REBNY "2001 Commercial Most Ingenious Deal of the Year Awards".TIGHE, TOSKO AND DEMPSEY OF INSIGNIA/ESG WIN REBNY'S RICE "MOST INGENIOUS DEAL" PRIZE-- FOR N.Y. TIMES' PLANNED HEADQUARTERS; KNAKAL, MASSEY GET BOARD'S LAWRENCE AWARD FOR SECOND AVENUE ASSEMBLAGE Mary Ann Tighe and Gregory Tosko of Insignia/ESG with Timothy Dempsey won the Real Estate Board's Henry Hart Henry Hart may refer to:
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 Times' proposed 52-story headquarters on Eighth Avenue between 40th and 41st streets. Ms. Tighe and Mr. Tosko previously won the Rice prize for the Conde Nast lease at Four Times Square. Robert A. Kanakal and Mark Massey of Massey Knakal Realty Services were given the REBNY's Robert T. Lawrence Memorial Award for assembling the easterly block of Second Avenue between 54th and 55th streets. The development site can currently accommodate 210,000 square feet with a possibility of greater density if an off-site inclusionary venture can be arranged. The awards were announced on April 10th at REBNY's Annual Cocktail Party, held by the Board's Sales Brokers Committee and its Real Estate Finance Committee. When the New York limes limes plural limites (Latin; “path”) In ancient Rome, a strip of open land along which troops advanced into unfriendly territory. It came to mean a Roman military road, fortified with watchtowers and forts. moved its presses to Queens in the mid-1990's, the company's leaders began to consider transferring the newspaper's editorial and administrative offices from its current 89-year old headquarters on 43rd Street to a new facility that would require less maintenance and offer a more efficient workplace. The Rice award winners designed a transaction that will produce a distinctive building which satisfies the Times' four objectives: remaining in its current neighborhood, securing floor layouts acceptable to its staff, holding its occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal constant and incurring no rent or mortgage obligations that could compromise its journalistic independence. Other challenges mastered by the winning brokers included guiding the limes through a site search and helping the client meet the applicable state/city design guidelines for the area. The brokers also structured a partnership with the developer Forest City Ratner that will give the Times opportunities to expand within its new, partially speculative building. The Lawrence award winners identified an opportunity to assemble a promising development site at the north end of the block on Second Avenue's eastern side between 54th and 55th streets. The brokers pursued the assemblage for almost nine years, shepherding 13 transactions with an approximate aggregate consideration of $30,350,000 to create the development site. These negotiations included a property swap, commercial and residential tenant relocations, air rights sales, sales fee interests and persuading a 67-year old nightclub owner to enter the real estate business by purchasing a property on speculation next door to one he already owned in hopes of a favorable transaction. The contest's judges were Francis J. Greenburger of Time Equities, Peter Hauspurg of Eastern Consolidated Properties Woody Heller of Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. , Robert Ivanhoe of Greenberg, Traurig; and Jack Penrod of Fuji Bank The Fuji Bank, Limited (株式会社富士銀行 . Twelve transactions were submitted for consideration. ACKMAN, ZIFF ZIFF Zanzibar International Film Festival WIN REALTY FINANCE DEAL OF THE YEAR AWARD FOR PARK WEST VILLAGE LOAN Larry Ackman and Simon Ziff won the Real Estate Board Finance Committee's Most Ingenious Deal of the Year Award for the $101,600,000 recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of Pork West Village, a six-block mixed use rental/condominium apartment AND retail complex on Manhattan's Upper West Side. The prize was announced at REBNY's Annual Cocktail Party held on April 10h and jointly hosted by the Board's Sales Brokers and Real Estate Finance committees. Mr. Ziff had won this accolade once before. The loan was secured by the winners after they had approached more than 40 lenders. The non-recourse commitment they obtained paid off outstanding mortgage obligations, provided additional funds to cover the turnover and renovation of apartments, and reduced debt service. The transaction did not require additional equity contributions from the borrowers and liberated cash for distribution to the partnership. The competition drew five submissions. The judges were Jeffrey Bijur of Cooper-Horowitz, Richard DeZego of HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in , George Klett of North Fork Bank North Fork Bank was an American bank headquartered in Melville, New York purchased by Capital One at the end of 2006 for $14.6 billion U.S. dollars. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion , Steven Witkoff of the Witkoff Group and Meredith Kane, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. The cocktail party was sponsored by Crain's New York Business, the Durst durst v. Archaic A past tense and a past participle of dare. Organization, HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) and North Fork Bank. |
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