July 25, 2024

Where Are the Women in Investment Sales?

Other areas of the industry have diversified in recent years — not so the field of trading buildings and sites

Women in commercial real estate, especially in New York, have made great strides, but in one niche of the industry they are in danger of falling further behind.

Investment sales brokerage in the New York market — the brokers who arrange the transfer of ownership of some of the world’s most expensive buildings, development sites and complexes such as shopping centers — remains male-dominated. With one very notable exception. 

According to data from GreenStreet’s Real Estate Alert (REA), the top investment sales team in New York, with a 35 percent market share, is led by Darcy Stacom, chair and head of New York capital markets for CBRE (CBRE), the world’s largest commercial property brokerage. REA’s ranking survey showed that Stacom’s team processed five deals with an aggregate value of $2.95 billion. (Some of CBRE’s competitors have disputed this, and the numbers can fluctuate depending on the time period.)

Read More On Commercial Observer

July 24, 2024

SL Green Lands $500M Refi for 919 Third Avenue

SL Green Realty has landed a $500 million refinancing for its 47-story office building at 919 Third Avenue, the landlord announced Wednesday.

Credit Agricole and Aareal Bank led a six-bank syndicate to provide the three-year loan — with two one-year extension options — with an interest rate of 250 basis points over term SOFR on the 1.3 million-square-foot building, according to SL Green (SLG) and a source with knowledge of the deal. The news was first reported by Bloomberg.

“We are pleased to have secured this refinancing for 919 Third Avenue, which reaffirms the liquidity in the market for high-quality assets with high-quality sponsors,” Harrison Sitomer, chief investment officer at SL Green, said in a statement. “The deep relationships we have with financial institutions around the world coupled with the caliber of our portfolio and operating platform give us confidence in our ability to continue to execute in the capital markets, notwithstanding current credit market conditions.”

CBRE’s Darcy Stacom and Bill Shanahan helped source the deal, while CBRE’s James Millon, Tom Traynor and Mark Finan arranged the financing.

Read more on Commercial Observer

July 24, 2024

2023 Notable Leaders in Real Estate

Darcy Stacom serves as chairman and head of New York City capital markets at CBRE, overseeing sales, financing, joint ventures and development transactions. She closed several notable deals in the past 18 months, including 450 Park Avenue, and 140 and 160 Riverside Boulevard. Stacom received the Louis Smadbeck Memorial Broker Recognition Award from the Real Estate Board of New York, as well as the Community Builder Award from Phipps Neighborhoods/Phipps Houses. She actively supports industry inclusion practices as co-chair of REBNY’s diversity committee and as a member of her firm’s women’s and capital markets advisory boards. Stacom is also co-chair of the New York Restoration Project board.

Read more on Crain’s New York Business

July 24, 2024

Real Estate’s Got Talent

“If you start me up, I’ll never stop,” sang Mick Jagger in a 1981 Rolling Stones hit. 

Jagger turned 80 in 2023, and, far from slowing down, he turned his lissome frame loose on another world tour following a brand-new studio album. In the same way, a few regular names on past Commercial Observer Power 100 lists started themselves right back up over the past 12 months following sudden late-career pivots. All found themselves turned out of big firms, and all reinvented themselves on a smaller, scrappier scale. 

Read more on Commercial Observer

July 26, 2022

A&E Real Estate Buys Manhattan Apartments for $415M

Apartment investor A&E Real Estate has acquired 160 Riverside Blvd., an apartment community on Manhattan’s Upper West Side, for $415 million. The seller was Equity Residential. The transaction comes just three months after the company’s acquisition in April of a sister asset, 140 Riverside Blvd., for $266 million.

Read more on Multihousing News