Industry worried by ‘flawed’ wage bill
By Al Barbarino The city's real estate board is condemning "flawed" legislation passed by the city council this week to raise private-sector wages.
Category : Featured
Shovel-ready Brooklyn builders have the edge
By Liana Grey For four consecutive quarters, the Edge, a pair of waterfront towers in Williamsburg, has sold more units than any other building in the five boroughs — including luxury towers in Manhattan’s trendiest enclaves. In Williamsburg alone, the 565-unit development has accounted for 50% of sales this past quarter, according to a recent report by the brokerage firm MNS. Developer Jeffrey Levine attributes the project’s success to its high-quality finishes, which were once rare in gritty, industrial Williamsburg, as well as the type of buyer attracted to the Second Borough.
We’re all miserable as rents and taxes continue to climb
By Sarah Trefethen & Sabina Mollot TENANT PROTESTOR AT THE ANNUAL RGB MEETING Owners of multi-family buildings pay the lion’s share of New York City … Continued
Cutting through white noise of green revolution
For the property managers and superintendents charged with daily operations in New York’s buildings, the green revolution has brought opportunities to increase efficiency while improving the quality of everything from common area lighting to climate control. But it also brings the perils of any popular trend. “They have to separate all of the noise of the words ‘green’ and ‘energy efficient’ from what’s really good for them,” said David Kuperberg, chief executive of Cooper Square Realty, the city’s largest property management company. “It all comes down to money and costs.”
Domino effect threatening Williamsburg waterfront project
By Liana Grey On a Friday afternoon eight years ago, Isaac Katan, founder of the Brooklyn-based firm, Global Developments, got a call from a friend with major news: the iconic Domino sugar refining plant near the Williamsburg Bridge had just shut down, and was about to be put up for sale. “He told me I had 48-hours to tie up a deal before it went on the market,” Katan recalled. Having developed both affordable housing and market-rate condos in Brooklyn for the past 25 years, Katan had long been aware of the one million square feet site’s potential to transform the Williamsburg waterfront into a luxury destination, with upscale shops, rental units, and a landscaped park.
BuildingsNY stands out in crowd
By Dan Margulies, executive director, Associated Builders and Owners of Greater New York, Inc. ABO sponsors BuildingsNY, which takes place May 2 & 3 Everyone … Continued
Viacom inks city’s biggest ever lease with SL Green
1515 Broadway SL Green Realty Corp. this morning announced that Viacom Inc.has renewed its commitment at 1515 Broadway by extending and expanding the company’s occupancy … Continued
Feldman braced to crack recession’s tough nuts
Things may be looking up at One Madison Park, a poster child of the recession’s over-inflated market. Ziel Feldman, founder and managing principal of HFZ Capital Group, bought the 47-story building in partnership with Related Companies in a bankruptcy auction last year. The property emerged from bankruptcy this month and the last of its debts have been resolved, according to Feldman, who told a luncheon meeting of the Appraisal Institute Monday that renovations are being finished off and vacant units should be ready for move-in by September this year. “Our expectations for this building are high,” Feldman said.
City puts 750,000 s/f chunk of downtown up for sale
The City of New York is looking to sell 750,000 s/f of lower Manhattan office space currently occupied by city agencies, according to a Request for Proposals issued Monday. The three buildings, at 22 Reade Street, 346 Broadway and 49-51 Chambers Street, have “significant potential for hotel, residential or office use,” according to the RFP issued by the NYC Economic Development Corporation on behalf of the Department of Citywide Administrative Services. Would-be buyers can make offers on the buildings individually or as a portfolio, and proposals will be assessed both for the dollar value of the offer and their likelihood to “support the economic growth and continuing revitalization of Lower Manhattan,” including employment and tax-generating potential.
Random House inks 360,000 s/f deal at 1745 Broadway
SL Green Realty Corp. today announced that Random House, Inc. has signed a 361,044 s/f lease renewal agreement at 1745 Broadway, extending its occupancy at the property through mid-2023. Random House will continue to occupy floors 2-13 for its corporate headquarters. Richard Bernstein from Cassidy Turley represented Random House in the transaction.