rumors

Report: Macy’s Not Heading to 125th Street After All

125th

The outside general counsel for the National Urban League has denied a rumor that Macy’s was heading to a 400,000-square-foot site owned by the Empire State Development Corporation on 125th Street in Harlem.

NY1 was the first to report earlier this morning that the massive department store chain was expanding to the storied uptown boulevard. The plan angered some locals, who said that the store would displace independent businesses–many of them minority-owned–in the historically black neighborhood. That article is currently not available online.  Read More

Post-Tropical Storm Sandy

Silverstein Properties Reopens 120 Wall

120 Wall Street (Credit: Silverstein Properties)

Silverstein Properties reopened 120 Wall Street Wednesday morning for the first time since Hurricane Sandy flooded the 600,000-square-foot building’s basement and damaged electrical distribution equipment.

The company pumped more than one million gallons of water out from the building’s basement and removed contaminants before methodically checking all base systems to get them back up and running, Jeremy Moss, the firm’s vice president of leasing told The Commercial Observer.

“Since the storm we’ve been working around the clock to get the building up and running and to bring tenants back – we succeeded this morning at 8 a.m,” Mr. Moss said. Read More

Market Reports

NYBC: Alterations and Rehabs Lead Building Starts

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A day after President Barack Obama called for putting construction workers—hit hard in the economic crisis—back to work in a speech at the National Urban League, the New York Building Congress released grim data for local firms specializing in ground-up construction.

The NYBC analyzed McGraw-Hill Construction Dodge data and found that office construction starts in New York City were down 30 percent in 2011 compared to the year previous. In 2010 those starts hit $2.6 billion, but in 2011 only $1.8 billion in new office construction projects got going. Read More