The Air Up There
During the 1970s fiscal crisis, the city acquired significant quantities of property by way of owner abandonment and tax foreclosure, which it used in subsequent decades to subsidize affordable housing development. Virtually none of that land remains available today, however, and as we recently noted, the now-stratospheric cost of privately held land poses myriad obstacles to new affordable housing production, particularly in neighborhoods with good public schools, ready access to transportation and employment centers.
World Trade Center
Landmarks are a vital part of New York City’s legacy and an essential part of its identity. Rockefeller Center, the Empire State Building, Greenwich Village, the Grand Concourse and Brooklyn Heights are each irreplaceable and distinctive elements that make up the fabric of our city. The members of the Real Estate Board of New York (REBNY) proudly own and impeccably maintain some of New York’s great landmark buildings, and our office is in the magnificent landmark G.E. building.
big and tall
REBNY President Steven Spinola is praising friend and Silverstein Properties, Inc. Chairman Larry Silverstein for the progress made at the World Trade Center site and his various contributions to New York City real estate.
Mr. Spinola published an article in Real Estate Weekly yesterday highlighting and lauding Mr. Silverstein’s accomplishments encompassing “more than a lifetime’s worth of success” following the 82-year-old’s recent announcement that he would step down as co-CEO of SPI.
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.
The Power Broker
A jubilance not seen in years permeated the Real Estate Board of New York’s 118th banquet following a year characterized by several major victories for the industry, soaring rents and widespread development across the city. The politician-studded crowd at the Hilton included Governor Andrew Cuomo and new Mayor Bill de Blasio, along with a consortium of new faces in city government. All were treated to a REBNY banquet that once again boasted the feel, charm and spirit of the boom era’s glory days. Below are some facts and tidbits:
On an otherwise ordinary winter day last month, a group of Barneys New York executives met across the street from 101 Seventh Avenue along with Newmark Grubb Knight Frank’s Jeffrey Roseman to reflect on something that was in fact rather remarkable.
Barneys would officially come back to the landmark Chelsea address it had Read More
With the fate of millions of dollars in tax incentives and millions of square feet of office space in the balance, the city’s real estate industry is bracing for the impact of Mayor Bill de Blasio’s cabinet appointments. But the left-leaning Democrat who won the election last fall by attacking inequality and his predecessor, Michael Bloomberg, has thus far refrained from tapping any nominees hostile to new development.
The real estate industry in New York is like the Wild West.
“It’s commission, everything goes, and you do everything you can to get a meeting,” said Robert Fink. “Then you bring in a senior broker, and they take over. That wasn’t my style.” The endless hours of cold calling and steak dinners are nothing more than shots in the dark. Relationships with clients, if one were to emerge, existed as business transactions. There was little depth aside from the number crunching and lease signing, which Mr. Fink excelled at but didn’t fulfill his desire for substance and a cultivated product.
Thomas Hill, a native New Yorker, started off in the real estate industry when he was a child shadowing his father, who worked for a large real estate developer. He would spend his holidays and summers working as an engineer’s helper, eventually completing trade school, climbing the ranks and switching to the managerial side. His career and narrative is a true American success story.
Bill Rudin sits at the helm of one of the largest privately owned real estate companies in the city. Like much of the Real Estate Board of New York community, in addition to his firm’s undertakings, he often puts at the top of his agenda initiatives that might not always show immediate results but which are essential for the future success of the city. Mr. Rudin, a REBNY vice chairperson, spoke to The Commercial Observer about his current projects, REBNY, major real estate happenings over the last year and what needs to be done to keep New York City competitive. Read More
The economy is improving, values are rising, transactions are increasing, banks are lending, Downtown is booming, and it’s all very apparent to Robert Gilman, a partner at Anchin, Block & Anchin LLP who co-chairs the accounting firm’s real estate practice. “People say we’re in a stalled economy,” Mr. Gilman said. “But in real estate, we’re Read More
Confidence among New York real estate brokers dipped in the third quarter thanks to political disarray in Washington and a relentless push toward super-luxury residential development that has dimmed the prospect of middle-class housing creation.
Tenant rights group Tenants PAC is lashing out at the Real Estate Board of New York for its role in supporting favored political candidates through the independent expenditures of political action committee Jobs for New York.
The group has pledged not to endorse any candidates benefiting from the expenditures – unless the candidates agree to 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