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January 21, 2010 
 
 
 
Monday (Success \'09) - l
 
SILVER LININGS

Just days away: Three of the biggest names in capital markets, Penner, Sonnenblick, and Portner take on the topic at our next Bisnow Breakfast & Schmooze: the future of credit, construction financing, and the CMBS market. Jan 26, NY Bar Association, crazy low price. Sign up now!

 
Although transactional volumes have bottomed out and appear on the upswing, asset prices will continue to slide until employment bottoms, says Massey Knakal chair Bob Knakal, recipient of tonight’s REBNY Louis Smadbeck Broker Recognition Award.
 
Massey Knakal chair Bob Knakal

He tells us his business is now focusing on banks and special servicers, who are beginning to loosen up. But how much strength the recovery will have depends on the impact of the Fed’s exit strategy and how employment will be affected by the potential tax environment; we’re also experiencing record governmental spending and massive deficits, which can increase taxes and further hurt the market. Outside of work, the first-time father is busy keeping up with his 14-month-old daughter, as well as serving as president of both Ice Hockey in Harlem and the Prescott Foundation for Children.

Warburg Realty Partnership president Frederick Peters

We also met with Warburg Realty Partnership president Frederick Peters, who's receiving the Kenneth R. Gerrety Humanitarian Award. Did you know that before real estate, Fred was a composer going for his doctorate in music composition? He’s been promoting the creation of new music for the past three decades and chairs Meet The Composer, an advocacy organization that creates opportunities and residencies for composers. On the real estate side, Warburg’s been focusing on next gen marketing, using social networking and blogs versus print advertising—tools that have been effectively increasing traffic for the firm, he says.


A MAKEOVER FOR 777 THIRD?

 
777 Third Avenue

Ding-dong, Avon calling 777 Third Avenue! The company announced that it’s relocating its North American HQ to 246k SF in the Midtown East building for a 15-year term. The move will finish 1Q11 and involves 900 associates, as well as certain corporate functions located at 1251 Avenue of the Americas. CBRE's Jon Zuckerman and Len DiMicelli, along with Cushman & Wakefield’s Dale Schlather, represented the tenant, while Jones Lang’s Frank Doyle and Peter Riguardi, along with Sage Realty’s Michael Lenchner, represented owner The William Kaufman Org.


AT LEAST WE HAVE THE JETS
 
Jim Hedges of Brookfield Properties

Our DC reporter caught NY’s own Jim Hedges of Brookfield Properties at a DC/MD NAIOP forecast yesterday in Bethesda, MD. Jim says net effective rents dropped 40% overall in Manhattan during ‘09. With more auctions and distressed sales on the horizon, he predicts prices will stay low, referencing the Wall Street Journal headline: “Rents Signal Rise of DC, Fall of NY.” (We still have the better football team, though.) The silver lining in ’09—REITs were able to raise equity/debt to the tune of $33B nationwide and opportunistic buyers will continue to take advantage of “the carnage” this year. Foreign investors, REITs, and non-traded REITs, will step up next year, but good quality product will be scarce nationwide


NETTING A NEW OFFICE

 
Stan Johnson's Daniel Herrold

Oklahoma-based net lease brokerage firm Stan Johnson Co. is expanding into five new markets, including the Big Apple. Why NY? Daniel Herrold, who’s leading the expansion, says it’s a client hotbed, despite having less lease properties than elsewhere. Plenty of money is coming out of NY, from the mom-and-pop investor to REITs like Lexington Realty Trust, which Stan Johnson helped with past dispositions. This will give the firm a chance to be closer to these clients and potential properties. He adds that many investors are doing well, despite low numbers in other investment types.


TAKE IT ALL
 

This morning, SL Green announced it's now the sole owner of 100 Church Street, a 1M SF office tower, following the foreclosure of the senior mezz loan at the property. Previously, SL Green had a 50% interest in the loan (plus two other mezz loans). At closing of the foreclosure, Gramercy transferred its interests to SL Green, which will operate the building with its in-house management team. Lobby renovations are in the works, and Newmark Knight Frank’s James Kuhn and Brian Waterman will lease the 42% occupied building.


UPCOMING EVENTS
 

January 26 - Association of Real Estate Women - Networking Cocktail Reception - A stylish soiree at one of New York's most venerated private spaces, the 21 Club. 6-8pm. Info

January 26 - NYCREW - 2010 Industry Spotlight on Finance, with AlixPartners' Dennis Yeskey - 6-8:30pm. Info

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

January 27 - NAIOP NYC - '09 Office Overview and '10 Outlook, with Jones Lang LaSalle's Peter Riguardi - 6pm-8:30pm. (Info)

 
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