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Deal of year winners announced.

The festive blue and white balloons were blown up with all the tenseness of the crowd, waiting for the announcement of the winners of the biggest prizes in the city real estate community: the Real Estate Board of New York's deals of the year for 1998.

With 13 groups of entrants vying for the commercial leasing and sales honors, it was no surprise that beforehand, no one who won believed their deal had it nailed.

But Darcy Stacom, chair of the Brokers Committee, said as the entries were read, it became very clear that two of the deals simply were more complicated and required greater brokerage skills. Stacom noted the numerous entries for both this year and the 15 for last were a testament to the strong market.

As is the custom for committee chairs with conflicts, Stacom recused herself from the voting, as there were several Cushman & Wakefield nominations. The other judges always vary, and included folks from various real estate disciplines.

As it turned out, Stacom had a colleague among the triumvirate that won the Robert T. Lawrence Award for exceptional skill in the practice of brokerage.

Barry M. Gosin and Brian S. Waterman of Newmark & Company Real Estate won the Real Estate Board's Henry Hart Rice Most Ingenious Deal of the Year Achievement Award. Gosin, Newmark's vice chairman and CEO, and Waterman, the firm's senior managing director, were recognized for the Federation Employment Guidance Service's lease at 315 Hudson Street.

The Robert T. Lawrence Memorial Award for Distinguished Commercial Brokerage went to Joseph A. Cabrera, executive managing director of Insignia/ESG, Bruce Mosler, executive vice president of Cushman & Wakefield and Joseph J. Simone, president of Tishman Real Estate Services for the joint development agreement between Reuters America Holdings and the Rudin Organization at Three Times Square.

The Federation Employment and Guidance Service Inc.(FEGS), a non-profit organization that provides job training and counseling for developmentally and otherwise disadvantaged clients, sought larger quarters in a rising real estate market. FEGS had outgrown its current space and faced dislocation because of a residential conversion planned for the building it occupied. The organization was committed to remaining in Manhattan. FEGS' requirements included more space, a bigger lobby to accommodate steady client traffic, a location convenient to several kinds of transportation and its own dedicated elevators, loading dock and entrance. Gosin and Waterman found that 315 Hudson Street, owned Jack Resnick & Sons, offered all these features by identifying "a building within a building" in this structure that faced on Vandam Street and had been joined to the Hudson Street property 50 years ago. In addition to the Vandam floors, the brokers expeditiously assembled the rest of the space FEGS needed by negotiating with several tenants in occupancy at 315 Hudson Street. The lease enables a significant humanitarian institution to continue its vital work at a suitable location and serve even more New Yorkers.

Reuters, the London-based global financial organization, heeded their brokers' advice that consolidating offices at 14 different Manhattan locations in a new building at a prime Times Square redevelopment site offered irresistible opportunities for improving efficiency, saving money and burnishing the company's image in North America. With the broker's guidance, Reuters obtained a 92-year ground lease on Times Square's western edge from the Prudential Insurance Company along with signage rights, advantageous occupancy flexibility and other benefits. The brokers also structured a joint venture with the Rudin Organization to bring development expertise and a seasoned, financially secure property owner to the project. Subsequently, the Reuters/Rudin partnership acquired the adjoining annex of the New Victory Theater to increase the plot size and provide enough space in the building to accommodate Reuters' high-tech news and trading operations. The lease solidifies Times Square's transformation into a prime business district and keeps a world-renown financial institution in New York.

The awards, given annually for achievement in commercial real estate brokerage, were presented at REBNY's Sales Brokers 55th Annual Cocktail Party on April 14th. There were 13 transactions submitted for consideration. This year's judges were Gary Israel of Sullivan & Cromwell, Robert A. Knakal of Massey Knakal Realty Services, David Roberts of Angelo Gordon & Company and Uta Wussing of Hypo Vereinsbank. Darcy Stacom of Cushman & Wakefield is chair of the Sales Brokers Committee.

The Rice award was presented by REBNY Vice Chairperson Jerry L. Cohen of Jerry L. Cohen Associates. The Lawrence prize was given by Dan J. Gronich of Grubb & Ellis New York, Vice President of REBNY's Commercial Brokerage Division.

The event was co-sponsored by The New York Times and Winstar for Buildings.

Insignia/ESG has been the bear that couldn't be beat, as it has captured either one or both of the broker awards in each of the last four years. There was truly shock on the face of Newmark's Barry Gosin as he and a glowing Brian Waterman accepted the Henry Hart Rice Achievement Award for the Most Ingenious Deal of the Year.

Gosin thanked the Resnicks for their charitable perspective and for taking on a not-for profit tenant that had busloads of handicapped clients visiting each day, as well as being willing to adapt the building to fit the many needs of the tenant.

Afterward, a big group of tuxedoed celebrants continued onward to the Plaza for the black-tie dinner honoring the Koeppels.

If you as a store broker have been feeling left out, REBNY has now created a brand new retail deal of the year award. This will be conveyed on June 3rd and the deadline for entries is Friday, April 30th.
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Title Annotation:Real Estate Board of New York's deals of the year for 1998
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Apr 28, 1999
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