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Tishman Walks on Stuy Town

January 25, 2010

Tweet Tishman Speyer and company has decided to throw in the towel on Stuyvesant Town. This comes as little surprise as they were so far under water on the deal that it would be rather meaningless for lenders to keep them in the deal. Tishman originally paid $5.4B for the asset back in 2006 and […]

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Lembi’s East Coast Counterparts Go Bust

December 22, 2009

Tweet The NY Times has an article out about Dawnay Day, a British landlord who had a fairly similar M.O. that San Francisco’s Lembi Group had. It was then, after a meeting with a New York landlord at an art show in Miami, that the British firm plunked down $225 million for 47 rental buildings, […]

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4 New York Plaza Trading at $99/PSF with 15-Year Leaseback From JPM

December 17, 2009

Tweet JP Morgan Chase is in contract to sell 4 New York Plaza. The 23-story, 1.1 million square foot building is undoubtedly not the best looking asset, but it is trading at $99/psf. And….JPM is reportedly leasing back 75% of the building for 15-years to boot! This is an example of where values are if […]

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CalPERS Considers Showing Blackrock The Door

November 26, 2009

Tweet The WSJ is reporting that CalPERS is considering dropping Blackrock as an investment advisor to the pension fund after a disastrous year. Amongst the investments Blackrock steered CalPERS into was the Stuyvesant Town/Peter Cooper Village deal in NY. That deal has very likely cost CalPERS all of its investment of $500M. But of course, […]

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Damn The Bargains – High End Office Demand Opens Up

November 18, 2009

Tweet The Observer is reporting that the period in time which tenants in NYC were shunning expensive office space is over. They’re signing up again to pay triple-digits. Led by smaller tenants the contagion is spreading… The luxury momentum is rooted in the revival of the hedge fund leasing market. Following Lehman Brothers’ demise, hedge […]

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Citibank Forced to Resume Lending on Failed Mall Project

November 18, 2009

Tweet If a court in New York can come to this conclusion, can a court in California come to the same? That would probably be something Peter Pau and RREEF, developers behind the Sunnyvale Town Center that is headed to foreclosure want to know. Regardless, this is a huge decision by the NY court because […]

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Manhattan Rents Decline 6-9% Year-Over-Year

November 11, 2009

Tweet Weakness in the job market continued to put pressure on apartment rents in Manhattan, driving them down 6 (3 bedroom)-9% (studio) year-over-year. Manhattan apartment rents fell as much as 9 percent in October from a year earlier as unemployment cut demand and landlords lowered rates, according to Citi- Habitats Inc. Average rents dropped for […]

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Weakness In Apartments; San Jose Rent Falls Most

November 10, 2009

Tweet With unemployment at record numbers, it is no mystery that rents and vacancy rates would weaken in apartments. Especially hit hard are high priced areas such as San Jose, New York, and San Francisco, places where tenants typically leave if they remain jobless. What is also fueling the decline in vacancy rates is the home […]

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That Didn’t Take Long: Stuy Town Case Being Used as Precedent

October 26, 2009

Tweet Tenants at a Bronx apartment building at 1600 Sedgwick Avenue in Morris Heights will head to court today to make their case against landlord Riverview Redevelopment, which they say illegally hiked rents in their building. The residents face eviction for refusing to pay rent, following the landlord’s move to take 80 apartments in the […]

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Tishman Loses Stuyvesant Town Ruling

October 22, 2009

Tweet A court of appeals today ruled that Tishman unlawfully raised rents at Stuyvesant Town and could be forced to pay back millions. The massive Stuyvesant Town/Peter Cooper Village project is a huge project that we previously posted about. This project was originally acquired for some $5.4B. Estimates at the time of our post were […]

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