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
The number of Manhattan properties under landmark protection has reached a milestone, but this will only restrain job creation, constrict development and increase the city’s cost of living, according to the Real Estate Board of New York.
A report from REBNY found that 11,857 properties – nearly 27.7 percent – of Manhattan properties are now Read More
About 200 retail real estate specialists gathered at 101 Park Avenue’s 101 Club last Tuesday for the Real Estate Board of New York’s 15th annual Retail Deal of the Year Awards cocktail party.
Brokers flocked to a bountiful buffet and an open bar with generous pours. In a lonely corner, an ignored PowerPoint presentation summarized the nominees. Here’s what went down as the assembled waited to hear which of the nine submitted transactions would take home the evening’s two big honors.
One day in the late 1980s, three Brooklyn brothers in their teens—Isaac, Haim and Richard Chera—followed their grandfather, Isaac, and their father, Stanley, on a trip to Manhattan. While not in school, the brothers would spend much of their spare time in the Fulton Street children’s clothing store that their grandfather had opened in 1948, in a space formerly occupied by a hat store, Suzette Millinery Shop. At the time, lacking the money to replace the previous banner, Isaac Chera simply tweaked it, naming his business Suzette Kiddie Store. Only later, after having expanded to several other stores, did the family change the name to Young World. Soon, the elder Isaac Chera started to invest in real estate. The best advice he gave to his family, according to his grandson, Haim, was to always buy the building where they had a store.
Midtown East Rezoning
Steve Wiktoff paced back and forth in a conference room at his partnership’s New York City office, eager to talk about his latest endeavors, but just as eager to tackle the other 10 commitments that had come his way over the course of the first of several interviews with The Mortgage Observer.
Midtown 21C, a coalition heavy on construction companies and labor organizations advocating for the rezoning of Midtown East, yesterday released a study evaluating the area’s historic assets and development history. The focus of the study was structures targeted by preservation groups for landmark status, which could hinder rezoning proposals.
Members of the coalition include the New York Building Congress, the Building Trades Employers Association, the Manhattan Chamber of Commerce, the Hotel Trades Council, 32BJ Service Employees Union and the Real Estate Board of New York (REBNY).
According to the study, prepared for Midtown 21C by CivicVisions LP of Philadelphia, “New York runs the risk of undermining its competitive edge by revisiting issues that were covered 30 years ago when truly iconic buildings were landmarked. If landmarks are created solely for the purpose of opposing redevelopment, they jeopardize New York’s future.”
Todd Korren joined Massey Knakal Realty Services yesterday, stepping out from the transaction-based roles that made him one of the city’s elite brokers and into a managerial role as Managing Director of Manhattan.
Mr. Korren, who spoke exclusively with The Commercial Observer about his new role, will be responsible for the day-to-day operations of the Read More
Any institution with 117 years under its belt is sure to accumulate truckloads of data points, and the Real Estate Board of New York, which celebrates its 1,404th month in existence this February, is no exception.
Indeed, from its modest beginnings as an organization with fewer than 50 members to its current position as the real estate industry’s most influential lobbying group, the board has come along way—and The Commercial Observer has the numbers to prove it.
After the jump, a random sampling of data points from over the course of REBNY’s distinguished, colorful history.
They enter alone and in small groups, often single file, but by the time the city’s brokers, politicians and landlords reach the mezzanine level of the New York Hilton, they’ve already fanned out into concentric circles, each composed of friends and colleagues.
And as the room continues to fill each year, so too do those clusters of men and women, each one separated by a mere foot or two from the next, and the next and the next. Indeed, with an estimated 2,200 guests expected to attend this year’s Real Estate Board of New York gala, those small footpaths will only narrow, making it more challenging than ever to connect with allies or retreat from rivals.
It’s with these considerations in mind that we at The Commercial Observer and REBNY have compiled a comprehensive seating chart inside the Hilton’s Grand Ballroom, where employees of firms including Vornado Realty Trust (front and center) and the law firm Morrison & Foerster (near the bathrooms) can all eventually be found, or avoided, whichever the case may be.
Take a look before the lights dim, draw up a plan and use this map, above and on the next page, as a resource.
As forecasters became more and more certain that a monster storm named Sandy was barreling toward Manhattan in the 48 hours leading up to its landfall on Monday, October 29, Real Estate Board of New York President Steven Spinola lay in a hospital bed recovering from a sudden medical emergency.
But the hospital stay didn’t Read More