Category : Headline

Related Co’s Stephen Ross to give away his money
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Related Co’s Stephen Ross to give away his money

REW Staff
by REW Staff1167
Stephen Ross, founder and chairman of Related Companies, has joined the Giving Pledge, the global initiative created by Warren Buffet and Bill and Melinda Gates that invites the world’s wealthiest individuals and families to give half or more of their wealth to charity. “As a very young boy, my uncle taught me a valuable lesson, the importance of giving back and using your impact and influence to make the world a better place,” said Ross.
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Vornado sells for $65M song

Orlando Rodriguez
by Orlando Rodriguez
Rendering of proposed Harlem Park office tower. Vornado has sold the site for $65 million. By Orlando Lee Rodriguez Not only has the “fat lady” … Continued
Deals & DealmakersHeadline

Industry mourns loss of Ruth Agnese

REW Staff
by REW Staff799
Ruth A. Agnese, one of the foremost experts in commercial real estate valuation and analysis in New York City, died on Thursday, April 18, her 51st birthday, at St. Rafael’s/Yale University Hospital in New Haven, CT. Talented, tireless, bigger than life and a born leader with tremendous style and flair, Ruth gave new meaning to multitasking. She was passionate about her profession, helping to advance the professional success of women in real estate and making a positive difference in the greater community. Ruth was president of Appraisers and Planners, Inc., where she worked for 33 years. “Her insight, knowledge and warmth endeared her to all who knew her,” said Jim Levy, chairman of Appraisers and Planners. “We have lost a deeply loved member of our family.”
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Real estate’s Piano Man has key to success

REW Staff
by REW Staff917
The real estate industry’s very own Piano Man helped the charity, Education Through Music, raise over $500,000 during a gala fundraiser at Cipriani 42nd Street on Wednesday night. Cassidy Turley executive vice chairman Richard Bernstein was lauded for his passionate advocacy on behalf of the charity during the gala, whose guests included actress Christine Baranski, Glenn Close, Nicole Miller, Grace Hightower DeNiro and a plethora of industry colleagues.
Judge in ‘love’ with Stuy Town
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Judge in ‘love’ with Stuy Town

REW Staff
by REW Staff3058
By Sabina Mollot Lawyers who waged a six year battle over Stuyvesant Town rents turned a courtroom slugfest into a lovefest Tuesday. Approving a $68.75 million settlement in the Roberts v Tishman Speyer lawsuit, Justice Richard B. Lowe congratulated attorneys for the tenants and keyholder CWCapital for turning what had been a drawn out battle into a landmark settlement.
About time! Steinway unloads 57th hall for $46 million
Deals & DealmakersHeadline

About time! Steinway unloads 57th hall for $46 million

REW
by REW1405
Finally releasing what analysts had described as a “cash drag”, Steinway Musical Instruments, Inc. (NYSE: LVB) agreed to a $46 million sale of its interest in the W. 57th Street location that has held the company’s flagship store since 1925. The long-awaited sale of the 16-story, 247,000 s/f building at 109 West 57th Street, to an investment group led by JDS Development Group is sure to please investors, some of whom had described Steinway’s continued ownership and performance of property management functions as behaving near-derelict in their duties to shareholders.
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MSG to city: We ain’t goin’ nowhere

REW
by REW1682
Madison Square Garden may be in the final phase of a $980 million interior renovation, but that hasn’t stopped the Municipal Arts Society and the Regional Plan Association from suggesting that the “World’s Most Famous Arena” be relocated from the space it has held since 1968. The Garden move, MAS says, will allow Penn Station, which sits underneath, to be overhauled and returned to its former glory as an above ground terminal. But a spokesperson for Madison Square Garden told Real Estate Weekly that a move is not something seen on the immediate horizon.
HeadlineResidential

City land a hot property for apartment developers

REW
by REW799
As the New York City Housing Authority (NYCHA) faces a serious financial shortfall, the government agency has laid out a plan to lease land on the grounds of housing projects to city developers, in a bold attempt to generate revenue. NYCHA is looking to bring in $50 million annually from developers who would build luxury high-rises on leased land in the middle of city housing projects.
Hail the middle class investor
Deals & DealmakersHeadline

Hail the middle class investor

Sarah Trefethen
by Sarah Trefethen1613
Meet the new kid on the block of real estate investment: the American middle class. Two developments — recent changes to securities regulations and online “crowd funding” technology — have created opportunities to raise real estate capital from a wider pool of smaller investors than ever before. The regulatory loosening is a result of the Jumpstart Our Business Startups Act, a federal law passed last year with the stated intent of improving access to capital for business startups. But removing restrictions on the way private companies can solicit investment has implications beyond backroom bakeries. According to advocates, luxury hotels, grass-roots urban renewal groups and small investors previously unable to access real estate investments are all poised to benefit.
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Modified Hudson Square rezoning clears Council subcommittee

REW
by REW1120
In the final prerequisite before facing a full council vote, a modified version of the proposed Hudson Square rezoning plan was approved by the City Council Land Use Committee on Wednesday. The modifications will now create more affordable housing units than the original proposal and ensures a vote by the Landmarks Preservation Commission for a new South Village Historic District by the end of the year.