Pryor Cashman's Bash
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|And distress was the word last night at Pryor Cashman's Times Square Tower office last night-there's a light at the end of the tunnel, say the firm's real estate co-chairs Todd Soloway and Wayne Heicklen, whom we snapped at the inaugural RE gathering at its new 100k SF space, a move and expansion from 410 Park Ave. They're conducting high-profile workouts, and report that certain buildings are beginning to move from the distressed pool into workouts-and some are even graduating into stabilization.|
|Pryor Cashman partner Ron Kremnitzer, with Massey Knakal's Bob Knakal, tells us that he's seen his workload shift from representing the buyer (including one who purchased $1B worth of multifamily, in which he repped 800 buildings, some with Bob) to the leaser. His assignments have increased dramatically, especially in retail-he repped Mario Batali and Joe Bastianich for Eataly, Scott Conant's Scarpetta and Faustina restaurants, and LDV Hospitality for its four One Penn Plaza eats, Lenny's, Lucy's, Local West, and Lugo (he's known owner Lenny Chu since he was "mopping the floor," and now has 1k employees). He's also done work with names like Tommy Mottola, Dan Aykroyd, Martha Stewart, and Brunco Bich(pronounced "bic"-and yes, he's behind the ballpoint pen).|
|Diversified Realty Advisors' Jonathan Stein, SL Green's Andrew Levine, and Ackman-Ziff's Simon Ziff. Jonathan's in the business of distress, and tells us he's been buying notes in Manhattan, the boroughs, Jersey, and Pennsylvania. Overall, not many transactions are getting done in the market, he says, but Diversified has a deep capital base for such deals. (In September, we reported that the firm purchased a $48M non-performing construction loan for a mixed-use condo building in Hudson County, NJ, from a four-member consortium of banks, representing one of the region's largest bank note acquisitions at the time).|