Tuesday October 08, 2013
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| Commercial Observer's 2013 Owners Magazine |
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BY JOTHAM SEDERSTROM
When The Commercial Observer first set out to survey New York City's most venerable commercial real estate owners in our inaugural Owners Inquisition last year, the old guard at some of Manhattan's largest public relations firms pushed back, presuming their clients might wilt in the face of questions about their personal role models, biggest fears and market forecasts.
One year later, however, our second annual Owners Magazine is better than ever, with even more real estate owners gamely discussing topics as serious as what the next mayor's priorities should be and as silly as what actor they would choose to play them in the movie of their life (Hint: George Clooney in most cases).
From Jeff Blau of the Related Companies to Douglas Durst of the Durst Organization, owners submitted candid questionnaires detailing their hopes for the city and the real estate market itself while also sharing private thoughts on their greatest fears, which served as a litmus test for where our city is heading.
To read the questionnaires, click here.
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| State Probing $10 Sale of WTC Name |
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BY AL BARBARINO
New York Attorney General Eric Schneiderman is reportedly leading an investigation into the 1986 sale of the rights to the World Trade Center name for just $10.
The Port Authority of New York and New Jersey sold the naming rights to outgoing executive Guy Tozzoli for use by his nonprofit World Trade Centers Association, which according to the Associated Press reaped millions in fees for use of the name in 28 states. The Port Authority, which owns the World Trade Center site in New York City, is among hundreds of entities worldwide paying to use the name.
To read the full story, click here.
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| 540 Madison Avenue Continues to Draw Financial Services Tenants |
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BY GUS DELAPORTE
In yet another sign of the property’s appeal to financial services firms, Boston Properties has signed two new tenants at 540 Madison Avenue, The Commercial Observer has learned.
In the larger of the two deals, Orchard First Source Capital has signed a 10-year, 10,900-square-foot deal for a portion of the eighth floor. The tenant will pay rent in the high-$60s per square foot, according to data from CompStak.
To read the full story, click here.
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| Two Trees Plans to Front-Load Affordable Domino Units |
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BY BILLY GRAY
Two Trees Management has pleased some affordable housing advocates and stoked concern among others with a plan to isolate almost one-third of the affordable apartment units at the Domino Sugar Factory project in one tower farthest from the East River.
While the method would hasten the construction of units for less affluent locals, the method could also lead to a perception of not-so-subtly segregated affordable housing that has haunted other recent, large-scale developments along the Williamsburg waterfront.
To read the full story, click here.
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| Three Strikes And It Could Be An ‘Out’ For CRE |
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BY ROBERT KNAKAL
As we enter into the baseball playoff season, I thought I would review three strikes that could be an “out” for commercial real estate and especially the investment sales market.
This column will review threats to what has been a thriving sales sector. These scenarios, particularly together, would have a very negative impact on the market. As a broker, I generally don’t think so negatively (having optimism injected into my DNA at birth), but I am probably feeling low, because my beloved New York Yankees did not make the playoffs this year, which is only the second time this has happened in the past 19 years.
To read the full story, click here.
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