Real Deal by Ariel Property Advisors. … [more]
From left: Bruce Mosler of Cushman & Wakefield, Ron Cohen, Stephen Siegel and Joseph Moinian (credit: Marc Becker)
Ron Cohen, vice chairman of Capital Markets New York at Jones Lang LaSalle, was honored last night at the 30th annual gala benefiting the American Friends of Rabin Medical Center. Proceeds from the event, dubbed “The Best of New York Meets the Best of Israel,” will benefit the future Emergency and Trauma Center at Rabin Medical Center in Israel.
Cohen is also a founder and executive board member of the AFRMC…. [more]
Multi-family transactions were up 48 percent year-over-year in the second quarter of 2012, according to a report released today by Ariel Property Advisors.
A total of 193 buildings worth $1.38 billion traded citywide in the second quarter, compared with 129 buildings totaling $1.06 billion in the first quarter of 2012 and 149 buildings totaling $1.03 billion in the second quarter of 2011. [more]
A prime Midtown East development site at 249-53 East 50th Street has hit the market, with approximately 44,000 buildable square feet and 55 feet of frontage between Second and Third avenues, Ariel Property Advisors, the exclusive listing agent for the property announced today. The site came online this morning with no noted asking price, a spokesperson for the company told The Real Deal, a tactic which some industry experts say brokers are increasingly employing to gauge the market’s interest as the economy continues to fluctuate.
“When they put a price tag on [a site,] they may be undershooting,” said one commercial broker active within the industry, particularly in this economy…. [more]
The pace of New York City multi-family sales remained strong in September, according to a report from Ariel Property Advisors released today, with 41 transactions citywide, totaling $402 million.
There was a 31 percent increase in the number of buildings sold in September compared with August, but a 9 percent dip in dollar volume, the report notes. The number of buildings sold was almost double the number sold in September 2010, when 24 buildings worth a total of $204 million traded.
“The steady activity through September suggests the multi-family market is poised for a strong finish through the end of the year,” said Shimon Shkury, president of Ariel Property Advisors. – Katherine Clarke… [more]
The Department of City Planning will be holding a public hearing on former City Council Speaker Gifford Miller’s Bronx real estate project later this month, the Wall Street Journal reported.
As previously reported, Miller and longtime friend Robert Frost, a partner at Signature Urban Properties, are planning to transform a derelict section of the Bronx near the Sheridan Expressway with 10 new “affordable” apartment buildings, they said.
The $400 million Bronx project is the pair’s first ground-up venture, the Journal said; the area is currently home to a strip of car repair shops and smaller residential buildings. Signature, founded in 2007, is currently working to have it rezoned to allow for the development. … [more]
Shimon Shkury, the former Massey Knakal Realty Services partner who left to start his own firm, Ariel Property Advisors, recently hosted a fundraiser for Legal Outreach on the penthouse lounge of the Atelier Condominium in Midtown (see photos above). It’s a non-profit organization benefiting youth eductation for which Shkury serves on the advisory board. The Moinian Group-developed building, at 635 West 42nd Street, has an indoor pool, a basketball court, a tennis court, a 12,000-square-foot health center, daily breakfast and is reportedly home to several celebrities. Though no celebrities were spotted at the Shkurys’ event, the party did draw some notable names from the real estate industry. — Adam Fusfeld
From left: Shimon Shkury, president of Ariel Property Advisors, Michael Totorici, vice president of Ariel, 212 Eighth Avenue and 245 Mulberry Street
Rental property acquisitions in New York City tumbled 53 percent in May, after reaching a furious pace the prior month.
Throughout the city, 29 buildings with a total of 1,078 apartments sold for a total of $144 million last month, compared with April, when 55 buildings with 2,193 units sold for a total of $308 million, a new report from Ariel Property Advisors shows (see report below). Sales last month were also below May 2010, when 47 buildings traded for a total value of $199 million.
The report covers sales of multi-family properties with 10 or more units above $1 million, of more than 5,000 square feet.
Yet the decline in sales activity was not seen as a broad cooling in the market, Michael Tortorici, a vice president at Ariel Property, said. The dip was instead likely due to investor jitters earlier this year after a rush of buying at the end of 2010.
“There was a period in the first quarter of the year, in which people wanted to see how the market was going and how the economy was going,” Tortorici said. “And I think that resulted in fewer contracts signed at that point.”
Most investment sales close two or three months after the contract is signed, meaning buyers in February and March were more cautious about signing deals.
Queens had the most dollar volume, where just two properties traded for a combined $59.9 million, accounting for more than 40 percent of the total $114 million in sales.
In a positive sign, the average price per foot for Manhattan properties rose from $384 per foot in April, to $429 per foot in May. Two locations, at 212 Eighth Avenue in Chelsea and 245 Mulberry Street in Nolita, averaged more than $625 per square foot, the report says.
The total figure of $144 million last month was also lower than a six-month moving average, which has not fallen below $170 million over the past 12 months.
But speaking anecdotally, Shimon Shkury, Ariel Property’s president, said bidding activity was up.
The multi-family data comes as a contrast to a Crain’s article yesterday that said office building sales for the second quarter (which closes Thursday) were far higher than the first quarter of the year.
Midtown-based Delshah Capital was poised to win at auction a pre-war, 33-unit Harlem apartment building saddled with $14 million of debt, but was blocked last Thursday when the owner filed for bankruptcy.
Meanwhile, last month, Delshah, led by principal and CEO Michael Shah, was expecting to take control of the two-story H&H Bagels building at 639 West 46th Street, until the Toro family company that owns the property filed for Chapter 11
bankruptcy, blocking a sale.
Such roadblocks are common for buyers of distressed debt, now wrangling with owners over who will take over the properties.
In the most recent instance, Staten Island-based real estate investor Lorenzo De Luca, through his Lenox 126 Realty, filed for Chapter 11 protection to block a foreclosure sale at the apartment building at 321 Lenox Avenue, located one
block from the popular Harlem Center mall at 125 West 125th Street. … [more]
Condominium and residential rental markets have begun to stabilize in Northern Manhattan, according to a 2010 report released today by Ariel Property Advisors, a New York City property investment sales firm formed in January. The number of condo unit transactions in Northern Manhattan climbed to 437 in 2010, a 44 percent jump from 2009, when 303 properties traded hands, while the average price per square foot slid 6.6 percent to $537. The residential rental market remained stable, with average free markets holding steady at $26 per square foot and rent regulated units — which make up a large percentage of the market — remaining relatively flat at $17 per square foot. TRD
From left: Ken Krasnow of Massey Knakal Realty Services; Eastern Consolidated’s Ety Lee; Eastern Consolidated’s Jerome Benayoum; and Lon Rubackin, a managing director at GFI Capital
Commercial brokerage firm Massey Knakal Realty Services has temporarily replaced Kenneth Krasnow, the managing director of the firm’s Brooklyn office, because he is not licensed as required by the New York State Department of State, company CEO Paul Massey told The Real Deal this morning.
Krasnow had been the head of the Brooklyn office since 2008. He will be replaced by Cory Rosenthal, corporate vice president, until Krasnow obtains his license, Massey said.
“[In the] interim, Cory Rosenthal, corporate vice president, will take over day to day management of Queens and Brooklyn until Ken resolves the license issue,” Massey said.
Commercial firms reported a strong increase in investment sales volume for the city overall in 2010. That activity, coupled with a higher average price-per-square foot for trophy office towers, has given a general impression that prices have risen overall in the city. For example Cushman & Wakefield in January showed a 73 percent increase in pricing from 2009 to 2010 for Manhattan’s prime office towers, even as it noted the sharp rise was based on a limited number of transactions.
But investment sales brokers Robert Knakal, Marco Lala and Shimon Shkury, tell Insights from The Real Deal (see video above) that not all of New York City is seeing strong increases in pricing, and in some areas of the outer boroughs, values are still falling.
Knakal, chairman of Massey Knakal Realty Services, says, “The trends in value continue to slide, however, in Queens and Brooklyn.” Knakal says that even in Manhattan values were weak, citing a Kips Bay owner who was converting a retail space to residential because commercial leasing was too slow.
Lala, an associate vice president of investments at Marcus & Millichap who specializes in Northern Manhattan and the Bronx, tells Insights from The Real Deal that, “There are some areas where I still think there is a lot of pain ahead.” He mentions Melrose, Soundview and the Highbridge areas of the Bronx as examples.
Parts of Northern Manhattan remain flat, says Shkury, president of Ariel Property Advisors. “I believe areas of East Harlem still have a ways to go up,” he says.