On the Town is a weekly feature that chronicles the parties, panels and other events in New York City’s real estate community.
Nov. 14: Invesco shows off NoMad rental tower’s makeover in progress
Dallas-based Invesco Real Estate hosted a party Wednesday night to celebrate the renovation and rebranding of luxury rental tower Madison Belvedere, now known as Instrata NoMad, at 10 East 29th Street. Guests – including Douglas Elliman brokers Max Dobens and Martin Robert Holland, and a pair of real estate students visiting from Sweden – toured model units on the 31st floor. They nibbled h’ors d’oeuvres in a crowded hallway and braved the cold for a peek at the rooftop.
After buying the 50-story building for $300 million in December, Invesco planned to remodel the entire building in stages, in time for Memorial Day weekend in 2014, according to Nancy Packes of Nancy Packes Signature Real Estate Marketing Services, who is handling leasing. About 20 vacant units in the building will be combined to create 10 three-bedrooms, dropping the unit count to 394 from 404. New amenities will include a children’s playroom, rooftop lounge and expanded fitness center.
“Madison Belvedere was not an appropriate choice for a NoMad building,” Packes told The Real Deal about the building’s new name. “We don’t think a resident would want to live in a place called that today.” – Mark Maurer
Nov. 14: YJP panelists Albert Laboz, Charles Bendit fret over high sell-out prices
Panelists at a Young Jewish Professionals event — including United American Land principal Albert Laboz and Taconic Investment Partners Co-CEO Charles Bendit — bemoaned the ever-rising condo prices developers need to get to turn a profit.
“How many investors are there that are going to be able to come up with $2.75 million for a starter home?” Bendit asked, rhetorically. “We are concerned about the amount of product that is coming on the market that has to get $2,500 [or] $2,700 per square foot.”
Laboz said he was cautiously going forward with residential development but was wary that “once interest rates start ticking up, I wonder if that $3,000 per foot is still going to be there.”
Also part of the discussion were Mitchel Maidman, CEO of Townhouse Management; Helena Durst, vice president at the Durst Organization; and Jonathan Estreich, founding partner of RCG Longview, who moderated the event.
In addition to the panel, the YJP for the fourth year honored several real estate professionals. It gave Margaret Streicker Porres, president of landlord Newcastle Realty Services the award for Real Estate Investment & Deal-Maker, and Gary Davis, a partner at the builder Urban Development Partners, Real Estate Deal Development Award. – Adam Pincus
Nov. 13: Massey Knakal celebrates 25th anniversary
Several hundred brokers, owners and real estate executives joined company founders Paul Massey and Robert Knakal to celebrate the silver anniversary of Massey Knakal Realty Services.
Guests included Mitchell Rudin, CEO of U.S. commercial operations at Brookfield Office Properties; Steven Spinola, president of the Real Estate Board of New York; Sharif El-Gamel, CEO of Soho Properties; and attorney Adam Leitman Bailey.
The crowd filled the large space at the Tribeca Rooftop at 2 Debrosses Street. In addition to mingling, party-goers took advantage of the open bar and noshed on a tasty spread of cheeseburger sliders and barbecue pork sandwiches.
Entertainment was a Powerpoint presentation detailing the firm’s history, plus videos from friends such as Massey’s former wrestling coach. — Adam Pincus