NYC real estate in brief

TRD New York /
May.May 04, 2009 02:15 PM

MB Real Estate named exclusive agent for Barbizon retail
Real Estate is the exclusive leasing agent for the retail space at
Barbizon/63, a residential condominium at 140 East 63rd Street at
Avenue. The available retail space in the building totals 4,542 square
feet, with 35 feet of frontage. The building was previously the
Barbizon Hotel, and was converted into a
condo by BPG Properties in 2007. The Real Deal reported that the star
of the British version of “The Office” bought a unit in the building
last year.

70K apartments now accept Insurent guarantor

More than 70,000 apartments in Manhattan now accept Insurent Agency’s lease guaranty program, which guarantees residential leases. As
many as one-quarter of prospective renters entering the New York market
every year do not meet the minimum financial requirements, and need
credit enhancements like co-signers or additional security deposits to
qualify. Landlords that now accept Insurent include Related Management,
the Gotham Organization, Glenwood Management, Douglaston Development
and Starrett.

Broad Street Development opens asset management equity investment division

York City-based Broad Street Development is launching an asset
management equity investment division which will partner with
institutional owners and lenders, and has $500 million set aside for
co-investment. For the first time, Broad Street will provide
third-party management to enhance the values for senior and mezzanine
lenders, now dealing with special situations or distressed
opportunities. “This is a time when both capital and hands-on expertise are in tremendous demand,” said
Daniel Blanco, a principal at Broad Street. “We have both, and are prepared to put our proven investment and asset management skills to work in partnership with lenders and investors who today find themselves with properties that will benefit from the infusion of both capital and property-level experience.”

AEI buys $30 million in Best Buy properties

AEI Capital has bought more than $30 million of Best Buy
properties for its net leased property investment funds. The properties
were bought as part of AEI’s continuing investment strategy, using all
cash without debt to acquire net leased commercial space under
long-term lease to major credit tenants. TRD

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