View this email in a web browser
image description
Commercial Observer
image description
Edited by Jotham Sederstrom | Jsederstrom@observer.com

image description
Wednesday March 06, 2013
image description

Real Estate Veterans Hit Forbes Billionaires List

BY GUS DELAPORTE

New York real estate veterans from Richard LeFrak to Sheldon Solow were featured on Forbes‘ annual list of the world’s billionaires. In total, 1,426 individuals made the list with a combined net worth of $5.4 trillion.

Richard LeFrak was the highest-ranked New York real estate titan on the list, at number 225 (number 69 in the United States), with an estimated net worth of $5.4 billion. Mr. LeFrak was number 63 on the 2012 Forbes 400 list of the richest people in America.

Stephen Ross followed, ranked at numbers 286 and 90 in the world and United States, respectively. Mr. Ross, who stepped down as chief executive of Related Companies in 2012, has an estimated net worth of $4.4 billion. He was ranked 83rd on last year’s Forbes 400 list.

To read the full story, click here.

Tribeca Pediatrics Inks Harlem Transaction

BY BILLY GRAY

The progressive children's medical facility Tribeca Pediatrics has signed a 10-year, 2,500-square-foot lease at 2111 Frederick Douglass Boulevard in Harlem.

It will be the organization's 10th New York City facility. Tribeca Pediatrics also has a location in Jersey City, New Jersey.

Douglas Elliman retail group Chairman Faith Hope Consolo and Executive Vice President Joseph Aquino, along with Arthur Maglio, represented the tenant and landlord, Tahl-Propp Equities. Asking rents were $80 per square foot, "a very nice number for Frederick Douglass Boulevard and 114th Street," Ms. Consolo said.

The opening of a new Tribeca Pediatrics branch is sometimes viewed as a bellwether of a neighborhood's transformation into an area popular with affluent young families. A Harlem outpost speaks to the famed neighborhood's ongoing gentrification and commercial metamorphosis.

To read the full story, click here.

Springs Global Inks Deal at 100-104 Fifth Ave.

GUS DELAPORTE

Brazil-based Springs Global, a company that manufactures home furnishings, has signed a 10-year lease for a 10,666-square-foot showroom at 100-104 Fifth Avenue. Asking rent was $60 per square foot.

Springs Global is moving from a neighboring building where it will sublease its space. 100-104 Fifth Avenue is jointly owned by the Kaufman Organization, also the landlord, and Invesco Real Estate. The lease was reported yesterday by Crain’s.

“This is a brand new showroom which is more efficient than the previously layout,” Grant Greenspan of Kaufman told The Commercial Observer. Springs Global’s brands include Springmaid, Court of Versailles, Dundee, Springs Home and Wabasso.

To read the full story, click here.

Wednesday's Must-Attend Real Estate Events'

MICHAEL EWING

Join Bruce Mosler, Cushman & Wakefield’s chairman of global brokerage, at the B’nai B’rith Real Estate Luncheon, where he will speak on the state of the industry and Manhattan.
B’nai B’rith Real Estate Lunch, Cornell Club, 6 East 44th Street, Ivy Room; 12pm, contact Aracelis Kuilan at (212) 885-7239 or akuilan@bdo.com for more information.

Join the president of New York Real Estate TV and Mortgage Observer columnist Michael Stoler for his sixth annual New York Real Estate Summit at the CUNY Graduate Center. Topics will include the retail and hotel marketplace and the sources of debt and equity for commercial real estate.
Michael Stoler’s Sixth Annual NY Real Estate Summit, City University of New York Graduate Center, Proshanksy Auditorium, 365 Fifth Avenue; 7:30am to 1:15pm, visit www.nyrealestatesummit.com or contact Michael Stoler at mstoler@madisonrealtycapital.com for more information.

image description
image description
image description
image description
image description
image description
image description
image description
image description
image description

FORWARD THIS EMAILSUBSCRIBEUNSUBSCRIBE

Visit the Commercial Observer for the latest in real estate news.

The New York Observer LLC | 321 W. 44th St. 6th Floor | New York, NY 10036

Banner photography by William Warby. Please read our Privacy Policy.

Copyright 2012 New York Observer