On the Market
A denial from the New York Times’ op-ed department didn’t stop British graffiti artist Banksy from lashing out against One World Trade Center on his website instead, calling it the “biggest eyesore in New York.”
The root cause of the artist’s beef with the gleaming new tower was not clear, but his scorn seemed to Read More
Year in Real Estate
The Durst Organization is marketing four vacant retail spaces at its Historic Front Street property at Downtown’s South Street Seaport, which will be rebuilt in the wake of the devastation caused by Hurricane Sandy.
The retail spaces were gutted after floods over seven feet high ravaged the spaces during the storm, according to Read More
Post-Tropical Storm 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.
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.
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.
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 Post. In 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.