Postings

RKF’s Bowery Bustle, Mapped

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Wine bars really began to supplant winos on the Bowery in 2007, when Whole Foods, the Bowery Hotel and the New Museum of Contemporary Art all opened on New York’s fabled broken boulevard. The 2008 market crash did little to slow skid row’s transformation into the Meatpacking District East (see: The Standard, East Village Hotel at 25 Cooper Square, just off Bowery).

Now the Downtown thoroughfare is poised to enter yet another phase of redevelopment. Intermix, the self-proclaimed “fashion boutique for trendsetters, A-Listers and glam fashionistas” opened in May at 332 Bowery, a former bodega. And last month, a portfolio of 11 mixed-use buildings sold to hip-hop clothier Joseph Betesh for $62 million.

The retail brokerage RKF is at the front of this gold rush. And Senior Director Brian Segall has become the firm’s Bowery guru. Last week, Mr. Segall and Robert Futterman, RKF chairman and chief executive, led The Commercial Observer on a tour of the company’s Bowery assignments, which (to the dismay of preservationists including Martin Scorsese) bolster RKF Executive Vice President Ariel Schuster’s prediction that the Bowery will soon be “one golden strip.” Read More

Postings

The Commercial Observer Real Estate Quiz

West 42nd Street

Every so often—like now, the beginning of spring—we at The Commercial Observer strive to unearth long forgotten trivia buried somewhere in the annals of New York City real estate history.

In this week’s issue, we’ve dug up questions spanning technical minutiae, the stomping grounds of a young Martin Scorsese (pictured) and, of course, a little History 101 that should be familiar to real estate professionals young and old. Below, Commercial Observer staff writer Billy Gray provides the questions and answers. Read More

Pangs of New York

Martin Scorsese Implores Amanda Burden To Revise Bowery Zoning

Martin Scorsese

Martin Scorsese, who grew up on the then-mean streets of Little Italy, has joined the fight to slow the luxurious transformation of the Bowery. The director recently wrote a letter to City Planning Commission Chair Amanda Burden that announced his solidarity with the Bowery Alliance of Neighbors as the organization seeks revised zoning limits on the east side of the thoroughfare, a former Skid Row and, before that, theater and vaudeville destination. Read More

Film & TV

Hollywood Moves East: Tax Incentives, Growing Tech Talent Pool, Beckoning Film Industry

The Company 3 Screening Room (Photo: Will O'Hare)

To moviegoers, the intersection of New York real estate and film exists as a loop of timeless screen images. Audrey Hepburn gazes into the Tiffany window. Woody Allen and Diane Keaton sit in the shadow of the 59th Street Bridge. Meg Ryan feigns an orgasm at Katz’s.

Whether their scenes were filmed in the city or recreated on a Burbank soundstage, filmmakers have always relied on New York for the dramatic backdrops that its skyline, landmarks, restaurants, avenues and enviable apartment interiors provide.

But 80-odd years after the entertainment industry decamped for Los Angeles—its persistent warmth and sunshine conducive to long shoots, its sprawl hospitable to mammoth studio lots—an increasing number of Hollywood pros are leaving their temperate backyards and making New York their backlot once again with a handful of transactions for actual brick-and-mortar office spaces across Manhattan.

“I moved to New York eight years ago because of the level of work that was happening here,” said Eric Robertson, the visual effects supervisor at the digital studio Mr. X, which expanded from Toronto to Manhattan last year. “That and the fact that a lot of filmmakers were coming home from L.A. People just want to live here because it’s such a hotbed of creativity. And everyone loves New York.”

Of course, the film and television industry never left the city. John Cassavetes, Martin Scorsese, Woody Allen, Spike Lee and Darren Aronofsky are just a few homegrown cinematic bards who preferred to stay put. New York University’s Maurice Kanbar Institute of Film and Television famously churns out indie darlings. And quintessential New York TV series like Law & Order and Sex and the City were produced locally to gritty and glossy effect—even if Seinfeld was shot in Studio City.

But over the past decade, cultural, economic and political forces have coalesced to bolster New York’s reputation as Hollywood East. Read More