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Phase Two of the DTZ Acquisition of C&W

CO_Voltron_01_LAYOUT_Randy Pollak

When news broke just over a month ago that Cushman & Wakefield—the world’s largest privately held real estate services company—was selling to Chicago-based rival DTZ for about $2 billion, you would have expected waves throughout the industry. But actually, insiders tell Commercial Observer, the combined firms’ new setup—with CBRE alum Brett White helming the Read More

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Put a Ring on It: SL Green Installs Sarah Morris Painting in Tower 46

SL Green is making its Tower 46 one of the artsiest places in town (Photo: Celine Haeberly/for Commercial Observer).

Apparently, if you’re a tenant in SL Green Realty Corp.’s Tower 46, there’s no need to schlep to a museum to get your fill of art and culture. Your landlord will bring it to you.

SL Green, New York City’s largest office landlord, is committed to incorporating fine art into its properties. Robert Indiana’s LOVE sculpture—those four letters in big red blocks stacked on top of each other—sits outside of the company’s building at 1350 Avenue of Americas. The artist’s HOPE sculpture (same idea as its more recognizable LOVE counterpart) is adjacent to 810 Seventh Avenue. And the firm has installed photography in the lobby of its 919 Third Avenue property. Read More

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Movie Palaces of Yore Now Churches, Shopping Centers, Music Venues

Some movie palaces haven't been as lucky, namely the old Loew's Canal Theatre at 31 Canal Street. While it might now look like something better suited for Detroit (it shuttered in the late 1970s and is crumbling on the inside), the cinema was one of the most majestic when it opened in 1927. It was also where funnyman Jerry Stiller spent his Saturdays as a child, he told The New York Post in 2012. (Photo: )

Have a movie theater you’re looking to repurpose? Well, your best option might be to put it in the Lord’s hands.

Old cinemas dating back to the days of Herbert Hoover and speakeasies have fallen by the wayside in the city’s history. With high ceilings, strong acoustics and big auditoriums, these theaters are often repurposed into houses of worship or music venues—with retail space sometimes thrown into the mix.  Read More

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Movie Theaters are Closing at a Furious Clip, But Not Before Some Try to Reinvent Themselves

Sunnyside Center Cinema is one of many theaters in the city that have closed (Photo: CoStar).

When John Ciafone bought 42-25 Queens Boulevard in Sunnyside, Queens three years ago, he wanted to turn the investment into a redeveloped commercial site. Existing tenants would have had to vacate while their buildings were razed and reconstructed.

Sunnyside Center Cinemas was one of those tenants and, according to Mr. Ciafone, was paying rents well below market value for years. That’s how the theater could afford to charge kids and seniors $5 per ticket and adults, just $7.50. Read More

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Silicon Bowery: Does the Bowery Own the Future of Manhattan Creatives?

Artist Shepard Fairey Puts New Mural Up In Manhattan's Little Italy Neighborhood

Adrian Hopkins likes the Bowery so much as a work neighborhood that he organizes area walks for new staff and colleagues at peer companies in the area. He likes to take people out and show them the spots that represent the spirit that, he believes, makes it the right part of Manhattan for a technology-oriented, entrepreneurial company to be based. Mr. Hopkins is the director of strategy for Bureau Blank, a creative agency that’s focused on organizations and government more than media and industry.

Bureau Blank operates out of 273 Grand Street, a building between Forsyth and Eldridge, that’s so old school it actually still has an elevator operator manually running people up and down the floors. The building is home to everything from a public relations firm to a Chinese men’s club.  Read More

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Platinum Plan: NYC Hospitals’ Evolving Real Estate Portfolios

Montefiore's new outpatient facility in the Bronx.

On Manhattan’s East Side, NYU Langone Medical Center is undertaking an exacting project by any measure; the hospital is building a state-of-the-art care pavilion and energy building that will provide primary electric service to the campus. It is also renovating its existing Tisch Hospital, all at a cost that exceeds $2 billion (that’s billion, with a “B”). All told, there is more than a million square feet of space under construction on NYU’s main medical campus.

“When our campus transformation is complete in 2017, NYU Langone will have added more than 2 million square feet to its portfolio,” Vicki Match Suna, the senior vice president of real estate development and facilities at the hospital, told Commercial Observer. Read More

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Construction Industry Takes Pains to Keep Workers Unharmed

DEATH IN MEATPACKING: A 22-year-old construction worker was killed last week at Pastis.

Forty-four construction companies are calling for greater safety efforts at construction sites in the U.S. during the second annual Safety Week, which kicks off in New York City at the site of Hudson Yards, and runs this week through Friday. Safety-related events ranging from fall protection to truck safety to heatstroke training to distracted-driving prevention, will be held around the country for members of the construction industry.

“They will draw attention to the little details of everyday work—and the major commitment to safety—that help ensure they are protected from injury,” according to a release from the consortium. Read More

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The Madison Square Garden Area Is Starved for Upscale Dining Options

Onyx Equities is bringing a new three-story retail space to the market at 210 West 31st Street.

Robin Abrams was planning to see Billy Joel at Madison Square Garden one night two weeks ago and was at a loss searching for a restaurant where she and her husband could meet their out-of-town friends pre-concert.

Some trendy eatery with the name Batalli on the menu? Or Jean-Georges? Perhaps a Colicchio’?

No such luck. She and her pals settled on Europa Café before the concert—then Au Bon Pain by the Long Island Railroad afterward, so the friends could make their train. Read More

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LIC Got an Influx of Residents. Now Commercial Tenants are Calling.

A residential boom in Long Island City is driving commercial demand (Photo: Arman Dzidzovic/Commercial Observer).

The founders of Digital Natives, an Internet marketing and website development firm, were looking to move closer to New York City from Armonk, Westchester, where they launched their company in 2011.

Had the founders gone to Dumbo or other areas of Brooklyn, they would have been a small fish in a big pond, said co-founder Vladimir Lackovic. Instead, the four tech executives opted for the cheaper rents, bigger spaces and growing community in Long Island City. Read More

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Hostel Environment: Advocates of Dorm-Like Lodgings are Making Their Play for NYC

STAY YOUNG: Hosteling International New York, 891 Amsterdam Avenue (Photo: Arman Dzidzovic/Commercial Observer)

Gotham could be looking at a hostel takeover.

Hostel proponents are pushing to allow the dormitory-style accommodations back in the city after many have closed in the last few years. With the average hotel room rate in New York City at $295 per night last year, advocates believe hostels could attract an untapped clientele that might not otherwise come to a city as expensive as New York. A bed in one runs the gamut from $40 to $80 per night, according to various hostel websites. But tourism leaders believe it’s the exact opposite: allowing hostels to open in the city would only add to the existing “glut” of hotel rooms. Read More

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Is 57th Street the Most Overpriced Block in the U.S.?

View of 57th Street from Eighth Avenue looking east (Photo: Arman Dzidzovic/Commercial Observer).

It all started innocently enough: a single building with a fancy design, a couple of apartments in the $90-plus million range, a few billionaires looking to park their money in New York luxury real estate…

But several buildings (and tens of millions of dollars worth of apartments) later, one has to wonder whether the strip of über-luxury condominium development on 57th Street—nicknamed “Billionaire’s Row”—has finally run its course. Read More

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Get With the Times: The Ever Changing Face of Times Square

The Great White Way.

As the clock approached midnight on Dec. 31, 1903, a tradition was born: a New Year’s Eve bash at the intersection of Seventh Avenue, Broadway and 42nd Street, then known as Longacre Square.

The year 1904 began with fireworks from the roof of the in-construction new headquarters of The New York Times: 1475 Broadway (the first ball drop was 1907/1908). At the time, the 25-story 1475 Broadway was among the tallest in the city, and the world. A few months later the city renamed the intersection and the soon-to-open subway station below for the building (and business) above: Times Square. Read More

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Men At WeWork: Talking to WeWork Co-Founder Miguel McKelvey

WeWork co-founder Miguel McKelvey

Late last year, WeWork—the communal workspace company, which was founded in 2008—was valued at $5 billion. This co-working giant has been swallowing up hundreds of thousands of square feet of New York office space, and is only planning more. (It was reported last week that they’re even bringing the concept to residential as well as commercial space.)
It is fair to say that this company is standing the traditional office on its head. How did that happen? Where will they strike next? And (because this is in a Midtown South issue), how ripe is Midtown and Midtown South for expansion? We posed these questions—and a few others—to Miguel McKelvey who co-founded the company with Adam Neumann. Read More

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Market Share: With Companies Looking to Cut Costs, Office Shares Are All the Rage

One of the shared space companies taking NYC is PivotDesk.

The powers that be in New York City have done a great job of attracting startups—keeping them, however, is another issue.

But an up-close view of the Empire State Building is increasingly becoming a viable option for young businesses. Why? Co-working companies—which offer cut-rate office space so long as tenants are willing to share—are rushing into the Midtown South market, and beyond. Read More