Related to switch on first digital district
[4:18 pm, April 15, 2014 | No Comment | ]

Brains aren’t just for people anymore. We have smart phones, smart cars – and increasingly smart buildings.
While computerized security and HVAC systems have become commonplace in new buildings, Related Companies and Oxford Properties have more ambitious goals for the new development at Hudson Yards.
“Hudson Yards will be the most connected, measured and technologically advanced digital district in the nation,” Jay Cross, president of Related Hudson Yards, said in a press release.

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Deals & Dealmakers »

[7:37 am, April 16, 2014 | No Comment | ]
Visionary sees retail, hospitality demand

Jonathan D. Gray, global head of real Estate at Blackstone, believes the REIT sector is back in business.
Kicking off the full-day agenda with a keynote address at the NYU Schack Institute of Real Estate’s 19th Annual REIT Symposium, “One Trillion and Counting,” Gray explained that the industry, and the REIT sector in particular, is past deep distress, while the U.S. commercial real estate industry is somewhere in the middle of a recovery.
He also noted that investors are seeing underlying demand for strip retail, including grocery-anchored space, and select service hotels.

REBNY Watch »

[7:00 am, April 16, 2014 | No Comment | ]

By Steve Spinola
The New York City’s residential sales market fared well city-wide during the first quarter of 2014. According to REBNY’s first quarter sales report, the only one of its kind that covers all five boroughs, average sales prices in Brooklyn and Manhattan have reached an all-time high, with residential sales in Queens and Staten Island significantly outpacing the volume seen in the first quarter of 2013.
REBNY’s Residential Sales Report is the most comprehensive quarterly review of recorded transactions available and includes data citywide, with information on each borough and …

Deals & Dealmakers »

[6:27 pm, April 11, 2014 | No Comment | ]

The Realty Advisory Board on Labor Relations (RAB) today announced that it has reached a tentative labor agreement with SEIU Local 32BJ, the union representing residential building service workers in Manhattan, Queens, Brooklyn and Staten Island.  The contract was reached an unprecedented nine days before it was set to expire on April 20. The deal covers more than 30,000 residential building service employees, including doormen, porters, handymen and building superintendents, who work in more than 3,000 residential rentals, co-ops and condos.
 “We are pleased to have reached a tentative agreement well before the contract deadline,” …

Deals & Dealmakers, Photo Gallery »

[6:24 pm, April 11, 2014 | No Comment | ]
PHOTO GALLERY: Massey Knakal Commercial Real Estate Summit

More than 500 commercial owners, investors, developers and other real estate professionalscame together on April 1st for a full-day event focused on New York’s trends in operations, mid-sized property transactions, and financing for retail and office properties at the Massey Knakal Commercial Real Estate Investment Summit. The fourth annual event featured over 50 speakers, several panels, workshops and networking opportunities.
The morning keynote interview included Larry A. Silverstein, Chairman of Silverstein Properties, Inc., a Manhattan-based real estate development and investment firm that has developed, owned and managed 35 million square feet of office, residential, hotel and …

Construction & Design »

[5:23 pm, April 11, 2014 | No Comment | ]
Labor groups defend scaffold law

New York’s construction unions are hitting back against a recent push to modify the laws governing who’s responsible for working safety on construction sites.

Construction & Design, Opinion »

[4:19 pm, April 11, 2014 | No Comment | ]

By Robert Smilowitz, PhD, P.E., principal, Weidlinger Associates, Inc.
As the tallest building in the Western Hemisphere, One World Trade Center is both a landmark and a challenge to risk-takers.
It was to be expected that someone would eventually evade security guards and climb to the top of the tower. Last month’s apparent infiltration of 1 WTC security by a teenager has reignited a concern for security in tall buildings.
The precedent was set when Philippe Petit strung a tightrope between the Twin Towers in 1974 and successfully performed his high-wire act. In …

Construction & Design »

[4:17 pm, April 11, 2014 | No Comment | ]

Forest City Ratner Companies and Shanghai-based Greenland Group Co. announced that they will install a green roof on Barclays Center in Brooklyn
In December, FCRC and Greenland completed a definitive agreement for a joint venture to develop Atlantic Yards, a 22-acre residential and commercial real estate project in Brooklyn.
The joint venture, which is expected to close in 2014, would cover both phase one and phase two of the project – excluding Barclays Center and the first housing tower, B2 — including infrastructure, a permanent MTA rail yard, a platform above the …

Deals & Dealmakers »

[2:22 pm, April 11, 2014 | No Comment | ]

Cushman & Wakefield announced Vice Chairman Dan Harvey and his team in the firm’s San Francisco office represented, the world’s top CRM platform, in a record-breaking office lease of approximately 714,000s/f at 415 Mission Street.
The transaction, which is the largest office lease in San Francisco history, includes renaming the 1,070-foot tall Cesar Pelli-designed structure Salesforce Tower.
Harvey and his team members, including Tori Hockersmith, Michael Griffiths, John Coons and  Anna Jensen, negotiated the history-making lease in which will occupy floors 1, 3-30 and 61 of the 61-floor tower, currently under construction by …

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