BY AL BARBARINO

A seven-foot dolphin appeared at the head of the Gowanus Canal earlier this year, ailing and struggling to work its way out of the abysmally polluted waters, as crowds of onlookers rallied for the survival of the dying (spoiler alert) marine mammal.

And so it’s without wonderment that some local residents are worried that the excavation of large development sites proposed along the canal could push that same putrid, contaminated water even further inland in the presence of floodwater conditions that occur with some regularity along the canal, prompting several local politicians to send a letter last week to Deputy Mayors Cas Holloway and Robert Steele.

In it, the politicians – Councilman Brad Lander, Congresswoman Nydia Velázquez and State Senator Velmanette Montgomery – call for a new study that would investigate the adverse impacts of building new developments on the banks of the filthy canal prior to the city’s issuing of any building permits.

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BY GUS DELAPORTE

Real estate investment and private equity firm World Class Capital has signed a lease for 2,723 square feet at Boston Properties’ 540 Madison Avenue, where asking rents range from $80 to $90 per square foot.

“They were looking to open up a New York office that reflected their business model,” Gabe Marans of Studley, who represented the tenant, told The Commercial Observer. “They wanted to be in a boutique building that had easy access to transportation and that was centrally located on the island.”

The firm moved into a prebuilt suite on a portion of the 39-story building’s 29th floor shortly after closing the lease in March. The space at 540 Madison Avenue is World Capital Group’s first New York office. The firm is headquartered in Austin with an additional office in Dallas.

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BY BILLY GRAY

Less than a year after mounting a successful online campaign to stay in business, the Lower East Side rock staple Cake Shop is under new ownership.

The young development and management firm Four Winds Real Estate late last month purchased for $19.1 million two multi-family buildings in prime LES territory: 152 Ludlow Street and 149-151 Essex Street. Cake Shop, which in addition to rock shows features a cafe and record store, is a ground floor tenant of the five-story 152 Ludlow Street.

On its Pledgemusic.com fundraiser bio, the venue cited a “new Real Estate Tax to landlord, added security costs and changes to the forms of ID we are allowed to accept” as reasons for its financial distress. The eight-year old multitasker surpassed its fundraising goal last July with the help of benefit concerts by indie darlings Surfer Blood, Clap Your Hands Say Yeah and Ava Luna.

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BY MICHAEL EWING

The Real Estate Board of New York is hosting a cocktail party for its Finance Committee. The networking event will include an open bar and hors d’oeuvres and is open to guests and friends.
REBNY: Finance Committee Cocktail Party, 230 Fifth Avenue, rooftop lounge, 5:30-8:30pm; contact Desiree Jones at djones@rebny.com for more information.

The New York Building Congress will be hosting its 92nd anniversary leadership awards luncheon. The event will honor Steven Corwin of New York-Presbyterian Hospital and Mary Ann Tighe of CBRE. Individual tickets start at $500.
New York Building Congress 92nd Anniversary Leadership Awards Luncheon, Hilton New York, 1335 Avenue of the Americas, 11:30am-2pm; contact Jeanine Badalamenti at (212) 481-9099 or jmb@buildingcongress.com for more information.