Year in Review: 2015
The past year was busy, to say the very least.
From iconic properties changing hands to the city’s newest subway station, and from corruption cases to murder trials, it feels like 2015 has seen it all.
The saga of Stuyvesant Town-Peter Cooper Village came to an end, with Blackstone Group’s and Ivanhoe Cambridge’s $5.3 billion buy. (The acquisition closed on Dec. 18.) Related Companies and Oxford Property Group’s Hudson Yards development is well under way, especially with the new 7 extension opening its doors to riders in September. Sheldon Silver and Dean Skelos were found guilty in their respective corruption cases. And of course, the city announced that Staten Island is getting the world’s tallest Ferris wheel.
In case you missed any of it, Commercial Observer went back and took a close look at how 2015 unfolded.
Three-term Gov. Mario Cuomo dies as his son, Gov. Andrew Cuomo, is sworn in for a second term on New Year’s Day.
Shake Shack goes public on Jan. 30.
Regulators shut down Puerto Rico’s Doral Bank, marking the largest bank failure since April 2010, when another Puerto Rican bank collapsed.
Robert Durst is arrested in Louisiana the day before the final episode of HBO’s The Jinx: The Life and Deaths of Robert Durst, in which the former real estate scion is recorded saying, “killed them all, of course.”
Toys “R” Us decides not to renew its lease for the giant toy retailer’s 110,000-square-foot flagship store in the Times Square area.
Blackstone Group and Wells Fargo close on their joint purchase of General Electric’s real estate debt and equity assets in a deal valued at roughly $23 billion, the two companies announce on April 10.
The City Council approves plans for SL Green Realty Corp.’s 1 Vanderbilt, the 63-story, 1.6-million-square-foot office tower set to rise next to Grand Central Station on May 27. As part of the deal, SL Green will invest $220 million in public infrastructure improvements.
WeWork closes a Series E fundraising round that brings in $434 million in venture capital. The coworking giant is valued at $10 billion going into the fundraising round.
Danny Meyer’s Union Square Cafe signs a 15-year lease to move his Union Square mainstay to 235 Park Avenue South, The New York Times reports on July 22. His restaurant at 21 East 16th Street is slated to close this December.
The New York State Health Department on July 31 names the five organizations that will be allowed to grow and sell marijuana for medical use in the state, including in New York City.
China’s economy takes a major turn for the worse.
Macy’s announces it has sold off part of its building in Downtown Brooklyn for $170 million and will disburse another $100 million to Macy’s over the next three years to renovate its retail space.
SL Green Realty Corp. buys the 29-story office property at 11 Madison Avenue for $2.29 billion on Aug. 18, marking the largest single-building real estate transaction in New York City history.
New York City’s 469th subway station opened on Sept. 13, extending the 7 line to 34th Street-Hudson Yards.
Forest City Enterprises announces the consolidation of its real estate holdings in a massive organizational shift that will eventually see the company become a REIT.
World’s tallest Ferris wheel, New York Wheel, gets City Council green light.
Joseph Chetrit, the developer of the most expensive New York City apartment ever listed, settles a lawsuit claiming he helped launder money stolen from Kazakhstan by pouring it into two ritzy condominium projects.
The corruption trial of former New York State Senate Majority Leader Dean Skelos and his son Adam begins.
Sheldon Silver is found guilty on all counts in his corruption trial.
Dean Skelos the former State Senate Majority Leader, and his son Adam, are found guilty on all counts.