Wednesday July 25, 2012
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High Demand Signals Bright Future Ahead |
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BY ROBERT KNAKAL
New York City’s investment sales market, in the first half of 2012, had a far more uplifting feeling to it than the statistics reflect.
The main reason for this incongruity is that the volume of sales has increased marginally, but the number of buyers in the market has been overwhelming, which has precipitated a significant increase in value. This was particularly true in the second quarter; however, this influence will not be reflected until 2H12 transactions close and those numbers roll in. It is, however, interesting to look at what has transpired with investment sales volume in the first two months of the year.
In the first half of 2012, the total dollar volume of sales in the city was $14.2 billion, reflecting a three percent increase over the $27.4 billion total in 2011, if annualized. We expect this $14.2 billion of activity will more than double before the end of the year, anticipating more robust activity in the second half of the year as additional supply from sellers hoping to take advantage of this year’s low capital gains rates hits the market. In the second quarter of 2012, the total dollar volume of sales was $6.9 billion, the first time the quarterly total has dipped below $7 billion since 1Q11.
To read the full story click here
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Outbidding "Some of the Smartest Minds in Real Estate" and Other On-Market Horror Stories |
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BY ADELAIDE POLSINELLI
Almost every broker you speak with will tell you that they have the most extensive database of buyers for any given property on any given day, and that they will expose the deal to a universe full of prospective buyers.
They will boast about how wide their firm’s reach is and how important it is that you list with them in order to tap into their treasure chest of clandestine investors. Be it international, national, local or targeted, only they have access to the plethora of buyers every property must be seen by in order to garner a competitive atmosphere for bidding up the price on the market.
Almost every buyer you speak with will tell you that they prefer not to chase market deals, because the perception is that they have been picked over, shopped to death and cheapened by overexposure. Very few buyers will admit that they actually like to look at a property that everyone else is reviewing. Some will even whisper that they only want to view “virgin” deals.
Almost every seller you speak with will tell you that they just want the highest price.
So how do you reconcile all these factions into a successful sale?
To read the full story click here
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Mariana Antinori Heading to Madison Avenue |
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BY DANIEL EDWARD ROSEN
Italian luxury goods store Mariana Antinori will be opening up a new its first New York City location at 1244 Madison Avenue, The Commercial Observer has learned.
The store--which will sell custom jewelry, timepieces, and womenswear and menswear--will be moving into a 755-square-foot space that was formerly occupied by Seigo, a purveyor of bespoke ties and bow ties.
Faith Hope Consolo and Joseph Aquino, both of Prudential Douglas Elliman's Retail Group, represented 17 East 89th Street Tenants, Inc., the landlords of 1244 Madison Avenue. Sinvin Real Estate represented Mariana Antinori in the deal.
Asking rents in the ten-year lease are at $360-per-square-foot.
To read the full story click here
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As Talk of Gambling Heats Up in New York State, NGKF Adds Two to National Gaming Practice |
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BY DANIEL EDWARD ROSEN
Newmark Grubb Knight Frank has added two gaming industry veterans to its National Gaming practice, the firm announced last week.
John Knott III (pictured) and Michael Parks, both founders of CBRE’s Global Gaming Group, have been responsible for closing more than $3 billion in gaming property and land sales, including the sales of the Trump Marina in Atlantic City, Caesars Tahoe, Flamingo Laughlin, and Boomtown in Reno, Nevada.
The two will be tied to Newmark Grubb Knight Frank’s Las Vegas office, where it has over 100 professionals working “in concert with its affiliates,” the firm said in a press release.
To read the full story click here.
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