Joshua Rechnitz, who caused stir last April when he pledged the single-largest donation to a New York City public park ever, is expanding his philanthropic activities to the art world. Mr. Rechnitz’s Powerhouse Environmental Arts Foundation has just paid $7million for an industrial building on the Gowanus Canal and plans to turn it into an exhibition center, The Commercial Observer has learned.
New York’s largest commercial real estate landlord, SL Green, is getting greener. The REIT signed an agreement with the U.S. Environmental Protection Agency to reduce the environmental impact of the buildings that it manages.
Given the size of SL Green’s portfolio—which includes 77 office and retail buildings throughout New York tri-state—the environmental impact could be significant. Buildings like its recently acquired 10 East 53rd Street or 1515 Broadway would all be held to certain environmental standards.