The Real Deal New York

Posts Tagged ‘william shanahan’

  • 452 Fifth Avenue

    From left: Eli Elefant, 452 Fifth Avenue in Midtown and William Shanahan

    Property & Building Corporation, a subsidiary of Tel Aviv-based investment giant IDB group, insists it has “no intention” of selling its core New York asset, the HSBC Tower at 452 Fifth Avenue, despite CBRE’s William Shanahan suggesting that not doing so could prove an “unsuccessful gamble.” [more]

  • Clockwise from left: 123 William Street, Michael Happel and Darcy Stacom

    Clockwise from left: 123 William Street, Michael Happel and Darcy Stacom

    American Realty Capital is in contract to buy 123 William Street for $253 million from East End Capital.

    The Downtown office property has roughly 545,000 rentable square feet and is 81 percent leased at the moment, according to a release from the buyers. The State of New york, the City of New York, the federal government, the Securities Training Corporation and McAloon & Friedman, P.C. are among the tenants in the 26-story building. [more]

  • From left: Scott Rechler and the Helmsley Building

    From left: Scott Rechler and the Helmsley Building

    Though the iconic Helmsley Building at 230 Park Avenue is landmarked, a buyer interested in the property could benefit from the upcoming rezoning of Midtown East’s Vanderbilt corridor. [more]

  • From left: CBRE's William Shanahan, 440 Ninth Avenue and CBRE's Darcy Stacom

    From left: CBRE’s William Shanahan, 440 Ninth Avenue and CBRE’s Darcy Stacom

    Sherwood Equities is following the sale of a vacant block west of Penn Station with the introduction of a second West Side property to the market. [more]

  • GM Building stake sells for $1.4B

    June 03, 2013 10:00AM
    From left: Darcy Stacom, William Shanahan and the GM Building

    From left: Darcy Stacom, William Shanahan and the GM Building

    The families of Chinese real estate developer Zhang Xin and Brazilian banking magnate Moise Safra paid $1.4 billion for a 40 percent stake in the General Motors building, the Wall Street Journal reported. This values the building at 767 Fifth Avenue at roughly $3.4 billion, making it the country’s most valuable office property. [more]

  • Top five commercial sales of the month

    September 10, 2012 06:15PM
    Click the chart to see the complete top five deals

    The most expensive commercial transaction in New York City recorded last month was the purchase of the ground under the Sports Illustrated Building, at 135 West 50th Street, by a UBS Realty Investors affiliate for $279 million. The seller was 14 E. 60th St. Associates, a partnership. CBRE Group’s Darcy Stacom and William Shanahan represented the sellers. Brad Siderow of the Siderow Organization represented UBS’ client. (See the complete top five deals after the jump.) … [more]

  • CBRE's Darcy Stacom (top), William Shanahan (bottom) and 285 Madison Avenue (building credit: PropertyShark)

    Young & Rubicam has put the Madison Avenue tower where an elevator malfunction killed an employee on the market, the New York Post reported. The move was expected for months, as the advertising firm prepares to move into Joseph Moinian’s 3 Columbus Circle over the next 18 months. At the time of last December’s tragedy, insiders speculated that the incident would be an obstacle to the sales effort of the building.

    Another obstacle in the effort to sell the 285 Madison Avenue, for which Young & Rubicam tapped Darcy Stacom and William Shanahan of CBRE Group, is that the 550,000-square-foot tower, between East 40th and East 41st streets, will be essentially vacant. [more]

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  • From left: Darcy Stacom, William Shanahan and 325 Hudson Street

    CBRE Group has landed another assignment to sell a major office building. According to the New York Post, Young Woo & Associates and San Francisco-based Bristol Group have selected CBRE’s executive vice chairmen, Darcy Stacom and William Shanahan, to market the 10-story, 240,000-square-foot property at 325 Hudson Street in Hudson Square. [more]

  • Top Manhattan commercial agents in October

    November 02, 2011 03:23PM

    From left: Paul Leibowitz, Doug Harmon, Darcy Stacom, Vincent Carrega and Jon Epstein

    Darcy Stacom, a vice chairman of CBRE, represented the seller in two of the top five brokered commercial real estate sales, based on price, recorded in city property records last month, data from and CoStar Group show.

    Stacom, along with CBRE’s William Shanahan and Paul Leibowitz, were the brokers for the sale of two St. Vincent’s Catholic Medical Centers buildings to Rudin Management and Long Island-Jewish Health Care System. In another bankruptcy proceeding, Eastdil Secured brokers Doug Harmon and Adam Spies represented the bankruptcy court in the sale of 1107 Broadway to the Witkoff Group. … [more]

  • TIAA-CREF pays $144M for 475 Fifth: sources

    September 30, 2011 11:49AM

    From left: 475 Fifth Avenue, Darcy Stacom, vice chairman at CBRE and
    William Shanahan, vice chairman at CBRE

    Pension fund giant TIAA-CREF purchased the 280,000-square-foot office building 475 Fifth Avenue from Barclays Capital Real Estate this week for $144 million, about $4 million more than expected, according to sources involved in with the transaction.

    The deal closed Wednesday, sources said, at sale price of about $514 per square foot. Midtown-based TIAA-CREF had been expected to buy the building, but for $140 million or less.

    A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure. In the slow commercial real estate market of the time, Barclays sought to unload the 86-year-old office tower for just $105 million. … [more]


  • From left: CBRE’s Darcy Stacom and William Shanahan, 2 Grand Central Tower and 299 Park Avenue

    It’s been a good week for CB Richard Ellis’ Darcy Stacom and William Shanahan. The Alaska Permanent Fund has agreed to pay $1,075 per square foot for a 49.5 percent stake they were marketing in 299 Park Avenue, sources told the New York Post, in a deal revaluing the property at $1.25 billion.

    The pair were hired by the Rockpoint Group to market their share in May. Rockpoint purchased the stake from Swiss bank UBS in January 2010. That earlier deal had valued it at just over $600 million, or $625 per square foot.

    Developer Fisher Brothers still holds the majority share and runs the Class A building. … [more]

  • Manhattan office investment sales transaction volume and pricing are expected to increase in 2011, according to a spring Manhattan office and multi-housing capital market report released today by CB Richard Ellis. The first quarter saw Manhattan office building sales transactions rise to eight from three closed deals in the same quarter in 2010 and volume increase from $513.7 million to $1.2 billion. The number of multi-housing transactions remained steady at four. Capitalization rates in Manhattan’s investment sales market also compressed to between 5 percent and 5.5 percent for office buildings, and between 4 percent and 4.5 percent for a prime stabilized multi-housing asset.

    “There are fewer choices,” said William Shanahan, vice chairman of CBRE Capital Markets, “putting pressure on what investors have to pay to win buildings.” Shanahan observed that the average loan-to-loan value is about 60 percent compared to 2007, when buyers could borrow 90 to 95 percent of a building’s value. TRD[more]

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    From left: The Shoreham Hotel, the Franklin Hotel and the Mansfield hotel

    Ark Investment Partners’ Willow Hotels portfolio, which includes three Manhattan properties, has hit the block after hungry investors convinced the company to explore a sale, according to Crain’s. Willow’s Shoreham Hotel, at 33 West 55th Street, the Mansfield hotel, at 12 West 44th Street, and the Franklin Hotel, at 164 East 87th Street, contain a total of nearly 350 rooms. Also included in the five-property portfolio are the Hilton Embassy Row in Washington, D.C. and a hotel in Quebec City. CB Richard Ellis’ William Shanahan, Bradley Burwell and Ron Danko have been tapped to help Willow sell, recapitalize or find joint venture partners for the properties. … [more]

  • Mezzanine lenders could lose W Hotel

    June 02, 2010 11:45AM

    The 270-room W Hotel in Union Square changed hands in December after the private equity division of Dubai World defaulted on a $117 million mezzanine loan. But the lender, LEM Mezzanine, could lose the hotel in the coming months as a result of its filing for bankruptcy protection earlier this year, the New York Times reported. Mezzanine loans, which are secured by stock or other ownership stakes in a company, became a popular form of secondary financing during the real estate boom, offering high returns to investors and high interest rates for borrowers. There is an estimated $100 billion in mezzanine loans outstanding across the country. But despite built-in risks, lenders say these loans are beginning to resurface. “It’s become something people want to do again,” said William Shanahan, a vice chairman at CB Richard Ellis who specializes in investment properties in New York. “I think it’s fair to say that right now the desire to place mezzanine debt outweighs the demand for it, but a lot of people are looking to put mezzanine loans on their properties.” Since mezzanine loans come second in priority to the first mortgage and are typically secured by stock in the company, many building owners who financed property at the height of the real estate bubble, including the proprietors of the W Hotel, were at the mercy of mezzanine lenders after the economy soured. [NYT]