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Thread: NYC Commercial Real Estate

  1. #61
    Forum Veteran krulltime's Avatar
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    Cantor lost 658 employees on Sept. 11, more than any other firm. It was headquartered in the top floors of the World Trade Center's north tower at the time.
    oh well... there goes any chance to reconsider (down)town (the drain).

  2. #62

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    July 27, 2004

    Firm That Lost 658 in Twin Towers Finds a Home on 59th

    By CHARLES V. BAGLI

    Nearly three years after 658 Cantor Fitgerald employees were killed in the attack on the World Trade Center, the stock and bond trading company has found a new home five miles from ground zero, on the East Side of Manhattan.

    Cantor signed a lease last week to move into space now occupied by Bloomberg L.P., the business information company founded by Mayor Michael R. Bloomberg, at Park Avenue and 59th Street, where Cantor plans to erect a monument to the co-workers who died in the Sept. 11 attack.

    The company expects to move to its new headquarters from its temporary offices nearby early next year, after Bloomberg has moved to its new headquarters at Lexington Avenue and 58th Street. Cantor, which got about $30 million in state and federal cash grants, said it would add more than 200 employees in the coming years.

    "This is a milestone in that we've completed the rebuilding process," said Howard W. Lutnick, chief executive of Cantor. "Now we're going forward and expanding."

    Cantor has 618 employees today, up from about 300 after the attack, but still short of the nearly 1,000 before it.

    "We're pleased that Cantor is rebuilding a business that is so important to the bond markets," said Charles A. Gargano, chairman of the Empire State Development Corporation. "They're committed to New York."

    Cantor Fitzgerald's announcement came after years of negotiations and some friction with state and city officials and between the Bloomberg administration and Sheldon Silver, speaker of the State Assembly. City and state officials though Mr. Lutnick was seeking too much in subsidies and incentives, but no one was willing to criticize Mr. Lutnick publicly for fear it would prompt a backlash from people sympathetic to the company's losses.

    Cantor lobbied successfully in Congress in 2002 for a special appropriation for companies that "suffered a disproportionate loss" of life on Sept. 11. State officials subsequently agreed to give Cantor $23.5 million of the $33 million appropriation. In addition, the company received a $6 million grant from a federal program for job creation and retention in Lower Manhattan.

    City and state officials say that Mr. Lutnick originally vowed that he would not return to Lower Manhattan and did not want to be in a skyscraper. He hired Mitchell Konsker, a broker at Cushman & Wakefield, to look for locations. Two years ago, Cantor was close to a deal to build a new $100 million headquarters in a former department store in Union Square.

    Those negotiations collapsed, and last year, Mr. Lutnick considered a move to 10 Hanover Square in Lower Manhattan, where rents are considerably cheaper than uptown. Mr. Silver, whose district includes Lower Manhattan, supported the move.

    According to state officials and real estate executives, Mr. Lutnick wanted $12 million more in subsidies. Much to Mr. Silver's chagrin, the Bloomberg administration balked at providing benefits beyond the grants the company had already obtained.

    Mr. Silver said yesterday through a spokesman that he was "disappointed a deal couldn't be worked out."

    Mr. Lutnick said that he had wanted to buy an office condominium at 10 Hanover, but that it proved impossible.

    So Cantor eventually went back uptown, to 110 E. 59th Street, where it plans to move into the bottom seven floors. The company has the rights to put up signs on the building. Mr. Lutnick said he was working with the Guggenheim museum to design an appropriate monument for the plaza outside.

    Copyright 2004 The New York Times Company

  3. #63
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    Brookfield in talks to rent 3 WFC space


    July 28, 2004

    Brookfield Properties, lower Manhattan’s largest landlord, is in talks with three tenants for about 600,000 square feet of space at the largely vacant 3 World Financial Center.

    The talks were reported by Dow Jones Newswires after the company’s CEO, Richard Clark, addressed investors in a conference call. Brookfield today reported a 50% jump in second-quarter earnings, to $80 million, and said funds from operations rose 85%, to $162 million, in the quarter.

    Mr. Clark remarked on the pickup in leasing activity in New York, where Brookfield reported an occupancy rate of 97.9% in its portfolio properties for the second quarter, compared with 97.5% a year earlier. Striking some big deals at 3 WFC would be a coup for the office landlord, which bought Lehman Brothers’ 51% stake in the property after Sept. 11, 2001.


    Copyright 2004, Crain Communications, Inc

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    Food for thought: Midtown Manhattan has around 70,000 hotel rooms. Downtown Manhattan has around 2500.

    Source: Jones Lang LaSalle Real Estate

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    honestly some of midtwons hotel rooms are in dumps like the New Yorker, Hotel Pennsylvania and the Milford Plaza, three of the largest hotel room providers in midtown, based on the Crains NY listing. All three of these places are dumps and i wish atleast Vornado Realty, which owns the Hotel Penn would go through with its proposed plan to take it down and build a new office tower on its site. However it took them 10 years to build 731 lexington so im not holding my breath

  6. #66
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    Leverage and speed win frenzied bidding wars
    Large number of building sales marked by nonrefundable cash and quick closings



    By Christine Haughney
    Published on August 02, 2004

    It's no news that residential buyers are resorting to fierce bidding wars to close on deals in the overheated residential real estate market. But some of the most dramatic residential bargaining tactics are beginning to pale in comparison with the high-stakes competition for Manhattan commercial properties.

    In what is becoming the standard rather than the exception, buyer Kent Swig last month put down an estimated $70 million and closed on Art Deco skyscraper 80 Broad St. in little more than a week.

    "It was presented to me, and nine days later I closed," says Mr. Swig, who also recently purchased 44 Wall St. and 5 Hanover Square in record closing times. "You have to go in and rip apart and analyze the deal very, very quickly."

    While select Manhattan office buildings have long attracted bidding wars among the world's wealthiest investors, real estate experts say that the overall office market is approaching a frenzied level, based on the volume of sales and the speed in which deals are closing in recent months.

    Driven by low interest rates and improving rental rates in the city, buyers are plunking down millions of dollars in nonrefundable cash deposits, shortening the due diligence process and often conducting round-the-clock closings in less than 30 days. Even the downtown market--where buyers have held the bargaining power for years--is experiencing similar frenetic action.


    Leap in transactions

    "There's momentum building in terms of volume, the square-foot prices being paid and the number of transactions in the downtown market," says Scott Latham, a Cushman & Wakefield Inc. executive director whose recent deals include the sales of 44 Wall St., 90 West St., 20 Exchange Place and 95 Wall St. "This is relatively significant because there were virtually no transactions two years ago."

    But some buyers are hesitant to play by these latest rules and are skeptical that these deals will ever turn a profit.


    Bids lost

    "I don't do 90%-leverage and I don't sign seven-day contracts," says Norman Sturner, principal of Murray Hill Properties. His firm recently lost bids on four deals on Park and Fifth avenues to more highly leveraged bidders before it bought the leasehold on The Sports Illustrated Building at 135 W. 50th St. "We never lost a building (to financial distress) in 34 years, and I'm not about to start now."

    Still, Cushman & Wakefield data show that the sales market is attracting more enthusiasts than skeptics. During the first half of 2004, 30 buildings sold for a total of $5.1 billion, compared with all of 2002, when 48 buildings sold for a total of $7.3 billion.

    The latest buyers tend to be highly leveraged private investors. Private equity purchased 60% of buildings this year, compared with 19% in 2002. REITs shrunk to 13% of the buyers in 2004, compared with 37% in 2002.

    The rush to buy in heavily leveraged deals started with last year's sale of the General Motors Building. Harry Macklowe paid $1.4 billion for the property, put down only a $50 million nonrefundable deposit and arranged for financing in record time. With the improving economy, a stream of buyers are now mimicking his methods.

    "It feels like for any decent office building that has multiple bids, it has hard contracts, quick closings and no contingencies," says Robert Verrone, who heads Wachovia Securities' large loan group, which has financed deals for Joseph Moinian, Edward Minskoff and SL Green Realty Corp.

    Lately, buyers are adapting the style they've been using in midtown to the downtown market, which finally is showing signs of rebounding since the Sept. 11 attack. Data kept by real estate brokerage firm Studley show that while three downtown buildings sold for $150 million in all of 2003, seven downtown buildings worth $1.5 billion already have sold this year, and six more area buildings worth $1.3 billion are about to change hands.


    Infrastructure appeal

    Real estate sources say that many developers are convinced that infrastructure investments, including the new PATH station, the Fulton Street Transit Center and the planned retail center, will help their investments compound in value.

    "Downtown is the place where a lot of investors feel that there is money to be made," says William Shanahan, a CB Richard Ellis executive vice president and partner whose most recent sales deals include 1200 Fifth Ave. and 170 East End Ave., which is under contract.

    The sale in May of 140 Broadway--by Larry Silverstein and Morgan Stanley to German firm DIFA--for $465 million is also giving buyers confidence in lower Manhattan. "Because it was German, because it was a big price and because it was associated with Larry Silverstein, it did attract attention," says Woody Heller, an executive managing director of Studley's capital transactions group. "It made people sit up and say that the downtown investment market is back."


    Conversion options

    Buyers looking at the downtown market often have two game plans in mind. They can continue to rent the space out as offices or convert it into luxury apartments, which can be even more profitable.

    "People are saying, `I'll try it as an office building. If I screw up, I can convert it,' " says Davar Rad, whose company, Crown Properties, is in agreement to sell 61 Broadway.

    But some buyers fear that the combination of high prices and rushed due diligence could produce the same results throughout the city as did the bidding wars of the 1980s.

    "It's similar to when the Japanese and Arabs came to New York," says Mr. Sturner. "They bid up the price and did very little due diligence. Eventually, they didn't make a profit."


    Copyright 2004, Crain Communications, Inc

  7. #67
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    DOWNTOWN TUNE FOR WOR RADIO


    By STEVE CUOZZO

    August 10, 2004 -- WOR Radio, the pioneer AM station which has broadcast out of Midtown's 1440 Broadway for 76 years, is moving to Lower Broadway near Wall Street — a milestone in the station's history and a breakthrough relocation to downtown by a major media concern.

    Yesterday, WOR's owner, Buckley Broadcasting, signed a 15-year lease for the entire third floor at 111 Broadway, the landmark 1905 structure at the corner of Cedar Street.

    The 22,152 square foot-space the station's studios and offices will occupy when it moves next winter is modest in size but large in symbolism.

    WOR will be the only commercial radio station based in Lower Manhattan. Downtown Alliance President Carl Weisbrod hailed it as "great news and further evidence that downtown's economy is diversifying. I hope it proves a pioneer for more media to come."

    All-talk WOR (710 on the dial) boasts more than 9 million daily listeners.

    Its talent lineup includes talkmeister Bob Grant, relationship expert Dr. Joy Brown, foodie Arthur Schwartz, consumer whiz Joan Hamburg, and, in syndication, Fox News Channel's Bill O'Reilly.

    Landlord Richard Cohen was represented by CB Richard Ellis's Bradley Gerla with Adam Foster; WOR was repped by Tenantwise president M. Myers Mermel with Caroline McLain.

    WOR, a pioneer in the talk-radio format, has been at 1440 Broadway since 1928.

    Buckley Broadcasting President Richard Buckley cited several reasons for the move, including the fact that the new headquarters tower for the New York Times on Eighth Avenue will block the signal from the station's studio antenna at 1440 to its transmission tower in New Jersey.

    But more important, he said, was that, "I've always been sort of intrigued with downtown after 9/11. I thought it would be an interesting move because downtown is blossoming into a tremendously vibrant area — not just with the new World Trade Center, but with housing conversion and the new transit hub."

    With WOR's lease due to expire in 2006, Buckley said, "We looked at four or five buildings down there and we liked 111 Broadway immediately."

    CBRE's Gerla said, "Once they looked at our building, they saw that it offered an economic package as well as infrastruture that made a lot of sense for them."

    Empire State Development Corp. chairman Charles Gargano said, "I've followed WOR since I was a kid — they're an icon of New York." He said the station, with about 75 employes, is eligible for up to $3,500 per staffer under ESDC's federally-backed, small-firm attraction and retention program for Lower Manhattan.

    Gerla wouldn't say what WOR was paying but said asking rents at 111 Broadway are $32 a square foot. By comparison, current asking rents at 1440 Broadway are around $40.

    Mermel wouldn't talk specifics either, but said the station's "long history and excellent credit made them an attractive tenant worthy of substantial benefits" at 111 Broadway.


    Copyright 2004 NYP Holdings, Inc.

  8. #68
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    City tax breaks for 6 companies


    by Catherine Tymkiw

    The city is giving more than $11.5 million in real estate and sales tax incentives to help Virgin America set up its new headquarters in the city and aid five other firms.

    The city is giving more than $11.5 million in real estate and sales tax incentives to help Virgin America set up its new headquarters in the city and aid five other firms.

    In its August round of incentives, the city Industrial Development Agency approved up to $4.9 million in sales tax breaks to help Virgin America, a new low-fare airline, set up its new headquarters in the city. Virgin plans on creating 400 jobs within five years.

    Staten Island's New York Container Terminal, formerly the Howland Hook Marine Terminal, was approved for $3.5 million in sales tax breaks to help it modernize and expand. The terminal plans to add at least 50 workers to its 430-employee workforce over three years.

    A to Z Bohemian Glass, a midtown Manhattan-based importer and distributor of glass beads, will receive $977,000 in real estate and sales tax incentives to help finance the company's relocation to the Williamsburg section of Brooklyn. A to Z plans to buy and renovate a single-story building. It also expects to add seven employees to its staff of about 40 over three years.

    Orion Mechanical Systems, a Long Island City, Queens-based firm that provides commercial heating, ventilation and air conditioning services, will receive $823,000 in sales tax incentives to help it buy and renovate the building it now leases. The project is expected to cost $2 million and allow the company to add 17 jobs to its 86-person workforce over three years.

    S. DiFazio and Sons Construction and Faztec Industries, two Staten Island-based contractors specializing in utility projects, will receive $1.34 million in sales tax and real estate incentives to buy land that they will combine with property they already own to construct a shared maintenance facility and office building. The companies, which employ 101 people between them, plan to add 16 jobs over three years.


    Copyright 2004, Crain Communications, Inc

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    NYC's Plaza Hotel sold for $675M
    Millennium & Copthorne sells Fifth Avenue landmark, citing soft returns.
    August 13, 2004: 6:22 AM EDT

    LONDON (Reuters) - British firm Millennium & Copthorne said Friday it sold New York's Plaza Hotel for $675 million, bidding farewell to one of Fifth Avenue's most fabled addresses.
    The 97-year-old hotel has hosted many of the world's celebrities, including Hollywood stars Michael Douglas and Catherine Zeta-Jones, who held a wedding reception there. It has also been the setting for many famous movie scenes, and the focal point of a whole film -- "Plaza Suite" -- written by Neil Simon.
    However, the hotel's returns were not good enough for Millennium & Copthorne (M&C), which runs over 90 hotels across the world and is 52 percent owned by Singapore-based property firm City Developments Ltd.
    "Compared with the recent earnings generated by the hotel, the sale price is an attractive exit earnings multiple," Chairman Kwek Leng Beng said in a statement.
    The transaction will see Plaza Operating Partners, in which M&C has a 50 percent stake, sell the Plaza and the adjoining property for $675 million.
    The sale is to U.S. property firm El Ad Properties NY LLC, and M&C will use the proceeds to help cut debt.
    M&C shares were up 3.8 percent at 315 pence in early morning trade. Brokerage Teather & Greenwood kept a "hold" rating on the stock Friday.

    http://money.cnn.com/2004/08/13/news...ex.htm?cnn=yes

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    Quote Originally Posted by Pottebaum
    http://www.mcall.com/news/local/all-5nyofficesaug08,0,7015906.story?coll=all-newslocal-hed
    This makes me so sick I can't even type it out.

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    it will only continue, higher taxes, a awful state government, NIMBYS and corporte taxes will keep driving them out

  13. #73

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    Quote Originally Posted by kliq6
    it will only continue, higher taxes, a awful state government, NIMBYS and corporte taxes will keep driving them out
    :evil: :evil: :evil: :evil: Damn Them then!

  14. #74

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    I was under the impression that the situation was improving....Most of these jobs are back offices or technical--but still, it sucks. NYC always pull through, though

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    yeah i agree it always stayes strong but the lost of such fortune 500 firms like IBM, Pepsico, ITT, AT&T as well as the dispersal of many others, has to be something to keep in mind. If the city keeps making these mistakes, how many more firms will just leave

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