Mergers and Acquisitions
It is said that investing your money in New York real estate is a move that you’ll never come to regret. Sadly, the same cannot be said of marriage, the dissolution of which often entails the sale of beloved properties. Which seems to be the case for the co-op at 141 East 72nd Street belonging to Diego Arria, a diplomat who served for several years during the 1990s as Venezuela’s representative to the U.N. and his wife, Venezuelan socialite and philanthropist Maria Eugenia Maury.
The home that the South American power couple once shared has just sold for $5.86 million, according to city records.
Lease of the Week
BGC Partners announced late Monday night that the firm, which last year expanded into the real estate services business by buying Newmark Knight Frank, is further growing in the industry by acquiring the California based company Grubb & Ellis.
When Take-Two Interactive, the video game giants behind such popular and violently lurid titles as Grand Theft Auto and Max Payne, had a few years remaining on its lease at 622 Broadway, the landlord, Yuco Management, found itself in a curious position.
Should Yuco Management aggressively market the 69,000 square feet of space Take-Two had called its own since 2002, thereby losing its anchor tenant? Or should it do anything it could to keep Take-Two, which had in some ways branded 622 Broadway as a distinctly hip and colorful office building, especially with its endless parade of behooded video game designers and executives?
“It’s the unique building where people don’t wear suits and ties and ride bicycles to work with their dogs,” said William Cohen, an executive vice president and principal at Newmark Knight Frank, who was hired alongside colleague Mark Weiss by Yuco Management to help decide the next best move. “I’m not kidding,”
The law firm Ropes & Gray has completed a deal to sublease one of its floors at 1211 Avenue of the Americas, the large midtown office tower where it has its New York headquarters.
Ropes & Gray is subleasing the building’s 41,500-square-foot 32nd floor to the law firm Grais & Ellsworth for seven years. Asking rent for the space was in the $50s per square foot.
Newmark Knight Frank brokers are being asked to contribute as much as ten percent of their commissions into stock in BGC Partners, the publically owned financial company that in recent weeks acquired the real estate services firm.
When Country-Wide Insurance Company chose to renew its lease in Lower Manhattan last month, the move was shepherded by a close ally.
The lengthy search, which steered the insurance behemoth to Brooklyn and other exotic locales before ending right where it started, was the culmination of a 20-year relationship with Mark Weiss, vice chairman of Read More
In late March, before a sort of fatalistic calm had settled on the real estate market – along with the tacit acknowledgement that low rents were here to stay, at least for a while—a joint venture called ZoCo Productions signed an 11,544-square-foot, two year, three-month sublease for prebuilt space at Tishman Speyer’s 30 Read More
The real estate gods look kindly on Mark Feinstein, partner at defense litigation firm Aaronson, Rappaport, Feinstein and Deutsch.
It was back in the early 1990s, in the days when the Manhattan office market had too much product and too few tenants (sound familiar?), that his firm signed a lease for 36,000 square feet at Read More
Do you feel burdened with an empty storefront? Are you convinced you’re the only landlord saddled with too much debt? Do you feel terrified that the bottom of this infernal market will never come? Are you anxious? Depressed? Lonely?
Call your broker.
The plunging market has turned commercial real estate brokers—those hard-nosed, pinstriped Read More