Large deal volume dwarfs 2009: SL Green exec

TRD 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
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
CEO Mark Tritton and 410 East 61st Street (Getty, Google Maps)

Bed Bath & Beyond will permanently close UES store

Bed Bath & Beyond will permanently close UES store
arrow_forward_ios

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

Loading...