World Trade Center
World Trade Center
Members of the board of the Port Authority of New York and New Jersey are at odds over whether to double the amount of subsidies available for Silverstein Properties’ 3 World Trade Center to $1.2 billion, according to The New York Times.
Scott Rechler, the vice chairman of the Port Authority and chief executive of RXR Realty, is spearheading the proposal, arguing that construction of the tower would mark the completion of the new World Trade Center site.
REBNY President Steven Spinola is praising friend and Silverstein Properties, Inc. Chairman Larry Silverstein for the progress made at the World Trade Center site and his various contributions to New York City real estate.
Mr. Spinola published an article in Real Estate Weekly yesterday highlighting and lauding Mr. Silverstein’s accomplishments encompassing “more than a lifetime’s worth of success” following the 82-year-old’s recent announcement that he would step down as co-CEO of SPI.
Marty Burger has been appointed as chief executive of Silverstein Properties, the company announced today, taking over sole ownership of the title he previously shared with Larry Silverstein.
Mr. Burger, who held the title of co-chief executive for two years during a period of transition, will take over responsibility of the real estate company’s day-to-day operations. A veteran of the industry, the 48-year-old first joined Silverstein Properties in 2010 after stints with Goldman Sachs, Blackstone, Related and Artisan Real Estate Ventures, a firm he founded.
Year in Real Estate
GroupM has signed a 20-year lease at 3 World Trade Center for roughly 516,000 square feet across nine floors at the base of the 80-story tower, becoming the building’s first tenant and allowing Silverstein Properties to move forward with its financing and construction of the property.
The media investment management group will consolidate its 2,400 employees from several Midtown locations to 3WTC when it moves into the building, which will open in 2017.
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.
Silverstein Properties later this morning will celebrate a ground breaking ceremony for the 82-story tower that will feature a 185-room Four Seasons hotel at 30 Park Place in Tribeca after an announcement last week that it had secured financing for the project.
The Tribeca building at Park Place and Church Street, slated to become Downtown’s Read More
Less than two weeks after a celebratory ribbon-cutting ceremony held to mark the official opening of 4 World Trade Center, the scene at the building was comparatively muted. Instead of welcoming tenants and checking in guests, security officers manned their posts as construction workers put the finishing touches on the building’s lobby.
That’s all about to change.
Within 12 months, the Port Authority of New York and New Jersey and New York City, the two tenants that have committed to space at tower, will complete their respective build-outs and commence moving in. Other tenants, it is hoped, won’t be far behind.
“The fact that [4 World Trade Center] is open brings another level of reality to the project,” said Adam Foster, senior vice present at CBRE, who is part of the leasing team at the Silverstein Properties-owned building. “It demystifies everything.”
Masters of Real Estate
Officials are reportedly planning a ribbon-cutting ceremony next Wednesday for the opening of 4 World Trade Center, which will make the 978-foot building the first to open at Ground Zero.
“We want people to come and experience this both as a great office building but also a sense of accomplishment that we’ve really turned the Read More
2013 Owners Magazine
There’s “something major” happening in every submarket in the city, but will gridlock in Washington and the impending mayoral election thrust the city back into recession – or even into a backdrop of crime and bankruptcy reminiscent of the 1970’s?
Not a chance, said a group of the city’s top real estate developers at Observer Read More
Masters of Real Estate
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
The Commercial Observer will host its annual Masters of Real Estate conference on October 16 at The Metropolitan Club, located at 1 East 60th Street. Beginning at 8am, the event will feature three panel discussions on the State of New York City Real Estate, the State of Opportunistic Investments and the State of the Capital Markets.
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
Morrison & Foerster Partner in the Real Estate Department
How is the current market for construction financing?
It started with Gary Barnett’s Gem Tower and Bruce Ratner’s Atlantic Yards. When credit tightened in 2009, some of the most respected New York developers had begun turning to foreign money to finance their construction projects via the U.S. Citizenship and Immigration Services’ EB-5 program. The federal program is designed to provide permanent residency to foreigners who invest at least $500,000 in job-creating projects. Of late, with the banking sector increasingly willing to finance projects but with the loan-to-cost of their loans languishing in the 60 percent to 65 percent range, EB-5 funding—for which interest rates are usually in the one-digit range—is becoming an increasingly popular alternative to costlier mezzanine financing, sources told Mortgage Observer.
Last week, Stephen Ross, chairman of Related Companies, became the latest signatory of the Giving Pledge. The campaign, an effort to invite the world’s wealthiest individuals to pledge to donate half of their wealth—or more—to philanthropic causes, was started by two of America’s richest men: Warren Buffett and Bill Gates.
Mr. Ross, worth $4.4 billion according to Forbes, is perhaps best known in philanthropic circles for his $100 million donation to the business school at the University of Michigan, his alma mater.
The donation, the largest ever to an American business school, resulted in its renaming as the Stephen M. Ross School of Business. Inspired by Mr. Ross’s pledge, The Commercial Observer checked in on the philanthropic efforts of other real estate titans.