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January 6, 2011 
Monday (Macy) Left

RSVPs are rolling in for Bisnow's New York Multifamily Summit. Start 2011 by networking with old friends and edifying yourself with help from our all-star cast of experts. Jan. 28 at the NY Bar Association. Early bird pricing available now!

It’s encouraging how quickly the Manhattan housing market rebounded since the credit crunch began, says Prudential Douglas Elliman CEO Dottie Herman, whose firm just released its quarterly overview with Miller Samuel. Dottie will speak on the state of the NY market at Bisnow’s annual Multifamily Summit on Jan. 28.
Prudential Douglas Elliman's Dottie Herman
Among PDE and Miller Samuel’s Q4 findings: a return to the normal distribution of sales, a comeback of both the luxury and middle market, a continuation of stabilized prices, and a modest level of inventory seen in the preceding quarter. Since Q4 '09, average sales price rose $1.5M, up 14.4%, while the number of sales fell 7.2% to 2,295. And the average days on market was 125, down from 204 this time last year. Want to hear more? Join Dottie as she discusses key multifamily trends at our event, which also features The Brodsky Org’s Dan Brodsky, Related Cos’ Bruce Beal, Jonathan Rose Cos’ Jonathan Rose, AvalonBay’s Fred Harris, Meridian Capital Group’s Ralph Herzka, Freddie Mac’s Mike Edelman, PREI’s Chip Walters, Dermot’s Stephen Benjamin, WeiserMazar’s Ron Lagnado, and Abacus Capital Group's Benjamin Friedman. Great networking too! Register here.

Meanwhile, Across The Hudson...
600 Horizon Center Dr in Hamilton, NJ
What’s our neighbor up to these days? A large lease, for one. Yesterday, Mack-Cali announced that Verizon New Jersey signed a five-year extension at 600 Horizon Center Dr in Hamilton, where it leases the entire 95k SF building. The deal, brokered by Cushman & Wakefield’s Marc Rosenberg, is good for the Garden State, considering that corporate restructurings countered Q3’s 655k SF of positive net absorption in Northern and Central Jersey’s office market. Grubb & Ellis NJ director of research and marketing Stephen Jenco tells us that 688k SF of negative net absorption occurred in Q4. The overall office availability rate was just above 23% at year end, compared to 22.6% in ‘09, while more than 35.6M SF of direct and sublet space was being marketed in ’10, compared to the previous year’s 34.7M SF.
Jersey City, NJ skyline
Despite the fluctuating quarterly absorption figures, Stephen says the office market (above: Jersey City) exhibited subtle signs of improvement, and the decelerating volume of negative absorption could indicate that companies have completed restructurings of excess real estate holdings. That, combined with increased demand, would help stabilize the Northern and Central NJ office market in the year ahead, he predicts. His forecast: Many biz sectors have been reluctant to expand payrolls and make significant investments, which have curbed additional office space requirements. As a result, corporate relocations and restructurings—rather than significant real estate expansions—will likely define much of the market until the economic rebound gains traction, he says.
Port of Elizabeth, NJ
Northern and Central Jersey’s industrial market (above: Port of Elizabeth) also had alternating quarters of negative and positive absorption, thanks to “the ongoing struggle waged between and supply and demand,” Stephen says. But an uptick in industrial requirements led to 3.4M SF of positive net absorption in Q4, and overall, the market saw 9.4M SF of positive net absorption for the year. This was in stark contrast to the 22.1M SF in the red in ’09, he points out. Going forward, expect a relatively empty construction pipeline and expanding industrial requirements, which will help stabilize the availability rate (now 12.5%, its lowest since early ’09).
Princeton Forrestal Village in Princeton, NJ
In another NJ deal, an entity controlled by Investcorp purchased the 549k SF Princeton Forrestal Village in Princeton for $55M. What do they get? A 42-acre campus with 10 freestanding office, retail, and restaurant buildings, with a lifestyle environment that includes pedestrian bridges, fountains, tree-lined streets, and gardens. (You know, typical New Jersey stuff.) It also includes a 294-key Westin Hotel (under separate ownership), a Ruth’s Chris Steak House, Salt Creek Grill, and Tre Piani restaurants. There’s also significant upside opportunity through the lease-up of vacant suites and potential conversion of certain retail suites to medical office use, particularly because of its one-mile proximity to the 630k SF University Medical Center of Princeton at Plainsboro under construction. CBRE’s Jeffrey Dunne, Kevin Welsh, and David Gavin repped the seller and procured the buyer.
We're not just about The Big Apple. Send your NJ, Westchester, Fairfield, and Long Island story ideas to amanda@bisnow.com
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