August 2008

News Archive 2008 - July

A Big Deal for a Big Broker

By: Jordan Crehan
Published: August 6th,, 2008

Prime Manhattan Realty recently brokered a 10-year lease at 1350 Ave of Americas for AC Investment Management, a leading financial company. AC investment is known as a private based New York company which specializes in advising in hedge funds for customers around the world. This company is reputed as one of the top firms in the city as they place a distinct emphasis on active commodity plans within a global standpoint. AC investment management operates on three vehicles in order to support their foundation. These vehicles are committed to global power trading, emerging markets and commodities.

Scott Bennett of Prime Manhattan Realty represented the interests of AC Investment Management while Elaine Ananzagasty represented the landlord of 1350 Ave of Americas in the transaction. Categorized as a class A building by websites like Costar, this structure represents a pivotal piece of real estate in Manhattan as it stands in the center of the East and West Side. Known for its unique architecture with remarkable glass windows and modern building structure, it is one of the first buildings in the city to solely implant a glass configuration. Located specifically in the Plaza district, it is surrounded by an array of famous buildings. Some of these buildings include the Rockefeller Center and Time Warner building along with a variety of premiere restaurants. Known widely as the MGM building it contains 35 floors and has a spectacular height of 416 feet. This prime location will defiantly increase business as they stand in a location where most companies share a particular interest-finance.

Prime Manhattan realty is proven to be a versatile firm, dealing in commercial along with residential real estate. This is group is so distinctive because they approach each deal with their tenants wants and needs in mind. Working with Prime Manhattan, one knows that day in and day out them are receiving “100% Confidentiality”, “100% Devotion”, “100% Satisfaction”, and an overall “Team Approach”. They perceive the tenant relationship as a confidential one, using their knowledge of current lease terms, financial conditions, internal business situations, and budgeting requirements. Their dedication, service, and performance will convince you that you have selected the best commercial real estate brokerage firm.

New York’s economy hero…Tourist here for the rescue

By: Jordan Crehan
Published: August 5th,, 2008

Found on the West Side of Manhattan, located south of Hell’s Kitchen and the Garment district, Chelsea was one the first areas in the city where one could find locomotives running through 10th Avenue, and development on the adjacent street. Its location is amazing, between midtown and downtown Manhattan, arguably the only area that has a incomparable tree lined streets. Though these famous tracks are now inhabited by class A restaurants and 10 floor condominiums, the Chelsea setting it still distinctive. The elevated tracks that are left, are actually being converted into pedestrian promenade’s and parks. In fact, out of all the areas in the city, Soho, Noho, the Upper East Side, the Plaza District; Chelsea is in the highest demand. This is most likely due to Chelsea’s location, history, and recent outbreak of art exhibits and new buildings.

Going back into Chelsea’s history, it was named after British Major Thomas Clarke, but made its biggest change when the Hudson River Railroad built freight tracks on the waterfront in the 1840’s. Chelsea really became known for its theater not its tracks, and the cultural aspect it brought to Manhattan. Especially during the years that preceded World War 1, where several motion pictures and plays were filmed/directed on the streets where most residents and businesses reside. This same kind of theatrical presence has continued but in new forms of art and performance, from musicals to new types of artists that experiment with new tools. Rentals along with ownership have gone up by fifteen percent compared to last year’s numbers of twelve percent. This three percent jump doesn’t seem like a lot but in fact it is in terms of the Real Estate industry; especially the direction our economy is headed.

When places like Chelsea get some kind of cash flow, it brings some light to our dark-weak structured-bad judgment-fearful economical situation. The fact of the matter is, that when areas in Manhattan start to flourish, its gives a preeminent feeling that “everything is going to be alright”. Though the same can not be said for a handful of neighborhoods else where, this good news is exactly what New York City needs!