Facebook leases 1.5 million square feet at New York's Hudson Yards

Facebook | November 15, 2019

The social media giant has leased more than 1.5 million square feet of office space in the massive West Side development, Hudson Yards officials announced Thursday. The deal which marks a major expansion of Facebook’s presence in the Big Apple encompasses 30 floors across three buildings, including the forthcoming office tower at 50 Hudson Yards and the existing complexes at 30 and 55 Hudson Yards.

Spotlight

As 2013 begins, the U.S. economy and real estate markets would seem to be in a similar position as they were a year ago: recovering slowing, facing stiff legacy headwinds from the recession, and still waiting for direction from Washington. But there is much to distinguish this new year from the dawn of 2012, much of it favorable: initial unemployment claims and joblessness have started a stronger decline; housing prices have finally begun to increase across the nation while housing permits are also rising; and household and corporate balance sheets are in much better shape, setting the stage for greater spending and investment. Additionally, despite widespread fears, our political leaders managed to avert, or at least delay, the “fiscal cliff,” and prospects seem high that deals will soon be struck on other pressing fiscal issues. Expect the first half of 2013 to follow a similar growth trajectory as in 2012, but to accelerate during the second half of the year.

Spotlight

As 2013 begins, the U.S. economy and real estate markets would seem to be in a similar position as they were a year ago: recovering slowing, facing stiff legacy headwinds from the recession, and still waiting for direction from Washington. But there is much to distinguish this new year from the dawn of 2012, much of it favorable: initial unemployment claims and joblessness have started a stronger decline; housing prices have finally begun to increase across the nation while housing permits are also rising; and household and corporate balance sheets are in much better shape, setting the stage for greater spending and investment. Additionally, despite widespread fears, our political leaders managed to avert, or at least delay, the “fiscal cliff,” and prospects seem high that deals will soon be struck on other pressing fiscal issues. Expect the first half of 2013 to follow a similar growth trajectory as in 2012, but to accelerate during the second half of the year.

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REAL ESTATE INVESTMENT,MORTGAGE AND LENDING

AppraisalWorks Partners with Mortgage Cadence to Modernize the Appraisal Process

AppraisalWorks | December 01, 2022

AppraisalWorks, a leading provider of real estate appraisal management technology, today announced a partnership with Mortgage Cadence that will allow lenders to consolidate multiple appraisal vendor and order management systems onto the AppraisalWorks platform – for centralized management and automation of the complete appraisal management function. Mortgage Cadence is a comprehensive, customizable platform that is uniquely positioned to provide a complete, end-to-end loan lifecycle experience. The integration with AppraisalWorks will enable lenders to quickly select the best-fit property valuation model directly within the Mortgage Cadence platform. Lenders benefit from real-time communication, on-demand access to appraisal information, customizable workflows, greater efficiency and complete transparency throughout the appraisal process. “Adding the AppraisalWorks solution to the Mortgage Cadence suite of partner integrations will further help lenders accelerate their appraisal modernization efforts and improve their ability to deliver faster, more accurate appraisals, This partnership furthers Mortgage Cadence’s commitment to provide access to service providers of choice for lenders on the Mortgage Cadence platform.” -Jim Rosen, Executive Vice President of Services at Mortgage Cadence AppraisalWorks is on a mission to modernize appraisal management. Our partnership and integration with Mortgage Cadence strengthens our commitment to delivering the visibility and control lenders need to achieve exceptional customer service, By consolidating appraisal vendor and order management on AppraisalWorks, lenders gain greater efficiency, control and agility,said Ben Wiant, Vice President of AppraisalWorks. About AppraisalWorks AppraisalWorks® is a cloud-based appraisal management technology platform that enables banks, credit unions, loan servicers and mortgage lenders to order, manage, maintain, and analyze real estate appraisals and collateral valuations. Through its Community and Enterprise versions, AppraisalWorks improves process efficiency, ensures regulatory compliance, and facilitates collaboration among lenders, borrowers, processors, appraisers, and the quality control team – significantly improving loan turnaround time, reducing cost per loan, and enhancing the borrower experience. AppraisalWorks is patented under U.S. Patent 10,635,999. About Mortgage Cadence Mortgage Cadence delivers the industry’s most complete, modern, cloud-based digital lending platform designed to provide an exceptional user experience throughout the entire mortgage lending life cycle, across all channels and products. With a leading borrower point-of-sale through closing collaboration tools, the end-to-end platform is both complete and configurable offering an open-architecture designed to meet the needs of today’s lenders. The platform enables lenders to work more efficiently, leveraging automation and workflow tools that deliver an excellent borrower, sales and operational user experience.

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REAL ESTATE INVESTMENT

Kimco Realty® Expands Presence in New York Market with Acquisition of Long Island Open-Air Grocery Anchored Portfolio

Kimco Realty | November 14, 2022

Kimco Realty® (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets, today announced it acquired a private, multi-generationally-owned portfolio of eight Long Island, NY shopping centers for $375.8 million. The acquisition was funded by the issuance of a combination of cash and redeemable units and the assumption of $88.8 million of 4.1% mortgage debt with a remaining term of approximately six years. As of September 30, 2022, the company had $123.5 million in cash and cash equivalents on its balance sheet and subsequently received approximately $301.1 million of proceeds from the sale of 11.5 million shares of its Albertsons common shares. These eight high-quality centers are located in one of the most desirable markets in the United States and within a drive time of approximately 15 minutes from Kimco’s corporate headquarters in Jericho, NY. The ultra-infill markets of Long Island are high barrier to entry and offer a highly captive consumer base boasting some of the best demographic profiles in the country. The portfolio, which boasts a three-mile estimated population and average household income of 95,000 and $187,000, respectively, is 94.4% leased with significant mark-to-market and merchandising enhancement opportunities. The portfolio, which includes The Gardens at Great Neck, Woodbury Common, The Market Place, Stop & Shop Shopping Center, Southgate Shopping Center, Green Cove Plaza and Syosset Corners in Nassau County, and Sequams Shopping Center in Suffolk County, features five grocery anchored centers and a strong collection of necessity-based tenants and retailers offering everyday goods and services. Tenants include TJMaxx, GoHealth Urgent Care, Rite Aid, Starbucks, Dunkin’ Donuts, and Chipotle. “This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely populated, suburbs that offers high barriers to entry and affluent communities, The strength of our balance sheet, ample liquidity and ability to provide a tax efficient transaction for the seller put us in a prime position to be opportunistic when this multi-generational portfolio emerged. The acquisition also brings us closer to our target of 85% of the company’s annual base rent coming from grocery anchored centers.” -Conor Flynn, Kimco’s Chief Executive Officer At the end of September 2022, Kimco Realty owned 28 centers totaling 3.0 million square feet with an average occupancy rate of 97.8% in the dominant Long Island market. The addition of this eight-property portfolio, which comprises 540,000 square feet of retail space, will further Kimco’s position as one of Long Island’s largest owners of grocery-anchored shopping centers with 36 assets totaling over 3.5 million square feet. About Kimco Realty® Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2022, the company owned interests in 526 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space.

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REAL ESTATE TECHNOLOGY

RI Marketplace and SharpLaunch Announce a New Partnership to Expand Their Technology & Services for a Better Client Experience

RI Marketplace and SharpLaunch | November 16, 2022

RI Marketplace ("Marketplace"), the leading online auction platform for commercial real estate (CRE) transactions, today announced their partnership with SharpLaunch, a powerful CRE marketing software designed to accelerate time-to-market and meet the needs of building owners, asset managers, investment sales teams, and brokers alike. Through this new partnership, SharpLaunch clients' listings can now be viewed on Marketplace's Listings page. This partnership will allow Sharplaunch's brokers to take advantage of a new, curated, and fast-growing network of highly vetted investors and for Marketplace's buyers to gain access to more opportunities. SharpLaunch customers can now easily opt-in to have their sales listings displayed on Marketplace's Listing page and automatically updated in real time as listing statuses are modified, all with the click of a button. The process is managed through an API integration that enables brokers to benefit from a wider distribution of their listings without having to manually input and update data from one site to another. SharpLaunch's ability to help streamline marketing operations for busy commercial real estate clients like CBRE and Cushman & Wakefield allows them to quickly and easily publish their listings so they can get back to driving revenue and making an impact at their organization. Not only does this partnership create a greater likelihood for buyers and sellers to transact, but it also illustrates how Marketplace and SharpLaunch continue to take the lead as CRE innovators by encouraging industry cooperation and collaboration with the ultimate goal of creating a more streamlined, efficient experience for commercial real estate professionals across the value chain. "By creating these partnerships and utilizing the best of both technologies, we are meeting the demands of our users – SharpLaunch clients gain more visibility for their property listings and Marketplace investors get to see more opportunities to buy, In collaborating with top tier CRE entrepreneurs and thought-leaders like SharpLaunch, we are creating a win win win for us, our clients and the industry as whole. We are consciously trying to move the CRE space forward by creating a culture of openness with technology partners - and having fun while we do it." -James Shevlin President and Chief Operating Officer at CWCapital, an affiliate company of RI Marketplace Marketplace has built a network of over 100,000 qualified investors nationwide with a proven track record of buying assets and who regularly visit Marketplace's website in search of their next deal, Making sure our listings could integrate with such a powerful platform was an easy choice, and an important one for the customers who rely on us to help them find the right buyers,said Bob Samii, Founder and CEO of SharpLaunch. About RI Marketplace RI Marketplace is the leading auction platform for commercial real estate transactions, bringing buyers, sellers and brokers together to efficiently list, market and close deals. The platform allows local, national and global investors the opportunity to quickly review and bid on assets throughout the country. Marketplace is managed by a dedicated team of commercial asset experts with more than $11 billion in online real estate sales. Since its inception in May 2017, the platform has completed more than $3.4 billion in transactions. About CWCapital Asset Management LLC CWCapital is a highly rated special servicer, investment management, and analytics firm with over $220 billion UPB of name servicing rights. CWCapital provides value maximization services and solutions for clients throughout the entire investment life cycle. The company is comprised of experienced real estate specialists managing one of the largest Special Servicing platforms. CWCapital offers deep market experience in acquisition services, underwriting, due diligence, investment management, dispositions, CMBS research, bond analytics – all powered by RealINSIGHT, a state-of-the-art asset management software. About SharpLaunch SharpLaunch is a powerful commercial real estate marketing software that accelerates lease and sales volume for busy CRE teams. As experts in commercial real estate marketing, SharpLaunch provides a suite of easy-to-use tools to streamline marketing operations, accelerate time-to-market, and amplify the digital presence of commercial properties.

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