Crains New York - December 24, 2012 - (Page 28)
This chart was first published Nov. 26, 2012
REAL ESTATE
Commercial Property Managers
Ranked by square feet managed in New York City
I
THE SCOOP
n the days following Superstorm Sandy, commercial property managers were thrust into an unaccustomed spotlight as they raced to pump out basements,restore power and repair damage so tenants could return to work. But now, almost a month later,these property managers are starting to focus on something else: preventing damage from another storm. “We have now become part of Hurricane Alley,” said David Sturner, chief operating officer and principal at Murray Hill Properties. “Unless you want to see a ghost town downtown, things will have to be developed.” The company—the only newcomer to Crain’s list of top commercial property managers, ranking No. 20 with 7.4 million commercial square feet managed in the five boroughs, up 13.5% from a year ago—had two buildings that were damaged, both of which were back operating within a week. The first, a halfmillion-square-foot building on lower Fifth Avenue, lost power for five days.At the second,located in west Chelsea,the building had more extensive damage and required water removal, mold remediation and other restoration. Many of the top 25 commercial real estate firms, which manage between 5.3 million and 71.5 million square feet apiece, according to Crain’s research, have spared no expense for restoration and are already looking into preventive measures, such as generators and pump systems. Others are trying to find creative locations to store electrical and mechanical equipment so as to avoid severe damage from basement floods. This has become especially important as these firms continue to expand their portfolios. Nine of the top 25 reported growth from a year ago, while just seven saw a decrease. However, some don’t anticipate long-term harm from Sandy. “We went on after 9/11, after the transit strike, after the blackout,” said No. 4 Newmark Grubb Knight Frank President Jimmy Kuhn. “Nothing shuts New York down for long.” —emily laermer
Number of REIT-owned commercial properties in the NY area affected by Sandy
Source: SNL Financial
1,501
REIT exposure to NYC metro area, by property type
Number of exposed properties 426
309
Top five commercial property sales of 2011
Ranked by price, in millions
601 W. 26th St. $920
217 169 113
102
83 30 28 24
230 Park Ave. $760 299 Park Ave. $623.7 49 E. 52nd St. $569.1 450 W. 33rd St. $533.0
Source: PropertyShark.com
Retail: Other
Office
Self- Shopping Industrial Health care storage center
Hotel
Specialty Regional Multiuse mall
Includes current properties only, located in the New York-northern New Jersey-Long Island, NY-NJ-PA MSA. Includes only properties owned by U.S.-based publicly traded equity REITs. As of Oct. 29, 2012. Source: SNL Financial
Manhattan commercial property sales volume
4Q2011 1Q2012 2Q2012 3Q2012 Number of transactions 274 244 262 307 Volume ($billions) $6,566.1 $5,670.7 $6,112.9 $5,635.8
Sources: Eastern Consolidated, CoStar, PropertyShark.com and NYC Department of Finance
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((. !#, ()* !% %@3A723http://www.PropertyShark.com
http://www.PropertyShark.com
http://www.cushwake.com
http://www.cbre.com
http://www.joneslanglasalle.com
http://www.newmarkkf.com
http://www.vno.com
http://www.slgreen.com
http://www.brookfieldofficeproperties.com
http://www.tishmanspeyer.com
http://www.cassidyturley.com
http://www.durst.org
http://www.silversteinproperties.com
http://www.rudin.com
http://www.paramount-group.com
http://www.georgecomfort.com
Table of Contents for the Digital Edition of Crains New York - December 24, 2012
Crains New York - December 24, 2012
Privately Held Companies
Publicly Held Companies
Accounting Firms
Law Firms
Commercial Banks
Thrifts
Health Insurers
Hospitals
Fortunate 100 CEOs
Commercial Property Managers
Construction Companies
Real Estate Investment Trusts
Airlines
Alphabetical Company Listing
Crains New York - December 24, 2012
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