Post-Tropical Storm Sandy
Before Jeremy Moss, senior vice president of leasing at Silverstein Properties, joined the firm four and a half years ago, he spent eight years working at Forest City Ratner, a tenure that culminated in a role managing the leasing of the office space at the New York Times building. He called working alongside Bruce Ratner Read More
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.
As leasing agent for some of Manhattan’s most iconic buildings, CBRE executive vice president Brad Gerla has access to some impressive real estate—like J.P. Morgan’s former pied-à-terre on the 31st floor of 14 Wall Street or the neo-Gothic inner workings of the Woolworth Building at 233 Broadway.
So it was strange to chat with him one recent rainy morning in a nondescript conference room in an equally nondescript–dare we say blah–office, save for the fact that the conference room was nestled inside the former MetLife headquarters at 11 Madison Avenue.
Deutsche Bank is selling roughly $941 million in new commercial mortgage-backed securities in a multi-borrower offering, a possible sign that issuance is ramping back up. It’s the second offering of 2012 and marks the highest prices seen in six months, According to published reports.
The Bloomberg and Paterson administrations had much to be pleased with late last month when they reached a deal to take $861 million in Battery Park City funds, putting money toward budget gaps and affordable housing.
As for Battery Park City bondholders? They have less to applaud.
Credit ratings giant Moody’s last week put Read More
What is the congenitally optimistic real estate professional to do when confronted with a Moody’s report titled: “For CMBS, Recovery Appears Through a Glass, Darkly—and Slowly.”
Apparently, so downcast was Moody’s senior vice president Daniel Rubock that he had to resort to poetic language—and, later on, a LeBron James metaphor!—to articulate his predictions. And Read More