Just days after Governor Andrew Cuomo introduced legislation that would authorize three new Upstate New York resort casinos, Foxwoods Resort Casino and Muss Development have signed a partnership agreement to build a destination resort style casino and hotel in Liberty, New York.
The presidents of the respective companies, Scott Butera and Joshua Muss, have been Read More
When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition Read More
As forecasters became more and more certain that a monster storm named Sandy was barreling toward Manhattan in the 48 hours leading up to its landfall on Monday, October 29, Real Estate Board of New York President Steven Spinola lay in a hospital bed recovering from a sudden medical emergency.
But the hospital stay didn’t Read More
As the year draws to a close, I usually dole out holiday wishes for those who are either directly or indirectly related to the commercial real estate industry in New York City.
However, in a year in which politics has been such a central theme, this year’s focus will take stock of how our elected officials have performed and what Santa should give them. Read More
“The governor is on the line,” a top real estate executive recalled his wife telling him early one morning in his suburban home several weeks ago.
He remembered feeling a small spasm of panic as he cursed aloud—without realizing his wife was on the other side of the door holding the receiver out.
The man put the phone to his ear. “That’s what you say when I call?” Gov. Andrew Cuomo said in jest. Read More
After his stint in Washington running the Department of Housing and Urban Development, it is easy to guess that Andrew Cuomo would rather live in the White House than in the New York State House.
If this is true, his pension reform battle might be his most important initiative yet. Read More
It’s the day after the Port Authority released an audit of the agency and Chris Ward is sitting calmly in his new office above Bryant Park.
Coming off of more than three years as its top New York executive, Mr. Ward has no illusions how the bi-state agency is run.
The audit last week cited mismanagement at the Port Authority and spiraling costs at the World Trade Center site, findings that aren’t exactly revelatory. Swelling budgets have been a long-running problem at the complex site and criticisms have been lobbed before at the sprawling agency’s byzantine structure. Read More
The frequent turnover at the Port Authority of New York and New Jersey’s top position has helped contribute to escalating costs at the yet-to-be-completed World Trade Center site, according to a committee report released yesterday. Read More
Chris Ward, the former New York head of the Port Authority, is stepping into a new role, as an executive vice president of the large international construction company Dragados. Read More
Since 1986, Steven Spinola has served as president of the Real Estate Board of New York, the powerful lobbying arm that he has captained through two recessions, property tax reductions and a series of battles against the city’s Landmarks Preservation Commission. The Commercial Observer spoke to Mr. Spinola, 63, about what he learned in 2011, new battles for the New Year, his weakness for skiing and whether he’d rather be drinking with Robert Moses or Jane Jacobs. Hint: His answer probably won’t surprise anybody. Read More
We just got our first indication of how Conductor Cuomo might feel about raising new revenues for the M.T.A., and it’s not promising. Read More
With Jay Walder hopping the express to Hong Kong this October, the city’s transit junkies are stunned and saddened by the loss of one of the most highly regarded transportation directors in the business. Read More
Now that Governor Cuomo is throwing his weight behind strengthening rent regulation in the state–after a seeming term of ambivalence–the Rent Stabilization Association is out with a new batch of ads explaining how rent regs, at least under the current legislation, only benefit wealthy Manhattanites. Azi over at our sister site PolitickerNY Read More
In a move sure to give landlords and brokers serious agita, Governor Cuomo has come out in favor of strengthening existing rent regulations for New York City’s approximately 1 million stabilized apartments. David Freedlander over at PolitickerNY has all the initial details:
Leaning on his time as HUD secretary during the Clinton administration, Cuomo called affordable housing Read More
New York’s recovery from the worst economic crisis since the Great Depression has been slow. Though monthly job growth has been positive, unemployment is about 30 percent for the city’s construction industry. A more robust recovery with meaningful job growth will require more private sector capital investment. This capital investment is stalled due to uncertainty Read More
