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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Thursday February 28, 2013
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Coalition of Builders Releases Midtown East Rezoning Study, Preservationists Balk

BY GUS DELAPORTE

Midtown 21C, a coalition heavy on construction companies and labor organization advocating for the rezoning of Midtown East, yesterday released a study evaluating the area’s historic assets and development history. The focus of the study was structures targeted by preservation groups for landmark status, which could hinder rezoning proposals.

Members of the coalition include the New York Building Congress, the Building Trades Employers Association, the Manhattan Chamber of Commerce, the Hotel Trades Council, 32BJ Service Employees Union and the Real Estate Board of New York.

According to the study, prepared for Midtown 21C by CivicVisions LP of Philadelphia, “New York runs the risk of undermining its competitive edge by revisiting issues that were covered 30 years ago when truly iconic buildings were landmarked. If landmarks are created solely for the purpose of opposing redevelopment, they jeopardize New York’s future.”

The Department of Planning is proposing a zoning strategy for 78 blocks in the neighborhood, aimed at revitalizing the area’s office space to complement development in Hudson Yards and Lower Manhattan. In order to stay competitive Midtown East needs to develop new Class A office space, which without change could drop to Class B status according to the DCP’s website.

Based on the report, all quality buildings in the area have already been designated as landmarks, according to Steven Spinola, president of the REBNY.

“The others are copies and no way in the same level of quality,” he told The Commercial Observer. “They’ve concluded that there isn’t anything really worthy of designation.”

To read the full story, click here.

GNC Inks on Canal Street as Corridor Changes

BY BILLY GRAY

GNC signed a 10-year lease (with a five-year option) for 2,100 square feet at 302 Canal Street, The Commercial Observer has learned.

It will be the health and wellness retailer's 47th Manhattan location. The store will be evenly divided between a ground floor and basement space. The previous tenant was a local shoe and apparel store.

RKF's Ariel Schuster and Greg Covey represented the tenant. ABS Partners Real Estate's Mark Tergesen represented the landlord, Charbern Management Group. GNC's Rory McCutcheon worked in-house on the deal.

"We've been working with GNC since 2009 and have secured five leases for them," Mr. Covey said. "And there are several more leases currently in negotiations."

To read the full story, click here.

Liberty Mutal Renews, Expands at 55 Water St.

BY AL BARBARINO

Liberty Mutual has signed a 10-year, 120,000-square-foot lease at 55 Water Street, a success story to emerge amid a massive renovation project launched at the building in response to a string of misfortunes brought by Hurricane Sandy.

The auto insurance, home insurance, and life insurance company doubles its space in the building with the deal, moving from the 18th floor to the 22nd and 23rd floors.

“It’s great news for the landlord and it’s great news for Downtown,” said CBRE’s Brad Gerla, who represented the landlord with Mary Ann Tighe, Howard Fiddle and Evan Haskel.

To read the full story, click here.

Thursday's Must-Attend Real Estate Events'

BY MICHAEL EWING

Hurricane Sandy may have passed through New York several months ago, but the commercial real estate community is still feeling her wrath. Join Gerry Guidice of TD Bank, James Love of Goldman & Sachs and several other speakers as they discuss stories and successes from the property management, legal and business continuity, and planning perspectives.
Hurricane Sandy – Lessons Learned From the CRE Perspective, Grand Hyatt New York, 109 East 42nd Street (at Grand Central Terminal); 5:30pm to 8pm, visit www.cvent.com for more information.

RELA DC will be bringing in a publicly traded real estate company, Federal Realty Investment Trust, and a private real estate company, Carr Properties, to discuss how both of them operate in today’s landscape.
RELA DC Presents: A CFO’s View of 2013 from Public and Private Perspectives, Bigham McCutchen LLP, 2020 K Street NW, Washington, D.C.; 11:45am to 1:15pm, visit www.rela.org for more information.

Bigger isn’t always better! Join the Urban Land Institute for a two-day program on small-scale development and practices. Please note that new participants must apply and be accepted to attend the program.
Executive Small-Scale Development Program, Renaissance New Orleans Arts Hotel, 700 Tchoupitoulas Street, New Orleans, La.; February 28-March 1, visit www.uli.org or contact David Mulvihill at dmulvihill@uli.org for more information.

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