Forest City Ratner has included plans for a 400,000-square-foot WeWork headquarters as part of its bid for a mixed-use development project at Seward Park in the Lower East Side, the Wall Street Journal reported.
WeWork, a rapidly-growing communal office space provider for startups, already has offices in Soho, Midtown and the Meatpacking District, Read More
The New York City Department of City Planning has approved The Howard Hughes Corporation’s plans to raze South Street Seaport’s Pier 17 and replace it with a two-level glass structure.
The commission agreed to allow the Dallas-based developer to overhaul the existing development with 120,000 square feet of retail and additional open space, including a 10,000-square-foot Read More
Gary LaBarbara has an axe to grind with developers at City Point before they dig any deeper into Downtown Brooklyn.
In a move that could exacerbate friction that’s already occurring at the community level, the president of the Building & Construction Trades Council of New York thrashed the builders of the development project, claiming that they are “failing” to meet the needs of the community by instead catering to private interests.
“City Point is receiving vast amounts of public subsidies ranging from tax exempt bond financing to property tax abatements,” Mr. LaBarbera wrote in an op-ed that appeared in Real Estate Weekly yesterday. “But on a score central to responsible economic development for everyday New Yorkers — creating good jobs that strengthen local communities — City Point is failing.”
On the Market
Massey Knakal is marketing a massive lot for long-term net lease at 39-19 21st Street for $1.5 million, hoping to capitalize on the rapid development occurring in western Queens.
Neatly tucked between a number of strategic roadways and two rapidly changing neighborhoods, the 100,000-square-foot lot on the corner of 39th Avenue and 21st Street sits between Long Island City and Astoria, Queens.
“It’s rare to come up with this large a footprint along a main drag,” said Benjamin Fox, executive vice president of retail leasing with the firm, who is exclusively marketing the property.
After a decades-long stall in the plans for the Seward Park project in the Lower East Side, the city is seeking a developer (or developers) to build and operate what will eventually become an approximately 1.65-million-square-foot, mixed-use development.
The Economic Development Corporation issued an RFP today for the development project that will take shape on the largest contiguous parcel of city-owned land in Manhattan south of 96th Street – a plot of land near the intersection of Delancey and Essex streets that the EDC called a “void in the urban fabric for 45 years.”
The RFP marks another historic milestone for the Lower East Side, said Seth Pinsky, president of EDC.
The YMCA received approval from the city this morning to borrow $50 million of funds through a new debt facility being administered by the Economic Development Corporation.
Called Build NYC, the funding window allows non-profit groups to issue bonds to finance real estate development and other construction projects. The vehicle is not paid for by the city but private buyers of the bonds such as banks or other investors and offers below-market interest rates for the borrower because the proceeds on the debt are triple tax exempt.
A new financing vehicle that was unveiled last year by the city’s Economic Development Corporation will provide $26 million to Manhattan College to refinance debt it incurred building new facilities on its Bronx campus.
The loan facility, called Build NYC, which was created and is administered by the city’s EDC, allows non-profit groups to source capital from private sources through a tax exempt bond issuance.
Perhaps the best way to describe Angela Pinsky’s advocacy for the real estate industry is by saying that when she joined the Real Estate Board of New York almost two years ago, she didn’t see her job as much different from the one she was leaving in the mayor’s office.
“I work on a lot of the same issues,” said Ms. Pinsky, who married Economic Development Corporation head Seth Pinsky last summer. “The thing about the real estate industry, it’s very civic minded. Many owners are family businesses and there’s this strong tradition in the industry of wanting projects and policies that are best not just for the industry’s own interests, but for the entire city.
A software development company is in contract to buy two commercial condominiums in a Time Equities building, and it’s able to do so thanks largely to a bit of lexicographical acrobatics buried deep within the 2009 stimulus plan.
In short, the verb “to manufacture” no longer means what you think it does, at least within Read More