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.
“The ability to socialize and collaborate is one of the founding blocks of creating a tech community,” writes Ashkán Zandieh, director of the creative and start-up advisory division at ABS Partners Real Estate, in the latest edition of his quarter TechStarter report. Mr. Zandieh has been involved with the technology sector for seven years. He created and sold a start-up, has advised several fledgling companies and tracked the field’s real estate activity for the past year. From ABS Partner’s Union Square area office, Mr. Zandieh is well-positioned to observe and dissect the red hot Midtown South tech real estate market and, if he looks south, the growth of the Financial District as a tech and new media contender.
Mr Zandieh spoke by phone with The Commercial Observer.
The Commercial Observer: How is the tech-fueled Midtown South commercial real estate market holding up?
Mr. Zandieh: The average asking rental price per square foot increased from an estimated $38 per-square-foot in 2011 and 2012 to nearly $60 per square foot for Class B buildings in Midtown South in the first quarter of 2013. What’s pretty interesting is that we’re seeing a Class B transition–there’s a fuzzy line between Class B and Class C.
So young companies are still drawn to, and able to afford, the neighborhood?
A lot of the start-ups I’m working with now are down in Soho and expanding by 20 or 30 employees. They’re moving out of Soho and to NoMad, where they can get larger floor plates. By NoMad, I mean 23rd Street to 28th Street between Park and Seventh Avenues.
The most talked about rezoning of the Bloomberg/Burden era has to be the 2005 transformation of Williamsburg and Greenpoint from gritty industrial backwater to haute condo clusterfuck. And yet the one that has had a far greater impact on Brooklyn, or at least its skyline, is the one undertaken a year prior in Read More
Sodom by the Sea
As the Observer first reported last week, it’s been a blockbuster summer out at Coney Island. Both the Cyclone and the Coney Island Sideshow Circus had some of their best seasons ever, and now the city has announced that more people visited the boardwalk than any summer since Steeplechase Park closed in 1964 and Read More