Category : Featured

Assembly renews Downtown rebuilding act
Construction & DesignFeatured

Assembly renews Downtown rebuilding act

REW Staff
by REW Staff825
Speaker Sheldon Silver announced last week that the Assembly passed legislation he sponsored that would renew the Co-ordinated Construction Act for Lower Manhattan (A.9613). The measure extends provisions of the Act to ensure the continuation of the rebuilding and recovery process of Lower Manhattan in the wake of damage caused by the 2001 attack on the World Trade Center.
Brookfield signs 350,000 s/f lease with BNY Mellon
Deals & DealmakersFeatured

Brookfield signs 350,000 s/f lease with BNY Mellon

REW Staff
by REW Staff1034
Brookfield Office Properties Inc. today announced that it has signed a 20-year lease with BNY Mellon, a global leader in investment management and investment services, for approximately 350,000 square feet on floors 17 to 23 at 225 Liberty Street -- one of the five office towers within the eight-million-square-foot Brookfield Place complex in Lower Manhattan. BNY Mellon is in the process of selling its headquarters at One Wall Street and is consolidating and streamlining operations in Lower Manhattan to 225 Liberty Street and the company's nearby facilities at 101 Barclay Street.
Deals & DealmakersFeatured

Commish paints bleak future for LIC artists

REW Staff
by REW Staff959
The city's Cultural Affairs commissioner Tom Finkelpearl last week urged developers to show some art in their drive to develop Long Island City. Speaking at the LIC Summit, LIC Now: Perspectives and Prospects, Finklepearl said that rising rents are forcing out artisans that “planted the anchorˮ in LIC 30 years ago. “I’m concerned about the transient nature of how artists are used in the overall process of economic development,” said Finklepearl, who feels strongly that a cultural presence is “vital” to sustaining continued development in LIC.
Deals & DealmakersFeatured

Bertram French retires after 67 years at Cushman & Wakefield

REW Staff
by REW Staff2205
Cushman & Wakefield announced today that Bertram F. French, Vice Chairman, who is widely recognized as one of the most successful brokerage professionals in the industry, is retiring after more than 67 years with the firm. His last day will be June 30. French first joined Cushman & Wakefield in 1947 in a role handling office duties and later joined the brokerage ranks in the firm’s Downtown Manhattan office. “Someone once told me that if you want to be struck by lightning, you go where lightning strikes, and that’s right here in Manhattan,” said French.
1 WTC now more than half full
Deals & DealmakersFeatured

1 WTC now more than half full

REW Staff
by REW Staff1927
Legends Hospitality, the sports entertainment company owned by the New York Yankees, the Dallas Cowboys, and the Checketts Partners Investor Fund, has signed a lease for space at 1 World Trade Center. The Durst Organization announced this morning that Legends, along with investment managers BMB Group, are taking some of the 94,000 s/f pre-built space set aside on the tower's 45th and 46th floors that can accommodate a maximum of 18 tenants. Coming on the heels of a 34,000 s/f deal the the KiDS advertising agency in May, it brings the three million square feet 1 One Trade Center to 56 per cent occupancy.
Deals & DealmakersFeatured

Landlords, tenants both disappointed by rent vote

REW
by REW952
The Rent Guidelines Board has approved the lowest rent hike for the city’s affordable units in history, but refused to heed mayor Bill de Blasio’s calls for a rent freeze. The decision to raise rents by up to one percent for one-year leases and 2.75 percent for two-year leases, reached in a final vote on Monday night, left both landlords and tenants disappointed. Landlord representatives decried the decision as “abysmal”, “dreadful” and “irresponsible”, while their tenant counterparts bemaoned a hoped-for rent freeze that didn’t materialize.
Brooklyn backs off in New York rent face-off
FeaturedResidential

Brooklyn backs off in New York rent face-off

REW Staff
by REW Staff978
Brooklyn is losing ground in its bid to challenge Manhattan as the most desirable borough to live in. Despite pulling within $200 of average Manhattan rents earlier this year, Brooklyn may have reached the peak of its surge. “Brooklyn was like a skyrocket, now we are realizing that it’s leveling off,” said Luciane Serifovic, executive vice president and director of rentals at Douglas Elliman.
Summer’s cancelled for residential brokers
FeaturedResidential

Summer’s cancelled for residential brokers

REW Staff
by REW Staff952
The traditional Spring / Fall apartment sales season is melting into the past as new technology and the city’s record tight inventory creates a year-round buying season. But while summer is cancelled on the sales calendar, brokers have learned to adapt to the 12-month cycle by keeping in touch even when they are on the go. “For better or worse” we have become a 24-hour society, said Kathy Braddock, who recently left Rutenberg Realty to launch the first New York office of the William Raveis brokerage.