The New York Real Estate Journal provides the latest commercial real estate news for the entire state of New York. Read profiles of the most influential companies and people involved in the NY commercial real estate market.
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Quick Read Riverhead Central School District project BBS Architects proceeds with $78.334 million Volume 24 ■ Issue 13 nyrej.com Thomas Riley, PE. The program encompasses the district's The project engineers are Israel Seinuk and the Office of seven schools and the main campus in Riverhead. SEE LONG ISLAND COVER C Capital structures $11.325 million retail loan Pisanelli of US Realty July 17 - 30, 2012 HAUSPERG OF EASTERN CONSOLIDATED REP SELLER, ARRANZ ACINAS GROUP Balestra of Taconic in-house reps firm and Oaktree in $65m acquisition of 71 Laight St. MANHATTAN, NY New York-based real estate firm Taconic Investment Partners and certain funds managed Charles Bendit Christopher Balestra The loan was placed for a 78,000 s/f neighborhood shopping center with 100% occupancy fixed interest rate with a 30-year amortization schedule. SEE UPSTATE COVER D in Hyde Park. The 10-year non- recourse loan has a sub-5% 4 Sections 100 Pages S. Armao. ......................................2A Mayor Bloomberg .......................4A Project of the Month ...........10-11A Names, Faces ............................18A ODM/DB.................................SEC. B Safety & Security ...................9-20B Long Island............................SEC. C Nassau County Spotlight ......7-14C Upstate...................................SEC. D facebook.com/nyrej twitter.com/nyrej http://nyrej.com/gplus Digital Edition nyrej.com Printed on recycled paper by Oaktree Capital Management, a leading global investment firm with $77.9 billion in assets under manage- ment, have acquired 71 Laight St. from Arranz Acinas Group for $65 million. Plans for the site include the construction of a loft-style condo- minium designed by architect Morris Adjmi. The acquisition also marks the first investment made by the Taconic New York City Investment Fund LP, an investment fund with $220 mil- lion in equity from Taconic and its institutional investors. When completed in 2014, 71 Laight St. will feature 34 loft-style residences ranging in size from 1,900 to 5,400 s/f, including three sprawling NEW YORK, NY Meridian Capital Group, LLC has negotiated the fol- lowing six mortgages totaling $76.5 million: • A new $6 Cary Pollack million mort- gage on a 21- unit, five-story multifamily building on Ave. C. The loan features a rate of 3.25% and a five-year term. Cary Pollack of Meridian arranged the financing. • A new $32.9 million mortgage was placed by Meridian on nine co-op buildings totaling 1,147 units located in the Bronx. The loan features a rate of 4.13% and a 10-year term. Steve Geller and Nicoletta Pagnotta of Me- ridian arranged the financing. • A new $19.5 million mortgage for three multifamily buildings composed of 256 units located in penthouses. The building, located in TriBeCa between Greenwich and Washington Sts., received approval from The Landmark Preservation Committee in 2009. It will be com- posed of an existing landmarked property once used as a tea and cof- fee warehouse, and a new ground-up building, designed as a photo negative image of the existing building. "Having developed and reposi- tioned a number of residential and commercial buildings in the area with great success, we felt 71 Laight St. presented an incredible opportunity to create something special," said Charles Bendit, co-CEO of Taconic. "We are also thrilled to announce the project as the first addition to our new fund, which will be buying commercial and residential properties in N.Y.C." Peter Hausperg, chairman and CEO of Eastern Consolidated, represented the seller, Arranz Acinas Group from Spain; Howard Shapiro of Greenberg Traurig acted as the buyer's attorney; and Christopher Balestra, vice presi- dent of Taconic Investment Partners, represented Taconic and Oaktree Capital Management. Meridian arranges six new mortgages totaling $76.5m Brooklyn. The loan features a rate of 3.38% and a 10-year term. Nathan Landau of Meridian arranged the financing. • A new $6.8 million mortgage was placed by Meridian on three multifamily buildings totaling 92 units. The loan features a rate of 4.00% and a 10-year term. Michael Kesselman of Meridian arranged the financing. • A new $6.7 million mortgage for a 44-unit, three-story multifamily building on Lime Kiln Rd. in White Plains. The loan features a rate of 3.25% and a 10-year term. Judah Hammer of Meridian arranged the financing. • A new $4.6 million mortgage was placed by Meridian on two multifam- ily buildings totaling 74 units located on 41st St. and 44th St. in Long Island City,. The loan features a rate of 4% and a 10-year term. Kesselman ar- ranged the financing. New York Real Estate Journal N ork Real Estate Journal 71 Laight St., TriBeCa, Manhattan The Pen is Mightier than the Sword Founder' s Message The Power of the Press. The Pen is Mightier than the Sword. Where do these phrases come from? What do they mean? Most people tend to believe what they read. This be- Roland Hopkins ing an undebatable fact, the Journal constantly impresses upon its clients the value of publicity. In other words, if you don't blow your own horn, who will? The question becomes, where do you blow your horn to reach the most people in a successful and influential manner? Direct Mail: I believe in this type of promotion and use it myself, but find that the purpose served is one of information and nothing else. It is very difficult to sell through direct mail because it is obviously coming from you – the seller. It is even more difficult to sell an image. Let's fact it – if I send out a direct mail piece announcing how great I am, who wrote the piece? I did. Aren't I going to be somewhat biased? And, who's going to believe me? Advertising: I can't knock advertising because it's how I make my living. If no one bought ads, the paper wouldn't exist. In my humble opinion (49 years in marketing), advertising is a 50% promotion. It informs on a bias level. Everyone knows that if you buy space in a newspaper, magazine, TV or radio you can claim any damn thing you please. Publicity: In my opinion, this is where the Power of the Press and The Pen is Mightier than the Sword come into play and is the other 50% of a successful promotion. People believe what they read in the newspaper or magazine, not necessarily in a direct mail piece, brochure or an ad. A good publicity campaign tied in with clever advertising can sway a lot of readers and unearth new clients. I've had clients tell me that they don't have time to send in a story about their company or an activity they are proud of. I say – they can't afford not to find the time. Remember – people believe what they read. If they read nothing about you – as far as they're concerned, you don't exist. How strong an effect does publicity have on the reader? Several years ago in my little weekly hometown newspaper, the editor became offended at a selectman candidate. When the proud candidate was asked if he was going to apologize, he laughed and said: "That little news-rag. Who the hell is going to be influenced by that old editor and what he thinks? He can't intimidate me." Needless to say, the candidate didn't apologize. What CONTINUED ON PAGE 16