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Cushman COO heads to Colliers International
Date: 05/18/2012Cushman & Wakefield COO Joseph Harbert has jumped ship for Colliers International, the Seattle-based brokerage looking to raise its New York City profile, Crain’s reported. Harbert will lead Colliers’ expansion into new sectors such as retail and capital markets, and serve as president of the Eastern region. The veteran broker had also previously worked for CBRE, Crain’s said. “The company has great people and they want to grow the business,” Harbert told Crain’s. “We can differentiate ourselves [more]
Read the full articleRetail rents up in prime areas but down overall: REBNY report
Date: 05/18/2012Average asking rents in some New York City retail corridors have shot up by as much as 75 percent year-over-year, according to a market report released today by the Real Estate Board of New York. But overall asking rents for ground-floor retail space in Manhattan are down slightly from last year at this time. The retail hubs with the fastest growing rents are all on Fifth or Madison avenues, the report said. Fifth Avenue between [more]
Read the full articleTrevi pays $6.97M for Back Fence building as latest purchase in buying spree
Date: 05/18/2012Trevi Retail had purchased a four-story, mixed-use building at 155 Bleecker Street in Greenwich Village, Crain’s reported. The 7,200-square-foot building, home to three rental apartments and popular bar The Back Fence, had been on the market for $8.4 million. The seller was Avj Aurora LLC. Trevi has been on a buying spree since it launched seven months ago, purchasing 304 Bleecker Street for $5.8 million and 22 West 13th Street for $4.83 million. “Our focus is buying jewel [more]
Read the full articleJDS buys majority interest in Starwood project, plans residential tower
Date: 05/18/2012JDS Development Group, the company behind the recent conversion of the Ralph Walker-designed Verizon building on West 18th Street, has purchased a majority interest in a development site formerly owned by Starwood Capital at 105 West 57th Street for $40 million, the company told The Real Deal today. The firm is planning to break ground on a new 100,000-square-foot, mixed-use retail and luxury residential project in the spring or early summer, a spokesperson for JDS [more]
Read the full articleNew York condo sells for a record $90M
Date: 05/18/2012An unnamed buyer paid more than $90 million for a Midtown Manhattan penthouse, the highest price ever paid for a New York apartment, according to the building's developer.
Read the full articleToday’s priciest listing
Date: 05/18/2012Today’s priciest new listing is a Miami-Dade, five-bedroom, four-bathroom, 6,070-square-foot single-family home, asking $2.3 million, according to Condo Vultures. The house, which was built in 1998, is located at 6820 Southwest 115th Street and sits on a 43,864-square-foot lot. It features a working fireplace, office, his and her bathrooms in the master suite and a pool. Jacqui Morgan of Coldwell Banker has the listing. (Condo Vultures data includes condos and single-family listings in the main metropolitan [more]
Read the full articleMicro-cottages pop up in Lower Manhattan, 20-something sisters span globe buying expensive homes … and more
Date: 05/18/201247 East 3rd Street at center (credit: PropertyShark) Embattled former Sen. Pedro Espada's Soundview Health Clinic is set to shutter. The undisclosed buyer of the $90M-plus One57 penthouse unit is not Russian, developer says. Following controversy of "owner occupy" provision, owners make East 3rd Street mansion home. Sisters that own two $70M-plus homes are "the new first family" of ultra-expensive real estate. Lastly, Carolyn Benitez, former model and owner of the Union Square Coffee Shop, and music producer husband Jellybean Benitez list townhouse for $25M. Read these stories and more after the jump.
Read the full articleDumbo warehouse conversion awaits LPC approval
Date: 05/18/2012One block north of its recently sold out condominium conversion of the Fancy Basket Company warehouse in Dumbo, Alloy Development is planning a similar conversion of a circa-1900 stable and storage building at 185 Plymouth Street, Brownstoner reported. The plans must be approved by the Landmarks Preservation Commission in a meeting next Tuesday. The western Dumbo development comes in the midst of the area’s residential boom. Alloy intends to build nine or 10 large family [more]
Read the full articleProposed Miami Beach hotel site faces foreclosure
Date: 05/18/2012WSG Development’s proposed extension of Golden Sands Canyon Ranch hotel at 6901 Collins Avenue in Miami Beach is under threat of seizure after a Lehman Brothers affiliate filed a foreclosure lawsuit against the developer, according to the South Florida Business Journal. The original 1951 Golden sands hotel was foreclosed upon in 2009 and the adjacent site, which was bought in 2005 by WSG for $19 million, will most likely suffer the same fate. The property [more]
Read the full articleSentences handed down in Memorial Healthcare bribery case
Date: 05/18/2012Four people who were convicted of defrauding the Memorial Healthcare System in a bribery scheme were sentenced to prison by U.S. District Judge Kenneth Marra on Friday. Thomas Kennedy, of Davie, was sentenced to 42 months in prison. Richard Cohen, of Wellington, and Paul Chaiet, a CPA, were each sentenced to 18 months in prison. Thomas Pacchioli was sentenced to three years of probation and 180 days of home confinement. All must pay restitution for the $15 million scheme, in which vendors paid kickbacks...
Read the full articleSouthBank hit with regulatory enforcement action
Date: 05/18/2012Federal regulators hit Palm Beach Gardens-based SouthBank with an enforcement action that raises its capital requirements and criticizes its loan quality. The consent order from the Comptroller of the Currency issued on March 28 and made public on Friday replaces a 2010 cease and desist order from the bank’s former regulator, the Office of Thrift Supervision. Most importantly, it immediately raises the Tier 1 leverage capital ratio requirement for SouthBank to 9 percent, from 8 percent in the...
Read the full articleThe blossoming of Boerum Hill
Date: 05/18/2012Italian restaurant Rucola recently opened at 190 Dean Street.From the May issue: Developer Abby Hamlin knew she was taking a risk when she bought a block of Boerum Hill properties in 2004 in a joint venture with Francis Greenburger’s Time Equities. But Hamlin, a longtime Brooklyn resident and the founder of Hamlin Equities, felt confident in her plan to build 23 new construction townhouses there. “Boerum Hill was thought to be somewhat edgy at that
Read the full articlePool craze in Connecticut
Date: 05/18/2012In the mood to rent a summer home in Litchfield County, Conn.? If you’re looking for a home with a pool, the New York Times reported, then you may have to hurry — most of them are already spoken for. Agents in this region say this speaks to summer rentals with pools moving at a steady pace so far this season, but many homes without pools will not have tenants. The typical renter is a [more]
Read the full articleRecord-breaking $90 million penthouse sale in N.Y.
Date: 05/18/2012What real estate downturn? A two-level penthouse with sweeping views of Central Park just sold for more than $90 million — a record price for New York, according to the New York Times.
Read the full articleLow wages, housing values drawing companies to relocate to South Florida
Date: 05/18/2012The housing bust and the following recession hit South Florida particularly hard, but there is an upside to having an economy in the beginning stages of recovery — corporate relocation, the Miami Herald reported. South Florida is one of the cheapest areas of the country to do business, ranking sixth out of 35 in a recent survey from Boyd Company, a corporate-relocation firm in New Jersey. Because it has some of the nation’s lowest average [more]
Read the full articleRussian presence in NYC real estate market will only increase: VIDEO
Date: 05/18/2012Alex RovtWhile a Russian was not responsible for the record One57 penthouse purchase, don't expect the region's influence on the city's real estate market to wane. In a video on CNBC (watch it after the jump), Alex Rovt, who recently acquired the 1 million-square-foot office tower at 14 Wall Street for $303 million in cast, and Ukraine-born real estate attorney Edward Mermelstein explain the region's infatuation with New York City Property. [more]
Read the full articleMajority of brokers believe U.S. housing market is already recovering
Date: 05/18/2012Confidence in the U.S. housing industry has returned, and as The Real Deal previously reported, bottoming prices and record affordability are bringing buyers back to the market. Now brokers are feeling the positive effects. Four out of five brokers say that they believe the housing market has stabilized and 70 percent say that prices are on their way back up, according to a national survey of 1,022 RE/Max agents cited by Property Wire. “For active real estate [more]
Read the full articleStill searching for Takashimaya retailer, Thor launches another upgrade
Date: 05/18/2012In its ongoing effort to land a retail tenant for the former Takashimaya building on Fifth Avenue, Thor Equities is spending another $5 million to spruce up the six-floor space, Crain’s reported. The space has been on the market for 19 months, CoStar Group data shows. The upgrade intends to convert 2,000 square feet of lobby space into retail space and brings the total six-floor retail square footage to 44,500. When complete in September, a [more]
Read the full articleCelebrity Real Estate: Seacrest and Ellen deal
Date: 05/18/2012The big real estate news in celebrity circles? Ellen DeGeneres finally sold her home, selling it to fellow star Ryan Seacrest, and Jennifer Aniston and Justin Theroux are renting in Beverly Hills while their modern home is renovated.
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