Stackom and Shanahan win the most ingenious deal of the year

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Celebrating 77 years of genius in commercial real estate, New York City commercial brokerage executives honored all recipients of the Real Estate Board of New York (REBNY) awards for the most genius sales broker of the year on almost June 23. …

Michael Rudder of the Rudder Property Group and Woody Heller spearheaded a virtual event that honored leading brokers who have demonstrated colossal vision, determination and ingenuity in sourcing and concluding the most innovative commercial real estate deals in New York City at the height of the global pandemic.

BILL SHANAKHAN
DARCY STAKOM

CBRE’s Darcy Stuck and Bill Shanahan were named first prize winners and received the Henry Hart Rice Award for 1 plus 1 equals 3 (Madison 30) at 330 Madison Avenue.

Sasha Zarba, Jeffrey Fisher, and Alice Fair of CBRE received 2nd Robert T. Lawrence Memorial Prize for “Maneuvering Through Rapid Business Growth, Complex Decision Processes and the Onset of a Global Pandemic,” Sasha Zarba of CBRE, Jeff Fisher and Alice Fair Secure 232,000 square feet for TikTok in Times Square at 151 W 42nd Street.

Ira Schumann and Richard Eddie of Savills won the third Edward S. Gordon Memorial Prize for Homecoming: How the National Urban League returned to its historic home and built an impressive public facility at 121 W 125th Street.

“This year’s Trade of the Year Awards highlights the important role that commercial brokers have played in supporting our industry through an extremely challenging year,” said REBNY President James Whelan. “We applaud all of the brokers who introduced tonight, who are demonstrating not only the ingenuity of this competition, but also the resilience and determination that have helped our beloved city and other New Yorkers overcome the COVID-19 pandemic.”

HENRY HART RICE AWARD

In first place, Darcy Stackom and Bill Shanahan of CBRE represented the Abu Dhabi Investment Authority (ADIA) in the sale of a 75% stake in 330 Madison after 40 years of ownership and disclosed the full value of ADIA in a joint venture agreement (JV). … After ADIA made a buy / sell, VNO chased the partner to buy, but then decided to sell. The asset had a large maturing loan and the cost of the cancellation was prohibitive. Immediately after the audit, one of the main tenants announced that it would postpone the renewal until it found out who the new owner was, and another tenant opted to return the full floor. This opened up the possibility of a user-buyer who was immediately pursued by Shanahan. To attract a wider range of investors, Darcy ingeniously positioned the asset as a long-term gated area as the site was zoned at FAR 30.

MEAG was a potential buyer with several years of lease remaining in the United States prior to its headquarters at 540 Madison. They looked at 330 Madison as an investment and a headquarters. Unfortunately MEAG bought everything with cash and never used funding. CBRE has tried to make them comfortable in this process and overcame a number of obstacles associated with rating agencies and lenders. The $ 900 million transaction was finally closed on February 28, 2020, shortly before the citywide COVID-19 shutdown.

MEMORABLE AWARD FOR THE ROBERT T. LAWRENCE

Second place went to Sasha Zarba, Jeff Fischer and Alice Fair of CBRE, who helped TikTok find office space at 151 W 42nd Street, formerly known as the Four Times Square or Condé Nast Building, owned by the Durst Organization. TikTok leased 232,000 SF in a 48-story office tower.

MEMORIAL AWARD TO EDWARD S. GORDON

Third-place finishers Ira Schumann and Richard Eddie of Savills helped the National Urban League (NUL) return to their historic home in Harlem at 121 W 125th Street. As the lease of NUL’s headquarters drew near on Wall Street, it became apparent that they could better align their real estate with their organization’s mission of economic development and community empowerment. As NUL strongly advocated individual home ownership, the Savills team educated NUL’s management on the benefits of direct ownership or financial equivalent through very long-term land leases, as well as the benefits that could be achieved, such as real estate tax. tax exemptions, borrowing at historically low interest rates, especially on a tax-free basis, and zero cost of capital to the extent that donations can be received.

Savills identified the ideal location – a 4-story garage on 40,000 square feet of land owned by New York and New York State that was not on the market. Following a proposal to the government that the new national headquarters of an important national non-profit organization in historic Harlem would be far more influential for the area than the garage, the government agreed to put the site up for open competition. To win the competitive RFP process and provide a break-even solution that will consume additional floor space (FAR), Savills recommended the creation of a mixed-use facility to include a Civil Rights Museum to support local tourism and youth education, retail space to support the organization, affordable and supportive housing as well as offices and conference rooms for NUL. Subsequently, Savills was able to help NUL secure a 99-year lease at a very nominal rent to build a new 420,000-square-foot building that has since been named the City League’s Empowerment Center.

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