Category : Headline

Boston Properties names new CEO

REW Staff March 12, 2013 March 12, 2013

by REW StaffMarch 12, 2013March 12, 2013970

Boston Properties, Inc., a real estate investment trust, yesterday announced that Owen D. Thomas will succeed Mortimer B. Zuckerman as chief executive officer and join the Board of Directors. Zuckerman will remain as executive chairman and return to his original role in company activities. Thomas is a 25-year veteran of the industry. He is currently the chairman of the board of Lehman Brothers Holdings Inc., the successor company to Lehman Brothers, where he has overseen the disposition of a range of assets, including the sale of Archstone to Equity Residential and AvalonBay Communities, Inc. for $15 billion.

Construction & Design Headline

Sandy rips big hole in infrastructure purse

Sarah Trefethen March 5, 2013 March 5, 2013

by Sarah TrefethenMarch 5, 2013March 5, 20131475

The question is not only how New York City will improve its infrastructure in the wake of Superstorm Sandy, but how will it pay for it? Funding to maintain and improve transportation infrastructure was in short supply even before the storm, according to panelists at a conference yesterday hosted by Fordham University’s Graduate School of Business Administration. The region’s rail transport, highways and airports are all in need of investment both to keep them in good repair and to expand their capacity to accomodate New York’s growing population, according to Elliot “Lee” Sander, former MTA chairman, who is working with the Regional Planning Association to develop the a 20-year plan for infrastructure improvements.

Deals & Dealmakers Headline

Fascitelli to step down as CEO of Vornado

REW February 27, 2013 February 27, 2013

by REWFebruary 27, 2013February 27, 20131852

Vornado Realty Trust CEO Michael Fascitelli announced he is resigning from his position nearly four years after being named the top executive. Chairman Steve Roth will replace Fascitelli after he officially steps down April 15, according to a company press release dated Feb. 27. In a company memo published on the firm’s website, Roth said Fascitelli will remain on the board of trustees as well as keep an office in the building.

Deals & Dealmakers Headline

NYC property tax out of order, say experts

Sarah Trefethen February 20, 2013 February 20, 2013

by Sarah TrefethenFebruary 20, 2013February 20, 2013

By Sarah Trefethen Wading through city tax codes is like an episode of Law & Order. You can stop wondering if taxes on your New … Continued

Deals & Dealmakers Headline

Eastdil and CBRE marketing pair of Midtown towers

REW Staff February 15, 2013 February 15, 2013

by REW StaffFebruary 15, 2013February 15, 20131157

Eastdil Secured and CBRE Group are teaming up to market for sale two of Midtown Manhattan’s premier office buildings, 499 Park Avenue and 425 Lexington Avenue, on behalf of Hines U.S. Core Office Fund.

Deals & Dealmakers Headline

Barnes and Noble distribution center sells for $83 million

Orlando Rodriguez February 11, 2013 February 11, 2013

by Orlando RodriguezFebruary 11, 2013February 11, 2013

Barnes & Noble’s Monroe, NJ facility. By Orlando Lee Rodriguez The site where bookseller Barnes and Noble (NYSE: BKS) distributes merchandise to its more than … Continued

Debt & Equity Headline

Banks bounce back with help from Feds

REW February 6, 2013 February 6, 2013

by REWFebruary 6, 2013February 6, 20134797

U.S. banks made more last year than they lost during whole subprime meltdown – and the government helped them do it. According to Bloomberg LP, the four biggest U.S. banks collectively earned $2.4 billion from mortgages in 2012. That number outpaced the $2.1 billion these same banks had to dole out in loan modifications and settlements. “This is by design,” said Dr. Mark Zandi, chief economist at Moodys Analytics. “The Federal Reserve lowered interest rates and it cajoles people to take more risk. I think the Fed is pretty happy with that.”

Deals & Dealmakers Headline

Industry mourns Ed Koch

REW February 1, 2013 February 1, 2013

by REWFebruary 1, 2013February 1, 20131593

Edward Irving Koch, the outspoken, charismatic and feisty former mayor of New York City, passed away early Friday morning at New York-Presbyterian Hospital Columbia hospital. He was 88. Almost immediately tributes began to pour in to the man credited with leading New York back from its darkest days. “Mayor Koch was a stalwart leader for New York City,” said Bill Rudin Vice Chairman and CEO of Rudin Management Company Inc. “His dedication and love for New York never wavered. He led New Yorkers through many of the most trying times we've faced, including the near-bankruptcy of the 70s. His impact is beyond measure - he set the standard for how to manage our great city. He was a true champion of New York, and he will be missed."

Headline

Midtown landmarks push underway

Orlando Rodriguez January 29, 2013 January 29, 2013

by Orlando RodriguezJanuary 29, 2013January 29, 2013

Preservation groups are pushing for landmark protection of many Midtown-East buildings built between 1900 and 1965 By Orlando Lee Rodriguez As the Midtown-East rezoning … Continued

Deals & Dealmakers Headline

Pols position themselves at REBNY gala

REW January 22, 2013 January 22, 2013

by REWJanuary 22, 2013January 22, 20131839

The 117th annual Real Estate Board of New York banquet at the Hilton New York Hotel last Thursday night was one of celebrating the accomplishments of the industry’s movers and shakers. But for the first time in 12 years, this year’s gathering had a tone of muted concern surrounding the uncertainty of who will lead the city after Mayor Michael Bloomberg’s term comes to an end. An advocate of skyline expansion, the Bloomberg administration has been a friend to the development community. But as the clock ticks down to December 31, the real estate community has plenty on its mind.