Last week, Forest City Enterprises confirmed what had become an open secret in New York real estate circles: MaryAnne Gilmartin would succeed Bruce Ratner as president and chief executive of the company’s New York subsidiary, Forest City Ratner Companies. Ms Gilmartin spoke with The Commercial Observer on the day of the announcement last week about the process of deciding on a succession plan, what she will bring to the table and how her ascension to the top of FCRC will impact the way women are viewed in the real estate industry.
Information database developer, 10Gen, was looking to become the latest technology firm to set up shop in Midtown South but found a more attractive option further north, taking 29,400 square feet at 229 West 43rd Street—the old New York Times Building—and was offered an asking price between $70 and $80 per square foot. The five Read More
Wm. “Bill” Polk Carey, founder and chairman of investment management firm W.P. Carey & Co. that specialized in the acquisition and management of single-tenanted commercial real estate, died yesterday of natural causes at a Florida hospital, his company announced.
He was 81.
In 2009, W.P. Carey & Co. paid $225 million for 21 floors at the New York Times Building at 620 Eighth Avenue under a sale-leaseback arrangement, with the newspaper agreeing to lease out space in the building for up to 15 years.
July brings more modestly optimistic news for the city’s commercial real estate industry, according to the latest report from brokerage Cassidy Turley.
Manhattan-wide vacancies are still dropping, down from May’s 13.1 percent to 12.8 in June, marking the lowest amount of empty office space since at least April of last year. Downtown Read More
The American Institute of Architects new Guide to New York City has named Renzo Piano’s New York Times tower at 620 Eighth Avenue the ugliest building in the city, according to the Daily News.
The Times faced stiff competition on the list of uglies from the likes of the T.G.I. Friday’s on Fifth Read More