Speeches were casually ignored, drinks were spilled and bonds were formed at last Thursday’s 116th annual Real Estate Board of New York Gala, which this year drew an estimated 2,000 brokers, owners, advertising buyers and real estate reporters to the New York Hilton for an evening of conviviality, honorifics and hushed deal making. Among the fray was Commercial Observer staff writer Daniel Geiger, who during the course of the evening saw his stenopad tossed by an irate real estate broker and who unabashedly accosted Studley’s Woody Heller in the hotel’s bathroom, all for the sake of the story. Below, a timeline of gala comings and goings, from the innocuous gossip down to the downright obnoxious.
Pace University has reached an agreement to move into 140 William Street, taking the entire 50,000 square foot building for its dance and visual arts programs, The Commercial Observer has learned.
The school will be relocating from its current space at 280 Broadway
, said David Falk
, president of Newmark Knight Frank
who represented Pace in the deal.
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, Read More
Remember the portfolio deal? That’s right, the practice of grouping a bunch of buildings together and selling them all at once? Yep, it’s hard to remember, because the last time a big portfolio deal happened in New York City was …
“Wow,” laughed Pete Culliney, director of Global Research for Real Capital Analytics, when Read More
Twenty feet, nine inches from the southeast corner of Broadway and 46th Street rises a building known as 1540 Broadway, 1.1 million square feet of pure, honest-to-goodness office space in one of Manhattan’s most coveted commercial markets: Times Square.
Deutsche Bank sold the office condo portion of the building last week Read More
Massey Knakal chairman (and new dad!) Bob Knakal breaks down in his newest commentary why New York’s smaller properties are still doing relatively well, given the local economic strains–and why they might become even more attractive:
So with all this negative news, why are Manhattan’s small to midsized income producing properties still performing relatively well? Read More
Massey Knakal chairman Bob Knakal has one word for New York property investors post-boom: Transportation.
“The closer your property is to a major transportation system, the better,” Mr. Knakal said Monday. “Any areas that are in or around transportation hubs in the boroughs will be good investments in the future.”
Why so glum? We know. It’s been the worst real estate year in recent memory. But didn’t Papa ever tell you there’s opportunity in disaster? It’s just like what HSBC’s pervasive ad campaign says: It’s all about your “point of view.” Where some see chaos, others see opportunity.
Those “others” come in two sizes. Read More
The self-immolating spectacle of Wall Street has cast a paralytic spell over Manhattan’s commercial brokerages. Buildings don’t trade. Leases don’t close. Real estate professionals take extended vacations. Only a few brokers have resisted the spell. They are this year’s power brokers.
The contingent of eight selected this year is by no Read More
Bob Knakal, chairman of Massey Knakal and master of the under-$100 million commercial property transaction (which, believe it or not, is considered small potatos in New York), just closed his 1,000th deal.
Said deal was the sale of an Upper East Side parking garage at 301 East 69th Street for $5.4 million.
Full release Read More