Manhattan-based research company Radar Logic has licensed its real estate data to three Wall Street firms in a move that will allow investors to take positions on the future performance of the residential market. Lehman Brothers, Merrill Lynch and Morgan Stanley plan to begin offering derivatives based on Radar Logic’s data this month, and other Wall Street broker-dealers are expected to sign up soon. Istithmar wins bid for Barneys
Dubai-based investment firm Istithmar will pay $942.3 million for Barneys New York after winning a bidding war for the retailer that lasted over a month. The competing bidder, Japan’s Fast Retailing Co., announced early last month that it would not come up with a higher offer. Another bid would be “no longer rational from an economic standpoint,” a spokesman for Fast Retailing said.
Massey Knakal launches new Web tool
Massey Knakal has launched a new Web-based service for investors called the Massey Knakal Sales System (MKSS). Investors can now log onto the system and refine the investment criteria they have on file, adjusting the volume and type of listings they receive. Parameters include specific neighborhood, property type and price range.
Application IDs neighborhood hotspots
OnBoard LLC and Prudential Douglas Elliman have teamed up to launch “SpotIt,” a social media application that identifies the best “spots” in every neighborhood by pairing a nationwide database of local places with user-generated votes. The application will be available on Elliman’s Web site. Coldwell Banker Real Estate has also partnered with OnBoard to provide the service to its clients.
DJK launches lawyer referral system
DJK Residential has created the DJK Residential Esquire Network, a new program that will allow attorneys to refer clients, colleagues and friends to qualified residential real estate brokers. The free service will provide a 20 percent commission on related sales for attorneys, or “referring brokers,” who direct apartment hunters or sellers to DJK. The network seeks to recognize the close relationship between the legal and real estate industries, the company said.
C & W closes on Sonnenblick Goldman buy
Commercial real estate giant Cushman & Wakefield has closed on its acquisition of real estate investment banking specialist Sonnenblick Goldman. The financial terms of the deal were not disclosed. 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.
Archstone-Smith buyout delayed
Tishman Speyer Properties and Lehman Brothers have delayed closing on their $15.2 billion acquisition of apartment REIT Archstone-Smith Trust until early October, according to a release issued early last month. The deal was originally scheduled to close later this month. The delay gives Tishman Speyer and Lehman more time to line up bidders for buildings they plan to sell quickly, and it also gives Lehman more time to find buyers for the $17.1 billion in debt that the buying group needs to complete the deal.