Northeast RSS

$135M Financing Secured for 1MSF Yonkers Shopping Center

Wed, 28 Oct 2009 13:05:09 UTC

It's almost like the good old days of 2007 when loans over $100 million for commercial real estate practically rained from the sky. Undeniably, those times have not returned, but news that Brooks Shopping Center L.L.C., owner of the 1 million square-foot Cross County Shopping Center in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage to finance the property's redevelopment certainly brings back good memories.

Economy Watch - Homebuyer Tax Credit Sees Some Cheating

Wed, 28 Oct 2009 13:05:09 UTC

In testimony reminiscent of dogs getting credit-card applications approved back during the mid-2000s credit bubble, a Treasury Department inspector told Congress that kids as young as four years old have been able to receive $8,000 first-time homebuyer tax credits. �Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit,� J. Russell George told the House Ways and Means Committee�s oversight panel on Thursday.

Manhattan Retail Hit Hard in '09, But Turnaround on Tap

Wed, 28 Oct 2009 13:05:09 UTC

It's been a rough year for retail, even in tony Manhattan. The crumbling of Wall Street in the fourth-quarter of 2008 spurred the downward spiral of the market and the recession just added salt to the wound, according to a third quarter report by Marcus & Millichap Real Estate Investment Services.

The Graying of America: Age and Opportunity

Wed, 28 Oct 2009 13:05:09 UTC

The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn�t been impressive�from 21.06 percent to 24.17 percent�growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it�s time investors consider the opportunities this megatrend offers.�

Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office Lease

Wed, 28 Oct 2009 13:05:09 UTC

New York's loss is New Jersey's gain, as the Depository Trust & Clearing Corporation reveals plans to relocate 1,600 members of its 2,300-member staff to 415,000 square feet of space at the Newport Office Center in Jersey City. It's not a total defeat for New York, however; DTCC will keep its headquarters and its remaining 700 employees in Lower Manhattan.

Economy Watch - Mortgage Reforms From Out West

Wed, 28 Oct 2009 13:05:09 UTC

California Gov. Arnold Schwarzenegger signed green legislation over the weekend, as covered by CPE on Monday, but also nestled in the raft of bills that he signed were major overhauls of the rules governing residential mortgages. The thrust of the reforms was to help prevent some of the mortgage origination abuses that were rampant in the mid-2000s, and which did their part to inflate the housing bubble.

To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets

Wed, 28 Oct 2009 13:05:09 UTC

With loans still hard to come by, Brandywine Realty Trust is shoring up its balance sheet, reducing leverage and preparing for investment opportunities with the disposition of non-core assets, including two properties in Trenton, N.J. The REIT just completed the sale of the office buildings at 33 W. State St. and 50 E. State St., totaling 474,000 square feet, to a private investment group.

$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market

Wed, 28 Oct 2009 13:05:09 UTC

With the commercial real estate market still hindered by a chilly credit market and declining property values, sale-leaseback activity has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank USA N.A. still sees some advantages in such deals. The financial services company has signed a $330 million cash sale-leaseback agreement with a subsidiary of Israel-based IDB Group for its 865,000-square-foot New York City headquarters.

CREW Keynote: Lingering Unemployment No Surprise; All Recoveries are Jobless

Wed, 28 Oct 2009 13:05:09 UTC

The economic crisis started with a credit crunch, has undergone the containment stage with the government providing bailout packages and stimulus money, and is now in the resolution stage, said Marci Rossell, former chief economist for CNBC, who was a keynote speaker at the CREW Network�s convention in Boston last week.

CREW Awards 20 Women Under 40

Wed, 28 Oct 2009 13:05:09 UTC

The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization�s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a �woman to watch� and likely to be an influential leader in the industry.

Manhattan Office Market Stabilizing

Wed, 28 Oct 2009 13:05:09 UTC

The Manhattan office market, which was hard hit by the recent economic and financial upheaval, is showing some signs of getting back on track, and is expected to become increasingly more stable and fundamentally sound in the coming months.

NJ Office Owner Lands $25M Refi

Wed, 28 Oct 2009 13:05:09 UTC

The New Jersey office of Holliday Fenoglio Fowler L.P. has arranged a $25 million refinancing for Glenpointe Centre West, a 333,600-square-foot, Class A office building in Teaneck, N.J.

Savills Adds Monahan to NYC Office

Wed, 28 Oct 2009 13:05:09 UTC

David Monahan has joined U.K-based international real estate advisor Savills as a senior vice president in the firm�s New York City office.

Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project

Wed, 28 Oct 2009 13:05:09 UTC

The $4 billion Atlantic Yards mixed-use development--the centerpiece of which will be the Barclays Center sports and entertainment arena, future home base of the NBA's Nets team--has new financial backing. Developer Forest City Ratner Cos. Inc. and Nets Sports and Entertainment have just signed a letter of intent to form a strategic partnership with an affiliate of Moscow-based international private investment fund Onexim Group for the development of the 22-acre project. The multi-faceted deal calls for Onexim to invest $200 million.

RBJ Negotiates 343,000SF Boston-Area Warehouse Lease

Wed, 28 Oct 2009 13:05:09 UTC

Real estate advisory firm Richards Barry Joyce & Partners has negotiated a nearly 343,000-square-foot industrial lease renewal and expansion in Northborough, Mass., one of the Boston-area�s largest deals of the year.

With Prices on the Decline, Behringer Harvard Makes $136M M-F Play

Wed, 28 Oct 2009 13:05:09 UTC

The gap between buyer and seller pricing expectations on commercial real estate is closing, and with owners eager to sell properties to escape debt maturities or just to pocket cash to address financial demands, it has become a buyers market. Taking advantage of the appealing prices, Behringer Harvard has just acquired two apartment properties totaling 746 units in separate transactions valued at an aggregate $136 million.

Berger to Lead NYC Leasing for Monday Properties

Wed, 28 Oct 2009 13:05:09 UTC

Private real estate firm Monday Properties has tapped former Jones Lang LaSalle vice president Jordan Berger as the firm�s new director in its New York office.

16-Story Manhattan Office Trades Off-Market

Wed, 28 Oct 2009 13:05:09 UTC

Daniel Findorak of Dumann Realty, a full-service real estate solutions company, has completed a deal for 222 West 37th Street Realty Corp. in the disposition of a 16-story, 50,000-square-foot office building located at 222 West 37th Street in Manhattan.

Grubb & Ellis Adds 3 to Capital Markets Group

Wed, 28 Oct 2009 13:05:09 UTC

Grubb & Ellis Co. has appointed a trio of professionals to serve as executive vice presidents in the firm�s capital markets division. The newly-hired team includes Jon Epstein, Charles Kingsley and Yoav Oelsner, all formerly with Cushman & Wakefield Inc.

HFF Nets $23M in Acquisition Financing for NJ Retail Buy

Wed, 28 Oct 2009 13:05:09 UTC

The New Jersey office of Holliday Fenoglio Fowler L.P. has arranged $23.8 million in acquisition financing for Neptune Plaza Shopping Center, a grocery-anchored shopping center in Neptune, N.J.

FirstService Secures 82,500SF Manhattan Law Firm Lease

Wed, 28 Oct 2009 13:05:09 UTC

FirstService Williams has represented law firm Holland & Knight L.L.P. in a long-term, 82,500-square-foot lease at 31 West 52nd Street in New York City.

Moving in on Distressed Hotel Market, $1.5B Fund Makes First Play

Wed, 28 Oct 2009 13:05:09 UTC

The 353-room Hanover Marriott in Whippany, N.J., has just become the first purchase of HEI Hotels & Resorts' third investment fund, HEI Hospitality Fund III L.P. The Norwalk, Conn.-based investment firm acquired the property from Bethesda, Md.-headquartered Host Hotels & Resorts for $27 million. Raised in 2008 with $515 million in commitments, the discretionary fund has approximately $1.5 billion in leveraged buying power and allows HEI to capitalize on the growing pool of low-priced, distressed assets hitting the market.

Long Island M-F Portfolio Lands $77M Refi from Freddie

Wed, 28 Oct 2009 13:05:09 UTC

NorthMarq Capital has arranged a $77.4 million first mortgage refinancing for a 1,188-unit Long Island-N.Y., apartment portfolio.

Vacancy Rental Rates Dropping 19 Percent for Manhattan's Top-Quality Buildings

Wed, 28 Oct 2009 13:05:09 UTC

Asking rental rates for Manhattan�s trophy-quality buildings suffered in the first half of the year as the average asking rental rates dropped 18.7 percent, falling to $83.66 per square foot from $102.85 per square foot in fall 2008, according Jones Lang LaSalle�s 2009 Skyline Review.

Timberland Renews 246,000SF HQ Lease in New Hampshire

Wed, 28 Oct 2009 13:05:09 UTC

New England-based real estate firm Altid Enterprises L.L.C. has inked a 246,000-square-foot office lease renewal with apparel maker The Timberland Co., in Stratham, N.H.

$4.2B Semiconductor Facility in Upstate NY Likely to Spark New Opportunities

Wed, 28 Oct 2009 13:05:09 UTC

After three years of Silicon Valley-based GlobalFoundries and the State of New York working together to lay the financial groundwork, construction of GlobalFoundries' $4.2 billion semiconductor wafer manufacturing facility at the new 1,400-acre Luther Forest Technology Campus in Malta, N.Y., has just commenced. Officials expect the GlobalFoundries development to create 1,400 new manufacturing jobs, and they are keeping their fingers crossed that the 1.3-million-square-foot Fab 2 will spur additional investment in the area.

Renovated Historic Building an Example of Condo Developers Thinking Outside the Box

Wed, 28 Oct 2009 13:05:09 UTC

In today's stalled condo market, many developers are looking for creative ways to attract buyers. To that end, Emanon Equities, a Long Island-based real estate development and construction firm, and Ramsgard Architectural Design have turned The Seitz Building, a collapsing historic building in Downtown Skaneateles, N.Y., into a luxury mixed-use condominium complex.

PA Office Lands $52M Refi

Wed, 28 Oct 2009 13:05:09 UTC

Capmark has originated $52.5 million for a partnership equity recapitalization and refinance of an existing loan for a 345,000-square-foot office tower in Conshohocken, Pa.

Angling to Capitalize on Future Apartment Market Changes, Industry Vets Form New Firm

Wed, 28 Oct 2009 13:05:09 UTC

The apartment market held up relatively well during the early stages of the economy's descent--but even it is now in decline. And while many investors are shying away, industry veterans Jim Butz and Greg Lamb are jumping in with both feet. The two former principals of leading multi-family developer JPI East have teamed with office and mixed-use developer Akridge to launch Jefferson Apartment Group with the intention of acquiring--and eventually--developing apartment properties in the Mid-Atlantic and Northeast regions.

NBA Renewal Marks Big Win for Midtown Manhattan

Wed, 28 Oct 2009 13:05:09 UTC

Multiple landlords attempted to lure NBA Properties to other locations in Manhattan and across the Hudson River but Olympic Tower Associates� signed NBA Properties Inc. to a 10-year, 153,000-square-foot renewal at 645 Fifth Avenue.

While Other Projects Languish, $500M Suburban Boston Film Studio Takes Next Step

Wed, 28 Oct 2009 13:05:09 UTC

The frozen credit market and shattered economy have caused the interruption or outright cancellation of development project after development project across the country, but such is not the case for an unlikely 1.8 million-square-foot mixed-use endeavor in Plymouth, Mass., about 40 miles south of Boston. Having just secured the Plymouth Planning Board's approval of a master site plan, developers of Plymouth Rock Studios can now proceed with on- and off-site activities for the fully funded, $500 million film and television studio compound.

84,000SF Former Call Center in PA to Become Office Space

Wed, 28 Oct 2009 13:05:09 UTC

A former Verizon call center in Upper Darby, Pa., has been acquired by a buyer with plans to transform the 84,000-square-foot property into office space.

New Owner of Atlantic City's Tropicana Somewhat of a Surprise

Wed, 28 Oct 2009 13:05:09 UTC

Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.

AIG Headquarters Sale Makes Splash in Quiet Manhattan Investment Market

Wed, 28 Oct 2009 13:05:09 UTC

With rumors circulating of a sale price around $100 per square foot,the sale of the 66-story American International Group headquarters in Lower Manhattan likely set the bar for the biggest sale in the areamarket thus far in 2009.

Despite Office Market Slump, 1M-SF Connecticut Campus Trades in $72M Deal

Wed, 28 Oct 2009 13:05:09 UTC

It's an office trade of such a size that has not been seen in Connecticut, no less challenged by job losses and economic malaise than most other markets, in quite a while. Matrix Connecticut L.L.C. has just taken over ownership of the 1 million-square-foot Danbury Corporate Center in Danbury, Conn., from GERA Danbury L.L.C. in a $72.4 million merger transaction. The deal is a coup for Connecticut, as well as its neighbors, as it marks the largest multi-tenant office transaction in the suburban New York Tri-State area so far this year.

Another Step for Sustainability as Curtain Rises on Broadway's First Green Theater

Wed, 28 Oct 2009 13:05:09 UTC

Call it the "Great Green Way." Following on the heels of Manhattan's iconic Empire State Building going green, Broadway is getting its first green theater.

Manhattan Sales Reach 25-Year Low: Report

Wed, 28 Oct 2009 13:05:09 UTC

After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.

Hartz Mountain Leases Out 116,000 SF in New Jersey

Wed, 28 Oct 2009 13:05:09 UTC

Hartz Mountain Industries has agreed to a lease deal with Breeze-Eastern Corp., a publicly-traded designer of lifting devices for military and civilian aircraft.

KABR Fund Takes 235,000-SF New Jersey Office

Wed, 28 Oct 2009 13:05:09 UTC

Newly-formed value-added real estate fund KABR Real Estate Investment Partners L.L.C. has purchased a 235,000-square-foot office building at 85 Challenger Road in Ridgefield Park, N.J., from AIG.

Boston-Area Biotech Firms Seek Cheaper Space in Suburbs

Wed, 28 Oct 2009 13:05:09 UTC

Drug maker Alkermes Inc. last week became the latest in what has become a growing line of biotech firms leaving Cambridge, Mass., in search of less expensive office and laboratory space in the suburbs. The company plans to relocate to a 100,000-square-foot facility in Waltham early next year, a move that Alkermes says will eventually save some $750,000 a year.

Broadway Partners Refinances Debt on Boston Office Building

Wed, 28 Oct 2009 13:05:09 UTC

Broadway Partners has completed the refinancing of Ten/10 Post Office Square, a 13-floor, 435,000-square-foot office property located in Boston.

New CRE Website Combines 3D Mapping, Property Data for NYC, NJ

Wed, 28 Oct 2009 13:05:09 UTC

Taking real estate expertise and combining it with technology has given birth to REonomy.com, a real estate information Web site designed to serve a range of professionals, from investors to brokers, by providing integrated parcel data, MLS and comprehensive property research tools in one location.

Manhattan Sales Reach 25-Year Low: Report

Wed, 28 Oct 2009 13:05:09 UTC