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NewsHour Report on NY Commercial Real Estate

October 8, 2009

Tweet PBS NewsHour report on New York commercial real estate…. [via The Real Deal]

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US Office Vacancy At 5-Year High; Rents Plummet

October 7, 2009

Tweet REIS is out with data on the US vacancy rate, and it continues to hike down the hill. Vacancy is now at 16.5%, a five-year high. Meanwhile, office space rents are falling at the fastest pace in a decade. Negative absorption in the third quarter proved to continue at a greater level than it […]

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Steven Roth of Vornado on CNBC

October 5, 2009

Tweet Bill Rudin of Rudin Management and Steven Roth of Vornado were on CNBC earlier today. Full clip below, but quick sound bite summary: recovery will be longer than anybody anticipates – bottoming process could take 2 years or possibly more flight to quality, tenants want longer term deals this down-cycle following the down-cycle trends which followed 1988 […]

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Q3 Manhattan Rents Drop 5%

September 30, 2009

Tweet A 5.2% drop this last quarter (to an avg of $51), combined with the previous three puts the year-over-year drop in Manhattan rents at some 27%, according to Studley. The amount of available sublease space is over 17 million square feet, with overall vacancy at 13.2%. The total office market in Manhattan is roughly […]

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Downturn Presents Once (or Twice) In A Lifetime Opportunities

September 29, 2009

Tweet HSBC is working on deals to sell three prized possessions, office assets on New York’s Fifth Avenue, Paris’ Champs Elysees, and London’s Canary Wharf. The assets are being marketed by CBRE as sale-leasebacks, and present the rare opportunity to acquire some of the world’s prized real estate, at a cost of course. The sale […]

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Bloomberg Interviews NY CBRE Broker

June 8, 2009

Tweet Bloomberg interviewed a top CBRE broker out of NYC today, and the interview is below. Nothing most of the readers here haven’t known, but just some reinforcement from a source just perhaps a bit more credible than some “faceless blog” Also, is it just me or does the show’s host look like Avigdor Lieberman?

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Nailed: Italian Developer About To Lose Its Shirt

March 18, 2009

Tweet Bloomberg has a great article bringing together everything that has happened to Risanamento SpA. Back in 2000, the developer sought to create a huge expanse of offices, hotels, flats, and shops just outside the city of Milan. The company acquired a 300-acre piece of land, and began construction several years ago on the Santo […]

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Flashback: 450 Park Avenue

February 17, 2009

Tweet I was going through old articles I had saved and I came across an article in Costar from July 2007 on the purhcase of 450 Park Avenue by Somerset Partners for nearly $1,600 per square foot. The article quoted one of the partnership’s principals, Keith Ruebenstein: We are confident that 450 Park Avenue will […]

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Boston Properties Halts Construction on $1B NYC Tower

February 6, 2009

Tweet Boston Properties (BXP: 115.76 -0.09%) has halted construction on the $980M, 1-Million SF office tower on W 55th St after a 500,000 SF law firm tenant pulled out of the deal. This is the second project that Boston Properties has pulled the plug on in the last two week.

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First Signs of Cracking: Broadway Partners Defaults on Hancock Tower

January 9, 2009

Tweet New York’s Broadway Partners has apparently defaulted on their loan on an acquisition they made back in 2006, according to a report in the Boston Herald. The acquisition of Hancock Tower in 2006 for $1.3 Billion was a landmark deal at the top of the market. Hancock Tower is a 60-Story, 1,755,398 square feet, Class-A […]

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