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November 10, 2009
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SWEEPIN’ THE
CLOUDS AWAY
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| Sure, our headline references Sesame Street’s 40th birthday today, but sunny days really are coming back to real estate. The first half of the year may have been the low point in transactional velocity, but going forward, we should see an increase in opportunities, says Marcus & Millichap’s Edward Jordan and Peter Von Der Ahe. |
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| There's been a tremendous downward pressure on values, and investors are demanding higher yields to compensate for risk, management, and illiquidity, Edward says. Owners and investors who couldn't see past the short-term now have some clarity and people can start making fact-based decisions. Expect more transactions as they come back to the market, he continues; the new market players will be in a strong cash position, so we should see more generational opportunities and new wealth created. Underwriting is no longer grounded in fiction. |
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| Peter adds that he’s seen more foreign investors in the past six months than in the past two years. One listing, the mixed-use, pre-War 200 Park Avenue South, attracted both international and domestic bidders looking for quality, appreciation, location, cash, and a five-to-ten year horizon, he adds. Edward tells us deals over $15M are still rare, and $50M is about the limit for financing ease. Meanwhile, the firm continues to engage in special asset work, assisting lenders with valuation and disposition of bank-owned assets. |
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A LIVING LANDMARK
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Mary Hilliard
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Congratulations to developer and Kaufman Astoria Studios chairman George Kaufman, recently honored at the New York Landmarks Conservancy’s Living Landmarks awards gala for his contributions to New York. Here, Bill Cosby and Liz Smith present the award to George, who was honored along with district attorney Robert Morgenthau, theater man Tommy Tune, philanthropist Baroness Mariuccia-Marimo, Newman’s Own co-creator A.E. Hotchner, and fashion photographer Bill Cunningham. George elevated Kaufman Astoria Studios to a world-class entertainment and production center, igniting a new filming boom in NYC.
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Given that today is Sesame Street’s birthday, we couldn’t resist including this picture we snapped of George with Kaufman Astoria prez Hal Rosenbluth and Elmo last year during the groundbreaking of its new $22M production studio. Sesame Street has called Kaufman Astoria Studios home since ’93, and Bill Cosby’s show also filmed there for nine years.
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STAND UP GUY!
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Richard Lewin
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| If you’ve heard CB Richard Ellis chairman of global brokerage Steve Siegel speak on a panel, you know he can drop some great puns and zingers. But did you know Steve—moonlighting as “Shecky”—is also a stand-up comedian? Last week, he performed as part of David Moore's Funny Business for charity at Caroline’s, joining fellow corporate execs Jonathan Tisch of Loews Corp. and Stew Leonard’s Stew Leonard Jr., among other comedians. Here's a sample: “I asked my wife if she would love me when I'm old and fat. And she said, 'I do!’” The event raised money for the Mayor's Fund for NYC's Learn to Swim program. |
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LONG ISLAND’S GOT HEART
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| The Long Island Real Estate Group, continuing its tradition of charity to real estate-related projects in Nassau and Suffolk Counties, recently donated $75k to three groups, allowing them to construct or renovate facilities. Here, LIREG charity committee chair Peter Schapero and prez David Einbinder present a $25k check to Carol Gardener, exec director of Fitzgerald House, which will use the funds to renovate a home in Wheatley Heights for homeless vets. The two other recipients were the Sid Jacobson Jewish Community Center and Family Service League. |
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| UPCOMING EVENTS |
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November 11 - Young Jewish Professionals Real Estate Network - Networking and panel: Norman Sturner, Steve Witkoff, Stephen Siegel, Howard Michaels,Stanley Chera, Lloyd Goldman. Open bar & hors d'oeuvres. Info
November 11 - YREPYNY - Leverage social media to build brand, foster community and drive revenue. Webinar. Info
November 12 - AREW - Breakfast Seminar Series, w/ behavioral analyst and comedian Tim Davis on understanding how clients listen, react, and decide to buy. 8:00-9:30 AM. Haworth Showroom. Info.
November 12 - ULI NY & PWC - kick-off marking the publication of Emerging Trends in Real Estate 2010. NYC experts discuss the trends and forecasts in the report. 7:30-9:30 am - The Union League Club Park Avenue at 38 East 37th Street, Manhattan. Info
November 13 - SMPS Foundation Think Tank: "Breaking through the Commoditization Barrier and Creating Strategic Advantage" for A/E/C Firms - Networking reception Nov. 12. McGraw-Hill Companies, 1221 Avenue of the Americas. Info
November 17 - NRC - Real Estate and the Media - How the real estate business is viewed in the press; what you can to raise your media profile. Info
November 17 - REBNY - Members Luncheon - Real Estate, The Economy and Washington D.C.: What Does It all Mean For NYC 11:45 A.M. – 2:00 P.M. New York Hilton Hotel Grand Ballroom. Registration required. djones@rebny.com
November 18 - Uniting Against Lung Cancer, "Strolling Supper with Blues & News." Performance by Grammy-Award winning blues artist Delbert McClinton. Tix start at $300. Call 212-627-5500 or click here. 6:30-9:30pm - Manhattan's Gotham Hall, 1356 Broadway.
November 19 - REBNY - Inside Secrets of Top Brokers - Residential - 5:30-7pm - Registration Required. Members Only. Location: Mendik Education Center, 570 Lexington Avenue.
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This issue has been brought to you by the letter B. Send story ideas to amanda@bisnow.com
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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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