big and tall
An affiliate of fashion designer and retailer Chanel has reportedly purchased a nearly 4,000-square-foot retail space at 733-739 Madison Avenue for $123.8 million.
At $31,000 per square foot, the space pulled in one of the highest retail property prices ever recorded, according to the Wall Street Journal.
Mayor Bill de Blasio today praised some of the biggest names in the real estate industry and told them he has no qualms about building large in the name of affordable housing.
“I’m looking forward to building upon on a lot of the relationships that I’ve already had the honor of having with folks in this room and getting to know people more deeply in the years ahead and working together,” Mr. de Blasio told the group, according to audio from the closed-door meeting released by his office.
Members of the well-connected Real Estate Board of New York praised Bill de Blasio this afternoon after the mayor attended a closed-door meeting with the group.
While many in the business community had been nervous about the left-leaning mayor and his plans to up taxes on the rich and force developers to build more affordable housing, members of the group’s board left today’s sit-down offering nothing but praise.
Crime & Punishment
The Singer & Bassuk Organization has closed a $450 million construction loan from Starwood Property Trust for World-Wide Group‘s $600 million luxury condo development at 250-252 East 57th Street, Mortgage Observer has exclusively learned.
The four-year loan with extension options, which closed earlier today, covers 93 condo units and 173 rental apartments as well as 33,000 square feet of retail space, said Andrew Singer, chairman and CEO of the New York-based brokerage firm and a spokesperson for the developer. The loan also covers the Whole Foods Market store that was built on the site in 2010, Mr. Singer noted.
Real Estate and Politics
Alan Gorelick, who runs Saparn Realty along with his wife, was arrested and charged with diverting more than $600,000 from a Brooklyn complex he oversaw into his firm’s business account, according to a criminal complaint.
Between 2001 and the end of 2011, Mr. Gorelick, 68, managed Harway Terrace, a two-building Mitchell-Lama co-op complex at 2475 West 16th Street in the Gravesend area of Brooklyn, containing more than 350 apartments. Between the end of 2006 and the end of 2011, Mr. Gorelick was a signatory on Harway Terrace’s bank account. Mr. Gorelick diverted $610,914.94 from Harway Terrace and deposited it into Saparn’s business account, “either by depositing checks from third parties written to the order of Harway Terrace or by depositing checks written against two of Harway Terrace’s accounts into Saparn’s business accounts,” the complaint indicates.
Real estate industry leaders have joined a growing group of supporters of Mayor Bill de Blasio’s plan to fund a universal prekindergarten program with tax increases, according to The Wall Street Journal.
Mr. de Blasio’s proposal, which would raise taxes on New York City residents with incomes over $500,000, has received backing from major political donor Leonard Litwin of Glenwood Management, Steve Witkoff of the Witkoff Group, and other business leaders.
As the city and real estate market continued its post-recession surge over the past year, a number of significant milestones played out under the watchful eyes—and in some cases careful direction—of the Real Estate Board of New York that will shape the future of the city for decades to come.
Year in Real Estate
Last year ended in disappointment for the Real Estate Board of New York when the New York City Council struck down Mayor Michael Bloomberg’s sweeping Midtown east rezoning proposal.
The plan, which would have transformed 73 blocks surrounding Grand Central Terminal, had been viewed as vital modernization of an area deemed structurally obsolete by many in the industry.
REBNY is undeterred in 2014, however, and is as determined as ever to push through not only Midtown east rezoning but a number of other development projects and legislation it deems critical to the future of the city’s infrastructure.
Largely ignored by the general public, the east Midtown rezoning plan was, for months, a debate between the real estate industry and preservationists.
That is, until early November, when it began to look like Mayor Michael Bloomberg’s last significant public initiative was about to fail to gain approval.
Midtown East Rezoning
On the heels of his inclusion in The Commercial Observer’s “30 Under 30” list last month, CBRE’s Stephen Winter is bouncing over to Related Companies as its new vice president of commercial leasing, overseeing leasing efforts at Hudson Yards.
Until now a rising star at CBRE – in 2012, the Real Estate Board of New Read More
Hundreds of opponents and supporters of Mayor Michael Bloomberg‘s controversial plan to rezone a 73-block area in Midtown East descended on the City Council Tuesday for a public hearing leading up to a final vote on the proposal scheduled for next month.
The rezoning, brought before the packed house for a final hearing before the vote, could Read More
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
Real Estate Legislation
When the New York Department of State issued a letter to the Real Estate Board of New York in April declaring that brokers could not use corporate titles that they have not been appointed to, some industry brokers expressed anger and confusion.
In response to that confusion, Neil Garfinkel, general counsel for REBNY, reached out to the Department of State seeking clarification. And last week, REBNY members received a letter answering many unanswered questions.
U.S. Representatives Kevin Brady (R-TX) and Joseph Crowley (D-NY) have announced bipartisan legislation aimed at removing restrictions in the U.S. tax code that discourage foreign investment in commercial real estate. The legislation, if passed, will reform the Foreign Investment in Real Property Tax Act of 1980 in an attempt to increase capital flow into the U.S. market.
“Restriction on foreign investment in America’s commercial real estate is a relic of the past,” Rep. Brady said during a conference call yesterday.
The New York Daily News is piggybacking off a report and subsequent denunciation of the city’s landmarking process issued by the Real Estate Board of New York earlier this month.
The Landmarks Preservation Commission was established for a “noble purpose” following the demolition of the old Penn Station, but some “landmarks” are so “unworthy of Read More