News
WHAT'S IN THE MIDDLE?
February 2, 2010
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| We visited CPEX Real Estate’s Brooklyn office for an all-inclusive view of the middle market from the investment, advisory, and leasing firm, soon opening a NJ satellite in addition to its NY and West Palm offices. Retail leasing is driving the brokerage side, says principal Timothy King (right), who was involved in almost 20 leases in ’09, including Wendy’s recent 10-year, 3.4k-SF at 291 Livingston St., Brooklyn. The market may be slow through February, he says, but come spring, vacancies will decline and rents will go up. Sales volume is at an all-time low, with the market trading at 1% turnover, but buying demand is insatiable, notes principal Brian Leary. |
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| Capital markets are finally seeing a bottom, says managing director Andrew Lester (right), with money ready to go. He’s marketing the sale of Staten Island’s 1535 Richmond Ave (triple-net leased to Sovereign Bank) and has received calls from all over—an indication, he says, that the bull is rearing his head once more. Meanwhile, the firm’s advisory services division is led by Jim Lang, who's working with various international firms on several assignments. |
