Rent ruling leaves owners reeling
[4:33 pm, November 25, 2014 | No Comment | ]

New York’s landlords have been left reeling by a court ruling that ranks a rent regulated lease alongside state welfare.

The State Court of Appeals last week found that rent-regulated leases are “local public assistance benefits,” like Social Security and Medicare, and therefore cannot be counted as assets and liquidated by trustees in bankruptcy proceedings.

“We were nothing less than astounded to read the court’s decision,” said Mitch Posilkin, general counsel for the Rent Stabilization Association, and organization that represents 25,000 New York City landlords.

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Deals & Dealmakers »

[9:00 am, November 27, 2014 | No Comment | ]

TIAA-CREF has purchased 21 Penn Plaza, the midtown Manhattan office property owned by Savanna and The Feil Organization, for an undisclosed amount.
Savanna and Feil bought the 16-story office building on the corner of West 31st Street and 9th Avenue for $137.5 million in 2011.
They spent close to $5 million on building upgrades and successfully leased over 225,000 s/f of space to re-stabilize the property at 98 percent occupancy prior to marketing the property for sale at $250 million through Bob Knakal and his team at Massey Knakal Realty Services.
“21 Penn …

Construction & Design, Photo Gallery »

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[3:06 pm, November 26, 2014 | No Comment | ]

Nearly 1,000 members of the building community gathered to pay tribute to four industry legends during the New York Building Congress 2014 Industry Recognition Dinner on November 19 at the Grand Hyatt in Manhattan. Parsons Corporation Chairman, CEO, and President Charles L. Harrington and Perkins Eastman Chairman Bradford Perkins, FAIA, AICP, MRAIC were honored with Industry Recognition Awards. The George A. Fox Public Service Award was presented to Jones Lang LaSalle Vice Chairman Raymond Quartararo, and the Building Congress offered Special Recognition to DASNY President and CEO Paul T. Williams Jr.

Construction & Design »

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[2:26 pm, November 26, 2014 | No Comment | ]

Architectural surface restoration and maintenance company REMCO has signed a three-year contract with Durst Organization to handle metal maintenance at New York City landmark One World Trade Center.
REMCO is also providing stainless steel maintenance at the 104-story building, from now through the end of 2017.
“REMCO offers generations of experience in the restoration, maintenance and preservation of a range of properties. We’re honored to add what is arguably one of the world’s most iconic buildings to our roster,” said Kenneth Martin, CEO of REMCO. “We look forward to providing exceptional service …

Deals & Dealmakers »

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[2:21 pm, November 26, 2014 | No Comment | ]

Jared Kushner, Chief Executive Officer of Kushner Companies, and Gary Barnett, President and Founder of Extell Development Company, announced that they have acquired Pier Village, the mixed-use destination on the waterfront in Long Branch, New Jersey.
The partners will revitalize the existing site and expand the community by completing the third phase of its planned development.
Pier Village currently consists of 492 rental units with more than 90,000 sq. ft. of retail centered around Festival Plaza, an ocean facing green space that regularly hosts community events such as outdoor fairs and concerts. …

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[1:03 pm, November 26, 2014 | No Comment | ]

Riverside Abstract, one of New York’s largest national title insurance agencies, hosted its annual holiday party on  November 20. The gathering took place at the Chelsea loft, ArtBeam at 540 West 21st Street. Over 1,200 distinguished guests, including commercial and residential real estate professionals, enjoyed a buffet dinner, music, a fully stocked bar, chocolography, and professional cigar rolling. The event was a great success and led to a myriad of opportunities for clients and friends to meet and greet, and create meaningful and lasting relationships amongst owners/developers, attorneys, brokers and …

Construction & Design, Retail »

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[12:42 pm, November 26, 2014 | No Comment | ]

Simone Development Companies marked the grand opening of the new Throggs Neck Shopping Center in the Ferry Point section of The Bronx with a ribbon-cutting ceremony attended by a host of elected officials and community leaders.
Anchored by a 165,000 s/f Target department store – the retailer’s third Bronx store – the Throggs Neck Shopping Center features over a dozen new stores and restaurants including TJ Maxx, Famous Footwear, Sleepy’s, Petco, Skechers, Metro Optics, BX Sports and Super Wines and Liquors, and coming soon, T-Mobile and Starbucks.
 
 
 
 
 
 
 
 
 
 
 
 
 
For food there is Applebee’s, Five Guys …

Construction & Design »

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[12:36 pm, November 26, 2014 | No Comment | ]

WSP, the international engineering design and environmental consultancy, has acquired ccrd , a national MEP engineering and commissioning firm.
David Cooper, president and chief executive officer of WSP’s USA region, said the acquisition expands the national presence of WSP, which has its U.S. headquarters in New York City, bringing its buildings staff to 1,050 employees across 16 offices in the U.S.
It also enhances the firm’s capabilities in healthcare and science/technology, two sectors in which Houston-based ccrd has long had deep expertise.
“We are very enthusiastic about the benefits this will provide …

Construction & Design »

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[12:33 pm, November 26, 2014 | No Comment | ]

The Concrete Industry Board of New York selected the Columbia University Medical Center, Medical and Graduate Education Building for the top honor of the year.
The Annual Award was presented at the 53th Annual Roger H. Corbetta Awards dinner held at the Marina del Rey in the Bronx.
The project team includes architecture firms, Gensler and Diller Scofidio + Renfro and structural engineer, Leslie E. Robertson Associates (LERA). Sciame Construction is the Construction Manager and General Contractor for the project.
The new Medical and Graduate Education Building will provide modern classroom …

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