Sunday, March 8, 2020

Brooklyn’s Eagle Warehouse Clock Tower On Market for First Time in 23 Years Priced at $2.35 Million

One of Brooklyn’s landmark buildings is this clock tower in the 1906-era Eagle Warehouse & Storage building that was converted into co-op apartments in 1980.

Photo credit: Donna Dotan/ Compass       Source:
 BROOKLYN, NY -- Clock towers date back to ancient Greece when the Tower of Winds was built in Athens with eight giant sundials.

Famous clock towers include London’s Big Ben, Chicago’s Wrigley Building and Philadelphia’s City Hall, which was the tallest building in the world from 1894 to 1908, according to
Walt Whitman
In the late 1800s and early 1900s, most large towns had one or more businesses that would put clocks near the peak of their buildings or construct clock towers for time keeping, advertising and prestige.

Many of these buildings have been torn down over the years, but some have been maintained and converted into condominiums or apartments.
Some of the buildings even have living quarters inside the clocks such as San Francisco’s Schmidt Lithography Company tower that was converted into a penthouse featuring spectacular views through the tower’s four clock faces.
 Very visible to San Francisco and Oakland commuters on Interstate 80 who have come to depend on the clock as they travel to and from work each day, it was recently for sale at $6 million.
New York City has several prominent clock tower buildings including City Hall and Met Life Tower. One of Brooklyn’s landmark buildings is a clock tower in the 1906-era Eagle Warehouse & Storage building that was converted into co-op apartments in 1980.

London's Big Ben Clock Tower
The actual clock tower loft with views of the Brooklyn Bridge, East River and Empire State Building is now on the market for the first time in 23 years at $2.35 million.
The Eagle Warehouse was one of a number of Brooklyn warehouses close to the riverfront, but it stood out due to its excellent brickwork and simple-but-classic Romanesque Revival style.
Chicago’s Wrigley Building Clock Tower
It was converted in 1846 and housed the Brooklyn Eagle, a popular newspaper whose editor was Walt Whitman, one of America's most important poets, essayists and journalists.

 After the newspaper moved, the building went through multiple tenants and was given city landmark status in 1977 by the New York City Landmarks Preservation Commission.

San Francisco’s Schmidt Lithography
Company tower

 In 1980, it was purchased by a developer who converted it to a luxury co-op of 85 apartments. The clock apartment has always been considered the cherry on the top.
Though only 1,260 square feet with one bedroom and one bath, the clock apartment living room and bedroom are large with 16-foot ceilings, hardwood floors, brick walls and massive skylights.
The spa-style bathroom is tiled in Indian slate, the kitchen has top appliances and lots of storage, and there is a plethora of large closets with two being walk-in.

Nick Gavin 
And the crown jewel, a working clock face through which one can see river traffic, a lit Manhattan skyline, or watch the full moon go overhead - from the sofa or from the bed!
The Eagle Warehouse clock tower penthouse has come on the market with full-service amenities that include a doorman, live-in superintendent, on-site manager, bike storage and a recently renovated fitness center and lobby.

Josh Doyle 
Located only a block from a large riverside park and the ferry. The listing agents are Nick Gavin and Josh Doyle of Compass, Manhattan office.

Genelle C. Brown
Content Manager, Media Division
Phone:  434-480-4504

Twitter:  @toptenrealestat  

Chatham Lodging Announces Departure of Chief Investment Officer Peter Willis

 Peter Willis

WEST PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 134 hotels wholly or through joint ventures, announced Peter Willis, Chatham’s chief investment officer, is stepping down from the company.

“Peter was the first executive I hired at Chatham and has played an instrumental role in the company’s growth since our initial public offering almost a decade ago when we started the company with no hotels,” commented Jeffrey H. Fisher, Chatham’s president and chief executive officer.

 Jeffrey H. Fisher
 “Over those ten years, working together, we have assembled a premier portfolio of 40 high-quality hotels in great locations around the country. We would like to thank Peter for his meaningful contributions and wish him nothing but the best.”

Dennis Craven
Upon Peter’s departure, his responsibilities will be assumed by Fisher and Dennis Craven, Chatham’s chief operating officer.

“It’s been a great ride with Chatham over the last ten years, and I am very proud of our accomplishments since our IPO in 2010,” said Willis. “I appreciate the opportunity to have worked with Jeff and the team at Chatham and know they are well positioned for continued success.”


620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
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Chris Daly 
Daly Gray Public Relations
(703) 4356293                                                                         
Dennis Craven
(561) 227-1386 

10-Year Treasuries Dip to 1.15%, lowest point in American financial annals

John Oharenko

 Chicago, IL – The Real Estate Capital Institute (RECI) reports the coronavirus conquers all capital market discussions, as the 10-year treasury dips to the lowest point in history, at 1.15%.
  In contrast to 1981, when rates peaked to over 15%, this milestone rate supports the longest bull market in history for government bonds. 
 For further comparison, treasuries peaked at 8.89% (September 1990), and dipped to 1.48% (July 2016), averaging about 4.5%.  Since 2012, treasuries regularly hovered in the 2%-and-below range.  

Until more certainty returns to the marketplace, many lenders institute rate floors by widening spreads, with 3% serving as a common minimum rate.  
However, with record supplies of capital entering the real estate sector, intense competition for funding cash-flowing properties prevents floors from taking hold.  As a result, borrowers continue taking advantage of historically unprecedented low mortgage rates, as lenders scramble in search of paltry yields.
Despite low rates, the commercial real estate industry enjoys healthy performance in most markets as supply and demand fundamentals remain in check due to overall underwriting discipline and rising new-construction costs.  
Under such conditions, property pricing also remains at historically high levels.
According to John Oharenko, director of the Real Estate Capital Institute, “Based on extremely low rates, markets sail into unchartered waters.  Yet the waters seem calm with little signs of stormy conditions, at least for now.”


John Oharenko  
Executive Director
Real Estate Capital Institute

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

The   Real Estate Capital Institute®
Chicago, Illinois USA 60622

JLL closes $40.9 million sale of Raleigh-Durham office/life science portfolio

 Bradford Center and Berrington Center, two fully leased single-story office and R&D buildings totaling 224,779 square feet in Raleigh-Durham, NC

CHARLOTTE, NC – JLL Capital Markets announced  it has closed the $40.9 million sale of Bradford Center and Berrington Center, two fully leased single-story office and R&D buildings totaling 224,779 square feet in Raleigh-Durham, North Carolina.

Valerie Derrick

JLL represented the seller, an affiliate of Crown Realty & Development, and procured the buyer Alidade Capital, in an off-market transaction.

Constructed in 1999, the 121,833-square-foot Bradford Center and 102,896-square-foot Berrington Center feature highly specialized lab buildouts, office/training space, an above market parking ratio of 5.20/1,000 along with capacity for future expansion on site. 

Nikkie Marion
The buildings are part of Durham's Imperial Center and are situated on 30 acres at 5827 and 5927 S. Miami Blvd. east of Research Triangle Park and near the intersection of Routes 40 and 540 in the premier life science submarket, RTP/I-40. 

The portfolio is less than six miles from Raleigh-Durham International Airport and at the epicenter of the region’s three Tier 1 Research Universities.

 Kreg Groat

The JLL Capital Markets team representing the seller included by Ryan Clutter, Scot Humphrey, Chris Norvell and Valerie Derrick. 

The seller’s team was led by Kreg Groat, COO; Ann Vera, vice president of Transactions; and Nikkie Marion, senior asset manager.

“With long term leases and the property’s strategic location to many of the tenant’s headquarters, this was a great opportunity for the buyer,” Groat said. 

Ryan Clutter

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Scot Humphrey
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Chris Norvell 

About Crown Realty & Development:

Crown Realty & Development was established in 1994 by Robert Flaxman and Jaime Sohacheski to apply intelligent real estate strategies with determined and reliable execution. 

Robert Flaxman 
Headquartered in Orange County, California, with offices in Los Angeles and Scottsdale, Arizona, the firm’s current portfolio consists of office, retail, entitled multifamily land, flex and industrial properties with a total portfolio value approaching $700 million in value. 

 Jaime Sohacheski
Crown has a deep and demonstrated understanding of the relationships among people, places and results. Crown leverages the broad skill set of an exceptional team and market-based foresight to uncover and create value in unexpected places. 

Long-term relationships anchored by trust and transparency are the cornerstone of the company.   


Kimberly Steele
 JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420