Architectural firms join forces
Meltzer/Mandl Architects and Ehrenkrantz Eckstut & Kuhn Architects have formed a new architectural firm, EE & K Residential. The new company is already working on some of the largest projects under way in the New York metro area, including the Arverne by the Sea redevelopment in Rockaway Park and Thor Equities’ entertainment and residential complex on Coney Island.
Developer acquires clothing chain
Following its June purchase of department store chain Lord & Taylor, a developer partnership between Apollo Real Estate Advisors and National Realty & Development Corporation said it has no plans to close stores or lay off employees. The acquisition is another example of real estate developers acquiring struggling retail brands in the hopes of a turnaround but with the underlying value of the real estate as protection should things not work out, the New York Times reported.
Cendant sells travel division for $4.3B
Cendant, the corporate parent of brokerages like the Corcoran Group and Sotheby’s International Realty, announced at the end of June it had sold its travel services division to an affiliate of the Blackstone Group. The division, which includes Days Inn and Orbitz.com, sold for $4.3 billion in cash, Crain’s reported.
Elliman moves Long Beach office
Prudential Douglas Elliman recently celebrated the relocation of its Long Beach office. The new office has desks for 42 agents.
Fund forms for workforce housing
Phoenix Realty Group has teamed up with the Housing Partnership Development Corporation on the $250 million Metropolitan Workforce Housing Fund. The fund, headed by Ralph Raciti, aims to provide market-rate housing for middle-income families and commercial development throughout the tri-state area.
DTZ Rockwood creates hospitality services group
DTZ Rockwood has launched a Hospitality Services group based in the firm’s New York office. Managing directors Jon Kurnit and Tom Huffsmith head the group, which provides advisory, acquisition, disposition, financing and asset management services for hotel assets.
AFC Realty forms self-storage finance group
AFC Realty Capital has formed the AFC Self-Storage Finance Group. The group focuses on originating and executing transactions for owners and developers of self-storage facilities. Paul Fried, a principal at AFC, serves as president of the new group.
Brokerage A.C. Lawrence starts out
Residential firm A.C. Lawrence & Company, started by Anthony DeGrotta and Larry Friedman, both formerly of Citi Habitats, is focusing half on rentals and half on sales.