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Daniel Geiger

Lawsuits

Ben Herbst

Dirty Deeds: In Borough Park, the Case of the Nudnik Neighbor

The man on the other end of the intercom had warned me he was going to call the police. When he said it, The Observer knew he didn’t mean the kind that would pull up to the curb in a blue and white squad car with the letters NYPD stenciled on the door. This was Borough Park, after all.

The neighborhood, a stronghold of the city’s Hasidic community, has its own ambulance corps, rabbinical courts and civilian security squad, the Shomrim. The Observer had been drifting around the area, a stranger in a strange land, and given our mission, we weren’t surprised to see a neighborhood enforcer bounding towards us. He had a huge belly that parted his suspenders, a sandy beard and noticeably thick hands. Read More

57 West 57th Street

Fast Office Set to Make Fast Prebuilts

Prebuilt offices, prepared spaces that allow tenants to quickly take occupany in a building, are about to get even quicker.

Michael Cohen, CEO of the real estate services firm Colliers International, is using a new type of office installation system called Fast Office at 57 West 57th Street, a 21-story, 170,000 square foot office tower that Mr. Cohen owns.

Read More

Barry Gosin

BGC Extends Commission Recoup to Grubb Brokers Who Stay

BGC Partners is offering to pay Grubb & Ellis brokers commissions they are owed if they remain with the company as it wends its way through bankruptcy, sources with knowledge of the firm told The Commercial Observer.

When Grubb & Ellis filed for Chapter 11 almost two weeks ago, it thrust brokers there who are due a commission check in line with the company’s other creditors, a position that has made it uncertain who, if anyone, will be paid.

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16 West 36th Street

Leasehold for 16 West 36th Street Sold

The leasehold on 16 West 36th Street, a roughly 65,000 square foot office building, has been sold for $8.2 million.

NorthEnd Equities, an investment company run by investor Charles Herzka, will acquire the 12-story building from a group called Beach Plaza Associates.

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Investment Sales 2012

Richard Baxter. (Illustration by Joao Maio Pinto)

Jones Lang LaSalle’s Richard Baxter on 75 Rockefeller Plaza and 10 East 53rd

The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.

Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Darcy Stacom and William Shanahan of CBRE, J.D. Parker of Marcus & Millichap, Woody Heller of Studley and Peter Hausperg of Eastern Consolidated. But, first, after the jump, none other than Richard Baxter of Jones Lang LaSalle.

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The Lobby

James Wacht.

Lee & Associates Nabs Four New Hires

The burgeoning brokerage Lee & Associates is adding more brokers, including another executive from the bankrupt real estate services company Grubb & Ellis, executives at the firm revealed.

Robert Kunikoff, a retail leasing executive at Grubb & Ellis, will be moving over to Lee & Associates starting this week the executives said. Read More

Big Real Estate

Greetings from Cannes.

What’s MIPIM? In NYC, Nobody Knows.

It’s not just the biggest real estate conference no one has heard of. It’s the biggest real estate conference period. And, yes, most real estate professionals, at least in New York, haven’t heard of it.

Next week 19,000 guests from 90 countries will descend on Cannes, France, for MIPIM, a four-day event that roughly translates as “International Market for Real Estate Professionals” featuring speaking panels and networking opportunities that allow developers to shop major new projects to prospective tenants and investors. Read More

lease beat

Time Warner Center. (Courtesy Property Shark)

C. Wonder Deal Inked at Time Warner Center

C. Wonder, the preppy apparel and accessories retailer launched last year by designer Tory Burch’s ex husband, Christopher Burch, has signed on for a space at Time Warner Center, according to sources familiar with the deal.

The store, which opened another Manhattan store last October in Soho, will take about half of the roughly 15,000 square feet formerly occupied by the now-defunct bookstore chain Borders on the retail complex’s second floor. Read More

lease beat

100 fifth

Knewton Signs Lease on Fifth Avenue

The wave of tech tenant leasing deals in Midtown South continues.

Knewton Inc., a provider of sophisticated online-based learning and education programs for students and test takers, has signed a 16,000-square-foot lease at 100-104 Fifth Avenue, an office building owned by the Kaufman Organization. The term of the deal, which is for the 20-story building’s entire eighth floor, stretches ten years. Asking rents for the space were $55 per square foot. Read More