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August 6, 2009
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CHAMELEON & CLIMATE CHANGE
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| Information belongs at your fingertips. For up to the minute listings, sales reports, and industry chatter, from one of the most respected names in NYC, check out Massey Knakal's news page. More info. |
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| With 20 years in the industry, Belkin Burden Wenig & Goldman partner Daniel Altman has seen the ups and downs of the market, so we visited his Madison Avenue office for a take on what he calls a challenging time. In order to survive, you have to be like a chameleon and change with the situation, he says. |
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| That's what enabled the firm to close on one of 1Q’s largest sales, a Garment District mixed-use building for $45M, he says. He also negotiated a deal that helped KMG Partners, owner of a 224-unit Brooklyn garden apartment complex, restructure its debt and avert foreclosure possibility when its original lender agreed to take an equity stake in the property. Not long ago, it would have been unheard of for a lender to take such an equity stake, he says, but today’s economic challenges forced the lender to reassess its position and make a deal. |
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He hasn’t seen many REO assets yet (perhaps he should look in the fiction section of that library), but says banks may soon start taking back properties; as of now, lenders’ game plans have been to keep borrowers afloat. He’s seen an increase in bankruptcies, especially retailers, restaurants, and small biz owners. On the leasing side, tenants are going for rent reductions and deferrals, with landlords cooperating rather than see vacant spaces. When not counseling clients, Dan’s an avid runner and has completed three NYC marathons. He’s also vice chairman of the Children’s Tumor Foundation, a national not-for-profit dedicated to improving the well-being of individuals affected by neurofibromatosis.
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LAST NIGHT WITH CODEGREEN
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| Last night, we joined CodeGreen Solutions at the American Museum of Natural History and snapped CodeGreen’s Patricia Lee, Cassie Corless, Stephen Rizzo, Chris VanderWeyden, Chris McKinley, Gillian Sciaretta, and Diana Rodriques. The firm set up an after-hours tour of the museum’s Climate Change exhibit as a thank you to clients who are taking substantial steps towards sustainability in their buildings and office space. They finished the night with cocktails and hors d'oeuvres at nearby Vai. |
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| Morgan Stanley’s Andrea Mangroo, Natalie Wigginton, and Gay Schaye were among the 40 tour-ees. The firm is working on projects with CodeGreen, but unfortunately, they couldn’t divulge what. CodeGreen is currently greening over 60M SF of property nationally, including over 5M SF that has achieved LEED certification in NYC. It also has the most LEED-EB projects in Manhattan, including SL Green’s 100 Park Avenue, which recently nabbed Silver certification and 1221 Avenue of the Americas. |
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MC Energy’s Todd Schwartz (second from left) with Cushman & Wakefield’s Gwen Sheinfeld, Eric Duchon, and Eleni Reed. Museum curator Judith Cubbon gave the grand tour, noting that this is the first time in history that climate change has been caused by us, and it’s real. She brought us through the timeline, 1600-present, and how CO2 is impacting global warming. “We don’t want to become like Venus,” she warns. Other focuses include how to become more eco-friendly (even if it means ugly fluorescent bulbs), how climate change is affecting weather, and clean electricity.
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| UPCOMING EVENTS |
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Tonight – NYCREW’s summer rooftop cocktail event (Info)
August 12 – REBNY’s commercial seminar on healthcare real estate opportunities (Info)
August 12 – CCIM’s benefits of membership networking breakfast (Info)
August 13 – Bisnow’s Breakfast & Schmooze on distressed assets (Info)
August 13 – National Realty Club’s cigar night at Cigar Inn (5:30-8:30pm; 1016 Second Ave.; $49.95 per non-member, Paypal to nationalrealtyclub@gmail.com)
Be more eco-friendly – send your story ideas to amanda@bisnow.com instead of the newspapers
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.
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