Investment Sales
This is one contest nobody wants to win. Neil Rubler, head of affordable-housing empire Vantage Properties, which controls about 130 apartment buildings in the five boroughs, and son-in-law to the Olnicks—the under-the-radar family that famously leased four rent-regulated apartments to Harlem congressman and Caribbean property magnate Charlie Rangel—has made the Village Voice's 2010 "New York's Ten Worst Landlords." The... READ MORE»
The Commercial Observer: What's the best sector of commercial real estate to be investing in right now? Mr. Neibart: You still have to remain very cautious. What we're spending a lot of our time on is the multi-tenant segment. We're also looking at hotels and also the recapping of partnerships that are short of money. Why those three... READ MORE»
It was at the Soho building that now houses Dos Caminos—that high-concept Mexican cantina to the stars—that Marcus & Millichap associate vice president Adelaide Polsinelli discovered her career... READ MORE»
If this time last year you wanted to know much a multifamily building cost in your neighborhood, you were, as they say, out of luck. That’s because this time last year, there were next to no building sales. And mid-turmoil Great Recession, with no points of comparison, or comparables, it was kind of impossible to name a... READ MORE»
There's a World War I analogy in here somewhere. Less than two weeks old, the foreclosure of Stuyvesant Town has hit its first major bump in the road, courtesy of hedge fund Appaloosa Investment, the New Jersey-based firm that took in a reported $7 billion in profit last... READ MORE»
By Robert Knakal | February 18, 2010 | 10:16 am
This is the final installment in a three-part series looking at the New York City building sales market in 2009. The first provided an overview of the entire market (excluding Staten Island), and the second analyzed sales activity in Manhattan, separating the borough along East 96th Street and West 110th... READ MORE»
By | February 11, 2010 | 12:57 pm
The Japs capture Rockefeller Center." So wrote William Buckley, the conservative commentator who died two years ago this month, in his December 1989 column for The National Review. Buckley's story followed news in late October 1989 that the Rockefeller Group, at that time still the owner of the Rockefeller Center and Radio City Music Hall, would sell a 51 percent interest in the iconic asset to Mitsubishi Estate Company of... READ MORE»
By | February 11, 2010 | 12:50 pm
In last week's column, we presented an overview of the entire New York City building sales market. This week, we will look at how Manhattan in particular performed. (Next week, we'll cover the outer... READ MORE»
Sam Zell--the self-proclaimed "grave dancer" with a history of swooping in on the carcasses of struggling businesses--is now picking at the Manhattan real estate market. Yesterday, Mr. Zell's company Equity Residential fleshed out its plans in Chelsea, which were reported by the Post last month.... READ MORE»
By | February 3, 2010 | 11:02 am
In 2009, the building sales market in New York City sucked. I mean, it really sucked. Volume hit an all-time low and the general demeanor of participants in the marketplace was subdued at best. Provided below is an overview of the market; if you are a frequent reader of Concrete Thoughts, you know that I prefer to discuss conditions in terms of numbers and statistics rather than adjectives. The analysis that follows will show... READ MORE»
To flip through the pages of the 2006 offering book for potential buyers of the 11,200-apartment Stuyvesant Town and Peter Cooper Village-a deal that has devolved into the largest individual property default in modern history-is to immerse oneself in an historical delusion, one that, from today's privileged vantage point, appears as likely as Iraqi... READ MORE»
By Roland Li | February 1, 2010 | 5:22 pm
If the Flatiron Building were a person, it would be dead by now (and so probably would its children). The Chrysler and the Empire State buildings would be getting... READ MORE»
Memorial Sloan-Kettering Cancer Center has emerged triumphant in an auction for five buildings that once housed the now defunct Cabrini Medical Center, according to a source familiar with the... READ MORE»
Now that Extell has stripped a nine-story office building in the Diamond District of its air rights—for the purposes of elongating its 34-story International Gem Tower now under construction down the block—the closely held firm has sold the building for $9 million to an unnamed jeweler from Kazakhstan. "There was a lot of local interest, as expected," said Massey Knakal chairman Robert Knakal, who represented Extell in the transaction. "There was lots of foreign interest... READ MORE»
Real estate giant Tishman Speyer is hiring fresh help for its public image. The firm announced Wednesday that Michelle Adams, the well-connected executive director of the Association for a Better New York and an aide to ABNY chairman and landlord Bill Rudin, would be its new managing director for public... READ MORE»
