several big moves to fix that, such as the acquisition of Massey Knakal and the hiring of Doug Harmon and Adam Spies.
It’s now JLL’s turn to deal with their exit. This morning, Colliers announced it has poached Baxter, Cohen and Latham, its most aggressive move yet to become a big player in New York. The trio helped bring JLL to fifth place in TRD’s investment sales ranking, with $2.9 billion in deals in 2015. Cohen, for example, represented Olayan Group in its $1.4 billion purchase of the Sony Building. Colliers, by contrast, ranked 19th with $527 million in deals. Jon Caplan is also planning to leave JLL to pursue other opportunities, possibly as a real estate investor, sources said.
It’s another sign that brokerage bosses are willing to shell out a lot of money for the cadre of top talent who handle the sale of New York’s trophy towers it’s exceedingly rare for a non-brand-name broker to secure a listing for such a building, and with a record amount of money flowing into commercial real estate brokerage, there’s a lot of pressure to make things happen.
Toledano wants big payday in the East Village: “When you go from zero to 60 in three seconds, sometimes you exceed the speed limit,” Raphael Toledano once proclaimed. He was referring to the flurry of lawsuits relating to his surprise $140 million acquisition of a 28-building East Village portfolio from the Tabak family. Toledano declared his intent to hold on to the portfolio, which he purchased in a heavily-leveraged transaction (128 percent), for life and pass it on to his children.
Yet after a settlement with tenants and a failed ice-cream social, “Rafi” appears to have had a change of heart. He’s now shopping 13 of the buildings in the portfolio for $160 million. He had paid about $76 million for the properties, according to city records, which means he’s looking to more than double his money in a little over a year.
From left: Marc Holliday, Jeff Sutton and the retail space at 650 Fifth Avenue
Nike kicks market into frenzy with 650 Fifth deal: The city’s sputtering retail market needed a boost, and it got one with the news of Nike’s whopping $700 million deal at 650 Fifth Avenue, the retail space owned by Jeff Sutton and SL Green Realty. Nike’s new store will occupy the lower level and the first six floors of the tower, and is slated to take up between 60,000 and 70,000 square feet. At a party at the Ainsworth on the evening the news of the deal came out, brokers expressed astonishment at the terms of the lease, which includes a starting rent of $4,000 per foot on the ground floor. One, referring to Sutton, said: “I don’t know how the fuck he does it.”
(Paydirt is a weekly column that riffs on the biggest NYC real estate news of the moment, providing analysis and historical context on the deals and players that make this town tick. Read more from Paydirt here.)
Tags: 650 fifth avenue, Colliers International, raphael toledano, VTS
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