World Trade Center

Port Authority Delays Vote on 3 WTC Subsidies

A rendering of 3 World Trade Center

The Port Authority of New York & New Jersey has postponed its vote on subsidies for Silverstein Properties3 World Trade Center until at least next month, according to published reports.

As previously reported, Scott Rechler, the vice chairman of the board of commissioners, is advocating a revised financing deal for the office tower. Under the latest proposal, the Port Authority would guarantee Silverstein Properties a $1.2 billion construction loan. At a meeting on Wednesday, Mr. Rechler explained the proposal to the board’s commissioners, which will vote next month, according to Bloomberg News. Read More

World Trade Center

Port Authority Debates 3 World Trade Center Subsidies

A rendering of 3 World Trade Center

Members of the board of the Port Authority of New York and New Jersey are at odds over whether to double the amount of subsidies available for Silverstein Properties3 World Trade Center to $1.2 billion, according to The New York Times.

Scott Rechler, the vice chairman of the Port Authority and chief executive of RXR Realty, is spearheading the proposal, arguing that construction of the tower would mark the completion of the new World Trade Center site. Read More

Lease Beat

Bevmax Office Centers Signs Lease at 485 Madison

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Office space provider Bevmax Office Centers has signed a 10-year, 15,736-square-foot lease at Jack Resnick & Sons485 Madison Avenue.

“The Resnick organization is one of the premier landlords and has a reputation for running extraordinarily well-managed and premier properties,” Rick Feld, the president of Bevmax, told Commercial Observer. “Not every landlord in New York meets that standard.” Read More

The Sit-Down

The Company Man: Seth Pinsky Reflects on EDC and Looks Ahead at RXR

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In July, Seth Pinsky, then the president of the New York City Economic Development Corporation, announced he would soon shift from the public sector to the private sector. In his decade-long stint at the EDC, Mr. Pinsky boosted his reputation citywide by helping to secure a number of high-profile development projects, including Atlantic Yards, Hudson Yards and the Cornell Tech campus, and by initiating the response to areas of the city hit hardest by Hurricane Sandy. In his next chapter, Mr. Pinsky will spearhead RXR Realty’s Emerging Markets platform, which aims to identify growth opportunities in New York City and the surrounding metropolitan area. Mr. Pinsky, who joined RXR last month as executive vice president, spoke with The Commercial Observer last week at the developer’s Midtown offices and spent time discussing his tenure at the EDC and his new role. Read More

Postings

Pinsky to Spearhead RXR’s Emerging Market Strategy

RXR Realty has hired Seth Pinsky, president of the New York City Economic Development Corporation, as executive vice president and investment manager of the firm’s new Metropolitan Emerging Market Strategy, it was announced today.

“[Seth] has a very, very in-depth understanding of economic development in the New York Tri-State area,” Scott Rechler, chief executive officer at RXR, told The Commercial Observer. Read More

Sales Beat

RXR Realty to Acquire 237 Park Avenue

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RXR Realty, a real estate operating and investment company affiliated with Walton Street Capital, has agreed to acquire 237 Park Avenue from an entity controlled by Lehman Brothers Holdings Inc., it was announced today.

The transaction has a large equity component with a low-leverage, existing loan in place, according to Scott Rechler, chairman and chief executive officer of RXR. According to multiple reports, the closing price is approximately $800 million. Read More

Lease Beat

RXR Realty Signs 99-Year Lease at 75 Rockefeller Plaza

Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.

The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More

Postings

Observer Media’s Masters of Real Estate, Minute by Minute by Minute

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More than 300 real estate professionals crowded the Metropolitan Club early Thursday morning, despite snow-covered sidewalks, for the Observer Media Group’s third annual Masters of Real Estate forum.

Sponsored by Fried Frank and Marks Paneth & Shron, the event drew boldface names like Larry Silverstein and Mortimer Zuckerman, who spoke about the devastation wrought by Sandy, not to mention financiers like Angelo Gordon & Co.’s Adam Schwartz and Rockpoint Group’s Keith Gelb, who weighed in on opportunistic investments.

Below, reporter Al Barbarino walks the room and listens in on the panels, striving to put his finger on the commercial real estate industry’s pulse, minute by minute. Read More

World Trade Center

Will 9/11 Museum Deal Lead to Land Sale?

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Otherwise known as “Site 5″, the land, where the Deutsche Bank building once stood, could be sold for upwards of $200 million. In the new accord the Lower Manhattan Development Corporation must honor a 2006 agreement by handing over Site 5 to the Port Authority, in exchange for the title to the 8 acres the museum and memorial take up on the World Trade Center site, Reuters reports. Read More

Sales Beat

Public Storage Buys Bronx Building for $30 Million

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Public Storage is buying a warehouse building in the Bronx for around $30 million sources have revealed to The Commercial Observer.

The company, known for its bright orange signage, will open a facility in the roughly 410,000-square-foot property, which is located at 385 Gerard Avenue in the Mott Haven section of the South Bronx. Read More

The Party Circuit

The CO’s Big Night Hanging With Scott Rechler and The New York Giants

Justin Tuck and Scott Rechler

On Thursday night, New York Giants star defensive lineman and two time Super Bowl champion Justin Tuck hosted his annual celebrity billiards tournament at the Flatiron pool lounge Slate, a charity event he holds to raise money to fight illiteracy. The event was co-sponsored by RXR Realty, whose chief executive Scott Rechler (who was ranked a lofty number four on The Commercial Observer’s Power 100 list) is one of the city’s most prolific and successful investors. The night featured a collection of celebrities, real estate executives and of course, pro athletes, including more than a few stars from the Super Bowl champion Giants. Read More

The Sit-Down

David Berkey on How 200 Fifth Avenue Became a Template for Midtown South

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The success of 200 Fifth Avenue has served in many ways as the template for 28-40 West 23rd Street, and no doubt many other buildings in Midtown South. The building’s developer, L&L Holding Co., guessed the popularity of the neighborhood and bet a big reinvention of the property would draw top-shelf tenants, a gamble that paid off when it landed Grey Advertising and Tiffany & Co. Now the landlord of 28-40 West 23rd Street is in the middle of a similar kind of makeover. The Cohen, Roos and Carmel families, who together own the 600,000-square-foot tower, have plans to create a roof deck and have done deals with tech companies that are invading the neighborhood in droves. After the jump, The Commercial Observer talks to Andrew Roos, a Colliers International leasing executive and an owner of 28-40 West 23rd Street. Return at 10:30 today for a second installment with David Berkey, L&L’s director of leasing. Read More