The city Human Resources Administration will maintain its current office presence on the sixth floor of Forest City Ratner Company‘s 1 MetroTech Center in Downtown Brooklyn through a new 10-year lease, under a proposed 27,000-square-foot agreement city officials will review next week.
The agency, which moved to the building from 10 MetroTech Center to make way for Forest City’s demolition and future residential project on that site, would pay the landlord $936,900 per year in rent from the lease’s commencement until Oct. 13, 2018 and then escalate the payments to $1,044,900 per year until Oct. 13, 2024, according to a public notice announcing the Dec. 22 hearing.
The dispute between Pacific Park Brooklyn developer Forest City Ratner Cos. and contractor Skansksa USA Building escalated to the courts today. The construction firm that’s under contract to build B2, a residential building slated for the area around Barclays Center that used to be known as “Atlantic Yards,” filed a suit against Forest City just 16 minutes before the developer slapped the contractor with its own suit in Manhattan state court.
The contractor alleges “serious commercial and design issues” are plaguing the 363-unit, 32-story residential building that will be constructed from 930 pre-fabricated steel modules, but the complaint filed by Forest City’s lawyers contends that Skansksa should take responsibility for cost overruns and delays that led to a work stoppage and furloughs for 150 workers last week, an argument that the contractor steadfastly denies.
As collaboration between academic research facilities and the life sciences industry increases, New York is quickly becoming a viable alternative to more established lab hubs in San Francisco, San Diego and Cambridge, Mass. But there are still hurdles to overcome.
The issue isn’t talent. New York has the highest concentration of medical research facilities in the country. Nor is it money. In December, the New York Economic Development Corporation established a $100 million early-stage life sciences funding initiative alongside Celgene, GE Ventures and Eli Lilly.
It’s lack of space.
A clean technology incubator, supporting startups and hosting educational programming, has opened in Downtown Brooklyn, New York City Economic Development Corporation and the New York University Polytechnic School of Engineering announced.
Urban Future Lab, a 10,000-square-foot business incubator, has opened at NYU School of Engineering’s Downtown Brooklyn campus, on the 19th floor of Forest City Ratner’s 15 MetroTech. Designed to support the clean technology sector, Urban Future Lab combines a business incubation program with a product demonstration and exhibition space. It also offers educational programming and job training workshops.
Planet Fitness New York has chosen East Harlem as the location for its next New York City.
The fitness gym that has its eyes set on expansion into the New York market will take 14,500 square feet at the East River Plaza at 520 East 117th Street.
Particularly loud acts visiting the Barclays Center in Brooklyn will be asked to keep the noise down despite the recent installation of 1,800 insulated ceiling panels meant to keep sound from escaping the arena and into the rattled ears of fed up neighbors.
The installation of the ceiling panels, first reported in atlanticyardsreport.com, followed a string of noise complaints by disgruntled neighbors which in May of last year led to a $3,200 noise violation fine.
Year in Real Estate
Even as the construction process commences on a marquee Roosevelt Island technology project, some tech companies are uncertain about how the industry will fare now that Mayor Michael Bloomberg, a staunch advocate for tech, is out of office.
As Cornell NYC Tech, the engineering school slated for Roosevelt Island, makes its way through the development process and the city welcomes a new administration, it prompts a question: Will the sustainable applied science and engineering campus—and tech in general—get the same level of attention from Mayor Bill de Blasio as it did from his predecessor, Mr. Bloomberg?
From Silverstein Properties and Boston Properties on down to Forest City Ratner Companies, age played a decisive role in succession planning across some of the country’s largest real estate companies this year.
Larry Silverstein, Mort Zuckerman and Bruce Ratner all handed the reins to younger real estate executives during a year of leadership changes that rippled across the industry. Vornado Realty Trust and Cushman & Wakefield also experienced top-level shake-ups.
Modular New York
Yesterday workers hoisted the first modular unit at the base of what will become the world’s tallest residential, modular building – the B2 at Barclay’s.
Today they dug into the ground at the site, continuing to lay the footing that will support the 322-foot building at the corner of Flatbush Avenue and Dean Street in Read More
Published reports indicate that next week Forest City Ratner will ship and begin stacking modular units next to the Barclay’s Center in Brooklyn to create the first Atlantic Yards residential tower, a 32-story building dubbed B2.
The 363-unit tower is set to become the tallest modular building in the world when construction wraps up, estimated by Read More
Empire State Development, the state agency overseeing the Atlantic Yards megadevelopment in Brooklyn, has agreed to pay $300,000 in fees to lawyers representing two community coalitions that won a lingering lawsuit over the project’s timetable.
The lawyers successfully challenged the agency’s decision, in 2009, to extend the potential build-out of the project to 25 years, while only studying the impact of a five-year delay on a project long billed as taking 10 years.
It was billed as New York City’s largest Halloween party, an all-night rave with a costume contest in three 1000-plus capacity rooms and more than 15 DJs.
The Factory, a new venue in Brooklyn—operating without permits—aimed to piggyback on the Sensation electronic dance music show Oct. 26 at the Barclays Center just a few hundred feet away.
Apparently, $761 million in subsidies and tax breaks isn’t enough for Forest City Ratner. The Atlantic Yards developer is thanking the city for its generosity by suing the Department of Finance for a lower tax assessment.
The developer has filed a lawsuit against the Department of Finance, in an attempt to knock down the market value assessment on block 1129, which comprises the southern section of the development site, from $11.2 million to a scant $1.6 million, DNAinfo reported today.
Mayor Michael Bloomberg has announced two new tech initiatives to expand the city’s access to wireless and broadband connectivity, one of which encourages the deployment of leading broadband technologies across its commercial real estate buildings.
The Wireless Corridor Challenge will establish free public WiFi corridors in each of the five boroughs, while WiredNYC, described as LEED Read More
By most measures, the Barclays Center had a very good year since opening with eight Jay-Z concerts a year ago this Saturday, including hosting MTV’s Video Music Awards last month. As the statistics show, its success as a concert venue was significant, even if audience attendance was bolstered in some part by ongoing renovations at Madison Square Garden.
While some scheduled events never came to fruition, the total number of events lagged behind several estimates, and the start-up costs were a drag on profits, the Barclays Center will get a big bump during the 2015-2016 season when the New York Islanders move in.
Norman Oder of the Atlantic Yards Report gathered and crunched the numbers for The Commercial Observer to assess the promises, projections and realities.