The Real Deal reports that Scott Lawlor's Broadway Partners is seeking a capital infusion at 280 Park Avenue. The building's interest reserves have been dwindling, and the partners have hired Edgerock Realty Advisors to help find investors, as was reported to Crain's Business News.
In 2007, Broadway acquired the 1.2 million-square-foot trophy property with Investcorp for around $1.2 billion. The building has around $440 million in outstanding securitized debt, and while the loan payments are current, reserves are only at around $36 million. To see the full article, please go here.
Showing posts with label commercial real estate news. Show all posts
Showing posts with label commercial real estate news. Show all posts
E.W. Howell's Advanced Energy Research and Technology Center named Green Project of the Year
E.W. Howell, a Long Island General Contractor, has achieved the esteemed “Green Project of the Year” from NY Construction magazine’s Best for 2010, for their Advanced Energy Research and Technology Center (AERTC) at Stony Brook University. The judges were an independent jury of industry experts who had the pick of 180 nominated projects. 31 of the 180 were award winners; the entry criteria included project management and client service, safety, design and functionality.
The AERTC project included new construction of a two-story 43,000-sf lab building designed by Flad Architects. The building is devoted to research on alternative fuels and energy conservation. The state-of-the-art building will be the most energy efficient building in the state, and only one of 26 in the nation to get the top platinum rating from the USGBC.
“While many buildings nowadays are being built to receive LEED certifications, very few are built for LEED Platinum” says E.W. Howell’s project executive Bob Timperio.
A LEED platinum building is a great achievement, marked by maximum energy efficiency in 5 distinct categories: sustainable site, water efficiency, energy & atmosphere, material & resources and indoor air quality. In order to achieve this, systems for rain water collection for flush toilets and landscaping requiring no irrigation was used. . During construction, at least 75% of construction waste was diverted to recycling sites and 20% of recycled building materials were used. The champion of the building, however, must be the solar panels on the façade of the building. The panels help to harvest the energy from the sun to use for the buildings daily functions and offer designers the opportunity for distinctive architectural impact, while reducing solar heat gains. All of these features are projected to have energy cost savings of 25%. For more information go here.
The AERTC project included new construction of a two-story 43,000-sf lab building designed by Flad Architects. The building is devoted to research on alternative fuels and energy conservation. The state-of-the-art building will be the most energy efficient building in the state, and only one of 26 in the nation to get the top platinum rating from the USGBC.
“While many buildings nowadays are being built to receive LEED certifications, very few are built for LEED Platinum” says E.W. Howell’s project executive Bob Timperio.
A LEED platinum building is a great achievement, marked by maximum energy efficiency in 5 distinct categories: sustainable site, water efficiency, energy & atmosphere, material & resources and indoor air quality. In order to achieve this, systems for rain water collection for flush toilets and landscaping requiring no irrigation was used. . During construction, at least 75% of construction waste was diverted to recycling sites and 20% of recycled building materials were used. The champion of the building, however, must be the solar panels on the façade of the building. The panels help to harvest the energy from the sun to use for the buildings daily functions and offer designers the opportunity for distinctive architectural impact, while reducing solar heat gains. All of these features are projected to have energy cost savings of 25%. For more information go here.
CB Richard Ellis reports NYC is retail priciest in the world
The Real Deal reports that NYC beats Sydney, with rents at $1,218 per square foot and Hong Kong, with $1,114 per square foot, as the most expensive retail market in the world. NYC's "prime rents" average in at $1,800 per square foot, according to CB Richard Ellis' global retail market report, released yesterday. The U.S., Canada and South America saw the greatest year-over-year rental increase last quarter, climbing 6%. Globally, the report stated that there is still a strong demand for retail space in most markets. For the full report, please visit here.
Real Deal reports changes in operating leases
The Real Deal reports that FASB’s new lease generally accepted accounting principles, which would effectively eliminating operating leases from the industry. “Capital leases will be recorded as an asset and liability, on the balance sheet, then depreciated and amortized on an income statement.” Al Petrillo, CEO of Studley, stated “We’re in a world where having something off the balance sheet is a bad thing, and this move will attempt to bring consistency of standards, consistency of reporting and transparency of reporting”
The Real Deal reported that Edward Kang, managing director of Studley, stated “Open issues include operating expenses, real estate taxes, and concessions. Don’t panic, they say, but be aware and have a checklist of how these changes might affect you and how you’ll address them.” For the full report, please go here.
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