News
SUNNIER DAYS
May 19, 2011
| Rain didn’t dampen the spirits of the 250 attendees at Tuesday’sBisnow NY Investment Summit (Day 1 coverage). Most had plenty of sunny news to share. |
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| Concord Realty’s David Floyd, Quality Associates’ Steve Gomez, Quantuck Capital’s Daniel Cohen, and Grubb & Ellis’ Patrick Bisceglia. David, a recruiter, reports there’s been a pickup in hiring for analysts and VP positions in CRE firms. Patrick joined Grubb & Ellis in January when it brought five new hires to its Stamford, Conn. office and reports that its sales and financing businesses have been active as the market is recovering and lenders are getting more comfortable with current valuations. There’s also activity on the leasing and corporate services space. “We are positioned for a good year and look forward to a better one in 2012,” he says. |
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| ABS Partners’ Alan Cohen (right, with Stewart Title’s Holly Hasbrouck and Royal Abstract’s Robert Balachandran) also reports an uptick in leasing and sales volume, noting that ABS has been involved in a number of NYC transactions. He says staying ahead of the pack involves an intimate knowledge of the landscape and having a finger on the pulse of real estate trends. One of the firm’s most recent transactions involves the long-term relocation, expansion, and redesign of Rothman’s Men’s Clothing boutique to 11k SF at 222 Park Ave South, where it’s moving after 25 years at the northeast corner of Union Square Park. ABS Partners is both Rothman’s current and future landlord. |
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| ICON Capital’s Dan Taylor, Metropolitan Realty Associates’ Adam Rubinstein, and Archstone’s Lee Bloch. Development opportunities for multifamily are back, says Lee, and Archstone is sniffing around (last month, the firm began construction on the $700M CityCenter DC development with Hines, one of the largest downtown developments underway in the US). Adam says there’s plenty of money looking for investment right now, but there’s been a shortage of office and retail product. |
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| Abigail Michaels Concierge’s Abbie Newman, Thalle Industries’Glenn Pacchiana, and Meridian Capital Group’s Jonathan Stern and Dani Sabesan. Abbie, who owns a concierge company with Michael Fazio, was at the event to take the pulse of the market, especially as her firm begins expanding into the commercial arena. So far, it’s helping occupants at four SL Green buildings, 667 Madison and 535 Madison, with services like dinner reservations, airline tickets, catering, and transportation. Jonathan and Dani are gearing up to man sponsor Meridian’s booth next week at the ICSC RECon show in Vegas, where the firm’s retail finance and advisory group will be meeting with attendees (Central Hall, Booth C 185 L Street). Meridian has seen significant interest from lenders and borrowers in loans secured by retail properties. Bisnow will be there, too! |
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| Metropole Realty Advisor’s KT Bren and Robert Siegel had plenty of news to share about its 681 Fifth Ave. It recently secured a new $150M fixed-rate loan for the building. Ladder Capital Finance provided the senior financing, while Malkin Strategic Capital provided a $25M mezz loan. This will be used to pay off outstanding debt and to fund additional pre-built floors in the 17-story tower. Since it completed extensive renovations at the building last year, it closed two full-floor leases (with Vision Capital Americas and Deutsche Asset Management) and has LOIs out for two additional floors. A team led by Cushman & Wakefield’s Bruce Mosler and Arthur Mirante is marketing the available space. Metropole recently completed the build-out of its own full-floor space at 681 Fifth, which overlooks Central Park. |
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| A shoutout to our sponsors Partner Engineering and Science. Principals Brian Mende and Frank Romeo tell us that the firm does environmental and engineering due diligence for commercial loans, and has seen CMBS lenders ramping up activity. Other activity is coming from areas where there hasn’t been much—the Southeast,Southern California, and retail, they report. Also getting in on the action: smaller regional banks, which are now beginning to participate in construction loans. |
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| And as for those TV trucks parked at the door of our conference at the NY Bar Association, we did imagine that they were there to cover our always sizzling events, but reluctantly acknowledge that it might have been because the Sofitel is across the street. (If you don’t understand this reference, welcome back to the US—you must have been traveling.) |
