Real Estate and Politics
With the Terrorism Risk Insurance Act now one week expired and still on the table, many in the real estate business say the financial impacts pose a growing threat to future commercial activity and the U.S. economy as a whole.
Even as the House moves toward a vote to reauthorize the federal program through Congress’ fast-track process, possibly today, the uncertainty of the law’s future has fueled anxiety in several fields tied to real estate. Among the potential setbacks are higher insurance costs and heavily reduced terrorism coverage, lost jobs, stalled real estate deals, widespread defaults and less available credit going forward, property owners and industry watchdogs told Commercial Observer.
Norway-based architecture firm Snøhetta will move its New York City offices to the Rudin family’s 80 Pine Street in the Financial District, the landlord announced this morning.
The architecture company, whose first New York City project was the National September 11 Memorial Museum Pavillion at the World Trade Center site, will relocate from 25 Broadway to a segment of the 10th floor of the 38-story structure in 2015, representatives for Rudin said. Snøhetta booked a 10-year, 19,321-square-foot lease, according to Rudin’s release.
Eldercare organization SeniorBridge Family Companies has signed a five-year renewal and expansion at 845 Third Avenue. The lease is just one in a series of recent deals totaling close to 70,000 square feet at the Rudin Management property.
SeniorBridge currently occupies the entire 17,508-square-foot seventh floor of the building and has expanded to take an additional 7,787-square-foot portion of the 11th floor, bringing the company’s overall footprint to 25,295 square feet.
Like a good neighbor, State Farm is there—especially for high-profile borrowers in Manhattan.
State Farm Realty Mortgage originated a $35 million second tranche as part of a total $110 million loan on the Rudin Family’s office tower at 1 Battery Park Plaza, public records show. The recent financing closed on April 1, following a $75 million first mortgage from State Farm on the 36-story property, which closed in April 2013.
Masters of Real Estate
Bill Rudin sits at the helm of one of the largest privately owned real estate companies in the city. Like much of the Real Estate Board of New York community, in addition to his firm’s undertakings, he often puts at the top of his agenda initiatives that might not always show immediate results but which are essential for the future success of the city. Mr. Rudin, a REBNY vice chairperson, spoke to The Commercial Observer about his current projects, REBNY, major real estate happenings over the last year and what needs to be done to keep New York City competitive. Read More
There’s “something major” happening in every submarket in the city, but will gridlock in Washington and the impending mayoral election thrust the city back into recession – or even into a backdrop of crime and bankruptcy reminiscent of the 1970’s?
Not a chance, said a group of the city’s top real estate developers at Observer Read More
Tech and the City
Hughes, Hubbard & Reed has signed a 226,416-square-foot lease at Rudin Management Company’s One Battery Park Plaza – one of the largest Lower Manhattan deals of the year, which follows a surge in demand for big blocks of space.
The international law firm’s 20-year lease spans nearly 11 floors, comprising floors 10 through 18, a Read More
Year in Real Estate
The Downtown Alliance has announced LaunchLM, a city-backed initiative aimed at bringing together tech innovators below Chambers Street.
Mayor Michael Bloomberg introduced the endeavor, which will be advised by a group of leaders including Rudin Management’s Bill Rudin, during a speech last week on New York City’s post-9/11 renewal.
“This new initiative will advance the tech community in Read More
FEMA spokesperson William Rukeyser described the ad-hoc, jumbled feel of the company’s impromptu space in the Forest Hills Tower like a scene from a hard-hit neighborhood, with hanging wires, antennas strapped to the ceiling, Post-It notes and sheets of paper with various instructions scattered about, and impromptu folding tables holding printers and other office equipment. Most seemed at a loss for words when assessing damages.
“It’s—It’s—It’s just a mess,” Durst Organization spokesperson Jordan Barowitz told The Commercial Observer less than a week after the storm hit, struggling to describe the destruction in Lower Manhattan.
Nothing takes us back to that halcyon year of 1996 as does seeing the likes of Michael Ondaatje and Drew Carey in the same paragraph. In a delightful blast from the not-so-distant past, the stars’ respective talent agencies have renewed at the Rudin family’s 41 Madison Avenue.
The Gersh Agency, who, in addition to a svelter Read More
Amidst the celebratory backslapping at the Real Estate Board of New York’s Ingenies on Monday evening, REBNY president Steven Spinola quietly savored an even bigger victory.
In a January 2010 Observer article, he had sounded one of the earliest calls for not holding the 9/11 terror trials in the federal courthouse in Lower Manhattan. Attorney General Eric Read More
Greenwich Village has been clamoring for a new hospital ever since St. Vincent’s closed nearly a year ago. Now, with the news that North Shore-LIJ is poised to open an emergency care facility in the next few years—no major trauma unit, no in-patient care—while the Rudins get to build their condos across the street, Read More
Nearly a year after St. Vincent’s closed, a hospital is returning to Greenwich Village, albeit a much smaller one. St. Vincent and North Shore-Long Island Jewish have just announced a deal that, along with developer Rudin Management, will place an emergency care facility within the O’Toole Building, the distinctive “overbite building” on the west side Read More
Earlier this month, St. Vincent’s announced its plan to hire CB Richard Ellis to market the eight buildings that make up its Greenwich Village campus. The announcement came as a slap in the face to Bill Rudin, the developer whose family firm had a deal to buy some of the properties from the hospital Read More
Bill Rudin has not given up on dearly departed St. Vincent’s Hospital, according to The Journal. The third-generation developer, looking to live up to the great works of his pops and pop-pop, is “working quietly to salvage his ambitious project,” which includes a condo tower and a number of smaller apartments and townhouses Read More