BY AL BARBARINO

The mere mention of “the need for creativity in real estate” sparks a sudden shift in Chrystal Engel’s otherwise stoic demeanor, as a wide smile overtakes her face. It’s a necessity in today’s real estate world, she says, raising a finger.

“You want to see? I’ll be right back,” says the Colliers International team leader, who oversees a portfolio comprising 1.5 million square feet, springing up from her chair, dashing from the room and returning in a matter of seconds with a large black scrapbook.

She wipes the dust from its cover and lays it across the conference room table, riffling through the pages with excitement.

Numerous renderings fill the pages. But they are not depictions of buildings, development projects, floor plans or other images related to commercial real estate. Rather, each page features a different insect-themed painting, created by Ms. Engel using ink on acetate paper.

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BY ROBERT KNAKAL

What a great year 2012 was for New York City’s investment sales business! While the final statistics won’t be available for a couple more weeks, I’m sure participants in the sales sector of the market will look back on the year as one of the great ones.

The fourth quarter of 2012 was, indeed, the fast and furious ride that was expected as far back as January of last year. I wrote a letter to thousands of property owners during the first week of January 2012 alerting them to the fact that the Bush-era tax cuts were set to expire at the end of the year and that a substantial increase in capital gains tax rates would tangibly impact after-tax proceeds of a sale (several times throughout the year, these potential dynamics were detailed in this very column. For instance, my Jan. 3 column was titled “Capital Gains Taxes: The Market’s Biggest Concern”).

knakal-silo-for-webAdd to this a not widely talked about, covert capital gains tax increase imbedded in Obamacare that would kick in after December, and it became clear that, if a property owner was considering a sale within the next few years, pulling the trigger in 2012 would be beneficial.

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BY ADELAIDE POLSINELLI

Being a broker can at times be a thankless job.

In many cases, no good deed goes unpunished, and sometimes the rewards must come from within. If you’re hoping for a pat on the back when you’re awarded an assignment, an offer is accepted, or a deal is running smoothly, you may be in for a disappointment. More often than not, recognition only comes when a problem arises.

A broker is the most sought-after participant in a deal when something goes awry. The broker—a likely scapegoat—usually bears the brunt of failed sales, missed appointments, deals retrading, buyers misrepresenting their financial abilities, sellers exaggerating the income of their property. Right or wrong, it all comes back to land on the shoulders of the broker.

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BY KARSTEN STRAUSS

With rents on a high and vacancy rates inching upward, the Midtown South commercial market may have reached its healthiest point.

Both Midtown and Midtown South – perhaps the tightest market in the country –experienced an increase in vacancy rates this past year, according to numbers released Monday by Cushman and Wakefield, rising to 10.3 percent and 7.1 percent respectively.

Midtown South has seen a 71.1 percent increase in rent in the past decade. That submarket may have peaked, said Cushman executive director Andrew Sachs.

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BY BILLY GRAY

Canadian workout apparel maker lululemon athletica inked a four-month lease for a pop-up space at 1142 Third Avenue, across the street from its flagship store currently undergoing dramatic renovations.

The approximately 2,750-square-foot interim store replaces another temporary showroom from Uniqlo. More firmly rooted neighbors include Thierry Rabotin, Arden B and Bare Escentuals.

Douglas Elliman Retail Group Chairman Faith Hope Consolo and Executive Vice President Joseph A. Aquino represented the landlord, WM Westminster LLC. RKF represented the tenant.

lululemon has won a cult following for its relatively stylish yoga pants and other accessories that have become acceptable outside of funky Bikram studios. The company has six locations in Manhattan.

The 10,000-square foot lululemon branch at 1127 Third Avenue is being overhauled and should reopen in six months, Ms. Consolo told The Commercial Observer.

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