Year in Real Estate

Above and Beyond Hurricane Sandy

East Coast Begins To Clean Up And Assess Damage From Hurricane Sandy

FEMA spokesperson William Rukeyser described the ad-hoc, jumbled feel of the company’s impromptu space in the Forest Hills Tower like a scene from a hard-hit neighborhood, with hanging wires, antennas strapped to the ceiling, Post-It notes and sheets of paper with various instructions scattered about, and impromptu folding tables holding printers and other office equipment. Most seemed at a loss for words when assessing damages.

“It’s—It’s—It’s just a mess,” Durst Organization spokesperson Jordan Barowitz told The Commercial Observer less than a week after the storm hit, struggling to describe the destruction in Lower Manhattan. Read More

Post-Tropical Storm Sandy

Prepare They Did, Yet Property Owners Hit Hard by Sandy

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In the face of one of the worst natural disasters in the city’s history, commercial real estate landlords braced for Hurricane Sandy, employing every measure possible to hold property damage to a minimum and keep tenants safe.

But not even prophetic foresight could have allowed the city’s landlords—or New York City as a whole—to prevent much of the destruction that the mammoth storm wreaked across the five boroughs.

The road to recovery, especially in low-lying coastal areas like Staten Island, Coney Island and the Rockaways, will take months, if not years. Lower Manhattan went dark for days, with many companies largely shutting down due to power outages and salt water flooding, which is especially corrosive to mechanical equipment.

“It’s—It’s—It’s just a mess,” said Jordan Barowitz, a spokesman for the Durst Organization, who struggled to find words to describe the destruction in Lower Manhattan. Read More

Lower Manhattan

In World Financial Submarket, Silverstein, Brookfield Rule the Roost

World Financial submarket.

The 1 World Trade Center tower, which seems to spring into view from every vantage point these days, symbolizes different things to different people. To commercial landlords and brokers, it represents both a flagship for the Downtown area and a potential surge in competition. For those with a direct stake, it means the recovery from the terrorist attack is finally reaching the finish line.

“The sense of momentum and progress, which was not universal for years, is now palpable,” said Janno Lieber, who oversees design and construction at the site for Silverstein Properties, the landlord of the two towers that were destroyed 11 years ago. Read More

Lease Beat

Mitsubishi International Consolidates at 655 Third Avenue

Photo courtesy of CoStar

Japanese corporate giants Mitsubishi International Corp. has tinkered with its layout at 655 Third Avenue by adding one floor and vacating three inside The Durst Organization-owned building.

The company will be leaving its old space at the 8th, 9th, and 21st floors and will be moving in to the 6th floor in addition to floors 2 through 5 that it already occupied, as was first reported by The New York PostIn the move, Mitsubishi will be tacking on 23,387 square feet to its total footprint, now at a robust 122,500 square feet. 

Mitsubishi’s reason for the move was to consolidate space, said Jordan Barowitz, director of external affairs for The Durst Organization.  Read More