In recent years, the South Street Seaport has found itself overwhelmed by financial problems, under water after Superstorm Sandy and still unchanged as the rest of New York City has continued to progress. Howard Hughes Corporation, which has control of the area through a long-term lease with the city, has put forth a plan to invest $1.5 billion in a SHoP Architects-designed, mixed-use 24-hour development. Among other elements, this multifaceted proposal includes a 42-story residential tower, restoration of the Tin Building, construction of pavilions under the FDR Drive, extension of the East River Esplanade, a new middle school and a marina. The proposal, which spans roughly four city blocks, has been the subject of much debate, and has been both embraced and attacked by local residents and elected officials. Read More
Most of New York City’s 8.4 million residents are able to sleep at night rest assured their roofs will not collapse and their children’s school will not crumble thanks to the New York City Department of Buildings. Commissioner Rick D. Chandler is responsible for the day-to-day operations of this organization, ensuring that the five borough’s 975,000 buildings and properties are safe and secure. Mr. Chandler, a professional engineer, was appointed by Mayor Bill de Blasio last July; since assuming the position the following month, he has collaborated with other government agencies to advance the mayor’s agenda on universal preschool and affordable housing while simultaneously propelling his own department forward by streamlining and utilizing technology. Actually, Mr. Chandler was no stranger to the DOB; he had served as a borough commissioner of Queens, Brooklyn, and the Bronx for the department from 1995 to 2002. Most recently, he had been the assistant vice president of facilities at Hunter College. Read More
Last September, Stephen Siegel co-represented Hudson’s Bay Company, parent company of Saks Fifth Avenue, in its plans to consolidate its New York City offices and relocate to 410,000 square feet at Brookfield Place. The transaction included additional space at 225 Liberty Street and 250 Vesey Street. That was the ninth largest lease signed in all of 2014.
Mr. Siegel is no stranger to big deals as the chairman of global brokerage at CBRE, where he has worked since the firm acquired Insignia Financial Group in 2003. Prior to the merger, Mr. Siegel was the president of Insignia Financial Group and the chairman and chief executive officer of Insignia/ESG, the latter of which was the commercial real estate division of Insignia Financial Group. (Insignia Financial Group acquired Edward S. Gordon Company, or ESG, then New York’s largest commercial real estate company, in 1996.) Read More
On March 2, John Banks will officially become the president-elect of the Real Estate Board of New York (assuming the presidency by the end of 2015), relieving Steven Spinola of his responsibilities as REBNY’s president, a post he will have held for the past 29 years and has called “the opportunity of a lifetime.” Mr. Spinola, 65, began his tenure in 1986 during the Koch administration and has since been the public face of the influential city real estate trade association.
Prior to serving as REBNY’s president, Mr. Spinola was the president of the New York City Public Development Corporation, which is now the New York City Economic Development Corporation.
In one of his last interviews as sitting president, Mr. Spinola sat down with Commercial Observer to reflect on his nearly three decades with the organization, which has quadrupled in size on his watch, and what life after REBNY holds for him. Read More
It’s difficult to wrap one’s head around this, but Faith Hope Consolo—Douglas Elliman Retail Group chairman and self-proclaimed monarch of New York City retail—didn’t always work in real estate, and she isn’t originally from New York. The native of (Commercial Observer was shocked to learn) Cleveland started a modeling agency in college and then worked in interior design in Los Angeles before she started her real estate career, she said. Ms. Consolo leads a team of 25 in New York City and 50 others in 37 countries worldwide, and she invited CO to her Madison Avenue office for a wide-ranging discussion in her usual forthcoming way. She declined, with a not-so-subtle look, to move on our request for her age (although it is already out there for those curious enough to search) but she did mention she’s a widow to her third husband and doesn’t have any children. Read More
In a city where Class A properties consistently make headlines, Chris Schlank, a founder and managing partner of Savanna, has an eye for less-conspicuous Class B buildings. Throughout his career, Mr. Schlank has led the acquisition and redevelopment of more than 65 real estate assets totaling more than 19 million square feet, primarily within the five boroughs.
Just last week, Mr. Schlank’s firm, in conjunction with the Feil Organization, sold the 378,547-square-foot 21 Penn Plaza on southeast corner of West 31st Street and Ninth Avenue to TIAA-CREF. Mr. Schlank sat down with Commercial Observer to talk about this sale, his favorite job and the future of office buildings in Midtown East in a city that seems to be shifting westward. Read More
John Catsimatidis has a soft side. The businessman says he still misses Cottonball, the departed family cat for whom he built a cemetery at his East Quogue home. He wistfully reminisces about taking his (now grown) children “pumpkin hunting” and says he is collaborating with Rep. Carolyn Maloney to transport two giant pandas from China for New York City schoolchildren to enjoy.
But Mr. Catsimatidis, 66, is also a shrewd executive and the brains behind his multibillion-dollar business, the Red Apple Group, which has holdings in real estate, energy and grocery stores. Read More
It took years. It took wrangling from all sides. They brought in the best dealmakers in the business. But it’s finally wrapped up. (Mostly.) This week, Conde Nast finally dropped anchor at 1 World Trade Center.
This is a big deal for all involved, including (maybe especially) developer extraordinare, Douglas Durst, who partnered with the Port Authority of New York and New Jersey on the building. Read More
Mr. Zuckerman sat down with Commercial Observer to discuss New York City’s bright future and “the most important building Boston Properties has ever built,” now underway in San Francisco. Read More
Fresh off of putting the finishing touches on the purchase of a retail property in Astoria, Queens, ABS Real Estate Partners President Gregg Schenker invited Commercial Observer in to his office overlooking Union Square. In a space decorated with family pictures and closing sale and financing binders, the 48-year-old married father of two explained the vision behind the 335-employee company and its 6-million-square-foot portfolio primarily in Midtown South. Mr. Schenker, a Manhattan native and New York University alum, also dished on new deals like the Queens acquisition he and an ABS team had just completed. The buy didn’t represent the company’s first in the boroughs, nor the last, he hinted. But before hitting the outer boroughs, CO asked the former Helmsley Spear broker how he and the other company execs knew to invest in Midtown South and why technology, advertising, media and information, or TAMI, tenants like the neighborhood so much. Read More
After nearly five decades of public service, former New York City Police Commissioner Raymond Kelly has moved to the private sector. Mr. Kelly stepped down as the city’s top cop in December 2013 and since March, has been working as the president of Cushman & Wakefield’s Risk Management Services, the first comprehensive service of its Read More
Last month, Laura Pomerantz, the principal and founding partner of Laura Pomerantz Real Estate, celebrated the one-year anniversary of her firm’s lease at 757 Third Avenue with champagne and cupcakes. She and her team of four brokers and eight employees moved into the space between 47th and 48th Streets five months after Ms. Pomerantz established her own firm. Also in September Ms. Pomerantz co-represented Hudson’s Bay Company in its 500,000-square-foot leases for a Saks Fifth Avenue at Brookfield Place, a Saks Off Fifth at 1 Liberty Plaza as well as office space in Lower Manhattan.
Over the last decade, Ms. Pomerantz says that she has closed over 8 million square feet in deals for clients including Bloomberg L.P., Stroock & Stroock & Lavan, Giorgio Armani and Stuart Weitzman. Read More
In an industry dominated by men, Adelaide Polsinelli has held her own since entering the profession 29 years ago on the residential side at Century 21 Real Estate. Ms. Polsinelli, a senior director at Eastern Consolidated since March 2012, is juggling a dozen exclusive listings, the bulk of which are in East Harlem. She is co-listing two mixed-use buildings in the South Street Seaport, one of which is home to the Paris Café, for $25.8 million. Ms. Polsinelli talked with Commercial Observer over lunch at the café about the Seaport, her favorite deal and the advantage of working at Eastern Consolidated. Read More
Robert P. Weisz has long been a recognized name in commercial real estate circles north of New York City. With over three million square feet of office, retail and warehouse space, his company RPW Group is one of the largest commercial real estate developers in Westchester and Fairfield Counties. Recently, Mr. Weisz made headlines by deviating from the suburbs and delving into New York City real estate for the first time. Last week, Mortgage Observer reported that Mr. Weisz had closed on his acquisition of a 162,000-square-foot office building at 240 West 35th Street for $80.2 million.
Commercial Observer spoke with Mr. Weisz about his decision to invest heavily in suburban markets, why he has opted to diversify his portfolio by moving into Manhattan and what the future holds for the suburban office park. Read More
The success of Derek Bestreich’s eight-member investment sales team at Marcus & Millichap’s Brooklyn office embodies that of the borough’s next emerging markets. The group overseen by the married 32-year-old Park Slope resident closes sales in neighborhoods like Bed-Stuy, Crown Heights, Lefferts Gardens and East Flatbush that represent the next wave of booming Brooklyn real estate. The University of Texas graduate with Queens roots began his career in New York City shortly after college as a cellular lease buyer for an asset-backed securities company, where he was cold-calling potential sellers and “hoofing it miles a day,” he said.
He started at Marcus & Millichap in 2009. The winner of the firm’s national achievement award for 2014, Mr. Bestreich also won his office’s rookie of the year and mentor of the year awards. Commercial Observer visited the firm’s Downtown Brooklyn office to talk with the broker who closed 90 investment properties in rising Brooklyn markets for a total of $185 million in transactions from 2009 to the summer of 2014, according to the company. Read More