The Commercial Observer - Sept. 14, 2010

September 14, 2010
The Weekly Newspaper of New York’s Commercial Real Estate Industry $7.00
ppy Birthd
a
H To Us! ay
The Commercial Observer Turns 1!
➧ Our Big Look Back at Industry Power Brokers
➧ Prospective Tenants: How Right We Were
➧ Knakal on Why He Writes Concrete Thoughts
➧ Chandan Looks (Far) East for Next 12 Months
➧ And Steve Spinola Wishes Us Many More!
Theresa Thompson; D Sharon Pruitt

Coverage starts on page 18
in this week’s issue Vol. 2, No. 36
36
4 The Week in Real Estate 20 The Lead Indicator 56 Concrete Thoughts

By Heather Holland and Laura By Sam Chandan By Robert Knakal
Kusisto Lessons from the Far East as Why our intrepid columnist
Monday Properties’ 230 Park we edge into Year Two of the writes his columns (and he
wins major LEED nod. SL Green recovery chatter. does write them!).
sells 19 West 44th. And malls
expected to fill some of that 24 Power Broker
empty space, CB Richard Ellis By Jotham Sederstrom 62 Calendar
says. Excerpts from 12 months of our By Jotham Sederstrom
Power Broker profiles. The week ahead in events.
8 Lease Beat
By Emily Geminder and Laura 32 The Sit-Down 64 The Lobby
Kusisto By Jotham Sederstrom By Jotham Sederstrom
* 384 Bleecker Street What was said when we in- Studley promotes several; Col-
* 155 Fifth Avenue vaded Big Real Estate’s corner liers International poaches
* 550 Seventh Avenue offices. from CBRE.
And dozens more of New York’s
latest commercial leases. 42 Prospective Tenants
By Dana Rubinstein and Tom
Acitelli
ONE-YEAR ANNIVERSARY How right we were about some
SPECIAL of the biggest tenants looking
for space.
18 The Op-Ed
By Steven Spinola 48 Building Stories
The Real Estate Board of New By Emily Geminder and Tom
York had a busy year, too. Acitelli
Every building in New York
tells a story. Here are several.
COACH
COGNIZANT
COLLABORATIVE
CONTEMPORARY
COUNSEL
CONFIDENCE COZEN
COURAGE
CELEBRATES O’CONNOR Ken Fisher, Land Use Lawyer
Winning takes confidence.

From acquisitions to zoning, our team of development, finance and transactional
real estate lawyers have the training and flexibility to help you win.
Abby M. Wenzel, Office Managing Partner
277 Park Avenue For worldwide offices, visit us at cozen.com.
New York, New York 10177
212.883.4997 | awenzel@cozen.com
Geoffrey D. Ferrer, Office Managing Partner

16th Floor, 45 Broadway
New York, New York 10006
212.908.1201 | gferrer@cozen.com
550 Lawyers | 24 Offices
The confidence to proceed.

®
© 2010 Cozen O’Connor
2 September 14, 2010 observer.com | the commercial observer

theSLG-1987
commercial observer
555 W 57th | observer.com
CBS Tomb-10x12.25.indd 1 September
8/13/1014, 2010
11:27 AM 3
the week in real estate SEPTEMBER 7 - SEPTEMBER 14
By Heather Holland
emissions. Now, thanks to a $100 LEED Gold certification for its exec- Vornado Subsidiary
million renovation that included utive offices in 230 Park, and reduc- Pitch
double-paned windows, a high-tech ing its overall energy consumption
CBRE: Mall Shoppers system to monitor energy use, and in the building by 30 percent.
better cleaning and trash disposal Monday owns buildings in Virgin- Vornado Realty is selling its sub-
to Rise Again in 2011 practices, Monday Properties has ia, Washington and New York. But sidiary, Merchandise Mart Properties
received LEED Gold certification for Manhattan’s coveted prewar build- Inc., for $1 billion in order to “simpli-
The return of the eternally undead 230 Park Avenue, Hani Salama, the ings pose the biggest greening chal- fy and prune” its holdings, reports
consumers to the suburban mall sig- firm’s vice president of operations, lenge, Brian Robin, chief operating Crain’s. The sale comes at an oppor-
nals that retail may rise again. told The Observer. It is the first pre- officer at Monday, said in an inter- tune time as the Mart has come out a
A CB Richard Ellis report re- war office tower in New York City to view. “Two-thirty had this terrific bit battered from the recession, and
leased Sept. 8 shows that shopping hit that mark. pop in that it’s one of our most im- it doesn’t quite fit the company’s core
center availability will begin to de- The 1.4 million–square–foot, top- portant assets,” he said. business of owning office and retail
cline next year. For once that means shelf building will belch 7,000 fewer Monday is in the process of in- properties in New York. This sum-
the boroughs may have it best, as tons of carbon a year—or about the troducing a monitoring system that mer, Cohen Bros. Realty Corp. offered
the report’s findings apply primar- amount of energy consumed by 300 will help building managers identify $1.25 billion for most of Mart’s as-
ily to mega-complexes in places like U.S. citizens every year. “These were where their buildings are wasting sets, but the deal fell through and the
Long Island, including Brooklyn and good changes,” said Mr. Salama. energy. Next the landlord will apply reason still remains unclear.
Queens, a CBRE spokesman said. They may have cost a little bit more its green thumb to 1440 Broadway,
New York—outer boroughs in- in the short-term, “but the plus out- an 85-year-old, 750,000-square-foot
cluded—is one of 14 markets that weighs the negative,” he added. building just south of Times Square. Meredith Hunt
saw a decline in the availability of The building’s largest tenant, ING,
retail space this year, meaning more which occupies more than 200,000 Meredith is shifting gears and
shops and stores opening up. That square feet, has undergone a green- $85 M. Mortgage looking farther east to find its new
puts the city a bit ahead of the real ing project of its own, receiving home, reports the New York Post.
estate curve, as across the coun- A subsidiary of Forest City En- The company began negotiating for
try retail availability is expected to terprises closed on an $85 million a large space at Hiro Plaza, where
decline starting in 2011. Shooting mortgage for its 312,000-square-foot the publisher already had offices,
ahead, however, are San Francisco, 2004. The company plans to invest property at 234 West 42nd Street, but it has now moved its gaze to the
Newark, Jacksonville, Cincinnati the $118 million in net proceeds to- reports The Real Deal. It’s a 10-year, Durst Organization’s nearby 205
and Trenton. ward 125 Park Avenue, which it fixed-rate mortgage, and new fi- East 42nd Street. The building has
Consumer spending was up 0.4 agreed to buy from Shorenstein nancing ensured an interest rate 375,000 square feet available, and
percent nationally in July, according Properties for $330 million, The that is 325 basis points lower than Meredith wants to consolidate in
to the Commerce Department, but Real Deal reported. that of the loan it replaced, increas- about 250,000 square feet.
only after three previous lackluster The sale comes just as the building the cash flow generated by the
months. ing has scored a new tenant, For- property.
Still, we’re coming off “some of est Management, which signed a
the lowest points in retail sales his- 17,684-square-foot lease for 11 years,
tory,” the report’s author, CBRE The Commercial Observer reported $85 M. Sale
economist Abigail Marks, cautioned. last week. Since SL Green took over,
—Laura Kusisto occupancy in the building has in- Hearst’s Argonaut build-
creased to 99 percent, up from 86. ing at 224 57th Street sold
The sale is expected to close this for $85 million, reports
SL Green Sells Brim- fall. —Laura Kusisto The Real Deal. An in-
vestment group based
ming 19 West 44th in Beirut purchased
Monday’s Gem Grabs the 10-story build-
SL Green, the city’s largest office ing; the sale went
landlord, has agreed to sell 19 West
Green Gold into contract 183 Madison Deal?
44th Street for $123.2 million to June 23 and
Deka Immobilien, a German real es- New York’s golden landmark has closed August
tate investor. gone green. 26. The property at 183 Madison Av-
That’s nearly double the $67 The Helmsley Building may glitter enue is inches away from being con-
million that SL Green paid for the in the sun, but until recently it was tracted by a British group for near-
292,000-square-foot building in producing a dark cloud of carbon ly $75 million, putting the price at
about $300 per square foot, reports
the New York Post. Bidders for the
250,000-square-foot building had in-
STAT of the WEEK cluded Sitt Asset Management and
the Kaufman Organization.
Take-Off
N.Y.U. Condo Buy
The midtown class A average asking rent gained altitude for the third
straight month in August, the longest period of growth since the spring New York University purchased
of 2008. Though the increases were very slight for June and July, August a commercial condo on the third
saw an asking rent increase of just over 1 percent, closing the month at floor of the Silk Building, at 14 East
$65.05 per square foot. 4th Street, for $9.9 million. The
It now appears that midtown may have hit bottom in May of this year, school went into contract for the
with a figure of $64.18 a foot, though there are a lot of air pockets that 12,851-square-foot condo in March
could get in the way before making it to cruising altitude—office job cre- 2007, and closed Sept. 1. The deal
ation being first on the list. The midtown class A figure remains 34 percent is one of $200 million in purchases
off its record high set back in May 2008: $99.22 a foot (and still lower than made by the school this year, includ-
even the first quarter of this year). ing the Forbes building on Fifth Ave-
—Robert Sammons of Cassidy Turley nue and a 26-story dormitory build-
ing known as Founders Hall at 120
East 12th Street. The new purchase
will be used for back-office purposes
and for housing.

Panoramic Views
outstanding full floor opportunity
36TH STREET
AVENUE OF THE AMERICAS

B RO
ADW
AY
Entire 19th Floor

15,098 sq.ft.
35TH STREET PROPOSED PLAN
25 Offices
3 Conference Rooms
Reasonable divisions considered
1350 BROADWAY
Abundant natural light from windows on all four sides of our Pre-War Trophy,
on a pedestrian mall directly across from Macy’s flagship store. Recently
completed $53 million upgrade program, including a new entrance, lobby,
windows, elevators, restrooms, air-conditioned public corridors and upgraded
building systems. Steps to Penn Station, Port Authority, Grand Central Terminal,
PATH and 14 subway lines. Additional full floor of 11,075 sq.ft. and pre-built and
ready for move-in suites available from 2,200 – 4,000 sq.ft. Submetered electric
Actual View in all new suites above 2,500 sq.ft.
from 19th Floor
Thank you for giving us the opportunity to compete for your business.
Supervised by
Jonathan T. Fanuzzi, Senior Managing Director WWW.1350BROADWAYNY.COM

212-372-2084 • jfanuzzi@newmarkkf.com 100% COMMISSION ON SIGNING
the commercial
W&H10-1725 observer |1observer.com
1350 bway_obsv.indd September PM 5
14, 2010
9/10/10 4:35:07
the week in real estate
SEPTEMBER 7 - SEPTEMBER 14
Corigin Born feet of retail space. The space had been with-
out an agent for nearly a year and a half.
Corigin Holdings is forming in the stead
of the Coalco New York division, taking as-
sets associated with Coalco New York with Moinian vs. Related
it, reports GlobeSt. Corigin will focus on pri-
vate equity and commercial real estate, mak- Joseph Moinian is seeking financing from
ing two divisions, Corigin Real Estate Group SL Green in order to stop the Related Compa-
and Corigin Private Equity Group. Former nies from buying his mortgage at 3 Columbus
chairman of Coalco New York, Ryan Freed- Circle, foreclosing on the office tower, tearing
man, is the CEO and chairman for the newly it down and building a more modern tower in
launched real estate group. its place, the New York Post reports.
CWd^WjjWdjeCedjWka"<_\j^7l[dk[je<_h[?ibWdZ"8heeabod>[_]^jijej^[>Wcfjedi
Bank Building Returns Boomism Lives!
The Jarmulowsky Bank Building at the
111 Eighth
corner of Canal and Orchard streets returned
to the market for $37 million, an increase Owners of the
from the $25 million it sold for in 2005, rebuilding at 111
ports The Wall Street Journal. Central City Eighth Avenue
Brokerage Corp. is the brokerage marketing have put a fat $2
the 12-story, 60,000-square-foot property. billion price tag
Central City hopes to entice buyers by mar- on the property,
keting the property as an investment proper- hoping the market has improved enough that
ty for developers interested in converting the buyers are willing to pay prices not common
building into a hotel or condominium. since the boom earlier this decade, reports
The New York Times. The 15-story building
is nearly 3 million square feet, making it the
Toren Taps CPEX fourth-largest office building in New York
City. Tenants include Google, Nike USA and
The Toren, the downtown Brooklyn condo barnesandnoble.com. The outcome of this
Manhattan 881/888 Broadway 646 602 3000 abchome.com developed by BFC Partners, hired CPEX as venture may say a great deal on the current
exclusive leasing agent for its 13,000 square health of New York’s real estate market.
Bronx, NY 1055 Bronx River Ave 718 842 8770
321 West 44th Street, 6th Floor, New York, NY 10036

Our Standards are Higher - The grandest in grand central
Build-to-Suit Full Floors Available Jared Kushner, Publisher
Robyn Weiss, Associate Publisher
Kyle Pope, Editorial Director
Tom Acitelli, Editor
Dana Rubinstein Staff Writer

Robert Knakal, Sam Chandan, Columnists
Jotham Sederstrom, Emily Geminder, Laura Kusisto
Contributing Writers
Nancy Butkus, Art Director
Tyler Rush, Production Manager

Chris Cronis, Copy Editor
Peter Lettre, Photo Editor
Lisa Medchill, Advertising Production
Christopher Barnes, President, Observer Media Group

Barry Lewis, Exec. Vice President, Observer Media Group
Steve Goldberg, Senior Vice President Sales
9,254 RSF - ENTIRE 3RD FLOOR 11,325 RSF - ENTIRE 13TH FLOOR Ken Newman, Director of Classified Advertising
Creative loft-style building Good views
High ceilings, excellent light & air • Exposed brick Will Build-to-Suit using high-end building standard finishes
Will Build-to-Suit using high end building standard finishes On-site ownership
100% COMMISSIONS PAID ON SIGNING To purchase a subscription to The Commercial Observer,

WWW.APFPROPERTIES.COM
FOR LEASING INFORMATION, PLEASE CONTACT: please call 212.407.9331
David A. Rosenbloom Joshua A. Goldman Larry S. Lazerwitz
212.841.7924 212.713.6780 212.841.7569 To advertise in The Commercial Observer, please contact, Robyn Weiss, 212.407.9382
david.rosenbloom@cushwake.com joshua.goldman@cushwake.com larry.lazerwitz@cushwake.com Global Real Estate Solutions

SUCCESS HAS
A NEW ADDRESS.
With a new owner, a new spirit

and a new commitment to
excellence, 600 Lexington Avenue
is the new destination for
successful businesses.
A Celebration of Success.
600lex.slgreen.com
the commercial observer | observer.com September 14, 2010 7

SLGreen_600Lex_CommObsvr_091410_blu.indd 1 9/10/10 5:06:48 PM
Lease Beat by Laura Kusisto
Michael Kors Takes Bleecker Corner for 12 Years

384 Bleecker Street “Michael Kors will be an excit- clothing vendor Olive and Bette’s to Kors locations have also
’Tis the season of fashion, and Mi- ing new addition to this prestigious make way for the latest addition to popped up on Madison Ave-
chael Kors has celebrated by open- stretch of West Village real estate,” the Kors chain. “You can’t swing a nue and Fifth Avenue, in the
ing yet another retail location. said Joel Isaacs, of Isaacs and Com- dead cat without hitting a Michael Flatiron district.
The designer to the fabulous set pany, who represented the landlord, Kors store,” declared popular fash- Richard Hodos and Ste-
has signed a 12-year lease for a cor- Beck Street Capital, along with Da- ion blog Shophound. phen Sjurset of CB Rich-
ner spot at 384 Bleecker Street in vid Baker. Not quite. But the designer has ard Ellis represented the
Greenwich Village, totaling 1,475 Fashionistas were somewhat dis- been rapidly increasing his indepen- tenant.
square feet. mayed at the departure of cheery dent retail presence. Since March,
fact:Murray Hill Properties has

provided comprehensive
commercial real estate
services, including acquisitions
® & dispositions, office and retail
brokerage, third party
1971.
management, and interior
construction services, since
fact: Murray Hill Properties is

pleased to announce the
relocation of their new
corporate headquarters to
277 Park Avenue and senior
management is looking
2011
forward to a bright future in
our 40th anniversary year of
212-944-4747
murrayhill.com
and beyond.
8 September 14, 2010 fact-ad-comml-obsrvr.indd 1 observer.com | the commercial

9/8/10 observer
9:16:18 AM
A Dramatic Arrival.
A Source Of Inspiration.
A Powerful Presence.
Providing a powerful and unanticipated interlude to the

energy and activity of bustling Midtown Manhattan,
350 Madison is an archetype of inspired thinking. With
a complete renovation in place, from an entirely
re-clad shimmering facade with energy efficient glazing
to a glassy, light-flooded interior lobby featuring a
thirty-foot waterfall with natural foliage, 350 Madison
offers a spectacular escape at the center of the city.
Ideally located steps from Grand Central, the vision will
inspire you - the experience will transport you.
ENTIRE 16TH FLOOR AVAILABLE: 17,459 RSF OF CLASS A OFFICE SPACE
www. 350 mad . com
FOR LEASING INFORMATION, PLEASE CONTACT:
Eric rEimEr eric.reimer@am.jll.com 212.418.2670 | BarBara WintEr barbara.winter@am.jll.com 212.812.5990

mErcEdEs FErnandEz mercedes.fernandez@am.jll.com 212.418.2667 | GrEG GrEEn gregory.green@am.jll.com 212.418.2639

Lease Beat by Laura Kusisto
LEASES OF THE WEEK
SOLD Gorgeous 490 Broadway Seals

k Two Deals for 19K Feet
$6,400,000
k
490 Broadway
Soho’s impossibly hip
languished until it was re-
stored in the late 1990s, and
with 15-foot-high, tin-fin-
ished ceilings and 24 win-
490 Broadway has proven now boasts tenants such as dows. “It’s in many ways
2055 Ocean Avenue it’s still got it. The building Oprah fav the American the most picturesque part
has leased three full floors Terry Corporation. of the building,” said Mr.
Brooklyn, New York to one new tenant and one The building is now Cagner. “It’s a perfect des-
old one. months into a complete tination for hip, creative
k The Corcoran Group has makeover, including a full tenants looking to have a
A 6 story elevator apartment building renewed its lease for 12,000
square feet for the sec-
facade renovation and a
new automatic elevator.
full-floor presence.”
Asking rents are around
consisting of 53 apartments. 10.2 X Rent Roll. ond and third floors for five That seems appropriate $40 a square foot, accord-
years. Meanwhile, creative for the building, which pio- ing to a Newmark spokes-
k firm Trollbäck + Company neered New York’s first safe woman.
has taken 7,000 square feet, elevator. Andy Weiss of Signa-
Aaron Jungreis or the entire fourth floor, in a
long-term lease.
The city’s aesthetically
inclined tenants need not
ture Partners represented
Trollbäck + Company. No
successfully brokered this transaction “This is a wonderful ‘Old despair. The top floor will broker represented Corc-
New York’ building,” said also open up later this year, oran in the deal.
Eric Cagner, of Newmark
Knight Frank, which rep-
resented landlord Broad-
way Landmark Corpora-
tion. “Ever since it opened,
38 East 29th Street • New York, NY 10016 • 10th Floor in 1857, it’s been a destina-
tion for creative business-
212-359-9900 es.”
Indeed, the original
tenant, E.V. Haughwout &
Co., was said to have sold
a mauve tea set to Mary
Lincoln (apparently, that
was considered very chic
at the time). The building
Our clients’ success is our success.
Introducing EisnerAmper, the leading regional
accounting firm in the Northeast. Gift-Basket Kingpins Pop Up on
Lower Fifth
benefit plans
successsuccess
COMMERCIAL Successsuccess
OBSERVER
succ ess
success Success SUCCESS
SUCCESS
SUCCESS
successucces
SUCCESS
SUCCESS 155 Fifth Avenue
sus cces
FINANCIAL SERVICES succs essSUCCESS
Success
success success
Su
s cc
sucsu s es
cce
SUCCESS cessu ccsessSu

Valuation
ss
Succes
SUCCESS
There’s good news this

s
cc
SUCCESS
SUCCESS
SUCCESS essSu
cc
ess Su
SUCCESS
SUCCESS
cc
ess
week for those perpetually

Succ
success ess SUCCESS
SUCCESS
SUCCESS Su
late in ordering their holiday

s cc
cces
SuSUCCESS
ccSues es
s Ss
UC
Suc
SUCCESS CE
fruit baskets. Harry & David

ss
Su
SUCCESS
SS
cce
cce
cSeu s
Success
Succcess S
Su
ss
SUC
will open its first temporary

Success
SuESS
cs eusc
From Main RStreet toCOWall Street.

Su ce
c
cc s
scSes
location in New York City, just

es s
ROSEWOOD FOLDER 26685

ucs
Su SUCCESS
ce
cce Success
in time for some seasonal pro-
Success
ss
ss Success
SUCCESS
SUCCESS
SUCCESS
success
Success crastination.
Success
The Oregon-based maker of
Success
Tax Planning
SuccessSuccess
Success Success Success
SuccessSuccess luxury fruit baskets has signed
Success
Success
IPOs
Success
Success
Success Audit
Success
Success
Success
a four-month lease at 155
SuccessSUCCESS
SuccessBusiness
Success Services Success
Success
Success
SUCCESS SUCCESS Success
Success
SUCCESS
Success Success
Success
Success
Fifth Avenue, in the Flatiron
district, Crain’s reports. The
pop-up store will open this
week, and includes 4,500 square feet on the likely Harry and David will stick around once
Charles Weinstein, CPA ground floor, a 4,800-square-foot basement the twinkle lights are turned off.
Chief Executive Officer and a 2,100-square-foot mezzanine. “Like most companies that focus on gifts
212.949.8700
Asking rent for a long-term lease on the rather than self purchases, [Harry & David]
Howard Cohen, CPA ground floor would be around $250 a square does most of [its] business in the fourth quar-
Chairman foot, according to Crain’s. ter, so it won’t be cost effective to pay New
732.287.1000 “Their things are specially geared toward York City rents the other eight months of the
holiday time,” said Robin Abrams, of Lansco year,” Meredith Schwartz, of Gifts & Decora-
www.eisneramper.com
Corp., who represented the landlord. tive Accessories magazine, told Crain’s. But
Those divine pears first came to New York Ms. Schwartz said she could see the retailer
EisnerAmper LLP City by mail from the Rosenburg brothers’ or- popping up again around Mother’s Day or Val-
Accountants & Advisors
chard in Oregon. But they didn’t sell well dur- entine’s Day.
Eisner LLP and Amper, Politziner & Mattia, LLP
have combined their accounting, tax and
ing last year’s lean holiday season. Sales were Ms. Abrams represented the landlord, the
advisory services practices. New York | New Jersey | Pennsylvania | Cayman Islands down 13 percent, though in general the com- Eretz Group, along with Melissa Rose in-
pany’s retail stores have fared slightly better house. Newmark Knight Frank Retail repre-
than the mail-order business. sented Harry & David.
Even if the pop-up store does well, it’s un-
FASTER
FORWARD
Putting the pedal to the metal.

Some show up just to rev their engine. We’re focused on pulling ahead
as the first true alternative to real-estate-as-usual. We’ve put the pedal
to the metal to help our clients race forward with investments in new
markets, top talent, and a unified global brand in more than 480 offices
in 61 countries worldwide. We’ve got the inside track on service to
accelerate your success.
www.colliers.com Colliers International congratulates the

Commercial Observer on their One-year anniversary

55w125_1/2pg_press:Layout 1 9/1/10 10:25 AM Page 1
THERE’S NOTHING THAT Lease Beat by Laura Kusisto
SAYS YOU SHOULDN’T

Say Mozzarella! Old-School Camera Shop
PROFIT FROM A Opening Second City Spot
GREAT LOCATION. 106 East 23rd Street
Such is the irresistible
power of nostalgia that the
analog camera, which seemed
only recently a clunky relic of
’90s road trips, is back.
Lomography, a niche re-
tailer offering pre-digital
cameras, accessories and
processing services, will open
its second New York location,
at 106 East 23rd Street, be-
tween Lexington Avenue and
Park Avenue South.
The new, 2,400-square-
foot space joins its other lo-
cal spot, at 41 West Eighth
Street in Greenwich Village. ence consists mainly of an struggling CD retailers a rea-
Full floor opportunities available in Harlem’s The company has 14 interna- arty MySpace page and a son to hang on.)
tional locations. stub Web site with the slogan Steven Baker and Mi-
Class-A office building of choice for firms If the charm of blurry pho- “Get Lomographic!” chael Gleicher of Winick
seeking value, quality and accessibility. tos with awkward facial ex- Of course, the store’s ex- Realty represented the land-
pressions hasn’t rubbed off pansion comes not long after lord, Abington Holding. Al-
on you yet, it may be time to the mass closing of tradition- bert Rashtian of European
Potentially a 51,584 get up from your computer al camera retailers such as American Properties repre-
and visit one of the compa- Ritz Camera in the past few sented the tenant.
Contiguous RSF Opportunity ny’s stores. Its online pres- years. (Perhaps this will give
7th Floor – 17,206 RSF

8th Floor – 17,188 RSF Fashionistas To Go Higher-End with 11K-Plus
9th Floor – 17,190 RSF Feet at 550 Seventh
Actual view South from the 9th floor
550 Seventh Avenue
Fashion Accessory Bazaar has grabbed
a spot in the garment district from which to
launch a glamorous collaboration of indie de-
signers.
Carlos Falchi and Isabella Fiore will move
into 11,695 square feet at 550 Seventh Av-
enue, near 40th Street, the New York Post
reports. The two high-end indie handbag de-
signers are being brought together under
FAB’s fledgling Artisan House division. over from 80 West 40th Street. The designers
FAB already makes handbags featuring will join Ralph Lauren in their new Art Deco
Hello Kitty, Hanna Montana and Spider-Man, home.
but now it hopes to snag buyers with more so- Michael Beyda and Abie Cohen of Bench-
phisticated tastes. Rihanna sometimes sports mark Properties represented the tenant. Mi-
a shiny silver Falchi; Katie Holmes and Kate chael Heaner of the Kaufman Organization
Hudson favor Fiore’s embroidered look. represented the building. The asking rent was
�
Full floor identity �
On-site indoor parking Falchi is currently located at 260 West $42 a square foot, according to the Post.
�
Central Harlem location �
Accessible to the A, B, 39th Streeet; Fiore will hop a couple of blocks
C, D, 2, 3, 4, 5 and 6
Full service building subway lines, numerous
PR Giant Edelman Expanding
�
�
24/7 security bus lines and Metro North
�
Outstanding views �
Neighborhood amenities in Soho with 27K-Foot Deal
include national and
�
Will build-to-suit local retailers 250 Hudson Street staff by 30 percent, to nearly
The proliferation of bad 600 people, as of this month.
�
Convenient lobby news in corporate America It reportedly loves the Soho
newsstand/snackbar has proven good news for PR spot, which it moved into a
giant Edelman. The company year ago, because it allows
will take an additional 27,000 the staff to rub elbows with
For more information, please contact: square feet at 250 Hudson its bestest friend, the media.
Anthony Stapleton Street. “There are a lot of media com-
212.582.6688 Edelman’s clients include panies down here, and there’s
anthony@cogswellrealty.com Kraft, Apple, Starbucks, Wal- lots going on,” Robin Callif, Richard Ellis represented the
Mart and the Falkland Islands, the firm’s local chief of staff, tenant, along with Ken Mey-
Ross Jacobs to name a very few. It will occu- told Crain’s. erson. Landlord Jack Resnick
212.582.6688 py a total 168,000 square feet Asking rent was around & Sons was represented in-
ross@cogswellrealty.com in the building, which features $43 a square foot for the 14- house by Dennis Brady and
an environmentally friendly year deal, which is set to ex- Jonathan Dean.
cogswellrealty.com green roof that we can only as- pire along with the company’s
sume is good for PR. other leases. MORE LEASE BEAT
Edelman has increased its Mary Ann Tighe of CB ON PAGE 67
law column
Relationship Driven.
Your Landlord
Execution Focused. Financially Challenged?
How to protect tenants, subtenants
At Meridian, we value our role as your expert
financing partner. That means understanding
and brokers
your business as well as your individual loan The scene: Midtown office of a midsize ad ment Affidavit? (Does that apply to commer-
transactions. agency. cial leases?) Well, there’s always a lien action …
The dramatis personae: Company’s VP for but who’s gonna pay for the litigation?”
operations, attorney and broker.
By leveraging our market insight and our
The discussions to this point: On the table
I
deep lending relationships, we consistently is a draft term sheet for a 15,000 rsf lease at a don’t think the above scenario is too far from
provide best-in-class financing solutions and rent which is 20 percent lower than tenant is reality in today’s troubled real estate market.
currently paying; also a $42 per rsf TI (tenant But what does it all mean?
seamless execution. improvement) allowance.
(We now listen in on the conver- Protecting Tenants, Subten-
Even in today’s complex market, Meridian sation …) ants and Brokers From Land-
offers the industry’s best loan products and lord Defaults
Tenant: You know that $48 rsf Here’s a topic that was not on
the ability to close your toughest transactions. rent is great, gonna save us a [boat] the radar screen 25 years ago
load of money over the next 10 years, but would have been considered
Please call us today to learn more about but I’ve been reading the trades and almost laughable if presented
our unique approach and to discuss your understand that [insert name of as part of a Continuing Ed pro-
financing needs. latest high-profile financially chal- gram or as suitable for a leasing
lenged landlord] is way deep under- law column. But here we are. It’s
water on a number of mortgages, 2010, and the market today is
and we’re concerned about getting still in the crapper; pockmarked
our TI money—hey, $600,000 ain’t Jeffrey Margolis with overextended landlords
chicken feed—and, for a our cor- who paid hyperinflated prices for
1 Battery Park Plaza New York, NY 10004 | 212 972 3600 | www.meridiancapital.com porate image, his ability to provide Guest Columnist properties with borrowed mon-
Class A building services—the lobby, ey, all having been predicated on
office cleaning, etc. That’s essential. ever increasing dollars per rsf.
A Year of Results...
Lawyer: Well, let’s make getting an SNDA a Well, then came Lehman Brothers and the
must here, and also we’ll look for an L/C on that worldwide financial debacle. Now with debt
TI work or an escrow. Maybe rent set-offs and service often far outstripping income, many
self-help too. … landlords are in trouble. Most talking real es-
Broker [gazing off into the distance, mo- tate heads predict continuing stormy seas for
mentarily caught up in his own thoughts about property owners who may be upside down in
the subject]: (to himself) Hmmm. I better fig- their current loans. This gloomy POV is sup-
ure out how I’m gonna make sure my six-fig- ported by recent numbers indicating that al-
ure commission gets paid ... especially as half most $46 billion in defaulted CMBS loans are
is due six months after signing. Gotta find that outstanding.
memo on this to all brokers from the compa- To be a bit Talmudic here (’tis the season, af-
ny’s new international HQ office in Saigon on ter all) we ask—rhetorically—what is the mean-
this. Try for an escrow? Commission in lieu of ing of all this for that advertising company in
488 7th Avenue Royal Oaks Townhomes 106 Ridge Street rent? Nah, that will never fly. Broker’s Entitle- our drama and others similarly situated? This
New York, New York Hollywood, Florida New York, NY
$28,800,000 $8,750,000 $5,350,000
PRESENTS
Ritz Plaza Apartments Chelsea Ridge Apartments San Francisco Portfolio

Masters of Real Estate
WEDNESDAY OCTOBER 13, 2010 • 8:00 AM – 2:00 PM
New York, NY Wappingers Falls, NY San Francisco, CA The Metropolitan Club | One East 60th Street | New York
$150,863,000 $56,350,000 $14,000,000
SPEAkERS iNCluDE:
Keith barket, angelo gordon
Richard LeFrak, LeFrak Organization
Jeff blau, Related Companies
Richard Mack, aRea
andrew Farkas, island Capital
Rob Speyer, Tishman Speyer
Jon gray, blackstone
barry Sternlicht, Starwood Capital
Marc holliday, SL green
Jay Sugarman, iStar Financial
Ron Kravit, Cerberus *panelists subject to change
Registration & More Detailed Information: www.observerpaid.eventbrite.com

Drew Anderman - 9th Largest Commercial Real Estate Lender in the U.S. Ticket Price: $500 | Seating is Limited | Please RSVP by October 6
212/953-7301 - Fannie Mae DUS™ FOR RegiSTRaTiOn by MaiL:
danderman@walkerdunlop.com Please return this portion with a $500 check made payable to: The New York Observer
- Freddie Mac Program Plus® Mail to: Ashley O’Brien, New York Observer, 321 West 44th Street, 6th Floor, New York, NY 10036 by no later than October 6th
www.walkerdunlop.com
- Map- and Lean-approved FHA Lending naMe:__________________________________COMPany: _________________________________________
addReSS:___________________________________________________________________________________
PhOne nuMbeR:_________________________eMaiL: ______________________________________________
Atlanta • Bethesda • Chicago • Dallas • New Orleans • New York • Orange County • Walnut Creek yOu wiLL ReCeiVe a COnFiRMaTiOn by eMaiL ThaT yOuR RequeST haS been ReCeiVed.

TD BANK
MEANS
BUSINESS.
$193,000,000 $24,000,000
Class A Office Building; 3-Year 5-Year Term;
Construction / Mini-Perm Construction / Mini-Perm
___________________ ___________________
Constitution Square TN Investments -
Banner Life Building
Washington, DC Urbana, MD
$15,000,000 $11,700,000
7-Year Commercial Real
Estate Mortgage Loan Permanent Loan
___________________ ___________________
Kite New Jersey, LLC 35 East 32nd Realty
Oakridge, NJ New York, NY
Put the power of TD Bank to work for you.

Contact Douglas MacLean or Gregg Gerken at 1-888-751-9000.
Equal Housing Lender l TD Bank, N.A.

law column
means landlords and tenants can ex- 4. Overall, landlord bankruptcy, range of relief, such as damages, re- expressly subordinate to the lien of $600,000 in TI money and the care-
pect to see some significant turnover and the adverse consequences to the scission, or specific performance. the mortgage. fully crafted rights of set-off against
in ownership of commercial proper- commercial tenant. (Practical problem: It’s time-con- Non-Disturbance: The lender rent your street-smart attorney ne-
ties in the coming years, particularly suming and may not give sufficient agrees that if it forecloses against gotiated. Free-rent periods in the
through commercial foreclosure ac- Second, with what (to the tune of protection.) the landlord’s interest, terminates third and sixth lease years? Nope,
tions. Now, we all have gone through “Here Comes the Sun”—not exactly, (Pssstt—really practical pointer: same, it will leave the tenant alone; those get jettisoned. Also, you’ll
market cycles of different dimen- but don’t lose hope; all is not lost): Go with a quality landlord—one with it will not disturb (disrupt) the ten- likely see specialized insurance pro-
sions. That—by definition—is a mar- 1. SNDA: Subordination, Non-Dis- a good reputation and no mortgages ant, not terminate the lease; and visions to the effect that the lender
ket (anyone remember “Stay Alive turbance and Attornment Agree- in default etc. That, dear reader, is Attornment: The tenant agrees can glom all casualty proceeds, thus
’til 95?”), but nothing as negatively ment: The Lender agrees that if it 99 percent of the battle.) that if through foreclosure the lend- effectively emasculating important
charged as today’s climate. forecloses on its mortgage lien, the Space limitations mean we can’t er or some other party succeeds to lease provisions regarding the land-
So what can (should) the tenant- lease will not be “disturbed”; ten- go into a detailed discussion of each the landlord’s interest, then the ten- lord’s restoration obligations; and
side players in the leasing communi- ant’s rights are (with various cave- ant will recognize (attorn) (turn) to it’s also been pointed out that cer-
ty do to safeguard the status of their ats) protected (especially impor- the new party as its landlord for all tain hard-fought-for special protec-
leases and, as to their brokers, make tant if tenant is investing significant purposes under the lease. tions in the event of a claimed de-
sure they get paid the commissions money in its initial installations). Now, we all have gone thru fault may be also be sacrificed.
they’ve worked so hard to earn? We’ll 2. Letter of credit, attorney es- market cycles of different di- O.K. So we’ve all agreed, the lat- Bottom line is that the SNDA is
start this investigation by looking crow account: to secure landlord’s est chapter in our real estate saga is more than a mere lease-housekeep-
from the tenant’s perspective. financial obligations to tenant, or as mensions. That—by defini- aptly titled “Dark Clouds on the Ho- ing checklist item. The SNDA can be
another alternative … tion—is a market (anyone rizon” (a little spooky, no?). But let’s a two-edged lease-altering sword
Protection From What and of 3. Rights of set-off (set-off against say you’ve requested and have the with—per the above examples—
What fixed rent and other payments com-
remember “Stay Alive ’til clout to get an SNDA from the land- some very unpleasant repercussions
First, from what: ing due under the lease). 95?”), but nothing as nega- lord’s lender. What does the SNDA for the overly trusting or altogether
1. Foreclosure: lease termination 4. Self-help: Hire someone to per- look like? Fair and balanced? Not too casual tenant team.
by reason of lenders canceling out form the work required, at the land-
tively charged as today’s at all. It is a totally lender-oriented jamargolis@newyorkleaselaw.com
the subordinate interest that the lord’s expense. climate. form. So what’s the downside for the
lease represents. 5. Rights of recourse: A landlord in tenant in the seven pages of single- Jeffrey Margolis is founding princi-
2. Money defaults: for example, financial distress may reduce build- space verbiage? Isn’t it enough to pal of the Margolis Law Firm in New
how to protect commitments to pay ing services, maintenance or capital say, “Hey, I got my SNDA?” York City where he specializes in “dirt
for TI allowances. improvements to the property in or- point, but let’s do a Richard Dawson– No, it is not. We read carefully law”—buying, selling and leasing. He
3. Performance default: for ex- der to save money. (Off-topic tenant- style “number one answer”: and we see, for example that if the writes monthly for The Commercial
ample, landlord’s work and build- leasing tip: lease language—provide SNDA: Subordination, Non-Dis- lender becomes your new landlord, Observer on legal issues. This discus-
ing services (everything from HVAC a very specific level of service). turbance and Attornment Agree- it is not bound by any prior landlord sion as to protecting tenants, subten-
to keeping the passenger cab brass Tenant then looks at: ment. lease defaults and no right of offset ants and their brokers from landlords
shiny and fresh flowers in the lob- 6. Legal action (including claim Subordination: The tenant agrees survives. So from the get-go, kiss in distress will continue next month.
by). of constructive eviction) for a wide that the lien or priority of its lease is goodbye that unfunded, unsecured
263 WEST 38th STREET

COMMUTER HEAVEN IN THE HEART OF MANHATTAN
1 block SPACE
from AVAILABLE
FROM
Port 4,000 TO
Authority 10,000 RSF
FULLY ATTENDED
4 blocks ART DECO LOBBY
from 24 HOUR/7 DAY

ACCESS
Penn
WELL MAINTAINED
Station BUILDING
3 minutes NEW WINDOWS
from NEW ELEVATOR

EQUIPMENT
NEW BATHROOMS
Peter Newman
Executive Managing Director
6th Floor pnewman@handler-re.com
10,000 rsf 646.597.6179
Scott Galin Principal
sgalin@handler-re.com
www.handler-re.com HANDS-ON REAL ESTATE

R E P O R T R E A L E S TAT E
CoStar’s Top Manhattan Office Leasing Deals

Biggest transactions in first-half 2010, ranked by square feet
Address Square feet Tenant Tenant representative Landlord/sublandlord Landlord/sublandlord representative Submarket
1 11 Times Square 406,399 Proskauer Rose CBRE SJP Properties CBRE Times Square
1
2 1411 Broadway 385,759 Jones Apparel Group Inc. CBRE The Blackstone Group Equity Office Properties Penn Plaza/Garment
2
3 787 Seventh Ave. 352,418 Willkie Farr & Gallagher CBRE 787 Holdings CBRE Columbus Circle
2
4 55 E. 52nd St. 295,452 McKinsey & Co. CBRE Fisher Brothers Management Co. Fisher Brothers Management Co. Plaza District
5 620 Sixth Ave. 276,000 Service Employees International Union Newmark Knight Frank Jamestown Management Corp. Cushman & Wakefield Inc. Chelsea
6 200 Fifth Ave. 260,994 Tiffany & Co. Studley L&L Holding Co. CBRE Chelsea
7 777 Third Ave. 246,500 Avon Products CBRE/Cushman & Wakefield Inc. Sage Realty Corp. Jones Lang LaSalle Plaza District
2
8 125 W. 55th St. 201,700 Katz Media Group Inc. CBRE Boston Properties Inc. Boston Properties Inc. Columbus Circle
2
9 1 Broadway 199,240 Kenyon & Kenyon CBRE Logany Colliers International NY World Trade Center
3
10 450 W. 33rd St. 166,479 GMHC Cushman & Wakefield Inc. Broadway Partners Fund Manager Studley Penn Plaza/Garment
3
11 605 Third Ave. 130,740 United Nations Population Fund Colliers International NY Fisher Brothers Management Co. CBRE Grand Central
12 110 William St. 116,540 New York Liquidation Bureau Jones Lang LaSalle Swig Equities Swig Equities Insurance District
13 75 Varick St. 114,605 Horizon Media Newmark Knight Frank Trinity Church Real Estate Cushman & Wakefield Inc. Hudson Square
14 333 W. 34th St. 112,940 Metropolitan Transportation Authority NY Metropolitan Transportation Council SL Green Realty Corp. Cushman & Wakefield Inc. Penn Plaza/Garment
1
15 601 W. 26th St. 112,741 McGarryBowen CBRE SL Green Realty Corp. 601 West Associates Chelsea
16 399 Park Ave. 111,728 PineBridge Investments Studley Boston Properties Inc. CBRE Plaza District
1
17 260 Madison Ave. 110,000 McLaughlin & Stern Grubb & Ellis The Sapir Organization The Sapir Organization Grand Central
2
18 521 W. 57th St. 107,726 CBS Broadcasting Inc. CBS Corp. Himmel + Meringoff Properties Meringoff Properties Inc. Columbus Circle
4
19 26 Broadway 106,431 NYC School Construction Authority Newmark Knight Frank The Chetrit Group Newmark Knight Frank Financial District
20 127 W. 25th St. 104,500 Bowery Residents’ Committee Inc. Cassidy Turley 127 West 25th LLC Colliers International NY Chelsea
1
21 512 Seventh Ave. 101,855 G-III Apparel Group Ltd. Newmark Knight Frank The Chetrit Group Newmark Knight Frank Penn Plaza/Garment
2, 5
22 220 E. 42nd St. 100,602 WPIX-TV Channel 11 Cushman & Wakefield Inc. SL Green Realty Corp. SL Green Realty Corp. Grand Central
1
23 10 Hudson Square 97,000 Kirshenbaum Bond Senecal + Partners Studley Trinity Church Real Estate Trinity Church Real Estate Hudson Square
2
24 420 Lexington Ave. 87,944 New York Life Insurance Co. Cushman & Wakefield Inc. SL Green Realty Corp. SL Green Realty Corp. Grand Central
1
25 1 Penn Plaza 87,400 URS Corp. Studley Vornado Realty Trust Vornado Realty Trust Penn Plaza/Garment
3
26 750 Third Ave. 85,776 Reader’s Digest Association Inc. Cushman & Wakefield Inc. SL Green Realty Corp. CBRE Grand Central
2
27 1 Liberty Plaza 81,742 Royal Bank of Canada None Brookfield Properties Management None World Trade Center
2
28 666 Fifth Ave. 80,830 Vinson & Elkins CBRE Tishman Speyer Tishman Speyer Plaza District
2
29 250 Broadway 79,810 State of New York Direct Amtrust Realty Corp. USA Inc. Newmark Knight Frank City Hall
30 1411 Broadway 78,067 Jacques Moret Direct Swig Burris/Blackstone Group Cushman & Wakefield Inc. Penn Plaza/Garment
31 601 Lexington Ave. 76,862 Citadel Investment Group CBRE Boston Properties Inc. Jones Lang LaSalle Plaza District
4
32 3 World Financial Center 76,241 Royal Bank of Canada None Brookfield Properties Management None World Trade Center
33 77 Water St. 75,716 Lewis Brisbois Bisgaard & Smith CBRE/Studley 450 Seventh Ave. Associates Cushman & Wakefield Inc. Financial District
34 200 Park Ave. 75,574 Korn/Ferry International Cushman & Wakefield Inc. Tishman Speyer Tishman Speyer Grand Central
35 40 W. 57th St. 75,000 Elliott Associates Newmark Knight Frank The Lefrak Organization CBRE Plaza District
36 30 Rockefeller Plaza 74,600 Haynes and Boone CBRE Tishman Speyer Tishman Speyer Plaza District
2
37 529 Fifth Ave. 74,553 Citrin Cooperman & Co. CBRE Loeb Partners Realty Silverstein Properties Inc. Grand Central
3
38 2 World Financial Center 74,380 Nomura Holding America Inc. Cushman & Wakefield Inc. Brookfield Properties Management Jones Lang LaSalle World Trade Center
2
39 111 Eighth Ave. 71,302 XO Communications Jones Lang LaSalle Taconic Investment Partners CBRE Chelsea
40 1675 Broadway 69,422 Publicis Groupe Byrnam Wood Rudin Management Co. Rudin Management Co. Columbus Circle
41 345 Park Ave. 63,808 Piper Jaffray Jones Lang LaSalle Rudin Management Co. Rudin Management Co. Plaza District
42 55 E. 52nd St. 62,258 MF Global Holdings Jones Lang LaSalle Fisher Brothers Management Co. CBRE Plaza District
43 245 Park Ave. 59,714 Ares Capital Corp. Grubb & Ellis Brookfield Properties Management Brookfield Properties Management Grand Central
44 135 W. 50th St. 59,378 Jewish Board of Family and Children’s Services Cumulus Corp. UBS Realty Investors CBRE Columbus Circle
1
45 150 Varick St. 58,125 Wieden + Kennedy Inc. Studley Greiner-Maltz Co. Greiner-Maltz Co. Hudson Square
2
46 16 E. 34th St. 58,098 Charles Komar & Sons Inc. Centric Real Estate Advisors SL Green Realty Corp. SL Green Realty Corp. Murray Hill
2
47 352 Park Ave. South 58,000 NYC School Construction Authority Newmark Knight Frank MD Carlisle Realty Corp. Direct Gramercy Park
3
48 500-506 Seventh Ave. 57,818 Mount Sinai Hospital Newmark Knight Frank The Moinian Group CBRE Penn Plaza/Garment
49 125 Park Ave. 56,772 HMX Group Cushman & Wakefield Inc. Shorenstein Realty Services Newmark Knight Frank Grand Central
1
50 565 Fifth Ave. 56,311 Morvillo Abramowitz JDF Realty Inc. Kipp/Stawski Group CBRE Grand Central
This list includes leases with terms of more than two years. Deals are for new leases unless otherwise noted. 1-Renewal and expansion. 2-Renewal. 3-Sublease. 4-Expansion. 5-WPIX’s renewal at 220 E. 42nd St. is a long-term restructuring of the 104,243-square-foot renewal
signed in 2009. CoStar Group Inc., a provider of information services to the U.S. and U.K. commercial real estate industries, offers customers access via the Internet to the most comprehensive verified database of commercial real estate information in the United States and the
United Kingdom. For more information, visit www.costar.com or call (877) 7-COSTAR.
18 | Crain’s New York Business | July 26, 2010

THE OP-Ed PAGE One-Year Anniversary Special
REBNY Had a Pretty Busy Year, Too 7 subway line extension, REBNY en-
couraged the city to apply for $3 mil-
would have increased the capital-
gains tax rate for managing partners
lion in TIGER (Transportation Invest- from 15 percent to 34.7 percent for
Industry advocate pushed against terror ment Generating Economic Recovery)
II Grants, which could again make a
holdings shorter than five years and
to 29.6 percent for holdings longer
trials downtown, for No. 7 line station station possible at this location. Efforts
in the push for funding included a fact-
than five years. In addition, the pro-
visions would have been broadened
finding trip to Washington, D.C., in May to include interests held by family
2010, where REBNY representatives, members of a managing partner to be
T
he Real Estate Board of New as a place where people want to live sations with numerous high-level of- along with City Council Speaker Chris- taxed at the Carried Interest rates.
York (REBNY) wants to congrat- and work. ficials in the White House, including tine Quinn, met with the deputy chief This has been the third time that
ulate The Commercial Observer Over the past year, REBNY played Secretary of Homeland Security Ja- of staff to Vice President Joe Biden. The such a change has been proposed.
on its first anniversary. The Commer- a central role in two major issues af- net Napolitano, White House Deputy city has applied for these funds, and, if As the concerns in Washington grow
cial Observer has made a valuable fecting New York City: the proposed Chief of Staff James Messina and se- granted, they would be used to change about the federal deficit, we can ex-
contribution to the reporting of the Sept. 11 terror trials in Lower Man- nior presidential adviser David Axel- current design plans for the No. 7 line pect that another proposal to in-
real estate market and the real estate hattan and the push to restore and to rod. REBNY also launched a campaign extension, enabling a station to be built crease the Carried Interest tax rates
industry in New York City. secure funding for a sta- on the REBNY Action Center Web site in the future when sufficient funds be- will be introduced.
This weekly publication tion on the No. 7 subway that enabled its members, businesses come available. Without this redesign, In Albany, REBNY has introduced
has been a must-read for line extension. and residents in the impacted area and it would have been physically impos- 421a legislation that would revive
our members for its infor- When it was announced the public to contact their elected offi- sible to construct the station once the stalled projects, spur new develop-
mative and insightful arti- that the federal govern- cials urging them to move the trial. construction of the No. 7 line extension ment and create housing that would
cles and columns. ment would be holding As a result of REBNY’s efforts and is completed in 2013. be permanently affordable. These
In the spirit of firsts, the terror trials in Lower the support of other organizations, initiatives would serve as a catalyst
A
though REBNY is the old- Manhattan, REBNY rec- the federal government is reconsid- s our city and industry struggle for the economy by creating jobs and
est real estate trade asso- ognized the negative im- ering Lower Manhattan as a location with the continuing impacts of generating tax revenue, and would
ciation in New York, we are pact it would have on for the trials. the recession, REBNY has been help to address the city’s shortage of
approaching the first anni- the neighborhood, the REBNY spearheaded an effort to taking action in Washington and in Al- affordable housing.
versary of the first woman bany to revive our economy. At the be- Over the next year, REBNY will
chairman in our 114-year Steven Spinola country’s third-largest
business district, and re-
restore the No. 7 Subway station at
West 41st and 10th Avenue and to ginning of the summer, REBNY and its continue to be an advocate for actions
history, Mary Ann Tighe. Guest ceived numerous calls push for funding for its construction. members, along with our colleagues that are beneficial to our members
In this inaugural year, from members who were This station is a crucial infrastruc- at the Real Estate Roundtable, were and our industry. We look forward
REBNY continued its his- Columnist troubled by this decision. ture element in the successful com- successful in fighting the Carried In- to the high-quality and objective re-
torical mission—working REBNY urged federal offi- mercial and residential development terest proposal, which would have porting of The Commercial Observer
with the city and state to promote cials to move the trial to alternative of the growing neighborhood on the been devastating to the real estate to complement our efforts and bring
public policies that reduce the cost of locations in the Southern District, far West Side. industry and would have dramatical- awareness to relevant issues.
doing business, that encourage new and encouraged state and city offi- Understanding the importance of ly increased barriers to development
investment to grow our economy and cials to join in the effort. building the station while construc- during our struggling recovery. Steven Spinola is president of the
that enhance New York City’s appeal REBNY’s effort included conver- tion was already under way for the No. The Carried Interest proposal Real Estate Board of New York.
5TH AVE BLOCKFRONT ANCHORED BY LORD & TAYLOR
• Entire 5th Avenue blockfront of Ground & Second Floor window GROUND FLOOR: 10,440 SF • SECOND FLOOR: 13,532 SF
• Gateway between Lord & Taylor and Empire State Building LOWER LEVEL: 15,990 SF • LOWER LEVEL 2: 10,476 SF
• High traffic and visibility • Self contained HVAC system
• Private internal elevators • Loading docks REASONABLE DIVISIONS CONSIDERED
Asset Manager
HERITAGE
REALTY SERVICES, LLC.
212.750.6565 · www.ripcony.com
Peter Ripka: pripka@ripcony.com Andrew Mandell: amandell@ripcony.com Richard Skulnik: rskulnik@ripcony.com
®
REAL ESTATE BOARD OF NEW YORK
Heritage_Job#26786
NY Observer_10”x6”_B/W
09/10/10_P1R
THE LEAD INDICATOR
Anniversary Special
More
Not less
While others are cutting back,
we’re expanding our services
More business lines

More practice groups
More expertise
More success
Notes From the Pacific

A year into the recovery chatter,
And we’re looking forward to lessons to take away from the Far East
More of The Commercial Observer
T
he emergence from recession in the growth or no growth? Economists, with
Happy First Anniversary! United States and Europe has been
lackluster. A year after the first issue
their meager macroeconomic forecasting
tools, continue to debate how to compel
of The Commercial Observer reached its a return to expansion. In Washington, the
select readership, headline measures of approaching election has turned many pol-
growth in the former show that the econo- iticians into economists in their own right.
my has slowed from its early, headier pace Worse yet, every economist is now an un-
of recovery. witting politician. Professors, be warned:
And while the Your academic assessment of the Bush tax
labor market has cuts might also signal your views on free
stanched the fright- speech, gays in the military, the burning of
ful job losses of sacred texts and your voting intentions in
late 2008 and early November.
2009, the American
I
economic engine has write this week’s column from the con-
yet to spur meaning- fines of a transpacific flight, making my
ful new job gains. Ba- way from the familiar surroundings and
Sam Chandan sic questions about quandaries of New York City for a week of
Grubb & Ellis NEW YORK the nation we will speaking engagements and meetings along
1177 Avenue of the Americas Columnist be in the 21st centu- the Asian Pacific Rim. However hectic the
New York, NY 10036 Member ® ry—embodied in the upcoming week’s schedule, it offers an op-
debates over health portunity to put our domestic mare’s nest
212.759.9700 | www.grubb-ellis.com
care legislation and the extension of expir- into a larger context.
ing tax cuts—cloud the business outlook As it turns out, I am not the only one
and, until the opaque skies clear, hamper making an eastward sojourn. On the cover
investment. of The Wall Street Journal’s rather slight
And so there is talk of the potential for Asia edition, there is news of Governor
a double dip that might erase the mod- Schwarzenegger’s weeklong trade mis-
est gains of the past year. Will it be slow sion. Larry Summers, as well, was in the
10-0657 2rector tombstone_Layout 1 9/10/10 12:20 PM Page 1
We are pleased to welcome

Skanska Granite Skanska JV
who has leased the
Entire 8th Floor of 17,945 SF
Tenant was represented by
Ted Spiegel of Ted Spiegel and Associates
Ownership was represented by

Cushman & Wakefield, Inc.
Pre-built Spaces from 3,581 to 17,945 SF

Available Immediately
72,000 SF Contiguous Space Available
Landlord will provide Turnkey Installations

Frank A. Cento 212.709.0745 Mitchell L. Konsker 212.841.7626 Jonathan B. Fein 212.709.0706 Justine Javier-Borja 212.698.2688
frank.cento@cushwake.com mitchell.konsker@cushwake.com jonathan.fein@cushwake.com justine.javierborja@cushwake.com

THE LEAD INDICATOR Anniversary Special
neighborhood just last week. inence on the economic, political and military tainly not suggesting that we should abandon
There was a time, in the long days of the stage is greeted with a balance of awe and con- our stronger and unequivocal embrace of free
Cold War and more than a decade following sternation. Ongoing disputes over a host of is- markets. I only concede that growth can occur
the Sino-Soviet split, when only Nixon could sues, ranging from currency policy and a per- under different models.
go to China. Now, almost 40 years after the late sistent trade imbalance to engagement with Given the near certainty of a more regulat-
president’s historic meeting with Chairman North Korea and controls on the export of rare ed business and financial environment in the
Mao Zedong, the world’s attention —like the earth metals, have fueled perceptions in the United States, it is worth observing that Chi-
governor’s and former Treasury secretary’s— West that China will not acquiesce to our par- na’s most successful real estate market par-
ticular rule book. ticipants are those that have adapted to the
The currency question, in particular, has wondrous complexity of its regulatory envi-
Professors, be warned: Your aca- raised the ire of policy makers. The House ronment.
demic assessment of the Bush tax Ways and Means Committee will convene on With that in mind, there is hope for us yet.
cuts might also signal your views Wednesday and Thursday of this week to con- schandan@rcanalytics.com
sider the issue. And if a hard line on China
on free speech, gays in the military, resonates with voters, we will certainly hear Sam Chandan, Ph.D., is global chief economist
the burning of sacred texts and your more on this issue from Congress as Election and executive vice president of Real Capital
Day approaches. The testimony to watch will Analytics and an adjunct professor of real es-
voting intentions in November. be that of Treasury Secretary Geithner, sched- tate at Wharton.
uled for Thursday. The tenor of his comments
will undoubtedly prefigure the administra-
is turning ever more eastward. The U.S. econo- tion’s broader engagement strategy.
my returned to some measure of growth a year When thinking about our uncertain future,
ago, in the third quarter of 2009. But in order an acknowledgement of China’s current suc- For a complete archive of Sam Chan-
of magnitude, China has been at the helm of cess can be instructive. If nothing else, it tells dan’s Lead Indicator columns, go to Ob-
the global recovery. us that a highly controlled market economy server.com/the-lead-indicator.
In the United States, China’s growing prom- can still experience rapid growth. I am cer-
Enhance your culture.

Improve your bottom line.
Move your business to DUMBO, Brooklyn.
Join these great companies:
Find out more information:

www.twotreesny.com | (718) 222-2500 | 45 Main Street, Suite 602, DUMBO, Brooklyn, NY 11201
Commercial and Residential Property Management

first-class ad 10x 12.25 2010-0642_Layout 1 9/10/10 11:24 AM Page 1
WHEN FIRST-CLASS ISN’T ENOUGH...
A Spectacular 80,306 sf Corporate Headquarter Opportunity

with Approved Office Development for 243,000 sf
Three-Story Building with Floors Ranging from 24,174 - 28,662 sf and Plaza-Level Amenities Floor
* Beautifully
walking
landscaped 38-acre campus with
trails, tennis, basketball and volleyball courts
* Terrazzo marble and smoked glass façade with 2-story atrium lobby
* Separate meeting house and video conference rooms
* State-of-the-art fitness center and Pilates, spin, yoga and
wellness classes; personal trainers are available
* Located in Westchester’s most prestigious corporate neighborhood

Shuttle to White Plains train station and Westchester County Airport
*

MAUREEN O’BOYLE, 203.326.5810 MAUREEN.O’BOYLE@CUSHWAKE.COM
GERRY LEES, 203.326.5821 GERRY.LEES@CUSHWAKE.COM
FRANK COCO, 212.841.7810 FRANK.COCO@CUSHWAKE.COM
JON MAYESKE, 212.713.6962 JON.MAYESKE@CUSHWAKE.COM
PLEASE VISIT OUR WEB SITE FOR FULL SPECIFICATIONS: WWW.113KINGSTREET.COM

power broker One-Year Anniversary Special
Under the name Carid Associates, Mr. Em-

den and brother Jeffrey posted ads in The
New York Times, listing a phone num-
ber that connected to a pay phone outside a
Manhattan Blimpie location. They hung an
‘out of order’ sign on the phone and paid an
employee at the sandwich shop $20 a month
to make sure it never got tied up by custom-
ers. —From a profile of Colliers
International’s James Emden
Mr. Durels Mr. Robinov Mr. Heller
A Taste of Power
Sample the swagger! Our year in pointillist profiles
By Jotham Sederstrom managed by SL Green, touted as the firming a fact that exactly nobody bers of the U.N., they don’t trust million feet, while also working out
biggest owner of office buildings in in the industry hadn’t already fig- New Yorkers or fast-talking Ameri- tough deals for hitters like Dai-ichi,
Manhattan. ured out. “Whether they are or they cans, especially the brokers,” said Life Investment Properties, Vornado
O
ver the past 12 months, The “I can tell you already we’ve got a aren’t, this is our Hollywood.” Mr. Robinov, an executive managing and SL Greene, among others.
Commercial Observer has half-dozen prospects who are look- Depending on whom you ask, director at NAI Global who has been “For some reason, complicated
peeked into the boardrooms, ing at space for everything from Ms. Consolo may, in fact, be the nicknamed Mr. U.N. for the lengthy deals seem to find me,” said Mr. Hel-
cramped offices and tightly sched- 75,000 square feet to 250,000 square Elizabeth Taylor of the real estate roster of governments he has helped ler, 50. “It’s a good and a bad thing.”
uled conference rooms of the city’s feet solely because of our involve- set: brash but focused, prolific if a to acquire space near the United Na-
most influential real estate stars and ment, and that’s after two weeks,” bit unhinged, with a client roster tions Plaza. “I’ve been told that the
those closing in on that shorthand. said Mr. Durels, who has made a ca- that includes upscale tenants with plumbers take advantage of them, The First One
From the outspoken to the shy, and reer out of identifying distressed names like Versace, Salvatore Fer- the electricians take advantage of
from the megalomaniacal to the self- properties and determining how to ragamo, Yves Saint Laurent and Fen- them, the telephone company, the
Into the Pool
effacing, here’s a look back at some refurbish them. di, to name a few. None of that is to furniture people—everyone’s over-
of the high points of the past year, a say, however, that her critics would charging them. From April 13, 2010
representative sample, if you will, of agree with the depiction. “They trust me, and that means a Be it the meatpacking district,
Power Brokers. The Elizabeth Taylor “She’s a queen in her own mind,” lot.” where he inked one of the first deals
sniffed one real estate insider, who as the area was shedding its dry skin
of Retail criticized Ms. Consolo’s legendary as a bastion for butchers, or on Mul-
The Cultivator self-promotion, a skill that, like it or The Puzzle Solver berry Street, where he was the leas-
From Dec. 1, 2009 not, has led to reality TV and book ing agent for John Gotti’s former
From Sept. 15, 2009 If there was ever doubt about her offers as well as myriad on-air ap- From Feb. 23, 2010 social club, which he turned into a
Listening to Steve Durels ponder pivotal role at Prudential Douglas pearances. When it was announced last week boutique, Ben Fox has rested his
the challenges of renovating a dis- Elliman, a real estate firm bubbling that the coveted Drake Hotel site had reputation on an uncanny ability to
tressed building, you could hardly over with big names and bigger been sold for $305 million to the Cal- spin gold from silk.
be chided for mistaking the SL Green egos—think Dolly Lenz and Jacky The Ambassador ifornia-based investment firm CIM Indeed, at the age of 60, the Win-
leasing director for an interior deco- Teplitzky, to name a couple—Faith Group, mum, apparently, was the di- ick Realty president and longtime
rator. Hope Consolo was all but declaring From Jan. 5, 2010 rective. retail broker sniffs out emerging
“At the end of the day, this will her position at the top of the pile on Say what you will about dicta- But one day before word of the neighborhoods as well as, if not bet-
be an exercise in correcting those a recent rain-swept Monday after- torships—the human rights abuses, deal trickled down to The Wall Street
things about the building that were noon. censorship and religious intoler- Journal, the otherwise cool-as-a-cu-
done … imperfectly,” said Mr. Durels, “You know what, Hollywood has ance, for starters—they do make for cumber Studley powerhouse Woody
rather artfully. their stars, but truly fantastic tenants. Heller was struggling to contain his
Out-of-place lobby chandeliers, New York has The unconventional wisdom is glee over having brokered the deal
dreary old windows, demolished real estate, but one lesson real estate broker Gil on behalf of CIM. Indeed, reader, a
floors and bathrooms in disrepair— and every- Robinov has learned in a 40-year ca- faint smile seemed to cross his face
it was no wonder the beleaguered of- body in reer that has put him in close prox- while relaying the news to a report-
fice tower to which he was referring real estate imity to monarchies and autocracies, er.
has had such difficulty drawing ten- in New from Egypt and Iran to Saudi Arabia Combined with the Dec. 31 sale
ants, Mr. Durels sighed. York thinks and Uzbekistan—not to mention the of 515 Madison Avenue—a deal that
The building in such need of re- they’re a dreaded North Korea. faced more than a dozen obstacles
suscitation is 100 Church Street, star,” said Indeed, since 1992, when he over two years of negotiations—Mr.
the 21-story tower SL Green ac- Ms. Conso- snagged his first foreign client, Mr. Heller’s latest string of transactions
quired last month after lo, con- Robinov has represented 25 percent has positioned the Studley executive
the Sapir Organization of the 192 member governments managing director as a master at
defaulted on loan pay- of the U.N. In total, the native New closing eyebrow-furrowing deals.
ments to the real estate Yorker has leased an estimated 30 During his tenure at Studley,
getty; JB reed; shravan vidyarthi
investment trust. Among million square feet of office space to which began in 2003 and has includ-
real estate insiders, it’s Fortune 500 companies, major insti- ed the complicated sale of notes and
one of the most closely tutions and, most notably, foreign a mortgage at the Chrysler Building,
watched properties in a governments. Mr. Heller has closed more than $6.5
portfolio of 30 New York “The word ‘trust’ is very impor- billion in asset and note-sales trans-
City buildings currently tant because, in general, the mem- actions, totaling an estimated 33

A Hi storic E vent
For A
Hi storic Building
Is Pleased To Announce
230 PA R K AVE NU E
Has Been Certified
L EED – EB G OL D
MONDAY PROPERTIES IS COMMITTED TO

SUSTAINABILITY THROUGHOUT OUR PORTFOLIO
MONDAYRE.COM
230 PARK AVENUE, SUITE 500, NEW YORK, NY 10169 212.490.7100
1000 WILSON BOULEVARD, SUITE 700, ARLINGTON, VA 22209 703.284.0200

C ongr a t ula t i o
ns to The C ommer cial Obser ver on i t s 1s t Anniver sar y
power broker
Anniversary Special
We’re pleased to welcome the following new tenants:
WEISS/MANFREDI ARCHITECTS, LLP

200 HUDSON STREET
represented by Janet Liff of J. Liff Co.
PIXABLE, INC.
Mr. Kesseler Mr. Siegel
137 VARICK STREET
ter than, any broker currently working in the at $150 million, was one of the largest in the
city, not to mention the youthful trailblazers city last year. It was sealed after a 12-month
he looks to for direction. search that included visits to 100 Church
Mr. Fox has represented retailers as var- Street, among other sites.
ied as Hard Rock Cafe, Starbucks, Dean & De- “I have this blue-ocean approach to my
Luca, Ann Taylor and Equinox, ushering each business,” said Mr. Kesseler. “About 70 per-
of them into neighborhoods once thought cent of the brokers compete for the same
undesirable but now considered chic. But business. They compete for the private-eq-
TrinityNYC.com among his accomplishments, Mr. Fox said uity business, the law firm business and the
212.602.0867 Availabilities updated weekly the 180,000-foot deal he secured for the AMC high-end private-sector business.
Movie Theatres chain on West 42nd Street “And, to me, that’s like fishing in a fleet of
ranks among his proudest real estate mo- 100 boats. I’d much rather fish in a fleet of
TRI-1639 Manfredi Pixable-NYO final.indd 1 9/3/10 12:09 PM
ments. In fact, it was the deal that turned four boats.”
Times Square into the family-friendly area it
is today.
“We’re there way before it ever even The Heat Seeker
shows up in The New York Times or The New
York Observer or New York magazine,” said From April 27, 2010
Mr. Fox. “We’re down there early and we’re Ken Siegel is a broker with a knack for
street urchins to an extent. We’re always on complicated deals and an unyielding loyal-
the street, always looking, always exploring. ty for Jones Lang LaSalle and its predeces-
A lot of us are looking for new markets.” sor, LaSalle Partners, one that has lasted for
23 years and counting. It’s no wonder that,
during an interview in April, he proclaimed,
The Dean of Commercial
Business
Class:
Grand Place Real Estate
“I grew up at this firm, so I admit I bleed JLL
blood.”
With help from headline-grabbing clients
Perfect Space
like the law firm Loeb & Loeb, Bank of Amer-
Made to Order From April 20, 2010 ica and the daytime television news show
When he isn’t reeling in 370-pound mako Good Morning America, Mr. Siegel has earned
sharks from his sport-fishing boat, Howard his reputation as a master puzzle solver.
Kesseler, an executive managing director “If I think about my niche in this market-
at Newmark Knight Frank, has been netting place, I would describe it as ‘Give me the
some of the biggest real estate deals in New tough ones,’ the kind of intricate, complex,
York. strategy-oriented, large, maybe even head-
Indeed, with education and health care quarters-type transactions,” he said. “That’s
widely perceived as two growth sectors at where I find my skill set can really add val-
a time when few industries are actually ex- ue.”
panding, Mr. Kesseler’s expertise in bro- With the Good Morning America deal in
kering deals on behalf of private and public particular, Mr. Siegel succeeded in prepar-
schools across the city has kept the New York ing a complex transaction for Disney at 1500
native—he lives with his wife and son near Broadway in less than two weeks. No easy
the Upper East Side—sailing against the eco- deal, it required an agreement for a complete
nomic tide. Recent transactions involving the and total structural renovation of what was
Rebecca School, the city’s Department of Ed- previously a multilevel movie theater.
Custom-built spaces, ucation and CUNY, among others, helped Mr. “It was as quick a deal as you would have
Kesseler earn a “Broker of the Year” award ever seen,” said Mr. Siegel of the lease at the
including free conference room, from Newmark in 2004, a win he repeated in New Amsterdam Theater. “It had bumps in
2005, 2008 and 2009. the road, but we did it in record time.”
in a newly renovated building But the deal that may have cemented Mr.
Kesseler’s reputation as a veritable dean of
just steps from Grand Central Station. real estate was a 203,770-square-foot lease on The Very Frequent Flier
behalf of the Claremont Preparatory School,
JB reed; marissa kaiser
Another Premium Property by 370 Lexington Avenue (at 41st.) NY, NY 10017 a tony private institution he expanded from From May 4, 2010
nearby 41 Broad Street to 25 Broadway, just Hurl a dart at a map, and chances are wher-
contact: Adam Weissleder or Jill Burrowes
steps from the bronze charging-bull sculp- ever it lands, Mitti Liebersohn, a Cushman &
212-370-9800 fax: 212-370-8109
•
ture in Lower Manhattan. The deal, valued Wakefield vice chairman, has inked a high-
SHERWOODEQUITIES info@370lexnyc.com 370lexnyc.com
•

2010-0640 Ad_Layout 1 9/10/10 12:51 PM Page 1
TRIBECA’S CENTER FOR

MEDIA AND COMMUNICATIONS
WELCOMES
DENTSU HOLDINGS USA, INC.
AND ITS SUBSIDIARY INNOVATION INTERACTIVE
WHO HAS LEASED THE
ENTIRE 8TH FLOOR OF 48,993 SF

TENANT WAS REPRESENTED BY
E.N. CUTLER, IV
OF
NEWMARK KNIGHT FRANK
ALSO AVAILABLE:
PARTIAL 21ST FLOOR OF 18,104 SF
PRESTIGIOUS TENANT ROSTER INCLUDING: CLEAR CHANNEL, CAMBRIDGE UNIVERSITY PRESS,

BARTLE BOGLE HEGARTY, RAI, GLOBO, VERIZON, QWEST, T-MOBILE AND NEW YORK UNIVERSITY

ROBERT STEINMAN • 212.407.2490 • RSTEINMAN@RUDIN.COM MICHAEL RUDIN • 212.407.2511 • MRUDIN@RUDIN.COM
WWW.32SIXTHAVE.COM
www.rudin.com

power broker
Anniversary Special
Mr. Liebersohn
Park Tower Group

is pleased to announce the renewal
of the following retail tenants:
Bauman Rare Books

Links of London
Bric’s
Corner Retail Space

Available
Exclusive Leasing Agent: profile deal. cool $20,000.

Indeed, the charismatic frequent flier esti- “I had about $10,000 in school loans, and
Andrew Goldberg
mated last week that he currently has 500,000 then the market collapsed in New York, so
212.984.8155 square feet in commercial real estate transac- there were tons of apartments and you no
andrew.goldberg@cbre.com tions pending in San Francisco, Chicago, Dal- longer needed to pay a fee to a broker,” said
las and Miami, among other far-away U.S. lo- Mr. Emden of what ended his brief residential
Owner/Developer: cales he’s visited since the beginning of the stint in the early 1970s, which saw him stand-
Park Tower Group year. ing next to the “out of order” pay phone for
212.355.7570 But with leasing activity increasing dra- hours a day. “In those days, if you rented an
info@parktowergroup.com matically from the first quarter of 2009, Mr. apartment for $300, the fee would be around
Liebersohn, who typically inks between 150 10 or 12 percent.”
and 200 deals a year, anticipates even more
time in the friendly skies, thanks in part to a
handful of pending deals. Since last summer, The Phraseologist
Exceptional Opportunity in
Mr. Liebersohn has tallied nearly 1 million
square feet, both in New York and globally, From July 12, 2010
and the activity isn’t expected to slow down. Although not raised as an orthodox Jew,
SoHo
Most conspicuous of his recent deals may Gary Eisenberg, a partner at Herrick Fein-
be a well-publicized 415,000-square-foot stein, whose clients have included Lehman
renewal on behalf of long-held client New Brothers and the investor J.E. Robert, said
York Life Insurance Co. Inked in December, he became observant later on in life after be-
the deal at 63 Madison Avenue is believed to coming convinced, while studying math and
have been the second largest of 2009. Weeks economics at Yale, that the religion itself was
later, Mr. Liebersohn tallied another deal slowly evaporating.
38 Greene St. 46-50 Greene Street for the insurance company when he inked a Should you presume, however, that Mr.
(corner of Grand St.) 200,000-square-foot lease in Mexico City for Eisenberg’s propensity for legal and financial
Entire 5th floor penthouse what will become the group’s Latin American
headquarters, he said.
Entire 2 floor 9,100 sq. ft.
nd
& roof, 6,500 sq. ft. “I love traveling around the country, I love
Entire 3rd floor, 6,500 sq. ft. being in touch with what’s going on in all the
markets and, to me, it’s just so much more in-
Partial 2nd floor 3,500 sq. ft.
teresting,” said Mr. Liebersohn.
Classic Cast Iron Loft Buildings The Re-Enrolled

15 Foot high Ceilings Old-Schooler
Magnificent Light & Air & Skylights in the Penthouse
From June 22, 2010
Brand new Lobby and Elevators Before embarking on his 35-year relation-
ship with Edward Gordon, the newly appoint-
Significant Presence in the Heart of SoHo ed Colliers International vice chairman James
Emden was a rental apartment agent with
neither a phone nor an office. Freshly gradu-
For More Information: ated from Ohio State University, the Long Is-
David Zar Dario Zar land–raised ingénue set out to raise funds by
renting apartments in Gramercy Park.
(212) 944-7979 (212) 704-9603 Under the name Carid Associates, Mr. Em-
david@zarpropertyny.com dario@zarpropertyny.com den and brother Jeffrey posted ads in The New
York Times, listing a phone number that con-
www.zarpropertyny.com nected to a pay phone outside a Manhattan
Blimpie location. They hung an “out of order”
sign on the phone and paid an employee at the
sandwich shop $20 a month to make sure it
N E W Y O R K never got tied up by customers.
katie khouri;
Despite his ramshackle strategy, the busi-

49 West 37th St, 10th Fl. New York, NY 10018 ness paid off and, by the time he bid adieu to
the rental market, Mr. Emden had pocketed a
Availabilities
All prices upon request
Suite SF Available
720 3019 SF
15A 4547 SF
15B 3406 SF
15C 3608 SF
22A 2958 SF
22B 3015 SF
Entire 25th Floor 3925 SF
Features:
• Class A, Art Deco building
• 42-story building, built in 1931
• Complete views of Midtown East
• Newly renovated lobby
• Direct access to the E and V
trains and multiple bus lines
• Two blocks from the 6 train
For leasing information, please contact:

Eric Gural Brian Steinwurtzel Martin McGrath
212.372.2021 212.372.2091 212.688.4730
egural@newmarkkf.com bsteinwurtzel@newmarkkf.com mmcgrath@newmarkkf.com
Leasing & Managing Agent Owner

power broker
Congratulations to
Jared Kushner and the Commercial Observer
Anniversary Special
jargon, his accountant’s mind for precision,
or his late-in-life devotion to Judaism has
turned him into a soporific stick in the mud,
firms starting to set up shop here.
“And I thought to myself: This is going to
be the wave of the future. So I decided to re-
on a spectacular first year! think again, reader. ally get out in front of it right away.”
A sports fanatic who boasts the ability
to recite, in order, each goal scored in every
World Cup final ever played, Mr. Eisenberg
When corporate America collides with changing govern- published the encyclopedia-like The Games
ment and political landscapes, its leaders turn to Patricia That Rate in 2001. Using six criteria as a
Lynch Associates for trusted advice and optimal results. guideline, the book lists the most cataclys-
mic moments in the annals of team sports,
PLA’s team of seasoned professionals navigates the from the so-called “Miracle on Ice” Olympics
hockey match in 1980 to Brandi Chastain’s
terrain for you, advancing your cause and bringing your medal-grabbing penalty kick against China
message to the key decision makers. during the shocking 1999 Women’s World
Cup final.
“You don’t necessarily know in advance of
the resolution of a legal dispute how it’s go-
ing to play out,” said Mr. Eisenberg, by way of
binding his twin loves of real estate law and
sports. “You can try to predict their actions,
you can try to anticipate their reactions and
you can try to discern what they might do ra-
Government Affairs • Media Relations tionally or irrationally.
“But just like any major sporting event,
it’s possible for one team to upset another
B R ATI 1 Pennsylvania Plaza, Suite 1909 because you’ll never know the results for
LE
10
sure. That’s why they play the game.”
N
CE
New York, NY 10119

G
212.742.2680
YEARS
The Interpreter
www.plynchassociates.com
From Aug. 17, 2010
Since 2006, the silver-haired Greg Kraut
albany buffalo new york city panama cit y, panama has dropped his knees into the steady tide
of foreign companies now seeking to ex-
pand in New York. Unlike the global con-
glomerates like Honda and Cadbury that fill The Broker Who Would Fill
THE LOBBY One World Trade

Congratulations on your one year anniversary. business pages worldwide, the firms he has
aligned himself with as a first vice president
at CB Richard Ellis count themselves among
a small but growing breed: South and East From Sept. 7, 2010
Asian companies just now beginning to plant Tara Stacom and her team at Cushman &
Major
seedsJob
in theEntries
New Yorkand
metro Exits
soil. Wakefield became involved with One World
Since he first took notice a few years ago of Trade Center in 2007, after an earlier leas-
an uptick in international firms dropping an- ing assignment at 20 Times Square above
chor in New York, Mr. Kraut has inked deals the Port Authority of New York and New Jer-
with CICC, one of China’s largest investment sey’s bus terminal. As she describes it, how-
banks; the Japanese government; and Clyde ever, the account with what will be the tall-
and Company, a London-based law firm that est skyscraper in the Western Hemisphere
last week inked a 17,000-foot expansion deal did not come without a struggle, as competi-
at its offices at 405 Lexington Avenue for a tion was fierce.
grand total of 35,000 square feet. He’s also “Everyone in the industry responded,”
currently working on behalf of a Chinese so- recalled Ms. Stacom, a vice chairwoman at
Haves, Pine & seligman lar energy firm and several Indian firms.
“I’m always looking for the next big
atCushman,
the helm of
“It in
erty was
where
really quite
Manhattan,
she has
11 million worked
square feet since
significant.County
Westchester
1981.
of prop-
It wasandmore
thing,” said Mr. Kraut, a voracious reader than a handful—it was between one and two
Connecticut.
who counts most major city newspapers as handfuls.”
Mr. Mockler, 47, previously worked at John-
Financial advisement and commercial well as China Daily and a bevy of trade mag- Where a Inc.,
son Controls typical whereagency pitch before
he served a de-
as general
mortgage brokerage services for over 20 years azines as required daily reading. “And what manager for Real Estate Services–Americas in
veloper may stretch to more than an hour
I was seeing right before this recession hit length, the huge response to the One World
Division.
was a sprinkling of Chinese firms and Indian Trade Center RFP
“Our objective forced
is to be the officials to shorten
best,” said Mr.
meetings
Mockler, thetofather
around of35 minutes,twins.
7-year-old said Ms. Sta-
“The
Established in 1987, HPS has closed more com. Nonetheless,
biggest will come, butCushman our initialdistinguished
priority is
toitself with its marketing
be a high-quality provider approach, the com-
of real estate
than 700 commercial real estate transactions. position of its leasing team and its view of
services.”
Recently celebrating our 20th year in business, the
Thebuilding
position, aswhich
a global draw.
will include managing
clients’ assets and adding value toglobal,”
“Our approach was definitely said
distressed
we can attribute our success to our commitment Ms. Stacom.
properties, “We felt
is newly this would
created for Mr.beMockler,
the most
to the fundamental theories of business which important
who said he wasbuilding
tapped, in in
the United
part, States in
to capitalize
onthe
themost
down important
market. city in the United States,
include respect, loyalty and knowledge. and
“We itthink
needed it’stoa be a global
unique time icon in the
in the world.
market-
Others came at it as more of
place for change because people are looking a New York icon
toand more their
optimize symbolicrevenue for streams,
New York. andOur
the ap-
708 Third Avenue, 14Th Floor, new York, nY 10017 proach
better definitely
a building is differentiated
can make a bigus.” difference
michael
jsederstrom@observer.com
when you’re trying to retain and attract busi-
212-953-2400 • www.hpsre.com Lafitte.
ness,” said Mr. Mockler, whose portfolio in-
cludes 250 Park Avenue and 277 Park Avenue,
among other high-profile trophy properties.
Want all the Power Broker profiles of the
katie khouri
BY JOTHam SEdErSTrOm past year?

also Notable …
Go to Observer.com/PowerBroker.
30 September 14, 2010

CBrE’s Maureen Ehrenberg,
observer.com an Illinois native,
| the commercial observer
has been tapped to join CB Richard Ellis’ Glob-
New King of americas al Corporate Services organization as a senior
consultant. Ms. Ehrenberg, who will be based
ichael Lafitte has been named presi- in the company’s Chicago office, will assist
OF MOVING TO
An enterprising financial services firm

can make a
BIG NAME
for itself on a realistic budget.
PARTIAL FLOOR OF 4,818 RSF

FULL FLOORS OF 15,900 RSF AND 16,375 RSF (CAN COMBINE TO 32,275 RSF)
• Excellent location steps from NYSE For leasing information, please contact:
• DIRECT ACCESS TO 2 & 3 SUBWAY. Steps from 4, 5, N, R, Jay Kreisberg Keith Lipstein
PATH, J, Z, Staten Island Ferry, FDR Drive, West Side 212.400.2348 212.400.9492
Highway, Brooklyn Battery Tunnel, Brooklyn Bridge & jkreisberg@absre.com klipstein@absre.com
Downtown Heliport
• New lobby with 28' ceilings, glass façade and granite finishes LEASING · MANAGEMENT · PROPERTY SALES absre.com
• Lower Manhattan tax advantages available & DEVELOPMENT · ADVISORY SERVICES

THE sit-down One-Year
Anniversary Special
Pull Up a Chair
The Sit-Down every week got us into
corner offices throughout Manhattan
By Jotham Sederstrom
And how has that been going?
DD: Last night we had a brokers’ party, and
R
eal estate titans come in all shapes and he had to stay for the whole thing.
sizes, demeanors and personalities. Over JD: Douglas’ typical philosophy is the soon-
the past 12 months, however, The Com- er you show up, the sooner you can leave. I told
mercial Observer has learned firsthand that him the other evening that I was surprised to
they all share a visionary streak—and a pro- still be seeing him.
pensity to gab.
Here, below, are just a few examples
over the last year of what was said when we A Sport of It
stomped into Big Real Estate’s C-suites.
From Oct. 6, 2009
Since Peter Riguardi joined Jones Lang
The Cousins Durst LaSalle as the president of New York opera-
tions in 2002, his responsibilities have grown
From Sept. 15, 2009 significantly, both in terms of personnel and
The Durst Organization, one of the city’s the number of real estate transactions com-
oldest family-run real estate developers, is in pleted. The Commercial Observer spoke to Mr.
a state of transition. Co-president and chair- Riguardi in his sports-memorabilia-bedecked
office and learned not only about
the inner workings of JLL, but the
lifelong New Yorker’s devotion to
sports and how, exactly, they tie
into his role as a real estate chief.
I notice you’re a football fan.

Have you met former Cowboys
quarterback Roger Staubach,
whose company merged with JLL
in 2008?
I’ve actually had the pleasure of
developing a very nice relationship
with Roger. It’s been one of the real
benefits for me in the merger. Not
only because—yeah, I’m a football
man Douglas Durst, 64, who took the reins fan and I grew up on Sundays watching Rog-
from his father, Seymour Durst, in 1995, in- er pump-fake and beat the Giants—but more
tends to cede his presidency to cousin and importantly, today, who Roger is and what he
53-year-old co-president Jody Durst later this stands for: his standards, his ethics, his com-
year. The two co-presidents sat down with mitment to clients.
The Commercial Observer to talk about the
transition. In Queensland, Australia, Jones Lang La-
Salle has a company rugby team, which re-
What have you been up to since stepping cently beat competitor CBRE. Do you play
down as co-president? organized sports here?
Douglas Durst: I’m starting to step away
and attend less meetings and come in a little
later, and that’s been terrific. My father taught
me that you go for cocktails and then you have
somebody say, ‘I just saw him over there,’ and
then you sneak out. That hasn’t changed.
Do you expect to have more free time?

DD: I certainly hope so. People ask me
that and I don’t think that’s much of an issue.
There’s lots of things I like to do, and certainly
I have a whole stack of books I’m looking for-
ward to reading. I have my bicycle that’s miss-
ing me.
What added responsibilities will you

have, Jody?
shravan vidyarthi
Jody Durst: Just being more discriminating

with my time because there’s more to do.

Arbor_CommObs_FP2C_April27_2010:. 4/20/10 11:36 AM Page 1
REDUCED
APPLICATION FEE
OF $4,500
As well as a New Streamlined
Application Form
And, as always:
•Up to 80% LTV
•Supplemental Loans Available
After the First 12 Months
of the First Mortgage Loan
•$1-$3 Million, Up to $5 Million
in Certain Markets
We’ve enhanced our Small Loan Program in a way.
There has never been a better time to apply for a small commercial
real estate loan at Arbor. While other firms no longer offer the
program, Arbor is more committed than ever. That’s because we
have been doing multifamily Small Loan Programs for more than a Growing Financial Partnerships
decade and are a top Fannie Mae DUS® Small Loan lender. At Arbor,
we take being your financial partner seriously and it shows. 1-800-ARBOR-10 • www.arbor.com
FANNIE MAE • FHA

Bloomfield Hills, MI • Boston, MA • Chicago, IL • Dallas, TX • Denver, CO • Los Angeles, CA • New York, NY • Plano, TX • Tampa, FL • Uniondale, NY

THE sit-down One-Year Anniversary Special
‘I think it’s a help in anything you do. You’re not going to be
able to print what I say, but when I put my teeth in some-
body’s tush, I hang on. I don’t let go—sometimes to a fault.’
which was the first new construc- I certainly will have more time and my beginnings in the sense that,
—Norman Sturner tion in a decade and the first build- to devote to business development, as any former broker, I built my rep-
ing at Times Square. As you proba- which is what this was all about. At utation on how we service the client
bly know, it was a project that was the end of the day, this was a move and the ability to proactively secure
We used to play softball in Cen- If it means having the ability to held up for more than two decades. to get me to client interface, to de- business. There’s an element of that.
tral Park. On Mondays, I think it was. get things done—that you can en- And then, of course, there was the velop, for lack of a better way to ar-
I forget the day. But you would play vision something and get it done— New York Times building at a site I ticulate it, a key client care program
all the teams, and the games were then I’d like to think yes, that that’s don’t think most people thought was so that I can help mature some of Punching Above His
very competitive. A lot of the guys the case. There are a few things I’ve coming into development soon. the large institutional relationships
are still around and we still laugh managed to get done that make me and cross-sell them into other ser-
Weight
about those days. And, yeah, you feel like I can have some impact on You were honored with a ‘Life- vices; and, most importantly for me,
know what? Luckily it was softball our city. time Achievement’ award by REB- to make a difference right here in the From April 20, 2010
and not hardball because you didn’t NY at its award ceremony. A little Northeast region and, particularly, Since coming to America from his
want anyone throwing it under your Can you name one of them? weird, right? in New York in securing large-end native Greece in 1971, Heritage Realty
chin. I think you can look at two towers You know, I suddenly thought to portfolio businesses. Services president George Constan-
that are standing that I don’t think myself, ‘Oh my! Am I that old?’ On tin has risen from being a broker at
How’d you do against CB Rich- anybody would’ve bet on. The Con- the other hand, that night was so In a way, you’re going back to Helmsley-Spear to running his own
ard Ellis? dé Nast tower at Four Times Square, fun. I always joke that 25 years ago, your roots, aren’t you? bustling boutique realty firm. With
CBRE back then was a smaller I was so intimidated by the event, It’s getting back to my passion only eight full-time employees, Mr.
player, but the roots of CBRE, like and now it seems like I’m going to a Constantin has managed to turn the
their brokerage business—well, family wedding. I mean, it has that five-year-old concern into a competi-
their softball team was a tough com- kind of festive feeling for me, so the tor that can react quickly to changing
petitor. Let’s just say that. award just added to that. markets in a way that many cannot.
Congratulations on the five-

Madame Chair The Long View year anniversary of Heritage Re-
alty Services.
From Jan. 19, 2010 From Feb. 23, 2010 I’ve never worked so hard in my
In January, CB Richard Ellis chief Since 2005, Bruce Mosler has entire life. I’ll be quite honest with
executive officer Mary Ann Tighe of- been at the helm of Cushman & you. There are a lot of opportuni-
ficially slipped into the chairman- Wakefield as the real estate services ties—and the pleasure of having
ship of the Real Estate Board of New firm’s president and chief executive. your own company. You can give it
York. The Commercial Observer But on March 22, the 52-year-old direction, any direction you want.
spoke to Ms. Tighe about her role in will turn over the reins to outgoing Wherever you see a void, you can fill
revitalizing the city and her most en- Centro Properties Group CEO Glenn it quickly and not have to go through
during achievements. Rufrano. Mr. Mosler spoke with The the regular corporate bureaucracies
Commercial Observer about his new you have in the bigger firms. At the
You were hailed by the New role as co-chairman of the firm. end of the day, I approve everything.
York Post as one of the most influ- I don’t have to go to anybody higher.
ential women in New York. Do you Will you have more time on We can make instant decisions. At
agree with the statement? your hands? the end of the day, when all is said
the commercial observer

Power BroKer LeASe BeAt reBny Chair LeASe BeAT Power Broker TALF, Smalf!
LeaSe Beat Power Broker Nonprofit Leasing 434 Amsterdam Avenue
350 Park avenue Cushman’s August 31 west 52nd Street Stephen ross eastern Consolidated’s The Industry Needs
SL Green’s Steve Durels reaps the Great one Bryant Park
641 Sixth avenue, Direnzo Goes Back 101 west 57th Street on Seizing recession Brian ezratty Parks It More From washington
Grows Leases recession 78 Greene Street 45 Main Street, Dumbo ❯
745 Fifth avenue
September 22, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
Pr iS
View
em Su
ie e
re
From the
Center
ric Clark on Brookfield’s
war Chest, Lower
Manhattan and Putting
$1 B. in Debt to Bed
By JoThAM SeDerSTroM
Double the Durst Kings of Leasing

Stephen Siegel, Scott Gottlieb and Michael Laginestra of CB richard ellis
Jody and Douglas Durst on Leasing and Lending in the Downturn
Shravan vidyarthi
Shravan vidyarthi
Shravan vidyarthi
By Jotham SeDerStrom By DAnA ruBinStein
DDG Partners LLC

james hamilton
770 Broadway
NY, NY 10003
212 653 8755
ddgpartners.com
investment development design construction
SLG-1904 Strip Ad.indd 3 9/10/09 4:58:03 PM

THINGS LOOK GREAT FROM UP HERE
Tower Floors
of 15,000 sF available 1177 exceptional 3600 views
Grand lobby Premier address
Committed ownership
aVeNUe oF THe aMerICas
Base Floors
of 30,000 sF with 100,000 Contact roger silverstein or Jeremy Moss
contiguous sF available www.silversteinproperties.com or 212.732.9700 QUALITY. SERVICE. EXPERIENCE.

city-backed sublease deal with New edy award, so we brought them to Did you anticipate that there
York–based JetBlue, nobody was the 30 Rock stage and they got to see would be so many Europeans in-
more thrilled than David Brause, the some of the sets and some of the ac- terested in 34 Greene Street?
president of the 83-year-old fami- tors, which was exciting. And after Yes, because of where the euro
ly-owned realty company. Besides that, they went out for drinks in Long was. Plus, Europeans love Soho and
filling vacant space at the Brewster Island City and had a great evening. I cast-iron buildings and lofts. If you
building in Long Island City, Mr. think that kind of began the courting go to Europe now, the new ground-
Brause, 39, also played a small role of JetBlue to Long Island City. up development, the layouts of the
in the city’s bid to retain some 900 space is mainly lofts, and the lofts
airline jobs that would have other- originated here in the ’50s when the
wise flown to Florida. Home Runs industrial part of New York moved
out into the outer boroughs.
Tell me about your pitch to Jet- From April 27, 2010
Blue? All eyes seem to be on 200 Fifth Are you seeing a shift, with
We brought them over on the Wa- Avenue, the former Toy Building more Americans showing interest
and done, that’s important. ter Taxi from Manhattan to Queens and, as of last month, the new home in 34 Greene Street?
on a great beautiful summer day. to star chef Mario Batali’s highly an- Yes, but really it’s how the euro
How does that benefit Heritage We were the last neighborhood that ticipated food emporium Eataly and moves, or the dollar. That has a big
or, in general, any small, nimble they were touring in the day, so we Tiffany & Co. At the root of all the that’s not really what we wanted. We effect.
boutique? had a beautiful sunset over Manhat- excitement is David Levinson, the actually had a vision to animate the
When deals are far and few, it tan, and the views of Manhattan are chairman and CEO of L&L Holdings, space, and we wanted some kind of You appear to be very hands-on.
helps us make an instant decision. actually not great in Manhattan, but the privately held real estate invest- restaurant. It was really quite amaz- At this point, how do you stay busy
So if we like something, we go after they’re phenomenal in Long Island ment concern he formed with Rob- ing how this worked out because we at 34 Greene?
it—whether it’s a tenant or a build- City. ert Lapidus in 2000. actually had a vision very similar to
ing to buy. We’re looking at a prop- what Eataly is.
erty now in midtown, another one You pulled out all the stops, How did the Eataly deal take
to buy, on one of the major avenues. didn’t you? shape?
That’s going to be about $100 mil- Oh yeah, we did a whole market- They were in the market for a The History Buffer
lion. There isn’t a committee or any- ing presentation, the aerial view while, looking to develop something
thing. It simply meets our criteria, from the top of the beautiful build- in New York along the lines of what From May 4, 2010
so we’re going ahead with it. We buy ing, showing where we were in terms their financial partner had developed Veronica Mainetti, the 31-year-
two a year. of Court Square, Queens Plaza, Jack- in Turin and Japan. They had an Ital- old head of U.S. operations for the
son Avenue, where the BID was and ian connection, an operator that was Sorgente Group, has had a whirl-
where the Economic Development there, and somewhere along the line wind year, not least of all because of
Flying High activities had been in terms of the they hooked up with Mario Joe Bati- a well-publicized investment in the
$80 million that was being expend- anichCK to be the operator. Flatiron Building in 2009. Since put-
From April ed on the park. MetLife got involved. We had a lot of people looking at ting 34 Greene Street and its seven
13, 2010 Silver Cup Studios got involved. that retail space. A lot of them were elegant Soho condos on the market
When it was After they did a tour of the UN event operations, because that was in January, Ms. Mainetti has been
announced last Federal Credit building, they took a there; we had Cipriani 23. There engaged in selling the residential
month that jitney to Silver Cup Studios. It was were a lot of catering operations, units while also representing her fa-
Brause Real- the night after the Emmy Awards, and all the catering operations came ther’s real estate empire stateside.
ty had inked a and 30 Rock had won the best com- to us and wanted that location, but

leaSe Beat Power Broker Data Galore! LeASe BeAT The SiT-Down eliot Spitzer’s Garage Sale; leaSe Beat Power Broker SPeCial rePort!
1755 Broadway Studley’s 200 water Street 668 Fifth avenue
top Building Sales, Class a Related Companies’ Joseph Chetrit’s Caroline Pardo, Class a
40 wall Street will Silverman at 30 60 Madison Avenue 29 Jay Street ❯
399 Park avenue ❯ Subleasing and More Bruce Beal Jr. ❯ Land Swap Dumbo’s Dealmaker Midtown loans
730 Third Avenue ❯ 1350 Sixth avenue
october 6, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
october 13, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 october 20, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
a real estate
Sport Real estate
heavies
Jones lang laSalle Prez Go Long
Peter riguardi on Big Deals in
Studley’s Mitchell Steir
By LySAnDRA ohRSTRoM
Black rock, GM Building—and “New York has always rebounded, and

I am a staunch believer in the resiliency
Brokerage Softball Back in the Day

of our great city,” said Stephen Ross,
chairman and CEO of Related Com-
and Michael Colacino
By JothaM SeDerStroM
panies and the chairman of the Real
Estate Board of New York. Mr. Ross
made his comments shortly after par-
Don’t weep for the landlords.
ticipating on a panel at an Oct. 6 con-
ference, hosted by The New York Ob-
Plus: ask them about China!
newmark Knight Frank’s server, that focused on the commercial
industry coming out of the recession.
(Continued on page 10)
By Dana ruBinStein
tenant
Mark weiss on Big Leases
and Big egos
By JoThAM SeDeRSTRoM
Giant Killer rep titans

Shravan vidyarthi
Shravan vidyarthi
Shravan vidyarthi

Centerspread_Layout 1 9/10/10 5:22 PM Page 1
TRIPLE PLAY
VIEW FROM 7TH FLOOR TERRACE
Over the Park
77,000 SF ON
3 CONTIGUOUS FLOORS
PRIME PLAZA DISTRICT
7th FLOOR - 23,000 SF with expansive terrace
6th FLOOR - 27,000 SF
5th FLOOR - 27,000 SF
• 13.5’ Ceiling Height
• Spectacular Views of Central Park,
Fifth Avenue and Grand Army Plaza
Arthur Bocchi • VP, Leasing • 212.237.3122 • abocchi@paramount-group.com Lindsey Huenink • Manager, Leasing • 212-237-3153 • lhuenink@paramount-group.com
Member
38 September 14, 2010 observer.com | the commercial observer the commercial observer | observer.com September 14, 2010 39
It being finished, there’s just lit- derstand the depth of this organiza- estate industry, both during its ups you’re a broker, an invest-
tle things that I see, and it’s proba- tion from a geographic standpoint. and downs. By focusing on Man- ment sales owner, a prop-
bly only things I see. I’m just trying So of the roughly nine weeks, I’ve hattan properties and creating four erty owner or anyone. If
to better things constantly—I guess, been on the road five. I’ve traveled high-net-worth real estate funds, you think you’re right, do
just making sure that, after the par- through Asia, I’ve been to London, the 69-year-old mogul has come out it. Don’t let go. Do not go
ties, after the showings, that things I have to get to some other places on top. quietly into the night.
are still perfect. in Europe. I’ve been through South
America, up to Canada, and from the In the past couple of years,
A New Chief Pauses East Coast to the West Coast in the Murray Hill Properties has grown Jonathan Miller
United States. I haven’t hit every- in prominence. What do you attri-
From June 22, 2010 thing I’d like to hit, but this is real es- bute that heightened visibility to?
Appraises the
In April, former Centro Proper-
ties chief executive Glenn Rufrano
tate, and if you’re a principal in real
estate, you have to get out and kick
After 40 years, I’m an adult. Neil
and I built this business in 1971, and
Commercial
took the reins as Cushman & Wake- the bricks. it’s taken 40 years. About six years Market
field’s CEO. In the two months since, ago, we started several high-net-
the 60-year-old real estate veteran Have you identified anywhere worth individual funds, and that al-
has embarked on a global fact-find- that Cushman can be improved? lowed us to buy what you see up From Aug. 9, 2010
ing mission that has included visits I am still fact-finding, but the an- there on the wall. Up to that point, In 2005, Jonathan Miller made a es being paid on distressed real es-
to the firm’s offices in Europe, Asia, swer has to be yes. Any company that we were doing either one-offs or prediction on CNBC that, due to what tate snatched up from a developer
Canada and the United States. has come out of 2008 and 2009, and limited partnerships with individu- he saw as a growing endemic within in trouble. It’s interesting because
is alive—and Cushman is alive and als. You can only get so big by using the mortgage industry, a downturn after Lehman, which I see as the tip-
Congratulations are in order. we don’t have any debt problems— a single property with single inves- was on the way. Three years later, ping point, there was little activity.
How have you been spending your now needs to reevaluate itself and tors where, in contrast, once you get after the economy nose-dived, the The hedge funds and the groups that
first two months as chief execu- determine how it’s going to focus to starting a fund—and we’re now cable news network reran the clip— were forming distressed-asset strat-
tive officer at Cushman? its value over the next three to five running $265 million worth of high- this time in a segment looking back egies went out in 2009 to raise capi-
What I did at first was try to un- years. There isn’t a company in the net-worth individual funds—you re- on the experts who got it right. He tal to prepare for the onslaught of
world that isn’t going through that ally take off. made another bold prediction dur- acquiring all the distressed property
thought process right now. ing a conversation with The Com- that was going to become available.
You’ve attributed much of your mercial Observer. And over 2009 and the early part of
success to your own ‘stick-to-it- 2010, there was very little activity. It
Norman Sturner iveness,’ a phrase you might as What trends are you seeing in was very quiet.
well have coined. Has that ability the commercial real estate mar- And I think at some point a few
Rages Against the helped you during the recession? ket? months ago, with all the positive
Dying of the I think it’s a help in any-
thing you do. You’re not go-
I think what you’re seeing, be-
sides a whole lot of extend and pre-
news we saw in the U.S. housing
market, you started to see every-
Light ing to be able to print what I tend, is investors looking to acquire body coming out at the same time,
say, but when I put my teeth assets far less expensive than a few competing for the small amount of
in somebody’s tush, I hang years ago and then turning the prop- property out there. As a result, it ap-
From July 27, 2010 on. I don’t let go—some- erty around. What we’re seeing now pears that a lot of this property is be-
Along with Neil times to a fault. But I think is another bubble—rising rapidly. ing snatched up above what the re-
Siderow, Murray Hill ‘stick-to-it-iveness’ and the purposing of the property will yield.
Properties co-found- ability to keep your focus A bubble? In other words, you may win the
er Norman Sturner on what it is that you want I would call it a bubble; and I’m property, but the consumer’s situa-
has weathered nearly is extremely important, and not talking about individual unit tion hasn’t changed.
40 years in the real it doesn’t matter whether purchases. I’m talking about pric- jsederstrom@observer.com

LeASe beAT power broker LeaSe BeaT The SiT-Down DaTa PoinTS! LeASe BeAT The SiT-Down
rockefeller Center❯ Jones Lang LaSalle’s SpeCiAL reporT! Bloomberg’s
230 Park avenue❯ Barry LePatner Top 3Q Loans; 55 washington Street❯ Grubb & ellis’ David Arena
845 Third Avenue peter DeCheser Mezzanine Third Term
509 Madison avenue on Building State of Retail; 45 west 36th Street on Thumping the
1 Grand Central place Sees the Future❯ Lending right Now And Big Real estate
24 west 57th Street Blocks❯ Midtown CMBS 31 west 27th Street Recession❯
october 27, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 november 3, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 november 10, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
imperial Vu 10 to
Malkin holdings’ Fred Posniak on
Leasing at the higher end watch in
By JoThaM SeDeRSTRoM
’10 Cushman & wakefield’s Dale
Schlather Among the Busier
Brokers Going into next Year
BY JoThAm SeDeRSTRom
FirstService williams’ Mark Jaccom
and robert Freedman Talk Tenants,
Transition and Travel
by JoThAM SeDerSTroM
road warriors
Shravan vidyarthi
Shravan vidyarthi
Shravan vidyarthi
joe fornabaio; Brian Letwin

12 WEST 57TH STREET
Just off Fifth
PREMIERE LOCATION.
ABOVE-STANDARD
PRE-BUILTS FULL FLOORS
of 8,000 rsf
779 rsf
1,500 rsf CONTIGUOUS BLOCK
2,800 rsf of 21,622 rsf
5,622 rsf
8,000 rsf
ROCK SOLID OWNERSHIP.

Steve Pressler Owner/Manager:
Exclusive Leasing Agent: 212.758.0430 x402
SPressler@PromenadeRE.com
www.PromenadeRE.com
Prospective Tenants
One-Year Anniversary Special
Prospective Tenants: The Scorecard

How we did reporting on year’s most notable retail and office leases—
before they happened
By Dana Rubinstein and er, Guinness, Baileys, Cuervo, for similarly sized offices at On Sept. 29, 2009, we reported … er’s Digest, has offices “all over the
Tom Acitelli Tanqueray, J&B and Captain 530 Fifth Avenue expires in Au- place,” as one source put it. “All over
Reader’s Digest
T
hroughout the past 12 months, Morgan—and a firm that has gust 2010. the place” includes offices in Chap-
The Commercial Observer re- human nature’s self-medicating Diageo signed its existing paqua and Westchester, as well as
ported on tenants actively tendencies to thank for its abil- five-year sublease in order
Wants 100K Feet more than 70,000 square feet at the
looking for new space, regardless of ity to weather the recession to give its marketing team a Sapirs’ 260 Madison Avenue and an-
whether those tenants (or their bro- with relative aplomb—is foothold in New York City Reader’s Digest, which recently other almost 20,000 square feet at
kers, or their landlords) wanted the scouring the Manhattan of- (the firm’s U.S. operations filed for Chapter 11 bankruptcy pro- SL Green’s 16 East 34th Street, the
marketplace at large to know. Infor- fice market for new digs. are based in Connecticut). tection, has hired Cushman & Wake- latter reportedly home to Every Day
mation is power! And so forth … (For what it’s worth: Ac- Now that said foothold is field to find about 100,000 square With Rachael Ray.
Here are some of the prospective cording to the firm’s Web secure, the firm wants to feet of new office space, according to It’s unclear at this point what,
tenants we reported on, including site, “The word Diageo explore its housing op- industry sources. precisely, Reader’s Digest’s
retail and office, and what happened comes from the Latin for tions in what is undeni- The media conglomerate, intentions are. The firm filed
to them. They were selected at ran- day (dia) and the Greek for ably a tenant’s market. which publishes 94 maga- for bankruptcy on
dom from our archives (which you world (geo). We take this Mr. Klau wouldn’t zines worldwide, includ- Aug. 24,
can find in total at Observer.com/ to mean every day, every- comment for this story. ing the eponymous Read- which
Prospective-Tenants), and we think where, people celebrate But sources say the
we did pretty damn good. with our brands.”) firm is looking pri-
We reported, you decided. Diageo’s real estate con- marily in the vicinity
sultant, the Tampa-based of Grand Central Ter-
On Sept. 15, 2009, we reported … CLW Real Estate, is work- minal.
ing with Newmark Knight Afterword: In June
Booze Giant Diageo Frank principal and exec- 2010, Diageo North
utive vice president Scott America leased 56,156
Wants 50K Feet Klau to find about 50,000 square feet at 530 Fifth
square feet of Manhat- Avenue, taking the entire
Diageo, the London-based maker tan office space. The firm’s fourth floor and part of
of all spirits Smirnoff, Johnnie Walk- sublease from Time Inc. the third for five years.

LeASe BeAT Power Broker Boesky wuz Here: LeaSe BeaT The SiT-Down $100-a-Foot leAse beAt power broker New ColumNist!
286 Madison Avenue Howard Nottingham, Inside Iran’s empire State Building❯ newmark’s David Falk Leases Return! 7 world trade Center ❯❯ Faith Hope Consolo scott A. singer on
3 west 57th Street Studley’s Mr. Fix-It 650 Fifth 10 Union Square on Titles and egos Preamble or Profligate? 31 madison Avenue on Her reign ❯❯ Finance
885 Third Avenue❯ 1166 Sixth avenue 475 broome street
November 17, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 november 24, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 December 1, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
Cozen o’Connor’s howard where Commercial rent

hornstein among the Top regulation stands in the
By JoTham SeDeRSTRom City Council right Now
Plus: Biggest Law Firm Leases by eliot browN
and Property Tax advice
New Jersey Vs.

New York
rent Control for
Is Deloitte Hopping the Hudson? The Battle Is Joined
BY eLIoT BrowN AND DANA ruBINSTeIN
The Lawyers mom and pop?
Ryan Meehan
THE COMMERCIAL BROKER INCENTIVE. THE COMMERCIAL BROKER INCENTIVE.

YOUR CLIENT GETS A STRESS-FREE MOVE. YOUR CLIENT GETS A STRESS-FREE MOVE.
YOU GET A STRESS-FREE CHECK. YOU GET A STRESS-FREE CHECK.
212.988.9292 FLATRATE.COM 212.988.9292 FLATRATE.COM

STAIR 'C' UP
DN
PE FE FE
COMMERCIAL SPACE AT
15 EAST 26TH STREET
WOMEN STAIR 'E'
DN
PE PE PE PE
DN
UP
STAIR 'D' UP
FH
Madison Square Park
27TH STREET
26TH STREET
STAIR 'C' UP
DN
PE FE FE
MEN
Entire 3rd floor

SPACE tErm
Negotiable
19,500 square feet oCCuPAnCy Immediate
13’4” ceiling height
ContiguouS SPACE The 4th and 5th floors can be made
rEnt By request W. 33 ST
available for a total of 58,500 square feet
W. 34 ST
ElECtriC Submetered on three contiguous floors
W. 31 ST
S
W. 30 ST
idEAlly loCAtEd, mEtiCulouSly rEStorEd
W. 29 ST
This revitalized building on the park
provides a perfect working environment
W. 28 ST
in a neighborhood that combines
AV OF THE AMERICAS (6TH AV)
convenience and value with exceptionally pleas- W. 27 ST

ant surroundings.
5TH AVE
• Magnificent Park Views W. 26 ST
• New lobby and entrance MADISON AVE

W. 225 ST
• Renovated façade MA
A DI
DISO
SON
BR
SQUARE
OA
• Concierge, state-of-the-art security PARK

DW
PARK AVE SOUTH

W. 24 ST
AY
• 24-hour/7-day access and

monitoring systems W. 23 ST
• Lobby, windows, elevators, corridors and rest-
rooms are completely modernized, W. 22 ST
with systems and features designed to

W. 21 ST
meet all present and future needs G
W. 20 ST
For additional information, please contact exclusive build-
ing agents: W. 19 ST
James S. Gladstone Gregory Postyn

W. 188 ST
212-696-7117 212-696-7139
jgladstone@walter-samuels.com gpostyn@walter-samuels.com
W. 17 ST
“A full commission will be paid to the procuring broker who (i) consummates a sale, but only if, as and when title passes, or (ii) consummates a lease or sublease which has been executed by both the landlord and tenant, approved as
W. 16 ST
required, and duly consented by the overlandlord in the event of a sublease. This writing does not constitute, and shall not be construed as, an employment; and no commission shall be deemed earned, due or payable unless and until a
UNION
sale, lease or sublease (as the case may be) is fully consummated. Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, such information has not been verified, and no ex-
SQUARE
press representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without
PARK notice.”
W. 15 ST

W. 14 ST
Prospective Tenants
means that Reader’s Di- they have less people, so, specific store expansion numbers,
gest can now terminate a, they need less space,” but are open to opportunities to se-
its lease obligations (oh, Mr. Schuman said. “B, cure prime space in outstanding lo-
the glories of Chapter there have been some cations.”
11). technological chang- Right now, Levi’s has four stores
That said, the firm’s es at WNET, and they in New York City: 1501 Broadway in
lease at 260 Madison need different studios. Times Square; 25 West 14th Street,
(pictured) reportedly ex- As a matter of fact, they between Fifth and Sixth avenues; 536
pires in 2012. So even if it just established a new Broadway in Soho; and 750 Lexing-
hadn’t filed for Chapter [about 5,000-square- ton Avenue, near 59th Street. Levi’s
11, it might still be look- foot] studio in Lincoln also recently signed a lease on West
ing for space in a market Center. That gives them erately priced denim wear that ap- 34th Street, near Herald Square.
that has swung dramati- some capacity that they peals to your mother. Afterword: Levi’s reached a deal
cally in favor of tenants. don’t need to have at But in this, the age of the frugal in February 2010 to open its fifth New
Cushman & Wakefield’s Mitchell Right now, Channel 13, also known 33rd Street.” shopper, Levi’s is apparently sens- York spot, a two-level store at 414
Konsker, who is working with Read- as WNET, produces public TV like “And, c, the space is now more ing an opportunity. The clothier is West 14th Street in trendy MePa.
er’s Digest, declined to comment for Worldfocus and Bill Moyers Journal than 10 years old, and they would said to be working with PBS Real Es-
this story. William Adler, a Reader’s in its 200,000-square-foot studios now like to upgrade it.” tate’s Laura Pomerantz to find new On Nov. 23, 2009, we reported …
Digest spokesman, would say only and offices within the 1.6 million– WNET’s existing lease expires in storefronts in Manhattan in which
that “we are looking at various op- square–foot media megalopolis at 2018. Mr. Schuman said that WNET to hawk its 501 Boyfriends, its Low Exactly What They
tions for meeting our space needs 450 West 33rd Street, the building is open to dividing the space. Skinny 531s and the like.
and haven’t made a final decision.” that Broadway Partners bought for “If the right deal presents itself to Ms. Pomerantz did not respond
Want
Afterword: Reader’s Digest’s edi- an astonishing $664 million in 2007. lease half the space, we will do that,” by press time, but a retail broker told
torial staff moved late last year into (The now struggling Broadway Part- Mr. Schuman said. “If the right deal us the firm is hotly pursuing a space Tiffany & Co., the retailer whose
the old Condé Nast space at 750 ners later tried to unload the build- presents itself to lease all of the on 14th Street in the meatpacking flagship store, packed as it is with
Third Avenue, according to the New ing, to no avail.) space, we will be just as happy to do district. precious metals and rare stones, ex-
York Post. The eyesore of a structure is also that, because that gives us the op- “I can tell you that our focus on erts a seemingly magnetic pull on
home to the Daily News, the Associ- portunity to start all over again.” potential retail expansion this year both Fifth Avenue tourist swarms
On Oct. 6, 2009, we reported … ated Press, and U.S. News & World Afterword: In August 2010, WNET has been on being opportunistic in and men seeking to please their bau-
Report. signed a 95,000-square-foot lease in the midst of the economic down- ble-headed brides, is looking for new
WNET Looks to Go To implement its real estate strat- Worldwide Plaza. turn,” said Jeff Beckman, a Levi’s office space.
egy, WNET has hired Studley’s kind- spokesman. “We have not set any The firm is working with brokers
Dark at 450 West ly executive vice president, Ira Schu- On Nov. 3, 2009, we reported … at Studley to find more than 200,000
33rd Street man, who is marketing the 200,000
square feet at an asking rent in Does This Storefront
square feet of office space, according
to an industry source. We imagine
the mid-$30s per square foot, and there are countless landlords slaver-
Channel 13 has hired a broker to searching for new offices of about
Make Me Look Fat? ing for the opportunity, what with
dispose of its cavernous offices on 100,000 square feet in size. the echoing vacancies now afflict-
the far West Side, and to find it new Why the new real estate strate- In the age of designer jeans, it’s ing the cavernous Manhattan office
offices that measure roughly half the gy? hard to get excited about Levi’s, market.
size of the old ones. “With the economic downturn, maker of sensibly crafted and mod- This could bode ill for both Ruben

reTaIL LeaSe BeaT Power Broker roBerT knakaL LeASe BeAT The Power Broker Sheldon Solow
LEASE BEAT ‘Disneyfied’ Sam Chandan
75 orchard Street ❯❯ richard Farley, on new York’s 1095 Sixth Avenue The education Beats New York
446 West 14th Street Times Square Nears On the Economics of
Chelsea Market Life Inside Investment-Sales Time-Life Building of Greg wang ❯❯ Big-Time
The GM Building Disney Store Deal ’10 Office Leasing
The High Line The Trophy Case ❯❯ Trends 200 Park Avenue ❯❯
3 West 57th Street ❯
December 8, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 December 15, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 December 22-29, 2009 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
RETAIL SPECIA
L REPORT
Space
For rent Reflections Turn out the Lights
retail’s Challenge—
and Promise
PageS 10-20
On Retail ’09 Finally over—welcome, ’10!
Robert K. Futterman Talks ICSC,
Holiday Shopping and ➤ The 216 Biggest Spaces on the Market
What Happens in Vegas ➤ The Top Prospective Tenants
By JOTHAM SEDERSTROM ➤ The Largest CMBS Loans Maturing
➤ Scott A. Singer on the New Financing
Daniel M. Weiss PhotograPhy ©2009
➤ Sam Chandan: Finding Green Shoots

➤ And robert knakal’s holiday wish List!
getty images

Reduce Fuel-Use
in Commercial Buildings
Remote Monitoring/Control. Less Than 1-Year Payback.
Managing a portfolio of buildings today is an art, requiring the latest energy

management technologies — boiler controls, wireless sensors, ultrasonic fuel
measurement, and proactive/interactive information monitoring on the Internet.
� USE-Manager, an Energy Information System, provides remote monitoring
and control with automatic Alerts to critical issues and the insight needed
to reduce fuel consumption. The system maintains building comfort while
driving energy efficiency.
� USE Controller EMS (Energy Management System) monitors indoor tem-
perature and controls boiler functions to prevent wasteful overheating.
� The Verifier is a patented, ultrasonic gauge designed to prevent oil “shorts,”
track inventory and monitor fuel use.
USE-Controller EMS The Verifier
Currently in over 3000 buildings, we’ve been driving energy cost savings for clients since 1978.
Visit our website or call now for a free demo.
www.use-group.com | (718) 380-1004 | info@use-group.com

Prospective Tenants
estate behemoth CB Richard Ellis, to glutted office marketplace. the building’s massive, newsroom-
scout for about 300,000 square feet Neither a spokeswoman for A&E friendly 100,000-square-foot floor
of new office space, according to two nor Mr. Alexander would comment plates. (The Associated Press also has
industry sources. for this story. offices there.)
A&E has been headquartered since Afterword: A&E is reportedly close The Cushman broker handling
1991 in 180,000 square feet at the kin- to a lease for roughly 200,000 square the hunt, Michael Burgio, declined
da shlocky 235 East 45th Street, ac- feet at 150 East 42nd Street. to comment for this article, as did a
cording to the real estate database spokesman for the tabloid. But it’s
CoStar. The building is owned by the On Feb. 23, 2010, we reported … possible Mr. Zuckerman is just trying
Hearst Corporation, which is also an to frighten his landlord, Broadway “We’re in the
owner of A&E. Daily News to HQ: Partners, into offering lower rent. super, super, super-pre-
Meanwhile, Lifetime has a rela- For its part, Broadway Partners, liminary phases,” American Media
tively new long-term lease for 50,000
Drop Dead? which paid a staggering $664 mil- Inc. spokeswoman Samantha Trenk
square feet on the second floor of lion for the 1.7 million– told The Commercial Observer. “We
Companies, owner of 600 Madison Taconic Investment Partners’ 111 Staff writers at square–foot building haven’t yet selected an architecture
Avenue, and Rodney Company, own- Eighth Avenue, between 15th and Mort Zuckerman’s mid-boom ’07, has every firm or a broker.”
er of 555 Madison Avenue. Togeth- 16th streets, the stylish office build- New York Daily News incentive to hold on to Ms. Trenk wouldn’t reveal pre-
er, their two buildings hold about ing that also houses Google. may no longer have to this prized tenant. Good cisely how much space the media gi-
300,000 square feet now occupied The extent of A&E’s search is said work in one of the ug- occupants of similar size ant, which also owns Men’s Fitness,
by the jewelry firm. to depend on whether subsidiary liest office buildings to interested in moving Star, Shape and Country Weekly,
Presumably, Tiffany is looking to Lifetime can sublease its space at the blight New York’s, or to the far West Side are is hunting for. But she did say that
consolidate those two offices into media-popular 111 Eighth. If not, the any city’s, streetscape. something of a rare com- the firm’s lease at One Park Avenue,
one more efficient space. We say network may significantly reduce its The Daily News has modity these days. owned by Murray Hill Properties, ex-
“presumably,” because Studley de- space requirements. hired brokerage Cush- Afterword: In July pires next year. Right now, the firm
clined to comment for this article, as Either way, the cable network will man & Wakefield to 2010, the Daily News and has space on two floors, totaling
did Tiffany. have no shortage of options in this look for new office U.S. News & World Report nearly 25,000 square feet, according
Afterword: In May 2010, Tiffany space. Rumor has it announced they would re- to real estate database CoStar.
closed on a lease for 260,000 square that the paper wants offices rough- locate to 100,000 square feet in 4 New Media Wire Daily, an industry
feet at 200 Fifth Avenue. ly comparable in size to the 120,000 York Plaza. blog, first reported the incipient of-
square feet it now occupies at 450 fice hunt late last week, posting a
On Dec. 14, 2009, we reported … West 33rd Street, at 10th Avenue, but On March 30, 2010, we reported … March 24 staff memo from Ameri-
the precise square footage could not can Media chairman and CEO David
Real Estate. Drama. be confirmed. Pulitzer Candidate Pecker. It reads, in part: “[W]e are in
This could be good news. Not the process of looking at other loca-
A&E, which is flying high with the only are the Snooze’s current offic-
Hunts tions and developing a space plan.
launch of a new Jackson family real- es nearly two avenue blocks west of We will need your input, as we will
ity show series, not to mention its the nearest subway, but did we men- American Media, which had some- be looking to upgrade from the cur-
curiously popular Steven Seagal ve- tion that the building, which has been thing of a confusing 2009—with- rent space and will provide you all
hicle, Lawman, is apparently feeling compared to both the Death Star and standing a near brush with with the most functional work envi-
antsy. an elephant’s foot, is ugly? bankruptcy while publishing a Pu- ronment possible.”
The cable channel once known as The Daily News signed the lease litzer-contending National Enquirer Afterword: American Media an-
Arts & Entertainment, which also for 120,000 square feet in the 16-story series of exposés on the philander- nounced in June 2010 that it would
owns Lifetime, has retained Robert edifice in 1994. Surely, Mr. Zuckerman ing would-be veep John Edwards— take 85,000 square feet at 4 New
Alexander, tristate chairman of real had his reasons. One was probably is looking for a real estate broker. York Plaza.

BeST of TiMeS, worST of TiMeS LeASe BeAT The SiT-Down
lease beaT power broker INvesTMeNT sales 2010: leaSe beaT power broker DaTa Galore!
Tishman Speyer’s 1633 Broadway ❯❯ Louise and Suzanne Sunshine
77 water street Gil robinov, the Guy robert knakal on 40 west 53rd Street ❯❯ Swig’s Todd korren Top Financing,
record Month, Tough week 111 west 42nd Street on Midtown Project, nonprofits
one Hanson place ❯❯ They Call ‘Mr. U.N.’ ❯❯ what’s ahead 512 broadway on Downtown ❯❯ refi Deals of 4Q
January 5, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 January 12, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
January 19, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
Life at
REBNY AWARDS
The
SPECIAL
the Finally.
optimist
high
Mary ann Tighe becomes
First woman to Chair rebNY—
broker Cory Zelnik Now, to business!
on retail 2010:
end
bY JoThaM SeDerSTroM
Deals, Deals, Deals!
by JoTHaM seDersTroM pluS
More on the 2010
CB richard ellis’ rebNY honorees
Ben friedland on the
Priciest Leases
By JoThAM SeDerSTroM
Shravan vidyarthi
Shravan vidyarthi
Simply the Finest Flexible Office Space Solution

• Three prestigious NYC locations
• Flexible terms
• Fully-furnished
• Professionally-staffed
• Upscale, well-appointed facilities
• Fully-equipped conference rooms
212.594.2700 | slgreen.com • Virtual Office Plans
• State-of-the-art communications
Markets Move. Strength Endures. NEW YORK CITY’S LARGEST OWNER

OF COMMERCIAL REAL ESTATE W W W. R G B C . C O M R O C K E F E L L E R C E N T E R WA L L ST R E E T C O R A L G A B L E S S A N J O S E 1-800-994-7422

| A B E T T E R R E A L E S TAT E E X P E R IE N C E ™ |
90%-95% Splits with No Desk Fees!
Seeking Five Commercial Brokers

Minimum 3-5 Years Experience and a Proven Track Record
We Provide 100% of the Services, Including:

• CoStar’s Premium Full Suite Of Services With 5 Boroughs & LI
•A Desk or Semi-Private Office in Our 6,400 SF Corporate Office
at 71 West 23rd Street
• Premium Accounts for Loopnet and Property Shark
• Free City Feet Ads for Your Exclusives
• Full Time Marketing, Administrative and IT Staff
For a confidential meeting, please contact

Herb Goldberg at (212) 994-3256 or herbg@ccrny.com
OFFICE LE A SING RE TA IL LE A SING IN V E S TMENT SALE S

BUILDING Stories: Anniversary Special
Listen to Your Real Estate

Every New York building has a story—
here’s some we told
By Emily Geminder
A New York Life: seen its owners put the prop-

51 Madison erty on the market, eventu-
ally to be picked up by New
Avenue York Life Insurance for $2
million. White himself—
though his prolific spending
Its days as a regular Garden habits never showed it—was
of good and evil more than two flat broke at the time of his
decades past, the arena of Stan- death.
ford White’s flamboyant life and
equally flamboyant death was
torn down in 1926 to make way Bergdorf-Good-
for a nearly 1.2 million–square–
foot building devoted to life in-
man’s Awl:
surance. The Manhattan busi-
ness of wealth had given way
32 West
to the business of business, a 32nd Street
purism of distilled commerce
in which even life and death
could be monetized. At 32 West 32nd Street,
The city turned perpen- the climb to the K-pop-blar-
dicular to accommodate the ing karaoke bar—past the
newly market-oriented soci- barbecue, the noodle shop,
ety, and the days of opulently the eyelash salon—takes you
festooned gilt seemed quaint up rasping wooden stairs, likely unchanged It’s one of those strange New York cor-
and old-fashioned. The Gar- since their tailor-shop days. With a notable ners where you can’t quite tell if the hasty
den, for all its grandeur, nev- exception: The walls have been painted with brush strokes of the present are infringing
er actually turned a profit. cartoon Korean children, cavorting in the on the past, or if it’s the other way around.
If White had lived two dim light like mutant hieroglyphs from one
years more, he would have of Herman Bergdorf’s drunken dreams.

Lease Beat tHe sit-dOWn ❯❯ Big deaL!
anthony Malkin talks Lease Beat the sIt-doWn ❯❯ ConCRete thoughts LeaSe BeaT The SiT-Down RounD Two!
777 third avenue ❯❯ BMW’s new Lease at Bullish Mark Jaccom on
esB, Banner ’09 2 World Financial ❯❯ Mark Boisi on the Robert knakal Crunches 22 Cortlandt Street eyeing Bid, Stuy Town
63 Madison avenue sL green’s 555 West 57th Colliers international ❯❯ Tenants Lawyer up
902 Broadway new Cassidy turley ’09’s Investment sales 414 west 45th Street ❯❯
January 26, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00
February 2, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 February 9, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
1285 avenue of The americas 63 madison avenue 1230 avenue of The

americas 40 Worth street 200 park avenue 51 West 52nd street 555
West 57th street 180 maiden lane 51 West 52nd street 650 madison
avenue 25 Broadway 1633 Broadway 55 Water street 555 West 57th
the top
street 1 World Trade Center 731 lexington avenue 1251 avenue of The
americas 1271 avenue of The americas 345 park avenue 645 fifth
twenty
avenue 1285 avenue of The americas 63 madison avenue 1230 ave-
nue of The americas 40 Worth street 200 park avenue 51 West 52nd
street 555 West 57th street 180 maiden lane 51 West 52nd street
leases
650 madison avenue 25 Broadway 1633 Broadway 55 Water street
555 West 57th street 1 World Trade Center 731 lexington avenue 1251
avenue of The americas 1271 avenue of The americas 345 park av-
of 2009
enue 645 fifth avenue 1285 avenue of The americas 63 madison av-
Jones Lang Lasalle’s
the CLoCk Is tICkIng ... enue 1230 avenue of The americas 40 Worth street 200 park avenue
Cynthia Wasserberger
new york’s
51 West 52nd street 555 West 57th street 180 maiden lane 51 West
On Hedge Funds, Corporate HQs 52nd street 650 madison avenue 25 Broadway 1633 Broadway 55
By JOtHaM sederstrOM Water street 555 West 57th street 1 World Trade Center 731 lexing-
aging Buildings ton avenue 1251 avenue of The americas 1271 avenue of The americas
Boardroom View the Challenges ahead

345 park avenue 645 fifth avenue 1285 avenue of The americas 63
madison avenue 1230 avenue of The americas 40 Worth street 200
park avenue 51 West 52nd street 555 West 57th street 180 maiden
MATThew rodigheri
By RoLand LI lane 51 West 52nd street 650 madison avenue 25 Broadway 1633
getty images
Broadway 55 Water street 555 West 57th street 1 World Trade Center
proprtyshark
212.594.2700 | slgreen.com

OF COMMERCIAL REAL ESTATE

Massey Knakal is the
Multifamily Market Leader
From si x- fam i l y wal k up bu ildin gs to eleva to r

ser viced buildings with hundreds of units , owner s
throughout the m e tro area rely o n Ma ssey Kn a ka l
to be st se l l the i r mul ti fa mily pro per ties . I n fa ct,
i n 2009 al one , M assey Kn a ka l so ld 89 mu ltifa mily
bui l di ngs wi th ove r 2, 714 to ta l u n its . Th a t’s why
R e al Cap i tal Anal yti c s ra n ked u s #1 fo r bro kerin g
the m ost mul ti fam i l y tra n sa ctio n s in NY C in 2009.
Join us:
The Massey Knakal Multifamily Summit
in conjunction with
This innovative day-long conference and GreenPearl Events
networking event that will offer analysis
and review of important topics such as
the state of the market, market trends, September 21st, 2010
financing, investment opportunities and
owner / operator secrets. The McGraw Hill Conference Center
Over 40 speakers will be joining us on September 21 at The McGraw Hill Conference Center, including:
Doug Bibby Ed Kalikow Richard Mack Joe Sitt Steven Spinola Ofer Yardeni
President President & CEO North America CEO Chairman and CEO President Managing Partner
National Multi The Kalikow Group Area Property Thor Equities Real Estate Stonehenge Partners
Housing Council Partners Board of New York
To register, call (646) 862-6136 x1 or visit www.masseyknakal.com/summit

Use discount code MKCOSEP to receive $50 off the registration price.

BUILDING stories: Anniversary Special
Schwarzenegger and a mechanically

heaving Britney Spears.
It’s these oddly transfixing de-
tails that reel the audiences in off
the street.
The New Tiffany: 200

Fifth Avenue
The Toy Building may have been a
lab of giddy delights, but it was ani-
mated more by the patenting and
manufacturing of those delights,
transfixed by the mercurial forces of
A Certain Look: The brothers’ build-
ings frequently drew comparisons criticism at the time, was at least properties to the 42nd Street Devel-
488 Madison Avenue to either wedding cakes or Assyrian committed to its bold masonry of opment Corporation.
ziggurats, and the Look Building was rounded white brick. In place of Peepland, Madame
among the former. Its curved, white Tussauds, which wanted a particu-
The Look Building, which went up edges are layered with two miles of larly conspicuous sign, convinced
in 1950, was a pioneering player of ribboning glass windows, stacked The Disappeared the state agency to condemn not
the postwar metamorphosis itself. one on top of another and tapering just the building but 20 feet of air
The building’s developers, the red- to a 23-story finish.
Building: 234 West above the sidewalk. Madame Tus-
headed fraternal duo Percy and Har-
old Uris, capitalized on new Mod-
Designed by Emery Roth & Sons,
the building in many ways presaged
42nd Street sauds, the wax museum that man-
ages to be both hokey and a stream-
ernist tastes and deposited large, things to come, but it was also a sty- lined international entertainment
unornamented boxes around the listic departure for the firm, which Between 1990 and 1995, the city experience (you can have the same
city. “We’re not building in a vacu- went on to define the city’s mono- condemned the vast sweep of 42nd one in London, Hong Kong, Las Ve-
um,” Percy Uris told Time in 1954. tone glass-and-steel vernacular. The Street between Seventh and Eighth gas), installed 200 celebrity simu-
“We’re building in a market.” Look Building, while it drew some avenues, turning over its defunct lacra, among them a veiny Arnold

Lease beaT power broker Mad MeN aT pubLiCis Lease Beat poWer Broker data GaLore! data GaLore!
Lease Beat the sit down
250 Hudson street❯❯ Cbre’s peter Turchin Take 70k Feet in 555 Fifth avenue studley’s puzzle solver top Investment sales Manhattan apartment
529 Fifth avenue Bob savitt: Leasing
55 west 125th street on Landlord Needs❯❯ rudin’s 1675 broadway 100 William street ❯❯ Woody heller ❯❯ Brokerages in ’09 Building Prices, sales
212 west 35th street❯❯ Market has Bottomed ❯❯
February 16, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $5.00 February 23, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
March 2, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
Bruce special report:

Up Close
Cushman & Wakefield
Legend Mosler
energy
the Challenges and opportunities
Looks Back—and Forward
For Powering Gotham’s Buildings
By JothaM sederstroM
By roLand Li
Construction: special report

» The Challenges and the brightest spot, p. 14
» unions Get the recession, p. 16
» biggest CMbs-backed building Loans, p. 16
» Veteran builder Frank sciame on ’10, p. 17
ryan meehan
Simply the Finest Flexible Office Space Solution

• Three prestigious NYC locations
• Flexible terms
• Fully-furnished
• Professionally-staffed
• Upscale, well-appointed facilities
propertyshark
• Fully-equipped conference rooms

• Virtual Office Plans
• State-of-the-art communications 212.594.2700 | slgreen.com
W W W. R G B C . C O M R O C K E F E L L E R C E N T E R WA L L ST R E E T C O R A L G A B L E S S A N J O S E 1-800-994-7422 Markets Move. Strength Endures. NEW YORK CITY’S LARGEST OWNER

BUILDING stories: Anniversary Special
Urban Legend: 300 West

57th Street
It took another boom decade for Hearst
(long dead, the Hearst empire not looking
much better) to finally have his tower. When
it was finished, in 2006, Norman Foster’s glass
triangles shot up through the original build-
commerce running through them.

But even before it gave itself over to the
children’s entertainment industry (worth,
these days, about $22 billion annually), the
address had something of an irresistible draw
for industry. The 15-story structure, before it
earned its more playful moniker, was known
as the Fifth Avenue Building, a name perhaps ing’s center, all gleaming zigzags and brazen ing natural light, the tower was the first com-
meant to evoke some of the gilded opulence of geometry. It was an almost cartoonish stunt, mercial building in the city to be declared en-
the Fifth Avenue Hotel it supplanted. a crosshatched, pow-fisted phantom blasting ergy-efficient.
The Fifth Avenue Hotel was known less for through Joseph Urban’s stupefied tomb. The apotheosis of Hearst’s real estate
its accommodations (luxurious though they But for all its incandescent fantasy, Lord dreams, 70-odd years in the making, was also a
were, with princes and dukes among the reg- Foster’s vision was a distinct departure from kind of inversion—an imprint tempered by its
ular patrons) than for the backroom deals cut Urban’s sumptuous brand of showmanship. surroundings.
in its stiffly upholstered corridors. Its sitting Developers these days may be angling for
rooms were magnets for industrial tycoons green status, but at the turn of the last de-
(Jay Gould and Commodore Vanderbilt among cade, when the Hearst Corporation enlisted
them), and New York’s Republican leadership Lord Foster, the idea of a green-certified city Want to know more buildings’ stories? Click
orchestrated state and city business from a was little more than an idea. With its recycled www.observer.com/buildingstories.
nook known as the “amen corner.” steel-stitched lattice, its glass triangles gush-

Lease Beat PoWer BroKer ProsPective tenants LeAse BeAt poWeR BRokeR IngenIe nomInees!
lease Beat the sit-DoWn Data Galore! 2 times square Jones Lang’s Frank doyle newmark Knight Frank
100 Park avenue ❯❯ sl Green’s ed Piccinich Manhattan’s retail 140 Broadway Young Buck Clark Finney Who’s Up for Big
1501 Broadway ❯❯ Beats a Path From Boston ❯❯ schools competitors 1307 third Avenue ❯❯ of Cushman & Wakefield ❯❯ Awards—and Why
333 West 34th street on Big-time Management ❯❯ taking rents
March 16, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
March 9, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 march 23, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
Marcus & Millichap’s

Polsinelli talks Building
sales Biz 2010
By JothaM seDerstroM
suite
adelaide
area Property Partners’
Lee neibart on 2010 investing
By JothaM sederstroM
What’s in special Report: Lending

getty images/Peter Lettre PhotoiLLustration
this season ➥ How to spot an Attractive Borrower

Shana WittenWyler
➥ top 30 Finance Deals since october

➥ top CmBs originators in new York
danny kim
Reduce Fuel-Use in Commercial Buildings

Remote Monitoring/Control. Less Than 1-Year Payback.
Visit our website or call now for a free demo.
212.594.2700 | slgreen.com
USE-Controller EMS The Verifier

www.use-group.com | (718) 380-1004 | info@use-group.com OF COMMERCIAL REAL ESTATE
SLG-1930 Corp NYO Strip Ad V2.indd 1 1/11/10 12:14:43 PM

915 Broadway
AT THE NEXUS OF FLATIRON, MADISON SQUARE PARK,
GRAMERCY PARK, & UNION SQUARE
CORNER
OF 21ST
2
FULL FLOORS
1
FABULOUS LOCATION
Actual photo of 15th floor
UNION SQUARE PARK MADISON SQUARE PARK
9TH FLOOR-12,880 SF 15TH FLOOR-10,891D SF 19TH FLOOR-8,750 SF

E A S E
Available Immediately L
Available Immediately Available Immediately
Built Installation Lots of windows, bright space Lots of windows, bright space
• 100 feet off 5th Avenue

• Refurbished lobby attended 24/7/365
• New bathrooms
• New windows
• Convenient to N Q R W 4 5 6 L F M
subways, PATH connection
For leasing information, please contact:
Jay Caseley John LiGreci
212-400-6075 212-400-2355
jc@absre.com jligreci@absre.com
LEASING · MANAGEMENT · PROPERTY SALES absre.com

9th floor - 12,880 sf & DEVELOPMENT · ADVISORY SERVICES

THE CO on the www
Miss us during the week? We understand.

Friend us on Facebook (commercial observer)
Follow us on Twitter @commercial_nyo
And read us daily at Observer.com/Commercial
nine local golf courses deep sea fishing private swimming pool tons of shopping
private tennis courts over thirty wineries fine dining
day spas beautiful beaches neighboring farm stands
fitness room local riding stables
Nestled in Long Island’s North Fork is a unique private community with luxury homes starting at $499,900.
Seeing is believing. Visit us at 4681 Sound Ave, Aquebogue, NY 11931. Models open 6 days 11-5 Wednesday by appointment. 631.722.5900
highlandsnorthfork.com
Complete offering terms are in an offering plan available from the sponsor. Marketing/ Sales For Builders / Developers.
© 2010 www.nuvurealestate.com

Be among the
best-in-class.
Home to a collection of prominent enterprises
and Fortune 500 companies, 666 5th Avenue is
an extraordinary location for your extraordinary
business.
WWW.666FIFTHAVENUE.COM
Howard Fiddle
Zachary Freeman
Sinclair Li
Rima Shpolyansky
Stephen Siegel
212.984.8000.

concrete thoughts Anniversary Special
So You Want to Know Why I Write What I Write …

Because public policy often intersects—collides, in fact—
with commercial real estate
W
hen I was told that this week regularly are: 1. Do I actually write properties. nancial Times as well as all of our
marks the one-year anni- the articles? 2. How do you find the This was not an unexpected re- great real estate trade publica-
versary of The Commercial time to write them? 3. Why do you sult (at least if you were actually tions.
Observer, I could not believe it. One write them? in the business and not a politician Beginning in the summer of
year, 50 columns and about 85,000 To understand my answers to without real-world experience). If 2007, when the credit crisis start-
words later, I am glad that I accept- these questions, it is helpful to un- you make anything more expensive, ed to tangibly be experienced,
ed Tom Aci- derstand what drives me. Let me try there is naturally less of that activ- uncertainty about current and
telli’s offer to provide some insight. ity. What was really eye-opening to future market conditions caused
to contrib- me was that after the tax was re- even the most seasoned partici-
I
ute to the have always been interested in pealed, tax collections from real es- pants in the market to question
paper with economics. Going back to my tate transactions, including capital- what was going on in our market-
my Concrete freshman year at the Wharton gains taxes, actually increased, as place. We saw an unprecedented
Thoughts School, I listened intently to classic transaction volume picked up signif- level of government intervention
column. I illustrations using guns and butter icantly. This was one of those “a-ha” as the crisis grew into the Great
would like or water and diamonds to explain moments for me. I wanted to under- Recession, which led to “issues”
to thank economic fundamentals in Samuel- stand more about how public policy for Fannie Mae, Freddie Mac, GM,
so many of son’s Econ 101 textbook. impacted me, sitting at my desk each Chrysler, Lehman, Bear, AIG and a
you for your These theoretical relationships day, trying to sell buildings in New host of others. We saw TARP, TALF, to write my StreetWise blog. Then,
Robert Knakal kind words came vividly to life for me when I York City. PPIP and several rounds of “stimu- one year ago, Tom asked me to write
and support. saw the impact the dreaded “Cuo- This thirst for knowledge turned lus.” Within the past three years for The Commercial Observer, and I
Columnist Each week, I mo Tax” had on the investment sales me into a voracious reader. I wanted or so, we have witnessed a time in happily agreed to join what has been
receive sev- market. This tax was a New York to get my hands on everything pos- which there have never been (at a fantastic team to work with. Writ-
eral emails from readers with ques- State capital-gains tax that added an sible to broaden my knowledge and least during my 26-plus years of bro- ing had become a weekly habit.
tions, comments, story ideas and additional 10 percent tax to any in- understanding of the macroeco- kering property sales in the Big Ap- So let’s get back to the three fre-
feedback. I appreciate this input re- vestment property sale with a price nomic ramifications of public policy ple) closer ties between economics, quently asked questions.
gardless of whether readers support in excess of $1 million. I saw that this on commercial real estate sales. To politics and real estate.
my positions or dissent, presenting tax forced transaction volume to this day, I regularly read The Wall During this time, the frequency of Do I actually write this column?
counterpoints. dry up, as it simply became too ex- Street Journal, The Times, the Post, my periodic “Commentary” writings Yes, I write every word of these
Three of the questions I receive pensive for sellers to part with their Crain’s, Barron’s, Forbes and the Fi- to my clients increased and I began columns. My wife, Cynthia, who puts

Lease Beat Power BroKer ConCrete thoughts leaSe BeaT THe SiT-doWn 1 World Trade CenTer
LeAse BeAt POwer BrOker A denser PArk Avenue?
100 Park avenue CBre’s top retail robert Knakal on 230 Park avenue ❯❯ david Brause on Who Wants a Piece of
399 Park Avenue ❯❯ Joanne Podell on shift steve roth’s Modest
1333 Broadway❯❯ Pro david LaPierre ❯❯ Multifamily’s Future From shopkeeper to Closer❯❯ Proposal for More space 1 Grand Central Place landing JetBlue ❯❯ Freedom—Surprise!
55 east 52nd street
March 30, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 April 6, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 april 13, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
Winick realty Star Benjamin Fox

Picks City’s next retail Hot Spots
By JoTHam SederSTrom
Fox on
The Prowl
sPeCIAL rePOrt
toP aCCountIng FIrMs
the numbers game the true Public Costs

silverstein trade Center towers’ Myriad subsidies
For Big real estate, It’s Changed Big-time: Add up By eLIOt BrOwn
how the no. 1 outfits survive and thrive By roLand LI
getty images
jb Reed
If you know your New York real estate, you should be able to figure
For the complete archive

this one out. What you may not know is how the accounting firm
of Marks Paneth & Shron can help you. For more than 100 years,
we've built a solid record of helping owners, developers, builders
of Robert Knakal’s Concrete

and REITS, as well as related businesses, make very smart financial
decisions. So, if you're looking for an experienced, knowledgeable
advisor in the real estate industry, we're the perfect solution. Call us
Thoughts columns, go to Observ-

at 212.503.8846 or visit us on the web at www.markspaneth.com.
Let's start building together.
212.594.2700 | slgreen.com
er.com/concrete-thoughts.
VISIT MARKSPANETH.COM FOR THE SOLUTION. 212.594.2700 | slgreen.com
Building owned by Kushner Properties | 2010 Marks Paneth & Shron LLP

up with an alarm clock going off very When we started, participants in
early on weekends, and my assis- our niche were accustomed to one-
tant, Erin Mitchell, who transcribes page setups; exclusive listings were
my dictation each week, can both at- a rare occurrence; and transactions
test to this. were often “flipped” several times
over. Each broker had a few “go to”
How do I find the time to write buyers and not much was done be-
this column? yond that. Few agents specialized
As my brother, Jeff, would always only in building sales, and those that
tell me, you can find the time to do did were relatively covert opera-
anything if it is important enough to tors.
you. One of the keys to a successful These market conditions provid-
and happy life is to be able to priori- ed us with a deep-seated mandate
tize things and to find that delicate to make our market niche as prom-
balance between each of the things inent as the market for properties
that are important to you. That be- over $100 million was. We wanted
ing said, I always remain cognizant to enhance market transparency
of the fact that my real job is to be and stature, and to convey the vi-
an asset to Massey Knakal Realty ability of the building sales market
Services and my primary contribu- at the noninstitutional level. Paul
tion to the company is to sell prop- and I wanted Massey Knakal to be a
erties for our clients. I, therefore, source of expertise and information
cannot take time away from clients for those who were active in New
who have entrusted me with the re- York City’s building sales market.
sponsibility to do everything I can We always wanted to provide the
to maximize the sales prices of their real estate community with prop-
properties. er market overviews, data, insight
I am also blessed to have a won- and statistics to help make the mar-
derful family, including my wife, ket more transparent and efficient.
Cynthia, who is very understanding Our philosophy of freely sharing
of the considerable time commit- information was possible because
ment a career in commercial real umn into a microcassette recorder. I tion. When Paul Massey and I started of our belief that, in New York City,
estate requires, and a nearly 2-year- then send the tape to Erin, who tran- An obvious reason is that the ex- brokering in 1984, our niche, in non- with 165,000 investment properties,
old daughter, Sophie, who I want to scribes the tapes before Saturday posure provided by this endeav- institutional building sales, was the there is always plenty of business to
spend as much time with as possi- evening. Sunday mornings are spent or creates business opportunities. Rodney Dangerfield of the commer- go around for everyone.
ble. cleaning up and editing the col- While this is part of the answer, it is, cial real estate industry in New York: The noninstitutional property
So to answer the second ques- umn. I also use Sundays to work on indeed, only a part of why I do this. It got no respect. We grew up in the sales niche is, indeed, a valuable
tion, I begin my day on Saturdays my blog and write any commentar- To understand the rest of the rea- business in a vacuum. The niche was component of the mosaic that is New
and Sundays at 5 or 6 a.m. and work ies used in Massey Knakal’s market- sons, let me start by saying that I am devoid of transparency and readily York’s commercial real estate mar-
on my writing until 9 or 10, when the ing efforts. By utilizing these early- very passionate about my profes- available information and statistics, ket. Writing about this market in a
family is up and ready to start the morning weekend hours, I am taking sion. I love selling properties, and I which led to a lack of stature gener- publication like The Commercial Ob-
day (Sophie has, thankfully, slept time away from neither my clients believe strongly in the niche in which ally associated with larger property server affords me the ability to reach
for 12 hours each night since she has nor my family. Massey Knakal competes. I have al- sales. At that time, large sales were thousands of market participants ef-
been 2 months old). Saturday morn- ways believed that anything worth the darlings of the media (and still ficiently and effectively to achieve
ings are spent organizing thoughts, Why I Write? doing is worth doing well, and I have are to a large degree). Rarely was a the objectives mentioned above.
doing some research, creating an The answer to the third question always strived to do better than my noninstitutional property sale writ- Lastly, writing this column allows
outline and then dictating the col- requires a more detailed explana- best in all of my endeavors. ten about. me to be a voice for the industry—

Lease Beat Power BroKer ConCrete thoughts The SiT-dOWN Big Search! Power BroKer Lease Beat ConCrete thoughts
LeaSe BeaT
1540 Broadway newmark’s howard Kesseler robert Knakal Breaks 520 West 27th Street❯❯ david Levinson On havas hires Newmark Cushman’s Mitti Liebersohn 545 Madison avenue ❯❯ robert Knakal talks to the
3 Park avenue❯❯ schools Competitors ❯❯ Down 1Q Building sales 681 Madison avenue Batali, Jeter, Murdoch❯❯ To Find 350K-Plus Feet scales Corporate deals 1071 sixth avenue rent guidelines Board
april 20, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 april 27, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 May 4, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
how the Outer Office Markets

almost Beat the recession
BY rOLaNd Li
PLuS: data on rents
and Vacancies
Beyond sorgente group’s
NYc
Veronica Mainetti
on Family Firm’s
new York Future
BY JothaM sederstroM
Payback time!
the Changing Cost-Benefit analysis of Building green By eugene giLLigan
a new Look
getty images
PLus Kurt eichler on what tenants want

danny kim
FirstService Williams is now
COLLIERS
INTERNATIONAL
New York’s global real estate firm.
212.594.2700 | slgreen.com
Global Expertise Markets Move. Strength Endures. NEW YORK CITY’S LARGEST OWNER
231 offices • 58 countries

joining so many others who admira- ideas for column topics, please feel founding partner of Massey Knakal
bly serve as advocates for our com- free to keep the suggestions coming. Realty services and in his career has
mercial real estate community. More rknakal@masseyknakal.com brokered the sale of more than 1,075 For the complete archive of Robert Knakal’s Concrete Thoughts col-
advocates are needed to influence properties, having a market value in umns, go to Observer.com/concrete-thoughts.
the perspectives of the people who Robert Knakal is the chairman and excess of $6.5 billion.
have the ability to affect our market-
place through regulatory or legisla-
tive changes.
Far too many of our policy mak-
ers and politicians have no private-
sector experience. Even more don’t
understand basic economic prin-
ciples. Unfortunately, getting re-
elected is the main objective for an
overwhelming majority of our elect-
ed officials, as opposed to trying to
make beneficial changes. Glaring
What a difference
examples of misguided initiatives
Within the past three years

or so, we have witnessed a
a year makes
time in which there have
never been (at least during
my 26-plus years of broker-
ing property sales in the Big
Apple) closer ties between
economics, politics and real
estate.
A stronger New York, a stronger company.
are seen in pending rent-regulation
reform, prevailing wages (which
caused the implosion of the Kings-
bridge Armory transaction in the Over the past 12 months, we’ve become a bigger, better firm.
Bronx), tax policy, entitlements,
union contracts, public-sector pen- We’ve added top talent and delivered real results for our clients.
sions—the list goes on and on. Each
of these things, in their own way, im-
pacts our real estate market. 7 offices in the Tri-state region
Through my writing, I attempt 1,600 employees
to create awareness of the policies
and issues affecting our industry. 22.6+ million square feet of leasing transactions annually
The more aware we all are of these $4.0 billion in projects under management
issues, the more likely it is that we
may be able to impact the perspec- 67 million square foot property and facility management portfolio
tive of a policy maker. Steve Spino- $1.75 billion investment sales transactions
la and the Real Estate Board of New
York do a terrific job of advocating
for our real estate community. I be-
lieve that each of us, in our own way,
should be ambassadors for our in-
dustry. If something is good for our
industry collectively, it is good for
each of us individually.
W
riting this column each week
is not easy, as I have not been
on a “work-related” deadline
since I had to be on time for exams in
college (hence, my enhanced admi-
ration for the journalists who cover
our real estate industry). Not easy,
but I believe it is beneficial to some
of the people in our industry, and it
is important to me personally. Much
of the research for the column pro-
vides a learning experience. Contin-
ually focusing on self-improvement
is a trait commonly found in highly
effective people, and here, the focus
cannot be avoided.
I am hopeful that today’s column 601 Lexington Avenue
provides some insight into the If, New York New York 10022
How and Why of my involvement + 1 212 812 5700
with The Commercial Observer. www.us.joneslanglasalle.com/ny
Thank you again for all of your sup-
port, and if you would like to share

BUILDING Stories: hotel pennsylvania Go, cat, go: the Hotel Pennsylvania
back in its prewar day.
Eight Million
New Yorks
Why the world’s biggest hotel
became just another thing
you might notice
By Emily Geminder In the remembered city, familiar- long occupied a curious place in the
I
n New York, the skyline sometimes ity becomes its own mythology. city’s margins.
recedes, but it never disappears With the recent thousand-foot-
T
entirely. Height, like money and plus skirmishes along New York’s he early part of the last cen-
power, is among the city’s eternally contested contour—developer Vor- tury was a heady time for city
recurring preoccupations, a kind of nado Realty Trust and cheerleaders dwellers. New York was lurch-
suspended totem of commerce, the of development on one side, defend- ing upward, metastasizing in plain
skyline’s residual tic. The skyline, af- ers of the Empire State Building’s view, quickening into a real estate
ter all, is not viscerally experienced solo reign on the other—the Ho- free-for-all of glass and steel, send-
so much as occasionally glimpsed tel Pennsylvania, which Vornado’s ing up hundreds of tall buildings
and secreted away, stowed as eight 1,216-foot 15 Penn Plaza will likely only to tear them down and replace
million portable New Yorks. We fer- displace, has mostly been lost in the them with taller ones. As the Empire
ry them across space and time, piece fray. Virtually all parties have more State Building was preparing to cast
them together according to lopsided or less unanimously conceded the aside a stocky old hotel of its own
memories, instinctively shield them 90-year-old structure as a pre-mor- (the Waldorf-Astoria would move pering Larkin Tower, which would brothers, who had already affixed
from change. Which is why we take tem footnote to the inevitable saga uptown), other contenders for the plunk 950,000 square feet of rent- their names to a bevy of major real
the skyline so personally: The re- of development. claim of world’s tallest building were able real estate on Eighth Avenue estate ventures, had a natural devel-
membered city follows rules more But the hotel, once the biggest in busily at work, among them Edward and 42nd Street, at once established opers’ predilection for superlative
impenetrable than any municipal the world (and whose switchboard, L. and John A. Larkin, a pair of ar- the brothers in the pantheon of mod- marketing. Two years before an-
zoning code, more persistent than when dialed, still belts out the old- chitect-developer brothers, who in ern-day Babelites and hastened the nouncing plans for the Larkin Tower,
a thousand landmark preservation est digits in New York—Glen Miller’s 1926 proposed a 110-story paean to competition’s skyward race. they filed suit against the Pennsylva-
commissions. rowdy “Pennsylvania 6-5000”), has the new order of gigantism. The ta- Biggest, tallest, best. The Larkin nia Railroad, alleging the railroad

leaSe BeaT claSh oF The TiTanS The lead indicaTor Lease Beat Power BroKer
POWeR BROkeR ConCrete
tHe Leadthoughts
INdICatOR LeaSe Beat the Lead IndICator ICSC Coverage
Lease Beat
717 Fifth avenue durst, Zuckerman and ross Sam chandan Parses 1540
One BroadwayPlaza
Rockefeller newmark’s
studley’showard
daniel Kesseler
Horowitz talks robert Knakal Breaks
sam Chandan: Ratings 100 Church Street Sam Chandan: Bank Failures on the ground
80 Pine Street ❯❯ Vie for Stake in 1 World Trade ❯❯ Mayor’s new Budget 3 Park
420 avenue❯❯
Lexington avenue ❯❯ schools Competitors ❯❯
Building-Changing deals❯❯ Down 1Q Building
Reform sales
and CMBs 1385 Broadway❯❯ and Commercial real estate In Las vegas
May 11, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 april
May20,
18,2010
2010 The
The Weekly
Weekly NeWspaper
NeWspaper ofof
NeWNeW york’s
york’s CommerCial
CommerCial real
real esTaTe
esTaTe iNdusTry
iNdusTry $7.00
$7.00 May 25, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
The
ICsC sPeCIaL RePORt

What’s in store as
the Recession ends
MOST POWERFUL PEOPLE BY ROLaNd LI
tale of
PLus: the 50 Biggest Retail
IN NEW YORK REAL ESTATE spaces available in Manhattan Cushman & Wakefield’s
Brad Mendelson on
RetailPayback time! 2010

New York:
the Changing Cost-Benefit analysis of Building green By eugene giLLigan
PLus Kurt eichler on what tenants want
retail
Clinching Uniqlo
By JothaM SederStroM
danny kim
danny kim
danny kim
JB REED
212.594.2700 | slgreen.com Global Expertise 212.594.2700 | slgreen.com
231 offices • 58 countries

Markets Move. Strength Endures. NEW YORK CITY’S LARGEST OWNER Markets Move. Strength Endures. NEW YORK CITY’S LARGEST OWNER
OF COMMERCIAL REAL ESTATE OF COMMERCIAL REAL ESTATE

stole their idea for the world’s larg- projects left like craters in an alter- tors, tugging the skyline in unknow- nally usurped by the coming skyline, sylvania has, at least for the moment,
est hotel, the Hotel Pennsylvania. nate boom-time city. But who knows able ways. The compulsion to leave mediated by the city’s competing reanimated the collective charge,
According to the Larkins’ account, what architectural shudders it im- an indelible mark on New York, an multitudes. however often generated, that the
in 1916 the Pennsylvania Railroad pelled, what towers it incited? A city act one would be hard pressed to The blunt steely force of the tower skyline sparks in its denizens.
returned the brothers’ plans for a is a microcosm of innumerable ac- match in hubris or ego, is also eter- soon likely to supplant the Hotel Penn- egeminder@observer.com
30-story hotel across from Pennsyl-
vania Station, contending that the
network of tunnels running beneath
the site would render the engineer- OUR SPECIAL THANKS TO THE COMPANIES
ing all but impossible. Plans for the 61 BROADWAY
Hotel Pennsylvania were filed soon WHO HAVE RECENTLY LEASED SPACE AND
after. THEIR BROKERS:
It was the same year that New
York’s original zoning provisions
were signed into law, intended to Samuel A. Ramirez & Co.
temper the spasm of steel construc- Michael Burgio, Cushman & Wakefield
tion booming its way across the city
grid. The Hotel Pennsylvania itself Metro Group of New York, Inc.
was expected to herald an influx of Michael Morris, Newmark Knight Frank
towers along Seventh Avenue, trans-
forming the area into a commuter- Willdan Group, Inc.
office hub of prime real estate— a Robert Corbi, Jones Lang LaSalle
precursor, perhaps, to Vornado head
Steve Roth’s dreams of a seamless Olson & Ishizuka Law Offices, P.C.
glass-encased urban experience: Bert Rosenblatt & Aaron Kaufman, Vicus Partners
part mall, part office complex, part
civic center. Registration Services, Inc.
The hotel’s grandiloquently over- William Berkis, Winoker Realty Corp
stated interiors—the Turkish baths,
the Café Rouge where Benny Good-
man and Tommy Dorsey swung—
Proship, LTD
Jonathan Cope, CB Richard Ellis
have long been gutted, and its status
as the world’s biggest hotel has long
Smartstream Technologies, Inc.
George Grace, G.E. Grace & Company
New York Health Purchasing Alliance, Inc.

The blunt steely force of the Willard Overlock, Cushman & Wakefield
tower soon likely to supplant
the Hotel Pennsylvania has, Assadi & Milstein, LLP
Dennis Someck, George Comfort & Sons, Inc.
at least for the moment,
reanimated the collective Artnet Worldwide Corp
Hal Stein and Todd Stracci, Newmark Knight Frank
charge, however often gener-
ated, that the skyline sparks Cichanowicz, Callan, Keane, Vengrow & Textor, LLP
Richard Gottlieb & Wayne Siegel, Coldwell Banker Commercial Hunter Realty
in its denizens.
Young Survival Coalition, Inc.
been surpassed. Its sole continuous Griswold Company, Inc.

heritage is perhaps its amenability
to large conferences of the many ob- Canon Business Solutions-East, Inc.
scure (linguists studying Pig Latin,
assemblies of spiritualists, Mexi- RTS Realtime Systems, Inc.
can rebel forces) and not so obscure
(Westminster Kennel Club dog show Treasury Strategies, Inc.
participants, Republican National
Conventioneers) parties eternally
descending on Manhattan.
Blueswitch NY, Inc.
The hotel was part of the Hilton
chain for a period starting in the The Fulcrum Group, L.L.C.
1950s, coinciding with Conrad Hil-
ton’s gospel of the hotel as Commu-
nist deterrent. Other owners have
included Ong Beng Seng, the Singa- Solid, steady ownership · Unparalleled tenant services · Efficient floorplates · Beautiful views · Distinctive classic
porean billionaire and major stake- Art Deco attended lobby · Complimentary conference center · Exceptional access to all downtown transportation
holder in Planet Hollywood Interna- · Two blocks from Wall Street · Entrances on Trinity and Broadway
tional, as well as the eccentric tycoon
and failed politician “Honest” Abe
IMMEDIATE AVAILABILITY · LANDLORD WILL BUILD TO SUIT · PRE-BUILTS FROM 1,000–23,750 RSF
Hirschfeld. But for most New York-
ers, the hotel was something else en- MULTIPLE FULL FLOORS CAN BE MADE AVAILABLE FLEXIBLE LEASE TERMS FROM 1–10 YEARS
tirely: just a familiar blur of columns
and trumpeting flags christening the For additional information or lease inquiries contact: Ramona Huegel or David M. Israni
churning masses that rise and fall
from Penn Station. No more, no less. “We're earning the right to be your next landlord.”
The Great Depression brought a GREAT SERVICE (212) 609.3700
quick cessation to the Larkin broth- IS ALWAYS
ers’ bid for the skyline. Their tower GOOD BUSINESS Daniel M. Blanco Raymond Chalmé WWW.BSDRE.COM
was among the many abandoned

calendar
By Jotham Sederstrom
WEDNESDAY, SEPTEMBER 15 at the information booth, main con- its third walking tour this year. In-
TUESDAY, SEPTEMBER 14 Go back in time to the days of the course, Grand Central, 12:30 p.m., deed, join the society’s wide-eyed
This summer was the hottest in three-martini lunch when the Great- www.mas.org] guides as they visit beautiful row
New York since meteorologists be- er New York Chapter of the Insti- houses, churches and, in their own
gan tracking the weather. So unless tute of Real Estate Management SATURDAY, SEPTEMBER 18 words, “some of the most beauti-
you’re a rabid, right-wing conserva- hosts its monthly luncheon, followed As sure as the changing of the ful ornamental iron railings in New
tive, it’s fair to assume climate change by a delightfully early networking seasons, New York’s shape is con- York.” Swoon! Get a room, guys!
is a man-made cocktail hour. For those who aren’t stantly shifting. And nowhere is that [Municipal Art Society “BoCoCa
phenomenon. already too sloshed, the keynote more true than in Lower Manhattan, III: Cobble Hill” walking tour, meet in
Then isn’t it speaker is John Klein of JDM Asso- where construction at One World front of St. Paul’s Church on the cor-
time to consid- ciates, and the topic de jour is “The Trade Center, a new Frank Gehry ner of Court and Congress streets, 2 dent housing, senior living, online
er sustainable, Human Factor: The Key to Sustain- apartment project and other build- p.m., call 212-935-2075 for more info marketing and more. Gary Barnett,
e n v i ro n m e n - ability & Profitability.” Expect tons ings are currently under construc- or visit www.mas.org] president of Extell Development,
tally friendly of fun until the very last drop. tion. Taking a break from the city’s will be the keynote speaker.
construction? [Institute of Real Estate Manage- TUESDAY, SEPTEMBER 21 [Massey Knakal Realty Services
The folks at the ment monthly luncheon, New York The Trump family will don their “Multi-Family Summit,” McGraw
Center for Ar- Helmsley Hotel, 212 East 42nd Street, real estate caps during a presum- Hill Conference Center, 1221 Avenue
chitecture are 11:30 a.m., visit www.iremnyc.org or ably swagger-filled breakfast meet- of the Americas, 8 a.m., contact Ryan
hosting a discus- call 212-944-9445 for more info] ing with members of the Real Estate Slack at 646-862-9389 or email him
sion with lead- Lenders Association. But even if you at ryan@greenpearlevents.com for
ing urban plan- When, in 1975, the New York State aren’t working directly for the Don- more info]
ners, all of whom are knowledgeable Supreme Court struck down Grand ald and his son, Eric Trump, best
about the latest eco-trends. Nonethe- Central’s landmark status, the Mu- to come early for what’s sure to be a To understand New York, you
less, we presume the talks will be in an nicipal Art Society and Jacqueline crowded seminar—lest the telegenic need to start with Lower Manhattan.
air-conditioned building. Kennedy Onassis went into action, twosome decide to fire your ass, Ap- That said, the guides of the Munici-
[“Urban Cool: Sustainable Com- sparking a campaign that would prentice-style. pal Art Society are continuing their
munities in the Age of Global Warm- save the terminal from becoming an older landmarks, the hipsters over [Real Estate Lenders Association weekly downtown walking tour,
ing” event, the Center for Architec- office tower. The talented Munici- at the Municipal Art Society are in- breakfast, Yale Club of which will most definitely in-
ture, the Hines Gallery, 536 LaGuardia pal Art Society guides return to the viting guests on a tour of the area’s New York, 50 Vander- clude visits to Wall Street
Place, 2:30 p.m., send email to aia. scene of near disaster for a tour of newest developments. See them bilt Avenue, 8 a.m., and a few old churches.
rsvp@wspfk.com for more info] the terminal’s Beaux-Arts interiors. first, before anyone else. visit www.rela.org [Municipal Art So-
[Municipal Art Society Grand [Municipal Art Society “New to for more info] ciety “Downtown,
With fall approaching, golf en- Central Terminal walking tour, meet New York: Downtown” walking tour, Where New York Be-
thusiasts only have so many more meet at the southwest corner of The Commercial gan” walking tour,
opportunities to tee off before bad Chambers and Centre streets, oppo- Observer’s very own meet at the Down-
weather strikes. That’s why taking site the Municipal Building, 11 a.m., Concrete Thoughts town Info Center,
advantage of the National Realty call 212-935-2075 for info] columnist, Robert 55 Exchange Place,
Club’s Wheatley Hills golf outing Knakal, will school Suite 401, 12:30 p.m.,
may be your last best shot, even if SUNDAY, SEPTEMBER 19 real estate profession- www.mas.org]
it means shmoozing with overeager If we didn’t know better, we’d als in all things multi-
colleagues and bosses. start to think the tour guides of family when his Calendar items
[National Realty Club “Golf Out- the Municipal Art Society were a firm, Massey can be sent to
ing,” Wheatley Hills, 147 East Wil- bit star-struck by Brooklyn and, in Knakal Realty, Jotham Sederstrom
liston Avenue, East Williston, New particular, the neighborhoods of hosts a fun-filled at jsederstrom@
York, www.nationalrealtyclub.com Boerum Hill, Cobble Hill and Carroll summit on top- observer.com.
for info] Gardens, where the crew is hosting ics such as stu-

LEaSE BEaT POwER BROKER CONCRETE THOUGHTS LEASE BEAT POWER BROkER THE LEAD INDICATOR Lease beat POwer brOker ❮❮ Observer POwer 100
444 Madison ❯❯ CBRE’s Stuart Eisenkraft Robert Knakal Reveals Manhat- 40 Wall Street Prudential Douglas Sam Chandan on the 57 west 57th street JLL’s Derek trulson Inside Our big Party
100 Park avenue Juggles Global Deals ❯❯ tan’s New Hot Neighborhoods 280 Park Avenue❯❯ Elliman’s Joseph Aquino ❯❯ Employment Report 75 wall street ❯❯ On 100k-Foot Deals For big Names
June 15, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
June 1, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 June 8, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
New York’s Top 10

Skyscrapers
BY EUGENE GiLLiGaN West Side
Story CONCrete thOughts
the Clowns in
Related president Jeff Blau on
developing the West Side Yard
BY JOTHAm SEDERSTROm
albany why You should Care

by robert knakal
michael nagle; getty
212.594.2700 | slgreen.com
212.594.2700 | slgreen.com

PRESENTS
Masters of Real Estate

WEDNESDAY OCTOBER 13, 2010
8:00 AM – 2:00 PM
The Metropolitan Club | One East 60th Street | New York
In a climate of significant change, The New York Observer is

inviting industry leaders to discuss the current real estate landscape.
FEATURED TOPICS
➥ STATE OF NEW YORK CITY REAL ESTATE
➥ STATE OF CAPITAL MARKETS
➥ WHAT ARE THE OPPORTUNITIES?
SPEAkERS INCLUDE:
Keith barket, angelo Gordon richard leFrak, leFrak organization
Jeff blau, related companies richard mack, area
andrew Farkas, Island capital rob speyer, tishman speyer
Jon Gray, blackstone barry sternlicht, starwood capital
marc holliday, sl Green Jay sugarman, istar Financial
ron Kravit, cerberus *panelists subject to change
WHO SHOULD ATTEND

• IndIvIdual and InstItutIonal Investors • Government reGulators
• PrIvate equIty FIrms and lenders • ProPerty owners and develoPers
Registration & More Detailed Information:

www.observerpaid.eventbrite.com
ticket Price: $500 | seating is limited | Please rsvP by october 6
For reGIstratIon by maIl:
Please return this portion with a $500 check made payable to: The New York Observer
Mail to: Ashley O’Brien, New York Observer, 321 West 44th Street, 6th Floor, New York, NY 10036 by no later than October 6th
NAME:__________________________________COMPANY: _________________________________________
address:___________________________________________________________________________________
Phone number:_________________________emaIl: ______________________________________________
you wIll receIve a conFIrmatIon by emaIl that your request has been receIved.

THE lobby
out the leasing programs

for approximately 8 million
square feet of Class A Man-
hattan office space, accord-
ing to a release.
Mr. Horowitz previously
served as a partner in the
brokerage division of Kauf-
man Adler Realty, which to-
day is known as the Kauf-
man Organization.
“We’re confident Marc
will prove to be a valuable
resource for our compa-
Mr. Dresher. Mr. Mr. Lee. Mr. Mr. ny and an important addi-
Mathias. Horowitz. Wengroff. tion to our in-house leasing
team,” said Cohen Brothers’
president and CEO, Charles
analyst for the firm. Mr. Mathias, who joined the firm “Alan Desino is the type of impres- Cohen, in a statement.
By Jotham Sederstrom Rose Panos, 28, was promoted to in 2007, received the award in part sive, strategic-minded real estate
event marketing manager from mar- through his success in winning new professional and dynamic deal maker __
keting associate. business, as well as handling all as- we are seeking to help take Colliers
Studley Promotions, Colin Johnson, 26, was promot- pects of new deals, alongside a team International to the next level,” said
Also Notable …
ed to a position as a financial analyst that includes executive managing Mark Jaccom, CEO of the company’s
Top Rookies from a previous post as a staff ac- director Erik Schmall. tristate operations, in a statement.
countant. “Alan is a senior executive with a suc- CNY Builders tapped Jeffry Wen-
Tenant rep brokerage Studley And Melinda Wright, 38, was __ cessful track record working with groff as operations director for the
has promoted seven of its profes- promoted to graphics specialist tenants and landlords in the nation’s firm’s health care division, it was an-
sionals in the firm’s New York City from graphics assistant. most competitive market.” nounced last week.
headquarters, it was announced last Meanwhile, two Studley real es- Colliers Poaches Mr. Wengroff, a 59-year-old con-
week. tate brokers were honored with __ struction industry veteran who has
Rick Drescher, 30, was promot- “Rookie of the Year” awards during
CBRE worked alongside health care pro-
ed to managing director of technical the company’s summer outing in fessionals for four decades, will
services from director of technical San Francisco, it was announced. Colliers International hired real Cohen Brothers’ provide oversight and direction to
services. Bie Chu Lee, 32, from the firm’s estate broker Alan Desino as an ex- CNY’s project teams working on
Dean Feratovic, 31, was promot- Washington, D.C., office and Michael ecutive managing director in the
Leasing VP health care assignments.
ed to director of human resources Mathias, 25, of the New York office, firm’s New York headquarters, it was “Our healthcare practice has been
from manager of human resources were both given the award. announced last week. Cohen Brothers Realty Corpora- growing rapidly,” said Ken Colao, pres-
and professional development. Mr. Lee, an associate who joined Mr. Desino, 47, who has closed tion, the private commercial prop- ident of CNY Builders, in a statement.
Joe LaBarbera, 32, was promot- the firm in August 2009, was cred- more than $1 billion in real estate erty management firm, hired Marc “Jeff’s outstanding reputation in the
ed to director of finance from senior ited with assisting his team with transactions for Cushman & Wake- Horowitz as vice president of leas- industry and his widely recognized
finance analyst. knowledge of financial structuring, field and, most recently, for CB Rich- ing, it was announced. expertise in estimating and project
Jia Li Chen, 28, was promoted to strategic planning and development ard Ellis, will be responsible for Mr. Horowitz, 39, will be respon- management make him the ideal per-
senior corporate accountant, follow- for corporations, law firms and non- Colliers’ growing tenant rep and cor- sible for overseeing Cohen Brothers’ son to supervise this growth.”
ing a previous position as a financial profits, according to a release. porate services divisions. in-house leasing team, which carries jsederstrom@observer.com

Lease Beat PoWer Broker ConCrete thoughts Lease Beat PoWer Broker ConCrete thoughts
250 West 57th street James emden on Move Investment sales Lease Beat pOWer BrOKer (Dis)stresseD Out? 530 Fifth avenue Lawyer gary eisenberg Why LeBron really
40 Wall street❯❯ rKF’s ariel schuster sells Knakal on uncertainty; one grand Central❯❯ on ‘Cope and hope’ ❯❯ Picked Miami
one Park avenue❯❯ to Colliers International ❯❯ Mini-Bubble
45 Main street Big-Boxes on Vertical ❯❯ Distressed by status
June 22-29, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00 July 13, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
July 6, 2010 The Weekly NeWspaper of NeW york’s CommerCial real esTaTe iNdusTry $7.00
the sIt-DoWn: gLenn rufrano
a Candid talk With

Cushman & Wakefield’s
new Chief
‘everybody needs to do more with less’
By JothaM seDerstroM
Leases up!
the top 10 expirations of ’10
Where they are Now and What that Means
By roland Li Congratulations?
special Durst Bests related for 1 WtC stake
double now, the Fine Print
issue By eLiot BroWn
louisa cannell; property shark
joe woolhead
brian letwin

212.594.2700 | slgreen.com
Global Expertise
231 ofces • 58 countries Markets Move. Strength Endures. NEW YORK CITY’S LARGEST OWNER

SPECIALIZING IN ALL YOUR
COMMERCIAL AND
PERSONAL
INSURANCE NEEDS
BROWNMetro,
&Inc.BROWN
INSURANCE AND BONDING SPECIALISTS
CONTACT MARTY STATFELD OR MARC WALDOR

bbmetro.com
26 COLUMBIA TURNPIKE · FLORHAM PARK, NJ 07932
Ph. (973) 549-1900 Fax (973)549-1000

tweet week
By Heather
Holland REBNY (@REB-
NY) marks
T
ip-toe across the calendar.
this Tweet S t u y
Week, for tweet- Town’s Main
ers mulled more than Stakehold-
they gossiped. Some er Sets Auc-
made predictions, tion Date to Sell
some prepped for Massive Complex
events and others http://ow.ly/2BbHJ
asked thoughtful 12:39 PM Sep 8th via
questions, but all HootSuite
in all, things are on the in-
trospective side this time FYI: TRD Government
around. Brief, Cuomo settled last
month with Pinnacle Secu-
CB Richard Ellis (@ rity Group: http://ow.ly/2BbeS
cbrenyc) predicts rain in retail. 12:32 PM Sep 8th via HootSuite
RT @cbrecorp: Per CBRE Econometric Ad-
visors, U.S. Retail Availability Rate Expected Moving to the suburbs to raise a family?
to Start to Decline Early Next Year http://bit. Slow down and take a look at “Friends Don’t
ly/cXIGlv Let Friends Move to the Suburbs” http://
6:18 AM Sep 8th via TweetDeck ow.ly/2AFiT
9:00 PM Sep 7th via HootSuite
RT @cbrecorp: More than 1,000 CBRE
Professionals to Complete Rebuilding Proj-
ects in September for Those in Need http://
bit.ly/99SEe9 #CRE
7:13 AM Sep 7th via TweetDeck
Massey Knakal (@MasseyKnakal)
gives an update.
Featured Listing: 115 East 37th Street,
New York, NY- 1861 Murray Hill townhouse,
duplex unit could be delivered vacant http://
Cushman & Wakefield (@Cush- bit.ly/bkF3tm
Wake) gets its fill. 4:03 PM Sep 8th via web
The Broker Who Would Fill One World
Trade | The New York Observer http://t.co/ Featured Closing: 331 East 81st Street,
QWQqa0h via @AddThis New York, NY 10028 - a five-story mixed-use
10:21 AM Sep 8th via Tweet Button builing on UES http://bit.ly/cN5Dld
10:34 AM Sep 7th via web
Jones Lang LaSalle (@JLLNews)

star gazes at reports. Eastern Consolidated (@Eastern-
Is U.S. industrial RE on the road to the consol) speaks of the day.
recovery? Check JLL’s Q2 report covering David Schechtman to speak at upcoming
the largest markets in the Americas http:// REBNY Members’ Luncheon on “The Market:
ow.ly/2AO2I^JB What’s Really Happening” October 5, Hilton
3:24 PM Sep 7th via HootSuite Hotel, 12:30
1:29 PM Sep 7th via web
Now tweet us!

@
commercial_nyo.

lease Beat
OFFICE Email information on new leases to Emily Geminder at egeminder@observer.com
Sq. Feet Tenant Landlord BROKERS
1412 Broadway 35,000 Escada US Subco LLC n/a Jesse Rubens and Esther Zar of Murray Hill Properties brokered the 10-year deal.
48 West 37th Street 8,901 E & B Giftware LLC n/a David Levy and Joseph Friedman of Adams & Co. represented both the tenant and the landlord in the six-
year transaction.
Sperber, Denenberg & Kahan, David Levy and Joseph Friedman of Adams & Co. represented both the tenant and the landlord in the 10-year
48 West 37th Street 5,557 P.C. n/a transaction.
Elliot Warren of the Kaufman Organization represented the tenant in the two-year sublease, while Perry Mes-
56 West 22nd Street 5,000 Zemoga n/a mer of Colliers International repped the landlord.
540 Madison Avenue 3,000 Panco Management Boston Properties Jones Lang LaSalle represented both landlord and tenant in the three-year renewal.
Transwestern Invest-
126 East 56th Street 2,900 Goffe Capital Management ment Co. Alex Cohen of Cushman & Wakefield represented the tenant in the five-year deal.
90 Broad Street 2,495 National Book Foundation Swig Equities CBC Hunter Realty represented the tenant in the 10-year deal. Todd Koren repped the landlord in-house.
Andy Epstein of Easy Street Properties represented the tenant. Gabe Isaacs of Sierra Realty repped the
648 Broadway 2,300 Atheros n/a landlord.
149 Madison Avenue 1,907 Furniture Rental Associates Abramson Brothers CBC Hunter Realty represented the tenant. The landlord was repped in-house.
1123 Broadway 1,891 Sense Networks Inc. Kew Management Dan Schwartz of Winslow & Co. represented the tenant. The landlord was repped in-house.
Michael Chow of New York Commercial Realty Services represented the tenant in the five-year deal. Michael
459 Washington Street 1,600 C.A.C Industries, Inc. n/a Pligavko and Terrie Liu of Bosse Property represented the landlord.

LEASE BEAT THE SIT-DOWN CONCRETE THOUGHTS LEASE BEAT POWER BROKER INVESTMENT SALES THE SIT-DOWN POWER BROKER CONCRETE THOUGHTS
650 Fifth Avenue Ken Levien: Project Knakal on Investment 125 Park Avenuegg Jeffrey Lichtenberg on ffKnakal and Chandan Bruce Schonbraun gg Studley’s Ira Schuman gg Investment Sales
One Grand Central Placegg Management Measure gg Sales at Midyear Seven Penn Plaza Re-Reaching the Top Dissect Locally, Nationally Talks Foreign Investors On Nonprofits, Ingenies In the Boroughs
July 20, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY $7.00 July 27, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY $7.00 August 3, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY $7.00
LEASE BEAT
Monster Deals
Suddenly, Several Leases
Of 100K-Plus Feet
BY WILLIAM ALDEN & LAURA KUSISTO
‘When we came into the

business 40 years ago,
we didn’t understand leverage’
BY JOTHAM SEDERSTROM
David Schechtman
Has Something to Say Murray Hill’s
Eastern Consolidated’s Newest Partner
Norman Sturner,
Yesterday and Today 100 Church Street 1633 Broadway 555 West 57th Street
KATHIE KHOURI
605 Third Avenue 345 Park Avenue

KATIE KHOURI
212.594.2700 | slgreen.com
212.594.2700 | slgreen.com


lease Beat
112 West 14th Street 1,500 One Light Ministry n/a Michael Chow of New York Commercial Realty Services represented the tenant in the one-year lease. Ber-
trand de Soultrait, also of New York Commercial Realty Services, repped the landlord.
1407 Broadway 1,446 Antex Knitting n/a Sommer Scafidi of the Kaufman Organization represented both landlord and tenant in the three-year lease.
1407 Broadway 1,424 Major Textiles Imports Inc. n/a Sommer Scafidi of the Kaufman Organization represented both landlord and tenant in the three-year lease.
1407 Broadway 1,410 Eurostyle International Inc. n/a Sommer Scafidi of the Kaufman Organization represented both landlord and tenant in the five-year lease.
299 Broadway 1,300 Gateway Management n/a GlenMark Realty represented the tenant in the five-year deal. Olmstead Properties repped the landlord.
291 Broadway 1,260 Geyneir and Associates n/a Nick Zervis and David Gomez of GlenMark Realty represented both the landlord and the tenant in the 10-
year deal.
270 Lafayette Street 1,250 Lauffer Wind Group n/a Lindsay Dukes of New York Commercial Realty Services represented the tenant in the five-year deal. Steve
Marvin of Olmstead Properties repped the landlord.
915 Broadway 1,250 Data Logix n/a GlenMark Realty represented the tenant in the three-year lease. John LiGreci of ABS Partners repped the
landlord.
405 Lexington Avenue 1,057 Oxford Analytica Tishman Speyer Waite Buckley of Vicus Partners represented the landlord in the four-year deal. The landlord was represent-
ed in-house.
648 Broadway 1,025 Patricia McMahon LTD n/a Gabe Isaacs of Sierra Realty represented both landlord and tenant.
291 Broadway 800 Lattice Engines n/a David Gomez of GlenMark Realty represented both landlord and tenant in the two-year lease.

LEASE BEAT THE SIT-DOWN WEEK IN REAL ESTATE LEASE BEAT POWER BROKER CONCRETE THOUGHTS LEASE BEAT POWER BROKER THE LEAD INDICATOR
230 Park Avenue gg Jonathan Miller, Meet Value vs. Cost 320 Park Avenue CBRE’s Greg Kraut Robert Knakal Sizes Up 400 Madison Avenue gg Newmark Knight Frank’s Sam Chandan on
133 Fifth Avenue The Commercial Observer gg At 1 WTC 40 Wall Street gg On Asian Fusion gg Multifamily at Midyear 227 Mulberry Street Jennifer Schwartzman gg Price and Performance
August 10, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY $7.00 August 17, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY $7.00 August 24, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY $7.00
The
THE SIT-DOWN
THE SIT-DOWN
Everybody
Lawyers First Year Wants to Know
What This Man
You Call
Joseph Swingle, Grubb
& Ellis’ New Local Chief,
Talks Expansion, Hiring Has Planned
BY JOTHAM SEDERSTROM Anthony Orso of
Cantor Fitzgerald
The Top Firms, Players
Plus: Our New Law
Columnist on
Good-Guy Clauses
And! Sam Chandan on
A Busy Congress
SHRAVAN VIDYARTHI
212.594.2700 | slgreen.com
212.594.2700 | slgreen.com


THE SUCCESS OF
40 WALL STREET
CONTINUES...
WE WOULD LIKE
TO THANK THESE
TENANTS AND
BROKERS
WHO HAVE
LEASED OVER
350,000 SQ. FT.
Solomon Blum Heymann LLP
John Moran, Adam Leshowitz,
Newmark Knight Frank
XcitekSolutionsPlus
Richard Levine, Michael Rizzo, CB Richard Ellis
HAKS Engineers and Land Surveyors
Mark Shapses, Cushman & Wakefield
Telstra Incorporated
Robert Tanzmann, Cushman & Wakefield
Brokerage & Management Corporation
John Johnson, Nicholas Farmakis, Studley WALL STREET PRESTIGE.
Core Staffing Services TRUMP ELEGANCE.
Mike Zaleski, Zaleski Properties
NYG Capital LLC
Ariel Cohen, Prudential Douglas Elliman
RRZ Management Inc.
Ariel Cohen, Prudential Douglas Elliman
Managed Health Network Inc.
Scott Panzer, Jones Lang LaSalle
Direct Access Partners LLC
Ruth Colp-Haber, Wharton Property Advisors
GDS Publishing, Inc.
Jared Freede, CB Richard Ellis
Spyker Consulting,Inc.
Jared Freede, CB Richard Ellis
Infinitel Communications, Inc.
Joseph Hilton, Grubb & Ellis
Accounting and Compliance International
Wes Rudes, Richard Doolittle,
Murray Hill Properties
XO Communications Services, Inc.
Brian Reiver, Scott Cahaly, Jones Lang LaSalle
Zaremba Brownell & Brown PLLC
Dan Suozzi, Jones Lang LaSalle
Star Alliance Trading Group LLC
Dan Suozzi, Jones Lang LaSalle
Country Wide Insurance Company
Mark Weiss, Newmark Knight Frank
Vertex Capital Management
Dawn Frojen, Prudential Douglas Elliman
Clancy Financial Services, Inc. For more information please contact:
Oakwood Asset Management, LLC 40WALLSTREET.COM Jeffrey A. Lichtenberg • Special Consultant to the Owner • 516.314.4458
Rosen Greenberg Blaha LLP Adam Foster 212.618.7088 • Adam.Foster@cbre.com
Brad Gerla 212.618.7066 • Brad.Gerla@cbre.com
Rosabianca & Associates PLLC
Michael Higgins 212.618.7011 • Michael.Higgins@cbre.com
w w w. c b re . c o m Gregg Rothkin 212.984.8192 • Gregg.Rothkin@cbre.com

lease Beat
1133 Broadway 611 Art & Advisory LLC Kew Management The landlord was represented in-house.
1133 Broadway 498 Hudson Wigs Kew Management The landlord was represented in-house.
1133 Broadway 432 Hugo & Marie LLC Kew Management The landlord was represented in-house.
1133 Broadway 390 Kaerensa A. Craft LCSW Kew Management The landlord was represented in-house.
1133 Broadway 245 David Brian Brown Kew Management The landlord was represented in-house.
1133 Broadway 138 Carley J. Beardsley Kew Management The landlord was represented in-house.
Deborah and Arthur

Kaufman for Broad-
490 Broadway n/a Trollbäck + Company way Landmark Cor- Eric S. Cagner of Newmark Knight Frank represented the building owner.
poration

LEASE BEAT

$3-7(06(
19 West 44th Street gg
"$..53((5gg
90 John Street
"
THE SIT-DOWN
43(*3$65
Daniel Cogsville: The
04,$064,10gg
Delicate Art of Distressgg

THE LEAD INDICATOR
!
1%(350$-$.,;(4!2
Sam Chandan Has
6.5,)$/,.:$5,':($3
Jobs Market Warning Reach the people who own,
6*645

September 7, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY
$7.00
manage, lease and sell
" POWER BROKER space in the city
,345#($3Tallest by advertising your deals
Order
14(2+8,0*.(36%%
in the Commercial Observer.

..,4(81&$.+,()
$.-492$04,10,3,0*
#
Cushman & Wakefield's
Tara Stacom on Leasing Up
Contact Robyn Weiss,

One World Trade Center
Associate Publisher,
for more information:
SHRAVAN VIDYARTHI
KATIE KHOURI
212.407.9382 or
Markets Move. Strength Endures.
212.594.2700 | slgreen.com
NEW YORK CITY’S LARGEST OWNER

rweiss@observer.com
Visit us at: www.observer.com/commercial

lease Beat
RETAIL Email information on new leases to Emily Geminder at egeminder@observer.com
575 Fifth Avenue 13,000 Guess n/a Robert K. Futterman & Associates brokered the deal.
Noam Management Newmark Knight Frank represented the tenant in the 10-year deal. Sinvin Realty and JDF Realty repped the
24 East 21st Street 4,400 Al Mayass landlord.
James Famularo of New York Commercial Realty Services represented the tenant in the 10-year deal. Cosmo
649 Ninth Avenue 2,606 Michael Guerrieri n/a Montemurro of Winick Realty repped the landlord.
106 East 23rd Street 2,400 Lomography Abington Holding Winick Realty Group’s Steven E. Baker and Michael Gleicher represented the landlord.
Joseph Isa of Winick Realty Group represented the tenant in the 15-year deal. Gabe Whitman and Bill Abram-
48 West 8th Street 1,350 Brentwood Pharmacy n/a son of Buchbinder & Warren Realty Group repped the landlord.
Lafayette-Astor As-
740 Broadway 1,250 Financier Patisserie soc. Winick Realty represented the tenant. Newmark Knight Frank repped the landlord.
762 Madison Avenue 1,208 Gallerie Aesthetique n/a Bertrand de Soultrait of New York Commercial Realty Services represented the tenant in the 10-year deal.
Stuart Ellman of Judson Realty repped the landlord.
155 East 34th Street

155 East 34th Street 1,200 Little J Cleaners LLC William Abramson of Buchbinder & Warren Realty Group represented the landlord in the 10-year deal.
2282 Broadway 743 Sprint 221 West 82nd Street Cosmo Montemurro of Winick Realty represented the tenant. Ami Ziff of Time Equities repped the landlord.
• Custom Printing
OFFICE PRODUCTS
• Office Furniture
CERTIFIED WOMAN OWNED ENTERPRISE
• Advertising Specialties
Ask About Opening a Corporate Account

(as used by The New York Observer)
After the sale, it’s the service that counts!

140 West 31st. Street, New York, NY 10001
Between 6th and 7th Ave. (a Block from Penn Station)
212-279-7455 • www.jasonoffice.com
The Commercial Observer Classified
COmmerCial & residenTial real esTaTe - sales & leases + relaTed gOOds & serviCes
Glass restoration lUXUrY aUtoMoBiles
WE’VE SOLD MORE JAGUARS THAN

ANYONE IN THE WORLD, SINCE 1938.
THE DELICIOUS
ALL NEW
2011 JAGUAR XJ
Come
ManHattan & nYC nY - HaMptons n. Carolina real estate In &
Test
Upper east side
WEstHAmpton bEACH VILLAGE
Henderson/Lake Kerr 150 acre Farm Drive
Corner Avenue Furn 5,000-6,000 sf home 3 B, 2 Ba
6 Story Elevator Building 4 Br 2 bath Cape Garage & Sunroom Full bsmt, 3 A/C+4 heating units. Today.
25 Apartments + 4 Stores Ponds, barns, shop, pasture,
Asking Price: $9,999,999
Potential Business Use Wooded oak kit, new appliances
adelaide polsinelli $599,000 Shoreline Properties Some farm equip possibly avail
MarCUs & MiLLiCHap 631-878-0562 631-921-4207 $1.125m/offer 201-207-2130
212-430-5237
‘Green’ Glass
Best SERVICE! Best SELECTION! Best PRICE!
LONG ISLAND CITY .3900 ACRE EAst HAmpton
4-story loft elev bldg.
Deliv. Vacant. +/-12,500sf. $1.5m
Gabriel saffioti
100x170 ft. Dead end street. Wooded. 1 mile to
bay and restaurants, 4 miles to East
Hampton town. Reduced from $375,000
Under Glass
mFG. corP Great Neck Jaguar
gsaffioti@easternconsolidated.com less 15% to $318,750. 1-888-263-4158
646-658-7331 GREAt buy. 516-542-8967 GreatNeckJaguar.com
EASTERN CONSOLIDATED Permits Available
investMent propertY ConneCtiCUt real estate

Elegance and Function
Custom designed greenhouses &
solariums, skylights & glass enclosures.
If Commercial Real Estate Is Your Game,
sHERmAn Ct
Long Island HotEL FoR sALE
Prime Long Island beachfront 120 guest the Club @ Riverf oaks
Exclusive manufacturer of the original
Lord & Burnham product line,
Use The Commercial Observer
Rooms. Possibly delivered vacant.
Possible assisted living.
3 lots, 2+ to 3+ acres.
Ask $323K to $375K.
established in 1989.
To Promote Your Name.
P. (845) 687-4700
Asking $10 Million Will sell or trade.
718-646-9368 Call paul 201-248-3033
F. (845) 687-4957
www.underglassusa.com Call Ken, 212-407-4386
observer.com

lease Beat
RETAIL Email information on new leases to Emily Geminder at egeminder@observer.com
32 Third Avenue 550 Thread Eyebrow Salon 115 E. 9th Street Re- Rafe Evans of Walker Malloy represented both landlord and tenant.
tail LLP
Union Square Asso- Robin Abrams of Lansco Corp. and Simon Dallimore of Dallimore and Co. represented the tenant in the 10-
1 Union Square West 500 Monsoon Accessorize USA Inc. ciates LLC year deal. William Abramson of Buchbinder & Warren Realty Group repped the landlord.
696 Lexington Avenue 400 Numero 28 Pizzeria n/a Robert K. Futterman & Associates represented the landlord.
Tim Parkkila of New York Commercial Realty Services represented the tenant in the five-year deal. Kelly Lin
188 Orchard Street 350 Dedegumo Watches n/a of Misrahi Realty repped the landlord.
2146 Nostrand Avenue 15,500 Dallas BBQ A&H Acquisitions Robert Greenstone of Greenstone Realty represented the tenant in the 20-year lease.
(Brooklyn)
7602-10 Main Street 14,000 TD Bank Zalkan Inc. Ripco Real Estate represented both landlord and tenant in the 20-year lease.
(Queens)
Chris Havens of Creative Real Estate Group represented the tenant in the two-year deal. The landlord was
215 Water Street (Brooklyn) 3,200 Toll Brothers Inc. Pearl Street Realty repped in-house.
WE’VE SOLD MORE JAGUARS THAN

ANYONE IN THE WORLD, SINCE 1938.
5 1. REBNY brokers are bound by a Code of
Ethics that serves the client’s best interests.
Reasons 2. REBNY brokers have exclusive access to

THE DELICIOUS the most comprehensive computerized New
why you
ALL NEW
2011 JAGUAR XJ should
York City property data file and the largest
reference library of any realty association in
the city.
Come insist on
In & a REBNY 3. The Commercial Listing Exchange (CLE) per-
Test mits REBNY broker and owner members to
Drive Broker exchange their exclusive New York City com-
mercial space listings weekly.
Today. for your
commercial 4. The Retail Report, with the cooperation of
New York City retail brokers and owners of
Property store space, is the most authoritative source
of retail information for Manhattan.
Best SERVICE! Best SELECTION! Best PRICE!
5. REBNY brokers are highly knowledgeable
Great Neck Jaguar about laws, regulations and other public
policies affecting real estate because of the
1-888-263-4158 Board’s Government Affairs programs, spe-
GreatNeckJaguar.com cial bulletins and publications.
To check if your broker is a member of the Real Estate Board of

New York, and for more information, visit www.rebny.com or call
Over 100 Years of Building
and Serving New York 212.532.3100.

Congratulations to
The Commercial Observer
on its first anniversary.
www.durst.org

Congratulations to The Commercial Observer
on its one year anniversary.
Best wishes for continued success.

Stu_Obs.indd 1 9/13/10 11:24:36 AM

The Commercial Observer - Sept. 14, 2010

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

The Commercial Observer - Sept. 14, 2010

Enviado por

Direitos autorais:

Formatos disponíveis

September 14, 2010

Theresa Thompson; D Sharon Pruitt

4 The Week in Real Estate 20 The Lead Indicator 56 Concrete Thoughts

Winning takes conﬁdence.

Geoffrey D. Ferrer, Office Managing Partner

550 Lawyers | 24 Offices

The confidence to proceed.

2 September 14, 2010 observer.com | the commercial observer

4 September 14, 2010 observer.com | the commercial observer

AVENUE OF THE AMERICAS

Entire 19th Floor

Jonathan T. Fanuzzi, Senior Managing Director WWW.1350BROADWAYNY.COM

321 West 44th Street, 6th Floor, New York, NY 10036

Dana Rubinstein Staff Writer

Tyler Rush, Production Manager

Christopher Barnes, President, Observer Media Group

100% COMMISSIONS PAID ON SIGNING To purchase a subscription to The Commercial Observer,

6 September 14, 2010 observer.com | the commercial observer

With a new owner, a new spirit

the commercial observer | observer.com September 14, 2010 7

Michael Kors Takes Bleecker Corner for 12 Years

fact:Murray Hill Properties has

fact: Murray Hill Properties is

8 September 14, 2010 fact-ad-comml-obsrvr.indd 1 observer.com | the commercial

Providing a powerful and unanticipated interlude to the

ENTIRE 16TH FLOOR AVAILABLE: 17,459 RSF OF CLASS A OFFICE SPACE

www. 350 mad . com

FOR LEASING INFORMATION, PLEASE CONTACT:

Eric rEimEr eric.reimer@am.jll.com 212.418.2670 | BarBara WintEr barbara.winter@am.jll.com 212.812.5990

the commercial observer | observer.com September 14, 2010 9

LEASES OF THE WEEK

SOLD Gorgeous 490 Broadway Seals

SUCCESS cessu ccsessSu

There’s good news this

week for those perpetually

late in ordering their holiday

fruit baskets. Harry & David

will open its first temporary

From Main RStreet toCOWall Street.

location in New York City, just

ROSEWOOD FOLDER 26685

Putting the pedal to the metal.

www.colliers.com Colliers International congratulates the

the commercial observer | observer.com September 14, 2010 11

THERE’S NOTHING THAT Lease Beat by Laura Kusisto

SAYS YOU SHOULDN’T

7th Floor – 17,206 RSF

Ritz Plaza Apartments Chelsea Ridge Apartments San Francisco Portfolio

Registration & More Detailed Information: www.observerpaid.eventbrite.com

14 September 14, 2010 observer.com | the commercial observer

Oakridge, NJ New York, NY

Put the power of TD Bank to work for you.

Equal Housing Lender l TD Bank, N.A.

the commercial observer | observer.com September 14, 2010 15

263 WEST 38th STREET

from 24 HOUR/7 DAY

3 minutes NEW WINDOWS

from NEW ELEVATOR

16 September 14, 2010 observer.com | the commercial observer

CoStar’s Top Manhattan Office Leasing Deals

18 | Crain’s New York Business | July 26, 2010

the commercial observer | observer.com September 14, 2010 17

5TH AVE BLOCKFRONT ANCHORED BY LORD & TAYLOR

REAL ESTATE BOARD OF NEW YORK