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.
Forest City Ratner is seeking a majority investment partner to shell out up to $800 million to help make the Atlantic Yards residential development in Brooklyn a reality.
Published reports last week characterized the new venture as an opportunity to get things moving along more quickly on the 14 residential buildings slated to rise atop Read More
Prodigy was sitting in a first-class airplane cabin somewhere over the Pacific Ocean when he first put a face to the name of the New York real estate dynasty that shaped his childhood.
The rapper, one half of hip-hop group Mobb Deep, was en route to a show in Brisbane when he met a fellow Read More
Food & Drink
Two of New York’s preeminent hip-hop artists are making moves in the city’s casual restaurant scene this week.
Buffalo Boss, the organic and hormone-free wing shack that counts Jay-Z as an investor, signed a 10-year, 600-square-foot lease at, fittingly, 400 Jay Street in Downtown Brooklyn. And Questlove of The Roots and Late Night with Jimmy’s Fallon‘s house band, has partnered with blockbuster restaurateur Stephen Starr (Buddakan, Morimoto, and a slew of restaurants in his–and Questlove’s–native Philly) on Hybird, a drumstick, dumpling and cupcake purveyor that opens this Saturday at 75 Ninth Avenue in the Chelsea Market.
Larry Silverstein, the affable face of Silverstein Properties and the man behind the redevelopment of the World Trade Center, is stepping down as CEO – the latest of a string of high-profile real estate CEOs to step down this year.
The co-chief executive at the firm, Mr. Silvertein’s heir apparent, Marty Burger, who joined in 2010 as executive vice president after 15 years with Related Companies, will succeed Mr. Silverstein, The Wall Street Journal reported. Mr. Silverstein will stay on as chairman.
“Marty is a terrific young guy, and his function is really going to be to grow the company,” the 81-year-old real estate icon, Mr. Silverstein, told the Journal.
Last week, news that Bruce Ratner would be stepping down as chief executive officer of Forest City Ratner rippled through the real estate industry, even as others in New York wondered aloud what it would mean for the company’s
yet-to-be-completed Atlantic Yards project.
After the jump, a brief and incomplete timeline of Mr. Ratner’s career and life.
Brian Waterman’s 27 years at Newmark Grubb Knight Frank sprang from a 90-second interview with NGKF Chief Executive Officer Barry Gosin in 1986.
Mr. Waterman, now a vice chairman at NGKF, was fresh out of college and considering a career in law. His mentor, Saul Katz, Sterling Equities’ co-founder and president, shot from the hip and said there were already enough lawyers in the world, and that Mr. Waterman should look into real estate, the field that had minted Mr. Katz’s fortune.
Mr. Katz put Messrs. Waterman and Gosin in touch.
Not quite two minutes into the job interview, Mr. Gosin told Mr. Waterman he was hired, and to immediately start canvassing. “It was my first and only job interview,” Mr. Waterman said.
“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.
Year in Real Estate
Just when New York’s traditional geographic dividing lines were beginning to seem quaint, Hurricane Sandy made landfall and brought them back to light.
Downtown, which over the years had become harder and harder to distinguish from uptown, was plunged into darkness, sending the relatively young and vaguely creative well above 14th Street nosebleed territory in search of power. Only the Brooklyn side of the Williamsburg Bridge stayed illuminated, a stark metaphor for the borough’s slow transformation into a contender.
But in commercial real estate, boundaries continued to disappear. In January, Condé Nast expanded its 1.05-million-square-foot lease at 1 World Trade Center by 138,773 square feet, helping lower Manhattan shed its stodgy finance-centric reputation and prompting slight panic among the owners of Midtown media canteens like Michael’s.
Hip hop impresario Jay-Z kicked off the opening of Forest City Ratner’s Barclays Center with a series of eight sold-out concerts last week. And while thousands of rap and pop music fans descended on Brooklyn to welcome Hova back to his native borough, more surprising, perhaps, were the boldface real estate titans who lined up as guests of Bruce Ratner to witness the spectacle. Besides Dan Tishman of Tishman Construction and Vornado Realty Trust’s Michael Fascitelli and Steven Roth, Mary Ann Tighe of CBRE described the evening as electric. “The only Jay-Z song I recognized is his New York song, which he performed early in the show,” wrote Ms. Tighe, who added in an email to The Commercial Observer that she also enjoyed the arena’s menu of Brooklyn-based restaurants. “Best arena/stadium food ever,” she wrote.
Perhaps the one attendee who was most impressed with the Barclays Center and its booming sound system, however, was Larry Silverstein, the iconic developer behind the ongoing redevelopment of the World Trade Center. Mr. Silverstein revealed his first impressions of the Barclays Center with The Commercial Observer and shared his opinions on Jay-Z and the venue’s body-shaking bass system.
The Commercial Observer: So a tipster told us they saw you at the Jay-Z show last Friday.
Mr. Silverstein: We attended the concert Friday night, and it was a transformational experience.
Hudson Realty Capital has funded a $9.1 million first mortgage secured by a Downtown Brooklyn office building. The loan will be used by the sponsor to lease up the 90,000-square-foot, class B office building and to convert portions of it into executive office suites.
The building, at 540 Atlantic Avenue, is in a prime spot, Read More
Basketball owner and rap mogul Jay-Z can claim another title to his rap-and-business resume: Director of a basketball arena.
Jay-Z, a.k.a “Shawn Carter,” is listed under his real name as the director for the Brooklyn Arena LLC, the company behind Barclay’s Center, as was first reported by Norman Oder’s Atlantic Yards Report blog.
The hip hopper’s new title was discovered on liquor license application papers filed by Forest City Ratner Cos.
Rocawear, the clothing label co-founded by rapper Jay-Z, is striking a deal to shrink its space at 1411 Broadway after laying off half of its staff in January.
The apparel company, which focuses on budget fashion urbanwear, is renewing for the building’s entire 39th floor while jettisoning space it has on 38.
Now that Atlantic Yards is
Ground breaks Thursday. Nets minority owner Jay-Z will be there. Meanwhile, over at Freddy’s Bar, they’ll have three-foot bobbleheads of the villains. Read More
Rev. Floyd Flake and rapper Jay-Z are pulling out today from AEG, the company which bid recently won a lucrative contract to run video lottery terminals at Aqueduct, according to a source familiar with the group’s make-up.
Flake, a powerful reverend and former congressman, and Jay-Z, a multi-faceted rapper, each had less Read More