Grubb & Ellis awarded 7 consulting jobs.Grubb & Ellis Company announced that it has recently been awarded seven major consulting programs that involve the valuation of office, hotel, retail and residential space and the land beneath several of those buildings.
"The soft national economy and '9/11' residue unique to New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. have caused a divergent trend: rental rates for residences and offices have declined, while ownership values for condominiums and cooperative apartments, office buildings and land have generally risen," said Bob VonAncken, a New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Office-based Grubb & Ellis executive managing director of consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.)
service - work done by one person or group that benefits another; "budget separately for goods and services" . The client programs noted are:
* For the Economic Development Corporation of the City of New York, Grubb & Ellis is assisting in the contractual renegotiation of land values, and resultant rents, for the ten-building, six million-SF MetroTech Center in Brooklyn. Forest City Ratner Corp. owns the buildings but leases the land from the City. Grubb & Ellis findings are expected during December 2002.
* For The Carlyle New York, a notable hotel at 76th Street and Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , Grubb & Ellis is helping to determine the fair market rental value rental value n. the amount which would be paid for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in lawsuits in which loss of use of real property or equipment is an issue, and the rental value is the of all 13 of its retail stores. The findings were presented in September 2002.
* For Levi Strauss
Levi Strauss, born Löb Strauß & Company, Grubb & Ellis is assisting in the rent arbitration for its 6,000-SF store at 750 Lexington Ave., opposite Bloomingdale's. Grubb & Ellis findings are expected in December 2002.
Grubb & Ellis has handled many land-value determinations where the land is rented on a long-term net lease and the ground rent is to be re-determined based on the land value. In such situations, Grubb & Ellis has represented both property and building owners as arbitrator arbitrator n. one who conducts an arbitration, and serves as a judge who conducts a "mini-trial," somewhat less formally than a court trial. In most cases the arbitraror is an attorney, either alone or as part of a panel. and expert witness. Current assignments include:
* 650 Fifth Ave., a 400,000-SF, 36-story office building, where Grubb & Ellis represents the building owner and findings are expected during October 2002.
* 600 Fifth Ave., a 450,000-SF, 29-story office building where Grubb & Ellis represents the landowner and findings were provided this past spring.
* 853 Seventh Ave., a 17,500-SF parcel occupied by a 12-story apartment building, where Grubb & Ellis represents the landowner and findings are expected this December.
* For the New York Palace
When a person begins a civil lawsuit, the person enters into a process called litigation. that awarded increased value to our client," he said.