Commercial Observer - REBNY Special Issue Full

LEASE BEAT POWER BROKER DATA GALORE!
40 West 53rd Street gg Swig’s Todd Korren Top Financing,

512 Broadway On Downtown gg Refi Deals of 4Q
January 19, 2010 THE WEEKLY NEWSPAPER OF NEW YORK’S COMMERCIAL REAL ESTATE INDUSTRY $5.00

Finally.
Mary Ann Tighe Becomes
First Woman to Chair REBNY—
Now, to Business!
BY JOTHAM SEDERSTROM
PLUS
More on the 2010
REBNY Honorees
Simply the Finest Flexible Office Space Solution

6Three prestigious NYC locations
6)exible terms
62))y-furnished
6/ofessionally-staffed
6-0" )$, well-appointed facilities
62))y-equipped conference rooms
6Virtual Off("$) +0
61 1$,%1'$ /t communications
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
IN THIS WEEK’S ISSUE Vol. 2, No. 3

10 Prospective Tenants 32 Building Stories:

By Dana Rubinstein 24 The Op-Ed: REBNY 77 Water Street
L.A. law firm Winston & Award Winners By Emily Geminder
Strawn hires Studley for Sandy Lindenbaum, How Goldman Sachs made
massive office hunt. Robert Knakal, Ralph J. a tower disappear.
DiRuggiero and David
12 Commercial Breaks Greenbaum among this 34 Top 4Q Financing
By Dana Rubinstein year’s honorees. Compiled by Roland
2009’s biggest uptown Li with data from
commercial deal is a port- 26 Concrete Thoughts PropertyShark.com
folio sale. Déjà vu? By Robert Knakal The top 15 financings and
A thank-you note for an refinancings in the last
14 Lease Beat honoree’s career. three months of 2009.
By Emily Geminder
77 Water Street 28 The Sit-Down 42 CMBS Corner
111 Eighth Avenue By Jotham Sederstrom Designed by Nigel Holmes
512 Broadway REBNY’s new chair, Mary with data from TREPP,
And dozens more of New Ann Tighe, on her pri- LLC
York’s latest commercial orities for the board this The top loans by submar-
leases. year. ket maturing in 2010.
22 The Lead Indicator 30 The Power Broker: 46 Calendar

By Sam Chandan Todd Korren By Jotham Sederstrom
Banks in New York and By Jotham Sederstrom The week ahead in events.
London brace for govern- The Swiq Equities leasing
ment gobbling. ace and REBNY honoree
talks downtown potential.
30
MWbb#je#MWbbIWl_d]iWj789
C_b[ie\mWbb#je#mWbbYWhf[j_d#ijeYaWdZh[WZo\eh_cc[Z_Wj[boZ[b_l[ho
ijWhj_d]
WibemWi '*$/& ig
oZ
LWbk[*&#,&igoZ$
iWl[[l[dceh[$$$8h_d]_dj^_iWZ
jeh[Y[_l[Wd[njhW'+e\\ekhWbh[WZobemfh_Y[i
edmWbb#je#mWbbYWhf[j"iWb[hk]iWdZh[cdWdji
CWd^WjjWdDO..'%...8heWZmWo,*,$,&($)&&&8hedn"DO'&++8hednH_l[h7l[-'..*(.--&WXYêc[$Yec
JB REED
YWddejX[YecX_d[im_j^Wdoej^[he\\[hehZ_iYekdj$[nYbkZ[ifWZZ_d]"Z[b_l[hoWdZ_dijWbbWj_ed$e\\[h[nf_h[i(#'#'&$
2 January 19, 2010 observer.com | the commercial observer

550,000sq.ft.
with 42,000to 65,000 sq.ft. full floors
efficient
With highly efficient, center core floorplates
accessible
Within walking distance to Wall Street, City Hall,
10 subway lines, PATH, ferries and Tribeca restaurants
capable
Now under the new, financially-strong, service-oriented
ownership of SL Green Realty Corp.
JAMES D. KUHN BRIAN S. WATERMAN HAL STEIN

TRIBECA
LARRY A. SWIGER
[email protected] [email protected] [email protected] Senior Vice President
212-372-2200 212-372-2299 212-233-8185 [email protected]
L ANCE KORMAN JONATHAN T. FANUZZI 212-216-1628 slgreen.com

[email protected] [email protected]
212-372-2160 212-372-2084
the commercial observer | observer.com January 19, 2010 3

THE WEEK IN REAL ESTATE January 12-19
BY ROLAND LI
cial service nonprofit looking to lease 20,000 The transaction values the 340,000-square-
square feet downtown and a museum looking foot building at $150 million, or approximately
A Burst of Sunshine! to buy 25,000 square feet in the Plaza district. $440 per square foot, and was financed with a
loan from Wells Fargo.
Broker Suzanne Sunshine has been award-
ed 95,000 square feet in new nonprofit assign- Families Settle
ments. She is representing Year Up New York U.S. Vacancy
City, which is looking to move from 55 Ex-
Up at 515 Madison
change Place to 20,000 square feet in down-
Rates Rise in 4Q
town. She is also representing the Atlantic Two families represented by brokerage
Philanthropies, which is looking to sublease Studley have sold a majority interest in 515 The rises in nationwide vacancy rates
25,000 square feet in 125 Park Avenue, and Madison Avenue. The Malloy and Sheffer fam- slowed in the office, industrial and retail mar-
Council for Senior Centers and Services of ilies sold the interest of their fee and senior kets during the fourth quarter of 2009, accord-
New York, looking to relocate from 49 West leasehold positions to a joint venture led by ing to CB Richard Ellis. Office vacancy rates in-
45th Street to 4,000 square feet around Penn the Gural and Hemmerdinger families, which creased nationwide by 20 basis points to 16.3
Station. Ms. Sunshine is also representing a so- controlled the existing subordinate leaseholds. percent on average. Industrial availability rate
increased 40 basis points to 13.9 percent. Re-
tail availability increased 20 basis points to
12.5 percent. The rise in vacancy rates for mul-
Cushman & Wakefield’s tifamily properties remained steady.
Harbert: The End of the

Anne Frank Center Looking
Slump Is Nigh
Real estate firm Grubb & Ellis is representing
First things first: Check out our awesome new offices! the Anne Frank Center USA, a nonprofit that is
So began real estate brokerage Cushman & Wakefield’s seeking to relocate from 38 Crosby Street. The
fourth-quarter breakfast on Tuesday, Jan. 12, which, in center is seeking to lease approximately 3,000
a marked break from tradition, took place in Cushman’s square feet for an exhibit and office space on a
spiffy new offices on the seventh floor of Vornado’s 1290 ground floor, second floor or combination of the
Avenue of the Americas, rather than at Michael’s midtown two. Grubb & Ellis’ Robert Shapiro, executive
eatery, where it has been for time immemorial. (Whether managing director, and Gerald Gibian, manag-
this was an austerity measure or a sincere attempt to show ing director, are representing the center.
rumored to be around $10 million. The space
off the firm’s new offices is anybody’s guess.)
was formerly occupied by the MTV Store and
In another marked break from tradition, instead of
milky scrambled eggs and a sparse picking of fruit à la Big Aéropostale is at the bottom of a 54-floor building between
44th and 45th streets. MTV’s parent, Viacom,
Michael’s, the breakfast featured little triangular-shaped
stacks of French toast, granola and yogurt, and a huge bowl overflowing with ripe berries,
Lease in 1515 Broadway has its headquarters inside the building, and
landlord SL Green announced a successful
served by handsome waiters from Thomas Preti Caterers.
Clothing retailer Aéropostale is expected to $475 million refinancing of the building earlier
All of which served as an enticing distraction from the meat of the presentation: New
lease a 17,000-square-foot storefront at 1515 this month. Newmark Knight Frank’s Jeffrey
York’s commercial real estate market.
Broadway. The rent was not disclosed, but is Roseman represented SL Green.
“This time, New York seems to be leading the way out of the recession,” said New York
region COO Joseph Harbert (pictured), contrasting this meltdown to former recessions,
in which New York’s recovery trailed that of the nation as a whole.
Mr. Harbert backed up his claim with the fact that New York has lost far, far fewer jobs
than originally predicted—about 147,000, rather than, say, 300,000—something he at-
tributed in part to federal assistance in the form of TARP funds. That, in turn, means that
New York has lost fewer office-using jobs than expected—6.7 percent from the peak, as
compared to 7 percent nationwide. Jared Kushner, Publisher
All that said, new leasing activity—a number that excludes plain old renewals—was far
Robyn Weiss, Associate Publisher
from impressive. In 2009, Manhattan saw 16.3 million square feet of new leases. Compare
that to 2008 (19.1 million square feet), 2007 (23.6 million square feet) and 2006 (27.1 mil-
lion). Even worse, compare that to the last recession, in 2001, a year that saw 18.9 million Kyle Pope, Editorial Director
square feet in new leases. Tom Acitelli, Editor
More bad indicators?
“This is the most negative slide you will see,” said Mr. Harbert, referring to a bar graph Eliot Brown, Dana Rubinstein, Staff Writers
titled “Comparative Direct Net Absorption.” He pointed to a long, green bar dipping inches
Robert Knakal, Sam Chandan, Columnists
below the X axis. Its meaning? In 2009, negative absorption totaled 11.6 million square feet,
which brought the Manhattan vacancy rate to 11.1 percent. That negative absorption, said Jotham Sederstrom, Emily Geminder, Contributing Writers
Mr. Harbert, equaled the negative absorption of the past 13 years combined. Even worse,
one downtown broker predicted the vacancy rate there would soar to 15.75 percent. Nancy Butkus, Art Director
And investment sales? Don’t ask. Last year, the trading of buildings was, essentially, Tyler Rush, Production Manager
“nonexistent,” said Mr. Harbert. Though investment sales broker Jon Caplan reassured Chris Cronis, Copy Editor
the room that “[t]here is a wave of capital coming to the U.S. from all over the world,” and Peter Lettre, Photo Editor
that “New York is the No. 1 target market.”
Barbara Sullivan, Design Associate
Now for the good news. When you include renewal activity, with tenants extend-
ing their current leases rather than relocating, 2009 saw 35 deals of more than 100,000 Lisa Medchill, Advertising Production
square feet in size. In 2008, there were only 32; in 2007, only 30.
Mr. Harbert also showed a slide depicting midtown leasing activity by quarter over Christopher Barnes, President, Observer Media Group
recent years, and said the bars depicted something of an “inverted salad bowl.” Not a V, Barry Lewis, Exec. Vice President, Observer Media Group
which would be ideal. But way better than, say, a flat line, or a downward sloping line with Brian Cohen, General Counsel
no end in sight.
Steve Goldberg, Senior Vice President Sales
Also on the upside! Retail is doing comparatively well, what with recent big transac-
tions in Times Square (Disney) and Sixth Avenue (Trader Joe’s). According to retail bro- Ken Newman, Director of Classified Advertising
ker Brad Mendelson, that’s because New York, for all its peccadilloes, remains the United
States’ tourist mecca. The Commercial Observer is published 49 times per year by Observer Media Group, 915 Broadway, New York, NY 10010. All Rights Re-
—Dana Rubinstein served. Material from this publication may not be reproduced without written permission from the publisher. For advertising infor-
mation, call 212-407-9382. One-year subscription, $245, two-year subscription, $345. For subscriptions, call 212-407-9331.

Thank You Brokers
www.malkinproperties.com We congratulate the following brokerage firms for leasing www.whpropertiesny.com
1,271,850 square feet within our portfolio and earning over
$12.3 million in commissions on signing during 2009.
William G. Cohen William G. Cohen Brandl Frey

212-372-2233 212-372-2233 212-372-2446
[email protected] [email protected] [email protected]
FIRST STAMFORD PLACE EMPIRE STATE BUILDING ONE GRAND CENTRAL PLACE 1333 BROADWAY
At the Stamford Transportation Center 350 Fifth Avenue 60 East 42nd Street At 35th Street
Cushman & Wakefield, Inc.

Albert J. Duryea, Inc. Bergson Strategies, LLC Colliers ABR, Inc.
Gretsch Commercial Real Estate
Capstone Realty Advisors, Inc. Capstone Realty Advisors, Inc. Cushman & Wakefield, Inc.
Colliers ABR, Inc. CB Richard Ellis, Inc.
Cushman & Wakefield, Inc. CitySites Commercial Group, Inc.
Dakota Realty Group Colliers ABR, Inc.
EFA Realty, Inc. CresaPartners Michael Frantz
212-372-2203
METRO CENTER Grubb & Ellis Company Cushman & Wakefield, Inc. [email protected]
At the Stamford Transportation Center The Hunter Realty Organization, LLC E&B Real Estate
CM Realty, Inc. The Lansco Corporation George Comfort & Sons, Inc.
Plaza Realty & Management Corp. Newmark Knight Frank Grubb & Ellis Company
New York Realty Inc. Herbert Sanders, Inc. 1400 BROADWAY
Winick Realty Group LLC At 38th Street
Howard Properties, Ltd.
Jones Lang LaSalle
Cushman & Wakefield, Inc.
The Juster Group
JTRE
Jonathan T. Fanuzzi Manhattan Commercial
MERRITTVIEW 212-372-2084 Realty Corp.
Exit 40A off the Merritt Pkwy., [email protected] Miyad Realty, LLC
or Super 7 Expressway, Exit 2
Newmark Knight Frank Audrey Coe
CB Richard Ellis, Inc. Paragon Group, LLC 212-695-3617
[email protected]
Redac, Inc.
1350 BROADWAY
At 35th Street
Richard D. Duryea, Inc.
Signature Partners, LLC
CB Richard Ellis, Inc. Studley Inc. 112 WEST 34TH STREET
Cushman & Wakefield, Inc. Thomas P. Reilly & Co. Between Broadway and Seventh Ave.
TEN BANK STREET Denham Wolf Real Estate Services UGL Equis
At the White Plains FirstService Williams Venture Capital Partners, Inc. Cushman & Wakefield, Inc.
Transportation Center Metropolitan Property Group
George Comfort & Sons, Inc. Winslow & Company LLC
CB Richard Ellis, Inc. Grubb & Ellis Company Studley Inc.
Howard Properties, Ltd. Intrepid Real Estate Group
Rakow Commercial Realty Group, Inc. Jones Lang LaSalle
George Fabian
Newmark Knight Frank Smith Mack
212-246-2247
Winick Realty Group LLC [email protected]
Jonathan Fales
212-984-8009
[email protected]
500 MAMARONECK AVENUE Brandl Frey 250 WEST 57TH STREET

I-95, Exit 18B West or Hutchinson River 212-372-2446 Between Broadway and Eighth Ave.
Pkwy., Exit 23 South [email protected]
501 SEVENTH AVENUE
Howard Properties, Ltd. Adams & Company, LLC At 37th Street
Newmark Knight Frank CB Richard Ellis, Inc.
The Lansco Corporation The Hunter Realty
1359 BROADWAY Organization, LLC
For more information regarding At 36th Street
Sierra Realty Corporation
Malkin Properties please contact: Studley Inc. Newmark Knight Frank
Jeffrey H. Newman Cushman & Wakefield, Inc. Williamson, Picket, Gross, Inc. Wharton Property Advisors, Inc.
[email protected]
Kimberly Zaccagnino
[email protected]
Jovani Rampersad
[email protected]
T (203) 353-5200C(914) 328-4800 100% COMMISSION PAID ON LEASE SIGNING

THE WEEK IN REAL ESTATE
Unwavering value in
a changing market Markus Leaves
Thankless Role
Marvin Markus resigned late last year as
the chair of the Rent Guidelines Board, which
sets rents for the city’s one million rent-regu-
lated units. As chair, Mr. Markus, a managing
director at Goldman Sachs, was yelled at dur-
ing public meetings and received the nick-
name of “Marvin Markup” from critics who
Financial chaos. characterized him as pro-landlord. He served
for eight years under Mayor Bloomberg and from owners Tishman Speyer and Blackrock
Economic turmoil. five years under Mayor Ed Koch. within the next few days, reports Bloomberg.
A group led by Winthrop Realty Trust holds
Tough market conditions. about $300 million in senior mezzanine debt
and said in a letter it intends to pursue a fore-
closure sale. Tishman and Blackrock already
missed a $16.1 million payment on the apart-
ments two weeks ago, and have yet to make a
In the face of these challenges our New York workout proposal to the mezzanine lenders.
team completed 8.5 million square feet of
leasing transactions over the past year. Artwork in
Lower Manhattan
Working on behalf of our clients, we execute
optimal creative and strategic solutions to The Alliance for Downtown New York is in-
stalling five new works of public art in Lower
enhance their future business objectives. Manhattan in January. The new locations in-
clude the East River Waterfront Esplanade at
South Street; 99 Church Street; West Thames
Let us help you face—and overcome—the Park in Battery Park City; Fiterman Hall in Bor-
ough of Manhattan Community College; and
challenges of our times. 56 Leonard Street. The works are part of the
FirstService Williams Re:Construction program, launched in 2007
to improve the appearance of Lower Manhat-
Rebranding as Colliers tan from Houston Street to the Battery. The
601 Lexington Avenue
program received a $1.5 million grant last
New York New York 10022 FirstService Williams will become part year from the Lower Manhattan Development
+ 1 212 812 5700 of Colliers International, the world’s third- Corporation for about 30 projects over three
www.us.joneslanglasalle.com/ny largest commercial real estate firm. First- years.
Service Williams will adopt Colliers’ name
and branding and become the company’s
tristate hub. Mark Jaccom, CEO of First- Spielberg’s WTC
Documentary
Director Stephen Spielberg will produce
a television documentary series on the re-
building of the World Trade Center, reports
the BBC. The series will air on the Science
Channel in 2011 and chronicle the engineer-
ing and building of the 1,776-foot Freedom
Tower, which is to be completed in 2013. The
show will use 3-D, time-lapse cameras, com-
puter modeling techniques and other meth-
ods to chart the construction.
Service, will continue as CEO for the New

York–Tri-State region, which consists of
300 employees in New York, New Jersey and
Connecticut. Colliers has more than 15,000
employees in 480 offices in 61 countries.
Stuy Town Lenders

DANDELUCA; ELIZABETH LIBERT
Breaking Thumbs
Stuyvesant Town and Peter Cooper Vil-
lage debt holders are demanding payments

An extraordinary
office space awaits you.
And it’s ready today.
At 666 5th Avenue, we have a range of
pre-built spaces ready for your convenience.
Keep it simple and just move in.
Sample Floor Plan
WWW.666FIFTHAVENUE.COM
FOR MORE INFORMATION, PLEASE CONTACT

PETER R.C. BRINDLEY 212-588-8624 OR THEODORE J. KOLTIS 212-588-8620

THE WEEK IN REAL ESTATE January 12-19
to include a fitness center, commu- shake” on another 61,721 square feet,

nity room and 96 apartments. The reports the New York Post. Another
building will also have an elevator 40,000 to 50,000 square feet are in
and stairway entrance to the nearby “discussions,” said Donald Trump
High Line. Jr. “Rather than trying to squeeze
blood out of the market, we are see-
ing where it’s realistic to make a deal
and not screwing around over the
last 15 cents,” he told the Post.
[email protected]
Zell Buys Out

Boymelgreen
Developer Sam Zell’s Equity Res-
idential bought out Shaya Boymel-
green’s interest in a piece of land at
the southwest corner of 10th Avenue
and 23rd Street, reports the New
York Post. Equity paid Mr. Boymel- A Busy 40 Wall for
green $11.25 million for a long-term
ground lease and bought the land
Trumps
from others for $750,000, according
to records. The Department of Build- The Trump Organization leased
ings’ filings propose a 13-story proj- 252,790 square feet of leases at 40
ect on the 100-by-135-foot parcel, Wall Street last year and has a “hand-
CBRE’s Steve Siegel: Real Estate Will

Once Again Soar ‘Like a Shooting Star’
Painfully early Wednesday morning, Jan. 13, on the 18th floor of
the MetLife Building, CB Richard Ellis’ Global Brokerage chairman,
Stephen Siegel, the patriarch of New York’s brokerage community,
held forth on the future of New York commercial real estate.
FULL FLOORS.
“This city will bounce back faster than any city in the world,” said
Mr. Siegel, who admitted he’s thought to be something of a bull,
though he considers himself a “realist.” “Once it begins its real turn
around the corner, it’s going to shoot like a shooting star.”
Mr. Siegel’s fellow presenter, executive managing director Matt
OR FULL BUILDING.
Van Buren, backed up the sunny prognosis with some surprisingly
positive statistics. First, he pointed to a surge in temp jobs, gener-
ally thought to be a leading indicator of job market recovery. And,
as Mr. Van Buren pointed out, “For us, employment is extremely, ex-
tremely important and the factor we track the closest.” Jobs require
Now, the choice is yours. people. People require offices. Offices require office buildings. You
get the picture.
In the same vein, Mr. Van Buren said the amount of available space
in the office market seems to be stabilizing. So are rents. And, the dif-
ference between asking and taking rents—which is directly correlat-
ed to how much power tenants have in negotiations with would-be
landlords—is diminishing. Meanwhile, the amount of sublease space
is shrinking.
Full Floors of 12,671 sf Mr. Siegel was even bullish on downtown, in stark contrast to rival
Cushman & Wakefield’s assertion a day earlier that the vacancy rate in
Full Building of 172,000 sf downtown Manhattan could soar to 15.75 percent. He pointed to ten-
ants making long-term commitments in Lower Manhattan, like law
firm Stroock & Stroock & Lavan’s renewal of its 225,000-square-foot
lease at Joe Moinian’s 180 Maiden Lane, and even predicted that Mer-
rill Lynch (a.k.a. Bank of America), which has a multimillion-square-
Andrew Peretz, Executive Vice President [email protected] 212.709.0750 foot lease expiring in 2013 and a brand-new skyscraper in midtown,
John Peters, Senior Director [email protected] 212.841.7510 would stay put.
“This is a very resilient city, and downtown is going to be right at
GETTY IMAGES
Mikael Nahmias, Managing Director [email protected] 212.709.0793

the heart of it,” Mr. Siegel said.
212.841.7500 www.rockrose.com —D.R.

N e w Yo r k Paris Shanghai
From New York to the World of Retail

A real estate partner with specialized retail expertise and a strong
global platform can help owners, investors and retailers meet today’s
economic challenges and identify the right opportunities.
Our nine decades of experience and extensive global reach benefit

clients from New York, Paris and Shanghai to more than 230 cities worldwide.
We salute the Real Estate Board of New York

on the occasion of its 114th Annual Banquet.
The Brand Behind the Brands.

REBNY
REBNY Retail
RetailDeal
Deal of
ofthe
the Year
Year Award
Award Winners
Winners--2008,
2008,2002,
2002,2001,
2001,1999
1999 Global intelligence.
EG
EG Awards
Awards 2009
2009 -- National
National PProperty Adviser
ropertyAd viser oof
f tthe Year
he Ye ar -- Ret
Retail
ail&& Leisure
Leisure Innovative advice.
European Property
European Propert Awards
yAwa rds -- Ret
Retail AgencyTeam
ailAgency Teamof ofthe
theYear
Year 2008
2008 Flawless execution.

PROSPECTIVE TENANT
Former Mitch Steir.
Blago Firm
of Record
Looking
Winston & Strawn
hires Studley for
250K-foot hunt
BY DANA RUBINSTEIN
W
inston & Strawn, the international,
Chicago-based law firm whose ros-
ter of famous clients included Illi-
nois embarrassment Rod Blagojevich until he
stopped paying his hefty legal bills, is appar-
With Anchin’s Expertise, ently expanding.
The firm has hired real estate brokerage
Complex Real Estate Studley, which specializes in representing staff and that there have been deferrals of in-
coming associates.
A spokesman for Winston & Strawn de-
,VVXHV$UH6LPSOLÀHG The firm’s lease at the MetLife clined to comment, as did Studley chairman
and CEO Mitch Steir.
Building at 200 Park Avenue—the
At Anchin, we have a large team of professionals tower connected to Grand Central
experienced in the complexities of real estate Terminal—is up in about two years,
accounting and taxation. Our professionals excel according to industry sources.
at creating innovative solutions to intricate issues,
tenants, to search for about 250,000 square
utilizing tax laws and incentives to our clients’ greatest feet of office space in Manhattan, according
Anchin, Block & Anchin LLP
advantage. We serve owners, brokers, developers and to information released at CB Richard Ellis’
Accountants and Advisors to quarterly breakfast last week.
SURSHUW\PDQDJHUV7ROHDUQKRZ$QFKLQFDQEHQHÀW The firm’s lease at the MetLife Building at
the Real Estate Industry
your real estate business, let us connect you with 200 Park Avenue—the tower connected to
Grand Central Terminal—is up in about two
212.840.3456 www.anchin.com Your Expert Partner. years, according to industry sources. Win-
ston & Strawn has expanded into more than
200,000 square feet at 200 Park, more than
double the original 90,000 square feet it took
when it signed there in 1995.
Which is not to say that all is fine and dan-
Reach the people who own, manage, dy at the firm. Legal blog Above the Law has
reported that salaries for 2008 associates
lease and sell space in the city were frozen in 2009, that the firm has laid off
by advertising your deals in the

TENANT:
Winston & Strawn
LOOKING FOR:
About 250,000 square feet
BROKER:
Studley 200 Park Avenue.
LIKELIHOOD WILL MOVE:

Contact Robyn Weiss, Associate Publisher,
for more information: 212.407.9382
JAMES HAMILTON
3.75 trucks (out of five)

[email protected]

COMMERCIAL BREAKS
125 East 118th Street.
Upper Manhattan’s Biggest

’09 Sale Was ... a Portfolio?
Yes! Boom-time relic pops up as nine
apartment buildings trade for $26.9 M.
BY DANA RUBINSTEIN days of yore.
“This had to be sold as a portfolio because
A
relic of the boom-time era—the sale of it was under Section 8,” said Massey Knakal’s
buildings in bundles, like cigarettes in a Mike Tortorici, who, with brokerage partner
pack, or strips malls in Florida—has re- Shimon Shkury, represented the sellers, the
emerged for a brief cameo. Seattle-based Security Properties. “When
In December, Massey Knakal sold a portfo- commercial MBS was available, it was easier
lio of nine apartment buildings in Upper Man- for people to package together loans and as-
hattan for $26.9 million, which, aside from a semble large pieces of real estate. Now, it’s
Sam Chang portfolio of hotels sold to his bud- much easier for banks to finance smaller build-
dies at Rhode Island’s Magna Hospitality, was ings, much as it’s easier for buyers to swallow
both the largest portfolio sale of 2009 and the smaller buildings.”
largest sale of any kind in Upper Manhattan, Francine Kellman, associate director of
according to analysts at Real Capital Analytics buyer Pacific Housing Advisers, described
and the brokerage. the firm’s plans thusly: “We certainly plan on
The nine apartment buildings, containing keeping the property affordable for the next
about 230 units, are 125-127 East 118th Street; 30 years and most likely longer than that. We
149 East 118th Street; 121 East 119th Street; 125 are doing over $40,000 a unit in rehab, includ-
East 119th Street; 166 East 119th Street; 158 ing all major systems, work in apartments,
East 119th Street; 212 East 119th Street; 135 East social services, laundry rooms, new manage-
122nd Street; and 2010 Lexington Avenue. ment office, etc.”
Mind you, the sale of the buildings as a “My motto is, ‘Today’s preservation is to-
portfolio does not indicate some sort of re- morrow’s revitalization.’”
emerging trend, à la the Pinnacle or Vantage [email protected]

REAL MARKET KNOWLEDGE.
REAL CONNECTIONS.
REAL PASSION.
REAL RESULTS.
We are a national team of dedicated commercial real estate professionals with a

history of 100 years of successful client relationships which include $15 billion in
annual transactions, 420 million square feet of managed space and 22,000 Corporate
Services locations. Our world-class expertise enables us to deliver integrated, tailored
solutions around the globe. Our knowledge of local markets and deep industry
connections allow us to achieve superior results. We are advocates for our clients
and passionate about their long-term success. We are Cassidy Turley.
To learn more, visit www.cassidyturley.com or call 212.758.0800.
CAPITAL MARKETS CORPORATE SERVICES LEASING & TENANT REPRESENTATION PROJECT & DEVELOPMENT SERVICES PROPERTY MANAGEMENT
© 2010 Cassidy Turley.

LEASE BEAT BY EMILY GEMINDER
Take That, Kindle! Indie Bookstore

Survives With West Village Relocation
17 Eighth Avenue this week. With it will come

Left Bank Books narrow- stacks and stacks of rare and
ly avoided adding its name to used books, including Nor-
the ever-mounting casualty man Mailer’s personal copy
list of New York independent of The Naked and the Dead.
bookstores. After 18 years, the The book’s hefty price tag
landlord of the tiny West Vil- will come, too: $10,000.
lage shop it called home refused While that may seem ex-
to renew its lease. As per the usu- orbitant, consider the
al post-Kindle indie-bookstore store’s long list of rea-
plot line, that was almost the end. sons why buying a first
But in an unusual turn of fate, Left edition is a good invest-
Bank was literally granted a new ment. Besides impressing
lease—a loyal customer pointed your friends and making yourself
the owners to a vacant storefront look smarter, it also cements your rela-
just around the corner. tionship with the author. Though whether
The bookstore inked a five-year lease that’s an endorsement of the $10,000 Naked
at 17 Eighth Avenue, where it will reopen and the Dead is another thing.
LEASE OF THE WEEK
Triennale Design Museum

Taking Big Space in Paramount’s
40 West 53rd
40 West 53rd Street
“No object is an island” might be the
motto of the Milan-based Triennale De-
sign Museum, which skims from Italian
design to urban planning to contemporary
fashion in its exhibits exploring the rela-
tionship between industry and art. Set to
debut in time for the International Con-
temporary Furniture Fair in May, the mu-
seum’s New York branch will open at 40
West 53rd Street across the street from
the Museum of Modern Art.
The Paramount-owned building was
left vacant when the Museum of Arts &
Design moved to Columbus Circle two
years ago. Cushman & Wakefield’s
Michael Stone, who represented Tri-
ennale with David Tricarico, called
the museum’s 15-year lease “one of
this year’s most significant retail
deals.” The 18,067-square-foot
lease encompasses four levels;
in addition to exhibit space, the
building will house a museum
shop and cafe. “It brings a ma-
jor cultural icon to Manhat-
tan,” Mr. Stone said.
Paramount was repre-
sented in-house by Arthur
Bocchi and the Cushman
& Wakefield team of Gene
Spiegelman, Michael
O’Neill and Mark Lauzon.
PROPERTY SHARK

Th e S w i g E q u i t i e s D ow n t ow n C o l l e c t i o n
A r t i s t r y i n o w n e r s h i p ®
900,000 square feet 48,000 square feet 400,000 square feet 324,000 square feet 350,000 square feet 325,000 square feet 400,000 square feet
Todd E. Korren
Swig Equities
congratulates and proudly salutes
Todd E. Korren,
SVP/Director of Leasing & Operations,
as recipient of REBNY’S
Young Real Estate Man of the Year Award
swigequities.com
LEASE BEAT
Google Gobbles 57K More Feet Gem Judges Sign Up for
in Taconic’s 111 Eighth Floor at Extell’s Future
111 Eighth Avenue
The amount of silicon in Man-
hattan just got bigger. Since Google
Diamond District Tower
first occupied the old Port Author-
ity building at 111 Eighth Avenue 44 West 47th Street to relocating our New York labo-
back in 2006, New York has been Among the tenets ratory operations into a sin-
rife with speculation about the of engagement ring gle floor of the IGT,” said
day-to-day exploits of the Inter- shopping are what’s the GIA’s head Donna
net empire. What’s it like to work come to be known as Baker, who add-
there? Is it true there’s a slide? Is it the four Cs: cut, col- ed that the move
a cult? Are they building a parallel or, clarity and carat would increase
Internet? Will dark matter one day weight. But few out- efficiency and
be used for server farms? side the diamond help the non-
Google, in its characteristical- world know the profit organiza-
ly covert manner, has let on little organization tion manage its
about what goes on its New York of- that pioneered long-term costs.
fices (it has since opened an auxilia- the now famous The GIA’s New York
ry office in Chelsea Market as well): standards. The laboratory houses re-
Reporters who enter sign nondis- Gemologi- search into, among oth-
closure agreements; its communi- cal Institute of er things, the development
cation team is a sleek firewall. But America, head- of detection techniques for
whatever they’re doing, they’re do- quartered in Carls- treated and synthetic diamonds.
ing more of it—the search engine bad, Calif., has been Gary Barnett, president of the
signed a lease for 57,000 additional quietly and methodical- Extell Development Company, said,
square feet in the block-swallowing ly studying gems for almost 80 years. “This prestigious institute clearly rec-
Taconic-owned building. At Extell’s International Gem Tow- ognizes the value the development
David Hollander, Stephen B. er, the 34-story diamond district brings to New York’s diamond dis-
Siegel and Ken Rapp of CB Rich- building set for completion by 2012, trict and we’re thrilled to have them
ard Ellis represented Google in the the GIA will take an entire floor, nearly on board.”
deal. 30,000 square feet. “We look forward

HOLDINGS
would like to thank all of the tenants and brokers involved in these recent deals:
The purchase of the fee simple interest

40 Worth Street
515 Madison Avenue
Corner of 53rd Street and Madison Avenue
340,000 SF
Financing by Wells Fargo 265,000 SF
Special thanks to Woody Heller - Studley Eric Deutsch, Ken Meyerson,
and Paul Talbot - Newmark Knight Frank Kevin Powderly - CBRE
200 Varick Street 420 West 45th Street

OmnicomGroup
108,000 SF
70,000 SF
Lee Feld - Feld Real Estate
Paul Wolf, Amy Lawrence - Denham Wolf RES
Strength and Continuity in any Economic Climate - Over 1 Million SF Leased in 2009
40 Worth Street 520 8th Avenue
NYC Department of Health - Roy Lapidus, Dan Segal, Jeff Gural - Newmark Knight Frank General Vision - Brian Waterman, Brent Ozarowski - Newmark Knight Frank
Code, INC. - Roy Lapidus, Dan Segal - Newmark Knight Frank Emerging Vision - Brian Waterman, Brent Ozarowski - Newmark Knight Frank
Jerome S. Gillman Consultants - Roy Lapidus, Dan Segal - Newmark Knight Frank Fund for the City of NY - Glenn Markman, Joseph Cirone - Cushman & W
200 Varick Street Kallen & Lemelson LLP - Richard Plehn, Greg Wang - First Service Willams
Noah Insurance - Matthew Mandell - Newmark Knight Frank
Design Tex Group, Inc. - Alex Jinishina - FirstService Williams
KIPP Foundation - Allen Gurevich - Newmark Knight Frank
Charity Global, Inc. - Eric Gural - Newmark Knight Frank
Ripple 6 - Allen Gurevich - Newmark Knight Frank
515 Madison Avenue ASPCA - Matthew Mandell, Brian Steinwurtzel - Newmark Knight Frank
TCRM Advisors - Eric Gural - Newmark Knight Frank SSS Sales - Matthew Mandell - Newmark Knight Frank
Wildes and Weinberg - Adam Wildes - Base Realty
Protravel - Eric Gural - Newmark Knight Frank 75 South Broadway
Fisam - Lance Korman - Newmark Knight Frank GSA - Richard Goldstein - Goldstein & Associates
Fox River Execution Technology - Rob Silver, Neil Rubin - Newmark Knight Frank Millennium Business Centers - Patricia Valenti, Hilarie Siles - Newmark Knight Frank
Harrier Hawk - Daniel Madison, John Moran, Daniel Hassett - Newmark Knight Frank 560 Broadway
Hampton Capital - Daniel Madison, Josh Friedman, Neil Goldmacher - Newmark Knight Frank Zorbit Resources, LLC - Donna Vogel - Newmark Knight Frank
National Payment - Steven Rotter - Jones Lang LaSalle

16 West 22 Street
1521 WSL Corp. - Lenard Rosenblatt - Botsaris Realty
James Alpha - Keith Caggiano - CBRE Teak Fellowship - Barbara Yagoda - Newmark Knight Frank
Hamilton Investments - Corey Horowitz - Newmark Knight Frank 307 West 36 Street
RockFleet - Esther Zar - Murray Hill Properties I Trim Inc. - Bruce Kurzman - Newmark Knight Frank
Digital Tech - Eric Gural - Newmark Knight Frank Green Warehouse - Bruce Kurzman - Newmark Knight Frank
Lepol - Eric Gural - Newmark Knight Frank Green Land NY - Barbara Yagoda - Newmark Knight Frank
Midtown Chiropractic - David Levy - Adams & Company Real Estate 150 Bay Street
318 West 39th Street Pershing LLC - Chris Hile - Jones Lang LaSalle
Model Management - Matthew Mandell, Brian Steinwurtzel - Newmark Knight Frank
Stenay - Matthew Mandell - Newmark Knight Frank
1560 Broadway
American Immigrant Federation - Alan Steinberg - Newmark Knight Frank
247 West 37th Street Stephen Jeffries, Esq. - Gregg Espach - UGL Equis
Action Against Hunger - Matthew Mandell, Brian Steinwurtzel - Newmark Knight Frank
LB Studio - Bruce Kurzman - Newmark Knight Frank 230 5th Avenue
Park B. Smith - Harvey Richer - Newmark Knight Frank
Glory Studio - Bruce Kurzman - Newmark Knight Frank
Next Creations - Harvey Richer - Newmark Knight Frank
80 8th Avenue FA LLC - Harvey Richer - Newmark Knight Frank
Mazel Co. - Jay Futersack - Dakota Realty
209 West 38th Street 171 Madison Avenue
Lawyers Alliance For New York - Amy Lawrence - Denham Wolf Real Estate
505 8th Avenue Early Intervention Center of Brooklyn - Jim Coleman - Bond New York Real Estate
Big Apple Circus - Jeff Gural - Newmark Knight Frank
322 8th Avenue 630 9th Avenue
Mitchell Giurogola Architects - James Saunders, Noel Flagg - Newmark Knight Frank
Young Women's Leadership Network - Robert Neborak, Mort Schrader - PBS Real Estate
Woodworks Construction - David Kahane - DAK Commercial Realty 594 Broadway
740 Broadway The Architectural League of New York - Sarah Eisinger - Denham Wolf
Cheil USA, Inc. - Joshua Winslow - Winslow & Company The Research Associates, LLC - Jessica Hoppe - Home. Work. People
175 5th Avenue 5-9 USW
Argo Tea Co. - Jeffrey Roseman - Newmark Knight Frank Business For Social Responsibility - Robert Lawlor - Studley
17 Battery Place B 150 Bay Street B 560 Broadway B 594 Broadway B 740 Broadway B 1560 Broadway B 80-90 Eighth Avenue B 322 Eighth Avenue B 505 Eighth Avenue
520 Eighth Avenue B 206 Fifth Avenu- B 230 Fifth Avenue B The Flatiron Building B 333 Hudson Stree; B 767 Lexington Avenue B 171 Madison Avenu- B 515 Madison Avenue
630 Ninth Avenue B 305 Seventh Avenu- B 5 South Broadway B 5-9 Union Square Wes; B 7 Union Square Wes; B 200 Varick Street B 379 West Broadway B
0 Worth Street
125 West 3rd Stree; B 307 West 36th Stree; B 247 West 37th Stree; B 209-219 West 38th Stree; B 318-326 West 39th Stree; B 414-422 West 45th Street
For further information, please contact: Eric Gural at 212.372.2021 or Brian Steinwurtzel at 212.372.2091
LEASE BEAT
Funky, Fun STK Steakhouse THE SCORE
BROKERAGES THAT WORKED
Graces 1114 Sixth With ON THE MOST DEALS IN THIS
WEEK’S LEASE BEAT
Second City Spot
Adams & Co. ....................18
1114 Avenue of the Americas midtown will house the concept’s second
The restaurant STK claims to make a New York restaurant, a 9,000-square- Newmark Knight Frank .... 6
break from the hypermasculine tradition foot space with an outdoor patio.
of steakhouses. With all the exaggerated The concave building, owned CB Richard Ellis ............... 4
curves and faux-leather of a sports car, by Brookfield Properties
its round booths shaped like hot tubs and and the Swig Company, was Cushman &
club lighting to match a pounding beat, represented by Ed Hogan. Wakefield .......................... 4
STK pulls off a vibe that is, as its tag line Kim Mogull of Mogull
goes, “not your daddy’s steakhouse.” But Realty represented STK.
in its professed feminine-oriented market- “Midtown is on the
ing, the proprietors are not quite so suc- cusp of a dining resur- LAST WEEK
cessful. The images that skid across the gence,” said Jonathan
STK Web site do indeed include women, Segal, CEO of the ONE Adams & Co. ....................14
but only if one counts close-ups of sul- Group, the high-end
try, rouged lips teething on veiny chunks hospitality company Newmark Knight Frank ....7
of steak and 4-inch heels digging into T- that runs the restau-
bones. It’s more like a restaurant for mis- rant. STK’s menu— CB Richard Ellis ............... 6
guided straight men hoping to get through though the menu
the cocktails-restaurant-club part of a date is really beside the Cushman &
as quickly and efficiently as possible. point—includes mini Wakefield ......................... 6
The first STK opened in the meatpack- gourmet Big Macs and
ing district three years ago, followed by lo- foie gras French toast as ABS Partners
cations in Los Angeles and Miami. It likes well as considerations Real Estate ...................... 6
to tout its status as a celebrity destination: for the restricted-in-
There, Beyoncé and Jay-Z were overheard take set: Steaks come
planning their wedding, and Fergie was in small, medium and
spotted smooching. The Grace Building in large.
GETTY IMAGES

LEASE BEAT Lease Beat continues on page 36
L.A. Law Firm Grabs Three

Euro Apparel Company Floors at 77 Water; Goldman
AllSaints Goes to Pay for Build-Out
Marching in at Thor’s 77 Water Street
With its 75,716-square-foot lease
at 77 Water Street, Los Angeles–
512 Broadway headquartered law firm Lewis Bris-
bois Bisgaard & Smith has more
than doubled its Lower Manhattan
512 Broadway office space. Moving down the street
The latest in the parade of trendy, from its offices at 199 Water, the
budget-conscious European apparel law firm signed a 10-year deal with
companies to make their way to the Goldman Sachs, which is subleas-
U.S. (somehow America just can’t ing the entire building. Goldman,
do edgy-cheap) is AllSaints, a Brit- which never occupied the building,
ish retailer with a London rocker will cover the entire cost of Lewis
sensibility. Having graduated from Brisbois’ build-out. The lease covers
a Bloomingdale’s mini-boutique, its three floors, according to Crain’s.
U.S. debut has reached full-fledged “Lewis Brisbois hit the market
store status with a Soho location at just the right time,” said Marc
opening in late spring. Shapses, the Studley broker who
Thor Equities signed the retail- represented the law firm with Craig
er to a 15-year lease at 512 Broad- McKenna. “The firm had outgrown
way. Spread out over three floors, its space at 199 Water. With several
the store will comprise more than well-priced, quality options in the
22,000 square feet. “On any given marketplace, we were able to take the right economics.”
day, pedestrian traffic rivals the bus- our time to determine the most ap- Adam Foster of CB Richard Ellis
iest shopping districts on Fifth Ave- propriate building with space that also represented the tenant. Cushman
nue or 34th Street,” Thor’s Joe Sitt could accommodate the firm’s size & Wakefield’s Louis D’Avanzo and
said of the area in a statement. today, as well as in the future, with Robert Constable repped Goldman.
ON DEADLINE: BROOKFIELD’S WFC PLANS
B
rookfield Properties has big renova- in part because of the possible exits of
tion plans for its World Financial both Merrill Lynch and Deloitte, both major
Center in downtown Manhattan, tenants of World Financial Center.
according to Crain’s Theresa Agovino. “Merrill Lynch currently rents 3 million
“Sources briefed on plans say Brook- square feet at the center, but its lease ex-
field wants to create an entirely new pires in 2013. In 2008, Merrill Lynch was
entrance on West Street, eliminate the purchased by Bank of America, which has
grand staircase which leads down to the a new headquarters near Times Square
signature Winter Garden from the east, on West 42nd Street as well as acres of
and add more retail space. The company other space in Manhattan. … Meanwhile,
plans to present its ideas to its board the lease on the vast bulk of the 510,000
next month for approval, according to one square feet that Deloitte leases at the
source close to company. Those briefed complex expires in three years, according
on the plans weren’t given cost estimates to published reports. The firm has already
or a timetable for the changes. Brookfield hired Cushman & Wakefield Inc. to scout
had no immediate comment.” for what reports say is anywhere from
The plans come as the downtown vacan- 600,000 and 800,000 square feet.”
cy rate is expected to rise sharply, perhaps —Tom Acitelli
PROPERTY SHARK

THE LEAD INDICATOR
When the Levy Breaks

Government on both sides of the Atlantic
strike at bank compensation—to what end?
O
n both sides of the Atlantic, nal capacities. Rather, arguments on The bank’s chairman and chief exec-
bankers have faltered in the both sides of the debate have been utive, Jamie Dimon, said that earn-
public-relations management punctuated by occasions of dema- ings “fell short of both an adequate
of new profit reports. Many of the goguery and appeals to our baser return on capital and the firm’s earn-
largest banks, among them both instincts. Just days before a Massa- ings potential.” Nor were investors
willing and grudging recipients of chusetts verdict on the administra- overawed by the results. At least one
government support, have reported tion’s first year, hard lines dominate analyst described the earnings re-
heady profits for the year just ended. in a severe contest for voter support port as “disappointing.”
The disconnect between and a balance of power in The administration has commu-
the performance of banks the Senate. nicated its perspective clearly. Its
and the middling perfor- In proposing a new bank proposal to recompense taxpayers—
mance of businesses in oth- levy last Thursday, Presi- the Financial Crisis Responsibility
er sectors of the American dent Obama was unequivo- Fee—includes a levy on financial ser-
economy has cemented the cal: “My commitment is to vices firms with assets in excess of
popular discontent with recover every single dime $50 billion, irrespective of whether
the handling of the bank- the American people are a firm received TARP funding. As of
ing crisis, and the disaffec- owed. And my determina- the third quarter of 2009, roughly 35
tion with the banks them- tion to achieve this goal is bank holding companies and 15 other
selves. The most profitable only heightened when I see institutions would have met this cri-
banks’ attempts to fend off
Sam Chandan reports of massive profits terion. The 0.15 percentage point fee
a public backlash, through Columnist and obscene bonuses at the on eligible liabilities would be paid
reduced compensation ra- very firms who owe their over time, raising an estimated $90
tios, charitable contribu- continued existence to the billion to $117 billion over 10 years.
tions and public demonstrations of American people.” Lest the message The exact terms of the proposal are
circumspection, have failed to be- be lost, this Saturday’s weekly ad- expected in the February budget
guile a cynical and recession-weary dress from the White House was ti- proposal and will ultimately require
population. tled “Getting Our Money Back From Congressional approval. Depending
The goal of interventions like Wall Street.” Unconstrained by po- upon the outcome of Tuesday’s Sen-
the Troubled Asset Relief Program litical niceties, Paul Krugman was ate contest in Massachusetts and in-
has been to stabilize the financial exceedingly direct in his Jan. 14 New tense industry lobbying, this may be
system, but it seems as though the York Times op-ed: “As Congress and a significant obstacle.
banks have proven too resilient for the administration try to reform the In the meantime, other branches
the public’s taste. The fact of mul- financial system, they should ignore of government are acting on their
tibillion-dollar bonus payments— advice coming from the supposed own initiative. Last Monday, Attor-
coinciding with double-digit un- wise men of Wall Street, who have ney General Andrew Cuomo sent
employment and stagnating real no wisdom to offer.” For their part, requests to the eight original TARP
wages—has reinforced the percep- bank executives have intimated that recipients demanding informa-
tion on their compensation plans.
The F.D.I.C. met in open session last disincentives to lend will remain in ed to substantiate this claim.
Tuesday, releasing an advance no- place. Of course, the incidence of the The more pernicious undertaking
In the meantime, other branches of government are act- tice of proposed rule making that tax—who ultimately bears the bur- is an increase in the nation’s mar-
ing on their own initiative. Last Monday, Attorney General might ultimately relate banks’ De- den of the tax if the bank is able to ginal income tax rate for its high-
Andrew Cuomo sent requests to the eight original TARP posit Insurance Fund contributions pass it along—may fall to employ- est earners. Unlike the one-time tax,
to risk-taking incentives in insti- ees or to clients. In the short term, this permanent shock to personal
recipients, demanding information on their compensation tutions’ compensation structures: the direct cost is borne by the banks disposable income will render Lon-
plans. The F.D.I.C. met in open session last Tuesday, releas- “The FDIC does not seek to limit the themselves, satisfying the public in don less competitive. At least on the
amount which employees are com- advance of election dates. margin, the balance of agglomera-
ing an advance notice of proposed rule making that might pensated, but rather is concerned Across the pond, where a par- tion and cost will weigh against Lon-
ultimately relate banks’ Deposit Insurance Fund contribu- with adjusting risk-based deposit liamentary election is just months don and in favor of its peers. Even
insurance assessment rates … to ad- away, the outlook is less sanguine. if our own high-skilled labor pool is
tions to risk-taking incentives in institutions’ compensation equately compensate the DIF for the Under the leadership of Prime Min- less mobile, American lawmakers
structures. risks inherent in the design of cer- ister Gordon Brown, Chancellor of should heed the warning bells being
tain compensation programs.” Even the Exchequer Alistair Darling an- sounded in London when consider-
among the meeting participants, nounced last month the introduc- ing similar options at home.
consensus over the proposal proved tion of a so-called “supertax” of 50 The Webcast of the president’s
tion that financial professionals op- any new tax on profits will slow the elusive. percent on bankers’ bonuses in ex- Weekend Address on the Financial
erate in an environment detached sector’s recovery and, by extension, Apart from the F.D.I.C. proposal, cess of £25,000. The tax has been Crisis Responsibility Fee is avail-
from Main Street. And while the idea recovery in markets thirsty for cred- should we believe analysts’ expres- decried for undermining the com- able at the White House Web site
of a culturally and socioeconomically it. sions of concern regarding the Re- petitiveness of London as one of the at http://bit.ly/4yudli. A fact sheet
homogenous Main Street that serves sponsibility Fee’s slowing the recov- world’s financial centers. It is unlike- on the Financial Crisis Responsibil-
O
as a counterpoint to Wall Street is a ne’s perspective is crucial in ery of the largest banks and insurers? ly, however, that the one-time shock ity Fee is also available at http://bit.
bizarre oversimplification, I imagine all of this. To the public, JP- As long as the target institutions’ to income will materially impact the ly/7NuOzA.
that recent reports from New York Morgan Chase’s estimated sal- profit-maximizing motivations are market, even if the incidence of the [email protected]
City must seem increasingly surreal ary and bonus compensation of $27 not upset, and as long as they re- tax falls to the professionals in the
the farther one lives from a coast. billion might seem purposely pro- main profitable, the fee should not institutions’ employ. The mayor of Sam Chandan, Ph.D., is president
The question of how to respond to vocative. But it is less so when one impact the market’s observable out- London contends that 9,000 bankers and chief economist of Real Estate
bank profits and compensation has considers that the firm has roughly comes. After-tax profits will be un- will flee the city to avoid the penalty, Econometrics and an adjunct pro-
been scarcely informed by our ratio- 200,000 employees on its payroll. dercut. But the basic incentives and but little analysis has been present- fessor of real estate at Wharton.

PARAMOUNT GROUP
CONGRATULATES
ALL HONOREES &
Our Very Own
RALPH J. DIRUGGIERO
RECIPIENT OF
THE GEORGE M. BROOKER MANAGEMENT EXECUTIVE OF THE YEAR AWARD
REAL ESTATE BOARD OF NEW YORK
For more information:

1633 Broadway, 712 Fifth Avenue, 745 Fifth Avenue, 31 West 52nd Street and 60 Wall Street
Please contact Arthur Bocchi 212.237.3122 [email protected]
1301 Avenue of the Americas, 1325 Avenue of the Americas, 900 Third Avenue, Candler Tower and 440 Ninth Avenue
Please contact James A.VanderVliet 212.237.3119 [email protected]
NEW YORK - WASHINGTON, D.C. - SAN FRANCISCO
www.paramount-group.com
212.237.3100

FEIL LEASE TRANSACTIONS
The 2010 Real Estate

Board of New York Honorees THE FEIL ORGANIZATION

Lindenbaum, Greenbaum, Knakal, DiRuggiero and Korren snag top honors IS PROUD TO ANNOUNCE THE
LEASE RENEWAL FOR
24,213 RSF AT
570 LEXINGTON AVENUE
Sacha Zarba and Lauren Crowley of CBRE
Represented the Tenant on a Pro Bono Basis.
Owner/Manager
Seven Penn Plaza, New York 10001
T 212 563 6557 F 212 563 6657
www.FeilOrg.com
T
he Real Estate Board of New York ruch College, member of the Board of member of the New York University Real sible for the sale of more than 1,050 ed Harvard’s John F. Kennedy School of
on Jan. 21 plans to honor several Trustees; New York State Council on Estate Institute’s advisory board and properties worth over $5.8 billion. Government program for senior execu-
commercial real estate the Arts, member, 1976-1986, the executive roundtable committee of Mr. Knakal was in 1993 elected presi- tives in state and local government.
professionals at its 114th an- 1994-1999. the advisory board. Mr. Greenbaum also dent of the National Realty Conference, Mr. DiRuggiero began his career as a
nual banquet. Four of the hon- OP-ED Mr. Lindenbaum earned a serves on the boards of the Jewish Na- which made him the youngest president budget analyst at the city’s Office of Man-
orees are featured below, and B.A. cum laude from Harvard tional Fund as a presidential adviser, the in the organization’s 58-year history. He agement and Budget. He then worked
check out on page 30 our Pow- College in 1956 and a J.D. cum Jewish Guild for the Blind and the Jef- is also a very involved member of REB- as the assistant budget director for Es-
er Broker profile of Todd Korren of Swig laude in 1959 from Harvard Law School. fery Modell Foundation. He was selected NY. He has served on numerous com- sex County, N.J., eventually rising to be- NOTHING BEATS 50 YEARS OF STABILITY.
Equities, winner of the 2010 Young Real After graduating from law school, he by the New York City Partnership to par- mittees, including the ethics committee come the assistant county administrator

Estate Man of the Year Award. was awarded a Fulbright Fellowship. ticipate in the David Rockefeller Fellows and the arbitration committee, and has for New Jersey’s largest urban county.
He married Linda M. Lewis in 1957. Program. been chairman of its sales brokers com- In 1987, he joined Williams Real Estate
ÍÍÍ They have two married daughters, Er- mittee. He was also on the Commer- Company as a district manager respon-
ica Tishman and Laurie Lindenbaum, ÍÍÍ cial Division’s Board of Directors, and sible for a midtown portfolio of office
Samuel H. Lindenbaum and six grandchildren. was elected to the Board of Governors. buildings, and shortly thereafter was 61 BROADWAY
Counsel, Kramer Levin Naftalis & Robert A. Knakal In 2003, Mr. Knakal was appointed to promoted to assistant vice president.
Partners to the Real Estate Industry Frankel LLP ÍÍÍ Chairman, Founding Partner, REBNY’s executive committee. Mr. DiRuggiero then joined Swig Weil-
and Architects for 56 Years Winner of the Harry B. Helmsley Dis- Massey Knakal Realty Services Mr. Knakal won, along with broker er & Arnow Management Company as
tinguished New Yorker Award, which David R. Greenbaum Winner of the Louis Smadbeck Bro- Mark Massey, the prestigious Robert its vice president of operations respon-
memorializes Helmsley, his generation’s President, Vornado Realty Trust, ker Recognition Award, which honors T. Lawrence Award in the REBNY Most sible for 6 million square feet of Class A
most admired real estate executive. New York division the memory of one of the profession’s Ingenious Deal of the Year contest for offices in Manhattan. In 1989, he joined Where you want to be
Sandy Lindenbaum is of counsel to Winner of the Bernard H. Mendik Life- most esteemed practitioners. their nine-year assemblage of the east- Equitable Real Estate Investment Man- when you want to be in business
Kramer Levin Naftalis & Frankel and a time Leadership in Real Estate Award, Robert Knakal graduated from the erly blockfront of Second Avenue be- agement as asset manager, and, for the
8FUBLFQSJEFJOPVSBCJMJUZUPQSPWJEF member of its land-use department. which is named for Bernard H. Mendik, Wharton School of Business at the Uni- tween 54th and 55th streets. next 10 years, was responsible for estab-
For more than 40 years, Mr. Linden- REBNY’s chairperson from 1992 until versity of Pennsylvania with a bach- In 2005, Mr. Knakal led the market- lishing the New York regional office of
PVSDVTUPNFSTXJUIUIFIJHIFTURVBMJUZ
baum’s extensive experience in land use his death, in 2001. elor’s of science in economics in 1984. ing team for the $138.5 million sale of Compass Management & Leasing, a sub-
QSPEVDUT DPOTVMUJOH BOEJOTUBMMBUJPOT and zoning has been put to work in han- David R. Greenbaum is president of He majored in real estate finance and the Vanderveer Estates in Brooklyn, sidiary of Equitable. In 1994, he was pro-
BOEJOUSFBUJOHUIFNXJUIUIFIPOPS dling special permits, zoning changes, Vornado Office, the New York office di- entrepreneurial management and was the largest privately owned apartment moted to senior vice president, respon-
variances, landmark proceedings, air vision of Vornado Realty Trust, which a member of the Wharton School’s Real complex in the borough. The proper- sible for Compass’ national corporate
MPZBMUZ BOESFTQFDUUIFZEFTFSWF
rights transfers, tax abatements and eco- owns a commercial real estate portfolio Estate Club. ty consisted of 2,500 apartments in accounts, including AT&T, Lucent Tech-
nomic development incentives for many in New York City that encompasses 52 In 1981, Mr. Knakal was hired by 59 elevator buildings. The sale price nologies, AMP Inc. and General Motors.
8FBSFBMFBEFSJOUIFDBSQFUJOEVTUSZ±T of the city’s most prominent commercial buildings totaling 22 million square feet. Coldwell Banker Commercial, now CB was $138,500,000. In 2006, Mr. Knakal Mr. DiRuggiero completed assignments
HSFFOJOJUJBUJWFT JODMVEJOH-&&% and residential developments and for Mr. Greenbaum oversees all aspects of Richard Ellis, as a market research in- led the marketing team in the assem- in Mexico City and in the Netherlands
the expansion programs of many of the the New York City portfolio, including tern. He returned the following sum- blage of the entire western blockfront for Lucent, and was a member of Com-
$FSUJ¹DBUJPOBOEDBSQFUSFDZDMJOHUP
city’s leading nonprofit institutions. ground-up development, redevelop- mer as co-leader of its summer market on Sixth Avenue between 30th and 31st pass’ management committee. As the
SFEVDFMBOE¹MMXBTUF8FVTFUIFNPTU His affiliations include the Real Es- ment, leasing and building operations. research group and, in 1983, obtained streets. This marked Massey Knakal’s firm merged with Jones Lang LaSalle,
FOWJSPONFOUBMMZGSJFOEMZDBSQFUJOH tate Board of New York, vice president He started his career as a tax attor- his real estate sales license. He worked largest development transaction to Mr. DiRuggiero was promoted to execu-
and member of the executive commit- ney at Weil Gotshal & Manges, and then that summer at Coldwell Banker as an date, at a price of $117,500,000. tive vice president with responsibilities
NBUFSJBMT
$"31&5%*453*#65034 tee of the Board of Governors; Met- joined the Mendik Company, a private assistant to a senior broker. After grad- for corporate clients. Solid, steady ownership · Unparalleled tenant services
ropolitan Museum of Art, honorary owner of commercial real estate, which uation, he started as a full-time invest- ÍÍÍ In 1999, Mr. DiRuggiero joined the Efficient floorplates · Distinctive classic Art Deco attended lobby
"%7*4034 8FBMTPQSPWJEFBGVMMSBOHFPGºPPSJOH trustee; American Friends of the Isra- merged into Vornado Realty Trust in ment property specialist with CB’s mid- Trammell Crow Company as senior vice Beautiful views · Complimentary conference center
BOETVSGBDFQSFQBSBUJPOTFSWJDFT el Museum, honorary chairman of the 1997. town office. Ralph J. DiRuggiero president of property management and Exceptional access to all downtown transportation
Two blocks from Wall Street · Entrances on Trinity and Broadway
executive committee of the Board of Mr. Greenbaum is a trustee and mem- In 1984, Mr. Knakal collaborated with Vice President, Property Manage- as its regional director for the Northeast,
Directors; Peggy Guggenheim Collec- ber of the executive committee of the Paul Massey Jr. to establish a property ment, Paramount Group, responsible for clients including HSBC IMMEDIATE AVAILABILITY
tion in Venice, member of the adviso- Citizens Budget Commission, a private sales group in Manhattan. They served Winner of the George M. Brooker Bank and American Express. Mr. DiRug- LANDLORD WILL BUILD TO SUIT · PRE-BUILTS FROM 1,000–23,750 RSF
ry board; Guild Hall of East Hampton, watchdog organization that monitors the as co-directors for the new specializa- Management Executive of the Year giero joined Paramount Group in 2001 as MULTIPLE FULL FLOORS CAN BE MADE AVAILABLE
2VBMJUZBOE$PODFSOGPSPVS member of the Board of Trustees; Cen- city’s and state’s fiscal policies; a member tion, and, in 1986, shared CB’s presti- Award, which honors the memory of the vice president of property management, FLEXIBLE LEASE TERMS FROM 1–10 YEARS
.BSL4JNPO $&0BOE1SFTJEFOU tral Synagogue, member of the Board of of the executive committee of the Board gious top salesman award in New York. late Mr. Brooker, the first vice president and is responsible for all aspects of prop-
$MJFOUTBOEUIF&OWJSPONFOU NTJNPO!CDFYDIBOHFDPN Trustees; Jewish Association for Ser- of Governors of the Real Estate Board of (At that time, CB employed an average for REBNY’s Management Division and erty management operations and secu- For additional information or lease inquiries contact:
vices for the Aged, chair of the execu- New York; a member of the Realty Advi- of 60 people in its Manhattan office.) one of the profession’s most respected rity for the current portfolio of 12 million Ramona Huegel or David M. Israni
8FTUUI4USFFU¬UI'MPPS tive committee; Association for a Bet- sory Board; and a member of the Board of Messrs. Knakal and Massey retained members. square feet, in New York, Washington
/FX:PSL /: ter New York, founder, director and vice Directors for the 34th Street Partnership, this top ranking until they left the firm Ralph DiRuggiero holds a bachelor’s and San Francisco. Mr. DiRuggiero es- “We're earning the right to be your next landlord.”
president; UJA Federation of New York, the Grand Central Partnership and the (212) 609.3700
in November 1988 to start their own
GREAT SERVICE
of science from the University of Scran- tablished Paramount’s San Francisco IS ALWAYS
member of the board of the real estate Times Square Alliance, all public-private WWW.BSDRE.COM
business, Massey Knakal Realty Servic- ton and a master’s of public administra- presence and is responsible for leasing Daniel M. Blanco Raymond Chalmé
GOOD BUSINESS
888#$&9$)"/(&$0. committee; Real Estate Institute of Ba- efforts to enhance midtown. He is also a es. To date, Mr. Knakal has been respon- tion from Baruch College. He also attend- in that market.
24 January 19, 2010 observer.com | the commercial observer the commercial observer | observer.com January 19, 2010 25
CONCRETE THOUGHTS

A Thank-You Note
This REBNY honoree has many to thank for success in his
accidental vocation
I
was sincerely humbled to learn eyed kid. Jack Fatigati was always grand dinner at Smith & Wollensky. we regard very highly and consid- day, having sold many properties
that I was going to be this year’s willing to answer any of the hun- Gerry was a 50-year veteran of CB er our good friends. In addition to for him over the years.
recipient of the Real Estate dreds of questions I had, and Tom who could not have been nicer to many others, these include Darcy Gary Barnett and Dov Hertz con-
Board of New York’s Louis Smad- Mallaney taught me that, despite us. Unfortunately, he passed away Stacom and Bill Shanahan at CB tinue to impress me with their in-
beck Broker Recognition Award. the commonly accepted rule, nice last year, but Paul and I will always Richard Ellis; Ron Cohen, Richard sightful knowledge and straight-
I’m extraordinarily appreciative guys can finish first. I’m fortunate remember his kindness to us in our Baxter, Scott Latham and Jon Ca- forward approach. Seventeen years
to REBNY, Steve Spinola, Bill Mon- to count Jack and Tom among my formative years. In two weeks, our plan at Cushman & Wakefield; Pe- of transactions later, I remain ap-
tana and the commercial board of good friends to this day, nearly 30 firm will present the 21st annual ter Hauspurg and Brian Ezratty at preciative of what they’ve done for
directors for this honor—and to years later. Gerald W. Bridges Salesman of the Eastern Consolidated; and Woody me. Frank Patafio, Russ Appel and
everyone who has, even tangen- Year Award to our top agent. Heller at Studley. They are all the Joel Wiener continue to show con-
A
tially, been a part of this wonder- fter graduating from Whar- In the early days of prospecting, finest of professionals and among fidence in me year after year, and
ful ride. ton, I decided to take a full- I was fortunate to stumble upon the nicest people you could meet. I’m very grateful. Joe Sitt has been
Probably the nicest thing about time position with CB in their Louis Brause, who owned two prop- Other brokers have helped me consistently great to work with,
being notified that I would receive Manhattan office. On my first day erties in the territory I was cover- in many ways. Mary Ann Tighe has and Andy Davidoff has not only
this award is that it made me take on the job, I met this other young ing. In my first cold call to him, I ex- been an inspirational leader in our been a wonderful client but has be-
a step back and consider the whole guy named Paul Massey. He had plained that I wanted to meet with industry and I congratulate her on come a valued friend.
history of my career. And worked for CB in the him to discuss what Paul and I were becoming the first woman to chair But no matter how small the
when I did that, I imme- same summer program, up to in our new division at Cold- REBNY. Steve Siegel is my real es- transaction, without the confi-
diately started thinking in Boston, and he’d also well. Lou suggested a meeting at tate big brother who has always dence and trust of each client, a
of all the people who’ve decided to give the build- his office at 52 Vanderbilt Avenue. I been there with the right advice track record cannot grow. There-
helped me along the way, ing sales business a go in said, “Vanderbilt Avenue? Where’s at just the right time, and I could fore, I’m extraordinarily thankful
without whom I would the Big Apple. CB had that?” I can just imagine what kind never forget one of the first bro- to each and every client with whom
never have been consid- about 50 office leasing of second thoughts that response kers I co-brokered a sale with, Sid- I’ve ever worked.
ered for this recognition. brokers in New York at must have given him. Fortunately ney Rosenthal, who taught me a lot The many past and present
My first serious expo- the time, and four build- for Paul and me, Lou kept the meet- about what being a sales broker members of my Massey Knakal
sure to the real estate in- ing sales brokers, including and became a great friend to us. was all about. family have had a huge hand in
dustry took place by acci- ing Paul. The three other I’m especially honored and flat- that track record—from all of my
dent, during spring break
of my freshman year at Robert Knakal sales brokers each had
about 20 years of expe-
tered when I note that this award
puts me in the company of so many
partners, including John Ciraulo,
Tom Donovan, James Nelson, Shi-
the Wharton School, in Columnist rience and wanted noth- There was no Web in 1981, legendary brokers whom I respect mon Shkury, Christy Moyle, and
1981, when I, along with ing to do with the young and admire, including Steve Sie- Mike Wlody; to our management
just about every oth- kids—so, on my second so I went to the library prior gel, Ray O’Keefe, Dan Gronich, team, including Gia LaMarca, Kyle
er Wharton kid, wanted to be the day on the job, Paul and I formed to the interview to do some Stephen Riker, Ben Fox, Mary Ann Mast and Ken Krasnow; to each
next hot shot to take over Wall a partnership that has lasted for Tighe, Eugene Hegy, Bruce Mos- broker; to our part-time interns.
Street. I wanted a summer job that 26 years and counting. Thousands research on this bank so ler, Earl Atlman and my partner, My personal team members, Jon
would look good on my résumé, so of days and tens of thousands of that I’d be prepared. When Paul Massey, who was the recipi- Hageman, Elysa Berlin, Tom Wil-
I applied at every commercial bank conversations later, I can say that ent three years ago. This recog- loughby, Kevin Gleason and Greg
and investment bank I saw in Ber- I have been so lucky to have a great I discovered that Coldwell nition is particularly meaningful Postyn, and my personal assistant,
gen County (which is where I grew business partner who has driven Banker was a real estate to me as Lou Smadbeck was one Erin Mitchell, are second to none
up). I walked out of a Paine Web- me to do better than my best every of those early members of the in terms of supporting my efforts.
ber office in Continental Plaza and, day. Thank you, Paul. company, I almost didn’t go Sales Brokers Committee whom I Past team members include Danny
across the hall, I saw “Coldwell The CB years were so much fun. to the interview. learned so much from. He was gra- Hagan, Mike Desjadon, Mike So-
Banker.” I thought it was another There was a group of us who all cious enough to send Paul and me leimani, David Kalish, Casey Mc-
bank, so I dropped my résumé off started together and went through a kind letter in November of 1988, Cormack, J.J. Stanton, Meyrick
there, too. the “start-up phase” of what was a congratulating us on the opening Ferguson, Michael Decheser, Peter
Just a few hours later, I received very challenging but exciting busi- of our firm. That letter, and a photo DeCheser and James Nelson, who
a phone call asking me to come in ness. Johnny Maher, Kevin Danehy, Another of our company awards is of Lou, hangs in the reception area is not only a partner but is a top
for an interview the next day. There Paul Myers, Bob Stella, Bob Law, named in his honor, recognizing all of our Manhattan office. producer at the firm.
was no Web in 1981, so I went to the Kim Mogul, Jackie Mansfield and of the guidance he provided. All I can say is thank you to all
I
library prior to the interview to do many others were all there with As our careers progressed, Paul can also think of so many clients of you, mentioned here or not,
some research on this bank so that Paul and me, and we all fought to and I became aware of the Real Es- to whom I owe so much. I apol- who have participated in transac-
I’d be prepared. When I discovered make our mark on the industry. tate Board of New York and the tre- ogize to each of you for not be- tions with me. This is a business in
that Coldwell Banker was a real es- Dinners often consisted of one pur- mendous work it does on behalf ing able to mention you all here by which success cannot be attained
tate company, I almost didn’t go chased beer and the systematic dis- of our industry. In the mid-1980s, name. I must, however, acknowl- without significant help. I’ve been
to the interview. But I went, and it mantling of the free hors d’oeuvres we both set the goal of becoming edge a few. I’ll be forever grateful very lucky to have had so many
was the only company to offer me bar at the Charley O’s in the ground members of REBNY’s Sales Brokers to Harry Macklowe for allowing me wonderful people to enjoy this in-
summer employment, so I took the floor of 437 Madison Avenue. Committee—and after months of to represent him in several transac- credible job with, and also lucky to
job somewhat reluctantly. Paul and I closed our first harassing Jack Hill, who oversaw tions, including the sale of his mul- have accidentally found a vocation
From my first day there, I loved transaction in March of 1985, a the committee in those days, we tifamily portfolio, one of the most I love so much.
it. It was an energetic environment 20,000-square-foot commercial finally did. It was on that commit- rewarding transactions I’ve ever [email protected]
with hardworking people making building located at 1421 Third Av- tee that we made several of the worked on. Before Ofer Yardeni be-
a lot of money and having a lot of enue that almost burned down the relationships that we still cherish came the maverick investor that he Robert Knakal is the chairman and
fun. The result was three college night before the closing. But the to this day. The comradely nature is today, he was a sales broker, and founding partner of Massey Knakal
summers working at CB. It was building survived; the sale closed; of the sales brokerage business in we completed the sale of a prop- Realty Services, and has brokered
there that I developed friendships and when we got back to the office, New York would surprise many erty on West 28th Street together the sale of more than 1,050 proper-
with two senior brokers who were our mentor, Gerry Bridges, was people. Among our competitors, in the early 1990s. I’m honored to ties in his career.
willing to befriend a young, wide- happy to take “the rookies” to a we’ve met a lot of people whom count him as one of my clients to-

FEIL 2009 LEASE TRANSACTIONS
The Feil Organization would like to express our gratitude to the brokers who helped make 2009 successful!
TENANT RSF REPRESENTATIVE BROKER TENANT RSF REPRESENTATIVE BROKER
200 West 57th Street Seven Penn Plaza (370 Seventh Avenue)
57 Wellness Beauty 1,783 Fuminori Yokoyama Goldstick, Weinberger, 4,509 Simeon Weber Norman Bobrow & Co.
Bette Bruam, LCSW, PC 930 Jeff Buslik Adams & Company Feldman & Grossman
Dr. Christian Chung, DDS 2,210 Kat Hwang Rice & Associates, LLC Sinel & Associates, Esq. 3,751 Michael Kaufman Kaufman Organization
Hudson Pilot, LLC 1,350 Ira Fishman ID Real Estate Partners, LLC Tarlow & Company CPA’s 7,795 William Berkis, Jr. Winoker Realty
Immuno Health NY, LLC 982 April Summars City Connections Wounded Warrior 4,366 Brian Hay CB Richard Ellis
Jonathan Moldover, MD, LLC 2,039 Joshua Goldman Cushman & Wakefield, Inc.
Leonard Rubin, MD 878 David Amsterdam Cushman & Wakefield, Inc. 250 Park Avenue South
Blue Tee Corp. 6,541 James Searl, Ross Eisenberg CBRE
140 West 57th Street Hay House 2,633 Elliot Warren Kaufman Organization
Euro-Center USA, Inc. 3,461 Brian Siegel The Lawrence Group Madison Trading 11,683 Daniel Madison Newmark Knight Frank
Madison One, LLC 3,256 Ken Fishel Legacy Real Estate Joshua Friedman
488 Madison Avenue 257 Park Avenue South

Alzeon Holdings 3,743 Jay Futersak Dakota Realty Bluestone Residential 4,726 Jamie Covello Cushman & Wakefield, Inc.
Crowe Horwath 26,827 Paul Haskin CB Richard Ellis Management Nicholas Weld
Gerber Finance 4,925 Rob Silver Newmark Knight Frank M. Moser Architects 6,620 Randy Abend, Ken Siegel Jones Lang LaSalle
Karpas Strategies 1,181 Arthur Delmhorst Delmhorst & Sheehan, Inc.
Pustorino, Puglisi & Co. 13,081 Michael Burgio Cushman & Wakefield, Inc.
853 Broadway
Michael Gambino
Xerox 4,528 Doug Neye Jones Lang LaSalle BP Reprographics 7,687 Nathan Hale Mohr Partners
Dr. Edward Gorecki & 1,416 Allan Gallaway Kurland Realty
570 Lexington Avenue Howard Schissler
HL Group 7,381 Bret Varricchio Hunter Realty Organization
Archer Capital 3,970 Sinclair Li CB Richard Ellis
Make Up For Ever, LLC 7,686 Jamie Katcher, Don Preate Cushman & Wakefield, Inc.
Carrera Willowbridge 4,205 Joel Burris Brown Harris Stevens
Momofuku Holdings 1,516 Rafe Evans Walker Milloy
The Finsbury Group 7,080 Sacha Zarba CB Richard Ellis
Levien & Company 893 Alan Grossman ARG Realty
Queens Atrium (30-20 Thomson Avenue), Long Island City
Marex Financial 3,970 Adam Schultz CB Richard Ellis
Miller & Wrubel 8,598 Audrey Novoa Murray Hill Properties City University of New York 167,309 Barry Rosner Newmark Knight Frank
Modern Realty, Inc. 2,772 Cory Borg Newmark Knight Frank
Natanold Management Corp. 1,743 Jared Freede First Service Williams 2001 Marcus Avenue Lake Success
The Real Estate Board of 24,213 Sacha Zarba CB Richard Ellis Allergy & Asthma Care of 1,615 Frank Pagano Corporate National Realty
New York Lauren Crowley Nassau & Suffolk Dan Wiener
Ziegler, Ziegler & Associates 3,970 David Berke Cushman & Wakefield, Inc. Carillo & Kober CPAs 1,167 Jeff Cebula Sutton & Edwards
City Underwriting 10,295 Gus Nuzzolese Sutton & Edwards
Fred F. French Building (551 Fifth Avenue) Horowitz & Tanenbaum 3,536 Michael DiDonato Navigator Consulting Group
Savin Diamond Corp. 2,320 Jonathan B. Fein Cushman & Wakefield, Inc. InVitro Sciences 3,099 Jeff Cebula Sutton & Edwards
Jack Cohen Perry J. Milman, MD PC 4,133 Richard Someck Sutton & Edwards
Simon & Partners, LLP 5,510 Eric Zemachson Newmark Knight Frank Saft America 2,963 Jeff Cebula Sutton & Edwards
Chris Mongeluzo
100 Quentin Roosevelt Boulevard Garden City
145 West 30th Street EuroNext Asset Management, LP 782 Neil Creedon Sutton & Edwards
Amalgamated, LLC 8,101 Andrew Beckler Feld Real Estate Suite Space, LLC 2,990 Michael D. Ventre Windsor Commercial
New Age Training 8,101 David Menaged Intrepid Real Estate Group Viraj USA, Inc. 1,391 Neil Creedon Sutton & Edwards
Michael Chera
3601 Hempstead Turnpike Levittown
261 Fifth Avenue
Bernhardi Corghill 2,525 Christopher Stack CBRE
Babine Lake 8,575 Richard Phlen, Seth Hecht First Service Williams Michael Corrigan, LLC 2,097 Vincent LaManna, Richard Freel CBRE
DWI Holdings Inc. 13,678 Michael Norris Colliers ABR Premier Merchant Processing 1,899 Neil Creedon Sutton & Edwards
Raxon Fabrics 8,437 Rob Silver, Neil Rubin Newmark Knight Frank System Management 1,519 Vincent LaManna CBRE
Richard Freel
Seven Penn Plaza, New York, NY 10001 F T 212 563 6557 F 212 563 6657 F www.feilorg.com
Nothing Beats 50 Years of Stability.

THE SIT-DOWN

Madame Chair
CB Richard Ellis’ Mary Ann Tighe
on REBNY 2010, recent leases and
Mayor Bloomberg
BY JOTHAM SEDERSTROM a very happy thing to wake up in the
Another priority is that we want
to seek more federal infrastructure morning and know crime is down in
The Commercial Observer: dollars because New York City has New York. It’s a wonderful thing to
Congratulations on becoming not gotten its fair share. realize that there are fewer deaths in
chairwoman for the Real Estate We want to support immigration the Fire Department. And it’s won-
Board of New York. What will be reform, and, finally, we want to en- derful to know he’s continuing to
your first order of business as courage everyone to participate in fight the good fight for the schools of
chairwoman? the 2010 census. the city, and our role at REBNY is to
Ms. Tighe: Last week, I met with make sure the physical environment
the executive committee of REB- Looking inward, do you have a keeps up with his grand vision.
NY. In the last quarter of 2009, I cohesive vision for REBNY?
joked that I went on a listening tour, REBNY’s structure is a strong You’re the first woman to be
where I met with as many members and very healthy structure. I think if elected chairman in REBNY’s
as I could of the board of governors there was any area of focus, it’s that 113-year history. Is that shock-
and the executive committee and as we want to continue to expand the ing to you? Is it a significant
many of the past chairmen as were membership. We’re 12,000 strong benchmark in your mind?
able to find time to meet. [REBNY now, but we want to bring in more It means a great deal to me, but I
president] Steve Spinola, his staff young members. can’t say that I’m shocked, because
and myself put together priorities our industry has tended to be slow
for REBNY to focus on in 2010. We to change. I think that’s probably the
talked to the executive committee best way to describe it. I think it’s
and got their sign-off on those pri- only within the last 20 years or so
orities, and we’ve begun to organize
‘[W]e’re concerned because that you’re beginning to see the fe-
ourselves around those priorities. the unemployment rate male membership of the Real Estate I don’t think most people thought Earlier this month, legendary CB Rich-
among the construction Board growing significantly. I don’t was coming into development any- ard Ellis tristate chief executive Mary
And what are those priorities? mean that historically there haven’t time soon. Ann Tighe officially moved into her
We put together a collection of trades is 25 percent in the been important women in New York new role as chairwoman of the power-
priorities that really are aimed not city right now and there are real estate—because there are many You were honored with a ‘Life- ful Real Estate Board of New York. The
only at real estate but also at things of them—but they have been iso- time Achievement’ award by Commercial Observer spoke to Ms.
we believe are critical for the well- over 500 projects that are lated cases. The good news now is, REBNY at its award ceremony. Tighe last week about her place in real
being of the city. The first priority stopped; so we want to work, there have been a number of women That must be a little weird, estate history, the city’s revitalization
is to advocate for programs that in- in our industry who would qualify to right? and her priorities for REBNY.
centivize job creation and reten- in general, with the city to be chairman of the Real Estate Board, You know, I suddenly thought to
tion in New York City, and we’re ac- try to deal with unemploy- and what’s nice is that the executive myself, ‘Oh my! Am I that old?’ On
tually making a specific proposal, committee and our president, Steve the other hand, that night was so gotten to that. [laughs] I’m sure I
which our economic development ment in the trades as well Spinola, has decided it was time to fun. I always joke that 25 years ago, would enjoy it, though.
committee has put together for the as some of the jobs that are recognize somebody. But, believe I was so intimidated by the event,
[Economic Development Corpora- me, there are several others who and now it seems like I’m going to a Let’s shift from the Jacksons
tion], for tax credits related to peo- troubled.’ could just as well be in my role. family wedding. I mean, it has that and go back to real estate.
ple who are bringing new employees kind of festive feeling for me, so the What’s your outlook for 2010?
to the city. The second priority is to You’ve been hailed as one of the award just added to that. I think we’re already in the pro-
advocate for fiscal discipline at the most influential women in New cess of seeing an uptick. In the leas-
city and state level. The third prior- You mentioned the Buildings York City by the New York Post. In a previous life, you worked at ing market in Manhattan, we’re
ity is to work with all relevant par- Department. With REBNY being Do you agree with that state- ABC, where you helped to create seeing an increase in activity. The
ties to encourage the development such a powerful lobby, I’d love ment? the A&E network. What do you five-year rolling average in midtown
of affordable housing. The fourth is to hear your opinion of Mayor If it means having the ability to get think of A&E these days? Are leasing, just to give one statistic, is
to advocate for a better and stronger Bloomberg. things done—that you can envision you watching it? 1.2 million square feet per month.
Buildings Department. There’s no official REBNY stance something and get it done—than I’d I love A&E. One of the things that We were under that number until
We think they’ve done a great job on the mayor, except to say that the like to think yes, that that’s the case. gave me great pride … I can still en- June, when we broke through the
on dealing with security at construc- city has flourished under his lead- There are a few things I’ve managed vision the moment, on a yellow le- million-square-foot mark. With the
tion sites, but, meanwhile, there are ership and that in this very difficult to get done that make me feel like I gal pad, I wrote down ‘Arts & Enter- exception of one month, we’ve been
a number of hurdles that need to be economic time for the city, we all feel can have some impact on our city. tainment’ and then crossed out the up every month. In December, we
overcome in terms of making the blessed that such a skilled business- letters, and it’s hard to believe that did 1.6 million square feet of leas-
management side of the operation man and manager is at the helm. So Can you name one of them? myself and a dear friend, Liz Oliver, ing in midtown. Every single market
flow better so we can be ready for I think we can only feel very positive I think you can look at two tow- could be sitting at the garage she all had their availability rate drop—
the next construction cycle. Also, that he’s leading us these next four ers that are standing that I don’t rented in East Hampton in 1981, and not hugely, but at least 10 or 20 ba-
we’re concerned because the unem- years. think anybody would’ve bet on. The then, lo and behold, all these years sis points for each one. In addition, I
ployment rate among the construc- Condé Nast at Four Times Square, later A&E is part of the viewing land- think most of them had positive ab-
tion trades is 25 percent in the city Take off your REBNY hat. which was the first new construc- scape. sorption, if not all of them.
right now, and there are over 500 What’s your personal opinion tion in a decade and the first build- What’s happened is very simple:
projects that are stopped; so we about Bloomberg? ing at Times Square. As you probably Have you watched The Jack- We now have enough volume to es-
want to work, in general, with the I personally believe everything I know, it was a project that was held sons: A Family Dynasty yet? tablish where pricing is. Once you’ve
city to try to deal with unemploy- just said. This is a case where there’s up for more than two decades. And [laughs] I haven’t. I have to ad- established pricing, people feel con-
ment in the trades as well as some of just a period of stress on a lot of the then, of course, there was the New mit. Though I must admit I’m on the fident they can transact.
the jobs that are troubled. different systems in the city, and it is York Times building at a site that channel all the time, but I haven’t [email protected]

ELEVEN TIMES SQUARE
SUMMER 2010
SJP Properties 212.344.6364
CBRE 212.984.8350

POWER BROKER: TODD KORREN

The Downtowner
REBNY honoree and Swig ace focuses on luring tenants to Lower Manhattan
BY JOTHAM SEDERSTROM
role in luring people to Battery Park
City in the late 1980s, back when the
A
t one time or another during area was in its earliest development
his 25-year career, Todd Ko- phase and not yet the vibrant com-
rren has donned nearly ev- munity it is today.
ery hat that can be worn in the real “Back then, there was literally
estate industry. But whether he’s one building, for all intents and pur-
served as a leasing agent, property poses,” recalled Mr. Korren. As for
manager, developer or acquisitions how difficult it was to lure tenants
pro, one puzzle the Swig Equities se- and residents to the area, Mr. Kor-
nior vice president has yet to solve is ren said it was no walk in the park.
the one he is reminded of each time “Especially in the winter, when it
he returns to his William Street of- was very cold and there weren’t a lot
fice: How do you keep Lower Man- of attractions. That was before the
hattan desirable for potential ten- movie theater was there and before
ants? you had other buildings. Taxicabs
Indeed, as a member of the Real weren’t even coming over there yet.
Estate Board of New York’s Down- It was very inconvenient.”
town Rental Conditions Committee Since then, Mr. Korren has em-
barked on a career that offers a pan-
oramic view of the real estate indus-
try. From positions at construction
Mr. Korren said that he ex- management company Structure
Tone to the mechanical and elec-
pects to announce what may trical contractor EMCOR Group, he
be the largest transaction has learned the business by work-
ing from the ground up and has of-
of the year within several ten followed a project from concept
weeks, when an undisclosed to completion.
“I’ve always felt that the best way
tenant signs a 120,000-foot to sell a product is by really under-
lease at 110 William. But Mr. standing the product and to sell it
from a position of confidence,” said
Korren, who is bullish on Mr. Korren, 45, who has been mar-
Lower Manhattan, suggest- ried for 20 years to his wife, Donna,
ed that the deal could be the and has two young daughters. “The
best way to sell from a position of
first of many for Swig and confidence is having knowledge. I’m
its portfolio of downtown very interested in learning, and I’ve Todd Korren joined Swig
always been somebody who’s con- Equities in 2004, after
properties this year. tinued to learn during my career.” stints with the Witkoff
I
Group and Rockrose
n total, he has negotiated more Development, among
than 830 leases represent- others.
and of a subcommittee focused on ing over 5 million square feet
drawing new tenants to Lower Man- of property during stints at such
hattan, Mr. Korren has emerged as companies as the Witkoff Group
one of the area’s most committed and Rockrose Development, where
advocates. he returned as a managing direc- and instead to move to refinance the area. Although many questions est transaction of the year within
“We’re trying to figure out how to tor in 2001. He also played a role Swig’s existing assets—a strategy about construction at the World several weeks, when an undisclosed
make downtown more competitive,” in more than 20 acquisitions, with that turned out to be prescient, said Trade Center have yet to be an- tenant signs a 120,000-foot lease at
said Mr. Korren during an interview a combined value in excess of $1.2 Mr. Korren. swered, Mr. Korren said that delays 110 William. But Mr. Korren, who is
at his office at 110 William, one of billion, he said. “This was before you had the sub- have not kept people from flocking bullish on Lower Manhattan, sug-
the downtown properties Swig op- Last year, Mr. Korren and Swig prime crises,” Mr. Korren recalled. to other areas of Lower Manhattan gested that the deal could be the first
erates. “The question is, how do we Equities—where he has operated “Kent realized we needed to stop and below Canal Street. of many for Swig and its portfolio of
lure tenants downtown, and how do since 2004—completed capital-im- get the properties leased up and sta- “What’s an interesting fact—and downtown properties this year.
we improve retail conditions and en- provement projects at all seven of bilized so we could refinance them, something I like to tell people—is “Where the uncertainty still re-
courage them to come down here?” the company’s Lower Manhattan and we did have a concern that there that downtown Manhattan, exclud- mains is the access to the subways,
Mr. Korren is nothing if not pas- properties, including lobby and fa- was going to be some sort of credit- ing Tribeca, has the fastest-growing whether it be the Calatrava station
sionate about Lower Manhattan, cade renovations at buildings such induced crises that would affect our residential population within all five or when the PATH station will be fin-
where the Roslyn, N.Y., resident first as 110 Williams Street and 90 Broad ability to refinance our properties boroughs,” he said. “The fastest- ished,” he said. “Those are really the
got his start in the real estate indus- Street. over the next 24 months.” growing residential population! It’s questions people would like to have
try. As a college student at New York The capital-improvement proj- But what Mr. Korren appears to literally doubling since 2000. And answered. But as those dates start to
University, Mr. Korren worked for ects were made easier thanks to a de- be most passionate about these days that’s absolutely amazing.” get firmly finalized, you’ll see people
Rockrose Development, a job that cision by Kent Swig in 2007 to take a is his work in Lower Manhattan and Mr. Korren said that he expects start to move back down here.”
allowed the young upstart to play a break from acquiring new projects his efforts to draw new tenants to to announce what may be the larg- [email protected]
JB REED

RUDIN MANAGEMENT COMPANY
Thanks The Following Tenants And Brokers
For Making 2009 Another Successful Year
MIDTOWN
345 Park Avenue 560 Lexington Avenue 41 Madison Avenue
Wafra Investment Advisory Group, Inc. Carlton Advisory Services Yamazaki Tableware Inc
Brian Gell & Clyde Reetz of CB Richard Ellis Inc. Anthony Dattoma of CB Richard Ellis Inc. Nambe Mills Inc.
Loeb & Loeb LLP Waechtersbach USA, Incorporated
Brian Gell, Lewis Miller & Kenneth Rapp 845 Third Avenue
WWRD US, LLC
of CB Richard Ellis Inc. Swimkef Corp.
Norman Bobrow of Norman Bobrow & Co. Bormioli Rocco Glass Co., Inc.
355 Lexington Avenue LʼObject
Corrao Miller Rush & Wiesenthal Legal
Amba Research USA Inc. Search Consultants Inc. Reed & Barton Corporation
Energy Group Inc. Corey Abdo of Winoker Realty
CAC Sales, Inc.
CAI Benefits, Inc. Howard W. Segal, P.C. Gibson Overseas, Inc.
Daniel Horowitz & Jeffrey Peck of Studley, Inc. Blaqwell, Inc. Seguso Viro USA Corp.
The Harry Walker Agency Inc. Titan Capital, LLC Fitz & Floyd Enterprises LLC
Harry Blair of FirstService Williams
Gallet & Dreyer & Berkey, LLP Noritake Co. Inc.
Gotham Equity Partners, L.P.
Northstar Capital Funds, LLC Martinʼs Herend Imports, Inc.
Jason Greenstein of Newmark Knight Frank
Home Etc.
641 Lexington Avenue 136 East 55th Street
Pasabache USA Inc.
Komodo Holding Company Capital One, N.A. C.C.A. International, Inc.
FedEX Office & Print Services Prouna
BVA New York Limited 415 Madison Avenue
Gui Tepedino of CitySites Commercial Group, LLC Robinson Home Products
Sharp Communications, Inc.
Theodore Williams Construction Company, LLC Gordon Ogden & Thomas Murray Michael Wainwright Inc.
of Byrnam Wood, LLC Rogaska Crystal
TM Capital Corp.
Joseph F. Harkins & Sean Fay Lenox Corporation
of Grubb & Ellis New York Inc. AGS Benefits Group, LLC
Andrew M. Lawler, P.C. Kevin P. Daly of Cushman & Wakefield
DOWNTOWN
80 Pine Street 110 Wall Street Woodmere Trading LLC
Goldstein Goldstein Rikon & Gottlieb, P.C. Harvey Gladstein & Partners LLC William Berkis, Jr. of Winoker Realty
Beranbaum Menken LLP
Richard Schlesinger of R.B. Schlesinger & Co. M.J. Green & Associates LLC
Joshua Goldman of Cushman & Wakefield McLane Capital Partners LLC Savvas Koudellou of NYC Connections
Unifi Communications Inc. Pilosoft, Inc.
Waypoint Capital Management, LLC
Elie Reiss of Tungsten Properties John Baumann & Bernard Weinstable RCN New York Communications LLC
of Cushman & Wakefield Paul Formichelli of Jones Lang LaSalle
1 Whitehall Street Forex Signs, Inc. Independent Brokers LLC
Nationwide Mutual Insurance Company Manhattan Medical Offices Management, Inc.
1 Battery Park Plaza
John T. Pavone of CB Richard Ellis Inc. Alliance for Downtown New York, Inc.
The Partnership for New York City, Inc.
Frenkel Lambert Weiss Weisman & Gordon, LLP Hal Stein of Newmark Knight Frank Nuance Communications, Inc.
Arora & Associates, P.C. Michael Morris of Newmark Knight Frank
Peter E. Sabesan of HunterRealty Organization, LLC 55 Broad Street adMarketplace Inc.
Mixit, Inc. Align Communications, Inc. Internet Information Delivery Corp.
Choice Logistics, Inc. onTargetjobs LLC Lisa Holyfield of Concrete Stories LLC
David Hollander of CB Richard Ellis Inc. Ryan McKinney of Studley, Inc. Getco, LLC
Serving New York’s Real Estate Needs With Distinction for Over 100 Years
345 PARK AVENUE, NEW YORK, NY 10154 #212.407. 2400 #www.rudin.com

BUILDING STORIES: 77 Water Street
‘No-Nonsense’ and a Sopwith Camel

Studiously economical, full of empty Goldman turf, now teeming with new leases
W
BY EMILY GEMINDER firm relocates its headquarters to hy did Goldman wait eight
the new 200 West Street, Goldman years to even put 77 Water
B
uilding tops in downtown Man- is finally closing several major deals Street up for lease? Clearly, it
hattan offer little in the way of in the building it never actually oc- wasn’t waiting for a favorable mar-
eye-catching spectacle—imag- cupied. AT&T will take the largest ket. In some ways, the building was
ine, for a minute, that you’re staring plot at 100,000 square feet, followed always something of an odd choice
down, not up, at one of those gar- by law firm Lewis Brisbois Bisgaard for Goldman, a firm with famously
gantuan fortresses of steel—and 77 & Smith, UnitedHealthcare and One- attention-deflecting preferences in
Water Street is not a structure that Beacon Insurance Group. The rents office space. The stultifying brown
readily distinguishes itself from its were around $35 a square foot, ac- 85 Broad Street shows no signs of
Financial District cohorts. It’s an cording to Crain’s, with generous nonsense, happy or otherwise (at
oversize air-conditioner of a build- building allowances. least, not in the architecture), and
ing, vents running like industrial For a firm that trades largely in in- neither, at twice the size and rough-
gills up its sides, roughly the color of visible things, especially if that firm ly 14 times the cost, does the firm’s
an old computer monitor. holds secrecy as a governing cove- new headquarters (though the lobby
But if you could manage a glimpse nant, real estate can sometimes offer will contain at least one $5 million
from above, you’d see its airplane. a singularly corporeal history: gam- painting).
For the past four decades, a World bles and doubling-backs, an artful In 2003, as Wall Street was shift-
War I Sopwith Camel fighter has dodge of a broader economic trajec- ing its speculative zeal to the hous-
sat idling on a long green runway tory here, a negotiation of a political ing market, an article appeared in
atop the building’s roof. A source of one there, all spelled out in concrete The Wall Street Journal concerning
amused curiosity for the denizens of and stone. Between a roughly $40 new regulations on how companies
overlooking skyscrapers (as well as billion government bailout, payout write off their empty office space.
some initial trouble with the Federal on its AIG debt, prodigious bonus- It used Goldman’s nearly vacant 77
Aviation Administration), the life- es and the recent revelation that Water Street as a case study. (Robert
size model airplane has otherwise Goldman bet heavily against the Kaufman and a Goldman spokesper-
maintained something of a nonexis- very mortgage-related securities it son both confirmed that the build-
tent existence. Not open to the pub- peddled, it’s not surprising that an The 26-story 77 ing has remained largely empty
lic, invisible from the street below, empty building in the Financial Dis- Water Street was throughout the past decade.) Citing
it sits at the edge of its runway eter- trict has received little scrutiny. But designed by Emery the roughly $75 million charge, or 9
nally poised for flight. the history of Goldman at 77 Water Roth & Sons. cents a share, Goldman would have
In March of 2008, Goldman Sachs Street—a non-history, really, since it been forced to incur for writing off
put 77 Water Street on the mar- was never actually there—is an odd the building, the article speculated
ket. It had leased the entire near- glimpse into the famously guarded tranceway and a three-story digital public spaces in new buildings likely that large tenants were refraining
ly 600,000-square-foot building in company. clock. The American Institute of Ar- deserved some credit also, although from subleasing their space to avoid
2000—one of several ancillary office chitecture called it “a no-nonsense it must be said, few other plazas had such a scenario, possibly accounting
I
buildings it rented in the neighbor- n the 1960s, Melvyn Kaufman, building with a happy nonsense- the Kaufman flair for theater. for millions of square feet of “shad-
hood of its Broad Street headquar- the developer of 77 Water Street, filled lobby and sidewalk.” The 1961 zoning laws rung in an ow space” throughout the city. A
ters. That was at the height of the acquired a reputation as some- At 26 stories, the bland and eco- era of breakneck, breathless devel- Goldman spokesperson quoted in
1990s dot-com boom, when projec- thing of a maverick, an iconoclast— nomical 77 Water Street was com- opment, encouraging the sort of the article said the firm was not re-
tions indicated the firm’s workforce a rogue developer, if you will. It’s a pleted in 1970 with Mr. Kaufman frenzied tower erecting that the pa- quired to write off the space and that
could expand to as many as 30,000 reputation he earned not so much and his brother Robert at the helm. renthesis about plazas was meant to the rules allowed for “management
employees within a decade. It was for his buildings themselves— The plans were drawn up by the ar- address, however feebly. New York, judgment.”
also the year that the boom went numbingly banal boxes engorged to chitects at Emery Roth & Sons, a it’s often said, is not defined by any Management judgment turned
bust, and Goldman never moved in. block-swallowing hulk—but for his firm better known for its ability to coalescing urban vision but by a out to be a source of other debates
Now after close to a decade, as the attitude toward them. “Every build- maximize net rentable area than for riot of competing visions, endless- at 77 Water Street. In 2004, Crain’s
ing is an obscenity,” he once said. “I its commitment to aesthetics. But ly writing and rewriting each other reported that the Kaufmans were
think every building carries with it this building, too, had its swaths of out of existence. It’s also true, how- threatening Goldman with potential
an obligation that from the moment happy nonsense. A series of ponds ever, that commercial enterprise litigation for improper maintenance.
THE VITALS you begin to the day you die, you meandered through the public pla- has always been at the heart of the The public plaza had largely fallen
must apologize.” za, traversed by small footbridg- city’s architectural schemes, all but into disrepair: Its trees were dying
Year Built: 1970 It’s difficult to imagine many de- es and filled with streambed rocks etched into its blueprints. The 1961 or dead, an escalator entranceway
Landlord: Sage Realty Cor- velopers today apologizing for their and jumping metal fish. Heat lamps zoning laws just opened the doors a had been boarded up, pigeons were
poration buildings, even when the obsceni- were shaped like trees and seats like little wider. flying through the light fixtures. To
ties of those buildings are mark- mushrooms. Hyper-modern sculp- At 77 Water Street, with high-roll- be fair, Goldman said it had proposed
Square Footage: edly apparent to the rest of us. But tures were installed here and there, er tenants like IBM, European Amer- renovations, and Melvyn Kaufman
Building: 541,569 Mr. Kaufman did more than apolo- and in an unlikely final touch, an old- ican Bank and Walston & Co., the was never one to approach litigation
Office: 541,569 gize. He constructed physical incar- fashioned candy store was thrown Kaufmans fell squarely into the com- timidly (he sued several neighbors in
Lot: 25,779 nations of his apologies from metal in, too. peting visions of their day. The build- his high-end Westchester enclave as
and stone. He commissioned art ob- Mr. Kaufman, an admirer of Walt ing is a testimony to the calculus of well as Mayor Giuliani). But it’s still
Annual Tentative Tax Bill jects and whimsical public spaces in Disney, said of his building philos- extracting every last square foot of unclear what Goldman had in mind
(2009/10): and around his obscenities, as if to ophy, “The Disney policy, simply profit from a space, but it also says for the empty space. In 2000, rather
$3,411,545 cushion the blow. The result was a stated, is to transmit pleasure and something about architecture’s po- than subleasing from Reliance Insur-
curious dynamic: mini-carnivals en- well-being to the public.” Critics, tential for whimsy. “You make a zil- ance, which held a lease for 77 Water
City’s Tentative Net As- cased in glass-and-travertine tombs. meanwhile, were divided on wheth- lion dollars from a job and you plunk Street through 2014, Goldman made
sessed Value (2009/10): On Third Avenue, Mr. Kaufman in- er Mr. Kaufman’s antics amount- it down in the middle of a block,” Mr. a direct, 20-year deal with the Kauf-
$72,300,000 stalled a giant game of chess. At 127 ed to cartoonish afterthoughts or Kaufman once said. “You owe some- mans. In return, it wanted to man-
John Street, he commissioned Ru- transformative amalgams of enter- thing to the people for doing that, age the entire building. Goldman, it
Source: PropertyShark.com dolph de Harak to create a neon-lit, tainment and urbanism. New 1961 even if it’s just a place to sit.” seemed, had serious plans for the
corrugated-metal tunnel for an en- zoning law incentives for including real estate. So what changed?

In the wake of Sept. 11, city and state offi- a shadow space. The ponds have been emp-
cials forecast a mass commercial migration tied of water and rocks, stranding their jump-
from Lower Manhattan and dreamed up in- ing metal fish midair. Gone too are the tree
centives to convince companies to stay. Nev- heat lamps, and the mezzanine is boarded up
er a company to walk away from free govern- and uninhabited. A sculpture made of sever-
ment money, Goldman sought $1 billion in al large metal blocks—including one hanging
tax-free Liberty Bonds and committed early from overhead like a loose chunk of building—
looks more convincing than was presumably
intended.
The Kaufmans got their zillion dollars, but
A Special Thank You
‘Every building is an obscenity. I what did the public get? It’s true that if you
really wanted to, you could still sit on one of
think every building carries with it
an obligation that from the moment
the plaza’s concrete benches. But you could
also sit on the curb if you really wanted to. If
the public apologies at 77 Water Street have
We would like to thank
you begin to the day you die, you not fared well, at least the plane, that curi-
must apologize.’
—Melvyn Kaufman
ous anachronism atop a skyline of high-ris-
es, is still intact. Though for whom exactly
it was intended is not altogether clear—cer-
our clients for making
tainly not for the public, who never saw it, or
on to build its headquarters cater-cornered to

for the employees who had no access to the
roof. Melvyn Kaufman once said of 77 Water
Street that he’d wanted “to make the build-
2009 the best year ever for
the World Trade Center site. Goldman, after ing disappear. … The scale of any large office
all, understood better than anyone that New
York City would remain the sun of the finan-
building is impossible for a human being to
relate to.” NAI Global New York City.
cial solar system, propelled by the millions of But it was Goldman that really made the
invisible transactions that turn the gears of building disappear. It’s frequently the things
capital enterprise. beyond the scale of human imagining—com-
Today, with empty real estate something plex financial derivatives, speculative bub-
of a national hallmark, Goldman is finally fill-
ing its own. Though Robert Kaufman says the
bles, shadow real estate—that turn into noth-
ing suddenly. It’s just that most of us aren’t up Even in this difficult market,
parties have settled their differences over the high enough to catch the vanishing act.
public plaza, the area has the definite look of [email protected]
we continue to grow and
expand, and look forward

to serving your commercial
JOINUSASWEKICKOFF2010…
2010INDUSTRYSPOTLIGHTSERIES
real estate needs in 2010
&ŽĐƵƐĞĚŽŶFINANCE
͞'ůŽďĂůdƌĞŶĚƐŝŶZĞĂůƐƚĂƚĞĂƉŝƚĂůDĂƌŬĞƚƐĨŽƌϮϬϭϬ͟
and beyond… around the
FeaturingDennisYesky
ManagingDirector,AlixPartnersLLP corner or around the world.

DATE:Tuesday,January26,2010TIME:6:00Ͳ8:30PM
Location: UBS 1285 Avenue of the Americas, New York, NY

AdvanceRegistrationonlineatwww.nycrew.org
$0NYCREWmember/$50CREWChaptermember/$85NonMember/
$30GraduateStudents
NEW YORK CITY

Toreceivethebenefitoftheadvanceregistrationrate,
Youmustregisterby5:30pmonThursdayJanuary21st;
WALKͲINSWELCOME:
$50formembers/$75fornonͲmembers/$95NonMembers/
$50GraduateStudents

415 Madison Avenue
OurVision:Theachievementofparityforwomenincommercialrealestate New York, NY 10017
throughpower,influenceandopportunity. +1 212 405 2500
www.nainyc.com
OurMission:Providingopportunitiesforwomentoachievesuccessin
commercialrealestate.

FINANCING Compiled by Roland Li with data from PropertyShark.com
Who’s Lending to Whom

New York City’s Top 15 Commercial Mortgages of the 4Q 2009
Address Amount Borrower Lender Special Notes
Mount Sinai School of Medicine of Dormitory Authority of the State of Two separate mortgage files were filed on three properties: 1474 Madison
3 East 101st Street $369,914,999
New York New York Avenue, 4-20 East 102 Street and 3 East 101 Street.
SLG Graybar New Ground Lessee LLC, part Teachers Insurance and Annuity Association
420 Lexington Avenue $145 million Two separate mortgage files were filed.
of SL Green of America
Kips Bay Development LP, DFD Develop-

550 Second Avenue $96,810,873 The Union Labor Life Insurance Company Five separate mortgage files were filed on the same day.
ment LP
New York Society for Relief of the Dormitory Authority of the State of A mortgage was taken on two properties: 535 East 70th Street and
535 East 70th Street $79,308,000
Ruptured and Crippled New York 527 F.D.R. Drive.
New York Society for Relief of the Dormitory Authority of the State of
525 East 70th Street $79,308,000
Ruptured and Crippled New York
A mortgage was taken on six properties: 55 West 53rd Street, 53 West 43rd
51 West 53rd Street $70.4 million W2005/Hines West Fifty-Third Realty, LLC The Museum of Modern Art Street, 51 West 53rd Street, 49 West 53rd Street, 44 West 54th Street and
48 West 54th Street.
515 Madison LLC (c/o Newmark Knight

515 Madison Avenue $70 million Wells Fargo Bank, National Association
Frank)
A mortgage was taken on two properties: 697 Fifth Avenue and a commercial
697 Fifth Avenue $63 million GFC Fifth Avenue Owner LLC Safra National Bank of New York
condo unit at 2 East 55th Street.
1515 Broadway Fee Owner LLC, part of SL

1515 Broadway $50 million Bank of China, New York Branch
Green
1299 Second Avenue $41,202,068 215 East 68th Street LP Prudential Multifamily Mortgage Apartment building with stores.
17 Battery Place, Unit 1 $40 million Ocean Prime LLC (c/o the Moinian Group) Metropolitan Life Insurance Company
CCP Amsterdam I LLC (c/o American

166 Amsterdam Avenue $39,950,000 KBC Bank NV
Continental Properties LLC)
105 East 17th Street $38.6 million 105 East 17th Street Associates LLC Rcg LV Debt IV Reit, LP
Three separate mortgage documents were filed on two properties:

387 West 12th Street $37,545,071 383-391 W 12th LLC CSE Mortgage LLC
383 West 12th Street and 391 West 12 Street.
A mortgage filed on nine properties in two separate documents. A third mort-

East Harlem Lexington Housing Develop- New York City Housing Development
166 East 119th Street $30,870,000 gage document was filed on the same day with the exact mortgage amount as
ment Corporation
a previously filed one.
NOTES: Property classifications were as defined in the mortgage document; apartment buildings were included. [email protected]
REDUCED
APPLICATION FEE
OF $4,500
As well as a New Streamlined
Application Form
And, as always:
)p to 80% LTV
)upplemental Loans Available
During Loan Term and
pon Acquisition
)1- Million, ! to Million
in Certain Markets
We’ve enhanced our small balance 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 balance loans 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 2 www.arbor.com
FANNIE MAE 2 HA
Bloomfield Hills, M 2 Boston, M 2 Chicago, I 2 Dallas, T 2 Los Angeles, C 2 New York, NY 2 lano, T 2 Tampa, FL 2 Uniondale, NY

LEASE BEAT Compiled by Emily Geminder
MANHATTAN Email information on new leases to Emily Geminder at [email protected]
SQ. FEET TENANT LANDLORD
Cohen Brothers
622 Third Avenue 14,000 Minerals Technolo- Realty Corpora- Minerals Technologies signed an 11-year lease. FirstService Williams’ Robert D. Goodman and Seth Hecht represented
gies tion Minerals Technologies. The landlord, Cohen Brothers Realty Corporation, was represented in-house by David Nevins.
Francemen 205 GNC signed a 1,800-square-foot lease. Ariel Schuster and Greg Covey of Robert K. Futterman represented GNC in the
205 Eighth Avenue 1,800 GNC LLC transaction. Building ownership, Francemen 205 LLC, was represented in-house by Aaron Schwartz.
UNX signed a seven-year lease. Howard J. Tenenbaum and Gary M. Rosen represented
215 Park Avenue South 4,945 UNX LLC SL Green landlord SL Green.
Metropolitan Shoe
100 Park Avenue 900 Repair and Shoe SL Green Metropolitan Shoe Repair and Shoe Shine renewed its lease for 10 years. Peter Goldich of ATCO Property Service Cor-
Shine poration represented the tenant; Jeffrey D. Roseman of Newmark Knight Frank repped landlord SL Green.
D’Espresso of 42nd D’Espresso of 42nd Street signed a 10-year lease. Jeffrey D. Roseman of Newmark Knight Frank repped landlord SL
317 Madison Avenue 504 Street, LLC SL Green Green.
Korea Health In- Korea Health Industry Development Institute signed a three-year lease. Marie Hammoudi of Own Manhattan repre-
420 Lexington Avenue 957 dustry Develop- SL Green sented the tenant.
ment Institute
Metropolitan Fiber
810 Seventh Avenue 125 Systems of New SL Green Metropolitan Fiber Systems of New York renewed its lease for five years.
York, Inc
Clear Harbor Asset

420 Lexington Avenue 2,016 Management SL Green Clear Harbor Asset Management signed a three-year lease. Andrew Stein of Vicus Partners represented the tenant.
420 Lexington Avenue 1,237 KBK, Inc. SL Green KBK signed a three-year lease. Hiroshi Nagata of Sumitomo Real Estate Sales represented the tenant.
Iron Mountain In- Iron Mountain Information Management signed a five-year lease. John Moxley of Jones Lang LaSalle represented the
317 Madison Avenue 5,801 formation Manage- SL Green tenant.
ment
Macaron Café signed a 10-year lease for a new eatery. Edward J. Reilly of Reilly Real Estate represented the tenant;
625 Madison Avenue 997 Macaron Café SL Green Gregg Gropper of Newmark Knight Frank repped landlord SL Green.
Lederer de Paris Lederer de Paris Fifth Avenue signed a lease for 18 months. Jeffrey D. Roseman of Newmark Knight Frank repped land-
625 Madison Avenue 6,150 Fifth Avenue SL Green lord SL Green.
Pias Intercosmex
420 Lexington Avenue 917 (U.S.A.) Corpora- SL Green Pias Intercosmex signed a 917-square-foot lease.
tion
The Caldwell Group signed a three-year lease. Andrew Lazarus of Tudor Realty Services represented the tenant; Denise
19 West 44th Street 394 The Caldwell Group SL Green Rodriguez repped landlord SL Green in-house.
Aurora Capital Associates signed a 40,000-square-foot master lease spanning 49 years, a roughly $150 million deal.
483 Broadway 40,000 Aurora Capital As- 483 Broadway Re- Aurora represented itself in the transaction. The building owner, 483 Broadway Realty Corp., was represented in-house
sociates alty Corp. by Bruce Kaye of AKB Realty Group.
3 West 56th Street 4,762 John Richmond Lexington Build- John Richmond signed a lease for 4,762 square feet. Building ownership, Lexington Building Co., was represented by
ing Co. Ariel Schuster and Izzy Anthony of Robert K. Futterman.

Behind every successful Building Owner
there is a host of incredibly talented brokers
and steadfast tenants.
Jack Resnick & Sons thanks the following firms and the brokers who represented them,
as well as our existing tenants who renewed their commitments to New York City in 2009.
The Trustees of Columbia University Hand Baldachin & Amburgey LLP Staples the Office Superstore East, Inc. Corbis Corporation
in the City of New York 8 WEST 40TH STREET 1755 BROADWAY 250 HUDSON STREET
880 THIRD AVENUE represented by: represented by: represented by:
represented by: Joshua Goldman of Cushman & Wakefield Chase Wells of Northwest Atlantic David A. Falk and David Levine
Paul Wexler of Corcoran Wexler Real Estate Services, LLC of Newmark Knight Frank
Healthcare Properties Hunter Global Investors, LLC
485 MADISON AVENUE Adobe Systems, Inc. Jack Roth, DDS
H&R Block Eastern Tax Service, Inc. represented by: 8 WEST 40TH STREET 133 EAST 58TH STREET
170 WEST 23RD STREET Mike Norris of Colliers ABR represented by:
John Lizzul of Newmark Knight Frank TED Conferences, LLC
Equitable Leasing Co. Inc. Brial Corporation 250 HUDSON STREET
110 EAST 59TH STREET 133 EAST 58TH STREET Duchateau (U.S.) LTD. represented by:
485 MADISON AVENUE Kim Skarvelis and David Barreto
Jaffe, Ross & Light, LLP Jeffrey A. Scolnick of Cast Iron Real Estate
880 THIRD AVENUE 133 EAST 58TH STREET Dr. Ari Druz
represented by: 133 EAST 58TH STREET Pace University
23rd Street Spa Belle, Inc.
Jefferey P. Symmons of The Lawrence Group 161 WILLIAM STREET
170 WEST 23RD STREET Olympus U.S. Management, LLC represented by:
represented by: Dr. Martin Kent 485 MADISON AVENUE David A. Falk of Newmark Knight Frank
Craig Slosberg of Newmark 133 EAST 58TH STREET represented by:
Knight Frank Retail Gary Greenspan & Eric LaCousiere of DDG Partners LLC
Stevens & Lee, P.C. Cushman & Wakefield, Inc. 250 HUDSON STREET
Fisher, Harris, Shapiro, Inc. 485 MADISON AVENUE
880 THIRD AVENUE represented by: Microdot LLC Hudson Practice Management
Jane Roundell of CresaPartners 133 EAST 58TH STREET 133 EAST 58TH STREET
Empire Physical Therapy
133 EAST 58TH STREET Aesthetique 2000 John Lang, Inc. Galaxy Lobby
133 EAST 58TH STREET 485 MADISON AVENUE 199 WATER STREET
Subway Real Estate Corp.
represented by: represented by:
170 WEST 23RD STREET Dr. David Molho
Daniel Katcher of Newmark Knight Frank Jim Fredericks of Colliers ABR
133 EAST 58TH STREET
Braun & Goldberg
Coinmach Coinmach
110 EAST 59TH STREET
401 EAST 80TH STREET 235 WEST 56TH STREET
Jack Resnick & Sons

Owners and Builders Since 1928
110 East 59th Street
New York, NY 10022
212-421-1300
www.resnicknyc.com
Proud to be a member of

LEASE BEAT
MANHATTAN (continued)
800 Third Avenue 38,000 Levy Phillips & n/a Levy Phillips & Konigsberg signed a long-term lease. Newmark Knight Frank’s Ronald E. Goldberger and Arthur Draznin
Konigsberg represented the tenant; Richard Teichman of Joseph P. Day Realty Corp. represented the building owner.
United Feather and Ten Seventy One United Feather and Down signed a seven-year renewal. The asking rent was $44 a square foot. David Levy and Jeffrey
1071 Sixth Avenue 3,368 Down Associates Schwartz of Adams & Co represented both the tenant and landlord, Ten Seventy One Associates, in the transaction.
One Ten West For- Ilene Danchig signed a five-year renewal. The asking rent was $38 a square foot. David Levy and Michael Greenberg of
110 West 40th Street 3,491 Ilene Danchig tieth Associates Adams & Co. represented both the tenant and landlord, One Ten West Fortieth Associates, in the transaction.
DMF Sales Com- 411 Fifth Avenue DMF Sales Company signed a lease renewal. The asking rent was $36 a square foot. David Levy of Adams & Co. repre-
411 Fifth Avenue 1,485 pany Associates sented both the tenant and landlord, 411 Fifth Avenue Associates, in the transaction.
David Geller Asso- Ten Seventy One David Geller Associates signed a three-year lease. The asking rent was $42 a square foot. David Levy and Jeffrey
1071 Sixth Avenue 5,336 ciates Associates Schwartz of Adams & Co. represented both the tenant and landlord, Ten Seventy One Associates, in the transaction.
Arcade Building Pryorities NY signed a seven-year lease. The asking rent was $36 a square foot. David Levy and Brett Maslin of Adams
34 West 33rd Street 943 Pryorities NY Associates & Co. represented both the tenant and landlord, Arcade Building Associates, in the transaction.
34 West 33rd Street 1,680 NY Kids Showroom Arcade Building NY Kids Showroom signed a three-year renewal. The asking rent was $36 a square foot. David Levy and Brett Maslin of
Associates Adams & Co. represented both the tenant and landlord, Arcade Building Associates, in the transaction.
48 West 37th Street 1,542 Exist Fashion Forty Eight Thirty Exist Fashion signed a seven-year renewal. The asking rent was $95 a square foot. David Levy and Joey Friedman of
Seven Associates Adams & Co. represented both the tenant and landlord, Forty Eight Thirty Seven Associates, in the transaction.
The Arsenal Com- G.F.B. Fashions signed a three-year renewal. The asking rent was $36 a square foot. David Levy of Adams & Co. repre-
463 Seventh Avenue 2,159 G.F.B. Fashions pany sented both the landlord, the Arsenal Company, and the tenant in the transaction.
155 Fifth Avenue 5,097 Cosette n/a Cosette signed a five-year deal on the fourth floor. David Greene and Louis Pappas of Murray Hill Properties represent-
ed the landlord.
4 New York Plaza 813,750 JPMorgan Chase The Harbor Group JPMorgan Chase will lease 75 percent of the 1.085 million–square–foot building from the Harbor Group for 15 years.
Department of Pro- The city’s Department of Probation and Department of Homeless Services renewed their leases for a combined
60 Broad Street 313,022 bation and Depart- Piedmont Office 313,022 square feet. Jeff Kondrat of the Department of Citywide Administrative Services represented the city. Cog-
ment of Homeless Realty Trust swell Realty’s Arthur Stern, Anthony Stapleton, Eric Sarner, Ross Jacobs and Brian Ezra represented building owner
Services Piedmont Office Realty Trust.
900 Eighth Avenue 1,300 Gourmet LTD The Moinian Restaurant Gourmet signed a lease for 1,300 square feet. Winick Realty Group’s Darrell Rubens and Annie Shinn repre-
Group sented both the tenant and the landlord.
Hudson Square Trinity Real Es-

225 Varick Street 1,500 Mart tate Hudson Square Mart signed a 12-year lease.
79 East 125th Street n/a Wendy’s n/a A Wendy’s franchisee signed a lease for another restaurant, according to the New York Post. Jeff Schettino of Gis-
combe Realty represented both landlord and tenant.
1290 Sixth Avenue 16,000 Kintetsu Interna- Vornado Realty Kintetsu International Express, a Japanese travel agency, signed a 14-year deal. The asking rent was $57 a square foot,
tional Express Trust according to Crain’s. Paul Myers and Michael Movshovich of CB Richard Ellis represented Kintetsu. Building owner Vor-
nado represented itself along with brokers from Cushman & Wakefield.

LEASE BEAT
MANHATTAN (continued)
44 West 18th Street 33,300 National Forty Four Eigh- National Reprographics renewed its lease. The asking rent was $30 per square foot, according to Crain’s. James Buslik
Reprographics teen Associates and Alan Bonett of Adams & Co. represented both tenant and landlord Forty Four Eighteen Associates.
Los Angeles–based Lucca Antiques signed a five-year lease for 2,500 square feet on the ground floor and 2,000
182 Stelen Realty square feet in the basement. The asking rent for the ground floor was around $77 a square foot, according to Crain’s.
182 Duane Street 4,500 Lucca Antiques Co Robin Abrams and Joe Leinsdorf of the Lansco Corp. represented Lucca. Roxanne Betesh and Sarah Shannon of Sinvin
Realty represented landlord 182 Stelen Realty Co.
601 Lexington Avenue 165,000 Citadel Investment Boston Properties Citadel Investment Group expanded its lease from 90,000 square feet to 165,000, according to the New York Post. CB
Group Richard Ellis’ John Nugent represented the tenant. Andrew Levin represented Boston Properties in-house, along with
Jones Lang LaSalle’s Frank Doyle.
One Whitehall Street 42,000 Choice Logistics Rudin Family Choice Logistics expanded its lease by 7,000 square feet, extending its 35,000 existing square feet, according to the
New York Post.
RCN NY Communi- RCN NY Communications extended its lease by 24,707 square feet for a total of 44,707 square feet, according to the
55 Broad Street 44,707 cations Rudin Family New York Post.
Align Communica-
55 Broad Street 24,707 tions Rudin Family Align Communications signed a lease for 24,707 square feet, according to the New York Post.
Francois Latapie signed an 1,800-square-foot lease, according to the New York Post. JDF Realty’s Leslie Siben brokered
118 Greenwich Avenue 1,800 Francois Latapie n/a the transaction.
THE LOBBY
and private-equity players during

a 12-year legal career, has joined
Introductory Offer!
Wolf Haldenstein Adler Freeman &
Herz as a partner in the law firm’s
real estate practice.
Previously of counsel for the firm
Paul, Hastings, Janofsky & Walker,
where he had served since 1998, $14 for 49 issues.
Mr. Lerman will now be tasked with
representing many of the 122-year-
old company’s most powerful real
estate clients. In fact, the Benjamin
70% off the regular
N. Cardozo School of Law graduate
has already provided legal repre- subscription prices.
sentation for New York University
in its purchase of the Forbes Build-
BY JOTHAM SEDERSTROM ing on 60 Fifth Avenue in Manhat-
tan.
“Lerman’s experience in trans-
Wolf Devours Ler- actional real estate work comple-
man’s Experience ments our practice and will be a
great resource for our real estate http://www.observer.com/
clients,” said Wolf Haldenstein
Ilan Lerman, a Manhattan-
based attorney known for his rep-
partner Steven Sladkus in a pre-
pared statement.
subscriptions-14
resentation of myriad developers [email protected]

THIS WEEK’S PHOTOS
Monday Properties’ Unveiling of $1 M. Renovation and Mural

230 Park Avenue, January 11
The unveiling of the new lobby mural. (l-r) Robert Tierney, Landmarks Preservation Commission chairman; Anthony
Westreich, Monday Properties CEO and president; Manhattan Borough Presi-
dent Scott Stringer; and City Councilman Daniel Garodnick.
The Young Men’s/Women’s Real Estate Association

Monthly Luncheon
The University Club, 1 West 54th Street, January 12
(seated, l-r) Glen J. Weiss, chairman

of the YM/WREA; Harold Fetner,
president and CEO of Durst Fetner
Residential; Jody Durst, president of
the Durst Organization; and Robin
F. Fisher, vice chairman of the YM/
WREA. Messrs. Fetner and Durst were
guest speakers.
(standing, l-r) Glenn Tolchin and Lind-
say Ornstein, YM/WREA governors;
Michael Rudder, treasurer; Brandl
SUSAN STAVA; ANNA PASZTOR-BECKER
Frey, who heads the association’s

membership; Alison Coffey, governor;
and David Berke, secretary.

the commercial observer | observer.com January 5, 2010
THIS WEEK’S PHOTOS
REBNY’s ‘Deal-Making During the Downturn’ Seminar
The Mendik Education Center, 570 Lexington Avenue, January 12
Panelists Norman Sturner of Murray

Hill Properties; Mark Weiss of Newmark
Knight Frank; Alan Victor of the Lansco
Corporation; Brian Gell of CB Richard El-
lis; and moderator Kenneth McCarthy of
Cushman & Wakefield.
CMBS CORNER Nigel Holmes
Source:
TREPP LLC

TWEET WEEK
BY ROLAND LI with the re-tweets.
Why to buy investment proper- ly/5UUjIw 11:00 AM Jan 13th from CoTweet
ties in Queens: http://bit.ly/8GPaLP 2:11 PM Jan 14th from web
T
his week is divided between RT @CarylComm: Reading big- 11:27 AM Jan 14th from web Event: Timothy D. King will be a
looking forward and backward, news: CUSHMAN & WAKEFIELD 133-135 Greenwich Street, prime panelist at the @BROOKLYN_EDC
with the largest Upper Manhat- INKS 32,000-SQUARE-FOOT HEAD- Check out Robert Knakal’s latest Downtown location, +/-150,000 Supermarket Attraction Seminar
tan sale of ’09 and fourth-quarter re- QUARTERS RENEWAL http://bit. StreetWise post:10 Things to Watch buildable sf & plans for 33-story 1/14/2010. http://bit.ly/5EDncW
ports, alongside current humanitar- ly/8bHOZQ in 2010 (Part 3) http://bit.ly/6wUeDt luxury tower, for sale, http://bit. 8:30 AM Jan 13th from CoTweet
ian and local crises. 9:31 AM Jan 14th from web 6:28 AM Jan 14th from web ly/8hTy5a
2:08 PM Jan 14th from web
CB Richard Ellis (@cbrenyc) RT @CrainsNewYork: Manhattan RT @greenpearlnyc: NYC Real
issues fourth-quarter reports. leasing activity dropped 15% in 2009 Estate Execs to Speak at Distressed Prime New York Downtown +/- REBNY (@rebny) takes on the
http://bit.ly/4ZcMKC Real Estate Summit, Feb 4, includ- 5,125 sf vacant development site for M.T.A. and President Obama.
CBRE Manhattan Market Re- 10:58 AM Jan 12th from web ing: Lenobel, Chandan, Knakal sale at 115-117 Nassau Street, http://
search Media Breakfast: Manhattan http://bi ... bit.ly/5bOpMN At the ABNY breakfast this morn-
office market’s 2009 slide hits the Triennale Design Museum to open 8:29 AM Jan 13th from web 12:59 PM Jan 13th from web ing, MTA CEO Jay Walder promised to
brakes http://bit.ly/7W7PHq first U.S. location at 40 West 53rd St fix inefficiencies & bring better service
7:38 AM Jan 13th from Tweet- - http://tinyurl.com/yebukga MK Sells Six Brooklyn Buildings to NYC; REBNY hopes he delivers.
Deck 8:10 AM Jan 12th from web in December with an aggregate val- 6:05 AM Jan 16th from HootSuite
ue of over $6.5 million. http://bit. CPEX Real Estate (@CPEXRe-
RT @cbrecorp CBRE EA: US office, ly/5C108d alEstate) joins the relief efforts. Mayor Bloomberg is right: Obama
industrial & retail vac rates continue 7:48 AM Jan 13th from web bank tax will hurt NYC: http://ow.ly/
to rise, but pace slows; multi-family Massey Knakal (@ Text “HAITI” to 90999 to donate WTqU
unchanged http://bit.ly/5rCE1X masseyknakal)’s biggest sale: $10 to Red Cross relief efforts in 12:05 PM Jan 15th from Hoot-
7:22 AM Jan 13th from Tweet- $26.9 million in cash. #haiti Suite
Deck Eastern Consolidated (@East- 8:30 AM Jan 15th from CoTweet
MK Closes Largest Upper Man- ernconsol) brings the listings. Mass transit is NYC lifeline- MTA
hattan Sale of 2009 http://bit. New Listing: 314-318 49th St in faces $400M deficit in 2010.
ly/7OSnIO Cobble Hill mixed-use residen- Brooklyn. 4,600 sf development site 9:56 AM Jan 15th from HootSuite
Cushman & Wakefield (@ 7:26 AM Jan 15th from web tial opportunity at 495 Henry Street in Sunset Park. Asking $975k. http://
CushWakeNYC) is generous for sale, with price break, http://bit. bit.ly/8TytGU [email protected]

! $ !!%

MANHATTAN & NYC REAL ESTATE PENNSYLVANIA REAL ESTATE CONSTRUCTION DESIGN & WOODWORK
$!"" # Interactive Creations, Inc.

36 West 44th Street Hasan
Ildiri
900 & 1322 SF Spaces
Beautiful, Renovated Building on Industry Leading General
Prime ‘Club Row’ Block.
Suite 1020: 900 SF - $40 psf - Construction Firm: New & His-
Vacation or year round home.
$3,000 per month. Built as two Pocono Mountains PA torical Renovation/Restoration CUSTOM WOODWORKING & DESIGN
windowed offices, open area, Beautiful Greek Revival Home with All Phases, All Trades, Master
reception, and mantrap. store front attached, can be huge
entertaining room. Finish Work Award Winning 516-983-6866
Suite 1416: 1322 SF - $40 psf -

$4,500 per month. Very efficient
4 bed, 2 bath, fireplace, pool, Craftsmanship, Detail Oriented
cedar decks + more on almost 1/2 acre.
space with 3 offices, conference Price reduced to $279,000 Residential, Commercial,
room, reception/open space, and IT Worth a trip to see. Retail, Restaurants
closet. Call 570-559-7583 HIGH-PERFORMANCE OPTICS
TIBERIAS
Full commission paid within one
week of signing. CONSTRUCTION
WATERFRONT ESTATE
175 acres for your Private Mountain Estate Staying Until We Finish.
or Builder’s Dream in Pennsylvania’s
ELI SOMECK, [email protected], 917-335-4948 Pocono Mountains
212.388.9697
Pictures and floorplans available. 74 lot proposed major subdivision, 12-2+ acre
www.TiberiasConstructionInc.com
approved lots ready to build, cul de sac with
18 proposed lots 80% complete. Natural spring
feeds beautiful stream and 2 ponds. Backs up
CHELSEA NR HIGHLINE PARK Prime Commercial Office/ to over 200 acres of PA State Conservation REAL ESTATE SERVICES
Unique Townhouse Dplx Retail Space Land. Close to many attractions: Skiing,
1st Fl LR faces west garden 300 sq ft Casinos, Pocono Raceway, Waterparks,
Open Kit & Den/DA Fpl, 2nd Fl 2 Br, 1.5 Ba
No board approval needed, Very private
FOR RENT Golf, Hiking, Fishing, Boating and Hunting.
Asking $2.3mil / will subdivide to suit.
Pets Welcome, Sponsor filed Co-op plan 1985
Available for first time-$1,575,000
in Williamsburg, Brooklyn Call for pricing. Brokers protected. REAL ESTATE
iÜÃÊ Ê>ÞiÊUÊ >ÞiÊÌÊ,i>ÌÞÊ
700 SF & Larger
2 blocks from L train
Brian 941-737-0835 or
Joanne 570-730-0817
ENTREPRENEURS
(212) 259-0412
>ÀÞÊÊ>ÞiÊUÊL>ÞiÊÌÊ,i>ÌÞ (Bedford Ave.)
Contact Jennifer at
www.poconoshomebuyers.com
MAKE BIG $$$
(212) 259- 0406
718-302-0008 FINANCIAL SERVICES Learn Hot Market Trends
Foreclosures, Short Sales
And more...
HARD MONEY MADE E-Z
FIND NYC ÎÊ`>ÞÊVÃ}ÃÊUÊ À`}iÊ>Ã
No credit check
Real People Networking...
Creating Profitable Deals!!
OFFICE SPACE Ê>««À>Ã>ÃÊUÊ ÊÕ«vÀÌÊviiÃ Free Forums!!!
Call today: 718-224-9500 ext.130 Call 646-200-5779
Best Friendly service no fee
Frank T. Chiarello, President
1,000 to 10,000 SF plus. WRA Properties, Inc.
Downtown Lofts & Traditional
Corporate Offices. All types of business.
HELP WANTED
All areas of Manhattan and boroughs.
F9J<IM<I%:FD
CALL GREG
646 526 4091 LEASING & SALES BROKERS
Citysites Commercial Group, LLC
MULTI FAMILY FOR SALE [email protected] is looking for exceptional producers
242-244 West 103rd St TRAVEL - ST. CROIX RESORT
to join our rapidly growing midtown firm.
2 five story multi-resident walk
Tremendous opportunity for key player
up brownstones that have
been converted to a 21 unit CONNECTICUT REAL ESTATE to lead a team and have a major impact.
apartment building. 14 Rent Call Elliott Rackman - EVP
Stabilized Units, 7 Free Market.
212-823-0601
Solid Rent Roll.
FOR SALE-OFFICE CONDO Strictest confidentiality
$8,000,000 Brookfield CT
REDUCED Excellent Condition, 400 Sqft
$7,500,000 High Traffic & Low Taxes
Low Common Charges $68,000 INTERIOR DESIGN
BROKER: 203-856-2498
JEFFREY DYKSTERHOUSE, VP Principals Only
JUDY BERKE, VP Your Perfect Source for
PRUDENTIAL DOUGLAS ELLIMAN Space Planning
646-505-2212 & all your
WWW.ELLIMAN.COM F9J<IM<I%:FD Interior Design needs.
ID: 1136469
Professional & creative
visionary will develop
your space from concept
to completion.
No job too big or too small.
#!!$ %&&%#'$ Over 20 yrs Experience
!% #!!$ Call Suzanne Eberhardt
%$($#$#!#&#'$! 212-242-3931
"
KF8;M<IK@J<1)()$+'.$0*/-
CALENDAR
ees of this AREW seminar at ease. trains and selling M&M’s. Seeking ban Developer’s Night,” Robert Treat
[The Real Estate Board of New to learn more about the system’s art Hotel, 50 Park Place, Newark, N.J., 5
York Annual Banquet, New York and architecture, the Municipal Art p.m. cocktails, 6:30 dinner, www.iore-
Hilton Hotel, 1335 Avenue of the Society will lead a tour from the Bat- ba.com; Young Mortgage Bankers As-
Americas, 5:30 p.m. cocktails, 7 p.m. tery to midtown, inspecting the origi- sociation “Beyond the Banter: What’s
dinner, call Thomas Griffin at 212- nal 1904 IRT designs as well as the In- Really Happening with Note Sales”
532-3100 for more info; 2010 State dependent Line that opened in 1932 seminar, the Union League Club, 38
of the Insurance Industry seminar, and a 1970s-era redesign. East 37th Street, noon, call Sonia Ol-
the McGraw-Hill Auditorium, 1221 [Municipal Art Society “Subway iveira at 201-440-8144 or send an
Avenue of the Americas, 8 a.m., call Art and Architecture, Historically email to [email protected] for more info;
Whitney Murray at 212-682-6800 Speaking” walking tour, meet on “Green from the Inside Out” work-
or email her at wmurray@zdlaw. the steps of the former U.S. Custom shop, the 14th Street Y, 344 East 14th
com for more info; American Insti- House at Bowling Green, at the foot Street, 6:30 p.m., call Celia Salgado at
tute of Architects-NY “Blog, Text of Broadway, 2 p.m., www.mas.org] 212-505-6050 or email her at celia@
and Tweet” seminar, the Center for solar1.org for more info]
Architecture, 536 LaGuardia Place, 6 MONDAY, JANUARY 25
p.m., www.aiany.org; Appraisal In- TUESDAY, JANUARY 26
stitute “Appraisers Course,” the Real The Industrial and Office Real Es-
Estate Board of New York’s Mendik tate Brokers Association is hosting If you were a professional in the real
Education Center, 570 Lexington Av- its second annual “Urban Develop- estate biz, you could meet some like-
BY JOTHAM SEDERSTROM breakfast roundtable moderated by enue, 9 a.m., call 866-966-3710 for er’s Night” at the Robert Treat Hotel. minded friends at the local watering
The New York Times’ Charles Bagli, more info; Association of Real Es- The Newark area gala will showcase hole, get drunk and chat about prop-
TUESDAY, JANUARY 19 badass dean of the economic develop- tate Women Finances workshop and a collection of current and new- erty. But the Association of Real Es-
ment beat (and a New York Observer seminar, 1290 Avenue of the Ameri- ly renovated commercial projects tate Women has taken that idea and
So, the first fairly obvious problem alumn), with panelists Tom Topou- cas, Duplex Room, 15th floor, 8 a.m., and feature words of wisdom from elevated it a notch or two: Instead of
with holding a business-card-ex- sis of the New York Post, Amanda www.arew.org] Marc Berson of the Fidelco Real- meeting at just any old bar, they’re
change party at a barbecue joint is, Fung of Crain’s and our very own El- ty Group and Gus Milano of Hartz holding their soiree at the 21 Club. So
well, just really fairly obvious. But iot Brown. SATURDAY, JANUARY 23 Mountain Industries. “Urban De- expect some class at this fiesta, ladies.
once you get past the challenges of [Municipal Art Society Grand Cen- veloper’s Night,” meanwhile, will be … The New York Commercial Real
handling barbecue sauce and small tral Terminal walking tour, meet at For those poor souls for whom saggy Estate Women will kick off 2010 with
pieces of cardboard simultaneously, the information booth, main con- jeans kept them far removed from its Industry Spotlight Series, which
the Evantz Saint-Gerard & Dean course, Grand Central Terminal, the Manhattan club scene, or those this week turns its gaze to “Global
Graber–sponsored Nassau-area net- 12:30 p.m., www.mas.org; “Fair sad, sad state-school graduates who Trends in the Capital Markets.” Al-
working event promises to be a fun Deals? Fair Coverage? Reporter were snubbed by the Harvard Club, ixPartners managing director Den-
or an odd way for real estate brokers, Roundtable on Two Big Deals from the talented tour guides at the Mu- nis Yeskey will weigh in on the global
developers, builders and attorneys ‘the Boom’” breakfast roundtable, nicipal Art Society are offering an all- trends to look out for in the Teens. …
to break bread together. Just keep N.Y.U. Washington Square Campus, access pass inside Manhattan’s most Getting an ad message across to a po-
it clean, guys. … Kenneth Springer 8 a.m., R.S.V.P. at www.scps.nyu.edu/ privileged social clubs. Indeed, the tential mark can be difficult. For one,
first made his name as a fraud inspec- schackpressevent] “Midtown=Clubland!” tour will hit you need a good gimmick—some-
tor for the Federal Bureau of In- midtown landmarks like the Union thing that’ll get ’em buzzing and, in
vestigation. Now the president and THURSDAY, JANUARY 21 League and the Century Associa- turn, spending their dough. For this,
founder of his own investigative firm, tion, allowing rare glimpses into a the nationally renowned entertainer
Mr. Springer is taking his show on the Perhaps the biggest real estate event world where men still wear top hats Lady Gaga will be a featured speaker
road in the post-Madoff era, and the of the year, the Real Estate Board and everybody eats heaping serv- when the Real Estate Board of New
National Realty Club is hosting the of New York will host its 114th An- ings of bald eagle for breakfast. And York hosts its seminar “Write for
sleuth for a speaking engagement nual Banquet, with major awards ex- for wayward sailing enthusiasts, the Success: Getting Your Ad Message
that’s expected to touch on the sordid pected to go to Sandy Lindenbaum, tour, which includes a stop at the Across” at the group’s weekly break-
side of the private-equity and capital Robert Knakal, David Greenbaum, New York Yacht Club, could provide fast club series. (Note: Lady Gaga, in
markets. Should be spooky. Todd Korren, Ralph DiRuggiero a once-in-a-lifetime opportunity to fact, will not be speaking at the event.
[Nassau Business Card Exchange, and Frederick Peters. The event, rub shoulders with current and for- Instead, Teri Pomerantz of Corpo-
the Spare Rib, 600 West Old Country which is a full 32 years older than mer commodores of the Gipsy Moth followed by the Sixth Annual Urban rate Communication Services will
Road, Hicksville, Long Island, 6 p.m., the Academy Awards, is sure to cap- IV, to name but one example of the Music Awards, which will feature do her best to be informative on the
email [email protected] for more ture the buzz this month. … But as kind of mind-blowingly famous peo- the dope rhymes of Fabolous, 2L8 topic.) … To truly understand New
info; National Realty Club “Due Dili- star-studded as the REBNY ceremo- ple still cavorting at such fancy-pants and Young Money. … Speaking of York City, one might reason, you need
gence in the Post-Madoff Era” sem- ny threatens to be, don’t count out social clubs. Young Money, the Young Mortgage to start with Lower Manhattan. With
inar, the Friars Club, 57 East 55th the 2010 Annual State of the Insur- [Municipal Art Society “Midtown= Bankers Association is hosting a that idea in mind, the guides of the
Street, noon, www.nationalrealty- ance Industry seminar, which prom- Clubland” walking tour, meet at the seminar called “Beyond the Banter: Municipal Art Society are continu-
club.com] ises to be even more scandalous than northeast corner of Park Avenue and What’s Really Happening with Note ing the nonprofit’s weekly downtown
last year’s event. Michael De Chiara 37th Street, 2 p.m., www.mas.org] Sales?” Need we say more? Doubt it. walking tour, which will include visits
WEDNESDAY, JANUARY 20 of Zetlin & De Chiara and Rosemary … As Kermit the Frog once said, “It to Wall Street and at least a few really
Scanlon of N.Y.U.’s Shack Institute SUNDAY, JANUARY 24 ain’t easy being green.” Doug- old churches.
When, in 1975, the New York State Su- of Real Estate will lead a panel of ex- las Durst (pictured) and [Association of Real Estate Wom-
preme Court struck down Grand Cen- perts in a not-to-be-missed insur- At the turn of the century, a few other environmen- en networking soiree, the 21 Club, 21
tral’s landmark status, the Municipal ance extravaganza. … Now that even city planners envisioned tally friendly develop- West 52nd Street, 6 p.m., www.arew.
Art Society and Jacqueline Kenne- your mom is tweeting, it’s no surprise a subway system worthy ers might disagree, org; New York Commercial Real Es-
dy Onassis went into action, spark- that the architects of the world want of attractive design and but for the most tate Women 2010 Capital Markets
ing a campaign that would eventually to do it, too. To that end, the Ameri- great beauty. More part, it’s generally seminar, UBS Building, 1285 Avenue
save the vaunted terminal from be- can Institute of Architects is host- than a century later, agreed that building of the Americas, 6 p.m., www.nycrew.
coming an office tower for Penn Cen- ing “Why Blog, Text and Tweet: Tips the city’s hundreds of green is no walk in the org; Real Estate Board of New York
tral Railroad. So it’s no surprise that and Tricks” and, well, you may as rails and trains have, in- park. That’s why the Residential Breakfast Club, REB-
each Wednesday, the talented MAS well learn sooner rather than later, deed, been transformed nonprofit Solar One is NY Mendik Education Center, 570
guides return to the scene of near right? Right. … The Metropolitan into public works of art. hosting a free workshop Lexington Avenue, 9:30 a.m., email
disaster for an informative walking New York Chapter of the Apprais- Consider graffiti— aimed at showing prop- [email protected] for more info;
tour of the terminal’s magnificent al Institute is holding its two-day most notably by erty owners, share- Municipal Art Society “Downtown,
Beaux-Arts interiors. … Have burning “Appraisers Course” on Thursday, the artist/gang holders and manag- Where New York Began” walking
questions about Stuy Town? Starrett Jan. 21, and Friday, Jan. 22. The rest Dominican’s ers how to make tour, meet at the Downtown Informa-
JAMES HAMILTON; JAYWOOD UK
City? Or, more pressingly, do you ever is self-explanatory. … Putting mar- Don’t Play— their buildings tion Center, 55 Exchange Place, Suite
wonder how the media decides what ket volatility and risk in perspective but also the good and green. 401, 12:30 p.m., www.mas.org]
to cover and how when it comes to is never easy to do, but Association performance [Industrial and
big-time real estate? You do? Wow, of Real Estate Women members artists regu- Office Real Estate Calendar items can be sent to
we’re flattered! N.Y.U.’s Schack In- Sheila Soufian and colleague Robert larly found BrokersAssociation Jotham Sederstrom at jseder-
stitute of Real Estate is hosting a Stansbury intend to help put attend- sleeping on second annual “Ur- [email protected].

3Rd\SbÙNcRRe]R_VR[PRQN[faUV[T^bVaRYVXR" )
FRaN`dRORTV[aUR[RdfRN_\b_àRNQSNàP\ZZVaZR[aa\Y\[TaR_Z
_RYNaV\[ÙV]`N[QT_\daU]_RcNVY`N[QdR_RZNV[N`T_NaRSbYN`RcR_a\
aU\`RdU\Y\\Xa\b`S\_àNOVYVafN[QYRNQR_ÙV]A\\b_aR[N[a`
N[QaUR;RdF\_XO_\XR_NTRP\ZZb[VafdR`Nf
dXQ^[
i_e
Douglas Durst Jonathan Durst
DRR`]RPVNYYfNPX[\dYRQTRaURS\YY\dV[TV[QVcVQbNY`N[Qº_Z`dVaUdU\ZdRd\_XRQ`\PY\`RYfN[Q`bPPR``SbYYfV[" )'
BQ^Ti1RU^TZ_Ûc\Q^W\QcQ\\U@Qe\1]bYSXSRbYSXQbTU\\YcY^SCdUfU^2U\\g__TS_\\YUbcQRb
CUQ^2\QS[ Z_Ûc\Q^W\QcQ\\U1\UhQ^TUb3XeT^_çSecX]Q^gQ[UVYU\TY^S;UYdX3_Ti SRbYSXQbTU\\YcY^S
=_d_[_3e\`bUTQSY^S=YSXQU\4eRY^cQfYdd`QbdÛbc\\SCXQ^^_^6Q\\_^Q]UbYSQÛaeYdi`QbdÛbc\\S
2U^6bYUT\Q^TSRbYSXQbTU\\YcY^S@QdbYSU8QiTU^SRbYSXQbTU\\YcY^S>YS_\Q8UbiUdS_\\YUbcQRb
JUf8_\j]Q^ cdeT\UiY^S:ecdYÛ:QfYUb2_bZQSecX]Q^gQ[UVYU\TY^SCS_dd@Q^jUb Z_Ûc\Q^W\QcQ\\U
1]Q^TQCQ\dj]Q^ Z_Ûc\Q^W\QcQ\\U2_RCQfYddcQfYdd`QbdÛbc\\S1\Q^CSXgQbdjW\UÛaeYdYUc\dT
:_^QdXQ^CUb[_SecX]Q^gQ[UVYU\TY^S:_X^CXUUXQ^ TU\]X_bcdcXUUXQ^Y^S
7bUWWC\_d^YS[ XU\]c\UicÙQb\\S5cdXUbCgYUSQ Q]UbYSQÛaeYdi`QbdÛbc\\S Member
®
R E A L E S TAT E B O A R D O F N E W Y O R K

TRI-1599 TrinityThankU-OBSVR.indd 1 1/18/10 6:36:39 PM

Commercial Observer - REBNY Special Issue Full

Uploaded by

Copyright:

Available Formats

Commercial Observer - REBNY Special Issue Full

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Commercial Observer - REBNY Special Issue Full

Uploaded by

Copyright:

Available Formats

Who is the new chair of REBNY?

Who is the new chair of REBNY?

What are some of the major commercial leases mentioned in the issue?

What are some of the major commercial leases mentioned in the issue?

LEASE BEAT POWER BROKER DATA GALORE!

40 West 53rd Street gg Swig’s Todd Korren Top Financing,

Simply the Finest Flexible Office Space Solution

10 Prospective Tenants 32 Building Stories:

22 The Lead Indicator 30 The Power Broker: 46 Calendar

2 January 19, 2010 observer.com | the commercial observer

JAMES D. KUHN BRIAN S. WATERMAN HAL STEIN

L ANCE KORMAN JONATHAN T. FANUZZI 212-216-1628 slgreen.com

the commercial observer | observer.com January 19, 2010 3

Harbert: The End of the

4 January 19, 2010 observer.com | the commercial observer

William G. Cohen William G. Cohen Brandl Frey

Cushman & Wakefield, Inc.

500 MAMARONECK AVENUE Brandl Frey 250 WEST 57TH STREET

the commercial observer | observer.com January 19, 2010 5

Service, will continue as CEO for the New

Stuy Town Lenders

6 January 19, 2010 observer.com | the commercial observer

Sample Floor Plan

FOR MORE INFORMATION, PLEASE CONTACT

the commercial observer | observer.com January 19, 2010 7

to include a fitness center, commu- shake” on another 61,721 square feet,

Zell Buys Out

CBRE’s Steve Siegel: Real Estate Will

Mikael Nahmias, Managing Director [email protected] 212.709.0793

8 January 19, 2010 observer.com | the commercial observer

From New York to the World of Retail

Our nine decades of experience and extensive global reach benefit

We salute the Real Estate Board of New York

The Brand Behind the Brands.

the commercial observer | observer.com January 19, 2010 9

Former Mitch Steir.

by advertising your deals in the

LIKELIHOOD WILL MOVE:

3.75 trucks (out of five)

10 January 19, 2010 observer.com | the commercial observer

125 East 118th Street.

Upper Manhattan’s Biggest

12 January 19, 2010 observer.com | the commercial observer

We are a national team of dedicated commercial real estate professionals with a

© 2010 Cassidy Turley.

the commercial observer | observer.com January 19, 2010 13

Take That, Kindle! Indie Bookstore

17 Eighth Avenue this week. With it will come

LEASE OF THE WEEK

Triennale Design Museum

14 January 19, 2010 observer.com | the commercial observer

16 January 19, 2010 observer.com | the commercial observer

The purchase of the fee simple interest

200 Varick Street 420 West 45th Street

National Payment - Steven Rotter - Jones Lang LaSalle

18 January 19, 2010 observer.com | the commercial observer

L.A. Law Firm Grabs Three

ON DEADLINE: BROOKFIELD’S WFC PLANS

20 January 19, 2010 observer.com | the commercial observer

When the Levy Breaks

The 2010 Real Estate

$!"" # Interactive Creations, Inc.