New York brokers face legal hurdles when selling global real estate
By Konrad Putzier As more New York apartment brokers look to market foreign listings, they are discovering that the legal hurdles are high. Douglas Elliman … Continued
Category : Featured
Studley signs media giant to 114,000 s/f Penn Plaza lease
Global media giant Publicis Groupe has signed a 114,000 s/f lease at Vornado's One Penn Plaza. Ken Ruderman and Brad Wolk from Studley arranged the turn-key deal, which was initially crafted as a sublease between their client, Direct Brands, Inc. and the global media conglomerate. As the deal gained momentum, owner Vornado Realty Trust helped cement the transaction by ultimately arranging an Assignment of Lease. Asking rents were in the $50's per square foot.
Five designs for a new Queensway park unveiled
Could Queens get its own version of the Highline? The Emerging New York Architects (ENYA) committee of the AIA New York Chapter has announced the winners of its 2014 biennial design ideas competition, QueensWay Connection: Elevating the Public Realm. Entrants were challenged to design a vertical gateway for the elevated viaduct portion of a 3.5 mile stretch of abandoned railway in Central Queens. Of the 120 submitted proposals from 28 countries, the jury selected the following winners to represent the diverse array of ideas generated. Which one would you have picked?
Noyes new job selling the New York Wheel
Former New York Water Taxi executive has been charged with selling the New York Wheel to the world. TRAVIS NOYES Travis Noyes was yesterday )Wednesday) named chief marketing officer for the New York Wheel and senior vice president of Empire Outlets, the 350,000 s/f retail development next door to the Staten Island spectacle. Noyes will be responsible for promoting and activating both venues.
Developers play cards right on casino deal
Muss Development has struck a deal that paves the way for the company to develop a new Catskills resort casino in partnership with Foxwoods. Muss and partner Foxwoods Resort Casino together with developer Louis R. Cappelli announced that they have come to a share and lease agreement on a portion of the former Grossinger’s hotel property in Liberty, New York. The agreement will allow Foxwoods and Muss to develop and build a their “destination resort casino” that would share an entrance with Sullivan Resorts’ development of homes, entertainment and hotel rooms on the original Grossinger’s property.
IBM proves Minskoff right with 120,000 s/f Astor lease
Three years after skeptics said he could never fill it, developer Edward Minskoff has signed a division of computer giant IBM to anchor his 51 Astor Place. A special division of 2,000 workers will work out of the building developing the famous Jeopardy computer that was designed to answer questions on the television quiz show.
Winter blast sends salt prices soaring
Due to severe cold weather conditions, elected officials across the nation, including New York City Mayor Bill De Blasio, have been assuring the public that despite the fact that this has been an extremely cold winter, rock salt supplies remain adequate. A different story has unfolded for the private sector. The cold winter of 2013-2014 and its many subzero days have seen supplies of rock salt dwindle as demand rises to record levels. For facilities managers and those who provide snow removal and maintenance of properties, rising prices and scarcity of rock salt has caused challenges.
DeBlasio taps Weisbrod, Been for commish roles
Mayor Bill de Blasio has tapped former Trinity Real Estate boss boss Carl Weisbrod as chair of the City Planning Commission. And as he charges the Bronx-born urban planning expert with keeping neighborhoods affordable, stronger and more resilient, the mayor also brought on NYU Furnam Center for Real Estate director Vicki Been as commissioner of the Department of Housing Preservation and Development.
Billionaire investor planning Wall Street office tower spa
Wall Street isn’t exactly known as a relaxing environment, but that may change soon. Billionaire investor Alex Rovt said he plans to open a spa in his office tower 14 Wall Street. Designed by architect Kenneth Kim, of Concept Design Group, it will span two floors and 14,000 s/f in the building’s basement. Rovt said he expects the spa to open in a year.
Class action ESB suit filed
Former shareholders in Empire State Building Associates have filed three separate lawsuits against Peter and Anthony Malkin and Malkin Holdings since the Empire State Building REIT went public in October, merging a number of properties managed by Malkin Holdings, including the iconic Empire State Building, into a single publicly traded portfolio. Empire State Building The separate suits have now been consolidated into a single class-action suit filed in New York state court in Manhattan, alleging that the managers violated their responsibilities to the almost 3,000 individuals with ownership interest in the landmark tower by declining to sell it separately, in spite of a number of unsolicited offers.