NYC real estate is becoming a “meritocracy”: Michael Stern

New York’s real estate industry still has an aristocracy of born-rich developers, but its dominance over the business is receding – and to Michael Stern, that’s a good thing. “You’re seeing a shift towards a meritocracy,” Stern said Thursday at a panel hosted by the Downtown Brooklyn Partnership. One reason: the internet has made information more widely available, putting outsiders ...

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Related and Vornado Named Co-Developers of New Moynihan Station

Despite a multibillion-dollar bid-rigging scheme implicating some of his closest associates, Gov. Andrew Cuomo tried to shift the focus to an ambitious infrastructure program—a $1.6 billion plan to transform the historic James A. Farley Post Office into a world-class transportation hub that would entail revamping Pennsylvania Station, which he called the “train version” of LaGuardia Airport. Cuomo announced the selection ...

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SL Green Closes on $1.5B Construction Loan for One Vanderbilt

It’s getting vander-built! SL Green Realty Corp. has closed on its $1.5 billion construction financing for One Vanderbilt across from Grand Central Station in Midtown East. A group of five lenders, including Wells Fargo, Bank of New York Mellon, J.P. Morgan Chase, TD Bank and Bank of China, are taking down the loan, as Commercial Observer first reported in June. ...

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Investment Sales Market Update (Things Aren’t Great)

As summer is over and the third quarter of 2016 draws to a close, I thought I would take the opportunity to present an update on the state of the investment sales market as well as present an overview of some key issues we will be watching for the balance of this year and well into 2017. Conditions in the ...

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Making the Most of a Meeting

Recently, our client VaynerMedia moved into a new office space at 10 Hudson Yards in Manhattan. Naturally, the workplace was outfitted with offices and personal work areas, but it also featured meeting rooms—lots of meeting rooms for different kinds of conferencing, from two-person get-togethers for discussions among a handful of people to large, town hall-style meetings for company-wide agendas. Providing ...

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City mulling big changes to HDFC rules

The city is considering implementing major rule changes governing Housing Development Fund Corporation co-ops before tax breaks sunset in 2029, and residents are nervous. There are more than 30,000 HDFC units in some 1,200 buildings across the city in neighborhoods like Harlem and the Lower East Side, where tenants for as little as $250 took over properties that were being ...

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Stat of the Week: $62.62 Per Square Foot

Today, the line between rooting for your favorite National Football League team and fantasy team can get confusing even to the most avid fan. In Week 1 of the NFL season, I was rooting for my New York Jets to defeat the Cincinnati Bengals, while also silently cheering for my top fantasy pick, Cincinnati’s A.J. Green, to score fantasy points. Similarly, ...

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Sam Zell panel devolves into bizarre discussion about sex with Chinese men

UPDATED, 12:12 p.m., Sept. 28: It’s the day after Sam Zell’s 75th birthday, and he’s having a rough one. The real estate mogul was the keynote speaker at a real estate conference Wednesday, where his skepticism on the state of the commercial real estate market was overshadowed by protesters, racist comments and a disgruntled audience member. Zell was being interviewed ...

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Insurance providers are increasingly backing NYC renters who don’t meet landlord requirements

In New York City’s sky-high rental market — with median rents nearing $3,400 in Manhattan and $2,900 in Brooklyn — convincing a landlord to lease out an apartment isn’t always easy. Most landlords only accept tenants with an annual income of at least 40 times the monthly rent and who have credit scores greater than 700. Now renters who can’t meet those ...

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Comeback kids: Related, Vornado win bid for Moynihan Station

After being kicked off the Moynihan Station project earlier this year, the Related Companies and Vornado Realty Trust are back. Gov. Andrew Cuomo announced Tuesday that Related, Vornado and Skanska won the bid for the redevelopment of the James A. Farley Post Office, which will be known as Moynihan Station and feature 700,000 square feet of office and retail space ...

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