The Real Deal New York

First, get paid. Sales contracts from different city real estate brokerages unanimously agree on that. But, beyond that simple idea, Manhattan’s biggest brokerages compensate their agents differently, depending on the nature of their company’s exclusive sales contracts. Some brokerages leave the commission amount to be filled in later. Some firms mention specifically that they will pay for advertising. Others calculate their commission as 6 percent of the total sales price, including household furnishings — the proverbial kitchen sink — thrown in. Exclusive contracts: A close look at the fine print” class=”read-more-link”>[more]

Some think reputation of 100 Church Street owner has kept it mostly vacant; awaiting major fixes Emptiest office tower draws questions Downtown” class=”read-more-link”>[more]

In slowing market, business still abounds. Which firms — and brokers — are doing the most? Top Residential Brokerages” class=”read-more-link”>[more]

Brokerage expects prices to retreat from last year’s peak Building prices no longer on the rise, report says” class=”read-more-link”>[more]

While more may visit the city this year than in 2005, hitting last year’s occupancy numbers may be h [more]

Janno Lieber smoothes over developer’s blunt edges as World Trade Center agreement reached Profile: Larry Silverstein’s right-hand man” class=”read-more-link”>[more]

About 2.2 million people live in Queens, but that doesn’t mean the borough meets all their shopping needs. The city’s biggest borough by area has a handful of concentrated commercial cores, and most residents are largely served by mom and pop shops along major boulevards, modest strip malls, and a few big-box outlets. However, the advent of several ambitious new projects promises to bring change. On retail front, Queens isn’t royalty” class=”read-more-link”>[more]

Tenants willing to pay biggest rents in years; Midtown South vacancy rate plunges in first quarter [more]

Not seeing spillover from strong Manhattan office market; subleasing stanches vacancy rates [more]

Following national trend, extended-stay hotels gaining ground in Manhattan [more]

Brokers can face difficulties of brokering deals for longtime landlords; prices still at near record [more]

Lighter, cheaper material takes center stage around Bryant Park and other office-heavy areas [more]

From hotels to office towers to condo conversions, New York City’s investment sales market is still [more]

Bertelsmann Building could fetch $1 billion
German-owned Paramount Group has retained Douglas Harmon of Eastdil to sell the 44-story, 1.1-million-square-foot 1540 Broadway. The building serves as the American headquarters of Bertelsmann, BMG Entertainment, Planet Hollywood, and Virgin Megastore. The tower could trade for as much as $1 billion, or about $830 a square foot, the New York Sun reported.

Former Knickerbocker Hotel could trade for $300 million
The former site of the Knickerbocker Hotel at 6 Times Square could trade at a price in excess of $300 million. Douglas Harmon of Eastdil is exclusively representing the seller, GlobeSt.com reported, though the 16-story office building is not officially on the market.

Midtown retail condo to be sold
The 80,734-square-foot retail condominium at 717 Fifth Avenue is being offered for sale to a foreign investor, the Sun reported. It may fetch close to $270 million. The space on the ground and first three floors is currently owned by Lloyd Goldman’s BLDG Management, the Feil Organization, Stanley Chera, and other investors.

Midtown building could fetch $250 million
The Fred F. French Building at 551 Fifth Avenue is headed to the sales market. The 39-story commercial building could command a price of between $200 and $250 million, according to the New York Post. An investment group including Jeffrey Feil, Lloyd and Jane Goldman, Tony Malkin, and Stanley Chera has hired Douglas Harmon of Eastdil to start marketing the tower.

Citibank to sell Tribeca loft building
Citibank announced plans to sell its 11-story, 363,000-square-foot loft building at 250 West Street, which is also known as 34 Hubert Street. The property is being marketed for conversion into 250 residential condominiums. Industry insiders expect the property to sell for about $150 million, the Sun reported.

Massive residential portfolio hitting the market
A portfolio of residential buildings dubbed “Critical Mass: The Urban Collection” is coming on the market through Woody Heller’s Capital Transactions Group at Studley and could fetch as much as $100 million, the Post reported. The 19 buildings in Inwood, Washington Heights, and the Bronx total 891 units. All are rent-stabilized except for 33 rent-controlled apartments.

Marine Park Garden portfolio for sale
A 12-building, 146-unit rental apartment complex across from Brooklyn’s Marine Park is on the market with an asking price of $40 million. Joseph Ashkenazi of Massey Knakal is the exclusive sales agent.

Battle looms over West Village warehouse
One of the last large development sites in the West Village is on the market, setting the stage for another showdown in that neighborhood between preservationists and developers, New York magazine reported. The warehouse at 775 Washington Street is asking $32 million, and a developer is reportedly close to making a deal on it. Whomever buys the building will be allowed to go up an additional 80 feet. Peter McCuen and Jim St. Andre are the listing brokers.

Brownsville residential development site on the block
Approximately 140,000 square feet of land in the Brownsville section of Brooklyn is on the market for $30 million. Proposed zoning will allow for 420,000 square feet of development. Ren Santiago, Brian Leary, and Shimon Shkury of Massey Knakal are the exclusive sales agents.

West Side mixed-use building on the market
The 13-story residential building at 440 West 41st Street, which has 96 residential apartments and 22 commercial units, is on the market for $26 million. John Ciraulo and David Kalish of Massey Knakal are the exclusive sales agents.

Garages in West 30s on the block
Eastern Consolidated’s Brian Ezratty is marketing for sale the garage at 63-67 West 35th Street, which can support up to 111,000 square feet of residential development, as well as the neighboring parcel of land at 57-61 West 35th Street, which can support a 50,000-square-foot hotel. Ezratty is also selling a garage at 38-46 West 33rd Street, which can support 100,000 square feet of residential development, Real Estate Weekly reported.

…to get fleeced by a client How it feels…
” class=”read-more-link”>[more]

Rising rates inspire a buy now, save later approach to mortgages; sellers offer instead of price cut Buyers and sellers looking to save with discount points” class=”read-more-link”>[more]

Manhattan brokerages find ways to profit from city dwellers fleeing to the suburbs Urbanite brokers follow the charm of suburbia” class=”read-more-link”>[more]

Broker launching sales and rental listings database for five boroughs next monthc That’s Repny, not REBNY” class=”read-more-link”>[more]

Marketing Bob Guccione’s mansion highlights challenges of selling property with a past; brokers hope Centerfold mogul’s manse becomes centerpiece
” class=”read-more-link”>[more]

Top Manhattan brokers may have the answer. [more]

First quarter proves roughest for the Bronx; prices highest in Brooklyn; modest markets for Queens, [more]

Some Manhattan price and volume numbers stay high, but can’t hide sharp inventory growth Apartment market a bit worse than it looks
” class=”read-more-link”>[more]

Bensonhurst
Village Terrace
6507-6511 Bay Parkway
The Bobker Group, in partnership with Castle Development, has submitted an application for a seven-story mixed-use project. The Karl Fischer-designed building will have 24 condominium units and 15,000 square feet of retail space. Prices are expected to start around $499,000. Contact: www.bobkergroup.com.

Bushwick
999
999 Willoughby Avenue
The first of five new developments planned for the neighborhood — a six-story, 18-unit condominium — will offer units priced from $289,000 for a 690-square-foot one-bedroom to $500,000 for a 1,000-square-foot two-bedroom with a 500-square-foot terrace. Amenities include indoor parking and a gym. Sales will begin in November, the New York Post reported. The Corcoran Group is the sales agent.

Chelsea
The Caledonia
450 West 17th Street
The Related Companies’ new 26-story, 190-unit condominium will have its own entrance onto the future High Line park from the second floor, along with the requisite luxury amenities, including a large lobby with a waterfall and a library. Gary Handel is the architect; Clodagh designed the interiors. The sales office, which was expected to open in April at the nearby 111 Eighth Avenue, will be on the 15th floor, so buyers can get a sense of what views will be like in the Caledonia. Prices range from $595,000 for a studio to more than $4 million for a penthouse, the New York Times reported. Contact: www.thecaledonia.com.

East Village
One Ten Third
110 Third Avenue
Toll Brothers has begun excavation for the 21-story, 77-unit tower that will have one- to three-bedroom units priced from $850,000 to $2.2 million, the New York Times reported. The 16th-floor units will have terraces; other floors will have balconies. The roof will have both a common area and partly roofed private spaces ranging from 250 to 500 square feet, which will be for sale. Sales are to begin this summer, and the projected move-in date is spring 2007.

Jersey City
Waldo Lofts
159 Second Street
Sales are under way at the 82-unit conversion of a 12-story brick warehouse building. The units range from 700-square-foot studios to 2,400-square-foot duplex penthouses, the Post reported. Prices range from $390,000 to $1.5 million, not counting a handful of units being sold at below-market prices to artists who meet income qualifications. Contact: www.waldolofts.com.

Long Island City
48th Avenue and Fifth Street
Toll Brothers has begun demolition for a 118-unit condominium on the L-shaped plot, the Times reported. Studios to three-bedrooms will start at $350,000. Some units will have private backyards. Occupancy is slated for spring 2007.

Morningside Heights
1047 Amsterdam Avenue
A deal is close to build a 20-story, 300-unit rental development on the grounds of the Cathedral of St. John the Divine, the Times reported. The development, to be built by AvalonBay Communities, would be on the southeast corner of the grounds and is the first of two potential projects there. Construction of the $125 million building might begin this year.

Mott Haven
700 East 134th Street
Daniel Lebensohn and Art Goldman are converting the vacant 1899 apartment building into 21 loft rentals. Amenities include custom tilework, pine floors, and Midtown views. Rents start at $1,095 a month. The Haven Heights Group is marketing. Contact: 718-993-2353.

Prospect Heights
1520 Bedford Avenue
Developer Three Properties is converting the four-story brownstone into 11 condominiums. The studio to two-bedroom units range from 400 to 1,065 square feet and start at $185,000. All units released on opening day were sold within hours, according to the Developers Group, exclusive sales and marketing agent for the property. Occupancy is slated for summer 2006. Contact: 718-222-1545, www.thedevelopersgroup.com.

Tribeca
101 Warren Street
Sales began in March at the 228-unit luxury condominium. Prices range from $1.2 million for a 923-square-foot one-bedroom to $13 million for a 4,145-square-foot penthouse, the Post reported. The building will house a fifth-floor elevated atrium — a forest of 101 imported Austrian pine trees. Across the forest will be 85 market-rate, 44 middle-income, and 33 low-income rental units. The project will also have a 170,000-squarefoot retail component, which will include a Whole Foods. Contact: www.101warren.com.

Upper West Side
The Apple Bank Building Condominium
2112 Broadway
The 29-unit condominium conversion is expected to fetch $1,400 a square foot when it opens for sales in June, the Post reported. Units will range from 1,200-square-foot one-bedrooms to 3,800-square-foot three-bedrooms and will have 11- to 18-foot ceilings. Brown Harris Stevens is the sales agent. Contact: www.brownharrisstevens.com.

Upper West Side
Avery
Riverside Boulevard between 64th and 65th streets
The 32-story, 274-unit condominium overlooking Riverside Park will offer residents special memberships and access to the Lincoln Center for the Performing Arts’ patrons’ desk. Extell Development Company is the developer. One- to three-bedrooms are priced from $850,000 to over $3 million. Corcoran Group Marketing is the exclusive marketing and sales agent. Occupancy is expected in 2007. Contact: 212-769-1100, www.averyriverside.com.

Upper West Side
The Rushmore
Extell has launched the marketing campaign for the Costas Kondylis-designed condominium located one block south of its Avery development on Riverside Boulevard. The Rushmore will comprise twin towers atop a seven-story base. One- to five-bedrooms will range in price from $1 million to more than $6 million, according to CityRealty.com.

West Village
744 Greenwich Street
Prudential Douglas Elliman has opened sales for the five loft-style units. The building, designed by Shawn Basler of BMDesign Group, has three full-floor lofts, a garden triplex with outdoor space, and a penthouse duplex with terraces. All residences have three bedrooms and working fireplaces. Prices start from $3.625 million. Occupancy is expected in fall 2006. Contact: 212-744-7474.

Williamsburg
164 Kent
164 Kent Avenue
The FX Fowle-designed condominium will be the first of three high-rise towers on the waterfront built by a joint venture of Toll Brothers, L & M Equity, and RD Management. The building’s 180 units will range from studios to three-bedrooms, the Times reported. No information on the other two towers was available at press time.

Williamsburg
North8
Kent Avenue and North 8th Street
Toll Brothers will build a six-story condominium with 40 units, the Times reported. It will have unobstructed views of the Manhattan skyline. An additional six townhouses along North 8th Street will be part of the building, but will have separate entrances. Sales will begin in early summer, with a projected move-in date of January 2007.

Williamsburg
Roebling Square
North 8th Street
Sales have begun at the four-story, 36-unit condominium, which has five separate entrances and one or two residences per floor. Prices for the one- and two-bedrooms start in the mid-$500,000s. Prudential Douglas Elliman is the marketing and sales agent. Occupancy is expected this summer. Contact: 718-384-8008, or Helene Luchnick, 212-965-6008.

Williamsburg
N7
Design firm Lifeform is working on the nine-unit “eco-friendly” loft building. John Wachtel and Andrew Glassberg of Lucky Boy Development are the developers. Completion is slated for 2007.

Williamsburg
Roebling Residence
The building, designed by Lifeform, will comprise two bi-level villas. Amenities include a common roof deck. The project is scheduled for completion in 2007.

Construction Update

Carroll Gardens
Court Street Lofts
505 Court Street
The conversion of the 124-unit rental into a condominium is still pending, according to a spokesperson for developer Metropolitan Housing Partners. Sales began in July 2005, and 20 percent of the units have been sold. Units are priced from $485,000 to more than $1 million, the Post reported.

Downtown Brooklyn
306 Gold Street and 313 Gold Street
Developers Ron Hershco and Dean Palin, along with Brooklyn Borough President Marty Markowitz, broke ground in April on the $400 million, two-tower project. When completed in January 2008, 306 Gold Street will be a 400,000-square-foot tower topping out at 40 stories — making it Brooklyn’s tallest new construction building. Construction on 313 Gold Street — a 35-story, 250,000-square-foot tower with 214 condo units — is slated to begin in August 2006. Sales for 306 Gold Street are expected to begin in fall 2006. Prudential Douglas Elliman will handle sales and marketing for the project.

Madison Square Park North
Sundari Lofts & Tower
158 Madison Avenue
The project has been undergoing a redesign since December. It will now reportedly be 72 units — from the originally planned 50 — and the sales center, originally scheduled to open around this past February, won’t open for another six to 12 months, the Post reported. Contact: www.sundarinyc.com.

Midtown East
The Veneto
250 East 53rd Street
The Related Companies has hired designer Adam Tihany to design the interiors of the 34-story, 137-unit tower, the Daily News reported.

Upper West Side
10 West 70th Street
The New York City Landmarks Preservation Commission in March unanimously approved the construction of a nine-story building on property owned by Congregation Shearith Israel. The upper four floors, along with a setback penthouse, will be full-floor condos.

Financing

Murray Hill
The Charleston
225 East 34th Street
The Singer and Bassuk Organization closed a $159.4 million construction loan for the 191-unit, 251,600-square-foot residential condo.

Park Slope
255 1st Street
Meridian Capital Group arranged $13.9 million in financing for the construction of the 12-story, 33-unit condo. The 19 two-bedroom and 14 three-bedroom units will range in size from 950 to 1,550 square feet.

Sales Update

Boerum Hill
Boerum Heights
556 State Street
Sales are under way at the eight-story, 71-unit condominium. The building is divided into two wings connected by an exterior courtyard. Denali Construction is the developer. Prices for one- and two-bedrooms start at $525,000; penthouses are also available. Atlantic Realty Partners is the marketing and exclusive sales agent. Contact: 718-683-3106, www.boerumheights.com.

Bryant Park
485 Fifth Avenue
In the first eight days the sales office was open, 12 contracts went out in the 107-unit condo. Available units range from a 650-square-foot one-bedroom for $725,000 to a 2,440-square-foot three-bedroom penthouse for $4.25 million.

Downtown Brooklyn
Lookout Hill Condominium
199 State Street
Alchemy Properties’ 11-story, 46-unit condo has opened for sales. Studios to three-bedrooms range from $470,000 to $995,000 and from 670 to 1,650 square feet. Completion is scheduled for December 2006. Contact: www.lookouthillcondo.com, 212-732-0372.

Flatiron
655 Sixth Avenue
Three of the five soon-to-be-constructed rooftop residences have been sold. The remaining penthouse — asking $7.5 million — will have its own three-story domed turret as part of its living space. The last 2,490-square-foot rooftop townhouse is asking $3.275 million. Contact: 212-807-6565.

Fort Greene
383 Carlton Avenue
Almost all of the 27 units in the 11-story building have been sold. Carlton Adelphi is the developer; Meltzer/Mandl Architects designed the building. The Corcoran Group is the exclusive marketing and sales agent.

Midtown
Windsor Park
100 West 58th Street
The Chetrit Group’s conversion of the Helmsley Windsor hotel has sold 70 percent of its 103 units, the New York Sun reported.

Midtown East
ThreeTen
310 East 53rd Street
More than 70 percent of the 88 units have been sold, according to the Daily News. Contact: 212-765-5300, www.threetencondo.com.

Morningside Heights
Ariel condos
The sales office officially opened in March for the two-tower project consisting of Ariel West, a 74-unit building at 245 West 99th Street, and Ariel East, a 64-unit condo at 2628 Broadway, the Post reported. Prices run from $1.2 million to $6 million for the apartments. Contact: www.arielcondos.com.

Tribeca
1 York Street
The 40-unit building was 40 percent sold before construction began or sales officially got under way, the Post reported. The building was set to officially open for sales in early April. Contact: www.1york.com.

Upper East Side
Barbizon/63
140 East 63rd Street
Contracts have been signed for one-third of the 65 units, the Sun reported. Prices range from $1 million to $12 million, according to the Post. Contact: www.barbizon63. com.

Upper West Side
Time Warner Center
10 Columbus Circle
The Related Companies sold the last remaining apartment in the final week of March — a half-floor penthouse on the 77th floor of the north building. It went for $16.95 million, bringing the total sales in the center to more than $1.1 billion, the Times reported.

Upper West Side
10 West End Avenue
Sales are scheduled to start this month for the 33-story, 173-unit condo project developed by Apollo Real Estate Advisors and Cambridge Development and Construction. Units ranging from 750 to 2,600 square feet will be priced from $750,000 to $4.5 million. The Sunshine Group is the exclusive sales and marketing agent. Completion is slated for spring 2007. Contact: 212-710-1010, www.10wea.com.

West Village
147 Waverly Place
Since the 20-unit conversion opened for sales in March, six units have gone into contract, the Post reported. Units start at 1,450 square feet and $1.75 million. The $10 million, 4,000-square-foot penthouse comes with 1,000 square feet of outdoor space. Stribling & Associates is the sales agent. Contact: www.147waverlyplace.com.

Development in Brief

Manhattan (from north to south)

1295 Madison Avenue
Industry leaders expect that the Credit Suisse First Boston-owned Hotel Wales will be converted into residential condominiums, the Sun reported.

330 East 57th Street
Developer Cesidio del Rio hired Arquitectonica to design the 16-story condo tower, the Daily News reported.

325 East 53rd Street
The three units in the building are priced from $4.5 to $5 million, according to the Daily News.

214 East 52nd Street
Brothers Rony and Rabah Abramov plan to furnish the condos they’re creating in the six-story former commercial building, the Daily News reported.

303 East 51st Street
Developer Jim Kennelly plans a condo tower on the site, the Daily News reported.

343 East 50th Street
Perry Finkelman is converting the former co-op into luxury condos, the Daily News reported.

20-22 East 23rd Street
A developer from Rockland County will demolish the two buildings and construct a 40-story residential tower, according to the Sun.

137-145 West 22nd Street
Local developer Ascend Group plans to develop a 77,426-square-foot residential condominium on the site.

Between 15th and 16th streets and Ninth and 10th avenues
A residential tower may go up on top of the Chelsea Market. The market building’s owner, Jamestown, says it’s exploring the possibility of building a residential tower of up to 300,000 square feet, the Post reported.

145-147 East 14th Street
The Con Edison-owned parking lot is expected to be sold to a residential developer, the Sun reported.

137 East 13th Street
Emmut Properties plans to build a six-story residential condominium, according to the Sun.

531-533 East 12th Street
The site can support 22,000 square feet of development.

38-40 Stuyvesant Street
Time Equities plans to convert the six-story, 18,900-square-foot rental building into condos.

443 Greenwich Street
Shahab Karmely plans to convert the office building into luxury condominiums. A hotel is also a possibility, according to Real Estate Weekly.

New Developments from Previous Month

City’s economic health depends on next generation of renters, say development incentives backers [more]

Community relations still a big hurdle for newer buildings [more]

Overcrowding most visible in Lower Manhattan; some developers pitching in to alleviate crunch [more]

Baltimore condo development still surging

Baltimore is awash in its biggest wave of condo construction ever. In the downtown area alone, 666 condo units were under construction by March. As many as 1,365 were in the pre-construction or planning phase, the Baltimore Sun reported. Outside of downtown, more than 3,000 condos are under construction or planned. New condo developments include the recently announced skyscraper in the Inner Harbor that would be, at 59 stories, by far Baltimore’s tallest building.

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Atlanta

Residential/Commercial
To start what the Atlanta Journal-Constitution calls “one of the biggest facelifts in Atlanta history,” a private developer placed a $1 million deposit toward the $27 million purchase of the old Sears Roebuck catalog warehouse on Ponce de Leon Avenue near Midtown. The 2-million-square-foot warehouse, which had been used as Atlanta’s City Hall East, will be incorporated into a $375 million redevelopment project, according to media reports. The new mixed-use development, to be called Ponce Park, will include office space, condos, retail, parking, and rental apartments as well as public parkland. The old Sears warehouse alone will include 1,167 residential units. Construction on Ponce Park is expected to last at least into 2008.

Boston

Residential
Job growth and ongoing condo conversions are expected to help fuel an increase in apartment rents in Boston this year. Asking rents are forecast to go up 2.5 percent in 2006 to $1,635 per month, according to a report from the Marcus & Millichap brokerage, as the city’s apartment vacancy rate declines to below 5 percent. Around 2,900 rental units are expected to be built in Boston by the end of the year, the report stated, up from 2,200 in 2005.

Commercial
Hundreds of hotel rooms are being built around the Boston Convention and Exhibition Center off Summer Street. In June, the 793-room Westin Boston Waterfront is expected to open at the convention center, the Boston Globe reported, and the Renaissance Boston Waterfront Hotel, with 471 rooms, is under construction nearby. Also, Madison Properties recently announced plans for a $100 million, 500-room hotel on Congress Street near the convention center, the Globe reported.

Chicago

Residential/Commercial
More than 10 condo-hotel projects are scheduled to start sales in Chicago in the next few years, raising concerns that the Windy City won’t be able to absorb all the new units. Already, 12,000 condo units are expected to hit the market there between 2006 and 2008, Commercial Property News reported, at the same time as 2,000 condo-hotel units are also in development. Last year, about 8,000 condo apartments were sold in Chicago.

Las Vegas

Residential
The first condos from the wave of planning that started sweeping Las Vegas three years ago are nearly finished, including the Metropolis and Panorama Towers. Both the 21-story Metropolis, which is near the Las Vegas Convention Center, and Panorama, where two of four planned towers have opened on Dean Martin Drive, are among the few Las Vegas condo projects hatched during the recent boom to have actually made it from planning to construction, the Las Vegas Sun reported.

Residential/Commercial
The price of developable land in Las Vegas is dropping. Land prices were at $367,200 an acre by the end of the fourth quarter of 2005. That represents a 47 percent decline from the third quarter and a 28 percent decline from the fourth quarter of 2004, the Sun reported, leading some to speculate that the decline in land prices should continue through the rest of 2006.

Los Angeles

Residential
More condos are coming to downtown Los Angeles. The planned 50-story convention center headquarters hotel, scheduled for completion downtown in 2009, will have 250 luxury condos, according to Commercial Property News. The planned $4.5 billion LA Live mixed-use development north and east of the Staples Center will contain 3,000 condos, CPN reported.

Residential
The high costs of homes in the Los Angeles area are driving the government and private interests there to come up with ways to help middle-class residents buy homes. The median sales price of a L.A. home was $480,000 by the beginning of March, up 13 percent from the same time last year, the Los Angeles Times reported. A proposed down payment assistance program would provide about $50,000 to $90,000 in low-interest loans to eligible buyers, the Times reported, depending on the purchase price, credit history, and loan package.

Miami

Residential/Commercial
Developable land is disappearing from Miami-Dade and Broward counties. Two of the few remaining premium development sites, according to Commercial Property News, recently went on sale — an 11.2-acre site in Hillsboro Beach and 53 acres in Kendall. Because of the scarcity of developable sites, some developers want to push the limits of the Miami-Dade urban development boundary, a line that prevents urban sprawl into the Everglades, a move opposed by environmentalists.

Residential
Condo conversions are helping drive Miami-Dade and Broward counties toward the tightest rental market in years. The vacancy rate for rentals in Fort Lauderdale, for instance, was 3.7 percent by the end of 2005 and is forecast to dip to 3.4 percent in 2006, according to a report from Marcus & Millichap. The vacancy rate for Miami was at 4 percent at the end of last year and is expected to drop below that percentage this year, the report stated. Rents, too, are expected to increase in both counties this year; in Miami, asking rents could surge 4.2 percent to an average of $1,064 per month.

Philadelphia

Commercial
Philadelphia’s hospitality industry has fully recovered from the recession at the start of the decade and the effects of September 11, according to a report released last month by the Central Philadelphia Development Corporation. Hotel occupancy rates for downtown Philadelphia’s 10,195 rooms climbed to 73.1 percent in 2005, from 71 percent in 2004. The average daily room rate, the report stated, was $144 by the end of 2005, up from $131 the year before.

Residential
The housing boom that hit Center City in the last couple of years has spread to nearby Chinatown and Washington Square, according to the Philadelphia Inquirer. Late winter numbers put the median home-sale price in those areas at $704,859, a 39 percent increase over the same time last year; the median sales price for condos increased 41 percent to $293,330.

San Francisco

Residential
A slowing Bay Area housing sales market is driving some developers there back to rental development. The vast majority of new development in the Bay Area over the past three years have been of condos or other for-sale housing, according to the San Francisco Business Journal. But new rental complexes like the 224-unit Avenue 64 planned in Emeryville and the 22-story 100 Grand Avenue tower slated in Oakland could be the start of a wave of rental developments, market observers say.

Commercial
More than 800,000 square feet of sublease space hitting the market at once is expected to drive the Bay Area’s office vacancy rate upward, according to the San Francisco Business Times. The sublease space comes from the Oracle Corporation, which acquired Siebel and its San Mateo County office space last year. In March, Oracle spilled that office space simultaneously onto the market, which should drive San Mateo’s current 13 percent vacancy rate to 24 percent and affect the overall Bay Area market.

Washington, DC

Commercial
Several office developments are popping up in the Washington suburbs of Reston and Herndon, Va., along the Dulles Toll Roadécorridor, the Washington Post reported, sparked by a flood of jobs to Northern Virginia. These fresh developments include 185,000 square feet of office space at Reston Parkway and Sunrise Valley Drive in Reston; the 1.5-million-square-foot Dulles Station project; and the Dulles Corner development at the intersection of Sunrise Valley Drive and Coppermine Road, which will add a pair of office buildings with 222,500 square feet to the market.

Residential
Rents and vacancy rates in the Washington rental apartment market are expected to increase through the end of 2006. Already near $1,200 a month at the start of the year, according to Marcus & Millichap, the average asking rent is expected to rise above that amount in 2006. The city’s vacancy rate, however, is expected to continue an upward trajectory that started in 2005, and could go as high as 5 percent.

Editor’s note: The Real Deal will provide a monthly update on the Miami real estate market due to reader interest.

Inventory rises in Miami region while sales increase
The Miami metro region’s housing market remains stronger than the Florida market overall, but signs of rising inventory mean changes on the horizon.

Single-family home sales in the Miami metro area increased 21 percent in March, according to the Florida Association of Realtors, reaching a total of 942 home sales, compared with 777 during the same month the year before. The median sales price, too, rose in March — 19 percent, to $383,100.

All is not bright, though. “Our inventory is up,” said Norka Diaz, president of the Realtor Association of Miami-Dade County. The number of homes for sale in the county has almost tripled in just the past nine months, the Miami Herald reported in late April.

In Palm Beach County, more than 29,000 single-family houses, condos, and townhouses were for sale in late April, according to the regional multiple listing service. The South Florida Sun-Sentinel called that a 124 percent increase over April 2005.

The inventory build-up may be showing itself most acutely in the sluggish sales of condos. Sales of existing condos fell throughout South Florida in March, according to the state Realtors association. Sales fell, for instance, 24 percent in Palm Beach County and 27 percent in Broward County.

Rising rents, shrinking vacancy expected in Miami office market
While the Miami residential market cools, the city’s office market remains hot. The Miami office vacancy rate, in fact, should dip below 11 percent by the end of 2006, according to a forecast by brokerage Marcus & Millichap. Since 2003, the vacancy rate has declined steadily, from highs of around 15 percent four years ago. This fierce competition for space is reflected in the rents being asked of Miami office tenants. Asking rents are expected to rise 5 percent before year’s end to an average of $25.51 a square foot. Median sales prices for office property in Miami are expected to rise 22 percent in 2006 to $183 a square foot.

Report: Florida fine fare for small businesses
A new report should be good news for chain retailers and small businesses wanting to open in South Florida. In April, Florida overall was ranked by the International Franchise Association as the sixth most desirable location nationwide to start a small business. South Florida, with its residential development and growing population, presents a particularly fertile ground for these businesses — and restaurant chains have taken notice. Outsiders like Houlihan’s, Mr. Goodcents Subs & Pastas, and Five Guys Famous Burgers and Fries are moving into the region, the South Florida Business Journal reported, while homegrown companies like Salad Creations and R.J. Gators Florida Seafood Grill and Bar are expanding there.

Cancelled home sales increase statewide
Cancelled home sales have jumped recently in Florida, according to Cendant Corporation, the corporate parent of brokerages such as Century 21 and Coldwell Banker. Cendant’s offices across the state saw a 30 percent rise in cancelled sales, Inman News reported. The cancellations are the symptom of a slowing housing market statewide. Sales of single-family homes statewide declined 22 percent in March, compared to March 2005, according to the Florida Association of Realtors. The sales drop doesn’t mean prices have dropped, too. The Realtors association pegged the statewide median sales price at $248,200, a 17 percent increase over March 2005.

Boom or not, development sprouting along Biscayne corridor
The Miami region’s housing inventory may be rising and Florida’s overall housing market cooling, but residential development remains robust along the Biscayne Boulevardécorridor. As many as 15 projects are under construction in the corridor, according to the Miami Downtown Development Authority and the City of Miami. That’s enough to house as many as 30,000 residents, all in a 1-mile area, Miami Today reported. The fresh projects include the three largest: MarinaBlue at 888 Biscayne Boulevard and 900 Biscayne at 900 Biscayne Boulevard, each with 516 units, and the 1800 Club at 1800 N. Bayshore Drive with 468 residential units.

Water shortage may stymie South Florida development
Developments, developments everywhere, and each needs water to drink. South Florida has a shortage of natural sources of drinking water, and may have to halt development because of it. The state, in fact, has declared that major real estate projects in the tri-county area must be slowed until alternative sources of water can be developed, the South Florida Business Journal reported. Miami-Dade County alone has been told to reject 17 large-scale projects because of a scarcity of drinking water. Gov. Jeb Bush said recently that South Florida must confront the problem if it hopes to develop further, according to the Business Journal. “It makes no sense,” Bush said, “to develop west and west and west without the adequate development of infrastructure and water supply.”

Tight inventory, high prices keep interest focused on West Village; downzoning hasn’t stemmed new projects. [more]

High Hamptons prices drive small investors to less well-known locales like Flanders [more]

Long battle over condos concluded, it’s all over but the grouting at Brooklyn Bridge Park’s south end. [more]

Tom Suozzi brought New Suburbia to Long Island — but what’s that mean for the city? [more]

Eliot Spitzer’s investigation of potential corruption in the title insurance business could have far [more]

State agencies OK Javits Center expansion
The expansion of the Jacob K. Javits Center moved forward with the approval last month by two state agencies of a plan to enlarge it by several hundred thousand square feet. The Convention Center Development Corporation and the Empire State Development Corporation, as expected, approved the Javits expansion plan, which would increase total exhibition and meeting space at the center to more than 1.3 million square feet; the current center has about 790,000 square feet of such space. The plan also includes a 1,500-room hotel. A public hearing, the next step in the expansion approval process, is scheduled for this month.

City Council approves new Yankee Stadium
The full City Council last month approved the plans for the new Yankee Stadium. The vote was 45 in favor and 2 against, with seven of the eight Bronx council members voting for the stadium, Newsday reported.

Mets unveil Ebbets-like stadium design
The Mets last month revealed a design for a new stadium that resembles the old Ebbets Field, the historic home of the former Brooklyn Dodgers. The unveiling of the proposed 45,000-seat stadium, which would be built on a parking lot at Shea Stadium, came one day after the City Council approved the plans for a new Yankee Stadium in the Bronx.

Citing rental crisis, mayor extends stabilization laws
Mayor Bloomberg recently extended New York’s rent-stabilization law for another three years, Crain’s reported. The mayor cited an ongoing emergency in the city’s rental market as his reason for the extension. Rental vacancy rates in the city were just over 3 percent in 2005; the rates need to be at least 5 percent before rent regulation can be discontinued, according to law.

City releases details of Fresh Kills Park
The city released major details last month on the future Fresh Kills Park in central Staten Island. At 2,200 acres, the park will be about three times the size of Central Park, and will include trails for biking, horseback riding, and hiking as well as space for kayaking and ballgames. The city plans to kick off a year-long environmental review process this month, the Staten Island Advance reported.

Fieldston historic designation moves forward
The City Council’s Land Use Committee last month voted to make Fieldston a historic district, the New York Times reported. Several residents of the upscale Bronx enclave oppose the designation, saying it would harm their ability to make changes to their property. The full council was expected to approve the designation on April 26.

Randall’s Island water park gets final OK
As expected, the city’s Franchise Concession and Review Committee approved plans last month for a 26-acre water park on Randall’s Island. By a 5 to 1 vote, the committee approved the contract between the city and the Aquatic Development Group to build the $168 million park, according to reports.

Ground broken for High Line Park
Crews officially started construction last month on the High Line, NY1 reported. The first phase is expected to open in 2008 and to stretch from Gansevoort Street to 20th Street. The goal is for the elevated park to eventually run up to 30th Street. The $170 million project is being paid for with both public and private funds.

City makes plans for Homeport
City planners are crafting a package of zoning and other land-use changes that would allow for residences, stores, and possibly office space or a film studio at the Homeport mixed-use development in Staten Island, Crain’s reported. The zoning changes are expected to be certified this month by the City Planning Commission. Last year, Mayor Bloomberg allocated $66 million to pay for preparatory work.

Two-year fed study gets data on racial discrimination; suits filed against Coldwell Banker, Century [more]

Development marketing wing of Corcoran Group names two top leaders in April [more]

Williamsburg has been shorthand for Brooklyn gentrification for nearly a decade, but no bigger Manhattan-based residential brokerages have had an office in the neighborhood. That will change by early summer, when Prudential Douglas Elliman plans to open an office on Bedford Avenue.

The office is part of Douglas Elliman’s expansion plans in Brooklyn, says a top executive at the brokerage, plans that got under way in earnest nearly three years ago with the purchase of Marilyn A. Donahue Real Estate, a firm with offices in Cobble Hill and Brooklyn Heights. And, despite the cooling sales market citywide, Douglas Elliman expects to capitalize on Williamsburg’s growth through the new office.

Michael Moran, Douglas Elliman’s director of sales and regional director for Brooklyn, cited recent residential developments like Schaefer Landing and 299 Bedford Avenue that the brokerage has marketed as evidence of this growth.

The new 1,500-square-foot storefront office will be located inside the 299 Bedford building, at South 1st Street. The office will be headquarters for 25 to 30 agents, Moran said, and will have about 40 feet of street-facing windows.

“We feel that where we’re opening is a great location,” Moran said. “Great street presence, great foot traffic for people coming in to view property for now or for the future.”

Residential

Citi Habitats
Steen Rasmussen joined as sales manager. He was sales director at Dwelling Quest. Charles Lewis Jr. was promoted to managing director of the Columbus Avenue office. Adam Goldstein was promoted to managing director of the Upper East Side office.

Core Group Marketing
Melinda Luntz joined as associate broker. She was a sales associate at P.S. Burnham Inc.

The Developers Group
Sarah Burke was promoted to vice president of sales and marketing. Ramona Mahtani was promoted to director of sales and marketing.

Fillmore Real Estate
Jean-Paul Ho was promoted to vice president. Tami Dillin and Sadek Nakleh were promoted to manager. Camille Logan was named co-manager. John Intoci, Gus Ktistakis, Ray Parasmo, and Sonni Woodbury were named associate manager.

Halstead Property
Sharon Michnay was named director of corporate business development.

Preferred Empire Mortgage Co.
Marc Schwaber joined as executive vice president.

Prudential Douglas Elliman
Toni Haber was promoted to executive vice president. Mary Anne Fusco and Brian Chiusano joined the firm.

Commercial

The Andalex Group
Steven Marks became chief financial officer.

CB Richard Ellis
Jeff Dauray joined as a senior vice president in the investment properties institutional group in New York.

Colliers ABR
Junji Miyake joined as senior associate in the brokerage group. He was previously with CB Richard Ellis.

Cushman & Wakefield
John Thompson joined as a director.

Grubb & Ellis
David Arena joined as president of the New York region. He was chief strategy officer at Jones Lang LaSalle. Jeffrey Rosenblatt was promoted to executive managing director from senior managing director.

Helmsley-Spear
Donna Zavattieri was promoted to executive vice president. She was a vice president.

Jones Lang LaSalle
Basil Vasilkioti joined as a senior vice president with the New York office.

Massey Knakal
Hall Oster joined the Manhattan office as an associate to brokers Meyrick Ferguson and Paul Smadbeck. Lynne Davis joined the Queens office as a sales director in the Nassau County division.

Murray Hill Properties
Steven Lambert joined as managing director.

Robert K. Futterman & Associates
Warren Dauber, Jeremy Ezra, and Mathew Focht joined the firm as vice presidents in the RKF Retail Property Advisors division.

Swig Equities
Paul Sygrove was promoted to executive vice president and chief investment officer.

Trammell Crow
James Quinn joined as executive vice president.

Miller and Fox launch new on-site marketing firm
Residential broker Reba Miller has partnered with Barbara Fox to form a new on-site residential marketing firm, Fox Miller Marketing Services. The firm’s first assignment is the 15-story, seven-unit condominium tower about to rise at 985 Park Avenue.

Bellmarc taps Manhattan Mortgage
Bellmarc selected Manhattan Mortgage Company to serve as its exclusive mortgage broker. Manhattan Mortgage is assigning a team of mortgage professionals to each of Bellmarc’s five Manhattan offices.

William B. May launches new Web site
As part of a re-branding effort, William B. May unveiled a new Web site last month. The site, www.wbmay.com, was designed by Chris Hannan, founder of ZoomLookBook, whose past projects include work with the Metropolitan Museum of Art. The new site will feature innovation relating to virtual tours of properties.

Carlton forms 1031 division
The Carlton Group has formed a 1031 Investment Division, which will work with 1031 and tenant-in-common investors to help originate and structure commercial and residential real estate investments. Edward Yu and Marc Brodsky will head the division.

TitleVest enters 1031 exchange business
Title insurance company TitleVest has entered the 1031 tax deferred exchange business as a Qualified Intermediary by creating 1031Vest, LLC. Its Web site is www.1031vest. com.

IREM launches online intro course
The Institute of Real Estate Management has released an introductory online course titled, “Introduction to Real Estate Management.” The self-guided course should take seven hours to complete. Tuition is $100; registration is at www.irem.org.

Murray Hill condos tap transit system [more]

Halstead gets its day
Halstead Property threw itself a big party on April 5 to mark the launch of its re-branding effort. The $5 million to $10 million re-branding includes print, online, and outdoor advertising as well as interactive plasma TVs at Halstead’s storefront offices. The party was held at Guastavino’s on the East Side, and a highlight of the posh event was the announcement of a proclamation from the mayor, which declared April 5 “Real Estate Appreciation Day” in New York City on behalf of Halstead. (We thought every day was real estate appreciation day.)

Mayor the man for Ground Zero, poll says
The people want Mayor Michael Bloomberg in charge at the World Trade Center site, according to a recent poll. The mayor has talked up for several months now a mixed-use future for the site in Lower Manhattan — he wants both commercial and residential, with a healthy dose of retail tossed into the development mix (and he may have finally gotten Larry Silverstein to understand that). In mid-April, a Quinnipiac University poll showed that 67 percent of New York City residents wanted Bloomberg to take the lead in deciding the World Trade Center’s site. That flies in the face of the law, which puts Gov. George Pataki and New Jersey Gov. John Corzine in charge of redevelopment because they appoint board members of the Port Authority, which owns the site.

REBNY honors 2005′s savviest commercial deals
The Real Estate Board of New York on April 4 honored those the board considers the most ingenious commercial dealmakers of 2005. Two brokers each from Newmark Knight Frank and Cushman & Wakefield snagged the night’s top prize, the Henry Hart Rice Award for the most ingenious deal of 2005, for a lease involving 1211 Avenue of the Americas. REBNY presented Moshe Sukenik and Mark Weiss of Newmark Knight Frank and Mitchell Arkin and John Gray of Cushman & Wakefield the award at an annual reception at the 101 Club in Manhattan. CB Richard Ellis’ Brian D. Gell and Gary Kamenetsky took home the second-place award for 2005, the Robert T. Lawrence Award, for a deal involving a 175,000-square-foot purchase at 83 Maiden Lane. The Edward G. Gordon Award was presented by REBNY to the third-place winners for last year, Patrick Hanlon and Simon Ziff of the Ackman-Ziff Real Estate Group, for their financing of 522 Fifth Avenue.

Trump draws a crowd… for a friggin’ mortgage company
It was on a Wednesday. In the morning. And it was to launch a mortgage company. Nevertheless, on April 5, Donald Trump’s (brand)name drew a large crowd — plus tabloid media like “Entertainment Tonight” and “Access Hollywood” — to Trump Tower, where Trump, with his son Donald Jr. and new Trump Mortgage CEO E.J. Ridings, announced the start of his lending firm. (Trump Mortgage actually started in November, after getting a New York State license). Even the Donald expressed surprise at the party turnout. He told the several hundred in attendance, according to the New York Observer, “If you had told me we would have had this many people for a friggin’ mortgage company opening — give me a break.”

Staten Island on $68,500 a day
And you thought you blew through a lot of money every day. The prospective owners of the proposed NASCAR stadium on the West Shore of Staten Island could end up spending about $68,500 a day for the next seven months pushing the stadium, according to the Staten Island Advance. The International Speedway Corporation, a sister company of NASCAR, wants to build an 80,000-seat stadium, with surrounding retail complex, toward the edge of the city’s smallest borough. The corporation, though, has had a tough go convincing some Staten Islanders that the speedway is worth the traffic and noise it would bring on race days.