07:18:44 | 2012-11-07
Good Morning New York! Here’s Some Real Estate News to Get You Started:
NYC Real Estate After Sandy: Would You Buy Downtown?
As I walked past the Apple store on Fifth Avenue Friday, I found myself blocked by a string of young 20-something male success stories. Rather than weave my way around the hedge fund manager set in their Hickey Freeman casual wear, I took the opportunity to listen to their banter. “I’m going to buy downtown, yeah soon, I’m going to buy…” His two friends jumped in — “Really?! After Sandy, who’d make that investment, yo?” And of course they were right…
What Landlords and Tenants Need To Know After Superstorm Sandy
It’s been one week since super-storm Sandy ripped through the five boroughs, and even though the flood waters have receded, Lower Manhattan-based real estate attorney Adam Leitman Bailey has seen a surge of phone calls from landlords, tenants—even regular everyday folks—about how their properties can recover from flood and electrical damage. GlobeSt.com talked with Bailey about what commercial landlords and their tenants can do on the legal front.
Donald Trump: Election Is ‘Total Sham And A Travesty,’ Suggests ‘Revolution’ Is Necessary
Donald Trump is not happy with President Barack Obama’s successful campaign for a second term. The real estate mogul and reality show host took to Twitter to express his displeasure, launching into a screed against the Electoral College and broader Democratic process.
As Crane Hung in the Sky, a Drama Unfolded to Prevent a Catastrophe Below
Michael Alacha, a New York City buildings engineer, was racing up the stairwell of a 74-story luxury skyscraper being built in the heart of Midtown Manhattan. Hurricane Sandy was battering the region, and Mr. Alacha was trying to avert a disaster.
As new storm threatens NY, many stick close to home to protect battered homes from thieves
Residents of New York and New Jersey who were flooded out by Superstorm Sandy waited with dread Wednesday and heard warnings to evacuate for the second time in two weeks as another, weaker storm spun toward them and threatened to inundate their homes again or simply leave them shivering in the dark for even longer.
Jay-Z shares generator power with New York neighbors
Hip-hop mogul Jay-Z proved to be the perfect neighbour during superstorm Sandy by purchasing a generator to provide electricity to his whole apartment building as power went out across downtown New York. The “Empire State of Mind” hitmaker and his wife Beyonce live in a $7 million penthouse in Manhattan’s Tribeca district, but they were left in the dark last week following an explosion at a local power plant.
Among Developers, City Midtown Zoning Push Draws Fans, Foes
Mayor Michael Bloomberg’s plan to spur development in the Grand Central area, Manhattan’s biggest office submarket with almost 44 million square feet of inventory, is winning mixed praise from real estate executives, who say New York may be at risk of losing its preeminence over such business hubs as London, Hong Kong, Tokyo and Shanghai.
Moinian Group to credit tenants displaced by Hurricane Sandy
The Moinian Group, one of New York City’s largest real estate owners and developers, announced it will provide rent credits to all office, retail and residential tenants who were displaced from Moinian-owned and managed properties by Hurricane Sandy listed below.
The announcement was made by Joseph Moinian, the company’s founder and CEO.
Hurricane Sandy Aftermath May Be Good for Homebuyers
Hurricane Sandy is barely a whisper over the North Atlantic right now, but the damage done by the storm will be felt for weeks, andmaybe even months, to come. According to the Oakland, Calif.-based economic forecasting firm Eqecat, Sandy will result in anywhere between $30 billion and $50 billion in financial damages, most of it in New York and New Jersey.
REBNY: Industry will restore what Mother Nature tore down
Hurricane Sandy was terribly devastating to our great city and the tri-state region. This destruction of homes and businesses and irreplaceable loss of life will be remembered for a long time. It has been reported that Hurricane Sandy will end up causing about $20 billion in property damages and $10 to $30 billion more in lost business.
New York funeral directors building $4.3M headquarters in Colonie
The New York State Funeral Directors Association headquarters will nearly double in size when it opens next spring at its new location in Colonie, New York. The association is spending $4.3 million for the two-story, 21,000-square-foot building on Sand Creek Road near the Watervliet-Shaker Road intersection.
IHG CEO discusses delay in sale of New York Barclay hotel
InterContinental Hotels Group’s plan to sell its landmark InterContinental New York Barclay hotel is taking longer than expected but the delay could ultimate benefit the hospitality giant, IHG’s top officials told London analysts this morning.
New York State Bar Association Sets Up Legal Hotline To Assist Storm Victims
New Yorkers with legal problems related to Superstorm Sandy can receive free advice from volunteer lawyers through a program sponsored by the New York State Bar Association, President Seymour W. James, Jr. announced today. “We know there will be a great need for legal assistance in the coming weeks,” said James (The Legal Aid Society in New York City). “We are grateful to attorneys who go above and beyond to serve their communities.”
Transit Update: Boo-ya, The B Is Back!
The MTA released its latest round of service updates—and the B is back between Bedford Park Blvd and Kings Highway! Also: The A is going to 207th Street, the C is going to 168th Street and the Q is going to Brighton Beach. Of course, 1 South Ferry Station is still closed (it’s not flooded, but it’s still a messl) and work is still continuing to restore the L and G.
Returning to Your Home After Hurricane Sandy
Hurricane Sandy resulted in many residents of New York, New Jersey, and Connecticut being evacuated from their homes during the worst parts of the storm. These residents, especially those who reside in coastal areas, are now returning to homes filled with sand, water, and debris. Many others opted to ride out the storm at home and have exhausted emergency supplies, and are only now able to assess the extent of the damages to their property.
Sandy Probably Impaired Isolated CMBS Deals, Credit Suisse Says
The impact of Hurricane Sandy on U.S. commercial-mortgage bonds will probably be confined to individual deals, while it’s still unclear which properties are affected, according to Credit Suisse Group AG. As much as $14 billion in debt on buildings in lower Manhattan, one of the areas hardest hit by the biggest Atlantic storm in history, is contained in commercial-mortgage backed securities, Credit Suisse analysts wrote in a report yesterday. The damages will “likely be far less,” the analysts said.
The Ultimate Post-Sandy Guide To Your Rights As A Renter Or Owner
Many NYC apartment buildings are still off limits to residents, with timetables for return ranging from a few days to a few months, as our friends at CurbedNY report in their “Up-to-the-Second Zone A Information Project.” And it’s anyone’s guess how many more apartments exist that, while not officially off-limits, have been rendered uninhabitable (or highly objectionable) by storm-related damage.
Sandy forces tenants into space race
On Tuesday night, New York City was in the midst of one of the worst natural disasters in recorded history. Transportation had stopped, residents were fleeing their homes throughout the metropolitan area, and most of Downtown was under water and in the dark. At 8:30 that evening, Laura Kozelouzek, chief executive for Quest Workspaces, received a text message from Jones Lang Lesalle’s Sean Black.
The Barclays Center’s Media Enabler
In a 1,600-word article on September 29 chronicling the high-profile opening of the Barclays Center arena in Brooklyn—nearly nine years after the controversial Atlantic Yards project was announced—the New York Times focused on the concert by hip-hop star Jay-Z. Though protests against the arena went on outside, the paper dismissed them as “modest in size and often includ[ing] farce as a means of expression.”
The Insurance Industry Is Finally Waking Up And Smelling The Climate Chaos Coffee
Several days before Sandy made landfall, my home-insurer sent me a love note: “Hurricane Sandy is on her way,” said the email, “and you may be impacted.” But not to worry: “We’ve got you covered.” Whew! Who are the less fortunate, I wondered, that are not getting such reassuring messages, and are not adequately covered for damage associated with extreme weather? More broadly, what is the increasingly risk-exposed insurance industry doing to prepare and plan for increasingly intense extreme weather fueled by climate change?
Wall Street rises further as voters elect a president
Stocks gained steam on Tuesday, with the Dow climbing 1 percent and the S&P 500 on track for a second straight advance, as voters chose the next president. Trading volume was expected to remain light as investors awaited results of a close race that will set the country’s course for the next four years on spending, taxes, healthcare and other policies.
Units Unlivable, Renters Review Options
New York is a city full of renters, so many people who have been displaced by Hurricane Sandy are grappling with leases, landlords and questions about whether they should pick up and move on — and whether they can even afford to.
‘Sex and the City’ meets grim financial reality of N.Y.
Jennifer Spiegel’s first novel gives us a 30-year-old heroine who lives in Manhattan, writes a column for an alternative weekly and dates a hot finance guy with an apartment on Central Park West. But if you think we’re dealing with the second coming of Carrie Bradshaw, oh baby, think again. “Love Slave” is “Sex and the City” with a big ol’ nasty heaping of reality thrown in.
NYC Marathon: Charity runners make unofficial marathon a celebration of spirit with volunteerism
Some called it the unofficial New York City marathon, some called it the Run Anyway marathon. But no matter what they called it, thousands of runners spontaneously took to Central Park on what would have been Marathon Sunday, November 4 in New York City.
Generosity rules as neighbors assist neighbors in Sandy’s wake
Jenny Douglas had a few drops of gas left in the tank of her old Volvo station wagon, and she wanted to make them all count. Lying in bed Saturday morning in her Prospect Heights apartment, the Brooklyn-based freelance writer was, “just thinking about how hard the week had been for everyone and about the disparity between neighborhoods that were hit and the ones that weren’t, and thinking about what I could do.”
Some Hard-Hit New York Areas Disappear From Outage Map
The Long Island Power Authority has removed some areas of Long Island and the Rockaway Peninsula in Queens from its map of power outages caused by superstorm Sandy, saying homes there are too damaged to receive electric service, CBS Station WCBS reports. The Rockaways sustained severe damage and flooding from the storm. One neighborhood, Breezy Point, was also struck by a fire that destroyed 111 homes.
Sandy Offers Lessons to Restaurateurs
IN the days since Hurricane Sandy shut off the lights and flooded restaurants across New York City, the reaction has been rapid and often heroic: kitchens drained, supply lines improvised, staffs reassembled, doors reopened and beleaguered diners fed.
Down and Out at Rockaway Beach
Life lurched back into motion as power was restored to all but 5,800 Manhattan residences and businesses over the weekend. But prospects for a return to normalcy after Hurricane Sandy remained dim for many in the Rockaways, a peninsula community in the southernmost area of New York City that is part of Queens but that juts into the Atlantic facing the open sea. The peninsula took one of the worst poundings from the storm.
Cleanup After Sandy Poses Towering Task
Municipalities across Greater New York are straining under the task of carting away a mountain of debris left by Sandy, an effort that could last months and that has disrupted garbage pickup for homes not otherwise affected by the storm.
Empire State Building tenant roster cut to third of size
The Empire State Building is becoming a more exclusive address. The tenant roster in the iconic 81-year-old skyscraper has been cut to 171 companies from more than 600 in 2006, before Malkin Holdings took over supervision of the property. The average rent has increased to $42.10 a square foot from about $26. The building, which is among the few notable commercial assets in Murray Hill, is approximately 20 percent vacant, partly because Malkin is keeping space off the market as it looks to assemble offices suited to larger users.
Billionaire Ty Warner May Sell Four Seasons Flagship Hotel in New York for $900 Million
The unidentified potential buyer is probably affiliated with the Brunei government on the island of Borneo, according to the source, as reported by Bloomberg. If the deal goes through, The WSJ said it will rank, “as one of the priciest hotel sales ever in Manhattan,” amounting to $2.4 million per room for the iconic 386-room property. Rooms at the hotel start at over $900 a night and the Ty Warner Penthouse goes for $35,000 a night.
Juice bar moves into lo-cal dessert shop space in West Village
Elixir Juice Bar, a retailer known for its popular juice cleanses, has just signed on for its first street-front store. The company inked a 10-year lease for 375 square feet at 434 Sixth Ave., between West Ninth and West 10th streets. Asking rent was $336 a square foot.
Gair Appointed Director for Sandy Housing Recovery
Brad Gair, a key federal executive directly involved in helping New York City recover after 9/11, has been appointed byMayor Michael Bloomberg as director of housing recovery operations to respond to the needs of New Yorkers after super-storm Sandy walloped the five boroughs, especially the Rockaways, Staten Island and south Brooklyn.
Downtown Brooklyn building site fetches $40M
A partnership of the Carlyle Group and Flank Development is buying a downtown Brooklyn development site for around $40 million, according to a source with knowledge of the deal. The property is zoned for a building of slightly over 310,000 square feet of space on the site, a roughly 30,000 square foot vacant parcel at 71 Smith St., a block away from Atlantic Avenue.
Big law firm squeezes into midtown quarters
Displaced from its storm-surge damaged headquarters at 180 Maiden Lane, Stroock & Stroock & Lavan is shifting operations to midtown for a while. The big law firm is taking about 60,000 square feet at 601 Lexington Ave., two full floors in the 59-story building near East 54th Street.
For more information about reprints & permissions, visit our FAQ's. To report corrections and clarifications, contact Standards Editor Lisa Prado. For publication consideration in the newspaper, send comments to hello@brokerPulse.com. Include name, phone number, city and state for verification.