The past 12 months have seen some significant shifts in the New York real estate market, from the influx of foreign buyers and the rise of the high-end condominium market to the institution of the Affordable Care Act and the tax implications that legislation has on real estate investors. As co-managing partners of accounting and advisory firm Berdon LLP, Mark Bosswick and Stuart Kotler are required to have their fingers on the pulse of the market, and whether its keeping an eye on real estate investment trusts or foreign capital, the accounting professionals need to know where the market stands and, more importantly, where it’s headed. Messrs. Bosswick and Kotler spoke to The Commercial Observer last week about accounting trends and tax challenges expected in the New Year.
Flags waved and onlookers cheered back in May when construction workers hoisted a crown atop 1 World Trade Center. The gleaming tower reached a symbolic 1,776 feet, and the Port Authority proclaimed it the “tallest building in the Western Hemisphere.” An official ruling had not been made, however, throwing the building into a rivalry with Read More
Last Thursday, Madison Square Garden debuted the final phase of its three-stage transformation process to the media. The arena has now been thoroughly transformed into a modern facility befitting its self-styled title as the World’s Most Famous Arena. The process, which added two bridges suspended above the event floor, was not without controversy. Many fans, especially those die-hards seated in the arena’s upper bowl, were concerned their sight lines would be obstructed by the innovative additions. The project’s head architect, Murray Beynon of BBB Architects, spoke with The Commercial Observer last week about concerns over the Chase Bridges and insights into the unique challenges presented by creating a modern arena inside a nearly 50-year-old structure.
William Macklowe of William Macklowe Company never misses a daily breakfast meeting with his 6-year-old daughter. Her life-size headshot hung high next to the desk in Mr. Macklowe’s well lit corner office last week when he chatted with The Commercial Observer about his other baby, 386 Park Avenue South, the rest of Midtown South, its exorbitant rents, Read More
Sixteen years after its founding, Taconic Investment Partners is banking on its legacy. Last month, the city chose a proposal from Taconic and collaborators (including L&M Development Partners, BFC Partners, SHoP and Beyer Blinder Belle) to reimagine the Seward Park Urban Renewal Area, Manhattan’s largest swath of undeveloped land below 96th Street. The estimated $1.1 billion project on the Lower East Side near the foot of the Williamsburg Bridge will add 1.6 million square feet of commercial and residential space to a neighborhood neglected for nearly half a century.
Last week, The Commercial Observer spoke to Taconic Co-Chief Executive Officer Paul Pariser and Chief Investment Officer Kevin Davis in the firm’s office at 111 Eighth Avenue—Taconic sold the building to Google in 2010—about Essex Crossing at SPURA, the Meatpacking District and the company’s possible reinvestment in the Financial District. Read More
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
David Sturner’s long tenure at Murray Hill Properties began in 1995, when the full services real estate company launched its asset and project management departments. But his roots at the firm go even deeper than that: Mr. Sturner’s father, Norman Sturner, is MHP’s president and chief executive. Since coming onboard, the younger Mr. Sturner, 46, has risen in the ranks. The onetime project management specialist now also oversees operations and asset management and two years ago was named chief operating officer. Mr. Sturner spoke to The Commercial Observer about the transformation of MHP, growing up in a real estate family and the quest for fortune over fame. Read More
Last week, Tribeca Associates, a New York-based real estate firm, announced that it had agreed to acquire the long-term leasehold—for an undisclosed sum—on Bush Tower, a 30-story skyscraper built in 1918 for the Bush Terminal Company. To be henceforth known as 132 West 42nd Street at Bryant Park, the property will undergo an extensive renovation in the next 12 to 18 months, paving the way for the trophy asset to join the ranks of the neighborhood’s more recognizable glass towers. The project is one of a number that Tribeca Associates has in the pipeline, not the least of which is the Baccarat Hotel and Residences at 20 West 53rd Street, where sales are underway. Elliott Ingerman, founder and managing partner at Tribeca Associates, spoke with The Commercial Observer at the firm’s Tribeca office about current projects and his outlook for 2014.
A real estate lawyer in the early part of his career, Ziel Feldman has carved out a niche as one of the most active developers in the New York market. Mr. Feldman, founder and managing principal of HFZ Capital, has taken on ground-up development and the acquisition of existing properties. With an extensive presence on the Upper West Side, Mr. Feldman and HFZ Capital have entered new markets including Flatiron, where One Madison, a condominium project developed in partnership with Related Companies, recently opened for sale boasting residences priced as high as $50 million. Mr. Feldman spoke with The Commercial Observer last week about HFZ Capital’s current projects and his outlook for the market. Read More
Jim Phillips, founder of New York’s largest interior architecture firm, TPG Architecture, boasts more than 40 years of experience designing corporate office interiors. The firm’s client list reads like a who’s who of New York power players, including Silverstein Properties, Irving Place Capital, Condé Nast, SL Green and Digitas. By Mr. Phillips estimation, he walks through more than 1 million square feet of office space in New York per year, which allows him a unique perspective on the city’s building stock. While architects might be best known for their build-out work, TPG and other architects begin the process well before work begins. Mr. Phillips’s services include advising clients on the suitability of space, negotiations and budgets, evaluating the entire deal. Mr. Phillips spoke with The Commercial Observer about changing trends, the evolving demands of clients and some of the difficulties he has faced when evaluating space.
A lifelong New Yorker and 27-year veteran of the real estate industry, Adelaide Polsinelli jumped from her role as associate vice president at Marcus & Millichap to a senior director position at Eastern Consolidated in March 2012. At Eastern, Ms. Polsinelli focuses on a broad range of investment opportunities, and in her 18 months there Read More
In June, the Moinian Group announced its plans for 3 Hudson Boulevard, a 1,000-foot-tall, 1.8 million-square-foot tower between West 34th and West 35th Streets in Hudson Yards. Designed by Dan Kaplan of FXFOWLE, the property will include 1.5 million square feet of office space, 22,000 square feet of retail and possibly as much as 300,000 square feet of residential space. The man behind the Moinian Group project is Oskar Brecher, the company’s vice president and director of development. Across the United States, Mr. Brecher and his team are involved with nearly 10 million square feet of development. The Commercial Observer spoke with Mr. Brecher at his firm’s 3 Columbus Circle office, where he described the 3 Hudson Boulevard project envisioned by the Moinan Group, headed by CEO Joseph Moinian. Read More
After establishing Brownstoner.com and the Brooklyn Flea, Jonathan Butler has expanded his Brooklyn empire into brick and mortar, acquiring 1000 Dean Street in a joint venture with BFC Partners and the Goldman Sachs urban investment group. The 140,000-square-foot commercial building in Crown Heights will open for occupancy on October 1 and is expected to welcome a mixture of artists, technology firms and nonprofits, offering lower-cost office space for Brooklyn’s entrepreneurial class. Mr. Butler spoke with The Commercial Observer outside his office in Dumbo last week, offering insight into his motivation for acquiring the property and his vision for the future. Read More
Perry Finkelman at times sounds like he’s describing something from a science-fiction movie. The CEO of Automotion Parking Systems talks of designing machines, manipulating machines—even machines that send text messages. It’s not Rise of the Machines he speaks of … not exactly. But the technology that will control the 697-car underground parking garage that Automation plans to Read More
Over the last three decades, Michael Cohen has been a driving force behind Colliers International’s transition from a family-owned, independent mom-and-pop real estate firm into a global powerhouse. As president of Colliers’s tristate operations, the third-generation executive at the firm splits his time between managerial duties and deal-making, harnessing his firm’s global resources and ownership structure to create a competitive advantage—most recently, as part of the team that sealed AppNexus’s 220,000-square-foot expansion and extension at 28-40 West 23rd Street. He spoke with The Commercial Observer last week about the significance of that deal, the staggering transformation of his company, the city’s changing real estate landscape and even his passion for theater as it relates to Bernard Madoff.