Vornado Realty Trust has acquired the land and air rights necessary to proceed with its development at 220 Central Park South, the real estate investment trust announced yesterday.
The $194 million acquisition will allow Vornado to begin construction of its planned 920-foot tall luxury residential condominium and puts to rest an ongoing dispute between the REIT and Extell Development, the seller of the rights.
Chinese state-owned property developer Greenland Holdings Group signed a preliminary deal to buy a majority stake in Brooklyn’s Atlantic Yards, under which the Shanghai-based investor would take a 70 percent stake from Forest City Ratner Companies.
Under the proposal, Greenland would co-developing the residential portion of the complex and sharing its costs going forward, while FCRC Read More
2013 Owners Magazine
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
An Article 78 litigation proceeding filed last week against the New York City Department of Buildings in the State Supreme Court, New York County, by the Plumbing Foundation City of New York, Inc. and the Mechanical Contractors of New York, Inc., alleges the DOB ignored City plumbing and fire code requirements when it approved the Forest City Ratner Companies plan for the developer’s Atlantic Yards modular project.
According to the lawsuit, the DOB violated the code by approving FCRC’s plan to construct the modular residential building without the supervision of licensed master plumbers and licensed master fire suppression contractors.
When the U.S. branch of London-based engineering consultancy WSP Group was charged by Forest City Ratner Companies and the New York Times with the task of designing the core and shell, as well as the interior, of the Grey Lady’s new headquarters on Eighth Avenue, the team faced a coterie of challenges presented by the advanced technologies required to meet the developers’ sustainability and efficiency demands.
The WSP team, led by president David Cooper, was ready for the task.
David Berliner has been named chief operating officer of Forest City Ratner Companies, it was announced earlier today. Mr. Berliner had formerly been serving as general counsel for the development company.
“David has long been a valuable member of the executive team with a thorough knowledge of the entire company,” MaryAnne Gilmartin, newly-appointed president and chief executive officer, said in a prepared statement. “As Chief Operating Officer, he will be a key member of my leadership team and a great partner as I take over the day-to-day responsibilities of the company.”
Last week, Forest City Enterprises confirmed what had become an open secret in New York real estate circles: MaryAnne Gilmartin would succeed Bruce Ratner as president and chief executive of the company’s New York subsidiary, Forest City Ratner Companies. Ms Gilmartin spoke with The Commercial Observer on the day of the announcement last week about the process of deciding on a succession plan, what she will bring to the table and how her ascension to the top of FCRC will impact the way women are viewed in the real estate industry.
Forest City Ratner Companies today confirmed what has long been understood in New York real estate circles: MaryAnne Gilmartin will succeed Bruce Ratner as president and chief executive officer of the development company.
Mr. Ratner, 68, will serve as the executive chairman of FCRC, stepping aside so that Ms. Gilmartin, executive vice president of commercial and residential development, can take over.
“I’m exhilarated by the notion of being able to partner with Bruce going forward, but I know business,” Ms. Gilmartin told The Commercial Observer in a telephone interview. “I am a developer at heart so Bruce and I are like-minded in terms of the importance of civic building and community and how we create great places.”
Bruce Ratner is stepping down as CEO of Forest City Ratner Companies, a source tied to the organization tells The Commercial Observer, confirming rumors that have been swirling around the industry for the past year.
Mr. Ratner, 68, will step aside this winter, assuming the role of company chairman and putting MaryAnne Gilmartin, the firm’s current executive vice president of development and leasing, at the helm of the firm’s day-to-day operations, the source said.
“It’s been in the works for a significant amount of time… over the last year or so,” the source said. “Everyone knows Bruce is a mentor to her (Ms. Gilmartin) and that she was being groomed for the role.”
“The stories are accurate,” he added, referring to the string of media reports that followed suit after an initial report published in Crain’s yesterday.
The decision begs the question of whether the man behind the Barclays Center and Metrotech Center in Brooklyn, and the 52-Story marvel and home to The New York Times at 620 Eighth Avenue, has simply had enough of the day-to-day squabbles that characterized the last decade of his tenure at the firm.
TIAA-CREF has purchased 1511 Third Avenue on the Upper East Side from Related Companies for $60 million, sources tell The Commercial Observer.
The 60,000-square-foot property is a four-story landmarked building, one block south of East 86th Street, the main retail artery in the neighborhood.
“It was intended to be iconic,” MaryAnne Gilmartin said of the Barclays Center’s façade of undulating rusted steel just three months after the wildly controversial arena opened its doors.
But while the arena’s architecture aimed to lodge itself in the public consciousness, the Atlantic Yards development project, of which Barclays is the preening firstborn child, couldn’t have anticipated the discord it would ignite in the Brooklyn neighborhoods it promised to reactivate.
Faith Hope Consolo omits names but doesn’t mince words when she describes her visits to Real Estate Board of New York meetings in the late 1980s.
“I once walked into a Stores Committee conference. Back then it was this little club. And some bozo—I won’t say who—said, ‘What are you doing here? Why don’t you try residential real estate?’” said Ms. Consolo, chairman of the retail group at Douglas Elliman.
Rosemary Scanlon, dean of NYU’s Schack Institute of Real Estate, recalls some incredulous replies when she told people she was an economist. “They’d look at me and—in all seriousness—say ‘Oh, home economics. You must be a good cook,’” said Ms. Scanlon.
Upon hearing that Jennifer Carey, president of the Association of Real Estate Women and JLC Environmental Consultants, had majored in biology in college, “people all assumed I was a nurse,” said Ms. Carey.
Ziel Feldman, founder and managing principal of HFZ Capital Group announced last week they had hired Laurie Golub as a General Counsel and Chief Operating Officer. Ms. Golub has over 20 years of experience in handling complex real estate and corporate transactions.
“Laurie’s extensive legal background, overall real estate development experience and outstanding relationships with institutional investors will be invaluable as we move ahead on a number of new and exciting development projects in both New York City and elsewhere,” Feldman said.
The Mount Sinai Medical Center struck a deal last week to launch its first downtown Brooklyn practice, according to reports.
The medical group will be taking 75,000 square feet to launch a new multi-specialty physician practice at 1 Pierrepont Plaza, Crain’s New York reported.
The Russians are coming! To Brooklyn.
The investment fund Onexim, headed by Russian billionaire Mikhail Prokhorov, has agreed to a $200 million deal in which it will take a major stake in the NBA’s Nets franchise and its new arena planned for Brooklyn, part of the larger $4.9 billion Atlantic Yards project. Read More