Schrager, Marriott enter partnership
Marriott International and Ian Schrager announced last month that they would partner to create a boutique hotel brand. Marriott, which has more than 2,900 hotels worldwide, has no boutique properties, while Schrager’s boutique projects include the Gramercy Park Hotel, the Hudson and the Royalton. Marriott and Schrager said the partnership may result in as many as 100 hotels worldwide.
Developers Group launches new mortgage, rental divisions
The Developers Group recently launched two new divisions, TDG Equities and TDG Rentals. TDG Equities will offer mortgage lending services, and TDG Rentals will target rental apartments in Manhattan and Brooklyn. The firm recently expanded its sales and marketing services to New Jersey, where it is marketing four new developments along the Gold Coast.
C & W buys Sonnenblick Goldman
Cushman & Wakefield’s purchase of a majority stake in real estate investment banking specialist Sonnenblick Goldman could close by the early third quarter, Commercial Property News reported. Cushman & Wakefield, which is the world’s largest privately held commercial real estate services firm, said that Sonnenblick Goldman’s principals would be retained. The financial terms of the deal were not made public. Last year, Cushman & Wakefield completed more than $50 billion in property sales and financings, and Sonnenblick Goldman completed $7.5 billion worth of capital transactions.
Tishman Speyer, Lehman to acquire mega-REIT Archstone-Smith for $22B
Tishman Speyer Properties and Lehman Brothers agreed in late May to purchase mega-REIT Archstone-Smith Trust for $22.2 billion, including $6 billion in debt. But should the deal fall through before closing, according to an Archstone-Smith regulatory filing last month, Archstone will have to fork over $235 million to Tishman and Lehman. Archstone-Smith’s core investments include rental units and land in major urban centers across the U.S. and in Europe. The deal would give Tishman Speyer control of more than 15,000 apartments in New York City.
Cappelli Enterprises launches site with daily updates on projects
Developer Cappelli Enterprises, whose projects include Renaissance Square in White Plains and the Trump Parc Stamford, recently launched a new Web site, www.cappelli-info.com. The site will be updated daily with news on the developer’s projects in White Plains, New Rochelle, Yonkers, Ossining, Yorktown, Stamford and the Catskills.
New real estate professionals networking site launches
New York City-based architects Jennifer Magee and Oisin Clancy have launched UPworld.com, a networking Web site for real estate and building professionals. The site allows members to create profiles and share their portfolios. All of its services are currently offered for free.
GeoData Plus adds pre-foreclosure data
Real estate data provider GeoData Plus recently announced the release of lis pendens information in New York City and Nassau and Suffolk counties. A Web-based tool allows users to find out about distressed properties and access sales comparables and owner data.