Category : Headline

Deals & DealmakersHeadline

ARC building ‘portfolio of the century’

REW Staff
by REW Staff640
Flush with cash, American Realty Capital is shaking up Manhattan’s commercial real estate market. ARC’s New York Recovery REIT (NYRR) has invested close to $1 billion in Manhattan office and retail space this year alone. It has outpaced and outbid more traditional investors, one of which filed a law suit. But the aggressive investment strategy has an expiration date. After mid-2014, when NYRR hopes to have invested $3 billion in Manhattan commercial real estate, it plans to become a seller.
Hotel trio aims to bring Manhattan to Moscow
Deals & DealmakersHeadline

Hotel trio aims to bring Manhattan to Moscow

REW
by REW4883
Trump Soho developers Alex Sapir and Rotem Rosen are planning to take Manhattan to Moscow. The duo met with Russian developer Aras Agalarov and Donald Trump at the weekend to discuss replicating the successful hotel they built in New York in the heart of the Russian capital. “The Trump Soho has a lot of very high profile Russian visitors and they have been telling us they wish there was something modern and hip like it in Moscow,” said Russian-born Sapir.
Construction & DesignDeals & DealmakersHeadline

Seaport tenant keeping bulldozers at bay

Sarah Trefethen
by Sarah Trefethen829
Demolition of the Pier 17 mall was scheduled to begin in early September. But it’s still standing over the East River at the foot of the Brooklyn Bridge, seeming almost defiant in its red, barn-like incongruity. The spark of life propping up the three-story shopping center is a single food court tenant which, as of yesterday (Tuesday), was still serving up fried fish and beer in the otherwise vacant building. Here, no anthropomorphization is required to detect the defiance. “I’m here, ready to serve customers — and I’m not leaving,” said Joseph Demane.
Construction & DesignHeadlineResidential

One year after Sandy wreaked havoc, Long Beach is on its way back

REW Staff
by REW Staff890
A year after Hurricane Sandy battered the barrier islands off the coast of Long Island, one beach community is finding its way back to normal. Sandy, the second-costliest hurricane in U.S. history — second only to Hurricane Katrina in 2005 — caused $42 billion worth of damage in New York State. Long Beach is a town of about 33,000 on the south shore of Long Island, a 45-minute train ride from Manhattan on the Long Island Rail Road. Superstorm Sandy caused more than $200 million in damage to city property when it hit the town.
New skinny towers get fat check from state
Construction & DesignHeadline

New skinny towers get fat check from state

REW Staff
by REW Staff671
Mack-Cali and Ironstate Development will get $33 million in tax credits to build a three-tower apartment development on the Jersey City waterfront that will increase the people into square feet equation. The joint venture partners have developed a concept they call URL - Urban Ready Living - that they say allows for "tremendous living density in a small footprint." The first phase will consist of a 69-story tower with 766 apartment units, some of which will be "micro units."
Industry sets out ‘to do’ list for new mayor
Deals & DealmakersHeadline

Industry sets out ‘to do’ list for new mayor

REW Staff
by REW Staff669
Looking around Manhattan today, from the gleaming towers of the World Trade Center to the miles of bustling waterfront parks, it’s easy to focus on how well-positioned the city is at the end of Mayor Michael Bloomberg’s 12 years in office. But industry stalwart Bill Rudin said the next mayor will have to figure out a way to continue that momentum while juggling a shaky budget, climate change, a troubled education system and labor disputes that could see the city owing back pay some estimates put as high as six or seven billion dollars. “We need to fundamentally change the way we permit, procure, design and deliver public construction… But to do that, the mayor’s got to make it a priority, he has to tangle with some vested interests,” added Robert Yaro, president of the Regional Plan Association.
Brooklyn basking in glory of Skype generation
Deals & DealmakersHeadline

Brooklyn basking in glory of Skype generation

REW Staff
by REW Staff673
Look out Midtown South – Brooklyn is on a trajectory that could take it to the top of the office leasing market. That is according to the crowds who made the hike to Steiner Studios on Tuesday for Massey Knakal’s Brooklyn Summit. Now companies like Tough Mudder, which organizes extreme obstacle course races, and 3-D printer manufacturer, Makerbot, are calling the shots on issues such as technology infrastructure. It’s no longer a luxury for the growing Kings County employers. “A big pain point for us was being on Skype with an office in the UK and having the internet go down,” said one.
Construction & DesignDeals & DealmakersHeadline

$167M Hudson buy a good Yard stick

REW Staff
by REW Staff681
Momentum for the Bloomberg administration’s vision of a new office neighborhood on the far west side of Manhattan got a boost yesterday with the announcement that Frank McCourt has purchased a 26,000 s/f parcel of vacant land at the southern end of the neighborhood for $167 million. McCourt Partners, whose chairman and CEO is also a former owner of the Los Angeles Dodgers, plans to build a large, mixed-use property on the site that will include retail, commercial and residential components. Others with a stake in the neighborhood see McCourt’s move as a vote of confidence in the project. “To me. it’s further credibility in the fact that the district is no longer something into the future, it’s now; and it’s not something that may happen, it’s something that is happening,” said Arthur Mirante, who is leading the leasing team for the Moinain Group’s planned 1.8 million s/f of office space at 3 Hudson Boulevard, on the northeast corner of Eleventh Ave and 34th Street.
Headline

New wave of biotech companies coming to NYC

Sarah Trefethen
by Sarah Trefethen760
Software developers have been grabbing up office space and headlines in recent years, but the next wave of hot new tenants may be more likely to wear long white lab coats than Mark Zuckerberg -style hooded sweatshirts. Biotech researchers and drug companies (many of which are facing expiring patents on major drugs) are increasingly looking to New York, with its dense concentration of hospitals and universities, as a location for their own labs and cutting-edge research. “They’re coming to where the science is,” said John S. Isaacs, an executive vice president at CBRE who specializes in the life sciences sector.