2013 Owners Magazine

The 2013 Owners Magazine


When The Commercial Observer first set out to survey New York City’s most venerable commercial real estate owners in our inaugural Owners Inquisition last year, the old guard at some of Manhattan’s largest public relations firms pushed back, presuming their clients might wilt in the face of questions about their personal role models, biggest fears and Read More


Daily News’s 4 New York Plaza Offices Could Be Uninhabitable for a Year


It could be up to a year before the New York Daily News and U.S. News & World Report are allowed back into their 4 New York Plaza headquarters, which were “wiped out” by Hurricane Sandy, Mortimer B. Zuckerman said today.

Like many companies in Lower Manhattan, both publications were forced to relocate after 11-foot tidal surges caused flooding and electrical outages in the area.

“We have just leased some other space for nine months to a year just to make sure that we can keep the magazine and the newspaper going,” the chairman of Boston Properties said at the Observer Media Group‘s Masters of Real Estate conference. “We suffered dramatically on the publishing side because the U.S. News and the Daily News offices were at the southernmost part of Manhattan and their offices were just destroyed.” Read More

Shameless Promotions

Masters of Real Estate Event Breaks Record

Jared Kushner.

Featuring an all-star line up of the city’s most formidable real estate professionals, this year’s annual Masters of Real Estate fetched a record 450 RSVPs, The Commercial Observer has learned.

Observer Media Group executives began preparing for the event, now in its third year, six months in advance with an eye toward creating an eclectic mix of speakers. Larry Silverstein of Silverstein Properties, Michael Fascitelli of Vornado, William Rudin of Rudin Management, Jeff Blau of Related Companies and Glenn Rufrano of Cushman & Wakefield are all scheduled to appear. Rob Speyer of Tishman Speyer bowed out.

Jared Kushner, the owner of The Commercial Observer and president of Kushner Companies, will lead the event with remarks. Read More

The Lobby

Blau in as CEO, as Related Shakes Up Executive Structure

Jeff Blau.

The Related Companies has a newly-structured executive committee, which sees company founder and CEO Stephen Ross move into the role of executive chairman.

Former president Jeff Blau has ascended to the role of CEO at the company. He’s been with Related for 22 years and had served as president since 2000. Meanwhile, Bruce Beal, Jr. will move into the president slot and Kenneth Wong, who rejoined the company in 2008, has been named COO. Mr. Beal, with Related since 1995, was previously executive vice president. Read More

Mortgage Observer

Bank of America: Off to the Races

Steve Kenny.

Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.

Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual. Read More

On Development and Related Things

The Commercial Observer: Tell me about this building you’re building at 42nd and 10th.
Mr. Beal: At the end of ’07—it was a $900 million deal, we got $700 million of financing. That was all put together prior. … We built the foundation and I think then we woke up in the middle of ’08, Read More