Big Real Estate
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.
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.
Mack is Back
With the deadline approaching for Harry Macklowe to seal the deal at 737 Park Avenue, he is so close, yet so far from securing the equity he needs.
Mr. Macklowe has hired the Carlton Group’s Howard Michaels to help him search for another partner for the deal (Mr. Michaels told The Observer a couple of Read More
For more than two decades, Howard Michaels, chairman of the Carlton Group, has overseen some of the more complicated and big-picture financing deals in recent memory. Earlier this month, in fact, the Carlton Group managed to pull 1180 Sixth Avenue from the brink of foreclosure by wrangling $245 million in new financing. Mr. Michaels, 55, Read More
According to city records, Howard Michaels, the fearsome head of the real estate investment concern the Carlton Group, recently invested some of his own money—$9,367,900 to be exact—in a seven-bedroom combined unit at The Lucida, the Upper East Side’s brand-spanking new, first ever LEED-certified condominium gargantua at 150 East 86th Street.
The 110-unit, 20 story high-rise Read More
In April 2007, during those blindered days of economic bluster, The Observer published an article naming New York’s 10 most expensive towers, according to prominent real estate professionals. They agreed on the most valuable single building: the GM Building. That rocket of marble and black glass, considered then and now the most coveted skyscraper Read More
Investors and brokers tired of having to use that archaic form of technology known as the telephone (not to mention that antiquated medium called email) will now be able to bid on that $200 million loan they’ve been coveting with little to no human interaction at all!
That’s right, commercial real estate auctions have entered Read More
Location: You’re the money guy.
Mr. Michaels: Right.
Where do you get your money from?
Over the last 15 years, we have developed a worldwide network of equity investors and investment advisers who look to Carlton to provide high-quality transactions and [joint venture] partners. In fact, my partner is in Read More
It’s back to the future in commercial real estate!
Howard Michaels, chairman of The Carlton Group, is bringing the live auction back to the industry.
Mr. Michaels will now hold what are known as "oral outcry" auctions for commercial real estate assets–bricks-and-mortar properties and loans–through a new entity called Carlton Auctions LLC.
This Read More
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