Industry Events

Pinksy Urges NYC to Invest More In Commercial RE

Seth Pinsky.

The man that helped steer the city out of the recession now wants to see the de Blasio Administration have some sort of agenda for commercial development.

Seth Pinsky, the former president of the New York City Economic Development Corporation and now an executive vice president at RXR Realty, lauded hizzoner’s affordable housing plan this morning at a NAIOP New York City Chapter panel breakfast—calling it a successful, key issue that needs to be addressed in the city. But, while not its intent, the administration is making the real estate market feel as if any area is up for residential grabs. Read More

Power Broker

Ambassador Rechler of RXR Realty

RXR Realty's Seth Pinsky and Scott Rechler, from left. (Aaron Adler)

It’s not often that the top real estate honchos are willing, dare we say eager, to call a reporter from the mountains of North Africa to talk about one of their colleagues.

But when it came to talking about Scott Rechler, they called from far and wide over the holidays to heap praise on the chief executive officer and chairman of RXR Realty. Developer Joseph Sitt, the head of Thor Equities, for one, phoned Commercial Observer last week from the Atlas Mountains in Morocco.  Read More

The Sit-Down

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

Seth Pinsky.

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

Wired City

City Launches Wireless Corridor Challenge and WiredNYC

(Photo: Celeste Sloman)

Mayor Michael Bloomberg has announced two new tech initiatives to expand the city’s access to wireless and broadband connectivity, one of which encourages the deployment of leading broadband technologies across its commercial real estate buildings.

The Wireless Corridor Challenge will establish free public WiFi corridors in each of the five boroughs, while WiredNYC, described as LEED Read More

Exits

Twilight of an Era: Seth Pinsky Leaving EDC for RXR Realty

Leaving for the private sector.

The waning months of Mayor Bloomberg’s reign are expected to be marked by a series of high-powered departures, as one official after another jumps ship before the mayor leaves office. The latest is Bloomberg stalwart and Dan Doctoroff protégée Seth Pinsky, who is stepping down from the Economic Development Corporation to take a private sector gig with RXR Realty, as the agency announced today. Kyle Kimball, who is currently the agency’s executive director, will succeed him. Read More

Sales Beat

Chetrit and Peebles Will Pay Combined $250 M. for City Buildings

(tribecacitizen.com)

The city announced yesterday that it will sell two Civic Center buildings at 49-51 Chambers Street and 346 Broadway for nearly $250 million to Chetrit Group and The Peebles Corporation.

Chetrit — in the midst of a buying spree — and Peebles were selected following an RFP issued in April of last year as part of the Bloomberg administration’s plan to reduce underused government office space by 1.2 million square feet by 2014.

The developers plan to restore the buildings and redevelop them as as a mix of hotel, residential and community space. Read More

Development

City Seeks Developers for Seward Park Mixed-Use Project

Credit: EDC

After a decades-long stall in the plans for the Seward Park project in the Lower East Side, the city is seeking a developer (or developers) to build and operate what will eventually become an approximately 1.65-million-square-foot, mixed-use development.

The Economic Development Corporation issued an RFP today for the development project that will take shape on the largest contiguous parcel of city-owned land in Manhattan south of 96th Street — a plot of land near the intersection of Delancey and Essex streets that the EDC called a “void in the urban fabric for 45 years.”

The RFP marks another historic milestone for the Lower East Side, said Seth Pinsky, president of EDC. Read More

Lease Beat

NYU to Lease 26,000 Square Feet at Brooklyn’s Metrotech Center

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NYU’s Center for Urban Science and Progress will temporarily lease 26,000 square feet of space from Forest City Ratner at Downtown Brooklyn’s Metrotech Center, where it will host its inaugural class of 50 students this fall.

Construction has begun on the space at 1 Metrotech as the school awaits the completion of its new home at nearby 370 Jay Street, slated for completion in 2017.

The Metrotech space will include 83 offices and workstations for faculty and staff; collaborative spaces at the corners of the building; and at least three labs, according to NYU. Read More

Post-Tropical Storm Sandy

The List of CRE Companies Donating Office Space Through City Program Continues to Grow

David Lichtenstein

The list of real estate companies teaming up with the New York City Economic Development Corporation to donate free, temporary office space in the wake of Hurricane Sandy continues to grow.

The latest, The Lightstone Group, announced Friday that it will make 11,000 square feet of space available at 1407 Broadway through a city program for a period up to six months. Read More

Lease Beat

Muss Development Signs Two New Retail Tenants at 345 Adams Street

345 Adams Street.

Former municipal space at 345 Adams Street in Downtown Brooklyn is nearly fully leased, thanks to two new deals at the building. The leases leave the retail space’s vacancy at just 1,000 square feet.

Muss Development bought the space—the first two floors—in 2007 and is undertaking a multi-million dollar capital campaign to convert the floors for retail use. A total of 35,785 square feet of retail space there was involved in the project, heralded by the city’s Economic Development Corp. as an important component of Downtown Brooklyn’s future. Read More

Financing

Build NYC Approves $75.6 Million In Financing

Seth Pinsky

Build NYC, a New York City-sponsored low-cost financing facility for real estate developments undertaken by non-profits and academic institutions, approved $75.6 million of new loans this morning for four projects.

The Seaview Senior Living Housing Development Fund Corporation, received approval for a $33.6 million loan it will use to build a 103,000-square-foot, 188-bed assited living facility, an ancillary building and renovate an existing property in the Willowbrook neighborhood on Staten Island. Read More

finance beat

BuildNYC Continues To Accrue Deals

Seth Pinsky.

BuildNYC, a financing vehicle that allows non-profit and education groups to access low-cost debt, continues to accrue deals.

On Tuesday morning, the city’s Economic Development Corporation, which oversees the facility, approved $68.5 million in new loans.

Launched late last year by the EDC, the facility is open to non-profit and education groups seeking to fund or Read More

Financing

Wagner College Receives $15 Million Through Build NYC

Main Hall

Wagner College will receive $15 million in funds to renovate two buildings on its Staten Island campus through a new lending facility that was introduced late last year by the city.

The debt was part of $37 million approved yesterday by the Economic Development Corporation, the city organization that oversees the funding vehicle, which is called Build NYC. Read More

Financing

Build NYC Program Clears $90 Million Financing

Seth Pinsky

The YMCA received approval from the city this morning to borrow $50 million of funds through a new debt facility being administered by the Economic Development Corporation.

Called Build NYC, the funding window allows non-profit groups to issue bonds to finance real estate development and other construction projects. The vehicle is not paid for by the city but private buyers of the bonds such as banks or other investors and offers below-market interest rates for the borrower because the proceeds on the debt are triple tax exempt. Read More

Build NYC

Build NYC Loans $26 Million to College

EDC President Seth Pinsky.

A new financing vehicle that was unveiled last year by the city’s Economic Development Corporation will provide $26 million to Manhattan College to refinance debt it incurred building new facilities on its Bronx campus.

The loan facility, called Build NYC, which was created and is administered by the city’s EDC, allows non-profit groups to source capital from private sources through a tax exempt bond issuance. Read More