Midtown East Rezoning
RXR Realty has filed a lawsuit against American Realty Capital and George Comfort & Sons for $200 million, claiming that the latter firm broke an agreement to sell RXR a stake in One Worldwide Plaza, “sabotaged” its plans to finance the deal and misled RXR into believing they were on track to purchase the entire property. Read More
Capital requirements and the debate over building preservation are just two of the roadblocks the Midtown East rezoning plan faces on the path to approval, real estate professionals say.
Market participants anticipate a significant review process before any ground is broken, despite the plan’s potential benefits.
“I think it’s a work in progress,” David Greene, principal and president of brokerage services at Murray Hill Properties, told The Commercial Observer. “I think it will, eventually, after lots of public review, have a substantial meaning for the Grand Central area and north.”
Canada-based real estate firm, Avison Young, continues its poaching expedition, announcing today that Michael A. Leff has been named principal and will operate, effective immediately, from the company’s New York office. Mr. Leff, formerly a senior managing director with Newmark Grubb Knight Frank, will shoulder a number of responsibilities, including site selection, lease negotiation, strategic Read More