Wired City

Mayoral Candidates Weigh in on Tech Expansion: Christine Quinn

christine-quinn-running-for-mayor

Mayor Bloomberg has been a vocal advocate of moving New York City toward the center of the tech world, but with the end of his third term approaching, the future of his vision is in jeopardy, especially where it concerns broadband technology. Throughout the day, Wired City will be publishing a series of interviews with several of this year’s crop of mayoral candidates, asking each where he or she stands on issues regarding broadband and how best to upgrade the city’s aging infrastructure. Read More

Wired City

Mayoral Candidates Weigh in on Tech Expansion: John Catsimatidis

?????????????????????????????????????????????????????????

Mayor Bloomberg has been a vocal advocate of moving New York City toward the center of the tech world, but with the end of his third term approaching, the future of his vision is in jeopardy, especially where it concerns broadband technology. Throughout the day, Wired City will be publishing a series of interviews with several of this year’s crop of mayoral candidates, asking each where he or she stands on issues regarding broadband and how best to upgrade the city’s aging infrastructure.

Read More

Wired City

Mayoral Candidates Weigh in on Tech Expansion: John Liu

John_Liu2

Mayor Bloomberg has been a vocal advocate of moving New York City toward the center of the tech world, but with the end of his third term approaching, the future of his vision is in jeopardy, especially where it concerns broadband technology. Throughout the day, Wired City will be publishing a series of interviews with several of this year’s crop of mayoral candidates, asking each where he or she stands on issues regarding broadband and how best to upgrade the city’s aging infrastructure. Read More

Exits

Twilight of an Era: Seth Pinsky Leaving EDC for RXR Realty

Leaving for the private sector.

The waning months of Mayor Bloomberg’s reign are expected to be marked by a series of high-powered departures, as one official after another jumps ship before the mayor leaves office. The latest is Bloomberg stalwart and Dan Doctoroff protégée Seth Pinsky, who is stepping down from the Economic Development Corporation to take a private sector gig with RXR Realty, as the agency announced today. Kyle Kimball, who is currently the agency’s executive director, will succeed him. Read More

Groundbreaking

Hudson Yards Breaks Ground for South Tower

A rendering of the Hudson Yards complex towers.

New York Mayor Michael Bloomberg was on hand Tuesday as Related Companies broke ground on the first of what will be a string of buildings in the Hudson Yards development on Manhattan’s midtown west.

Related founder – and Miami Dolphins owner – Stephen Ross, called the project the “most ambitious construction project in the history Read More

Lease Beat

Tavern On The Green’s New Owners Discuss Restaurant’s Complicated Past, Bright Future

642px-Tavern_on_the_Green_cloudy_jeh

Nearly three years after Tavern on the Green went dark, restaurateurs Jim Caiola and David Salama are opening up to Crain’s about the controversy swirling around their lease on the landmark Central Park venue.

The Philadelphia-based partners and their company, Emerald Green Group, won the lease this summer over hometown favorites including the caterer Great Performances. The Bloomberg administration’s selection of Mr. Caiola and Mr. Salama raised eyebrows in part because Mr. Caiola’s sister is married to Kevin Sheekey, Mayor Bloomberg’s former deputy mayor who currently serves as a top executive at Bloomberg LP. Some New York restaurant industry insiders doubted the credentials of the pair, who run Philadelphia’s Crêperie Beau Monde and L’Etage 624. Read More

concrete thoughts

When Politics, Economics and Real Estate Meet

Blitt - Bob Knakal

If you are a frequent reader of Concrete Thoughts, you know that I often attempt to connect the dots between economics, politics and real estate. And since the so-called Great Recession began, the relationships among the three have never been more pronounced.

The health of our commercial real estate market can be greatly influenced by policy changes that legislators enact. The implications for our market on the political climate can be significant and, in 2012 and 2013, two elections could have profound ramifications for us. Read More

The Sit-Down

Akerman Senterfitt Lawyer Steven Polivy: $700M in Nonprofit Projects to Hit Pipeline Starting This December

Polivy, Steven

Through most of the 1990s and 2000s, nonprofits could count on low-cost financing issued through the state’s industrial development agencies to develop buildings, facilities and other infrastructure and construction projects. The bonds didn’t expose the state to any credit risk; rather the vehicle allowed lenders to avoid being taxed on the proceeds in the investment, which in turn incentivized them to accept lower interest rates on the debt. But in 2007, the State Legislature failed to renew the vehicle, cutting off NFPs from an important pipeline of funds. Now, in December, the city’s Economic Development Corporation is planning to roll out a new financing vehicle that will allow lenders to issue low-interest rate tax-free debt to NFPs. The city estimates that at least $700 million worth of projects that had been backlogged could now have access to funds. The Commercial Observer spoke with Steven Polivy, an attorney with law firm Akerman Senterfitt LLP about the upcoming vehicle as well as the impasse that has prevented the IDAs from providing tax free financing in recent years. Mr. Polivy specializes in arranging real estate financing and development transactions that utilize government incentive and financing programs.
Read More

Anchor Tenant

600,000 Square Feet of Office Space in the Bag for Coach

The Coach House.

Luxury handbag stalwart Coach will relocate its offices to the Hudson Yards, scooping up approximately one-third of the planned south office tower as a commercial condo in a deal that will give the New York City-based company approximately 600,000 square feet.

Coach will move its corporate headquarters and consolidate three New York City offices into the building by 2015. The 1.8 million-square-foot tower, at the northwest corner of West 30th Street and Tenth Avenue, is one of 14 residential, commercial and retail assets envisioned by the Related Companies at its far West Side development site. Read More

Lease of the Week

Yelp is on the Way!

Yelp is on the way.

Right from the gate, the Invesco Real Estate-Kaufman Organization partnership behind 100-104 Fifth Avenue followed a simple motto: Go big on tech or go home.

Since acquiring the building in January 2011, the Kaufman Organization has leased 100,000 square feet to new tech tenants, including 45,000 square feet to Apple’s iAd mobile advertising unit.

“We’ve been on a tear,” said Grant Greenspan, a principal at the Kaufman Organization. Read More

office space

Wells Fargo Isn’t the Only One Getting Bumped

When Bloomberg sailed into Wells Fargo’s chosen space at 120 Park Avenue, industry insiders were shaken by the switch. Now Crain’s reports that even Wells Fargo thought they had the space nailed:

“A few weeks ago, [senior vice president John] Saclarides got a call from the landlord telling him that the bank was being bumped Read More