World Trade Center
The Port Authority of New York & New Jersey has postponed its vote on subsidies for Silverstein Properties‘ 3 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.
World Trade Center
The number of hotels in Manhattan’s pipeline has gone up this year compared with last year, while the room count has dropped, according to new data.
Manhattan has 79 hotels with 15,071 rooms in the planning stages, final planning stages or construction as of February, according to statistics provided by lodging industry benchmarking services firm STR to Commercial Observer. That includes 43 that are in construction. Meanwhile, the number of active hotels in February 2013 was 71, but the number of hotel rooms was 15,133.
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 Properties’ 3 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.
World Trade Center
Commercial real estate leasing startup View the Space is preparing to introduce a mobile reporting platform, Commercial Observer has learned.
Next week, the real-time data provider, which aims to streamline the leasing process for brokers and landlords, will introduce the mobile platform for iPhone and iPad after beta testing the product for the last couple of weeks.
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.
In New York City, construction starts overall were strong last year compared with the year prior, but the news was not so positive on the commercial side.
Overall, the number of starts rose 11 percent to $18.8 billion in 2013, year-over-year, according to a New York Building Congress analysis of McGraw-Hill Construction Dodge construction data.
The New Press, a not-for-profit publishing house, has signed an 8,149-square-foot lease on the 31st floor of Silverstein Properties’ 120 Wall Street.
When reached for comment, a representative of The New Press confirmed the relocation, adding that the publisher moved to 120 Wall Street from 38 Greene Street in Soho in mid-December. Silverstein Properties also confirmed the lease.
Year in Real Estate
Marty Burger has been appointed as chief executive of Silverstein Properties, the company announced today, taking over sole ownership of the title he previously shared with Larry Silverstein.
Mr. Burger, who held the title of co-chief executive for two years during a period of transition, will take over responsibility of the real estate company’s day-to-day operations. A veteran of the industry, the 48-year-old first joined Silverstein Properties in 2010 after stints with Goldman Sachs, Blackstone, Related and Artisan Real Estate Ventures, a firm he founded.
From Silverstein Properties and Boston Properties on down to Forest City Ratner Companies, age played a decisive role in succession planning across some of the country’s largest real estate companies this year.
Larry Silverstein, Mort Zuckerman and Bruce Ratner all handed the reins to younger real estate executives during a year of leadership changes that rippled across the industry. Vornado Realty Trust and Cushman & Wakefield also experienced top-level shake-ups.
Silverstein Properties later this morning will celebrate a ground breaking ceremony for the 82-story tower that will feature a 185-room Four Seasons hotel at 30 Park Place in Tribeca after an announcement last week that it had secured financing for the project.
The Tribeca building at Park Place and Church Street, slated to become Downtown’s Read More
Less than two weeks after a celebratory ribbon-cutting ceremony held to mark the official opening of 4 World Trade Center, the scene at the building was comparatively muted. Instead of welcoming tenants and checking in guests, security officers manned their posts as construction workers put the finishing touches on the building’s lobby.
That’s all about to change.
Within 12 months, the Port Authority of New York and New Jersey and New York City, the two tenants that have committed to space at tower, will complete their respective build-outs and commence moving in. Other tenants, it is hoped, won’t be far behind.
“The fact that [4 World Trade Center] is open brings another level of reality to the project,” said Adam Foster, senior vice present at CBRE, who is part of the leasing team at the Silverstein Properties-owned building. “It demystifies everything.”
2013 Owners Magazine
The number of stalled construction sites in Manhattan dropped 26 percent over the last year, according to a New York Building Congress analysis of New York City Department of Buildings inspection records.
The number dropped from 122 in November 2012 to 90 in November of this year, while the citywide number dropped just 12 percent, Read More
Masters of Real Estate
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
The Commercial Observer will host its annual Masters of Real Estate conference on October 16 at The Metropolitan Club, located at 1 East 60th Street. Beginning at 8am, the event will feature three panel discussions on the State of New York City Real Estate, the State of Opportunistic Investments and the State of the Capital Markets.
With more than 52 million visitors to the Big Apple in 2012, one thing seems certain: By all accounts, the hospitality industry is thriving in New York City. Hundreds of new hotels, with nearly 20,000 rooms, have joined the inventory over the past few years. Despite this, according to some industry leaders, there is reason to feel uneasy about the outlook for continued growth in this asset class.