State court strikes down prevailing wage bill
Mayor Bloomberg By Sarah Trefethen A New York State Supreme court judge on Monday ruled that the city’s prevailing wage bill – supported by the … Continued
Category : Headline
Investment wheels turning on Staten Island
Institutional investors are chewing over an opportunity to own a former Wrigley Gum factory on Staten Island. The seven-story building, at 190-191 Edgewater Street on the north shore, is 126,852 s/f and comes with a 13,100 s/f vacant lot on a site approved the site for conversion into 92 luxury residential condo units. Michael Schneider, a first vice president of sales at Massey Knakal who is marketing the property, said, “If this gets done, then the DNA changes on the North Shore. It’s truly an investment play.”
AREW members gather for Founders’ reception
Recipients of AREW’s highest honor, the Founders’ Award, attended the association’s recent Members Only Luncheon at Robert atop the Museum of Arts and Design in Columbus Circle. The award is given once annually to an AREW member who has made outstanding contributions. Recipients are selected by the current president.
Summer incentives keeping business hot
Working through summer can be rewarding By Sarah Trefethen It’s tempting to slow down in the heat of summer, but brokers who hustle through the … Continued
City builders need new mayor’s vote
By Sarah Trefethen A new mayor needs an “affirmative hand” on capital spending, says NYBC. The New York Building Congress last month revised its forecast … Continued
Winthrop ups stake in Times Square hotel
Winthrop Realty Trust is set to up its stake in the planned development of a new hotel at 701 Seventh Avenue to $120 million. Rendering of Times Square Gateway The company announced today (Tuesday) it would increase its financial commitment to the venture from the previously stated $68 million. Winthrop is part of an investment group led by The Witkoff Group and New Valley, an investment unit of South Florida-based Vector Group LTD (VGR), together with Maefield Development and Infinity Urban Century that acquired the Times Square site on the northeast corner of Seventh Avenue for $430 million last October.
Rufrano steps down from Cushman & Wakefield
Glenn Rufrano Commercial real estate giant Cushman and Wakefield announced that CEO Glenn Rufrano is stepping down. Carlo Barel di Sant’Albano was named as the … Continued
Cushman & Wakefield lands midtown’s biggest leasing assignment
The Rockefeller Group has tapped Cushman & Wakefield as the exclusive leasing agent for 1221 Avenue of the Americas, the 2.5-million-square-foot Class A office tower anchoring the western border of Rockefeller Center between 48th and 49th Streets. The building, one of the five largest office buildings in Manhattan – and the second largest to achieve LEED® certification – has a contiguous block of approximately 537,000 s/f, which will become available in the fourth quarter of 2013. It represents the largest contiguous block of available Class A office space in midtown. A Cushman & Wakefield team led by executive vice chairman John Cefaly will market the available space.
City has world’s money at its feet
By Sarah Trefethen Investors from opposite sides of the world have teamed up to buy a 40 percent stake in the General Motors Building at 767 Fifth Avenue. The deal, which is reported to have placed the value of the iconic 50-story, two million s/f tower at $3.4 billion, highlights the growing role of international investors in the local real estate market.
Jersey boys put state at top of business heap
Dr. James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, The State University of New Jersey and Gil … Continued