Grubb & Ellis | The Real Deal New York

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Grubb & Ellis

New York, NY
Grubb-&-Ellis
Grubb & Ellis
Grubb & Ellis was a commercial real estate brokerage and advisory firm dating from 1958, with a New York City presence since 1985. It was acquired in April 2012 by BGC Partners, a wing of Cantor Fitzgerald, and was folded into a one-time rival. At the time of the acquisition, Grubb & Ellis had a New York regional staff of 1,000, including debt and equity experts; financial analysts; and appraisers. They worked out of five offices, including the regional headquarters at 125 Park Avenue; and the firm managed more than 36 million square feet of commercial space in the New York City area. The has been integrated with the old Newmark Knight Frank, the commercial brokerage and advisory firm acquired by Cantor Fitzgerald in 2011. Much of Grubb & Ellis’ regional work had come from outside the city, including in Westchester County and Connecticut; and the firm for a long while struggled to gain a significant workload in prime Manhattan, even filing for bankruptcy protection in February 2012. Cantor Fitzgerald was able to acquire its assets through the bankruptcy filing for the relative bargain price of $51 million. The new firm is called Newmark Grubb Knight Frank. Cantor Fitzgerald C.E.O. Howard Lutnick has said the firm will roll out by the end of 2012 property derivatives pegged to rents in individual buildings so landlords and tenants can hedge against unexpected market volatility. -TA
03/07/13
A state bankruptcy judge approved Grubb & Ellis’ liquidation plan on Wednesday, almost a year after the struggling commercial firm was acquired by BGC Partners,...
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08/06/12
BGC Partners has filed suit alleging that Avison Young, a Toronto-based commercial real estate brokerage, has “illegally looted” business from its recently acquired Grubb &...
From left: Jonathan Miller, now of Lee & Associates, the Barney's space on Madison Avenue and 9 West 57th Street
06/25/12
New York City newcomer Lee & Associates is continuing its expansion here with more “specialized hires,” a spokesperson for the national brokerage told The Real...
BGC CEO Howard Lutnick
04/12/12
BGC Partners closed on the acquisition of bankrupt commercial brokerage Grubb & Ellis last night, the New York Observer reported. The Observer did not mention...
Grubb & Ellis
03/29/12
BGC Partners’ purchase of nearly all the assets of the bankrupt commercial brokerage Grubb & Ellis is set to close in the coming weeks, a...
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03/21/12
An auction scheduled for today to sell nearly all the assets of the distressed California-based brokerage Grubb & Ellis was cancelled yesterday, leaving stalking-horse bidder...
03/06/12
Financial brokerage BGC Partners plans to increase its stake in the foundering commercial firm Grubb & Ellis by injecting an additional $10 million so that...
From left: Howard Lutnick, CEO of TK, and Scott Markowitz of TK
02/29/12
A federal bankruptcy court judge in Manhattan responded yesterday to a group of creditors frustrated over the speed of the potential BGC Partners acquisition of...
G&E
02/21/12
New York City’s commercial property insiders are digesting the news that Midtown-based finance and property brokerage firm BGC Partners has agreed to buy the assets...
G&E
02/21/12
Grubb & Ellis is selling its assets to BGC Partners, the commercial brokerage said last night, and filed for Chapter 11 bankruptcy protection. The deal...
BGC Partners CEO Howard Lutnick
02/01/12
Midtown-based financial brokerage BGC Partners, which bought Newmark Knight Frank’s American real estate brokerage division last year, chose not to acquire or provide financing to the...
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01/17/12
Howard Lutnick’s BGC Partners, which bought Newmark & Company last year for $63 million in cash plus additional stock, is in talks to invest in...
grbe-final
01/06/12
The New York Stock Exchange suspended trading of the stock of commercial real estate firm Grubb & Ellis today, and the stock traded on the...
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10/31/11
Andrew Farkas, chairman and CEO of C-III CapitalEarlier this month, investor Andrew Farkas purchased a stake in national brokerage firm Grubb & Ellis in an...
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06/02/11
One of the largest independent commercial property firms in Canada that has been on an expansion burst in the United States over the past 18 months...
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05/31/11
Grubb & Ellis said the exclusive negotiation period for the struggling commercial real estate brokerage to hammer out an acquisition or other strategic alliance with...
03/22/11
Commercial real estate brokerage Grubb & Ellis may soon put itself up for sale. According to Bloomberg News, the company said in a regulatory filing...
09/01/10
...
01/08/10
While New York City may be known for its pricey office space, that paradigm could change soon. Washington, D.C. is inching closer to the Big...
09/09/09
Three middle-market sales pros from the capital markets group of full-service commercial firm Cushman & Wakefield have moved to the New York office of brokerage Grubb &...
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08/18/09
Commercial real estate services company Grubb & Ellis could be delisted from the New York Stock Exchange because it has had less than $50 million in market...
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03/23/09
Office rents are dropping steadily as more space comes onto the market and landlords are competing for tenants. Manhattan office rents have fallen 25 to...
12/29/08
On Fox Business news last week, David Arena, president of Grubb & Ellis, discussed why the commercial real estate market deserves a bailout (which he said should really be...
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10/06/08
Patrick Breslin, former president of the retail group at GVA Williams, has joined the New York office of Grubb & Ellis as president of the firm's east...

No Results
  • Event Sales
  • Address 93 Worth Street
  • Neighborhood Tribeca
  • Borough Manhattan
  • Square feet 165,000
  • Price $ 49,700,000
notes
The property sold for $49.7 million. The building is slated for conversion into a 96-unit residential condo.
  • Event Sales
  • Address 423 West Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 14,782
  • Price $ 8,400,000
  • Publication Date 02/01/2011
  • Event Date 12/23/2010
  • Party 1 CapitalSource
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Neil Helman
  • Party 2 The Sabet Group
notes
The site of stalled condo project Hudson Blue sold for $8.4 million. The property is 80 percent complete.
  • Event Sales
  • Building Name former Hard Rock Cafe building
  • Address 220 West 58th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 160,000
  • Price $ 67,500,000
notes
Sold for $67.5 million; Site can be build to 300,000 sf. Includes 221 West 57th Street.
  • Event Sales
  • Address 240 West 37th Street
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 131,900
  • Price $ 43,000,000
  • Price per foot $ 326.00
notes
The building sold for $43 million, or $326 per square foot. The building is 98 percent occupied.
  • Event Sales
  • Building Name Chelsea Arts Tower
  • Address 545 West 25th Street
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 9,250
  • Price $ 9,150,000
  • Publication Date 02/01/2006
  • Event Date 12/23/2005
  • Party 1 Jack Guttman and Young Woo
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Stuart Siegel, Alan Weisman
  • Party 2 The Marlborough Chelsea
notes
The asking price for the ground and second floor space, which also has a 1,200-square-foot sculpture terrace, was $9.150 million. The contract will close in August 2006; the gallery will open in spring 2007.
  • Event Sales
  • Building Name Chelsea Arts Tower
  • Address 545 West 25th Street
  • Neighborhood Chelsea
  • Borough Manhattan
  • Square feet 7,680
  • Price $ 5,450,000
  • Publication Date 02/01/2006
  • Event Date 12/23/2005
  • Party 1 Jack Guttman and Young Woo
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Stuart Siegel, Alan Weisman
  • Party 2 Glenn Fuhrman
notes
The ninth and tenth floors plus an outdoor terrace are under contract with an asking price of $5.451 million; the contract will close in August 2006. Glenn Fuhrman is a major art collector who manages Michael Dell's fortune.
  • Event Sales
  • Building Name 511-519, 521-539 and 541-543 West 25th Street
  • Address 543 West 25th Street
  • Neighborhood Chelsea
  • Borough Manhattan
  • Price $ 97,500,000
  • Publication Date 03/01/2008
  • Event Date 01/21/2008
  • Party 1 511 W. 25th Street Corp.
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Stuart Siegel, Alan Weisman
  • Party 2 Halcyon Real Estate Investors, Cardinal Real Estate Investment
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Stuart Siegel, Alan Weisman
notes
The package of offices, storage and galleries sold for $97.5 million.
  • Event Sales
  • Building Name 344-346 West 14th Street
  • Address 344 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 22,000
  • Price $ 23,250,000
notes
The property sold for $23.25 million. The price represents a stabilized capitalization rate of about 5.45 percent. In addition to the apartments, the building has two retail spaces with selling basements.
  • Event Sales
  • Building Name 1517-25 Third Avenue
  • Address 1517 Third Avenue
  • Neighborhood Yorkville
  • Borough Manhattan
  • Square feet 153,252
  • Price $ 75,600,000
notes
The land sold for $75.6 million.
  • Event Sales
  • Address 66 Pearl Street
  • Neighborhood Financial District
  • Borough Manhattan
  • Square feet 44,012
  • Price $ 19,000,000
notes
The five connected buildings sold for $19 million, which represents a capitalization rate of 5.2, a gross rent multiple of 11.5 and a per square foot price of $432. The property totals five commercial stores and 42 residential units, of which 22 are free market and 19 are rent-stabilized.
  • Event Sales
  • Address 38 Park Row
  • Neighborhood Financial District
  • Borough Manhattan
  • Square feet 8,698
notes
[EMPTY]
  • Event Sales
  • Address 387 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 228,237
  • Price $ 70,100,000
notes
Sold for $70.1 million.
  • Event Sales
  • Address 387 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 228,327
  • Price $ 70,000,000
notes
Sold for more than $70 million; plans for continued office use
  • Event Sales
  • Building Name 859 and 861-863 Lexington Avenue
  • Address 863 Lexington Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 4,073
  • Price $ 21,400,000
notes
The development site sold for $21.4 million.
  • Event Sales
  • Building Name 1234-1240 First Avenue
  • Address 1234 First Avenue
  • Neighborhood #VALUE!
  • Borough Manhattan
  • Square feet 11,300
  • Price $ 50,000,000
  • Publication Date 07/01/2005
  • Event Date 05/22/2005
  • Party 1 Collegiate Church Corporation
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Sidney Rosenthal
  • Party 2 400 East 67 LLC
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Sidney Rosenthal
notes
113,000 buildable sf
  • Event Sales
  • Building Name 347, 349 and 351 East 58th Street
  • Address 351 East 58th Street
  • Neighborhood Midtown East
  • Borough Manhattan
  • Price $ 10,000,000
notes
The properties went into contract for just over $10 million. The buildings will be renovated and run as residential rentals.
  • Event Sales
  • Address 214 East 52nd Street
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 15,200
notes
[EMPTY]
  • Event Sales
  • Address 227 East 19th Street
  • Neighborhood Gramercy Park
  • Borough Manhattan
  • Square feet 435,108
  • Price $ 83,100,000
  • Price per foot $ 191.00
notes
The complex sold for $83.1 million, or $191 per square foot.
  • Event Retail Leasing
  • Address 1582 First Avenue
  • Neighborhood Yorkville
  • Borough Manhattan
  • Square feet 258
  • Publication Date 05/01/2010
  • Event Date 03/22/2010
  • Party 1 Aimco
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Henry Goldfarb, Stanley Lindenfeld
  • Party 2 Sharone 72 LLC
notes
The children's clothing store signed a 10-year lease.
  • Event Retail Leasing
  • Address 1582 First Avenue
  • Neighborhood Yorkville
  • Borough Manhattan
  • Square feet 258
  • Publication Date 08/01/2008
  • Event Date 06/22/2008
  • Party 1 Aimco
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Henry Goldfarb, Stanley Lindenfeld
  • Party 2 Suzanna Abajian
notes
[EMPTY]
  • Event Retail Leasing
  • Address 430 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 1,235
notes
The fragrance company signed a 10-year retail lease.
  • Event Retail Leasing
  • Address 430 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 46,176
  • Publication Date 03/01/2011
  • Event Date 01/20/2011
  • Party 1 Madison Tower NY
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Frank Mancini, Stuart Siegel, Alan Weisman
  • Party 2 Laurice Washington Ltd.
notes
The fragrance company signed a 10-year retail lease.
  • Event Retail Leasing
  • Address 863 Washington Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 1,000
notes
The perfume retailer signed a 10-year lease. The reported asking rent was $400 per square foot.
  • Event Retail Leasing
  • Address 430 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 1,000
  • Publication Date 12/01/2008
  • Event Date 10/22/2008
  • Party 1 Blackrock Realty
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Alan Weisman, Stuart Siegel
  • Party 2 Paige Premium Denim
notes
The apparel retailer signed a lease.
  • Event Retail Leasing
  • Address 2330 Broadway
  • Neighborhood Upper West Side
  • Borough Manhattan
  • Square feet 3,740
  • Publication Date 10/15/2010
  • Event Date 09/05/2010
  • Party 1 2330 Broadway
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Robert Kunikoff
  • Party 2 2330 Broadway Drug Corporation
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Robert Kunikoff
notes
The drugstore signed a 12-year lease.
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