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Stan Johnson Co. Hires New Northeast Director

29 Sep 2015, 3:50 pm

By Adelina Osan, Associate Editor

Stan Johnson Co. welcomes a new regional director for the Northeast region. Based in New York City, Janet Woods will be in charge of growing the company’s presence in the Northeast area.

Janet Woods

Janet Woods

“Janet brings great experience and strategic thought leadership to our team,” said Stan Johnson, CEO of Stan Johnson Co. “Janet will focus her time on supporting and coaching our existing brokers in building their businesses, as well as recruiting and hiring additional brokers enabling us to better serve our clients in the Northeast.”

Most recently, Woods occupied the position of executive managing director for DTZ and led the national and local Nonprofit Practice Group, serving as head of strategy for the New York City office. Prior to that, she was an executive vice president and national director leading the national and local Nonprofit Practice Group for six years at Jones Lang LaSalle.

Woods was also a principal at the Staubach Co. in charge of the strategic business plan for the New York office and served as part of the leadership team that implemented various strategic initiatives growing the office from $11 million in annual revenue to more than $35 million.

Tricia Shay Joins CBRE Group as Managing Director

28 Sep 2015, 2:05 pm

By Veronica Grecu, Associate Editor

CBRE Group welcomes a new managing director.

Tricia Shay was hired by the Los Angeles-based commercial real estate services and investment firm as a managing director in its Occupier Services division. In her new role, Shay will be responsible for CBRE’s transaction management business for the New York Tri-State Region, the company announced last week. Shay will be located in CBRE’s New York headquarters at 200 Park Ave. in Midtown Manhattan.

Tricia Shay - Managing Director, Occupier Services at CBRE Group

Tricia Shay – Managing Director, Occupier Services at CBRE Group

“We are pleased to have a high-caliber professional like Tricia join our management team,” said Kyle Schoppmann, executive managing director, NY Tri-State Region Occupier Services. “Her extensive corporate experience is impressive—and invaluable as we look to find new and better ways to service our Tri-State business and support our brokers.”

Shay has more than 20 years of real estate experience. Prior to joining CBRE, she was vice president of real estate for north america and field operations for Weight Watchers International’ Eastern U.S. operations, held day-to-day operational accountability for all service providers, territory managers and district directors across 23 states, and P&L responsibility for their portfolio.

Prior to that, Shay worked with Johnson Controls’ Global Workplace Solutions group in Long Island for 15 years, beginning as a lease administrator and rising through the ranks to become vice president and general manager for national accounts.

A Dowling College graduate with a Bachelor of Science in Business Management and a licensed real estate broker in the State of New York, Shay’s associations have included CoreNet Global; the International Council of Shopping Centers; the Long Island Green Building Council, and the National Association of Professional and Executive Women.

Photo via LinkedIn

SL Green Unloads Office Asset on 45th Street

28 Sep 2015, 2:00 pm

By Veronica Grecu, Associate Editor

Tower 45 - Manhattan

Tower 45 – Manhattan

It has been less than three months since SL Green announced plans to free up $642.8 million by selling Tower 45 in Midtown Manhattan and a mixed-use building in SoHo. As previously reported by Commercial Property Executive, the dispositions were meant to support the $2.3 billion purchase of Eleven Madison Ave. in Manhattan’s Midtown South section.

Now, the city’s largest office landlord has completed the sale of Tower 45—a 40-story office building located at 120 W. 45 St. —for $365 million, or approximately $830 per square foot. According to an earlier report by The Real Deal, the buyer was identified as Kamber Management Co., a locally based real estate company. SL Green was represented by JLL’s Richard Baxter and CBRE’s Darcy Stacom in the transaction.

Located in one of the hottest office markets in New York City, Tower 45 has been under SL Green’s ownership since 2007. PropertyShark data shows that the company acquired the 426,014-square-foot office building for $285 million, shortly after the office landlord took over Reckson Associates realty Corp. in a multi-billion merger.

Image via PropertyShark

Strathspey Crown Gets Comfy at 570 Lexington Avenue

25 Sep 2015, 2:30 pm

By Veronica Grecu, Associate Editor

570 Lexington Avenue - Manhattan

570 Lexington Avenue – Manhattan

Strathspey Crown Holdings, a Newport Beach, Calif.-based medical and technology firm specializing in lifestyle healthcare, is expanding its footprint in New York City. The company recently signed a lease expansion for 12,000 square feet at the historic General Electric Building, a move that will almost quadruple the space it currently occupies in the 50-story building.

Back in 2013, Strathspey Crown signed a seven-year lease for 4,185 square feet of space, or the entire 26th floor of the building. With the renewed and expanded lease—which was signed for 10 years, according to the Commercial Observer—the company will occupy more than 16,000 square feet of space on the 27th, 28th and 35th floors of the building, as well as a 1,500-square-foot terrace on the 26th floor overlooking Park Avenue and St. Bartholomew’s church, which is adjacent to the building.

Reportedly, Strathspey Crown paid $75 to $78 per square foot for the leased space—that’s slightly higher than the average rent rates in the area, because the lease also includes a staircase connecting the 27th and the 28th floors.

Located at 570 Lexington Ave. in Manhattan’s Midtown South section, the General Electric Building was built in early 1930s as the RCA Victor Building, as is still one of the most distinguished skyscrapers in the city—most notably for the intricate architectural details at the crown, which suggest the power of electricity. The property is owned by the Feil Organization, a real estate investment, development and management company. Feil was represented in-house by David Turino, director of commercial leasing, while Strathspey Crown did not have a broker in this deal.

Image via the Feil Organization

Rehabbed Plaza Borinquen Goes Even More Affordable

24 Sep 2015, 2:10 pm

By Veronica Grecu, Associate Editor

An aging rental community in the Mott Haven section of the Bronx dusted itself off and is now ready to welcome residents.

Plaza Borinquen

Plaza Borinquen

Representatives of The NHP Foundation (NHPF)—a nonprofit organization that fights to preserve and create affordable multifamily housing for low- to moderate-income families and seniors—, HDC, HPD, PNC Bank and HUD attended an official ceremony this week to celebrate the completion of a $25.4 million deep repair and extensive renovation of Plaza Borinquen, an 88-unit affordable townhome community.

Designed by architect John Ciardullo and completed in 1975 as part of an infill housing program to move people from substandard to new housing, the forty-year-old community consists of nine buildings located along East 137th, East 138th and East 139th Streets between Brook and Willis Avenues and serves low-income families earning up to 60 percent of Area Median Income. NHPF purchased the asset in early 2012 for $6.71 million and the renovation process kicked off shortly after the acquisition.

According to an official statement, HDC allocated $8.4 million in permanent financing to facilitate the acquisition and renovation of the townhomes as low- and moderate-income housing, PNC Bank provided $7.7 million in equity from the sale of tax credits allocated by HPD, while a $1.9 million City Capital Loan was provided by HDC and HPD. Additionally, HUD provided a 20-year Project Based Section 8 Contract in rental assistance to Plaza Borinquen, making the rents affordable for lower income tenants—this means that 75 percent of the renter households at Plaza Borinquen will pay no more than 30 percent of their adjusted income for rent.

Affordable Housing Online indicates that Section 8 contract rent is 103.3 percent of the Fair Market rent for the area. This accounts for $1,215 for a one-bedroom unit, $1,440 for a two-bedroom units, $1,852 for a three-bedroom, and $2,075 for a four-bedroom apartment.

“Preserving affordable housing in booming neighborhoods like the South Bronx is a vital anchor for longtime residents who have spent their whole lives working to improve their communities,” said HUD Deputy Regional Administrator Mirza Orriols. “With the capital repairs made to Plaza Borinquén and long-term rental subsidies HUD has provided, families can remain in an area of rapidly growing opportunity.”

Image courtesy of The NHP Foundation

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