The Real Deal New York

New Ventures

November 02, 2007

Trizec Properties sold for $8.9 billion
Brookfield Properties and the Blackstone Group acquired Trizec Properties last month. The firms bought the commercial REIT, whose Manhattan properties include the Grace Building and One New York Plaza, for $8.9 billion.

Realogy becomes Cendant spin-off
Cendant, corporate parent of residential brokerages like the Corcoran Group and Sotheby’s International, will be gone by October, following a spin-off of its businesses. The first to spin off were Cendant’s real estate businesses, which fall under the umbrella of a new company called Realogy that started last month.

Two boutique brokerages merge
Two boutique residential brokerages in Manhattan have announced a merger. Barak Realty will absorb the Magnolia Group, forming a firm of 23 brokers. The former Magnolia Group brokers will be based out of Barak’s current West 72nd Street office, and Magnolia Group owner and founder Maggie Ocampo will be a vice president at Barak.

Extell partners with Kidville
Kidville NY recently signed a $500,000 deal with Extell Development Corporation, the New York Post reported. The partnership will give residents at Extell’s two latest buildings — the Rushmore at Riverside Boulevard and 64th Street and a yet-to-be-named development at 85th Street and Lexington Avenue — free membership at Kidville’s two locations on the Upper East Side and Upper West Side. Kidville will also design children’s playrooms in the Extell buildings.

Joint venture targets rent-stabilized buildings
Principal Real Estate Investors and the Dermot Company last month announced a joint venture focused on the acquisition of rent-stabilized apartments in the five boroughs. The venture, arranged by Sonnenblick-Goldman, has made an initial commitment of $100 million in equity and intends to acquire approximately $300 million in properties in the near term.

Title insurance company launches commercial division
The Judicial Title Insurance Agency announced last month that it has established a division to focus on title insurance for commercial transactions. The commercial division, which handles title insurance on multifamily apartment buildings and on office, retail and industrial properties, is based in the firm’s Manhattan office.

New venture to focus on hotel acquisition and development
Dallas-based JMJ Holdings recently announced the launch of a New York-based hotel acquisition and development division, JMJ Hospitality, which will seek to acquire and develop luxury hotels, resorts and branded residences globally. To launch this new subsidiary JMJ Holdings acquired boutique hospitality consultancy the Knable Group. Christopher Knable, formerly principal and managing director of the Knable Group, will now lead JMJ Hospitality as president and managing director.

ForSaleByOwner.com — sold
The Tribune Company announced that its online subsidiary had acquired real estate listings Web site ForSaleByOwner.com in late May. The subsidiary manages online operations for the company’s newspapers including the Chicago Tribune, the Los Angeles Times, the Baltimore Sun and Newsday on Long Island.

PropertyShark.com expands with new appointments
Real estate investment data site PropertyShark.com added two members to its management team in the first half of 2006, according to a release. Bill Staniford joined as vice president of sales, and Brian Scully joined as vice president of marketing.

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