By Al Barbarino 3/06 12:45pm

Sales Beat

(tribecacitizen.com)

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

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

By Al Barbarino 1/09 2:57pm

Development

Credit: EDC

City Seeks Developers for Seward Park Mixed-Use Project

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

By Al Barbarino 11/27/12 6:59pm

Lease Beat

1335188032464

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

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

By Al Barbarino 11/12/12 10:01am

Post-Tropical Storm Sandy

David Lichtenstein

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

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

By Carl Gaines 8/13/12 11:26am

Lease Beat

345 Adams Street.

Muss Development Signs Two New Retail Tenants at 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

By Daniel Geiger 7/24/12 5:47pm

Financing

Seth Pinsky

Build NYC Approves $75.6 Million In Financing

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

By Daniel Geiger 6/12/12 12:14pm

finance beat

Seth Pinsky

BuildNYC Continues To Accrue Deals

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

By admin 5/09/12 8:30am

Financing

Main Hall

Wagner College Receives $15 Million Through Build NYC

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

By Daniel Geiger 4/10/12 1:44pm

Financing

Seth Pinsky

Build NYC Program Clears $90 Million Financing

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

By Daniel Geiger 3/13/12 9:00am

Build NYC

EDC President Seth Pinsky.

Build NYC Loans $26 Million to College

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

By Daniel Geiger 1/26/12 9:37am

Landmarks

16 Court Street.

Pinsky Defends Downtown Brooklyn Landmarks Preservation Decision

Seth Pinsky, head of the city’s Economic Development Corporation, said that the recent motions to landmark buildings in downtown Brooklyn wouldn’t prohibit landlords there from attracting tenants in search of 21st-Century accommodations.

Mr. Pinsky gave his comments participating in a panel this morning in midtown hosted by the accounting and business consulting firm Margolin, Winer & Evens LLP and came as other panelists, including Mr. Pinsky himself, highlighted the need for new space in the city. Read More

By Daniel Geiger 1/17/12 1:00pm

Power Broker

Angela Pinsky. (Photo by Kiki Conway)

What Does Seth Pinsky's Wife Know About Real Estate? A Lot, It Turns Out.

Perhaps the best way to describe Angela Pinsky’s advocacy for the real estate industry is by saying that when she joined the Real Estate Board of New York almost two years ago, she didn’t see her job as much different from the one she was leaving in the mayor’s office.

“I work on a lot of the same issues,” said Ms. Pinsky, who married Economic Development Corporation head Seth Pinsky last summer. “The thing about the real estate industry, it’s very civic minded. Many owners are family businesses and there’s this strong tradition in the industry of wanting projects and policies that are best not just for the industry’s own interests, but for the entire city. Read More