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January 14, 2010 
 
 
 
Monday (1440 Broadway) -
 
A BETTER '10?

Take advantage of our low price to see three of the country’s leading figures in capital markets take on the topic at our next Bisnow Breakfast & Schmooze: the future of credit, construction financing, and the CMBS market. PennerSonnenblick, and Portner. One morning only. Jan 26, NY Bar Association. Sign up now!

 
A rough ‘09 hasn’t stopped you from celebrating hopes of a better ’10—REBNY prez Steven Spinola tells us over 2k of you have RSVPed for its 114th annual banquet next Thursday at the Hilton.
 
A more positive feeling has emerged over the past few months, he says, and he hopes that the banquet is noisy—if you can’t hear each other, it’s a success. Among the expected: Mayor Mike and planning and fire commissioners Amanda Burden and Salvatore Cassano. The evening’s honorees: Vornado’s David Greenbaum, Kramer Levin’s Sandy Lindenbaum, Massey Knakal’s Bob Knakal, Paramount Group’s Ralph DiRuggiero, Warburg Realty’s Frederick Peters, and Swig Equities’ Todd Korren. Don’t feel left out—there’s still time to register. Bisnow will be there!

SLOWING THE SLIDE
 
CBRE office guru Matt Van Buren (right, with CBRE’s Phil Palmer and Ellen Rudin

This past summer wasn’t just about an uptick in leasing activity— tenants began withdrawing and absorbing sublease space as they became more confident in their needs and pricing certainty, we learned yesterday from CBRE office guru Matt Van Buren (right, with CBRE’s Phil Palmer and Ellen Rudin) at its 4Q media b'fast. December’s leasing numbers exceeded the 60-month average, and a 14-15% availability rate should be the peak, he adds. Asking rents are showing a much slower decline, and taking rents, which at their best accounted for 95% of the asking price, jumped from 67% to 83%, one-third up from the bottom.

Global brokerage chair Steve Siegel says keep it in perspective—NYC is starting at a higher level than past downturns and rents will rise rapidly thanks to halted construction and a lack in new product. We snapped him here with CBRE’s Brad Gerla and Sheldon Cohen. Don’t believe predictions that Downtown will turn into a ghost town, he adds. The 24/7 market is returning, and people want to live in NYC for its safety and resiliency. Additionally, he notes that there are major financial service and technology firms that are hiring and seeking additional space.

49 YEARS FOR $150M

 
483 Broadway, including Yellow Rat Bastard
Aurora Capital Associates, headed by Bobby Cayre, together with partner Alex Adjmi, has acquired a $150M, 49-year master lease for four floors at 483 Broadway, comprised of 40k SF. The transaction encompasses the sub-basement, lower lever, ground floor, and second floor, three that are occupied by retailer Yellow Rat Bastard and the second that is vacant. The new holders’ immediate plan is to lease the second floor office space, while future plans call for combining the 40k SF into a major flagship retail space. Bruce Kaye repped building owner 483 Broadway Realty Corp in-house.

SYSTEM ABUSE
 
Ralph Acampora of Alverita at the Helmsley Hotel
We also dropped by the Helmsley Hotel yesterday to hear Wall Street tech analysis maven Ralph Acampora of Alverita discuss the economy, at IREM NYC’s monthly luncheon. We, as individuals, abused the system and the SEC didn’t do anything, he says: “We forgot what capitalism is and now we have to fix it. He feels that perception is reality in the stock market, and emotions have poisoned people—like the dot-com euphoria. Forget a depression; we’re just back to the stock market of the ‘60s and ‘70s, he says. We can have a 4-5% GDP growth, even though it will go back down.
 
Penmark Realty Corp.’s Jeffrey Klarfeld (IREM chapter prez) and Jack Barouh flank NAI Long Island’s Frank Socci
Penmark Realty Corp’s Jeffrey Klarfeld (chapter prez) and Jack Barouh flank NAI Long Island’s Frank Socci. Frank tells us that in their sector, members say there’s been a slight uptick in activity, even though it may not mean new business—but it’s still a good sign. The association also installed three new accredited commercial managers yesterday: NAI Long Island's Nancy Scoca and Joseph Sofield and Urstadt Biddle Properties's Daniel Logue.

UPCOMING EVENTS
 

January 26 - Bisnow Breakfast & Schmooze - Capital Markets -Penner, Sonnenblick, and Portner talk the future of credit, construction financing, and the CMBS market, among other issues. NY Bar Association, crazy low price. Info

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