July 2012
  • East Village $951,000 203 East 13th Street, PH4B One-bedroom, one-bath, 715 sf prewar condo unit in the Kiehl’s Building; apartment has private roof deck, washer/dryer, security system; common charges $448 per month, taxes $474 per month; asking price $949,000; one week on the market. (Brokers: Jon Amundsen, the Corcoran Group; Cindy Scholz, Citi Habitats) “I represented myself in this deal. I was looking for a condo, and the condo market is really tight. I had

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  • Behind the scenes of Avison Young’s NYC debut

    Canadian firm racks up brokers, now looking to close deals

    Greg Kraut’s Park Avenue office isn’t your typical executive suite. The rented space is about the size of a small restaurant coat-check room, and Kraut shares it with a secretary and his office manager. When the 36-year-old commercial broker left a secure position at CBRE to open up Avison Young’s New York City headquarters last fall, he was the only local employee for the Canadian firm. So he rented space on a hallway of tiny

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  • Vantage digs out of distress

    Landlord unloads troubled NYC buildings with an eye toward picking up new properties elsewhere

    After years of financial turmoil at Savoy Park, an 1,800-unit Harlem apartment complex, Vantage Properties and Area Property Partners finally unloaded the troubled development for more than $210 million last month. The sale allows the two firms to pay off the outstanding balance on the senior mortgage that’s been looming over them for years. While Vantage and Area are still fighting foreclosure suits on several properties in New York City, the mega-sale came just three

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  • Summer doldrums

    Preliminary stats show that June may be 2012’s slowest office leasing month for Manhattan

    Manhattan office leasing volume has whipsawed back and forth during the first six months of the year. Continuing that trend, last month saw a sharp pullback of activity. Preliminary leasing totals for June show only about 1.4 million square feet of office space was leased in Manhattan’s three major markets. That’s far below the 4.9 million registered in April and the 3.5 million in May, data from commercial firm Cassidy Turley showed. Depending on the

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  • Elghanayan son quietly becomes president of Rockrose Development

    Justin Elghanayan moves up the chain of command, following 2009 split

    Standing on the unfinished 30th floor of 43-10 Crescent Street in Long Island City last month, Justin Elghanayan could see his family history laid out before him. The site where he was standing — soon to become a 42-story rental apartment building called Linc LIC — was purchased 25 years ago by his father and uncles, the founders of Rockrose Development. The under-construction building, which is to have 709 residential units, is slated for occupancy

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  • While much attention has been paid to the buying and selling of trophy Manhattan properties as the market recovers, some outer-borough real estate players are reaping enormous returns on a different kind of investment: They’re buying formerly distressed homes and quickly flipping them. According to an analysis of city property records by The Real Deal, these New York City– and Long Island–based firms are, in many instances, doubling their money in just a few short

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  • The Bronx’s new burn

    Parts of the long-blighted borough are starting to produce sparks with real estate investors, especially on the retail front

    It’s been a long time since the Bronx was actually burning. But these days, parts of the long-blighted borough are catching fire — or at least producing sparks — with real estate investors. The market is still not back to its pre-recession levels, and sources say investments in the borough are far riskier than they are in other parts of the city. But brokers and developers interviewed for The Real Deal’s Q&A this month said

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  • Open publication – Free publishing – More real estate

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  • Two midtown buildings ripe for conversion come online Marcus & Millichap nabbed exclusive marketing rights for two 12-story office properties on 33rd Street, GlobeSt.com reported last month. The buildings — which are located at 10 and 12 East 33rd Street between Madison and Fifth avenues — total 56,274 square feet and have a combined asking price of $35 million. They can be converted into residential towers or hotels. “They are currently 100 percent leased to

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