News: Spotlight Content

January

Nelson of Massey Knakal completes a $20.5m building sale; the 75-ft. wide property is located on 14th St. between Seventh and Eighth Aves. Kushner Cos. contracts to purchase 700 Broadway for $80m; Cohen, Latham and Mirante of C&W rep. seller, Lincoln Property Co. Cotsalas and DesRochers of NorthMarq Capital arrange $10.7m bridge mortgage through New Star Financial for 52,138 s/f office property JRS Architect to complete 40,000 s/f renovation at 15 Verbena Ave. in Mineola's Floral Park; Jackson Dev. Grp. takes 12,000 s/f for hqtrs. SL Green and SITQ complete $1.575b acquisition of 2.6 million s/f Citi Towers; financed by Westdeutsche and PB Cap, arranged by C&WSG Aghravi and Yawitz of Eastern Consolidated handle $23.4m sale of four buildings-75 units total; Holm of Holm & Drath reps. seller Philips International and Rhodes NY to develop 48,000 s/f retail center at 2075 Broadway; Futterman of RKF is the exclusive leasing agent SWBR Arch. serves as lead architect for $23m Marcellus School District proj.; Team included Sack & Assoc., M/E Eng., Parrone Eng. McGuire of Mack-Cali arranges 89,710 s/f lease at Mid-Westchester Exec. Park; includes 46,078 s/f at 11 Skyline Dr., 43,632 s/f at 17 Skyline Dr. Taconic and Sq. Mile Cap. purchase 1.05m s/f for $172.5m; team includes CBRE, Cook + Fox, Severud Assoc. and Jaros Baum & Bolles Cappelli celebrates grand opening of The Ritz-Carlton, Westchester in White Plains: 44-story bldg. designed by Costas Kondylis and Partners Steinman of Rudin Mgmt. reps. owner in 350,000 s/f renewal at 1675 Broadway; Thanhauser and Ogden of Byrnam Wood, LLC rep. tenant Tighe, Lippman, Meyerson and Fackelmayer of CBRE lease 127,000 s/f at 250 Hudson St.; Brady and Dean of Jack Resnick & Sons rep. landlord. Zeller and Coe of C&W expand lease for Aéropastale at 112 West 34th St. to 90,000 s/f; the 800,000 s/f building is owned by W&H Props. Rose Hill Grp. arranges $5.265 million for Lowe's project at 1605 Macedon Pkwy.; 170,000 s/f bldg. owned and developed by Paradigm Dev. Holliday, Oliver, Hernandez and Harris of C&W arrange $110.3m refinancing for 16 Court St.; Anglo Irish Bank provides funding Pariser, Klein and Newman of Holliday Fenoglio Fowler secure $163.5 million; financing through Apollo Real Estate Advisors and M&T Bank Omni Housing Dev. begins $33m revitalization project for Rockville Center Apts.; 9-phase project to be complete September, 2009 The Long Island Development Corp./Greater New York Development Co. assists in financing of 34,900 s/f commercial space at three properties Schneider, Glaser, Anton and Solarz of Eastern Consolidated broker $21 million sale; Greene of Murray Hill Props. procured the buyer Konsker, Glickman, Cohen of C&W lease 564,800 s/f; Tosko, Hirschhorn of CBRE rep. tenant; Gensler Architects retained for bldg. alterations Pietrafesa of SVN and Pugliese of TAP Cap. complete $121.5m sale of 67,000 s/f retail center in Syracuse; sale part of a §1031 exchange State of New York Mortgage Agency and the New York State Affordable Housing Corp. approve $32.2 million for two Monroe County projects Payette completes $32m, 70,000 s/f project at Columbia Univ.; team includes Vanderweil Eng., Weidlinger Assoc., Stantec, Mueser Rutledge WB Engineers named technology consultant for 90,000 s/f expansion at 120 Broadway; Staubach Co. is proj. manager, Philips Grp. is architect New York Times celebrates opening of 52-story tower developed by Forest City Ratner; team includes Flack + Kurtz, FXFOWLE Dunne and Bisceglia of CBRE NY Institutional Grp. reps. Home Props. in $11.05m sale of Cornwall Park; 75-units sold to Morgan Inv. Fund Serko, Barnett, Malawer, Minch of C&W complete 100,000 s/f at 590 Madison; Sussman of Minskoff Equities reps. 590 Madison Ave. Assoc.
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Columns and Thought Leadership
Properly serving a lien law Section 59 Demand - by Bret McCabe

Properly serving a lien law Section 59 Demand - by Bret McCabe

Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
The strategy of co-op busting in commercial real estate - by Robert Khodadadian

The strategy of co-op busting in commercial real estate - by Robert Khodadadian

In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
Oldies but goodies:  The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:

Formal Legislative Role

Limited direct lawmaking power: The NYC Council is the primary