View this email in a web browser
image description
Commercial Observer
image description
Edited by Jotham Sederstrom | Jsederstrom@observer.com

image description
Tuesday May 08, 2012
image description

This Year's Power 100 List: Online Right Now!

Today marks the release of The Commercial Observer's annual Power 100 list, a compendium of the deal makers and power brokers who make New York City's real estate and development industry a force of nature, for better or worse.

Mayors, Governors, developers, brokers, Barnetts, Rechlers, Pinksys, Wieners, Stacoms: there in the list.

Upstarts like Avison Young and CIM elbowed their way in, while former inductees like Hu Jintao and Jay Walder found themselves politely escorted out.

Click here for the full list

Mosler, Fisher, Tapped to Head Intrepid Museum

Bruce Mosler and Kenneth Fisher, two top real estate executives, have been named co-chairmen of the Intrepid Sea, Air & Space Museum.

The organization manages the Intrepid aircraft carrier, which gained recent attention with the landing of the Enterprise space shuttle in the city last week on the back of a Boeing 747. The shuttle will join other aircraft on the carrier’s deck at Pier 86. The World War II vintage boat is host to a collection of eye-catching planes including an SR-71 Blackbird whose sleek twin jet engines protrude prominently from the bow of the ship.

Both Mr. Mosler and Mr. Fisher have been board members for the Intrepid Museum since 1999. Most recently Mr. Mosler, who is a top broker at Cushman & Wakefield, was a vice-chairman for the organization.

Mr. Fisher is an executive in his family’s real estate investment and management company Fisher Brothers and was a trustee for the museum before being named co-chairman with Mr. Mosler.

“We have some exciting times ahead of us and much work to accomplish,” Mr. Fisher said. “I am looking forward to working with my fellow board members and the dedicated Intrepid staff to continue to fulfill its mission to honor our heroes, educate the public and inspire our youth.”

The Intrepid features a leadership committee heavily stacked with real estate executives. Howard Lutnick, whose company BGC Partners controls the brokerage firm Newmark Grubb Knight Frank and Steven Roth, the chairman of Vornado, both currently serve as vice chairmen on the board.

The Intrepid has appeared well managed in recent years. The museum, which is largely housed inside the ship, on its deck and in ancillary structures on the pier where it is located, underwent a big renovation beginning in 2006. Winning the right to play host to the Enterprise was also a win as the shuttle is expected to draw additional visitors to the carrier.

“I’ve always been so proud of the museum’s accomplishments,” Mr. Mosler said in a statement. “Now, having watched the Enterprise land in New York City recently, we are even more energized and looking forward to being part of its arrival and opening at the museum this summer.”

Daniel Geiger is reachable at dgeiger@observer.com

Capital One Sells Note on 55 Gansevoort

DelShah Capital has snapped up the note on a 26,000-square-foot, five-story Meatpacking District building it had been eyeing for several months—taking the first mortgage and senior liens on 55 Gansevoort Street from lender Capital One Bank. The firm plans to renovate some floors, creating office space. It may also partner with a restaurant currently occupying space in the building.

Michael Shah, principal and CEO of DelShah Capital, told The Commercial Observer that the deal was complex because a restaurant, Villa Pacri, occupies several floors there.

“There was a tenant in the space that had the rights to most of the floors, so we had been talking to the tenant in conjunction with the lender and restructured the tenant’s lease as well,” said Mr. Shah (pictured). “The negotiations didn’t really focus on the term, they focused on them giving back certain spaces at the landlord’s option.”

Mr. Shah said that his firm had a previous relationship with the lender, which sped the negotiations along. “It wasn’t just a first mortgage,” he explained. “It was a first mortgage and a series of liens that all-in-all probably exceed the value of the building. Effectively the lender controlled the building.”

The amount owed on the senior liens is roughly $30 million.

In addition to Villa Pacri, 55 Gansevoort is home to nightspot Gun Bar. Though if Mr. Shah has his way, more retail and nightlife is headed there soon. He said that DelShah Capital will be entering into a joint venture with Villa Pacri. In addition it has applied to the Landmarks Preservation Commission seeking permission to open a rooftop bar there, which Mr. Shah hopes will happen by next summer.

“One of the other things that we’re doing that’s going to be kind of interesting is that we’re going to be doing some retail pop-up shops in the Gun Bar space,” he said, adding that Gun Bar is closed three or four days a week during the daytime.

He said that negotiations are still underway with retailers, whom he declined to mention by name. However, he said that they would be high-end.

Carl Gaines is reachable at Cgaines@Observer.com

image description
image description
image description
image description
image description
image description
image description
image description
image description
image description

FORWARD THIS EMAILSUBSCRIBEUNSUBSCRIBE

Visit the Commercial Observer for the latest in real estate news.

The New York Observer LLC | 321 W. 44th St. 6th Floor | New York, NY 10036

Banner photography by William Warby. Please read our Privacy Policy.

Copyright 2012 New York Observer