Manhattan Trophy Office Rents Reach $101 Per Square Foot in 2019

Manhattan Trophy | October 30, 2019

According to a new report by Commercial Café and Yardi Matrix Data, despite picking up some steam in the third quarter of 2019, Manhattan office sales still fell short of 2018 values. The total dollar volume dropped 34% year-over-year, closing out Q3 at $2.9 billion. However, the average sales price reversed its downward trend and rose significantly, reaching $1,676 per square foot--the highest value in four years. Overall asking rents continued to increase, with trophy office space rates leading the way. Vacancy in office buildings equal to or larger than 25,000 square feet fell slightly compared to the previous quarter, reaching 7.1% overall. Non-traditional office space accounted for 3.4% of the total office inventory, encompassing nearly 17 million square feet. Additionally, a little more than 3 million square feet of new office space is slated for delivery in Q4.

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CBRE Investment Outlook 2016 - Dutch investors back into the investment market.

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CBRE Investment Outlook 2016 - Dutch investors back into the investment market.

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REAL ESTATE TECHNOLOGY

The Jills Zeder Group, of Coldwell Banker Realty, Again Ranked No. 1 Large Team in the U.S. by RealTrends

Coldwell Banker Realty | June 13, 2022

The Jills Zeder Group, a powerhouse team of Coldwell Banker Global Luxury Ambassadors with Coldwell Banker Realty, have once again been ranked as the No. 1 large team in the entire United States, as announced in the 2022 RealTrends "The Thousand" list published in The Wall Street Journal. Per RealTrends, a large team ranges from 11 to 20 members. RealTrends ranked The Jills Zeder Group No. 1 on the list, based on achieving $2,250,764,707 in closed sales volume in 2021 and 367.60 closed transaction sides in 2021. Affiliated with Coldwell Banker Realty's offices in Miami Beach and Coral Gables, Florida, the sales team, which specializes in luxury real estate, including luxury estates, condominiums, waterfront properties, and highly complex assemblages, achieved more sales volume than any other small, medium or large team from any brokerage or company nationwide. Year over year, The Jills Zeder Group not only sets the bar for the industry standard of excellence, but they surpass their own benchmark. The team's ingenuity, dedication to client service, extreme market intelligence and fierce business acumen has resulted in another outstanding recognition this year. It is a true privilege to have the opportunity to serve this top-performing, legendary team as part of Coldwell Banker." Ryan Gorman, CEO of Coldwell Banker "I'm honored to once again congratulate The Jills Zeder Group for their distinguished achievement earning the No. 1 spot on the prestigious RealTrends list, solidifying them as the very best real estate team in the country," said Duff Rubin, president of Coldwell Banker Realty in Florida. "This well-earned recognition reconfirms what we already know about the team, that they offer their clients incomparable professionalism and real estate knowledge, as well as a superior understanding of the complex and evolving market of South Florida." The RealTrends "The Thousand" ranking consists of all real estate agents and teams throughout the United States who took part in residential real estate transactions in 2021. The individual rankings are divided into two top 250 categories, based on closed transaction sides and closed sales volume. To qualify, an individual agent had to close at least 50 transaction sides or $20 million in sales volume in 2021. For real estate teams, the minimum was 75 transaction sides or $30 million in closed sales volume. About The Jills Zeder Group The Jills Zeder Group, affiliated with Coldwell Banker Realty, is comprised of three families, all of whom are major players in the luxury residential real estate business. These families include Jill Hertzberg, Jill Eber and Felise Eber; and Hertzberg's children Danny Hertzberg and Hillary Hertzberg; and Judy Zeder and her children, Nathan Zeder and Kara Zeder Rosen. Prior to The Jills Zeder Group's formation in 2019, the families closed a combined total of more than $8 billion in real estate sales, including collaborating on multiple luxury sales in the Coral Gables market. With offices in Miami Beach and Coral Gables, The Jills Zeder Group specializes in high-end, multimillion-dollar luxury properties in South Florida's most elite enclaves, representing celebrities, Fortune 500 executives, and a diverse international clientele. They offer incomparable knowledge and services to luxury real estate clients. About Coldwell Banker Realty Coldwell Banker Realty in Florida is a leading residential real estate brokerage company with approximately 73 offices and 8,106 affiliated sales associates. Coldwell Banker Realty is owned by a subsidiary of Anywhere Real Estate Inc. (NYSE:HOUS), the largest full-service residential real estate services company in the United States. Visit ColdwellBankerHomes.com. Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are service marks owned by Coldwell Banker Real Estate LLC.

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REAL ESTATE TECHNOLOGY

Investors in commercial real estate must foster discussions, especially during a pandemic.

prnewswire | November 19, 2020

Business property estimations have changed over the most recent a half year because of the pandemic and land is at present in an unchartered area. That is as indicated by the leader of business land financier NAI Pleasant Valley, Alec Pacella, who spoke Wednesday at the 2020 REALTORS Conference and Expo. Pacella, who facilitated a meeting named, "Selling CRE Properties: How COVID-19 Impacts the Numbers," summed up the ongoing history of the business land industry, including its estimating file, esteem pinnacles and purchaser desires. "In the early part of last decade – 2006, 2007, 2008 – expectations were actually greater than the pricing index. There was more demand than there was supply." Yet, in 2009 and 2010, as Pacella notes, desires were lower than the estimating list. Therefore, interests in business land were almost nonexistent. "No deals were happening then," he said. "You couldn't give real estate away in a lot of markets because the expectations were so low." The situation Pacella portrays isn't not normal for the present status of business land, the same number of proprietors of once-beneficial organizations have watched famous chains battle or be compelled to forever close their entryways. Pacella says the way to exploring this market is for land owners and speculators to look after exchange. Also, as a result of the market's repeating nature, Pacella says financial specialists will need to be in position to underwrite when conditions ultimately improve. "In an uncertain market, it's critical to keep conversations going." Having a strategy to engage in open conversation, he says, could eventually lead to a deal in the future. In the business land area, exchanges can happen when markets are rising or falling, as indicated by Pacella. "We could sit there and sit on our hands and say 'we're out of business; come talk to me in 2021, 2022 when things get back.' No, that's not what we do, that's not how most of us are wired." The National Association of Realtors® is America's biggest exchange affiliation, speaking to more than 1.4 million individuals engaged with all parts of the private and business land enterprises.

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REAL ESTATE INVESTMENT

Douglas Elliman Announces Strategic Investment in Bilt Rewards

Douglas Elliman | September 22, 2021

New Valley Ventures, an investment vehicle managed by Douglas Elliman's parent company, Vector Group, announced a renter rewards program via strategic investment in Bilt Rewards, the first loyalty program and co-brand credit card for renters. The investment comes as Douglas Elliman officially joins the Bilt Rewards Alliance, a network of more than 2 million rental units across the country where renters can enroll in the loyalty program to earn points on rent with no fees. We are proud to support and align ourselves with Bilt Rewards as its program fills a gap in the market to set renters up for financial success and encourage a path towards homeownership. - Scott Durkin, CEO of Douglas Elliman. New Valley Ventures is dedicated to investing in innovative tech-driven solutions for the greater real estate community. - Dan Sachar, Managing Director of New Valley Ventures and Vice President of Enterprise Innovation for Vector Group. The funding round, which also counts Mastercard, Wells Fargo and other leading real estate property owners including AvalonBay Communities, Equity Residential, GID, Lennar, The Moinian Group, Morgan Properties, Starwood Capital Group, and Related Group as investors, will propel Bilt Rewards to further expand its loyalty partner network, grow its organic distribution channels, and open the Bilt Rewards platform and Bilt Mastercard more widely to the public. Launched this June by Kairos HQ, Bilt Rewards is the first-ever loyalty program and co-brand credit card for renters, enabling the country's 109 million renters to finally earn points on their largest monthly expense with no fees. By offering the Bilt Rewards program to tenants across Douglas Elliman's rental portfolio including new development projects, residents can now earn points with every on-time rent payment. Additionally, Douglas Elliman residents will be among the first to receive an invitation for the Bilt Mastercard, the first credit card that allows users to pay their rent with no fee. With the card, Douglas Elliman residents can earn 1x points on every dollar of rent, 2x points on travel purchases, 3x points on dining, and 1x points on all other non-rent purchases, allowing them to maximize rewards potential, all with no annual fee. Through Bilt, renters can redeem points for travel across over 100 major airlines and hotels, fitness classes at the country's top boutique studios, and can even use points towards rent credits or a future down payment on a home. When paying rent through the Bilt Rewards app, members can also have their rent payments reported to the credit bureaus at no cost, which can help build credit history for millions of young renters. New Valley Ventures continues to invest in promising, next-generation technologies in order to propel the real estate industry into the future and further benefit the agent, renter and buyer experience. In doing so, New Valley Ventures utilizes its deep industry knowledge through Douglas Elliman to advise on meaningful digital development, tech solutions and financial software. ABOUT VECTOR GROUP Vector Group is a holding company for Liggett Group LLC, Vector Tobacco Inc., New Valley LLC and Douglas Elliman Realty, LLC. ABOUT DOUGLAS ELLIMAN Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and one of the largest independent residential real estate brokerages in the United States. With approximately 7,000 agents, the company operates approximately 100 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 61 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. ABOUT BILT REWARDS Launched by Kairos HQ in June 2021, Bilt Rewards is the first-ever loyalty program that allows renters to earn points on rent with no fees and builds a path towards homeownership. Through a partnership with the nation's largest real estate owners including Avalon Bay Communities, Equity Residential, Related, Starwood Capital Group and more, Bilt Rewards enables renters in more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 9 loyalty programs allowing travel across over 100 major airlines and hotel partners; fitness classes at the country's top boutique studios including SoulCycle, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and the ability to use Bilt points for rent credits or towards a future downpayment. Bilt has also partnered with Mastercard to create the Bilt Mastercard - the first and only credit card that can be used to pay rent with no fees.

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