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QUARTERLY REVIEW |
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Greetings!
It's hard to believe the Summer is almost behind us and Fall is around the corner. Its been a rocky ride the last couple months with the European and U.S debt crisis driving the markets into turmoil, the housing market making a slower than expected recovery and mortgage rates creeping to new lows. With all that said, there is a new window open for borrowers who missed their opportunity to refinance last year when rates hit similar lows. We are optimistic about the fourth quarter and have been busy working on new opportunities and ways to improve business for our clients.
Included in our review are some of Royal Abstract's recent noteworthy closings, news and some exciting changes taking place within the company to stay ahead of our competition so we can continue to offer a superior level of expertise and client service.
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| Noteworthy Closings | |
George Washington Bridge Bus Terminal
Royal Abstract closed the lease between the The Port Authority and SJM Partners. The lessee will manage the space for 99 years under the terms of a lease signed July 2nd. The $183.5 million renovation is slated to begin in early 2012.
Scribner Building
Royal Abstract facilitated the closing of the $108.5 million acquisition of 597 Fifth Avenue, between 48th and 49th streets, featuring over 12,000 square feet of retail and around 58,000 square feet of office space. The deal also encompasses the adjacent building at 3 East 48th Street and 50,000 square feet of air rights.
Times Square Retail Site
Royal Abstract handled the purchase of a prime retail site located on Broadway for over $136M. The property will ultimately be redeveloped as a flagship store in the heart of Times Square.
Upper East Side Luxury
Royal Abstract closed the construction financing for a prime Upper East Side property on Third Avenue which will become a super luxury residential building. The three mortgages exceeded $100M dollars in total.
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| Web Enhancements | | |
Royal Abstract's new web site and title generation software is now up and running! We have created a dynamic and exceptionally user friendly experience so you can find what you're looking for in one click. You will find up to the minute news feeds, various calculators and many of the forms and endorsements you may need; resourcefully organized so you do not have to be.
Our Tracker Pro software allows our clients to log-in and track the status of open orders at every point in the transaction. Contact us today for your new username and password to log in!
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| Royal Abstract Sponsor Event | Martin Kravet to moderate and sponsor the 3rd Annual
State of the Market Summit on September 22nd. |  We are excited to announce that Martin Kravet, President of Royal Abstract, will moderate the panel for the Annual New York State of the Market Summit. The event will bring together the top real estate figures of New York as well as top national figures coming in just for the occasion. This is the Bisnow event of the year, reviewing the state of the market and key trends and issues ahead for the next 12 months.
Come join us Thursday, September 22nd from 7am-10am!
For more information about this event and to register, click here
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| A Strategic Alliance | | |
Royal Abstract becomes exclusive title partner with SiteCompli
We are very excited to announce that Royal Abstract has partnered with SiteCompli, the New York City Real Estate industry's leading provider of compliance monitoring technology, as the only title company to offer its clients a powerful new compliance report that will bring the due diligence process to the next level!
In the next few weeks, we will be sending you additional information about our new reporting capabilities that will go beyond the basics of traditional title searches to help you uncover the true cost, time and resources involved in taking on ownership, management, or financial servicing of a property.
Stay tuned for our announcement and launch of these new products!
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| Why Royal Abstract Is Best For Your Clients | | |
Your client's satisfaction is our top priority. Our highly skilled staff of attorneys and title officers, with over 150 years of collective experience, have handled some of the most complex titles in the tri-state area. Their superior knowledge and attention to detail has resulted in successful and timely title issue resolutions. Every newsletter will highlight some closings that demonstrate these notable successes.
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| From The Desks Of | |
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Caryn Mallin
Director, Sales & Marketing
Royal Abstract
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Martin Kravet
President,
Royal Abstract |
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Our highly knowledgeable staff of attorneys and title officers, combined with our close attention to detail and focus on customer satisfaction, separates Royal Abstract from other title insurance agents. With over 65 years in the industry, Royal Abstract continues to demonstrate its leadership in the title insurance business year after year.
Royal Abstract
500 Fifth Avenue, Suite 1540
New York, NY 10110
(Tel) 212.376.0900
(Fax) 212.376.0911
info@royalabstract.com
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