Large deal volume dwarfs 2009: SL Green exec

New York /
Sep.September 15, 2010 01:30 PM

From left: Peter Hauspurg, Jonathan Mechanic, Steven Durels, David Greenbaum and moderator Jahn Brodwin
 

Steven Durels, an executive vice president with SL Green Realty, said that the number of larger deals (those between 100,000 square feet and 200,000 square feet) that his firm has seen in 2010 “dwarfs last year.” Still, Durels noted that one key component of the market hasn’t shown as much momentum.

“The pricing [on commercial leases] really hasn’t pushed dramatically,” Durels said, comparing 2009 and 2010 rents. “I’m finally at a point where I actually have competition for space.”

Durels commented on the market in a panel discussion at today’s Bisnow NYC Real Estate Summit, which also included Peter Hauspurg, Chairman and CEO of Eastern Consolidated, Jonathan Mechanic, a partner with Fried Frank, David Greenbaum, president of Vornado Realty Trust and moderator Jahn Brodwin, a senior managing director with FTI Schonbraun McCann Group. Optimism was high, and the panel agreed that this year is shaping up to be much better than 2009.

“Typically, we do 100 to 150 sales transactions a year; in [2009], we did 20. It was reasonably painful,” Hauspurg said. “The first half of 2010 for us has already eclipsed all of 2009.”

 

Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...