Lease of the Week
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,”
Since it started with a roll call of 27 members in 1896 with the goal of “facilitating transactions in real estate,” the Real Estate Board of New York has indisputably been the city’s most influential real estate organization, with its annual gala being to brokers what the Vanity Fair Oscar party is for Hollywood: If you’re there, it means you’re somebody.
Sure, some may lovingly write it off as a veritable men’s club (men are thought to outnumber women five to one), chide it as “The Liar’s Ball” (each year is a broker’s best year, no matter how wretched the marketplace) and speak ill of the food (nearly everyone avoids the chicken and filet mignon).
But the REBNY gala is as essential to a real estate person’s reputation and status as the buildings and bricks he works with. A dozen of the city’s most legendary players spoke to The Commercial Observer about the blurry nights and boom years that helped make the event what it is today.
Since joining Jones Lang LaSalle in 2002 as president of New York operations, Peter Riguardi has spearheaded a rapid expansion drive that has culminated in the hiring of no fewer than 100 new brokers over the past nine years. Mr. Riguardi, 50, spoke to The Commercial Observer last week about that ambitious hiring phase, the firm’s leasing assignment at 85 Broad Street and, for the first time, his plans to move the firm to 330 Madison Avenue.
The Fairchild, a 21-unit condo development at 55 Vestry Street, has ushered its fair share of boldface names through its north Tribeca doors—James Gandolfini is an investor, and, according to the New York Post, casual open-house hunters have included mega-couples such as Jessica Alba and husband Cash Warren and Brazilian bombshell Adriana Lima Read More
Painfully early Wednesday morning, on the 18th floor of the MetLife Building, CB Richard Ellis Global Brokerage Chairman Stephen Siegel, the patriarch of New York’s brokerage community, held forth on the future of New York commercial real estate.
“This city will bounce back faster than any city in the world,” said Mr. Siegel, who admitted he’s Read More
When’s the leasing market going to return, or has it returned already?
Mr. Siegel: The leasing market has shown strong indications in Midtown of returning to good health. It appears that people have determined that the rents have bottomed out and they want to take advantage of the bargains that are out there. June, Read More
Jack-of-all-real-estate trades Stephen Siegel — who, in addition to serving as an executive at CB Richard Ellis, is also a large apartment landlord, restaurant owner and even minor-league baseball investor — has created a trade group to foster international real estate investment between China and the United States, according to Read More
Calm down! That was the message CB Richard Ellis honchos impressed upon reporters at this morning’s end-of-third-quarter breakfast, at which the brokerage released a "Supply & Demand Special Report."
"Everybody’s knee-jerk reaction this month has been wrong," said Simon Wasserberger, senior vice president of CBRE’s New York tri-state region consulting group, referring to predictions that Read More
Location: We’ve got problems with the credit market. Some people are panicked and say we’re not going to see the same high prices in the commercial real estate market—what do you think?
Mr. Siegel: My opinion is that we’ll see these prices, and maybe we’ll see a little bit of a pause; but I Read More
Now that Stephen Siegel, the chairman and chief executive of Insignia/ESG, is preparing to move into the Park Avenue townhouse once sought by his boss, Andrew Farkas, he’s put his own place on the market for significantly less. An Insignia spokesman downplayed a New York Post report of a bidding war. “Stephen and Andrew were Read More