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The Commercial Observer - May 11, 2010
The Commercial Observer - May 11, 2010
717 Fifth Avenue Durst, Zuckerman and Ross Sam Chandan Parses
80 Pine Street ❯❯ Vie for Stake in 1 World Trade ❯❯ Mayor’s New Budget
May 11, 2010 The Weekly Newspaper of New York’s Commercial Real Estate Industry $7.00
THE
212.594.2700 | slgreen.com
16 The Op-Ed
By Steven Spinola
Be vigilant, real estate! A lot
ahead as government at all lev-
els tinkers.
Jody and Douglas Durst,
No. 8 in the Power 100.
ON THE COVER: Photo-illustration by Joe Zeff Design.
FASTER
FORWARD
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Spring Thaw
Discretionary sellers return! Sales activity picks up;
further evidence: 1031 exchanges
Executive Summary underwater. These properties had much more latitude in dealing with of underlying collateral for suspect trillion of assets over an extended pe-
➤ Sales decline was caused by sup- mortgage-debt balances in excess of underwater CMBS loans. Bank regu- loans on behalf of lenders and spe- riod. This would normally exert up-
ply constraint as discretionary sellers their value. Based upon the average lators are allowing portfolio lenders cial servicers thus far in this cycle. ward pressure on rates.
withdrew. reduction in value, from the 2007 to hold loans on their balance sheets From September 2008 through Sep- Today, the 10-year has settled back
➤ They’re returning as advantageous peak, of 32 percent and the very at par even if they know the collater- tember 2009, we obtained just 12 down at 3.6 percent, as the turmoil
loan terms for distressed properties high total loan-to-value ratios that al for the loan is worth only 60 cents disposition assignments within this overseas in Portugal, Ireland, Italy,
burn off or mature. were obtainable in 2005 through on the dollar. And many transac- sector. Since then, we have been re- Greece and Spain has created a flight
➤ The volume of 1031 exchange pur- 2007, in both the sales and refi- tions that are fundamentally under- tained to sell 78 distressed assets. to safety, and the U.S. T-bill is at the
chases is increasing—another sign of nancing markets, Massey water are still hanging on These assignments have included top of that list. It will be interesting
sales volume rising. Knakal estimated that ap- by a thread due to advan- note sales, short sales and REO sales. to see if the recent announcement of
➤ Sales activity could increase by at proximately 15,000 prop- tageous mortgage terms. Clearly, this increase in distressed- an E.U. bailout abates some of this de-
least 40 percent this year. erties were in this nega- These include interest- asset flow is palpable. mand for quality and safety.
tive equity or distressed only periods during which The fundamentals within the mar-
T
position. This total repre- no amortization is added he reasons for this increased ket appear to be improving, as posi-
W
e in the investment-sales sec- sented about 9 percent of to the debt service pay- flow are numerous. Profits at tive absorption in residential and
tor are painfully aware of the the stock of 165,000 New ment; interest reserves banks have been enormous, commercial buildings have caused
anemic sales volume our mar- York City properties we upon which distressed as- as the Fed’s highly accommodative concessions to be reduced, and rents
ket experienced in 2009. The number track on an annual basis. sets can stay current even monetary policy is allowing for the have appeared to stabilize. These
of sales diminished from its peak by On these 15,000 dis- without sufficient current recapitalization of the banking in- improving fundamentals have cre-
74 percent, and the total dollar vol- tressed properties, there dustry. These profits have allowed ated incentive for some discretion-
ume of sales was off by 91 percent. By was approximately $165
Robert Knakal net income; and interest
rates floating over LIBOR, lenders to incrementally write ary sellers to add to the supply of
any measure, these figures represent- billion of mortgage debt, Columnist which opened the morn- down bad loans, making it less pain- available properties for sale. We are
ed record lows for at least 26 years we estimated. Based upon ing of May 10 at 34 basis ful to dispose of distressed assets. seeing the results of this discretion-
and, perhaps, longer. The perception current standards, with points. As we have been in the downswing ary selling reflected in the increase
held by many observers was that this today’s values and loan-to-value ra- For example, I analyzed a portfo- of the cycle for more than two years in 1031 exchange activity. Distressed
lack of volume was caused by either tios, a conservatively underwritten lio for a client of mine last week who now, we are seeing advantageous selling produces no 1031 activity,
a lack of demand or a very wide “bid- market would have only $65 billion paid about $100 million for a port- loan terms burning off, prompting as there is simply no equity to rein-
ask spread,” indicating that the level in debt on these properties. While folio a few years ago. The total debt action. Many foreclosure actions are vest. Discretionary selling produces
of expectation of buyers and sellers this may be reality, it is clear that is about $85 million and, today, the beginning to run their course, allow- residual equity, which produces ex-
was sufficiently far apart to bring a $100 billion will not come out of the properties are worth about $65 mil- ing lenders to offer deeds on their change transactions. This activity
halt to trading activity. market in the form of losses. lion. Even with a $20 million nega- distressed assets. Note sales are also had all but evaporated over the past
It has been my opinion, however, The reasons for this include the tive-equity position, the portfolio gaining in popularity, as lenders and couple of years, but has come roar-
that this lack of volume was caused facts that (1) some of these proper- is cash-flowing because the debt is special servicers are becoming in- ing back based upon the return of
more by supply constraint than a ties can still cash-flow at 110 percent creasingly frustrated with the cum- discretionary sellers to the market.
lack of demand or the oft-mentioned or 120 percent loan-to-value ratios; bersome foreclosure process in New The increases in the supply of
bid–ask spread. There were simply (2) some owners have alternative Today, the 10-year T-bill has York. This can take two, three or properties available for sale, from
not many properties for sale. Nor- sources of capital and, if they want settled back down at 3.6 per- even four years to complete. Lenders both distressed and discretionary
mally, the supply of available prop- to own the asset on a long-term ba- and special servicers that operate in sellers, have thus far been met step-
erties for sale is fed by discretion- sis, can feed a property that is in a cent, as the turmoil overseas states like Texas and Georgia, where for-step by the excessive demand
ary sellers. As value began to drop negative cash-flow position; and (3) in Portugal, Ireland, Italy, the foreclosure process can be com- present in the market. New York
in 2007, these discretionary sellers some lenders will modify loans to al- pleted in 30 to 90 days, can’t fathom families and high-net-worth inves-
withdrew from the market. When low the existing owners to hold on. Greece and Spain has cre- the length of the process here. When tors, both domestic and foreign,
this happens, distressed sellers usu- Because of these possibilities, we ated a flight to safety. they become aware of the significant have been joined by a resurgence of
ally swoop in to fill the void and add expect total losses to reach $30 bil- recoveries possible relative to col- institutional capital, creating tre-
supply to the market. This did not lion to $40 billion. About $15 billion lateral value, a note sale becomes an mendous demand. Now, 1031 buyers
happen in numbers anywhere near in losses have already been realized, floating at 150 over LIBOR. Consid- easy decision. have joined the party.
what most participants in the mar- so we should have $15 billion to $25 ering the mortgage rate is 1.84 per- While we are seeing a solid in- These dynamics bode well for the
ket were expecting. billion to go. cent, it is not difficult to see how pos- crease in the supply of distressed balance of 2010 and substantiates
Fortunately, today we are seeing So why haven’t we seen a more itive cash flow is obtained. Mortgage assets, we believe this flow could in- the projection we made at the end
a loosening in the supply of prop- significant flow of these distressed maturity becomes a critical factor in crease substantially if interest rates of last year, that sales activity would
erties for sale, as distressed assets assets in the market? The answer: the fate of these properties. At ma- rise. Many economists argue that increase by at least 40 percent this
are beginning to flow in a tangible Everything that has happened from turity, no lender will extend and pre- the Fed’s exit from the marketplace year. This would be a welcome oc-
way, and discretionary sellers are a regulatory perspective has al- tend at such a low interest rate. would increase rates. When the Fed currence for those of us who lived
returning to the market. In order lowed lenders and special servicers As these advantageous loan terms ceased its asset-buying program, through 2009 and rely on transaction
to understand why this dynamic is (who are the primary holders of dis- burn off or these loans mature, it which created $1.25 trillion of mort- volume for our livelihood.
occurring, we should take a look at tressed assets) to avoid having to will trigger steps likely to bring dis- gage-backed securities and treasury rknakal@masseyknakal.com
what caused the supply constraint. deal with their problem properties. tressed assets to market. We are al- sales, we saw the 10-year T-bill rise
Changes to FASB’s mark-to-market ready seeing this occur in a substan- from about 3.5 percent to more than Robert Knakal is the chairman and
T
here was never a doubt in any- accounting rules are one of the is- tial way. 4 percent. About two weeks ago, the founding partner of Massey Knakal
one’s mind that New York City sues; another is significant modifica- Consider that Massey Knakal’s Fed announced that a second meth- Realty Services and has brokered the
was chock-full of investment tions to REMIC guidelines that pro- Special Assets Group has completed od of exit would begin soon, as it em- sale of more than 1,050 properties in
properties that were fundamentally vide servicers and special servicers the valuation of nearly 1,200 pieces barks on a program to sell nearly $1 his career.
T
he dramatic and often trag- nances to date. In 2008, the city had
ic events unfolding in Greece a cumulative surplus of $8 billion,
have highlighted that the cur- built up during six years when city
rent debt crisis is not isolated to the operations were in the black.
world’s private borrowers. Although not meeting
In Europe and in the United the requests of every con-
States, governments at all stituency, the mayor has
levels are having to grap- been a very able steward of
ple with the consequences our public purse when few
of long-standing fiscal mis- others can say the same.
management just as house- And he has remained pru-
holds and commercial real dent through the down-
estate investors are ad- turn: Total city expenses
justing their own balance for the current year are
sheets. projected to be $523 mil-
While recent weeks’ at- Sam Chandan lion lower than forecast in
tention has been focused Columnist January. The city is in im-
on Europe and the poten- measurably better health
tial for the Olive Belt’s cri- than during the fiscal crisis
sis to spill over into global financial of 1975 and the creation of the Mu-
markets, our own fiscal challeng- nicipal Finance Assistance Corpora-
es have been coming to a head on a tion (MAC).
smaller scale here at home. In the
T
shadows of Greek protests and the o ensure that the city can ulti-
stock market roller-coaster ride, the mately return to fiscal balance,
budgetary hurdles still facing New the mayor has had to embrace
York City were made apparent last politically unpalatable reductions Michael Bloomberg.
week, when the mayor kicked off the in services, including the aforemen-
next fiscal year’s budget debate. tioned pruning of the teaching ranks.
Our city faces a deficit for the up- And while cuts to libraries, seniors
coming fiscal year, and our elected centers and fire companies have erable cities: “Stagnant or declin- The New York Fed’s Andrew stances.
officials must determine how to close served to contain the city’s shortfall, ing private economies create unique Haughwout, along with Professor And so in their analysis of the re-
the gap. And so the mayor’s $62.9 they have not been matched with pressures on local public officials: Inman and other colleagues, de- lationship between taxes and rev-
billion fiscal year 2011 budget pro- corresponding tax increases. hard-pressed taxpayers, concerned scribes the need for forethought in enues in New York City, Philadel-
posal, unveiled May 6, includes myr- Given the current political cli- investors, worried public employ- considering tax increases for high phia, Houston and Minneapolis, Mr.
iad cuts to city services and higher mate, the absence of targeted tax in- ees, and needy residents each make income earners, pointing out that “… Haughwout and his colleagues con-
fees for a host of public services. creases for high-income earners and their claim to a share of the shrink- elected state and city officials must clude that “tax increases unmatched
The city’s teaching rolls may lose as profitable financial-services firms ing real resource base.” by tax-financed, compensating ser-
many as 6,400 educators through a has prompted suggestions of bias. But the mayor is right to avoid vice benefits for taxpayers—wheth-
combination of attrition and layoffs. On Friday, The Wall Street Journal seeking an increase in taxes on the At least at the local level, tak- er property owners, consumers,
In sum total, the budget proposal re- quoted City Councilman Brad Land- city’s highest income earners. While or firms—will drive those taxpay-
duces city expenditures by just over er as saying that “the mayor is ask- it may seem intuitive that our most ing from Peter to give to Paul ers from the city. Property values
$600 million, or 1 percent of current ing children, seniors and families well-heeled citizens should contrib- may leave us all wanting. fall, business sales decline and the
spending. to do all the sacrificing. … The only ute even more to the public purse, city’s job base shrinks. To protect
As the mayor’s office has been people the mayor is not asking to economics and history show us that city economies, a dollar of taxes paid
quick to point out, the city’s pre- share in the sacrifice are the Wall following this intuition will under- must be matched by a compensating
dicament follows in part from even Street banks and hedge funds that mine the city and its tax base. Even recognize the reality of city revenue dollar of public services received.”
deeper cuts in Albany. Grappling cause[d] the economic mess to be- when imperfectly mobile, house- constraints. A city’s revenue capac- At least at the local level, taking
with a gaping $9 billion budget gin with—he’s taking great pains to holds and firms respond to increases ity is limited by the mobility of its from Peter to give to Paul may leave
shortfall, the governor has proposed defend them.” in local taxes by locating to other ju- residents and firms.” us all wanting.
a $1.3 billion reduction in state sup- Mr. Lander’s viewpoint is not risdictions. Redistributive taxes can- In New York City, the mobility schandan@rcanalytics.com
port for the city. The state’s new fis- unique to this cycle. In his trea- not be implemented at the local lev- of wealthy households is very high
cal year began on April 1, but dis- tise on local public finance, “How el without some loss of the tax base. given a plethora of options—from Sam Chandan, Ph.D., is global chief
agreements in the state capital have to Have a Fiscal Crisis,” eminent Mayor Bloomberg describes this Westchester to Connecticut to New economist and executive vice presi-
precluded passage of a budget in the Wharton finance professor Robert readily observable economic phe- Jersey—where the tax-for-service dent of Real Capital Analytics and
Legislature. The state has been op- Inman described a recurring theme nomenon in clear terms: “At some trade-off may be more favorable giv- an adjunct professor of real estate at
erating under emergency spending in the life of our nation’s most ven- point, you drive them out.” en any family’s particular circum- Wharton.
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the commercial observer | observer.com May 11, 2010 15
the op-ed page
How Government Could
Muck Up the Recovery
Industry must watch actions in D.C.,
Albany and downtown
Executive Summary is essential that our industry continues to be
➤ There are signs of recovery in the New York vigilant—in Washington, in Albany and in
real estate market. City Hall—on legislative matters to promote
➤ But there are still signs of strug- a business climate that encourages
gle, including higher vacancies and new investment and economic ac-
a dearth in financing. tivity.
➤ Government actions on FIRPTA, New York City’s unemployment
421a and wages could hinder or rate declined in March to 10 percent
help nascent recovery. from 10.2 percent, and job losses ap-
pear to have abated. Further, our job
N
ew York City’s real estate losses (169,000, according to New
market has shown signs of York City’s Office of Management
recovery from the global and Budget) were significantly low-
economic crisis that rocked our er than the 250,000 projected last
city and industry at the end of year, resulting in a less significant
2008. However, our return to the impact on our local economy.
prosperity of a few years ago fac- According to the New York City
es serious challenges, as the failed Steven Spinola Independent Budget Office (IBO),
bombing in Times Square and the Guest these fewer job losses are partly the
Dow’s nearly 1,000-point plunge result of structural changes in the
last week should remind us. Columnist composition of our local employ-
Government actions in our ment. Health and education com-
control, from tax policy to business regula- prise a larger share of our city’s employment
tions, could propel or derail our recovery. It and appear comparatively recession-proof.
tweet week
By Roland Li REBNY (@rebny)
looks at housing per-
I
t’s all about the numbers this week: world- mits.
wide office rents, listings, housing permits
and employment.
Manhattan’s 326 new housing permits
CB Richard Ellis (@cbrenyc) ranks the issued in March is the borough’s highest
world’s office properties. monthly total in the past 9 months.
11:30 AM May 7th via HootSuite
Office Rents survey: Midtown Manhattan is
North America’s most expensive office market; Only 1,005 new housing permits were issued
ranks 26th worldwide http://bit.ly/aPsnCf in 1Q10, it seems unlikely that new housing per-
7:22 AM May 5th via TweetDeck mits will match last year’s annual total of 5,953.
8:30 AM May 7th via HootSuite
Also, the Federal Reserve’s financial- retail market. In March, national re- fice-building sales have been virtual- legislative matters to sustain eco- whose funding has been contingent
stabilization package has lessened tail sales were up 7.6 percent over ly nonexistent for the most part since nomic growth. on the receipt of the credits. We also
the recession’s impact on New York. last year and up 1.6 percent month 2008, and financing has been largely In Washington, we have called for need Albany to extend the 421a par-
Modest job growth is returning on month. New York City retail em- unavailable for these transactions, amendments to the Foreign Invest- tial tax exemption program for new
to our city. Employment figures for ployment in March was up 1.4 per- which have in the past generated ment in Real Property Tax Act (FIRP- residential construction. We are rec-
March indicate a growth of 28,000 cent year on year. Similarly, April’s significant transaction tax revenue. TA), which imposes a gains tax on ommending modest amendments to
jobs (not seasonally adjusted), the consumer confidence index was at In 2009, New York City transaction non-U.S. buyers of real estate. Elimi- provide a catalyst for developments
second month in a row of growth. its highest since September 2008. (transfer and mortgage recording) nating the gains tax on such transac- stalled since 2008; to induce the con-
The positive change in employment As a result, REBNY’s Spring Re- tax revenue was $1.25 billion, down tions would provide more liquidity version of obsolete office buildings
will slowly trickle through our local tail Report notes that average ask- in the market. The proposal to tax to residential use; and to offer build-
economy. An important indicator of ing rents have started to increase in the profits distributed to the entity ing owners a reduction in taxes for
an improving office market has been most of the retail corridors we sur- Our economy and the real that arranges funding and manages keeping low-income units in 80/20
the steady decline of available sub- veyed. Likewise, homes sales in New estate market are still frag- a real estate project, usually the gen- projects permanently affordable.
let space. This has helped stabilize York City in the first quarter of 2010 eral partner, at the ordinary income At City Hall, the City Council in-
the vacancy rate (13.5 percent) and are up 52 percent over the past year, ile. Many parts of our econ- tax rate, not at the capital-gains rate, troduced a bill that would mandate
the average asking rent ($50.41) in signaling that economic activity is omy are still suffering from would impose higher taxes on this the payment of a prevailing wage to
Manhattan. We have begun to see returning. crucial real-estate–related activity. building workers if a developer re-
some owners increase asking rents devastating impacts of the This proposed change in the “car- ceives any tax benefit from the city.
O
for high-end space. However, we will ur economy and the real estate national recession. We are ried interest tax” would weaken our This bill would seriously undermine
need sustained employment growth market are still fragile. Many recovery. the value of the tax exemption that is
for more significant office leasing parts of our economy are still not expected to return to the In Albany, as part of the budget critical to new development and ma-
and rent increases to occur. New suffering from the devastating im- employment levels of 2008 negotiations, the governor has pro- jor renovation projects.
York’s office market remains the pacts of the national recession. We posed legislation that would de- As the real estate market slowly
strongest in the nation, according to are not expected to return to the em- for another three years. fer 50 percent of certain tax credits improves, it will continue to need the
the mayor’s executive budget docu- ployment levels of 2008 for anoth- that would be used or refunded over help of government to lower taxes,
ments released last week. er three years. The budget deficits the next three years. This deferral remove restrictions for investment
As tourists continue to flock to at the national, state and local level $2 billion (62 percent) from 2007. would apply to almost all tax cred- and provide the needed stimulus for
our city, hotel occupancy levels re- and the prospect of higher taxes are To avoid losing the momentum its, including brownfields, rehabili- the economic activity that does so
main high, and leisure and hospi- casting a cloud over our recovery. we are generating, we need to make tation of historic properties, green much to fund the services that are
tality employment continue to rise. Office rents are down 25 percent sure that government proposals to buildings and low-income housing. crucial to our city’s future.
These visitors and an improving from the peak, and vacancy rates are address budget deficits do not de- This deferral is effectively a tax in-
economy have contributed to the nearly twice as high today from the press our nascent recovery. REBNY crease and could jeopardize the de- Steven Spinola is the president of the
improvement we are seeing in the peak of the market, in 2008. Large of- has been engaged in a wide range of velopment of numerous projects Real Estate Board of New York.
10
N
CE
Orianne Collins
Picks 655 Madison for
First U.S. Store
655 Madison Avenue retail debut,” said Dan Harroch, direc-
The Swiss jewelry designer—and, for tor of PBS Real Estate, which represent-
those who care, Phil Collins’ ex—Ori- ed the tenant. “As designers look to real
anne Collins will open her first U.S. re- estate as a means to build brand image,
tail store at 655 Madison Avenue. Ms. neighboring retailers such as Barneys,
Collins’ company has signed a long-term Baccarat, Hermés and the Pierre Hotel
lease for 3,400 square feet, including make this an excellent opportunity to
two levels of retail space that will house market to the savvy luxury consumer.”
the “O.C. Concept Store.” The building is owned by a partner-
The store is slated to open in the fall, ship of the principals of the old First-
across the street from Barneys New Service Williams, according to the Post’s
York. Steve Cuozzo, who had news of a lease
“We were pleased to help secure the last month.
perfect location for Orianne Collins’ U.S.
Scoop! Häagen-
Office Furnisher Gets New Office;
Dazs Comes to
Takes Two Floors
N.Y.U.-Ville With
at 1140 Sixth
Two-Floor Spot
1140 Sixth Avenue
OfficeLinks, deliverer of furnished offic- 55 East Eighth Street
es and meeting rooms, took 24,000 square Washington Square Park is about to get
feet at Stellar Management and Rockpoint sweeter. Häagen-Dazs will occupy 1,824
Group’s 1140 Sixth Avenue, its fourth Man- square feet, split between the ground floor
hattan location. The lease is for the 9th and and the lower
10th floors in the 22-story building, and is the level, on 55
company’s second midtown location. East Eighth Street. The building, along a retail strip between
Steven Strati and Phil Amarante of Cush- University Place and Broadway, already has a Chipotle and a
man & Wakefield represented the tenant. Cosi inside.
“OfficeLinks has been very strategic and The ice cream chain will open during the summer, and faces
selective on a location and property-specific competition from the nearby Coldstone Brewery on Broadway,
basis,” said Mr. Amarante, who described the as well as from Ben & Jerry’s on Third Avenue.
deal as adding “another premier property to Beth Rosen and Ross Berkowitz of Robert K. Futterman
the firm’s portfolio, boasting quality office & Associates, with Jennifer Watson and Phil Baugh of Baum
space in the heart of midtown with direct ac- Realty, represented the tenant. Bruce Spiegel and William
cess to all mass transit, restaurants and pub- Bergman of Rose Associates represented the landlord, Uni-
lic amenities like Bryant Park.” way Partners.
Deutsche Asset Management, signed the first lease foot commercial ground space at 30 Orchard
at the newly renovated 681 Fifth Avenue. The firm Street, a new condo building on the Lower
will occupy 5,835 square feet, the entire 12th floor East Side. The space will feature 20-foot ceil-
of the 18-story property owned by Metropole Re- ings, skylights and bare walls to display art-
alty Advisors. Tommy Hilfiger occupies the bot- work. The rent is $76 per square foot.
tom six stories of the building. Tony Gaskin and Lesley Steiner of Cen-
Mitchell Konsker, Matthew Astrachan, Robert tury 21 NY Metro represented the tenant.
Gallucci and Scott Silverstein of Cushman & Wake- Joshua John of 8x8 Construction repre-
field represented the landlord. Michael Movshovich sented the landlord.
of CB Richard Ellis represented the tenant.
Elliott Associates signed a 15-year lease, according to Crain’s. Newmark Knight Frank’s Chris Mongeluzo represented
40 West 57th Street 44,034 Elliott Associates SL Green the tenant. Landlord the LeFrak Organization was repped by Howard Fiddle and Zachary Freeman of CB Richard Ellis.
Parsons Transpor- Parsons Transportation Group signed a 10-year lease. John Maher and Gerry Miovski of CB Richard Ellis represented
100 Broadway 48,213 tation Group Hiro Real Estate the tenant. Patrick Dugan, Edward Goldman, Scott Gottlieb, and Scott Sloves, also of CB Richard Ellis, repped landlord
Hiro Real Estate.
LivePerson, Inc. signed a 10-year lease. The asking rent was $35 a square foot. Michael Kaufman and Grant Greenspan
475 10th Avenue 18,500 LivePerson, Inc. n/a of the Kaufman Organization represented the tenant; Kristin Fisher of the Adler Group represented the landlord.
KBL Group Interna- 1407 Broadway KBL Group International Limited signed a six-year lease, according to Crain’s. Savitt Partners’ Marc Schoen represent-
1407 Broadway 18,000 tional Limited Real Estate LLC ed the tenant. Landlord 1407 Broadway Real Estate LLC was repped by the Kaufman Organization’s Grant Greenspan
and Sommer Scafidi.
Bluewolf Inc. signed a 12-year lease, according to Crain’s. Adams & Co’s James Buslik and Jeffrey Schwartz represent-
11 East 26th Street 12,000 Bluewolf Inc. n/a ed both the landlord and the tenant.
U.S. Bank National U.S. Bank National Association signed a seven-month lease for the entire 16th floor. Michael Burlant of Cushman &
461 Fifth Avenue 7,134 Association SL Green Wakefield represented the tenant.
SK Telecom signed a five-year lease. The tenant was represented by Matt Leon of Newmark Knight Frank. Cynthia Was-
540 Madison Avenue 6,950 SK Telecom Boston Properties serberger, Randy Abend and Amanda Saltzman of Jones Lang LaSalle represented building owner Boston Properties.
540 Madison Avenue 6,950 Molo Lamken LLP Boston Properties Molo Lamken LLP signed a five-year lease. The tenant was represented by Jarod Stern of Studley. Cynthia Wasserberg-
er, Randy Abend and Amanda Saltzman of Jones Lang LaSalle represented building owner Boston Properties.
655 Madison Avenue 6,800 Kayne Anderson Plaza Madison As- Kayne Anderson Capital Advisors signed a 10-year lease. David Rosenbloom of Cushman & Wakefield represented the
Capital Advisors sociates tenant; landlord Plaza Madison Associates was repped by Colliers International.
885 Second Avenue 6,150 World Health Orga- Ruben Cos. The World Health Organization signed a 10-year lease. Cassidy Turley represented the tenant. Landlord the Ruben Cos.
nization was represented in-house.
Global Thematic Metropole Realty Global Thematic Partners, an investment management firm, signed a lease for the entire 12th floor. The tenant was
681 Fifth Avenue 5,835 Partners Advisors represented by Michael Movshovich of CB Richard Ellis. Cushman & Wakefield’s Mitchell Konsker, Matthew Astrachan,
Robert Gallucci and Scott Silverstein repped the owner.
Bloomsburg Carpet Twenty Three R.P. Bloomsburg Carpet Industries Inc. signed a five-year lease. The asking rent was $30 a square foot. James Buslik and
49 West 23rd Street 5,594 Industries Inc. Associates Alan Bonett of Adams & Co represented both the tenant and the landlord.
The New York Eye The New York Eye and Ear Infirmary signed a 15-year lease, according to Crain’s. Ripco Real Estate Corp’s Brad Cohen
75 Worth Street 5,500 and Ear Infirmary Jodi Richard represented the tenant; the landlord was repped by Sinvin Realty’s Michelle Stone.
Christopher Spitz- Abraham + Martin Christopher Spitzmiller Inc. signed a 10-year lease.
248 West 35th Street 4,500 miller Inc. Midtown Manage-
ment
231 West 39th Street 4,000 Cullen, Inc. 231/249 West 39 Cullen, Inc. signed a seven-year lease. The asking rent was $35 a square foot. James Buslik and Jeffrey Buslik of Ad-
Street Associates ams & Co represented both the tenant and the landlord.
Edelman Financial Edelman Financial Services LLC signed a five-year lease for 3,200 square feet. The tenant was represented by John
540 Madison Avenue 3,200 Services LLC Boston Properties Termini with CB Richard Ellis. Cynthia Wasserberger, Randy Abend and Amanda Saltzman of Jones Lang LaSalle repre-
sented the landlord.
10 West 33rd Street 3,016 Hosiery Network, Ten West Thirty Hosiery Network, Inc. signed a 10-year lease. The asking rent was $36 a square foot. David Levy of Adams & Co. repre-
Inc. Third Associates sented both the tenant and the landlord.
750 Lexington Avenue 3,000 Bryan, Garnier & Cohen Brothers Bryan, Garnier & Co. signed a four-year lease, according to Crain’s. Prudential Douglas Elliman’s Amy Murawski repre-
Co. Realty Corp. sented the tenant. Landlord Cohen Brothers Realty Corp. was repped by Adam Karafiol in-house.
Eisenman Associ- Eisenman Associates signed a lease on the 22nd floor. Michael Rouzenrouch of Myriad Realty represented the tenant;
401 Broadway 2,349 ates n/a ABS Partners repped the landlord.
The Confidas 680 Fifth Avenue The Confidas Group USA signed a 10-year lease. Byrnam Wood’s Benjamin Mohr and Gordon Ogden represented the
680 Fifth Avenue 2,300 Group USA Associates tenant. The landlord was repped by Brian Gell and Brian Hay of CB Richard Ellis.
Software firm Lattice Engines signed a three-year lease. David Gomez of GlenMark Realty represented both the land-
291 Broadway 2,100 Lattice Engines n/a lord and the tenant.
The Kaufman Or- MARV Capital signed a three-year lease on the sixth floor. Brendan Mahoney of CSCommercial Group represented the
450 Seventh Avenue 1,600 MARV Capital ganization tenant. Landlord the Kaufman Organization was repped in-house by Barbara Raskob.
Charmed Acces- Ten West Thirty Charmed Accessories signed a six-year lease. The asking rent was $36 a square foot. David Levy of Adams & Co. repre-
10 West 33rd Street 1,334 sories Third Associates sented both the tenant and the landlord.
Photographer Barbara Probst signed a lease on the 11th floor. Adams & Co. represented the tenant. ABS Partners
401 Broadway 782 Barbara Probst n/a repped the landlord.
85 Wythe Street (Brook- Colossal Media Colossal Media Group, a hand-paint advertising company, signed a seven-year lease. Jacques Wadler and Vincent Lo-
lyn) 7,500 Group Wythe, LLC pez of Kalmon Dolgin Affiliates represented both the owner and the tenant.
55 Washington Street The International Two Trees Man- Jennifer Rhodes of Ideal Properties Group represented the tenant. Landlord Two Trees Management was repped in-
(Brooklyn) 1,258 Legal Foundation agement house by Natalie Ungari.
Ltd.
55 Washington Street Two Trees Man- Quint & Quint, a direct marketing design studio, signed a three-year lease. Caroline Pardo repped landlord Two Trees
(Brooklyn) 1,093 Quint & Quint agement Management in-house.
Rubber Band International LLC, a real estate management and development company, signed a lease. Chris Havens of
55 Washington Street 1,072 Rubber Band Inter- Two Trees Man- Creative Real Estate Group represented the tenant. Landlord Two Trees Management was repped in-house by Caroline
(Brooklyn) national LLC agement Pardo.
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the commercial observer | observer.com May 11, 2010 23
lease Beat by emily geminder
MANHATTAN — RETAIL
Sq. Feet Tenant Landlord Brokers
Marcus Samuels- Home Court Man- Marcus Samuelsson signed a 15-year lease for a new restaurant, according to Crain’s. Ripco Real Estate Corp.’s Brad
310 Lenox Avenue 7,300 son agement Cohen represented the tenant. Landlord Home Court Management was repped by SL Green’s Gary Rosen.
Food World signed a 15-year lease, according to Crain’s. Prudential Douglas Elliman’s Gary Dana and Rick Dana repre-
939 Eighth Avenue 5,000 Food World Harry Eisenstein sented both the tenant and the landlord.
Nesso Manage-
49 West 24th Street 4,200 ment n/a Nesso Management signed a 15-year lease. Olga Ousmanova of CSCommercial Group represented the tenant.
The asking rent was $76 a square foot. Tony Gaskin and Lesley Steiner of Century 21 NY Metro represented the tenant.
30 Orchard Street 2,175 Rental Art Gallery 30 Orchard LLC The landlord was repped by Joshua John of 8x8 Construction.
11 West Commer- Uni.K.Wax signed a 10-year lease. Josh Gunsberger of JG Realty Associates represented the tenant. Landlord 11 West
13 West 18th Street 2,000 Uni.K.Wax cial Corp. Commercial Corp. was repped by Sinvin Realty.
66 Madison Av-
66 Madison Avenue 1,800 Pallatte enue Apartment New eatery Pallatte signed a 15-year lease. Sinvin Realty represented both the landlord and the tenant.
Corp.
Friedland Proper-
189 East 79th Street 1,500 MaxWax East LLC ties MaxWax East LLC signed a lease. Ripco Real Estate represented the tenant.
264 Bleecker Street 1,300 Binn On Bleecker n/a Binn On Bleecker LLC signed a 15-year lease. Steve Rappaport of Sinvin Realty represented both the landlord and the
LLC tenant.
1035 Third Avenue n/a Jimmy’s Custom n/a Jimmy’s Custom Framing Gallery signed a lease. Faith Hope Consolo and Joseph A. Aquino of Prudential Douglas Elli-
Framing Gallery man represented both the landlord and the tenant.
Amazing Savings signed a 10-year lease, according to Crain’s. William P. O’Brien and Karen Cohen of M.C. O’Brien Inc.
1605 Avenue M (Brooklyn) 17,400 Amazing Savings n/a represented both the landlord and the tenant.
1305 Kings Highway 3,500 BBS Beauty Sys- 1305 Properties BBS Beauty Systems Inc. signed a lease. M.C. O’Brien represented both the tenant and the landlord.
(Brooklyn) tems Inc. LLC
T Power 100 Photographers: michael nagle; shravan vidyarthi; getty images; green pearl; james Hamilton;blackstone group;
wo years ago, in the months before the fall of Lehman Broth- nette Sadik-Khan (No. 95).
ers, when New York’s economic lily was still contentedly As usual, the list remains arctic white and terminally male. (How does this keep hap-
Joe Fornabaio; Steve Friedman; shana wittenwyler; masnyc; ryan Meehan; Willie Davis; nyhtc; stephanie sauer
gilded, crafting a list of real estate’s biggest machers was pening in the world’s most diverse city? Even the suites of Wall Street—and of the White
pretty easy: Moguls X, Y and Z had done deals A, B and C, and House—claim more diversity.) There are 12 women—the most ever—with CBRE tristate
the business of real estate ticked along. chief and REBNY chair Mary Ann Tighe the highest ranked at No. 7, and the chair of City
Then came the bust, and the list was notable more for who Planning, Amanda Burden, in a distant second at No. 34. Nonwhites? Governor Paterson
had fallen off than for who had stayed on. Last year’s tally (No. 55), who, dear reader, will likely not make it next year, and Korean-American devel-
was demarcated by government—President Obama was No. oper Young Woo (No. 94)—and that’s just about it.
1—and by those adapting to survive. The phrase “money on Brokers, the middlemen (and, on occasion, middlewomen) of the city’s deals, are less
the sidelines” made numerous appearances. represented than landlords and investors—there has just been less work to go around.
This year, the list, like the industry it chronicles, is very much in motion. Pinning Brokerages themselves are amply represented, in the form of their chief executives or
down who is up, if anybody, and who is down the most changes by the day. This repre- chairs. These include residential ones like Pam Liebman (No. 66) of the Corcoran Group;
sents our take on the most powerful people in New York real estate right now. Howard Lorber and Dottie Herman (No. 63) of Prudential Douglas Elliman; and an en-
And yet about three-fourths of the people here are returnees, which says something gorging number on the commercial side, including the boys from Newmark Knight
about the closed club that is New York real estate. Old money is heavily represented, Frank (No. 26), Peter Riguardi from Jones Lang LaSalle (No. 27) and Mitchell Steir and
able as it has been to weather the recession—even when it has botched deals epically, Michael Colacino from Studley (No. 28).
such as Jerry and Rob Speyer (No. 11) with Stuy Town. The Speyers join old money like Institutionally, the same names showed up as in previous years, such as Lee Bollinger
Douglas and Jody Durst (No. 8); Richard LeFrak (No. 10); Peter and Anthony Malkin (No. (No. 90) of Columbia; John Sexton (No. 78) of N.Y.U.; Timothy Dolan (No. 76) of the Ro-
18); Howard and Edward Milstein (No. 38); and Bill Rudin (No. 24). man Catholic Archdiocese; and James Cooper (No. 79), the Episcopalian rector of Hud-
There are new people. Carlos Slim—according to some, the world’s richest person— son Square–controlling Trinity Church.
clocks an appearance (No. 13), having just made a sudden splash in the biz. Another for- The No. 1 spot, supplanting the president, belongs to Stephen Ross, chairman of Re-
eigner with billions to immolate: Mihkail Prokorov (No. 43), erstwhile Nets owner and lated Companies. His firm seems to be everywhere about New York, particularly on the
would-be Nets arena developer. And, speaking of Stuy Town and the Speyers, Charles far West Side. There are train tracks there now, slightly below ground level, in an area
Spetka (No. 32) chairs the distress-hungry firm overseeing that most historic of foreclo- to be avoided after dark—or in broadest daylight. But Mr. Ross envisions 13 towers on
sures. Also, welcome media enthusiast Sam Zell (No. 19), reluctant heir Stefan Solow (No. two platforms producing 5,000 apartments and 6 million square feet of office and retail
56), M.T.A. chairman Jay Walder (No. 64) and Israeli magnate Nochi Dankner (No. 88). space—a city within a city, 50 percent bigger than Rockefeller Center.
While Mr. Obama did not make the list this year, government is represented fairly That’s some change right there. Vision, too.
strongly, with perennial flower Michael Bloomberg hitting the top 10 again. Looming A final few notes on the list. There are 138 names amid the 100 slots. Of those, more
six spots behind him is probably the soon-to-be most influential public figure in New than 25 percent are new; the rest are returnees. If someone made the list last year, that
York State: Andrew Cuomo (No. 15). Other apparatchiks and pols include Deputy Mayor ranking is next to their entry in parentheses. The list was chosen by The Observer, and is
Robert Lieber and Economic Development Corp. president Seth Pinsky (together at No. subjective. Feedback can be given in the comments section of Observer.com.
73); Parks Commissioner Adrian Benepe (No. 87); and Transportation Commissioner Ja- Discuss.
effectiveness and attractiveness of these strategies. We have working, full in carpets, and low off-gassing paints, adhesives, and wall coverings. ESB
The Empire State Building and partial floor installations in the building occupied by large credit tenants
available for review for new tenants and their service providers.
operations are healthier, the ESB work environment is healthier, the ESB
impact on the environment is healthier.
Takes Leadership Role In Energy Remember that utility costs represent the third largest component
of tenant expenses (after salaries and rent). At ESB, we offer tenants proven
To what extent can ESB’s emphasis on sustainability actually help a
tenant reduce its costs and improve its work environment? In our next
and Cost Savings for Tenants pathways to reduce current costs and exposure to escalating costs over
the lease term. There is no other Pre-War Trophy building ... nor Post-War
building ... that can match our on-site energy
publication, we will outline in detail the experiences of one tenant, Skanska
USA, who reduced their energy consumption by 57 percent from their prior
office during its first year of occupancy at the
efficiency team and web-based, real-time building. (Note: The reduction represents a
What Brokers Need to Know Tenant Energy Management System with comparison which takes into account changes
instant feedback to measure, control, and in size and employee density.)
How ESB Helps Tenants make actionable recommendations for
Consider the advantages: New, modern
improving tenant efficiency. And these
On April 5, 2009, President Bill Clinton, New York Mayor Michael Bloomberg, and W&H Properties’ Empire State Building (ESB) base building systems and a groundbreaking
features are not limited to big tenants ... ESB
energy retrofit program that is setting a new
unveiled a new model for economically viable, replicable energy retrofits in the existing built environment to reduce now sub-meters electric in all new suites of
world-wide standard for efficiency; advanced
materially energy consumption, operating costs, and carbon footprint. In this, our second of four publications, we would like more than 2,500 square feet of electricity use.
tools and support from the nation’s leading
to explain the impact of this work on our tenants and the brokers who serve them.
Energy efficiency, however, is only experts for controlling tenant electricity con-
one of ESB’s environmental advantages. sumption and office climate; unparalleled access
Look back a decade ago ... had anyone ever heard of the corporate Everyone needs to see ESB, not just for the visible results of our The building’s new state-of-the-art building to natural light; a full suite of “green” applications
position, “Chief Sustainability Officer” ... very few companies were even ongoing $550 million top-to-bottom upgrading ... our fully restored lobby management system and HVAC infrastructure to reduce exposure to toxins and allergens – all
focused on subjects like energy efficiency and carbon footprint reduction. with new office-only areas on 34th and 33rd Streets, new elevators, common- – including the largest wireless BMS (Build of it at a Pre-War Trophy price, typically half the
Today, these subjects have become commonplace. The larger and more area hallways, bathrooms, and more ... our unsurpassed array of tools and Management System) network in the world price of modern buildings offering less than
successful the company, the more focus there is on reducing exposure to resources to assist tenants with achieving their corporate sustainability to manage climate control – provide fresh, half of our competitive, productivity-enhancing,
energy costs and incorporating sustainability practices in everyday business objectives. Signing a lease at ESB provides tenants improved energy clean air throughout every floor, with four cost-containing advantages.
activities and long-term planning. efficiency to reduce overall operating expenses and provide a healthier, individual air handling units per floor to
more productive work environment for their employees as well ... all at Try some of these thoughts out on
Business leaders realize they have the ability to improve bottom lines enhance temperature control for tenants.
unmatchable Pre-War Trophy rents. your important tenant clients. Bring them to
and protect against risk by reducing energy consumption. Think about it: Adding to the impact of these high-tech benefits is ESB’s inherent the Empire State Building’s world-class address right in Midtown Manhattan,
the three highest costs of The Empire State Building is undergoing a groundbreaking structural advantage: the building’s center-core construction enables an conveniently located near virtually every major subway line and PATH train,
occupancy for a tenant in energy reduction program. In addition to tools which support our tenants unsurpassed window-to-floor-area ratio, providing deep penetration of and virtually equidistant from Grand Central Terminal, Penn Station, and
At ESB, we offer tenants
New York City are salaries, in achieving high performance build outs, the energy retrofit program natural light and air. That abundance of light is unobstructed by nearby the Port Authority Bus Terminal in the heart of the revitalized 34th Street
proven pathways to
rent, and utilities – in that consists of eight rigorously evaluated and proven cost-reduction initiatives buildings, even on lower floors ... and remember, as part of the retrofit shopping and services Corridor.
reduce current costs order. Through a combination that will reduce the building’s energy consumption by 38 percent. This is program the existing windows are upgraded and reinforced as triple-glazed
and exposure to of payment for utilities for Standing behind all of this is the financial strength of the Empire
not “future-ware,” but here today in our retrofitted windows, perimeter insulated panels for high thermal efficiency.
escalating costs over space under lease and the insulation, networked digital controls of every steam valve, air damper, fan, State Building Company. As with other properties supervised by Malkin
the lease term. inclusion of utility charges in and pump throughout the entire building. This allows us unprecedented The full ESB advantage includes a cleaner, healthier environment Holdings, our generations of prudent investment and management provide
the calculation of escalation control over our HVAC system as well as unprecedented real-time for better worker productivity and retention, all at prices competitive to other, tenants with the peace of mind that comes from a financially stable landlord
charges for operating expenses, for most tenants, energy costs often monitoring and commissioning of our systems; if one damper is not less advanced properties. Our comprehensive suite of “green” practices who is fully capable of fulfilling all obligations for the entire lease term. In
end up being the biggest variable of the three. Over the life of a lease, these functioning as designed, we know immediately. comprises tenant waste and construction debris recycling, the use of non- the meantime, more information on our groundbreaking program can be
energy costs can grow tremendously. contaminating cleaning fluids and pest control solutions, recycled content found at www.esbsustainability.com, or visit www.esbnyc.com.
Additionally, we give tenants a framework through which they can
Many corporations, government agencies, and non-profits have control, measure and reduce their own operating costs and carbon footprints,
Thank you for giving us the chance to compete for your business. At W&H Properties, tenant satisfaction is our number one priority.
introduced voluntary corporate mandates to reduce their carbon footprints. using ESB’s new modeling, measurement, and projection tools to implement
(And remember, brokers always receive 100 percent of their commissions on lease signing.)
As evidenced by the Greener Greater Building Code in New York and similar cost-saving and short payback measures to optimize tenant space
legislated requirements around the country, legally imposed mandates are performance. We provide, as part of our new tenant “onboarding,” a suite of
coming. How can a broker assist clients in addressing this new challenge and tenant services unlike any other landlord. Our guidelines provide a clear set
in the process demonstrate awareness of the cutting-edge concerns of one of of implementable solutions for a high performance space - from lighting www.esbnycleasing.com Supervised by
today’s leading issues? Consider ESB a forward looking, long-term solution and HVAC to layout. We are incorporating what we have learned in our William G. Cohen, Executive Vice President www.esbsustainability.com
for your tenants here today. pre-builts to build new small and large spaces and demonstrate the 212-372-2233 • wcohen@newmarkkf.com 100% COMMISSION ON SIGNING
28 May 11, 2010 observer.com | the commercial observer the commercial observer | observer.com May 11, 2010 29
1 Stephen Ross (2)
Chairman of the Related Companies 2 Marc Holliday and Andrew
Mathias (7)
CEO and president–chief investment
Recession be officer, respectively, of SL Green
damned. As
foreclosures It’s hard to
proliferate and overstate this
new construc- one. Messrs.
tion is mostly Holliday
halted citywide, (pictured) and
Mr. Ross, also Mathias
the owner of together
the Miami control SL
Dolphins, is not slowing down. To Green, which is
name a few of the items that take up the single
his days: He is mid-construction on largest commercial landlord in New
a hotel and apartment tower on York City, controlling 23.2 million
42nd Street; he has amassed a large square feet in 29 office buildings. If
acquisition fund to scoop up SL Green’s battles at 100 Church and
distressed assets; he has started a 510 Madison—and its recent buys of
bank with his partners at Related, 600 Lexington and 125 Park—are
looking to buy a failed bank; he is any indication, the REIT has every
negotiating with the New Jersey intention of further expanding its
#
1
governor about taking over the New York empire.
giant Xanadu mega-mall; and he
constantly has executives at
Related’s doorstep, looking to a man
with money.
Stephen Ross
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For more information, contact our Concierge at 1 (877) 862-7555 or visit www.vacheron-constantin.com
12
Co-presidents of the Durst Organization
Andrew Farkas
CEO of Island Capital Group
Environmentalist
stalwarts, cousins
and keepers of the An heir whose surname
family fortune, literally means “wolf,”
Messrs. Durst Mr. Farkas is nothing if
control an empire not aggressive when it
of commercial and comes to investing.
residential real Years after making a
estate that name for himself by
encompasses the snatching up a dis-
fabulously successful new One Bryant Park, tressed real estate
the Helena, 4 Times Square and, if they have partnership in circa
their way with the Port Authority, a piece of 1990s Manhattan, he returned to the front
One World Trade Center. pages of the business trades in March after
acquiring Centerline Holding, a bankrupt
9
group that restructures troubled mortgages.
Michael Bloomberg (4) When he’s not picking through real estate
carcasses, Mr. Farkas is said to cheer on his
Mayor of New York
former employee, governor-in-waiting
Andrew Cuomo.
His main rezonings are
done; his legacy projects
13
were announced years
ago; and he has few Carlos and Tony Slim
distinct plans for the
Chairman-CEO of Telmex; head of Real
third term. Still, our
Medici wields power Estate Investments
over anyone seeking to
build anything large, Mexican telecom mogul
and he and Deputy Carlos Slim Helú
Mayor Bob Lieber (No. 73) have shown an (pictured), the world’s
eagerness to take assets from the state. richest person,
They’ve now grabbed Governors Island and according to Forbes
Brooklyn Bridge Park, and are eyeing Battery (estimated wealth:
Park City. $53.5 billion), bought
the plain vanilla office
building at 417 Fifth
10
Avenue, owns a note
Richard LeFrak (18) backing The New York Times’ former
headquarters and is said to be searching for
Chairman, president and CEO of the Le-
more such investments—with son Tony—in
Frak Organization Manhattan. Carlos Slim, budding New York
real estate mogul? Puede ser?
His personal wealth estimated at $4 billion,
Mr. LeFrak controls the New York empire
14
founded by his grandfather Harry, which
includes 40 West 57th Street and, in Queens, Craig Newmark (15)
the eponymous LeFrak City, the Brussels and
Founder of Craigslist
the Marseille. The empire is also pursuing
Stuyvesant Town in a partnership with Wil-
bur Ross. On his Twitter bio (he
has a loyal 21,899
followers) the classi-
fieds caliph humbly
describes himself as
“customer service rep
and founder for
shravan vidyarthi
25
public-relations
master, who Mitch Rudin (26)
has been styled
President-CEO of CB Richard
“the dean of damage control” by
Rudolph Giuliani. His eponymous Ellis’ New York Tri-state Region
firm, with more than 200 employ-
ees, represents a staggering roster Mr. Rudin oversees the manage-
#
26
of clients, including SL Green, ment of the largest commercial real
Vornado Realty Trust, Tishman estate brokerage in New York City.
Speyer and dozens of other real It is 700 employees strong; given
estate players. the general broker personality type,
it cannot be easy to run. Still, CBRE
Barry Gosin
22
continues to dominate the city’s
Steven Spinola (28) office-leasing landscape, working on
more of 2009’s largest leases than
President of the Real Estate
any other firm.
Board of New York
19 26
The State
with eBay or the fact that his
international classifieds purveyor,
which began as a personal email list
15 years ago, has more than 20
17 Sheldon Silver (10)
Speaker of the State Assembly
vestments
Sam Zell
Chairman of Equity Group In-
Senate may be
Democratic, but
Mr. Spinola has
managed to
Jeffrey Gural, Barry
Gosin, Jimmy Kuhn
and David Falk (39)
billion page views per month, many With a help ward off Chairman, CEO, president and regional
of which service a DIY-hungry real lame-duck Before this any legislation president, respectively, of Newmark
estate community. governor and a year, Mr. Zell that might hurt
slim Democrat- was known landlords’ Knight Frank
15
ic majority in locally for bottom lines.
Andrew Cuomo the Senate, Mr. riding a Now, he is using Messrs. Gural,
Silver is often motorcycle, his trade group and landlord cash to Gosin and Kuhn
Attorney general of New York
referred to as being delight- mimic unions, better organizing have trans-
the de facto fully crude in members on policy issues and formed
Despite no governor. He public settings raising money for a political party Newmark
announcement has strong control over his and owning the of sorts, tentatively using the Knight Frank
of his inten- conference, and anything going Tribune Company. But in March, he Independence Party line to push into a top-flight
tions, much of through the Legislature must gobbled up Harry Macklowe’s last pro-business candidates. commercial
the New York receive his nod. For real estate, the three apartment buildings for $475 brokerage by
political world object of much of his affection is his million, following a $12 million deal carefully
23
views Mr. Lower Manhattan district, which he for a lot owned by Shaya Boymel- cultivating both young talent and an
Cuomo as the has helped shower with tax breaks green. Suddenly, he was all about Jeffrey Feil (37) enviable work environment. (Mr.
governor-in- and infrastructure. New York, or at least distressed Falk, pictured, is being groomed to
President-CEO of the Feil Or-
waiting. He’s properties in it. take it all over.) In so doing, they’ve
expected to control the state in ganization scored countless prime tenants,
18
eight months, and his campaign from Claremont Prep to Orrick
20
coffers are flush with real estate Peter and Anthony The multigenerational real estate Herrington.
contributions. He also has a history Chris Ward (48) investment firm that bears his name
in the housing world: He was HUD
Malkin (50) cast a wide net last year, to Herald
Executive director of the Port
27
secretary in the late 1990s, in Chairman and president, respectively, of Square, where the group acquired
President Clinton’s cabinet; and his Malkin Holdings Authority of New York and New Jersey the 250,000-square-foot Herald Peter Riguardi (34)
current office approves or rejects Center. The nine-story shopping
President, Jones Lang LaSalle
condo offering plans. After the mall marks the Feil’s 19th shopping
The Malkins are authority’s center acquisition, but Mr. Feil, a New York Region
a multigenera- bruising, founding partner of the private-eq-
16
tional New York yearlong uity group Longview, didn’t pause Mr. Riguardi is
Donald Trump (16) real estate negotiation to enjoy the purchase. He was off one of the more
family, with with developer to oversee the acquisition of a re- dominant office
CEO of the Trump Organization
office holdings Larry Silver- tail segment of the St. Regis Hotel, brokers in
throughout the stein (No. 33), a which commands the highest retail town, repre-
To a younger region. Most financial asking rents in the city. senting
generation, the notably, they agreement is in numerous
24
Donald may be are co-owners place at the World Trade Center for banks and
best known for of the Empire State Building, which two new private towers, thanks in Bill Rudin (12) buildings and
firing up-and- has been going through a much-bal- large part to the Port Authority’s occasionally
President of Rudin Manage-
comers and lyhooed green upgrade—Peter balance sheet. Taken with One playing both sides of big deals (like
boldface names Malkin (pictured) announced it last World Trade Center, which the ment Company in a large lease at One World Trade
alike on The year with Bill Clinton at his side. agency is developing itself, Mr. Center, for instance). His firm is
Apprentice. But Speaking of last year, Malkin Ward has his hands in 7 million Mr. Rudin may charged with finding tenants for
buried deep his Holdings leased more than 1.1 square feet downtown. be struggling to Goldman Sach’s old headquarters,
colorful Google results, Mr. Trump, million square feet in 2009, of which get his St. at 85 Broad Street, as well as at 1285
it seems, is still a developer at heart. only about 400,000 involved Vincent’s Avenue of the Americas, among
To wit: After years of playing renewals. redevelopment others.
Goliath to neighborhood groups, the project under
Trump Soho Hotel Condominium way, now that
james hamilton
32
ly, of Studley U.S. Investment Activities, respectively, of the city starting in 2013, with large markets, few individuals are bet-
Angelo, Gordon & Company Charles Spetka blocks available for leasing. ter positioned to contribute to the
bank’s bottom line than Mr. Horow-
President of CW Capital Asset
Messrs. Steir itz, who as an investment banker in
34
(pictured) and As head of real Management the 1990s helped move financially
Colacino lead estate acquisi- Amanda Burden (8) burdened private landlords to the
New York’s tions at Angelo, Slowly but public sector and, subsequently,
Chairwoman of the City
preeminent Gordon & surely, CW helped rev up equity for the REIT
tenant rep Company, Mr. Capital is Planning Commission industry.
brokerage, and Barket and Mr. taking control
are doing so Schwartz have of Manhattan’s The design-at-
36
during the most spearheaded commercial tentive Ms.
tenant-friendly many of the market. Under Burden and her Lloyd Goldman (25)
office market in ages. It pays. Their savviest Mr. Spetka, the department
President of BLDG
stable of brokers have won two of property buys in recent memory, firm is the have now
the past three top REBNY awards, including the Chelsea Market in “special rezoned more Management
and they continue to rake in the 1998 as part of a package deal of five servicer” charged with restructur- than one-fifth
clients. The latest coup? Negotiat- buildings. After purchasing the ing or selling giant properties of the city, Heir to his uncle’s real estate throne,
ing Tiffany’s new headquarters in portfolio for a paltry $115 million, bought at the market’s peak and restricting the press-shy Mr. Goldman has be-
four-plus floors of 200 Fifth Avenue. the firm upgraded the buildings and now in, or near, default. Among the development in come probably the city’s biggest
sold them individually for a properties in the purview of the side streets and allowing new private landlord, with an unknown
reported total of $1 billion. More relatively anonymous firm: density near subways, in formerly total of apartment and mixed-use
29
recently, the firm, in a partnership Stuyvesant Town, Riverton and the industrial areas along the water- buildings under his purview that
Ronald Kravit with Extell, signed a deal to acquire W Hotel Downtown. front; the major city-led rezonings likely totals in the hundreds.
the Helmsley Carlton House hotel. are now mostly finished. Private
Managing director of
33
developers must first gain her
37
Cerberus Real Estate stamp of approval on many large
Larry Silverstein (29)
31
projects. Doug Shorenstein
President of Silverstein
He’s known for conjuring innovative Adam and Amy Rose
Properties CEO of the Shorenstein Co.
investment deals, including land-
(56)
35
mark acquisitions of the discount
retailer Mervyns and grocery store Co-presidents of Rose Associates After taking a It’s been only
Jeff Horowitz
chain Albertsons. But what many tenacious about eight
Head of Real Estate Invest-
investment and real estate profes- The cousins Rose, one arm of the approach to years since the
sionals talk about when they discuss storied real estate family, are yearlong ment Banking in the Americas, Bank of San Francisco–
Mr. Kravit is how he helped put into amassing a greater portfolio these negotiations America based real
play the trend of hedge funds enter- days, due in large part to the mar- with the Port estate firm
ing the private-equity sphere. In ket crash. From Riverton House to Authority, Mr. penetrated the
these heady financial times, innova- Stuyvesant Town (though not of- Silverstein now Among the Merrill Lynch employees New York
tion is key. ficially for Stuy Town), the company is able to build who joined B of A after the two com- markets in
getty images
has become the third-party man- two office panies merged, shotgun-style, Mr. earnest. Ever
ager of choice for many of the larger towers at the World Trade Center Horowitz may be the new group’s since then, however, Mr. Shoren-
46
plans to bring on more than 130 new
#
46
professionals. Former Credit Suisse Darcy Stacom and
stars, like Mr. Kantor and Mr. Orso,
figure prominently in the new
Bill Shanahan (59)
strategy. Vice chairmen of CB Richard Ellis
43
got sold
Bill Shanahan during the
Mikhail Prokhorov
recession,
Would-be owner of the
they sold it.
Brooklyn Nets And now
that the
Assuming the recession
NBA gives him appears to
the thumbs-up, be
Mr. Prokhorov, bottoming out, if not finally lifting,
a Russian Ms. Stacom and Mr. Shanahan are
billionaire, is busy again. Recently, the duo helped
slated to Hines sell 600 Lexington Avenue to
become owner SL Green for $193 million.
of New York
City’s newest
47
professional sports team, as well as
a co-owner of the Barclays Center Doug Harmon and
now under construction in down-
town Brooklyn after seven years of
Adam Spies (71)
planning. Senior managing directors of Eastdil
Secured
38
Clark’s publicly turbulent million note on the Lipstick Building,
Howard and Edward traded The real estate times, it’s hard
Brookfield is über-investor to blame the
Milstein (36)
48
trying to buy and fund landlord who
Principals of Milstein Properties General Growth manager has forgoes Scott Latham (pic-
Properties and made the excitement for
Leaders of one presumably is looking for other recession work stability.
tured), Richard Baxter,
of the city’s acquisitions as well. His challenge: to its advan- Messrs. Yaron Cohen and Jon Caplan
most powerful finding tenants to fill the World tage, soliciting Levinson (pictured) and Lapidus, New York Capital Markets team for Jones
real estate Financial Center, as millions of foreign however, turned the tables when Lang LaSalle
families, square feet are expiring by 2013. investors and they rejected numerous offers at
brothers eagerly scooping up distressed 200 Fifth Avenue and instead took
Howard assets and bottomed-out hotels on Eataly, an ambitious, Turin- Jones Lang
40
(pictured) and around the city. The investment based food emporium. Add to that LaSalle just
Edward Thomas Hughes locomotive, best known as co-devel- news last month that Tiffany’s HQ poached these
inherited the oper of the Time Warner Center, is would be occupying four and a half four from
Chairman of LNR
company from father Paul and his optimistic about the return of the floors in the building, and it Cushman &
own brother, Seymour. Generally, corporate market, but Mr. Neibart becomes clear that the duo is Wakefield,
they try to stay afloat and under the The former chief of Deutsche As- recently told The Observer that behind one of the flashiest projects where they
radar, due in part to a fraternal set Management, Mr. Hughes took investing in retail and office space is in years. spent the boom
power scuffle several years back. charge of the Lennar real estate still a ways off. time selling
45
Milstein owns sizable Manhattan finance spinoff LNR in July 2007. billions of
square footage, but the recent Rumors have it that the flush firm William and Arthur Zeck- dollars’ worth of real estate before
completion of two Battery Park City is circling the city, positioning Mr. the bust rendered them idle. Now
endorf (pictured) (31)
Shravan Vidyarthi
condo towers marks the company’s Hughes to be among the more rapa- they’re tasked with expanding JLL’s
first ground-up construction in cious investors to come out of the Co-chairmen of Zeckendorf Realty and of share of the investment sales
years. recession. Terra Holdings market.
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Chairman
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in the New York Observer’s Annual “Power 100” Issue
North America X Europe X $VLD3DFLĞF X Latin America X Africa X Middle East ZZZQHZPDUNNIFRP
49 Glenn Rufrano
CEO of Cushman & Wakefield 51 Lenny Litwin and Gary
Jacob (13)
Chairman and executive vice president,
Donald Trump, the company has
been hit hard by the downturn,
losing $24.2 million in the first
quarter of 2010. Still, a recent $1.4
54 Stephen Siegel (35)
Global Brokerage chairman of
CB Richard Ellis
selecting a bidder to build a racino
at the Aqueduct racetrack.
56
After Bruce respectively, of Glenwood Management billion property sale to Dividend
Mosler Capital Realty Trust demonstrates It’s hard to find Stefan Solow
transitioned to Long before it that iStar remains a hefty player. a real estate
Heir to developer Sheldon
a chairmanship became professional
at Cushman, fashionable— without a kind Solow
53
the brokerage or, to be more word to say
hired industry accurate, Bruce Ratner (23) about Mr. Judging by a New York Times pro-
veteran Glen economically Siegel—this, file several years ago, Mr. Solow, 35,
Chairman of Forest City Ratner
Rufrano, no feasible—to despite his may not yet be entirely comfortable
stranger to the focus on the enormous stepping into his father’s formi-
title. Before assuming the helm in rental market, For the past success in the dable shoes. But when your father
March, Mr. Rufrano was CEO of the nonagenar- seven years, Mr. brokerage business. Now, Mr. Siegel, is Sheldon Solow (No. 53 on our list
Australia-based Centro Properties; ian Mr. Litwin (pictured) and Mr. Ratner’s focus who’s something of the wise last year), and he’s named you as
prior to that, he was CEO of New Jacob were doing just that. In a has been on godfather of New York real estate, is his “heir apparent,” what do you ex-
Plan Excel Realty Trust Inc. down market, however, the duo’s Atlantic Yards, busy helping landlord Steve Pozycki pect? Indeed, Mr. Solow will be the
plans seem downright prescient. the planned land Proskauer Rose for 11 Times likely arbiter of his father’s massive,
And now as competitors rush to home to a Square, in what will surely be one of 6.1 million–square–feet develop-
50
convert unsold condos, Glenwood Brooklyn Nets the biggest leases of the year. ment near the East River—not to
Robert Stuckey, Management is successfully leasing arena and, mention 9 West 57th Street.
Emerald Green, the 569-unit eventually,
Mark Schoenfeld and
55
residential complex on West 38th thousands of units of housing. This
Andrew Chung (17)
57
Street. spring, he finally emerged the David Paterson (9)
Managing directors of the Carlyle Group winner of the fight with defiant Avi Banyasz (20)
Governor of New York
landowners. He was clearly
Managing principal of West-
52
wounded by delays and the
With a focus on New York City economic crash, but he is still He may be a brook Partners
Jay Sugarman
and Washington, Messrs. Stuckey, standing, and construction is under lame duck
CEO of iStar Financial
Schoenfeld and Chung have been a way. under a cloud As head of the private-equity fund
formidable trifecta for the Carlyle of scandal with Westbrook Partners, Mr. Banyasz
Group for years. But plans to re- Mr. Sugarman almost no swooped in at the top of the market
tenant a swath running the entire runs a commer- supporters in to buy big-deal properties like the
block of Fifth Avenue between 52nd cial lender that the Legislature. Burberry Building, the Paramount
and 53rd streets with high-level has financed But Mr. Hotel and 235 West 75th. Now that
retailers could translate into even more than $28 Paterson is still the bubble has burst, he has set his
more success for the team. Only billion in the governor sights across the pond. Earlier this
last month, Carlyle inked a whop- projects. until the end of December (presum- month, it was announced that West-
ping $300 million lease at 666 Fifth Although its ably), with many of the powers that brook Partners had invested in a joint
james hamilton
Avenue, the retail of which it partly clients have come with that office, be it the venture with an Irish investment
owns, for Japanese clothing retailer included such suspension of construction group to develop a 435-bed student
Uniqlo. luminaries as Harry Macklowe and contracts, vetoing legislation or housing facility in North London.
GLENWOOD'S
NEW LUXURY RENTAL
PHASE II
GRAND OPENING
212.695.3838
emeraldgreennyc.com
glenwoodnyc.com
59 Peter Duncan
62
President of George Comfort
Dan Tishman (81)
& Sons
Chairman-CEO of Tishman
Mr. Duncan, as Construction
president of the
family-owned Amid much
firm, shepherd- controversy
ed the pur- and more PATH
chase—along- rail lines, the
side a number family
of partners—of development
Worldwide concern is
Plaza, the last trucking away
of the Macklowe detritus. He did so at One World
in the middle of the recession for a Trade Center.
bargain-basement $590 million, With the 700,000-square-foot
thus conferring a certain patina and underground foundation structure
added prestige to the company completed, Mr. Tishman’s firm
name. expects to finish the erstwhile
Freedom Tower in 2013. The
company is also involved in a slew
60
of big-box hotels through its
Ray Kelly subsidiary, the Tishman Hotel
Corporation.
New York police commis-
sioner
Under the
watchful eyes of
Mayor Mike
Bloomberg and
63 Howard Lorber and
Dottie Herman (33)
Chairman and president, respectively, of
Mr. Kelly, New Prudential Douglas Elliman
York has
enjoyed record
lows in crime, Talk about Iron
both nonviolent Man. Emperor
and otherwise. and Empress by
For this, property values have default, the duo
remained relatively steady even in steering the
the face of a global recession. But city’s largest
with the downturn and a recent residential
uptick in crime, will the commish be brokerage
able to sustain the goodwill of continue to flex
#
63
property owners? Only time—and, as their iron
in the case of the would-be Times despite the downturn; they’ve
Square bomber, a little luck—will tell. opened new offices, inaugurated a
rental division and pirated talent
from recession-failed rivals,
Dottie Herman bringing the monolith’s current
agent count to 3,800, a 15 percent
increase from two years ago.
joe fornabaio
67
Paris (58)
Stanley Chera (pictured) and
Chairman-CEO and president, respectively, of East-
Haim Chera
ern Consolidated
Principals of Crown Acquisitions
Meridian Congratulates
The 2010 Power 100
1 Battery Park Plaza New York, NY 10004 | 212 972 3600 | www.meridiancapital.com
Fulton Mall, where they intend to an investment desert. In January, Tishman Speyer’s acquisition of Sir Philip
convert a former department store If you’re The Real Deal pronounced Massey Stuy Town to El-Ad’s purchase of staged a British
into student housing for Long Island seeking signs of Knakal the top New York firm in the Plaza, his firm is involved in invasion of
University. a sagging number of sales from 2007 through about one-third of the city’s Soho with the
economy, don’t the third quarter of 2009; and tied commercial deals. opening last
bother looking for fifth in sales volume over that year of the
68
to Mr. Ficalora, span. Bring it. Topshop
73
Jonathan Mechanic and whose bank flagship store at
raised more Robert Lieber and Seth 480 Broadway.
Stephen Lefkowitz (54)
71
than $1 billion With a little
Chairman of the Real Estate Department in new capital
Pinsky (43) help from Kate Moss and in-store
Jeff Sutton (52)
at Fried Frank; member of the Real Estate last year and rose to become the Deputy mayor for economic development roller-skating parties, he has
Founder and president of Whar-
Department country’s 22nd largest, asset-wise. and president of the New York Economic established the clothing retailer in
Meanwhile, the Westbury-based ton Acquisitions Corp. the city, and is reportedly eyeing
Development Corp., respectively
bank has been aggressively more local sites.
If anyone buys expanding its reach (six new Mr. Sutton is a ball-busting real es-
or sells a branches in Arizona in March, to tate player of the old school, with a Mr. Lieber
75
building in New give one example) and gobbling up keen eye for acquisitions and retail (pictured) and
York, or signs a failing regional banks in Phoenix, and more than 100 properties to his Mr. Pinsky lead Arnold, Kenneth, Ste-
big lease in one, Cleveland and back home in New name, including 717 and 609 Fifth economic
Messrs. York State. Avenue. His tenant roster reads development
ven and Winston Fisher
Mechanic like a who’s who of Big Retail: from policy for the (pictured) (45)
(pictured) and American Eagle and Abercrombie Bloomberg Partners in Fisher Brothers
70
Lefkowitz are and Fitch to Armani and Escada. administration,
bound to have a Robert Knakal and pouring money
hand in the deal. They are two of the at big-ticket With their
Paul Massey Jr. (75)
72
most successful—and discreet— projects like Coney Island and family
real estate attorneys in the industry. Chairman and CEO, respectively, of Willets Point, along with new water- business, which
Robert Ivanhoe (47)
Massey Knakal front parks. The two recently were has “enjoyed
Chairman of the New York of-
mediators in a yearlong clash over nearly a
fice of Greenberg Traurig financing towers at the World Trade century of
The founding Center, eventually brokering a plan uninterrupted
partners of New Calling Mr. to give rise to two new office towers. growth”
York’s busiest Ivanhoe a real (according to
investment- estate lawyer is their Web site),
sales firm do like calling the the Brothers Grimm of hefty
different things pope a Catholic. midtown real estate are staying the
within it—Mr. Mr. Ivanhoe is course with their sky-happy empire,
Massey runs the arguably New which counts a bevy of buildings
scps.nyu.edu/x634
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Graduate Degrees | Cer tif icate Programs | Professional Licensing Programs | Over 500 Industr y Courses
New York University is an affirmative action/equal opportunity institution. ©2010 New York University School of Continuing and Professional Studies
80
landlords.
Diane Ramirez
President of Halstead
77 Mike Fishman
President of SEIU 32BJ
Property
The former
broker, who
Mr. Fishman began her
picked well in career almost
the fall 40 years ago in
elections. In Palm Beach, is
addition to the optimistic
mayor, his about the
union support- future of her
ed the eventual semi-boutique
winners of the brokerage (it’s owned, along with
comptroller BHS, by Terra Holdings), and from
and public-advocate races, along the looks of things, she has reason
with six new members of the City to be. Recruiting about two dozen
Council. Now he will be calling on agents from the carnage of CBHK,
his new friends in government for the Halstead honcho recently said
support, as he pushes a bill opposed that her company’s seeing more and
by landlords that would raise the more transactions over the $10
wages of building service workers million mark.
in subsidized developments.
78
modernist
# Messrs. Sexton
(pictured) and
Alfano’s recent
Seagram
Building and
landmarked
revealing of the Lever House,
university’s which hosts an
John Sexton expansion art gallery,
plans only could be thought of as part of the
added to hobby, in fact. His RFR Realty is
Village shopping around leases at a slew of
residents’ some of the city’s most coveted and
resentment of what they view as the high-end properties on the gilded
school’s colonization of their Park, Madison and Fifth avenues.
neighborhood. The 2031 expansion
plan, which includes suburban
“superblocks” in the Washington
joe fornabaio
The complete offering terms are in an offering plan available from the Sponsor. File Nos. CD07-0536, CD05-0321, CD05-0281, CD05-0600,
and CD06-0596. 805 Third Avenue, Seventh Floor, New York, New York 10022. We are pledged to the letter and spirit of U.S. policy for the achievement
of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there
995 FIFTH AVENUE are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. THE LUCIDA
89
years, Mr. Ward
The tumble-
weed-tossing
John Wayne
has built up a
political
powerhouse of
#
who decided a union. With
Dumbo was his political
dandy is still in director, Neal
Dolly Lenz
the saddle. Kwatra, he has
With the most spearheaded
expensive numerous actions that bring down
condo sale in barriers to the unionization of
Brooklyn ($8.5 million at One hotels, most recently through a
Brooklyn Bridge Park); Jay-Z and clause added to public authorities
Ralph Lauren rumored as house legislation that passed last year.
hunters at the moguls’ $25 million
penthouse clock tower listing—by
86
far the borough’s priciest—and last
year’s legal victory regarding the Veronica Mainetti
controversial Dock Street construc-
U.S. Activities head for the
tion, the wily Walentases seem
primed to ride out the storm. Sorgente Group
83
emerald-green
Hall Willkie (84) eyes or her age
fool you. At 31,
President of Brown Harris
Ms. Mainetti has
Stevens enough real
estate savvy to
The boutique-style firm crafts a fill the shoes of
carefully honed reputation for dis- dozens of her
cretion and class, garnering some aging male
of the glossiest, most privacy-de- competitors. Her seven-unit Soho
manding and largest listings, from condo 34 Greene Street is now on the
Gold Coast co-ops to Georgian bow- market, and Sorgente acquired the
front townhouses. The firm contin- Flatiron Building last year. Plus!
ues to add brokers, supplementing Rumors are afoot that the group’s out
last year’s assumption of Edward to buy the Woolworth Building, too.
Lee Cave’s boutique. Mr. Willkie
recently confessed, “I’m elated be-
87
cause a year ago I never thought we
could come to this level so quickly.” Adrian Benepe (99)
Parks commissioner
91
burst into plans to have all New Yorkers living here, he has mammoth capital—and “Goodbye, Dolly” just yet.
sweat beads. within 10 minutes of a park by 2030. access to more—to sink into John Burger
Would tenant With the weather warming and similarly 2007-like deals.
Senior vice president and man-
90
activists finally get the decidedly Brooklyn Bridge Park heralded as
landlord-unfriendly changes to city “the most important public space of aging director at Brown Harris Stevens
Lee Bollinger (57)
89
rent regulations that they’d fought the century,” Mr. Benepe is in the
President of Columbia
for forever? Mr. Strasburg sprung spotlight, or sunlight, rather. Dolly Lenz (89) Forget Ghostbusters. John Burger is
into action. As the landlords’ top University the one to watch out for on Central
Vice chairman of Prudential
representative in Albany, he pushed Park West, with current listings (all
88
back against the activists. For now, Douglas Elliman Affectionately over $10 million) at the San Remo,
it looks like he won; regulation Nochi Dankner called “Prezbo” Dakota and Majestic, including Co-
changes are dead in the political Ms. Lenz’s by students, Mr. nan O’Brien’s $29.5 million duplex.
Owner, chairman and CEO of
water. winning Bollinger has a Reliably offering “no comment” to
IDB Group Elliman’s top full schedule. the press, the BHS powerhouse has
sales award is On June 1, the made a name for himself in discre-
The investment about as Court of tion, which might explain his recent
magnate blew surprising as Appeals will $22 million sale with Jamie Tisch at
into town from Tiki Barber’s make a decision 720 Park and the 778 Park Avenue
Ben Gurion last cheating: It’s on the use of Buckley listing he shares with Paula
October in a getting to be a eminent domain for Columbia’s Del Nunzio (No. 99).
big, big way: bore. But the 17-acre West Harlem expansion;
James Hamilton
His firm agreed super-agent, who claims, “It’s not and, this fall, the controversial
to buy the work; it’s a passion,” has sold more Rafael Moneo–designed science
HSBC tower at than $7 billion in New York real center, which incidentally cost lots
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and charming. living room. Warm and elegant home. Meticulous renovation inspired by villa La Rotonda. Full-service
$8.5M. WEB# 995082. $10.25M. WEB# 1084987. condo in prime Greenwich Village locale. $10.995M. WEB# 1039452
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and
marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.
96
mural on Houston Street be
destroyed. Kirk Henckels (83)
Executive vice president and
93
director of Stribling Private Brokerage
Lockhart Steele (95)
Mr. Henckels
Publisher of Curbed Network
takes tea at the
Carlyle, neatly
According to a bespectacled
recent deifying and always
profile in The bow-tied. It is
Times Maga- no accident
zine, Curbed that the
postings cover elegant,
“anything a Texas-bred
New Yorker former banker began his tenure in
might do with the business at Edward Lee Cave’s
square footage, aristocratic boutique. The plume in
a lease and a dream.” It sounds like Stribling’s cap, Mr. Henckels
the premise of a Frank Capra film. seemed a natural choice for the
And yet the “Curbediverse” is a bit famed 778 Park Avenue duplex—a
of an optimist anomaly, with choice Mrs. Astor certainly would
voyeurs and vendors coexisting in not regret.
the darkest downturns. In fact, the
digital conglomerate, which also
97
includes Racked and Eater, began
making a profit mid-2009. Joel Seiden and Ofer
Yardeni
94
Principals of Stonehenge Partners
Young Woo
As owners of Stonehenge, Mr. Se-
Principal of Young Woo &
iden and his Israeli-born partner,
Associates Mr. Yardeni, have acquired upward
of 15 properties in New York. The
Hailed as the power duo owns and manages
new nice guy in assets valued in excess of $700
town, the million, and with a portfolio that
94
developer’s has included the Pennmark, it’s
# bold aspira-
tions for AIG’s
70 Pine Street
easy to see why. Purchased at the
top of the market, the 33-story,
600,000-square-foot space cost Mr.
and 72 Wall Seiden and Mr. Yardani a reported
Street, which $244 million, among the highest
Young Woo he acquired for prices paid for property in 2005.
a cool $150 million combined last
summer (he plans to sell condos in
70 Pine for $2,000 per square foot),
make him the new go-to guy as well.
Mr. Woo’s firm also won the
development rights to Pier 57, and
he already owns the Chelsea Arts
Tower and the automobile-elevator-
ed 200 11th Avenue.
stephanie sauer
100 100
#
Advisors would
merge with Veronica Hackett
Colliers
International,
(98)
thus creating Managing partner of the
what could be the world’s third- Clarett Group
Veronica Hackett
largest commercial firm, nobody
was happier than Mr. Jaccom, the
newly named chief executive of As any real
Colliers International’s tristate hub. estate honcho
will advise,
99
there’s no surer
Paula Del Nunzio (74) way of sending
a message than
Senior vice president and
by building the
managing director at Brown Harris tallest tower.
Stevens For Clarett,
that superlative
became a reality last year, when the
Ms. Del Nunzio, company completed the Brooklyner,
townhouse Her- a 51-story residential tower in
cules, with the downtown Brooklyn that now bests
$50 million the borough’s former tallest by two
Duke-Semans feet. And business, reportedly, has
Mansion on the been brisk, even with studios
docket and the starting at $1,550.
james hamilton
record-setting
Harkness
Mansion under
An Ingenious Collaboration
Cushman & Wakefield is pleased to receive one of REBNY’s Most Ingenious
Deal of the Year Awards for the sale-leaseback of a portion of The New York
Times headquarters in Manhattan.
This transaction, and its award-winning results, would not have been possible
without the vision of our client and the collaboration of our Corporate
Investment Banking Group and New York Brokerage Services professionals.
Global intelligence.
Innovative advice.
Flawless execution.