Category : Headline

HeadlineRetail

Emirate chain planning big US roll-out

REW
by REW756
A Dubai-based fast-food chain is setting its sights on the U.S. retail market and expects to open 50 stores in New York City. Just Falafel, a middle-eastern “fast casual” restaurant chain based in Dubai, announced earlier this year that the company was planning a massive American rollout, having already sold nearly 120 franchises, according to the company. “Our goal is to become an authentic global aggregator of Mediterranean street food which fits with our brand’s core values of serving authentic, wholesome food with old-world flavors,” said a company spokesperson.
Cloudy forecast for Midtown
Deals & DealmakersHeadline

Cloudy forecast for Midtown

Konrad Putzier
by Konrad Putzier
By Konrad Putzier Amid delayed and piecemeal rezoning, the city’s largest developers and brokers are growing increasingly pessimistic about Midtown East. Tara Stacom “My prediction … Continued
Activist investors keeping REITs on edge
Debt & EquityHeadline

Activist investors keeping REITs on edge

REW
by REW964
Last week’s open letter by Marcato to the management of American Realty Capital Properties (ARCP) has rekindled a simmering debate over the merits and dangers of investor activism in REITs. Marcato, an investment firm that owns 2.4 percent of ARCP’s shares, criticized the REIT for “engaging in too many transformative transactions too quickly” — in effect urging it to change its strategy. While some observers and REIT managers see this kind of investor activism as disruptive, others argue that it makes REITs more accountable and efficient. The debate has become more important in recent years, as a growing number of formerly private real estate companies are turned into REITs — often for tax purposes
Deals & DealmakersHeadline

Durst drops rents to $69 psf at 1 WTC

REW Staff
by REW Staff1218
Ahead of a crucial Port Authority vote on the future of 3 World Trade Center, conflicting news from One World Trade Center raised questions on the strength of the downtown office market yesterday (Tuesday). In an interview with the Wall Street Journal, 1WTC’s developer Douglas Durst said the Durst Organization would slash asking rents for middle floors at the 1,776 foot high tower by ten percent from $75 to $69 per s/f. Meanwhile, Crain’s reported that the tower’s prospective tenant The China Center is in talks to half the space it will lease to about 100,000 s/f. The good news, from Durst’s perspective, is that The China Center would pay a significantly higher rent of $100 per s/f for its reduced space. Moreover, the New York Post reported that digital artistry shop Box Studios has leased 37,500 s/f at 1WTC for $90 per s/f.
American Dream coming true at big Vegas convention
HeadlineRetail

American Dream coming true at big Vegas convention

REW
by REW2157
American Dream mall developers, Triple Five, chose the annual ICSC convention in Vegas this week to announce they have signed two major department stores and added more store space to meet demand from retailers. Paul Ghermezian, COO of Triple Five, said that leasing at $2 billion shopping center in New Jersey's the Meadowlands is going “very brisklyˮ and the mall is on schedule to open in the fall of 2016 The mall developer is part of the New York City real estate exodus to Las Vegas for the annual ICSC RECon. Some 33,000 brokers, developers and retailers are here, topping last year’s 32,000. And the mood is markedly upbeat, despite the inevitable swollen feet and sleep deprivation,
Light at end of tunnel for Second Ave. subway
Construction & DesignHeadline

Light at end of tunnel for Second Ave. subway

REW
by REW4254
After decades of agonizing delays, the new subway line is finally on track to become a reality. And although residents probably won’t see their apartments quadruple in value, they can look forward to much improved transportation.
Industry gives de Blasio housing plan cautious response
Construction & DesignHeadline

Industry gives de Blasio housing plan cautious response

REW
by REW815
Mayor Bill de Blasio’s $41 billion affordable housing plan has received a cautious response from the real estate industry. While most observers backed the Mayor’s goal to create and preserve 200,000 affordable housing units, the plan’s cost and mandatory inclusionary zoning drew criticism. “(De Blasio) plans to double City capital spending on development, but high property taxes are already one of the biggest obstacles to building and operating any apartments,” said Dan Margulies, executive director of the trade group Associated Builders and Owners of Greater New York.
Law firm leases 440,000 s/f at Rockefeller Group’s McGraw-Hill Building
Deals & DealmakersHeadline

Law firm leases 440,000 s/f at Rockefeller Group’s McGraw-Hill Building

REW Staff
by REW Staff1504
The Rockefeller Group today announced that White & Case LLP, a law firm with operations in 26 countries, has signed a 440,000 square foot long-term lease for its New York office at 1221 Avenue of the Americas. The leased space includes the top floors in the building, as well as below grade space. The firm will relocate to 1221 in 2017. The firm plans to remain on Sixth Avenue in a move north to one of Rockefeller Center’s premier office towers. Located between West 48th and West 49th Streets, 1221 Avenue of the Americas was developed by The Rockefeller Group in the modern expansion of Rockefeller Center to the west side of Sixth Avenue. The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by Executive Vice Chairman John Cefaly.
Headline

Related to switch on first digital district

REW Staff
by REW Staff784
Brains aren’t just for people anymore. We have smart phones, smart cars – and increasingly smart buildings. While computerized security and HVAC systems have become commonplace in new buildings, Related Companies and Oxford Properties have more ambitious goals for the new development at Hudson Yards. “Hudson Yards will be the most connected, measured and technologically advanced digital district in the nation,” Jay Cross, president of Related Hudson Yards, said in a press release.