CRAINSNEW YORK BUSINESS
Grumbling over the Grammys P. 7 | THE LIST Top property sales P. 14 | A new twist on rebar P. 20
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URBAN SUBURBIA A record number of suburbanites are relocating here—and bringing their lifestyle with them. Professionals such as architect Eran Chen, who designs sprawling apartments, are helping them feel right at home PAGE 16
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FROM THE NEWSROOM | BRENDAN O’CONNOR | MANAGING EDITOR IN THIS ISSUE
Nowhere fast 4 AGENDA 5 IN CASE YOU MISSED IT “NO F TRAINS at this station” has become an all-too- A nursing 6 ASKED & ANSWERED home chain familiar refrain for weekend straphangers traveling to and looks to 7 ENTERTAINMENT from Brooklyn and Queens. While that messaging is per- bounce back 8 INSTANT EXPERT after a state fectly direct, the proposed “travel alternatives” are decidedly investigation less so (see Mass Confusion, page 63). 9 HEALTH CARE Take, for example, the trip my son, Aidan, and I endured 10 VIEWPOINTS a couple of Saturdays ago. We were trying to get from our 12 REAL ESTATE home in Windsor Terrace, Brooklyn, to the small business I 14 THE LIST co-own on the Upper East Side. We began at the 15th Street/ Prospect Park station, and per the instructions provided FEATURES by the Metropolitan Transportation Authority, boarded a If we don’t have a 16 THE CITY’S SUBURBAN VIBE Manhattan-bound D train that was running in place of 20 A NEW TWIST ON REBAR the aforementioned F. A er passing Jay Street, the D/F functioning subway, switched to the A line, prompting us to change trains at we don’t have a Fulton Street for the 4 or 5 to stay on the East Side. A er functioning city P. 60 waiting roughly 15 minutes on the packed platform, we Melissa Anelli climbed aboard and were promptly informed of “exten- sive delays on all uptown 4, 5 and 6 trains.” Not to be deterred, two stops later we decided to catch the Q at Canal Street, which, thanks to the glittering new Second Avenue subway—at $2.7 billion per mile, the most expensive in the world—would in theory get us as close as possible to our East 75th Street destination. Seven and a half stops later (did I mention it went local?), we ran into a track re. A er sitting in the tunnel for about 45 minutes, 60 GOTHAM GIGS we were rerouted back downtown to 42nd Street/Times Square. ere we caught 61 SNAPS the shuttle to Grand Central and then, at long last, the 6 to 77th Street. All told, the 62 FOR THE RECORD roughly 10-mile trip took 2 hours and 45 minutes—longer than 239 runners need- 63 PHOTO FINISH ed to nish the 2017 New York City Marathon. Lucky for me, I’m the boss, so I didn’t have to worry about getting red for being late. But most New Yorkers aren’t so lucky, and while my travails certainly don’t represent the day-to-day norm, such complications are infuriatingly common. Without a functioning subway, we don’t have a functioning city. e decades of neglect and mismanagement that have led to this state of disrepair certainly cannot be blamed solely on current leadership. But it is nonetheless the responsibility of state and city o cials to x it. No two public gures bear more responsibility for doing that than Mayor Bill de Blasio and Gov. Andrew Cuomo, and no single task requires more cooperation between them. ON THE COVER Seeing that they have a hard time getting along, maybe they should negotiate PHOTO: BUCK ENNIS while riding the subway from the mayor’s neighborhood, Park Slope, to Cuomo’s East Side o ce—on a weekend. at should give them plenty of time to work things out. DIGITAL DISPATCHES Go to CrainsNewYork.com CONFERENCE CALLOUT FEB. 27 READ The de Blasio CRAIN’S admistration rejected the BREAKFAST FORUM $9.6 million incentive package earmarked for > Executive Director Rick Cotton Aetna in its move to the will discuss the Port Authority’s Meatpacking District. Fol- three major airports, plans for lowing the CVS acquisition a new bus terminal and other of the health care giant, infrastructure priorities. Aetna will maintain its Connecticut headquarters. NEW YORK ATHLETIC CLUB ■ Brooklyn Assemblywoman Pamela Harris was charged with embezzling city funds desig- 8 a.m. to 9:30 a.m. nated for her community group. [email protected]. ■ A $1.2 million subsidy from the mayor will create just two jobs, according to a report. Vol. XXXIV, No. 3, Jan. 15, 2018—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for double issues the weeks of Jan. 1, June 25, July 9, July 23, Aug. 6, Aug. 20 and Dec. 24, by Crain Communications Inc., 685 Third Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing of ces. Postmaster: Send address changes to Crain’s New York Business, Circulation Department, PO Box 433279, Palm Coast, FL 32143-9681. For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. (GST No. 13676-0444-RT) ©Entire contents copyright 2018 by Crain Communications Inc. All rights reserved. BUCK ENNIS
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 3
P003_CN_20180115.indd 3 1/12/18 8:50 PM JANUARY 15, 2018
AGENDAA failing grade for the city’s new energy-efficiency scoring system
hen Mayor Bill de Blasio was called out for taking SUVs on 11-mile jaunts to Brooklyn for his morning work- outs, he derided the criticism as “cheap symbolism.” He could not have been more wrong, as he lost the con - denceW of environmentally conscious New Yorkers and gave license to his 8.5 million constituents to be sel sh rather than preserve the planet for fu- ture generations. But if he’s bothered by cheap symbolism, he should look no further than legislation he signed this month forcing large buildings to post letter grades re ecting their energy use. e concept is good: Use the threat of public shaming to inspire de- SCARLET LETTER: The city will force 1 Bryant Park, one of the most environmentally friendly buildings, to display a C grade. velopers and landlords to make their buildings energy-e cient. (If the mayor had to wear a scarlet letter 24/7 for overusing SUVs, he would start taking the subway.) But the law, which requires most buildings measuring 100—get a B, so the vast majority will have no hope of improving the let- 25,000 square feet or more to display letter grades starting in 2020, misses ter grade they must display to the public. the mark. Some of the most environmentally friendly buildings in the city Even worse, the grades don’t take into account many factors that make will get a B, which—given that 93% of restaurants earn an A for food safe- a building sustainable. Reducing fossil-fuel use by installing solar panels, ty—New Yorkers consider a failing grade. One World Trade Center, which for example, has little or no e ect on the score. One Bryant Park uses an earned LEED Gold status from the U.S. Green Buildings Council for its on-site, clean-burning cogeneration plant; shi s power use to o -peak environmental performance and sustainable hours with a thermal ice-storage system; design, will get a lowly B. One Bryant Park, The legislation does not take into captures rainwater to ush toilets; o ers the Durst Organization’s LEED Platinum account many factors that make a convenience to mass transit; and features tower, will be sullied with a C. For a restau- building sustainable a plethora of other earth-friendly bells and rant to score that poorly, it basically has to whistles that don’t bene t its score one bit. have rats scurrying about in plain view. But they do attract tenants, who have lled e de Blasio administration, which worked with the City Council to the building to the brim—thus lowering its grade. cra the law, acknowledges that it is not a comprehensive measure but De Blasio and the City Council need to come up with a metric that says it is one of many tools the city is using to prod building owners to fairly re ects a building’s energy e ciency. Slapping a C next to a LEED conserve energy. In most cases, however, it won’t work. Buildings that Platinum rating will discredit both metrics, confuse the public and ac- receive an Energy Star score of 50 to 90—a huge range on a scale of 1 to complish nothing. — THE EDITORS
FINE PRINT The de Blasio administration’s budget still includes $1.2 billion in revenue for the future sale of 1,650 new taxi medallions, an average price of $728,000. But medallions have not been worth that much since mid-2014, when Uber started making a dent in taxis’ market share. At a private auction last week, six medallions sold for $185,000 apiece. The state comptroller called the city’s budget line a “risk.” Ya think?
BY GERALD SCHIFMAN STATS
25 WORDS OR LESS DEARTH OF WARMTH BETWEEN FRIGID TEMPERATURES and more city outreach, AND THE CITY heat complaints have skyrocketed—especially in less-well-off It’s just math. You pockets of the city. “ Average temperature* Unique heat complaints* can make the Number of heat complaints from differ- ent addresses from Dec. 31 to Jan. 6, 36˚ 18,567 money come right 17,692 37% more than during the next-highest 33˚ 33˚ out of the air with week in the past three years Difference in the number of complaints, a pencil.” on average, from neighborhoods with a 9,695 17˚ —Two Trees Management CEO Jed +49% median one-bedroom rent under $2,000 7,833 versus those above that threshold 5,828 Walentas, telling The New York Times that developers like him would readily fund subway-line extensions in Bronx neighborhoods among the city’s 10 with the biggest increases in complaints exchange for the right to build 5 2015 2016 2017 2018 projects above them *In the rst week of January
COURTESY OF THE DURST ORGANIZATION ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY. SOURCES: RentHop, Weather Underground
4 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P004_CN_20180115.indd 4 1/12/18 8:33 PM IN CASE YOU MISSED IT CRAINSNEW YORK BUSINESS president K.C. Crain senior executive vice president Chris Crain group publisher Mary Kramer
EDITORIAL managing editor Brendan O’Connor Stormy weather made one assistant managing editors Erik Engquist, Jeanhee Kim, Robin D. Schatz thing clear: JFK needs help copy desk chief Telisha Bryan art director Carolyn McClain photographer Buck Ennis HE “BOMB CYCLONE” AND a burst water pipe were senior reporters Joe Anuta, Aaron Elstein, Matthew Flamm, Daniel Geiger the obvious culprits behind John F. Kennedy Inter- reporters Will Bredderman, national Airport’s epically bad rst weekend of the Jonathan LaMantia, Caroline Lewis T year. But while former transportation chief Ray LeHood CHECKED data reporter Gerald Schifman OUT: Travelers web producer Chris Kobiella may turn up other causes once he starts his investigation endured columnist Greg David into the delays, the biggest problems at JFK have been well catastrophic contributors Tom Acitelli, Theresa Agovino, delays to kick known for a long time. off the new Yoona Ha, Miriam Kreinin Souccar, year. Cara S. Trager “ is was an extreme situation, but on a daily basis our to contact the newsroom: airports operate close to the edge of what they can actually www.crainsnewyork.com/staff handle,” said Richard Barone, vice president of transporta- 212.210.0100 685 Third Ave., New York, NY 10017-4024 tion at the Regional Plan Association. “ e more redundan-
ADVERTISING cy and capacity that go into the system, the faster it could www.crainsnewyork.com/advertise recover.” advertising director Irene Bar-Am, 212.210.0133, [email protected] e RPA will soon issue a study that takes a closer look senior account managers at what ails the airports. Recommendations will include turning the Port Authority of New York and New Jersey, Lauren Black, Zita Doktor, Rob Pierce, which oversees the facilities, into a de facto infrastructure bank and letting JFK’s new operators focus on xes that Stuart Smilowitz senior marketing coordinator would include two new runways at the airport. Charles Fontanilla, 212.210.0145 “JFK has this chronic issue of not having enough capacity,” said Craig Jenks, president of consulting rm [email protected] sales coordinator Devin Arroyo, Airline/Aircra Projects. “Just one more runway could add more than 30 aircra movements per hour. ” 212.210.0701, [email protected] Stepping up the rollout of the Next Generation Air Transportation System, known as NextGen, will also be crit- CUSTOM CONTENT ical. “ e tra c in JFK clashes somewhat with tra c in LaGuardia,” Jenks said. “With NextGen, you can do much director of custom content more precise air-tra c control. at’s another piece of the puzzle.” Patty Oppenheimer, 212.210.0711, [email protected] Any solutions would, of course, have to address the noise that comes with more tra c, plus the environmental custom project manager Danielle Brody, issues involved in building alongside Jamaica Bay. “It will take years to get the pieces in order,” Barone said. “But [email protected] JFK has the most space for expansion.” – MATTHEW FLAMM EVENTS www.crainsnewyork.com/events director of conferences & events Courtney Williams, 212.210.0257, Struck down DATA POINT All hail A judge ruled against Charter Commu- Uber reached a $3 million settlement [email protected] THE CITY LAST YEAR EXPERIENCED manager of conferences & events nications’ attempt to bar 1,800 striking with 2,421 New York drivers suing the Adrienne Yee, [email protected] technicians of the International Broth- THE FEWEST PEDESTRIAN TRAFFIC ride-hail rm for breach of contract, events coordinator Ashlee Schuppius, erhood of Electrical Workers Local 3 FATALITIES, 101, SINCE 1910, speci cally for docking fares with exces- [email protected] from coming within 25 feet of its facil- sive fees. A er lawyers’ cut, drivers will AUDIENCE DEVELOPMENT ities. e judge wrote that past acts of WHEN IT BEGAN KEEPING TRACK. get about $830 apiece. group director, audience development sabotage and physical contact were not THE MAYOR CREDITED HIS VISION Jennifer Mosley, [email protected] “violent or dangerous.” Disincentivized? ZERO INITIATIVE FOR THE DROP. REPRINTS e city canceled the $9.6 million in- reprint account executive Lauren Melesio, Turning green centive package it was to give Aetna 212.210.0707 e MTA began a three-year test of 10 for moving its headquarters from Con- PRODUCTION all-electric buses. e vehicles serve New burger in town necticut to the Meatpacking District. production and pre-press director the B32 route between Brooklyn and Fast-food chain Carl’s Jr. opened its rst ough Aetna has signed a lease, the Simone Pryce Queens and Manhattan’s M42 and M50. city restaurant, on Coney Island. e relocation stalled in the wake of the in- media services manager Nicole Spell 77-year-old, Los Angeles–based burger surer’s acquisition by CVS. SUBSCRIPTION CUSTOMER SERVICE Digitally altered franchise will debut a second store, near — CHRIS KOBIELLA www.crainsnewyork.com/subscribe Condé Nast tapped a digital whiz to Penn Station, by the end of the month. [email protected] helm Glamour magazine. Samantha 877.824.9379 (in the U.S. and Canada). Barry, who has no print experience, Big-house lawyers $3.00 a copy for the print edition; or $99.95 one year, $179.95 two years, for print was executive producer for social and Billionaire Ira Rennert, who runs e subscriptions with digital access. emerging media at CNN Worldwide. Renco Group, is suing his lawyers alleg- She replaces Cindi Leive. ing malpractice. He had been ordered Entire contents ©copyright 2018 Crain Communications Inc. All rights to pay $213 million a er having been reserved. ©CityBusiness is a registered Social contract found guilty of looting a company to trademark of MCP Inc., used under license Sony/ATV Music Publishing signed a pay for his residence in the Hamptons, agreement. multiyear deal with Facebook that al- the largest house in the nation. CRAIN COMMUNICATIONS INC lows people to post music videos for chairman Keith E. Crain the publisher’s licensed songs. Users of Hold re vice chairman Mary Kay Crain the social network will have more than Fire and Fury: e Allied Bombing president K.C. Crain 3 million songs to choose from. of Germany, 1942-1945 shot to No. 3 senior executive vice president Chris Crain on Amazon’s best-seller list thanks to secretary Lexie Crain Armstrong Bookseller confused customers who were trying Remembering Strand Book’s Bass editor-in-chief emeritus Rance Crain Hearst, which recently bought Rodale to order Michael Wol ’s Fire and Fury: Strand Book Store owner Fred chief nancial of cer Robert Recchia for around $225 million, is selling the Inside the Trump White House. Ran- Bass died Jan. 3 at 89. He began founder G.D. Crain Jr. [1885-1973] Rodale book division to Penguin Ran- dall Hansen, author of the World War working at the venerable East chairman Mrs. G.D. Crain Jr. [1911-1996] dom House. Hearst will keep the mag- II tome, said he hasn’t had this much Village shop, founded by his father azines it acquired, which include Men’s interest in his book since it came out in 1927, at age 13.
Health and Runner’s World. in 2008. AP IMAGES
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 5
P005_CN_20180115.indd 5 1/12/18 8:52 PM ASKED & ANSWERED REAL ESTATE INTERVIEW BY JOE ANUTA
HOPE KNIGHT GREATER JAMAICA DEVELOPMENT CORP.
ope Knight took the helm of the development cor- poration for Jamaica, Queens, in 2015—the same year New York City invested $150 million to help As the neighborhood revitalize the transit-rich neighborhood. Knight revitalizes, there will Haims to create jobs, retail and housing through several large real “ be more pressure estate projects in the central business district and more manu- facturing activity in an industrial zone roughly 3 miles from John on housing costs F. Kennedy International Airport. that you solve by generating more supply Can you lay out downtown Jamaica for us right now? To the west you have this tremendous multimodal transit hub, with the subway, Long Island Rail Road and the AirTrain connection to JFK airport. To the south you’ve got CUNY’s York College and the U.S. Food and Drug Administration’s northeast testing facility. Then you have an emerging hospitality sector around the LIRR and AirTrain stations, with residential projects in development.
What does the ideal Jamaica of the future look like? It will be a walkable and very diverse community where people and families would have the opportunity to live, work and play.
Why does the neighborhood need your organization to make that happen? Private capital does not necessarily take chances on untested markets. Economic development corporations help move the mar- ket in a certain direction and deploy a proof of concept.
So what is your proof of concept? There is tremendous development happening by the train station, at the western border, but it is also important to anchor downtown with something signi cant at the east. That is why we put out an RFP to develop a big residential project there with a substantial DOSSIER retail component. We believe that, along with a residential project the de Blasio administration has announced, will enable the pri- WHO SHE IS President, Greater Jamaica vate sector to look at downtown from Sutphin Boulevard to 168th Development Corp. Street as a cohesive district. Then we can ll in the development in between. REVENUE $10.6 million EMPLOYEES 52 Does that mean nudging the private sector to do the lling? SALARY $285,752 That’s right. We’ve commissioned some research, and we know AGE 53 there is signi cant retail leakage, and most of that is over the bor- BORN East Harlem der to Nassau County. We want to keep that activity in the district. RESIDES Carnegie Hill, There are two residential projects coming up that will be 300 units and Upper East Side 660 units, respectively. How are you able to get to this scale? EDUCATION Bachelor’s in business We bought the real estate through a combination of grants from management, Marymount Manhattan government along with private debt. People were not as bullish on College; M.B.A., University of Chicago Jamaica, so the organization was able to acquire these parcels GIVING BACK Knight serves on the City at more favorable pricing and can now sell them to developers Planning Commission and the board of the to create projects that would be responsive to the community’s East Harlem Tutorial Program. She recently needs. Greater Jamaica Development has been in existence for nished a stint on the board of Marymount Manhattan College. half a century. The one thing you’ll learn in the world of economic development: This work takes years, decades even. ON MOTIVATION “I spend my free time volunteering. It’s all connected to making the What is the downside to new investment? city a better place for historically underserved people, because the city has been very Clearly as the neighborhood revitalizes, there will be more pres- good to me.” sure on housing costs. But you solve housing’s demand problem BUCK ENNIS by generating more supply. To the extent we are able to create more affordable housing, that will alleviate some of that pressure.
Where should we be looking next for development in Jamaica? The owner of the 15-acre former Elmhurst Dairy milk-processing plant is looking to do something signi cant on that site. ■
6 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P006_CN_20180115.indd 6 1/12/18 10:48 AM ENTERTAINMENT
Tensions rise as city gears up to host Grammy Awards Cost overruns and accusations of promises not kept mar rst local ceremony since 2003 BY MIRIAM KREININ SOUCCAR
osting the Grammy Awards for the rst “Why are the unions going to help when they’ve time in 15 years is seen as a coup for the gone to the press saying they are going back to the Sta- city, with a projected economic impact of ples Center?” asked one union head. around $200 million. But as preparations Another source criticized the academy for having Hramp up for the Jan. 28 ceremony and the preceding its hand out for contributions and union concessions week of parties and events, tensions have risen between despite announcing the recent purchase of a $13.5 mil- local organizers and the Los Angeles–based Recording lion Murray Hill townhouse to serve as its New York LATEST ACT: A newly scheduled Bono concert may be Academy over overruns and concessions. City headquarters. contributing to higher Grammy production costs. Holding the event in New York will cost an estimat- Finally, the academy’s late-breaking decision to ed $6 million to $8 million more than it would have in make scheduling changes and add a number of pricey California, the academy said, declining to specify the events—including a performance by Bono oating on for MusiCares, the Grammy foundation, will be staged overall budget for the event. Local union wages and a barge in the Hudson River during the telecast—have at Radio City Music Hall, a venue that allows the char- prices on everything from catered dinners to equip- raised the costs beyond earlier estimates, which insid- ity to sell more tickets than the typical 3,000 seats ment rentals are higher, plus there are the added costs ers say also runs afoul of the original agreement. available at the Los Angeles Convention Center. Other of ying out some 100 West Coast–based academy em- ere seems to be “a gap between the expectations special events are a salute to classical music at Carnegie ployees and putting them up in hotels. of the Recording Academy and reality,” said Kathryn Hall and a party honoring Alicia Keys and Swizz Beatz Julie Menin, commissioner of the Mayor’s O ce Wylde, president of the Partnership for New York at the Rainbow Room. of Media and Entertainment, formed a host commit- City and a member of the host committee, who also Menin said her team worked hard to bring the tee in 2016 to raise sponsorship dollars and negotiate expressed surprise upon learning of Portnow’s com- Grammys back and generate revenue for the city. e discounts on labor rates in the hopes of enticing the plaint. “ e academy may have been engaged in wish- event is expected to bring at least $82 million in direct Grammys to town. e agreement by the owners of ful thinking.” spending and about $106 million in indirect revenue, Madison Square Garden—where the ceremony will Despite the friction, all parties expect heightened numbers that were based on an analysis of the 2014 be held—to close the arena for 10 days leading up to interest in the Grammys thanks to the venue change Grammys in Los Angeles. the live telecast was key to the city’s successful bid. and the chance to redesign signature events to com- “We anticipate that the economic impact will be Committee members, including Accenture, CBS and memorate the ceremony’s 60th anniversary. higher than what it was in L.A.,” Menin said. “We have Pepsi, wrote checks to ease the cost burdens. When the Kicking o Jan. 22, the lead-up includes the Re- so many dierent events planned. ey haven’t been city and the academy announced the decision in May, cording Academy’s ribbon-cutting for its new o ces. here for 15 years, so there is a tremendous amount of
Menin had secured nearly $3 million in contributions A Fleetwood Mac tribute concert that will raise funds excitement.” ■ GETTY IMAGES and concessions, including $250,000 that the stage- hands’ Local 1 union shaved o its fee. But Neil Portnow, president and chief executive of the Recording Academy, now says the city ultimate- ly fell short of its promises to make up for the extra expense of having the show here. “It’s not over till it’s Fisher Phillips over,” he said. “But there were certain levels of support that were indicated, and those goals have not yet been Is Honored To Elect achieved. We’ll have to swallow the costs.” Melissa J. Osipoff Among the sticking points, Portnow said, was the fact that the stagehands were the only union to agree as a Partner in our New York office to concessions. “Local 1 granted some relief for the Grammys to come to MSG,” said union President James Claey, “and I’m going to honor our agreement.” Melissa represents employers in all aspects of Representatives for sound technicians’ Local 695 and employment-related litigation before federal makeup artists’ and hairstylists’ Local 706 did not re- and state courts and administrative agencies. spond to inquiries. Her practice focuses on representing employers A reported sponsorship by Adidas also never ma- terialized; the mayor’s o ce con rmed that Adidas is in single and multi-plaintiff cases under the not a sponsor but did make a contribution as a host anti-discrimination laws, as well as defending committee member. employers in wage and hour litigation arising e city has denied Portnow’s claim that it fell under the Fair Labor Standards Act and various short, saying it oered Grammy organizers substantial state laws. Melissa also represents employers on nancial incentives. “ e city met its commitment and successfully raised close to $5 million in contributions, matters involving wrongful termination, whistleblower claims, advertising and concessions to support this important employment contracts, restrictive covenants and trade secrets. event,” said a spokesperson in Menin’s o ce. “We’re She also advises and counsels clients on a wide variety of con dent it will be great for the city, great for the music employment law matters. industry and great for the Recording Academy.”
On the ip side Melissa J. Osipoff Sources say a number of missteps and badly timed [email protected] announcements have increased the rancor. Local union o cials who agreed to speak only The New York Times Building without attribution were irked by the Recording Acad- 620 Eighth Avenue, 36th Floor emy’s announcement in June—just one month aer New York, NY 10018 the New York deal was announced—that it had signed Phone: 212.899.9960 a four-year contract to move the show back to the Sta- www.fisherphillips.com | 32 Locations ples Center in Los Angeles, where it’s been for 17 of the past 18 years, beginning in 2019.
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 7
P007_CN_20180115.indd 7 1/12/18 4:16 PM INSTANT EXPERT
What has become of organized crime [in 5 steps] BY WILL BREDDERMAN
THE PLAYERS According to Ronald Goldstock (right), former director of the 2state Organized Crime Task Force, the Ma a did not invent rackets but, rather, acted as a “ra- tionalizing body” that consolidated and regulated them—from numbers games to loan-sharking to the ports. Industries such as construction and waste carting, in which delays are costly, were rife with extortion long before Italian criminal syndi- cates gained a foothold. To extract payoffs from such businesses, mobsters THE ISSUE needed only to control one aspect of a job, whether labor or a vendor or a subcontractor (though they often controlled more than one), and Just about every neighborhood in the city has at threaten to disrupt work. least one building, business or resident shrouded in But 1980s and 1990s federal prosecutions under the Racketeer rumors of underworld connections. And every so often, 1 In uenced and Corrupt Organizations Act largely ended that era. a name—Bonanno, Gambino, Colombo, Genovese, Lucchese, “I’m not saying nobody’s committing any crimes or paying off any DeCavalcante—makes a cameo in newspapers, such as in workers. That always happens,” said Goldstock, noting that Ma a mem- September, when a body wrapped in a tarp and tied to a bers still hold jobs in their fathers’ and grandfathers’ profession. “All cinder block turned up near a dock in Mill Basin, Brooklyn. I’m saying is that the Mob can’t control an industry. They don’t decide But it’s been a long time since the boroughs were infest- who gets which bids. They can’t say which company can work where.” ed with crooked waste-management companies, shady con- crete contractors, bat-wielding goons at construction sites and protection rackets shaking down shop owners. What happened, and does the Mob still plague businesses? YEAH, BUT... One exception, according to Goldstock and his peers on the Waterfront Commission, is WHAT’S NEXT I’m not saying 3along New York Harbor. The shadowy dealings As the city’s Italian population has aged and dramatized in the 1954 Marlon Brando lm On the moved away, so has the in uence of the Sicil- nobody’s“ committing Waterfront continue, intensi ed by advances in 5ian-style Ma a. But new ethnic groups have any crimes or paying shipping technology, they say. The transition from arrived and criminal cartels have arisen: Albanian or- small wood crates to large metal containers reduced ganizations in the Bronx, Westchester, Staten Island off any workers. That employment at the docks, but the jobs became far and Queens; Russian out ts in Brooklyn and New always happens. All more skilled and valuable—and easier to control. Jersey; and Central American maras on Long Island. I’m saying is the Goldstock and Walter Arsenault, executive direc- More violent and less racially and structurally mono- tor of the Waterfront Commission, said numerous lithic than their Italian counterparts, they tend to deal Mob can’t control friends and relatives of organized-crime families in the underground economy: heroin, high-stakes poker, an industry” hold high-wage, low-stress positions as longshore- hacking, identity theft, and stolen goods—including, in men, union of cials, and shipping and trucking one recent case, 10,000 pounds of chocolate. employees. Arsenault said the Mob makes rank-and- The Waterfront Commission, meanwhile, is prepar- le workers kick back part of their container royalty ing for a legal battle to keep New Jersey under its checks—pro t-sharing bonuses—in exchange for jurisdiction. access to overtime and technical training.
SOME BACKSTORY The harbor and its wharves involve New York and New Jersey, the Gambino and Geno- vese clans, and two U.S. attorneys. The schisms among them have made a uni ed 4effort to drive out the Ma a dif cult. The only body with authority over the entire harbor is the Waterfront Commission, which Arsenault said was for years “at best lazy and at worst corrupt.” But in the past decade, it has grown more aggressive, with mixed results. The International Longshoremen’s Association and the New York Shipping Association— representing labor and industry, respectively—have accused the commission of becoming overzealous, prosecuting innocent men who happen to be friendly with or related to Mob chieftains. New Jersey’s Legislature apparently agrees; it has passed several bills to limit the commission’s purview and even to withdraw the state from the body entirely. PINTEREST, WCNYH.ORG, AP IMAGE PINTEREST,
8 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P008_CN_20180115.indd 8 1/12/18 5:20 PM HEALTH CARE
Nursing home chain looks to future after scandal Allure’s $2 million settlement clears it to grow again BY JONATHAN LAMANTIA
he Allure Group, a Brooklyn backing of Leibel Rubin, Marvin and nursing home chain, has been Solomon’s father, who has run nursing mired in a major real estate homes for decades. e partners bought scandal during more than the vacant nursing home portion of the ALLURE GROUP’S T20 months of city and state investiga- former Victory Memorial Hospital in Marvin Rubin and tions. Now it’s nally poised to pursue Bay Ridge for $20 million and set up Joel Landau were blocked from its stalled growth plans a er reaching a Hamilton Park Nursing and Rehabilita- acquiring nursing settlement with the state late last year. tion Center. homes during the Allure, run by operators Joel Landau Landau and the Rubins went on to state’s investigation. and Marvin and Solomon Rubin, agreed acquire four more Brooklyn facilities. to pay $2 million in penalties and chari- ey successfully raised occupancy at table contributions to local nonpro ts in these struggling locations. Its six homes a deal with state Attorney General Eric generate about $200 million a year in Schneiderman, announced Jan. 5. revenue, according to Landau. e agreement marks the end of the When they sought to buy Rivington state’s investigation into Allure’s closing House from nonpro t VillageCare, the and subsequent sale of Rivington House property had a deed restriction that re- on the Lower East Side as well as its clos- quired it to be used as a nonpro t resi- ing of a second facility, CABS Nursing dential health care facility. Home, in central Brooklyn. For com- Because Allure is a for-pro t compa- spectively. Still, a larger facility is need- Rubin, two Allure employees and a munity groups, it opens up the possibil- ny, the city informed Landau and Mar- ed, said Webster. “We don’t want any truck driver for a food-delivery business ity that the city will nally get new long- vin Rubin that they would have to pay more stopgap measures,” she said. “We who had no prior nursing home experi- term-care facilities in neighborhoods $16 million to li that restriction. Lan- really have a crisis on our hands, and it’s ence. But it was ultimately Landau and that sorely need them. But mistrust per- dau told the city that the price, which going to get worse.” Marvin Rubin’s decision to sell. sists. “ ey have to be watched,” said K was ve times higher than anyone had e Rivington sale ultimately passed Besides failing to question the move, Webster, who leads the Lower East Side ever paid to li a deed restriction, un- legal muster, as Schneiderman’s o ce the board did not notify the state Su- community group Neighbors to Save dermined the nancial viability of oper- concluded that the developers’ title to preme Court or the attorney general Rivington. ating a Medicaid-funded nursing home. the property “is not subject to eective before the nonpro t sold its assets. Al- In February 2015 Allure purchased By May, three months a er buying legal challenge.” But Schneiderman en- lure did not admit to or deny any of the Rivington House, an HIV/AIDS fa- the 219-bed Rivington House, Allure forced penalties on Allure because his attorney general’s ndings. cility on the Lower had an agreement to sell o ce found that designated members of “It was a big struggle for us the last East Side, for $28 It was a big the building for $116 the company’s board of directors failed two years while this was going on, and million. It sold the million to investors in- to ful ll oversight duties. When Allure it aected our focus,” Marvin Rubin building a year later “struggle for us, cluding Slate Property purchased Rivington from VillageCare, said. “Now we can continue to do what to luxury housing and it affected Group, Adam America it appointed four board members: the we do best, which is constantly improv- developers for $116 and China Vanke. A par- brother-in-law of Allure CEO Solomon ing long-term care.” ■ BUCK ENNIS million, provoking our focus. Now tial stop-work order that an outcry from the limits construction and community, the me- we can continue demolition remains in dia and the city. to do what we place. Allure will pay In November 2015 $750,000 in nes do best” Allure paid the city, and and contribute $1.25 the deed restriction was million to health li ed, facilitating the sale care nonpro ts on the Lower East Side. to developers, but they didn’t disclose It also committed to spend $10 million the deal until several months later. e Frankel Loughran Starr & Vallone LLP in the next ve years to establish health city Department of Investigation found Congratulates care facilities both in central Brooklyn that City Hall o cials ranking as high and on the Lower East Side. Allure must as then-First Deputy Mayor Anthony run them for at least eight years each. Shorris either were aware or should Hyejin Tak & have been that the deed restriction was Roadblocks lifted being removed, causing the property to Iraida Strokovskaya Schneiderman withdrew his ob- lose its public purpose designation. on their Promotion to Partner jection to Allure’s purchase of Greater “ is was a mistake. It was ridicu- Harlem Nursing Home on West 138th lous, and I’ve said it a thousand times,” Hyejin and Iraida are talented professionals Street, where Allure has served as the Mayor Bill de Blasio said in June during who have greatly contributed state-appointed receiver of the nan- a town hall meeting on the Lower East to the growth and success of FLSV cially distressed facility since 2014. Un- Side. “Not only did we entirely change der the settlement, Allure must keep the the rules around anything like this; now facility open for at least nine years. it will require a personal signature from Tax Advisors & Consultants Allure can now resume the expan- me to happen, which did not happen in sion plans that Schneiderman blocked this case.” in 2016 during the investigation. “Now De Blasio said last week that NYC that the roadblocks holding up our full Health and Hospitals is adding 60 beds control have been li ed, we look for- at its Gouverneur facility in Lower ward to turning our Harlem center into Manhattan to oset the Rivington clo- a world-class facility similar to all other sure. e beds are a welcome addition Frankel Loughran Starr & Vallone LLP Allure facilities,” Landau said. in a neighborhood that lost 335 beds 1475 Franklin Avenue, Garden City, NY. 11530 Landau and the Rubins entered the when the Bialystoker and Cabrini nurs- flsv.com | 516.874.8800 nursing home business in 2010 with the ing homes closed in 2011 and 2012, re-
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 9
P009_CN_20180115.indd 9 1/12/2018 4:38:51 PM VIEWPOINTS
How the city can survive FROM OUR READERS automation—and prosper from it How a trade group Four in 10 local workers could be replaced by technology BY MATT A.V. CHABAN AND WINSTON FISHER reversed its fortunes Contractors association’s change irked utomation is threading through every lev- el of the city’s economy, from warehouses unions but gave members exibility and food courts to trading oors and oper- ating rooms. But in recent years, a boom- “HOW CNY GROUP GREW BIG contractors. at is why Aing economy has hushed almost any discussion of IN NYC” (part of “Times the BCA proactively the looming challenge that automation poses to the Square’s next big thing,” changed its business workforce. Nov. 13) claimed that to model and its relation- As technology transforms thousands of jobs and “become more com- ship with the trade locals. automates thousands more, Mayor Bill de Blasio and petitive, the company For many years, any the City Council no longer have the luxury of time. parted ways with the contractor joining the Policymakers will have to take action in the next four Building Contractors BCA was automatically years to help prepare New Yorkers with the skills they Association.” It implied a signatory contractor need to thrive in an automated future. that by leaving the BCA to every collective-bar- e city is less vulnerable than much of the coun- AT RISK: 90 percent and separating from gaining contract signed of sewers’ tasks try, according to new research by the Center for an can be automated. all those troublesome by the association. If you Urban Future. While 51% of job tasks nationwide collective-bargaining were union, you were all could be automated, according to the McKinsey agreements, CNY Group union. Global Institute, our research reveals that about 39% soared to unparalleled e BCA realized in the city could be computerized in the next two to Yorkers will struggle in the new economy. e city success. Allow me to that its members needed four decades. and state will need to make signi cant investments in provide an update: CNY exibility. It changed its Automation also will produce innumerable ben- college success, including funds to empower public Group is an associa- membership policy so e ts for New York. Just as the Industrial Revolution colleges to boost completion. Also, CUNY and K-12 tion member in good that each member can and the Information Age created new jobs for people schools need to align their curricula with the skills standing. designate speci cally with the right skills and education, so will the coming demanded by the new world of work. Career explo- e article includes what union it wishes to age of automation. ration and career-relevant work-study programs are several quotes from have a collective-bar- Nonetheless, the city’s economy is poised to be essential, as are hands-on internships and apprentice- Dennis Prude, former gaining agreement with. transformed. ousands of jobs that humans do to- ships in an array of growing elds. ese programs BCA president and For many members, that day will be automated in the coming decades, includ- should use labor-market data to highlight elds now a principal at CNY could mean being signed ing a large share of entry-level and lower-skilled jobs where employers are seeking talent, while building Group. e association with only the laborers that once provided an economic foothold for marketable skills in the process. understands that union- or the carpenters. Other workers with limited education. Industry must also do its part. e ized wages are generally than that, no obligation. Although Center for an Urban Future’s re- % teaching of outdated programming lan- higher than nonunion. at change rued search projects that only 7,000 current jobs in guages or obsolete technologies holds back If that is a contractor’s feathers with some of the the city are 100% automatable, at least 80% of workers and businesses alike. To grow the only concern and selling unions initially, but the 80PORTION of tasks performed by more than 450,000 work- 450K workers’ workforce their future depends on, busi- point, in the long run BCA did what it needed ers—including 49,540 fast-food workers and tasks machines ness leaders should partner with schools, it is likely clients will to do for its members. 40,320 stock clerks—could be performed by could soon do institutions and workforce-development get what they pay for. A at’s market innovation. machines. Although these highly automatable providers to help design—and invest in— contractor rm is only as at’s exibility. e jobs won’t all disappear, many will, and count- skills-building programs that work. good as its people, top to result: increased mem- less others will require far more technology u- At the same time, New York’s congres- bottom. bership—198 contractors ency than they do today. sional leaders should challenge fellow Prude is correct and growing—and an Automation will hit New York’s most vul- members and the Trump administration when he says nonunion increased number of nerable workers hardest. Many of their jobs are 50KFAST-FOOD to reform career and technical education. contractors lack the collective-bargaining poised to be programmed away or transformed workers in NYC e Perkins Act distributes more than $1 training and skill found agreements, many signed into higher-skilled positions. Consider the billion each year to the nation’s schools in the union workforce. with locals that the BCA city’s 8,790 sewing-machine operators, 4,770 and colleges, but too little goes to schools He is also correct in never previously had mail clerks and 3,300 packaging-machine workers: that are preparing students for the middle-class jobs noting that productivity contracts with. CNY More than 90% of their tasks can be done by technol- of the future. is higher in the union Group recognized the ogy that exists today. We can also learn from nations such as Sweden workforce. A two-day change, understood the e city needs to get ready. But too many New and Germany that are embracing automation and union concrete pour value of its BCA mem- Yorkers are ill-equipped. technological innovation to boost eciency while can be cheaper than a bership and renewed. To address this imbalance, the city should ex- building eective training and apprenticeship pro- nonunion six-day pour. e BCA maintains pand and improve its workforce development. is grams for growing elds. On a local level, the city’s e fact that CNY Group and is proud of its long means investing in programs informed by real em- Oce of Technology and Innovation should appoint employs unionized history and relationship ployer needs, aligned with the labor market and able a director of automation to explore ways that tech- subcontractors speaks to with organized construc- to build on existing credentials to meet the shi ing nology can increase the eciency and eectiveness of the truth that its clients tion labor. Do we see demands of emerging technologies. In addition, New government programs, while working with industry get a better product from eye to eye on all issues? York needs to scale up more of the programs proved to develop long-term strategies for training the city’s union contractors. ey Never. But we realize that eective, particularly some tech-training programs workforce. are also signi cantly less the best interests of this operating at a very small scale. A fully automated city may still be more science likely to worry about city’s construction in- At a time when a college credential has become ction than fact, but era-de ning changes are already safety issues or De- dustry are not served by the launchpad for economic opportunity, far too here. e city must prepare for the wave of automa- partment of Buildings abandoning one another many residents struggle to earn one. According to tion or be le in its wake. ■ violations. to a simple philosophy research from the Center for an Urban Future, barely BCA contractors that driving down wages 22% of the city’s community college students get their Matt A.V. Chaban is the policy director and Fisher do have real concerns is the be-all and end-all. two-year degree within three years. As a result, more Fellow at the Center for an Urban Future. Winston about cost and do face JOHN O’HARE than 3.3 million residents over age 25 lack at least an C. Fisher is partner at Fisher Brothers and co-chair of an increasing number of Managing director associate degree. the New York City Regional Economic Development instances where they are Building Contractors
BLOOMBERG NEWS Without a strong educational foundation, New Council. underbid by nonunion Association
10 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P010_P011_CN_20180115.indd 10 1/12/18 3:51 PM This year’s elections will shift the state’s political landscape Democrats, eyeing landslide, expect to capitalize on Trump and tax bill It is only a matter of LAST WEEK was a really receptive to Democratic candidates as- Five of those House members will time before well-off bad one for New York sailing President Donald Trump and argue they are not to blame because Republicans. First his fellow Republicans. they voted against the tax bill. eir foes suburbanites, whose came the realization How this will play out this year and will point out there would have been no that they have no one beyond, however, is more complicated. bill if Democrats controlled the House. taxes are funneled you might recognize Let’s work through the scenarios. e odds favor a Democratic landslide upstate, revolt over to run for governor, Start with Gov. Andrew this year that sweeps out some and no one even on Cuomo’s re-election bid. e Republicans in Congress and the burden they bear GREG DAVID the radar for the at- lack of a strong opponent is the state Senate. torney general and likely to have one really bad % en the equation may comptroller races. A viable contender consequence: Cuomo will be change dramatically. speaking, Brodsky noted, New York 5PORTION of a to take on Sen. Kirsten Gillibrand is able to duck all the tough de- As former Assemblyman City gets back in state dollars a little less also not on the horizon. cisions about the state’s in- typical wealthy Richard Brodsky pointed out than it sends Albany in tax payments.) en Democratic operatives began creasingly precarious nancial suburb’s budget last week, the suburbs are the He calls this the grand bargain of focusing on how the tax bill will help condition and about long-term from Albany nancial key to New York pol- New York. But now that these suburban their candidates rack up election victo- xes for big problems like the itics. Taxpayers there pay steep taxpayers have lost unlimited federal ries in suburban New York and in sim- transit system. property taxes (Westchester’s are the deductions, it is only a matter of time ilarly situated states such as California. Normally, snoozer races depress highest in the country) to fund their until they nd the situation intolerable e bill won’t have some of the negative turnout. But as the 2017 elections in excellent schools. ey also pay high and revolt against the burden they bear, e ects that Democrats claim—most Alabama, New Jersey and Virginia state income taxes, much of which are Brodsky argues. e party that can middle-class New Yorkers will initial- showed, many Democratic-leaning funneled upstate to support education capitalize on that anger will be able to ly get a tax cut, not an increase—but voters are angry and likely to head and other services. A poor area might dominate state politics. It isn’t clear at swing voters in wealthy and vote-rich to the polls in big numbers. is will get 75% of its budget from the state. all which party that will be. ■ suburbs in Westchester, Nassau, Suf- endanger the state’s nine Republican Well-o suburbanites’ burden has folk, Rockland and Putnam counties House representatives and the GOP’s been o set by the unlimited federal GREG DAVID blogs regularly at will face big increases and will be very tenuous control of the state Senate. deduction for these taxes. (Generally CrainsNewYork.com.
THIS BLAZE in the Bronx on Jan. 2 injured 23. Older Douse every fire before buildings often lack more New Yorkers die re sprinklers. Sprinkler systems should be mandated for every building in the city BY ROBERT BARTELS
his winter has seen a rash of It is truly a tale of two cities. ose er petroleum-based deadly and destructive res, lucky enough to live in buildings con- materials in fur- killing more than a dozen structed a er 1999 universally enjoy nishings and other since Christmas and devas- the protections of re sprinklers, while materials. Ttating families from Brooklyn to the those in the city’s older housing stock New York City has Bronx. remain vulnerable. tackled these prob- A Dec. 28 apartment re in the Building codes say that properties lems before, with Bronx killed 13 people—including constructed before 1984 do not have to remarkable results. young children—the same day two be retro tted with sprinklers. Further, Local Law 5, enact- were killed in Brooklyn. en, the day about 90% of the city’s public hous- ed in 1973, required a er New Year’s, 23 in the Bronx were ing—home to 400,000 people and mak- oce buildings taller injured by a seven-alarm blaze. ing up 8% of residential units—lacks than 100 feet to have is followed three horri c res sprinklers. a sprinkler system or on Christmas Day in Manhattan and Citywide, 62% of rental units are pressurized and com- Queens. en, on Jan. 3, three rst re- in buildings constructed before 1947, partmentalized stair- sponders were injured in a Brooklyn according to the U.S. Census Bureau, wells. It was spurred re when ames weakened a staircase and 70% of all residential units were by two fatal oce res in 1970. at have leveled o to about 60 per year. that collapsed as they searched the built before 1960. It is wrong to allow year, the city sustained 310 re-relat- at is 60 too many. We can do better. building. the risk of re death to depend so sig- ed deaths. ere has since been an as- e evidence could not be clear- It may surprise some, but re sprin- ni cantly upon the year an apartment tounding 85% reduction in annual re er: Fire sprinklers save lives. A er klers are not always mandatory. It is was built. fatalities. the recent scenes of distraught family beyond time for the city to require this Functioning sprinklers have been In 1999, a year when 112 died in city members huddling in the cold as their life-saving equipment in every building. shown to reduce deaths by 82% and res, Local Law 10 mandated sprin- homes burned, the city has a moral im- Loopholes in the law leave hundreds property damage by 68%. Sprinklers klers in all newly constructed dwellings perative to require sprinklers in every of thousands—if not millions—of New also buy precious time to allow people with three or more units. It also applied building, with no exceptions. ■ Yorkers unprotected by the most e ec- to escape. In a fast-spreading conagra- to existing buildings undergoing alter- tive means of re suppression. ey also tion, seconds are o en the di erence ations or renovations with costs total- Robert Bartels is the business agent-at- needlessly imperil re ghters, who risk between life and death. ing more than 50% of their value and large of Steam tters Local 638, whose their lives rushing into buildings where Modern res burn hotter, are more set stricter inspection and maintenance members design, install and maintain res rage because they have not been toxic and are 800% faster than 30 years standards. re sprinklers, piping, and heating and contained as adequately as modern ago, according to the National Fire Since the enactment of that law, re cooling systems in tens of thousands of
technology easily and cheaply allows. Protection Association, a result of new- deaths have fallen by nearly half but buildings in the New York region. AP IMAGE
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 11
P010_P011_CN_20180115.indd 11 1/12/18 3:52 PM REAL ESTATE
Forecasts from six of the city’s commercial real estate experts BY ERIK IPSEN The economy is What caused Can demand Any end in sight How far can the growing. Why of ce-building keep up with for the slide in Hudson Yards aren’t rents on sales to plummet the of ce- retail rents? area go in the rise? last year? construction winning top & boom? tenants? QA PRICING IS DRIVEN by the THE CHINESE and the Rus- THE INVESTMENT community THERE IS PLENTY of demand THIS IS LIKE asking about intersection of the supply sians, who had invested does not create a lot of for space from multiple Rockefeller Center when and demand curves. While heavily in real estate, faced speculative real estate. sectors, such as fast-casual it was built. Today that demand has unquestion- new constraints. We had a Most developers wait for food and experiential would seem like a foolish ably risen, so has supply. political environment that anchor tenants and need retail. e problem is question, because the e commercial real estate bred uncertainty. Returns preleasing. at constrains that these tenants cannot entire area around Rocke- tate regiontate s construction boom that in the stock market were supply somewhat. Of pay what the hard-goods feller Center has become ri we have seen in the past much higher than those course, demand will have megastores of the past seamlessly integrated into two years—and prospec- in New York City real to abate eventually, and, paid. ey also, in many the Midtown core business tively will see for the next estate, where rents are at. much like a game of re- cases, occupy smaller district. I believe that few more—is adding sup- Meanwhile, the Fed vowed verse musical chairs, there footprints. is the future of Hudson MICHAEL COHEN Colliers International
President, t President, ply at a pace we have not to raise interest rates. will be some empty chairs Yards as well. seen since the 1980s. that need to be lled.
LAST YEAR o ce tenants MOST OF THE DECLINE came BY 2020, 11.3 million AFTER A 23% DECLINE from BECAUSE A NUMBER of my decisively chose quality of early in the year, when square feet of o ce space 2014, the trajectory of colleagues are actively space over location. New election results and is expected to be delivered; leasing cost is coming engaged at Hudson Yards, construction and major interest-rate increases 49% is already committed. closer to spending growth. I cannot comment on the renovations leased up at slowed activity. Also, e remainder is only And pricing is better situation there at this time. record rents. However, currency controls cut Chi- 1.4% of total inventory. geared to the revenue because 65% of our o ce nese overseas investment, As new buildings win the potential from store op- CBRE stock is 50 years old or which had a big impact in lion’s share of demand erations. As these metrics older, the weighted aver- the city. Debt markets have among large tenants, converge, tenants are age rents are at as tenants become so accommodat- who takes the space they better able to aord their MARY ANN TIGHE MARY get a discount on older, ing for owners that many leave behind? e answer rent. We’re also seeing CEO, N.Y. tristate region tristate N.Y. CEO, unimproved products. have opted to re nance depends on how well the increased concessions and properties rather than sell. economy performs. shorter terms.
RENTS REMAIN STABLE WE SEE 2017 as a correction LAST YEAR BROUGHT the WE DID SEE EVIDENCE of in- AS SOME TENANTS continue because of more supply in the investment-sales second-highest level of creases in rents in 2017 in to favor new construction and densi cation. is market, one partially leasing on record, so it is some submarkets, which and modern work space, is speci cally tied to in uenced by buyers unlikely that 2018 leasing points to retail rents level- Hudson Yards will be able Midtown, since Midtown seeking higher yields in will reach the same levels. ing o. But that does not to lease up. at being South and downtown alternative markets. As we But tenants will still com- necessarily mean that they said, as landlords modern- have exceeded historical have now entered the start mit to newer construction will go back to what they ize their properties to oer highs in the cycle, while of a new cycle, we expect and more e cient space. were in 2014–2015. We amenities such as rooop Midtown remains about investment sales to pick up Overall, supply will likely do, however, expect retail terraces, creative food
LOU D’AVANZO 9% to 10% o 2008 highs. in 2018. outpace demand, as job rents to remain stable in alternatives and tness is owes mostly to new growth is expected not select submarkets. facilities, some tenants Cushman & Wake eld Vice chairman, Midtown Vice construction being added to be as strong as in the will stick with Midtown’s to existing inventory. previous seven years. storied strips too.
PRICES HAVE NOT RISEN SOME SOURCES of equity THERE IS PLENTY of leasing NEW YORK RETAIL still thrives, THE AREA WILL continue to hugely across the board and debt have cut back. in Manhattan, much of but a number of building draw large, creditworthy because supply has New York real estate is ex- it driven by tech rms. owners may need to adjust tenants as it oers the surpassed demand as new pensive, and investors are New York is now a solid their strategies. Some newest buildings in town. construction and tenant looking at other markets alternative to Silicon bought retail property at Despite that, Midtown cuts in work space per that may be less so. Also, Valley. We have also seen very high prices. Sadly, landlords will be able to
JLL person have added space very few buildings are signs of more activity from retail rents have fallen, and compete against newer of- to the market faster than currently for sale because nancial-services groups. this trend may continue ferings by energizing their we can absorb it. But in many owners have no I view London as a bench- in 2018. ese properties o ce buildings through some areas, rents have incentive to sell. If they mark for us. It is now must be re nanced with renovation and moderniz- PETER RIGUARDI risen to the highest levels did, where would they put England’s tech capital as lower expectations. ing designs. ever seen in the city. their capital? well as its nancial center. President, N.Y. tristate region tristate N.Y. President,
SINCE THE THIRD QUARTER of HIGH PRICING, low yields, THERE IS STRONG demand for I AM CONCERNED. e HUDSON YARDS’ INCREDIBLE 2010, average annual rents moderating rents and a new space. Availability on obvious rst step is that, in success was the story of have increased by 8.5% lack of trophy sale oppor- the Far West Side is down many very expensive areas the year in real estate. It’s in Midtown South, 7.5% tunities all contributed to to 4.4% from 24.9% seven that have vacancies, rents proof that large Midtown downtown and 4.3% in the drop. Most notably, months ago. In addition to need to come down sig- tenants are seeking new Midtown. Midtown has international capital large-scale developments ni cantly to attract retail- construction in a city lagged, as it has tradition- decreased their spending in Midtown and down- ers that can succeed in this with an aging inventory ally attracted nancial to $7.5 billion in 2017 town, Midtown South environment. Also, fewer of buildings. I expect the
DAVID FALK DAVID rms, which have seen the from $11.6 billion in 2016. boutique projects have chains and more “uniquely next phase of Hudson slowest recovery. We have But the average price per done well. Leasing has New York” stores would Yards to be successful. also seen more compe- square foot was $913 in been boosted by growth make the shopping expe- Landlords in traditional Newmark Knight Frank tition from new product the third quarter, 29.5% in technology and media rience worthwhile to the Midtown areas must rein- President, N.Y. tristate region region tristate N.Y. President, outside of core Midtown. above the 10-year average. tenants. consumer. vest in their buildings. OFFICE JOBS ARE nearly THE DROP IS BIG, yet the sale THE DEVELOPMENT pipe- THE WORST OF THE adjust- MORE MOVES to the West 193,000 above the 2000 price of premium o ce line is the biggest since ment is likely behind us. Side will happen unless peak, yet there are 9.7 space in Manhattan has the 1980s. is new In Manhattan, most of Midtown East landlords million less square feet hovered near record levels construction has been this restructuring stems reposition space and price occupied. It’s becoming for two years—between critical in allowing tenants from a reconsideration of appropriately. Hudson clear there’s no turning $800 and $1,000 per to optimize a balance the purpose of brick-and- Yards bene ts from a mar- back on densi cation. square foot—re ecting between space e ciency mortar. As more retailers ket starved for new space. Demand is shiing to new substantial interest in real and innovative workplace shi to space that focuses But tenants are not being space oering a blank slate estate capital markets. design. Demand for poor- on showcasing products cheap. Many rms will Vice chairman Vice
Savills Studley Savills to create more productive Investors are still active ly con gured space and and less on stock on the pay a premium for new o ces. Shared work space in real estate, which oers outdated amenities will shelf, the footprint some buildings that can give MATTHEW BARLOW MATTHEW also oers alternatives. a big cash- ow premium lag, spurring a sharp rise stores require is shrinking. them an edge in recruiting relative to other assets. in availability. and retaining talent.
12 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P012_CN_20180115.indd 12 1/11/18 7:37 PM Investors snap up properties as the warehouse market soars E-commerce rms need space for quicker deliveries BY DANIEL GEIGER
he brick-and- mortar set class that I’m de nitely developer Sitex’s acquisition retail market has tak- looking for,” said Josh Zegen, of a $110 million warehouse en a huge hit from co-founder and CEO of Mad- site in Red Hook that it quick- e-commerce, slash- ison Realty Capital. “I would ly leased to UPS, and Home Ting the value of retail space. try to buy whatever I can.” Depot’s purchase of a $60 mil- O ce rents in the city have Zegen said that since he lion site in Maspeth, Queens, MONEY IN MASPETH: This Queens industrial property sold for plateaued as tenants found purchased an industrial prop- where it will build a ware- $23 million. ways to pack more employees erty last summer in Jamaica, house and retail space. into less square footage, taking Queens, warehouse rents have Next up is the sale of a re- the shine o buying o ce tow- risen by as much as 20%. cently built 375,000-square- ings,” said Omer Mir Ahmed, that accomplish e cient load- ers. And a ood of residential foot warehouse that is occu- whose rm Seagis Property ing with ramps and special development has stirred wor- The Amazon effect pied by FedEx. Group LP just purchased a equipment. Building denser ries about the economic re- A number of recent deals Cushman & Wake eld has nearby 80,000-square-foot industrial projects or adding turns to be had from building show that prices will likely secured a letter of intent to Maspeth industrial property oors to existing properties more apartments. continue to climb, in large part sell that site for owner Sun- for $23 million. could generate better returns What is a real estate inves- because the boom in online Cap Property Group for about So far the market for in- in the business of owning tor to do this year? shopping has driven large re- $265 million, making it one of dustrial space has been driven warehouse spaces and spur ere is one area where the tailers and logistics companies the biggest recent industrial by tenants seeking single-sto- more construction. outlook has remained bright: to seek spaces in the city for transactions in the city. ry buildings at which loading “ ere are going to be a industrial and warehouse quicker last-mile deliveries. “To see that type of new and unloading goods is easy to lot of pro ts to be made for space. e market’s meteoric Recent examples include construction in the industrial accomplish. owners who have single-story rise has investors snapping up deals with Amazon and Ikea marketplace shows it has gone But investors see opportu- properties that can now add properties. to take huge warehouse spac- beyond just guring out ways nities to go vertical with mul- oors and lease that space,” “Industrial space is an as- es on Staten Island, industrial to repurpose existing build- tistory warehouse buildings Ahmed said. ■
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JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 13
P013_CN_20180115.indd 13 1/12/18 4:46 PM THE LIST REAL CAPITAL ANALYTICS’ TOP PROPERTY SALES Biggest commercial transactions in NYC in the second half of 2017, ranked by price
ADDRESS/ SQ. FT./ TOP FOUR PROPERTY TYPE/ TRANSACTION PRICE PRICE PER INTEREST 100% VALUE CLOSE SUBMARKET (IN MILLIONS)1 SQ. FT. CONVEYED2 (IN MILLIONS) DATE BUYER(S) SELLER(S) SALES 825 Eighth Ave. (Worldwide Plaza) $840 2,049,553 49% $1,725 10/18 RXR Realty/ New York REIT O ce $842 SL Green 1 Midtown West 375 Hudson St. $615 1,088,126 100% $615 8/15 Trinity Real Estate/ Tishman Speyer O ce $565 Norges Bank 2 Hudson Square Investment Management 1440 Broadway $520 740,000 100% $520 12/19 CIM Group New York REIT O ce $703 3 Garment District 685 Third Ave. $468 651,429 100% $468 10/12 Unizo Holdings Future Fund/TIAA O ce $718 Co. Ltd. 4 Midtown East 180 Water St. $405 453,857 90% $450 10/10 Metro Lo Vanbarton Group Apartment $992 5 Financial District LIST RANK 1 848 Washington St. ( e Standard) $323 206,872 100% $323 10/27 Gaw Capital Andre Balazs Properties/ ADDRESS Hotel $1,562 Dune Capital 825 Eighth Ave. 6 Greenwich Village Management PRICE PER SQ. FT. 80 Broad St. $223 423,403 95% $235 11/15 Invesco Broad Street $842 O ce $555 Development/ 7 Financial District RXR Realty 21 Clark St. (Watermark) $203 310,000 100% $203 11/1 Kayne Anderson Jehovah’s Witnesses Church $653 Capital Advisors 8 Brooklyn Heights 420-422 Park Ave. South (Royalton) $200 213,567 100% $200 12/18 Highgate Holdings/ Centurion Realty/ Hotel $936 GreenOak Douglaston Development 9 Midtown East 1568 Broadway (Doubletree) $200 n/d 100% $200 7/20 Fortress/Mae eld e Nederlander Hotel n/d Development Organization 9 Times Square 19-25 W. 44th St. (Berkeley Building) $195 292,000 100% $195 10/17 Savanna DekaBank O ce $668 11 Midtown West 16 Court St. $171 325,510 100% $171 10/10 CIM Group SL Green LIST RANK 2 O ce $525 12 Brooklyn Heights ADDRESS 50 Varick St. $135 158,574 100% $135 8/7 Estate Four New York REIT 375 Hudson St. 13 O ce $851 PRICE PER SQ. FT. TriBeCa $565 90 Sands St. $135 363,100 100% $135 8/29 RFR Realty/ Jehovah’s Witnesses Hotel $372 LIVWRK 13 Downtown Brooklyn 711 Seagirt Ave. (Sand Castle) $135 744,718 100% $135 11/21 TreeTop Galil Management Apartment $181 Development 13 Far Rockaway 880-888 Broadway $133 217,500 100% $133 12/13 Normandy ABC Carpet & Home O ce $611 Real Estate (Weinrib family) 16 Flatiron District Partners 31 W. 27th St. $126 143,000 100% $126 7/13 Savanna Westbrook Partners O ce $881 17 NoMad 260 E. 161st St.3 $115 277,000 100% $115 12/13 Jamestown Acadia Realty/ 18 O ce $416 P/A Associates Concourse Village LIST RANK 3 131-01 39th Ave. (formerly Assi Plaza) $115 105,890 100% $115 11/1 Yuk Ming Yip Triple East Construction Development site $1,086 ADDRESS 19 Flushing . 1440 Broadway 341 W. 50th St. (Polyclinic)4 $110 150,000 100% $110 10/4 Standard Starrett Corp. PRICE PER SQ. FT. Apartment $735 Property Co. $703 20 Midtown West 237 E. 34th St. ( eater House) $110 128,000 100% $110 12/20 Gilar Group Forkosh Development Apartment $859 Group 21 Murray Hill 258-278 Eighth Ave. $107 39,500 100% $107 8/8 JJ Operating Inc. Midboro Retail $2,718 Management Inc. 22 Chelsea 341 W. 36th St. (Doubletree) $106 81,000 100% $106 8/16 Ascott Residence Magna Hospitality Hotel $1,309 Trust Group 23 Midtown West 36-40 W. 66th St. $96 210,089 n/d $127 9/13 Meridian Capital Megalith Capital Apartment $606 Group Management/ 24 Lincoln Square Extell Development 30 Flatbush Ave. $92 241,633 100% $92 11/15 Stark Enterprises/ Angelo, Gordon & Co./ O ce $381 Sun Equity Capstone Equities LIST RANK 4 25 Downtown Brooklyn Partners ADDRESS In case of a tie in the transaction price, properties are listed in numerical order of address. n/d-Not disclosed. 1- e list does not include sales for which no price was made public 685 Third Ave. as of Jan. 10. 2-Partial-interest transactions are included at the prorated share of the 100% property value. 3-Unrounded transaction price is $115,224,200. 4-Unrounded transaction price is $110,250,000. Real Capital Analytics Inc., headquartered in New York City, is an independent data and analytics rm focused on the investment market for commercial real PRICE PER SQ. FT.
BUCK ENNIS estate. RCA oers data on commercial property transactions around the world. Visit rcanalytics.com. $718
14 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P014_CN_20180115.indd 14 1/11/18 7:36 PM An Advertising Supplement to Crain’s New York Business
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CN018517.indd 1 1/10/18 11:49 AM REAL ESTATE | THE GREAT INVERSION
INDOOR-OUTDOOR: Kletz and Shustik’s commercial play space was inspired by their childhood in Great Neck, Long Island.
Bringing the burbs Suburbanites ocking to the city are looking for some of the lifestyle they left behind. Increasingly, they’re nding it BY AARON ELSTEIN
ike many New Yorkers, Joel Kim Booster comes from somewhere else. e 29-year- old was raised in Plain eld, Ill., where the Chicago suburbs peter out into endless corn and soybean elds. In 2013 Booster, La stand-up comedian, joined the great migration from the suburbs, settling in Williamsburg so he could work the city’s clubs. He has recently appeared on Conan and Comedy Central Stand-up Presents and has become a devoted Brooklyner. “I am a card-carrying le ist progressive who shops local, thinks corporations are bad and has burned Je Bezos in egy almost nightly,” he quipped. BUCK ENNIS
16 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P016_P019_CN_20180115.indd 16 1/11/18 6:51 PM INDOOR-OUTDOOR: Kletz and Shustik’s commercial play space was inspired by their childhood in Great Neck, Long Island.
WHO MOWS THE UP YARD? Chen specializes in apartments that feature suburban amenities.
But like many new arrivals to the city, Booster Newcomers from suburbia are making their grow- hailing from the nearby suburbs now represent a sometimes appreciates a reminder of where he came ing presence felt in other ways. Developers are build- highest-on-record 21% of migrants. Newcomers from. For that he goes to the Target at the Atlan- ing larger apartments to o er the space they’re accus- from suburbs of other cities represent an additional tic Terminal mall, developed in 2004 by Forest City tomed to, while ride-hailing apps let them scoot—or but unquanti ed group, although 37% of city resi- Ratner. slug—around the boroughs by car. Even the business dents are from upstate or another state. “It’s this giant public space where almost no one of suburban-size private playgrounds is growing. e inux of folks from places like Cos Cob, cares why you’re there, how long you’ve been there “Years ago, when people le the suburbs for city Conn., and Creve Coeur, Mo., is part of the reason or if you plan on buying anything—a rare sanctuary living, it meant giving up the qualities of suburbia,” the city’s population has shot up by 375,000—more in New York,” he said. Booster nds it reassuring that said Eran Chen, an architect who specializes in de- people than live in Pittsburgh—in just the past eight the Downtown Brooklyn store looks almost exactly signing apartments that appeal to suburbanites’ years. Joining these mostly white, non-Hispanic the same as the one he patronized in high school. tastes. “Now people realize they don’t need to make suburbanites is an even bigger stream of arrivals Local blog F----d in Park Slope declared the At- a choice like that.” from overseas. e city’s fastest-growing immigrant lantic Terminal megastore was “truly an abomina- groups are from Bangladesh, China and Mexico, and tion,” but to Booster, the store symbolizes how far Reversal of fortunes about 40% of its 3 million foreign-born residents he’s come. Back in Plain eld, his family could a ord In the 1949 essay “Here Is New York,” E.B. White have arrived since 2000. Half of all residents speak a only to shop at Walmart and Blain’s Farm & Fleet. wrote that newcomers who choose the city “account language other than English at home. Target was for the more nancially comfortable and for New York’s high-strung disposition, its poetical “New York City is arguably more multiracial and became the rst place he would go when allowed to deportment, its dedication to the arts and its incom- multiethnic than at any time in its history,” the city’s venture out as a teenager. parable achievements.” former Planning Commission director, Carl Weis- “It was a weird status symbol for brod, said in a 2016 speech. me at that point in my life,” he re- Still, because migrants from the called, “and that person is probably NEWCOMERS TO THE CITY ENJOY suburbs tend to have more money buried deep inside.” than immigrants—the Federal Re- Stories like Booster’s are a part of LARGER LIVING QUARTERS, serve’s 2016 consumer nance survey the fabric of New York, where about SHUTTLING AROUND TOWN BY CAR, showed that the $61,200 median in- half of the 8.5 million residents hail come for white households was 75% from outside the city. Many come EVEN PRIVATE PLAYGROUNDS higher than that of black households from suburbia, the latest players in and 58% higher than Hispanic ones— a timeless story of ambitious young and more education, businesses are people leaving their hometown for the bright lights of “Natives give it solidity and continuity,” he said of understandably eager to cater to the wants and needs the big city. But today many migrants from the sub- the city, “but the settlers give it passion.” of former suburbanites. at eagerness is remaking urbs are staying here much longer. eir presence is For decades a erward, migrants from subur- the city’s streetscape. reshaping a city that in recent years has increasingly ban and small-town America would ock to New A de ning feature of many suburban towns, the come to closely resemble the suburbs they le behind. York and rent an apartment, usually in Manhattan. shopping mall, has ensconced itself in Manhattan at e spread of Target (there are 12 in the city) Typically they would stick around long enough to Chelsea Market, the Time Warner Center and most is one example. e rst store in Brooklyn opened launch their career before returning to the land recently the Oculus, while adapting to its urban en- in 2002, and there are now ve in the borough, in- from whence they came, once schools and space vironment by shedding the parking lot. Last decade, cluding two that opened last year. Target’s sprawl is became an issue. e city’s soaring crime rate and Fairway introduced suburban-style supermarkets part of a broader trend in which chain retailers with brush with bankruptcy in the 1970s accelerated the with wide aisles, big shopping carts and a vast array of roots in suburban shopping centers have grown by exodus, and between 1975 and 1980, 453,000 New fresh and prepared foods—a revelation to New York- 35% in the city in the past decade. e fastest-grow- Yorkers moved to the suburbs while only 130,000 ers conditioned to dark, cramped Sloan’s. e rst ing restaurant locally for the past 10 years has been suburbanites settled in the city, according to a report freestanding Chick- l-A opened on West 37th Street Dunkin’ Donuts, which has replaced the many in- last year by the Department of City Planning. Since three years ago to around-the-corner lines and is gen- dependent deli, diner and café operators who suc- 2010, however, population ows between the city erating an impressive $13 million in annual revenue, cumbed to ever-rising rents. and suburbia have nearly equalized, and residents CONTINUED ON PAGE 18
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 17
P016_P019_CN_20180115.indd 17 1/11/18 7:03 PM P016_P019_CN_20180115.indd 18
BUCK ENNIS, ALAMY, BLOOMBERG NEWS 18 REAL ESTATEREAL |
CRAIN’S NEWYORKBUSINESS also representsalso of acollective act de ance so when grew upwho with but them, growing their presence andprovide comfort acertain to shoppers aservice Darton’s view, places like Target and not Costco only timidating cost the because of living In high. is so young it because dangerous. was so Today it is in- urbanization of city the in a more sympathetic light. of of ahistory World the Trade Center, sub the - sees Darton,Eric anative Manhattanite and author the bridge-and-tunnelso-called crowd for But decades. leaving much so as white millennials.” “It’s tricky. It’s not that [as awhole] are millennials becoming less appealing to millennials,” said Niedt. threethe years before that, fewer than 20did. years, according to research Samuel. Miller rm In Long Island have for sold $1million past in the three muter rail stations. More condos than on 500luxury and restaurants distance within walking of com- couragingdevelopment the of apartments, retail by making themselves more urban, such as by en- keep young, educated people from eeing to cities for people grewup who suburbs,” inthe said. Colas omy on making is city focused living comfortable space personal ofthe others. “A lot of tech the econ- sleepover, it because o ers people chance the to visit to that mainstay of suburban birthday the parties, about 30years, likens home-sharing the platform Street analyst has who tracked consumer trends for lives Village. East inthe 28-year-old producer TV from Lafayette, who La., like depending on mom or dad,” Sutley, said Eden a where to go and little communication is needed. parents’ driver the because always friends knows customers of home rides with parents their or their public transportation. and Uber Ly remind some hort, largely which grew up inplaces without much create amore homogeneous environment.” people are who less tolerant of diversity and want to for Suburban create Studies. they art “ e attracts directoracademic of its National Center ciologist at Hofstra University and the ments,” said Christopher Niedt,- a so andracially culturally diverse environ- a ordableneeded housing and liked like had artists, who cultural capital but people attracted to urban environments, room. elbow former suburbanites accustomed to some canwho a ord lots of space, and by also driven by exceptionally wealthy buyers shine Marketing Group. e increase is earlier,cade according to Corcoran Sun- 1,600 square feet, 25%larger than ade- condo in Manhattan has grown to nearly than just ve years ago. In addition, average the new New Yorkers bike who regularly—nearly 50%more arecord 778,000added the in2016to 18miles serve suburb, now span across 45miles Gotham, which ubiquitous. Bike lanes, rst laid out inaSacramento Uber asbaby driver here, compared with nine in2008. Foods, Trader Joe’s and BJ’s Wholesale Club outlets Center for an Urban Future. ere are 24total Whole footprint, according to areport last month by the Pain Quotidien and Panera Bread have doubled their Joe and Starbucks, chain such while bakeries as Le by past 65%inthe decade, on par with Balthazar. Chain co ee shops have grown New York, he said, was intimidating he when was NewGrizzled Yorkers have rolled eyesat their the “ ere’s concern that places like Long Island are At same the time, some suburbs to are trying en there’s Airbnb. Nicholas aWall Colas, “You can on depend car the there, being kind of Ride-hailing apps are popular also withco- this rst wave“ e of suburbanites were featuresOther of suburban life have become
| THE GREAT INVERSION fueled byfueled Dunkin’ Donuts,
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J ANUARY 15,2018 the earlythe New 1990s, when York and other- cities be and homogenized.” “the city is becoming more private, more predictable New Yorkers long so snubbed,” editors the wrote, City Becoming Just Another Town? “Like suburbs the Suburbanization of New York: Is the World’s Greatest Designer/builder of edited abook essays called character. In founders 2007the of magazine the that suburban inuence would drain city the of its The great inversion for what’s distinctive? But that’s where we are.” would have ever thought that suburbs would stand that suburbs the feel more authentic,” he said. “Who come accessible only to auent. the many apartments, restaurants and shops have- be e changes that concerned dated them back to For along time, New Yorkers have worried “ e city has generic become and so “ e globalized SHOPPING AT THECHAINGANG IF ITFEELSASMORE total of612, making itthemostubiquitousrestaurantintown.And Dunkin’ Donutshasadded271storesinthepastdecade, for a stores since2008andnowhas445throughoutthe veboroughs. month by theCenterfor anUrbanFuture. in thecityhasgrownby 35%, to7,317, last accordingtoareport are. Inthepast10years, operating thenumberofchainretailers out yourfavorite neighborhoodrestaurantsandshops, well, they locations lastyear, bringingitstotalto22, according totheCenterfor anUrban Future. in 2003, hasmanagedtoreboundfromits2014 bankruptcy. New managementopenedadozenlocal has saiditwillcloseupto600storesthatdeemstoo together. year toacquireabout2,000RiteAidlocationsfor $4.4billion. Oncethedealiscomplete, management the city. 20%since2014.Duane Reade wasnearly acquiredin2010by Walgreens, abrandthat’s expandingin streets in1960, acrossthe veboroughslastyear, closed 43drugstores anditsfootprint by hasshrunk Duane Reade, openedonBroadway sinceit rst a xture onstreetcorners between DuaneandReade 7-Eleven hasmorethandoubleditsGothamfootprint, growingfrom57locationsin2008to140today. The fastest-growingbrandisMetroPCS, whichhasadded438 In brighterchainnews, Bake Crumbs Shop, acupcake-maker thatoriginatedontheUpperWest Side More DuaneReadesmay soondisappear. tofend Inaneffort offAmazon, Walgreens agreedlast Interestingly, New York’s premiermemberofthechaingangisbeatingabitretreatthesedays. andmorechainstoresaresqueezing a localdiscountretailer. Nowadays WholeFoods holdscourt. THEN AND NOW: THEN AND e e tion was: Why would you live here?” Itrifying. was city the of Taxi Driver, and ques the - “New York exciting was certainly but then, ter also ization of New York moved who to city the in 1980. tural historian and acontributor Suburban to e home safe,” Francis recalled Morrone, an architec - to else everyone make sure called eryone you got ment lived of who through those it. onized shows Deuce like e 2017. e city’s frightening past is now memorial- murders inNew York in1990but fewer than 300in existence to collapse the incrime. ere were 2,245 sion. prefer Others termgentri cation. the shi scientists the great the years. call inver Social losing to had suburbs been the they ty for about 40 gan recovering population the and economic- vitali As fell, crime New York recovered- 1.1mil the “If you were out late with agroup- of ev friends, Whatever it’s development the called, owes its In1987UnionSquarewas anchoredby J.W. Mays, , much to amuse the - — A.E. - - - 1/11/18 6:50 PM FACTS
lion residents who ed in the 1970s, up the quality of life they had in the where children in kindergarten through 12th grade plus a lot more. About 20 years ago, % suburbs, and they’re willing to pay for went to school in the same building. Falk found suburbanites whose vision of New that,” he said. what she was looking for on Roosevelt Island, where York was informed by Friends and 8DECLINE IN NYC During the spring, construction the speed limit is 15 miles per hour and she sees Sex and the City began ocking neighborhoods’ is scheduled to begin on Chen’s next children playing outside unsupervised. here. To house them, Mayor Michael population density since project, a tower at East 44th Street and “ at’s how I grew up,” Falk said, “and that’s how Bloomberg rezoned industrial areas 1970 First Avenue. e slender, 41-story it should be.” in Chelsea, Williamsburg and Green- structure will consist of a single Annie Scranton says the Upper West Side pro- point, paving the way for large apart- 2,800-square-foot apartment on each vides nearly everything she misses about growing up ment towers that o en included large oor. Units on higher oors will have ve minutes from the beach in West Long Branch, retail spaces on the ground oor or direct access to a 1,400-square-foot N.J. Because she and her husband are renovating basement level. Mayor Bill de Blasio private garden space above or below, their apartment, they o en visit the nearby Lowe’s has rezoned parts of Long Island City 24WHOLE FOODS, Trader oering 360- degree views. e garden home-improvement store, Manhattan’s rst when it and East New York, Brooklyn, and is Joe’s and BJ’s in the city, will serve a similar function as a back- opened in 2015. ( ere are now two.) ey also rent looking to do the same in Inwood so up from nine in 2008 yard, but, Chen said, “We call it the up Citi Bikes and ride along the Hudson River path, more apartments can rise. yard or down yard.” stopping at places like the Pier I Café, where people Even as the city’s population has hang out with their children and pets. grown, median density has decreased The kids are all right “It’s like the Jersey Shore without the sand,” said to 53,400 people per square mile, % Liat Kletz has also built a business Scranton, president of Pace Public Relations. down from 57,900 in 1970, accord- centered on New Yorkers’ quest for a Long ago E.B. White observed that every New 37PORTION OF NEW YORKERS ing to New York University’s Furman slice of suburbia. ree years ago she Yorker was a block or two away from a newsstand; Center for Real Estate & Urban Policy. who hail from upstate or helped open e Playroom NYC, a shoeshine shack; ice, coal and wood cellar; and a One reason is newcomers who used another state 3,000-square-foot facility on the Up- haberdasher. e TriBeCa of the 1990s feels just as to seek out Manhattan are settling in per East Side. For a $35 fee, parents distant to Katrina Lenček-Inagaki, a contributor to less-crowded outer-borough neighborhoods, such can drop in any time so their children can play in a e Suburbanization of New York, who recalls how as Flatbush and Sunset Park. “Many more neighbor- dress-up area called the Broadway Room, stack toy one friendly neighbor turned part of her lo into hoods are considered desirable than was the case a cans in the Bodega or frolic around a climbing struc- a children’s a er-school theater and another made generation ago,” said Ingrid Gould Ellen, director of ture big enough to t on a schoolyard playground. hers a tumbling studio. Both bootstrap play spaces the Furman Center. Kletz, whose email list has grown to 5,000 names, are gone, replaced by a Gymboree Play & Music, a e decline in density may also re ect the grow- said she and her sister Tali Shustik wanted to bring 700-outlet chain that originated in the San Francisco ing size of apartments. Chen, founder of architecture to city residents the kind of life they had growing up suburbs. rm ODA New York, has made a big business out of in Great Neck, Long Island. “ e city’s always reinventing itself,” said building big. He has designed apartment buildings “As kids, we had our basement and a backyard Lenček-Inagaki, an actress who has since relocated that sometimes resemble giant Jenga sets in such where we could run around with ample space to to Los Angeles to live among the artist community places as Union Square, Hunters Point and Gowanus play,” Kletz said. “Once we moved to the city and TriBeCa has lost. that oer elements of suburban-style living. Ameni- started our own families, we felt bad that our kids Much as she misses the New York of her youth, ties o en include garden spaces, roo op access and were not going to have the same experience we got Lenček-Inagaki recognizes there are bene ts to the other common areas where neighbors can mingle in Long Island, but we knew we wanted to stay in city becoming a bit more like the suburbs. As a teen- like they would over a picket fence. Chen added that the city.” ager she played soccer on the elds where Houston developers can charge 10% more for his apartments Suburbia’s siren call sounds even for migrants Street meets the East River. Before games she and than a typical condo, or around $2,200 per square who have lived in New York much of their lives. Af- her teammates would search the eld and call the foot. A 2,300-square-foot two-bedroom at 15 Union ter 25 years in the West Village, Janet Falk decided teacher if they found condoms or needles. Square West sold for nearly $5 million in October, she wanted to have the sort of environment she had “I’m pretty sure that doesn’t happen anymore,” according to StreetEasy. “People don’t want to give growing up in Hartsdale in Westchester County, she said. ■
WIDE AISLED: Scranton hits a nearby Lowe’s for home- improvement wares.
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 19
P016_P019_CN_20180115.indd 19 1/11/18 6:59 PM SUBJECTCONSTRUCTION | CATEGORY | RETHINKING REBAR
HANDS OF STEEL: Helix Rebar co-founder Bluestone is touting the twisted bers to metro-area developers.
A NEW TWIST The makers of Helix Steel say their tiny, twisted bers can reinforce concrete faster and more ef ciently than traditional rebar. But is the rest of the industry ready to believe them? BY TOM ACITELLI
n Aug. 4, 2015, workers on Manhattan’s East Side unloaded the rst truckful of a new kind of steel construction material that would be used for the nal lining of the East Side Access Tunnel between Grand Central Terminal and Long Island, the nation’s largest public transit project. e 45-pound boxes of Helix Twisted Steel Micro Rebar contained plaited steel bers that act as a high-strength rebar, or steel reinforcement, Ofor concrete. It was the city’s most prominent use to date of a technology that proponents say could eventually be a game changer for the industry, reducing labor costs and dramatically cutting con- struction time. “ e basic concept is the screw versus the nail,” said Luke Pinkerton, founder, president and chief
BUCK ENNIS technology o cer of Helix Steel, an Ann Arbor, Mich.–based manufacturer and distributor that was
20 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P020_P021_CN_20180115.indd 20 1/11/2018 6:44:56 PM HANDS OF STEEL: Helix Rebar THE LONG-AWAITED East Side co-founder Bluestone is Access Tunnel is embedded touting the twisted bers to with 372 tons of Helix rebar. metro-area developers.
acquired in January 2017 by green-building conglom- Nardis, a building engineer based in White Plains, er blast-resistant forti cations. But the company’s big erate Pensmore. “ e product is twisted,” Pinkerton who is working with Helix Steel on a project in Jamai- break came in 2013, when its technology received an said. “When you embed it in the concrete, that twisted ca, Queens. De Nardis said the technology is “more International Building Code evaluation that cleared shape locks it in, and it does it in a way that’s very e cient and economical.” it for use in 99 countries. Two years later, Helix Steel e cient.” But the local construction industry isn’t jumping connected with Frontier Kemper on the East Side Ac- But for now, city regulations limit the growth in on the Helix bandwagon just yet. “It certainly doesn’t cess project. From August 2015 to January 2017, 372 the use of Helix rebar. e building code does not feel that any time in the foreseeable future, on high- tons of Helix steel were sent from Michigan to the city. allow the steel ber to be placed in concrete without rise construction in particular, it’s going to replace During that same period, New York–based Helix vertical reinforcing bars. Instead, applications to use it traditional rebar,” said Gary LaBarbera, president of Rebar, a subsidiary tasked with expanding the mate- are reviewed on a case-by-case basis for supplemental the Building and Construction Trades Council of rial’s usage in the metro area and Florida, petitioned reinforcement, including for control of temperature Greater New York. Representatives of some of the the city’s Buildings Department to approve the prod- and shrinkage. city’s building trade groups echoed those sentiments, uct’s use independent of traditional reinforcing bars. “We welcome applications for the use of new meth- but declined to comment because of a lack of famil- at application was withdrawn in October, a er the ods and technologies in the construction industry; iarity with Helix’s product. Buildings Department informed Pinkerton in a Sept. however, they must be proven to be as safe or safer e East Side Access work was the rst application 29 email that Helix was acceptable as a supplement for than existing techniques,” a Department of Buildings of Helix in the city, and it came about only because improved concrete durability. spokesman said. “If Helix Steel or any other company the federal funding guidelines for the 2.8-mile proj- “ at was the day to open the Champagne,” said applies for a similar variance, we will review the appli- ect required that elements such as the concrete rein- Steve Bluestone, a co-founder with Mike Cleary of cation and make a determination Helix Rebar and a principal at the based on what is submitted to us.” Bluestone Organization, which “WE WELCOME APPLICATIONS FOR NEW specializes in energy-e cient pas- Lightening the load sive-housing development. Helix Steel’s clients outside of CONSTRUCTION METHODS, BUT THEY New York have told the rm they MUST BE PROVEN AS SAFE OR SAFER Green in Queens can save a day of construction for Helix rebar is currently being every 10,000 square feet of the THAN EXISTING TECHNIQUES” used in a 12-story, 174-unit resi- traditional reinforced concrete dential project in Jamaica called the they replace with Helix rebar. e Tree of Life. When complete, the 45-pound boxes are easier to carry, and it takes less la- forcement be made in the United States. At the time of joint venture with First Presbyterian Church will be bor to add the bers to the concrete. Traditional rebar the project’s inception, city building codes prevented the city’s tallest and largest structure to be certi ed must be laid down under the concrete and requires the use of the new rebar altogether. Since the state, by the Passive House Institute of the U.S. Helix is the installation of wire mesh or bars as reinforcement. through the Metropolitan Transportation Authority also being used in a 16-story apartment building in With Helix, workers just pour it in before they set the and its private contractor, Frontier Kemper, was over- Mount Vernon. concrete in place. seeing the project, that obstacle was overcome . While Bluestone and Pinkerton both said they Helix is currently in use in development projects Pinkerton was a graduate student in engineering at hope the late 2017 Buildings Department decision in more than 40 countries. Outside of the city, it is the University of Michigan when he helped develop will open more doors here, they concede that unions primarily used in vertical elements of construction, the technology that became Helix Steel. He formed a might balk at the idea of anything that reduces labor. such as walls, but it can end up in foundation slabs, commercial venture behind it in 2003. e patented In response to those concerns, Bluestone oered pavement, bridges, duct banks, storm drains and blast product has no U.S.-based competition, though there an analogy. “When a guy named Henry Ford said, shelters—pretty much anywhere there’s concrete in is a Chinese company that sells its own version. ‘Hey, I’m going to build a lot of cars on an assembly construction. One of Helix Steel’s rst projects was a collabora- line,’ a whole lot of people who handled horses and “It’s great for reinforcing concrete for temperature tion with the Department of Defense, which wanted carriages and buggies for a living, they had to go learn and shrinkage so you minimize cracking,” said Joe De an alternative to rebar to be used in bunkers and oth- to x cars.” ■
JANUARY 15, 2018 | CRAIN’S NEW YORK BUSINESS | 21
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Honors New York City Leaders at Annual Banquet
The year 2017 was an eventful one for New York City’s real estate market.
Although rents have receded for Manhattan retail properties this year, leasing of commercial property in the borough was on the upswing toward the close of the year.
On the residential front, closed sales in Manhattan remained stable from the previous year; and in Brooklyn, prices for townhouses hit a record $1.2 million in the third quarter. At the same time, there were new average price records set in sales of co-ops in Manhattan, Brooklyn and Queens; sales of condos in Queens; and sales of one-to-three family dwellings in Brooklyn, Queens and Staten Island. The Bronx, meanwhile, saw a boom in development. Construction starts for 2017 are A LEGACY OF SUCCESS expected to be greater than $2 billion, making it the third year in a row, according to the New York Building Congress.
“The five boroughs are buzzing with excitement,” said John H. Banks, president of the Real Estate Board of New York (REBNY).
But there are also ongoing challenges that call for smart public policy. Affordable housing, construction safety, sustainability, taxes and zoning issues are among the biggest issues facing New York City’s real estate community at the moment, said Banks.
“New York’s affordable housing crisis can only be addressed by increasing our production of new housing,” said Banks. “It is important to maintain the quality COMMERCIAL | RESIDENTIAL | RETAIL | FINANCE of our existing inventory of affordable housing, but we will need approximately 200,000 additional affordable units if we are to close the gap between the number of households at median income and the number of existing units at rents they can afford.”
Read on to learn how REBNY is working to make a difference and for a look at the seven movers and shakers being honored at REBNY’s 122nd Annual Banquet, who are NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE shaping the city’s skyline and quality of life.
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2018 REBNY Section MECH.indd 1 1/11/18 3:35 PM SLG-2432 SL Green REBNY Corporate Ads - 2018_Crains 10.875 x 14.5_V1.indd 1 1/5/18 12:16 PM A LEGACY OF SUCCESS
COMMERCIAL | RESIDENTIAL | RETAIL | FINANCE
NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE
CN018501.inddSLG-2432 SL Green 1 REBNY Corporate Ads - 2018_Crains 10.875 x 14.5_V1.indd 1 1/10/181/5/18 12:1611:37 PMAM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS
ARCH BROKERAGE LTD HUDSON REAL ESTATE PARTNERS RKF Laurence Roberts Alexander Schwartz Ross Berkowitz Thank You. Robert Futterman AVISON YOUNG JONES LANG LASALLE Michael Paster We are grateful to the Marty Cottingham Eliza Akers Ariel Schuster New York Robin Kelz Michael Berg Jaclyn Totolo New York brokerage Arthur Mirante Alexander Chudno Peter Whitenack is a City of Spectacular community for your Abe Cooper SAVILLS STUDLEY support in helping us BP REALTY NYC Erin Grace Architectural Icons Betty Posner Howard Hersch Allyson Bowen lease 800,000 SF Doug Kauman Richard Schuham CBRE Matt Ogle Greg Taubin ehind each landmark building are the people who run the city’s real in 2017. Bill Peters Ryan Alexander Hayley Shoener VICUS PARTNERS Ariel Ball estate industry, handling jobs such as leasing properties, bringing Patrick Smith Cassie Durand Andrew Stein Dan Turkewtiz large-scale development projects to life and building infrastructure Jared Freed B Cynthia Wasserberger WEXLER HEALTHCARE Michael Geoghegan Corey Zolcinski PROPERTIES TEAM AT that allows for easy access. Eric Kleinstein THE CORCORAN GROUP Douglas Durst Rocco Laginestra LANSCO Many New Yorkers sometimes forget just how lucky we are to live among David LaPierre Kathleen Caracappa Sinclair Li Robert Kulick Paul Wexler such architectural grandeur, but it has been a powerful lure for visitors from Zachary Price Josef Yadgarov LEE & ASSOCIATES Scott Sloves around the world for generations. I count myself lucky to have grown up in Harly Stevens Peter Braus WHARTON PROPERTY ADVISORS New York City, gone to college here and to live here now with my husband and Robert Stillman Richard Kave David Alperstein Jonathan Durst J. Paul Stimpfle Jaime Schultz Ruth Colp-Haber two children. Michael Wellen Brad Schwarz Rob Wizenberg Dennis Someck WINICK REALTY GROUP Garry Steinberg Steven Baker We are delighted to partner with the Real Estate Board of New York (REBNY) COLLIERS INTERNATIONAL JP Sutro Louis Eisinger Michael Joseph Kenneth Hochhauser to celebrate the contributions of the industry and the individuals within it who MANHATTAN COMMERCIAL Dylan Mattes Danielle Winick have shaped the New York City skyline and communities throughout the fi ve REALTY Je Winick CRESA PARTNERS Robert Bielsky boroughs. In the pages to come, you’ll meet the industry’s most prominent Jane Roundell WINSLOW & COMPANY NEWMARK KNIGHT FRANK leaders, who are receiving public recognition on January 18 at REBNY’s 122nd Barry Spagna Catherine Menmo Bob Stella Benjamin Birnbaum Josh Winslow Annual Banquet. We congratulate them for their outstanding achievements. Corey Borg CROWN/RKF Eric Cagner WOODMAN GROUP Stephan Stephanou Brian Cohen Lee Barnes Irene Bar-Am Jonathan Franzel Advertising Director CUSHMAN & WAKEFIELD, INC. Neil Goldmacher Brian Goldman Connor Daugstrup Michael Horn Crain’s New York Business Robert Eisenberg Tatsuru Kono Jonathan Fein Andrew Taub Barry Garfinkle Alexandra Tennenbaum Jeery Heller Eric Zemachson Justin Royce Table of Contents Gregory Skaler Tara Stacom Peter Trivelas Mark Weiss www.ccctvradio.com / 212-255-7100 Introduction ...... S1 Barry Zeller
• LATEST DIGITAL RADIOS REBNY and the Digital Age ...... S5 • NEW TECHNOLOGY APPLICATIONS AND BENEFITS Rob Speyer ...... S9 • PERFORMANCE COMPARISONS Elizabeth Stribling ...... S13 • COST EFFECTIVE OPPORTUNITIES
• SYSTEM DESIGN CONSIDERATIONS Chuck Schumer ...... S15
Since 1989, we’re proud of our long term association Richard LeFrak ...... S19 with REBNY members and award recipients.
Joanne Podell ...... S23
Gene Boniberger ...... S27
Ron Lo Russo ...... S31
CCTV • IP Cameras • Security Access REBNY Looks Back at 2017 ...... S33
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2018 REBNY Section MECH.indd 3 1/11/18 3:35 PM CN018502.indd 1 1/5/18 1:00 PM Crain’s- due January 5 10.875 x 14.5 (trim) ARCH BROKERAGE LTD HUDSON REAL ESTATE PARTNERS RKF Laurence Roberts Alexander Schwartz Ross Berkowitz Thank You. Robert Futterman AVISON YOUNG JONES LANG LASALLE Michael Paster We are grateful to the Marty Cottingham Eliza Akers Ariel Schuster New York brokerage Robin Kelz Michael Berg Jaclyn Totolo Arthur Mirante Alexander Chudno Peter Whitenack community for your Abe Cooper SAVILLS STUDLEY support in helping us BP REALTY NYC Erin Grace Betty Posner Howard Hersch Allyson Bowen lease 800,000 SF Doug Kauman Richard Schuham CBRE Matt Ogle Greg Taubin in 2017. Bill Peters Ryan Alexander Hayley Shoener VICUS PARTNERS Ariel Ball Patrick Smith Cassie Durand Andrew Stein Dan Turkewtiz Jared Freed Cynthia Wasserberger WEXLER HEALTHCARE Michael Geoghegan Corey Zolcinski PROPERTIES TEAM AT Eric Kleinstein THE CORCORAN GROUP Douglas Durst Rocco Laginestra LANSCO David LaPierre Kathleen Caracappa Sinclair Li Robert Kulick Paul Wexler Zachary Price Josef Yadgarov LEE & ASSOCIATES Scott Sloves Harly Stevens Peter Braus WHARTON PROPERTY ADVISORS Robert Stillman Richard Kave David Alperstein Jonathan Durst J. Paul Stimpfle Jaime Schultz Ruth Colp-Haber Michael Wellen Brad Schwarz Rob Wizenberg Dennis Someck WINICK REALTY GROUP Garry Steinberg Steven Baker COLLIERS INTERNATIONAL JP Sutro Louis Eisinger Michael Joseph Kenneth Hochhauser MANHATTAN COMMERCIAL Dylan Mattes Danielle Winick REALTY Je Winick CRESA PARTNERS Robert Bielsky Jane Roundell WINSLOW & COMPANY NEWMARK KNIGHT FRANK Barry Spagna Catherine Menmo Bob Stella Benjamin Birnbaum Josh Winslow Corey Borg CROWN/RKF Eric Cagner WOODMAN GROUP Stephan Stephanou Brian Cohen Lee Barnes Jonathan Franzel CUSHMAN & WAKEFIELD, INC. Neil Goldmacher Brian Goldman Connor Daugstrup Michael Horn Robert Eisenberg Tatsuru Kono Jonathan Fein Andrew Taub Barry Garfinkle Alexandra Tennenbaum Jeery Heller Eric Zemachson Justin Royce Gregory Skaler Tara Stacom Peter Trivelas Mark Weiss Barry Zeller
CN018502.indd 1 1/5/18 1:00 PM Crain’s- due January 5 10.875 x 14.5 (trim) ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS
Committee hosted the inaugural #REBNYTech over the last 120+ years,” said Banks. With REBNY reinvents itself Hackathon at the Urban Tech Hub at Grand REBNY’s Residential Listing Service (RLS) now for the digital age Central Tech from Oct. 13-15, with competing launched and growing, the information the group teams of up to five people vying for $75,000 in has amassed will power the next generation of echnology is transforming many cash and prizes. The teams received access to listings programs in New York, he said. industries in New York City; and in real datasets from REBNY and its partners as they T estate, it is now playing a vital role. worked to solve challenges in six categories. Among the 19,000 residential real estate listings in the RLS, more than 90% are In response to rising demand for real estate “Hackathon teams worked throughout a currently being syndicated, exceeding technology innovation, members of the Real weekend-long competition to solve some of REBNY’s goal of 80% according to REBNY. Estate Board of New York (REBNY) formed the the most common problems observed across REBNYTech Committee in 2017. Chaired by all areas of the real estate industry,” said “The RLS is actively syndicating listings John J. Gilbert, III, chief operating officer and John H. Banks, president of REBNY. to more than 100 partner websites and executive vice president at Rudin Management broker products as we continue to grow our Company, Inc.; and Winston Fisher, partner at The Hackathon enabled REBNY members expanding network, launch new products, Fisher Brothers, the new committee focuses to connect with emerging tech talent on enhance technology and deliver world-class on ensuring that New York City remains on the creating cutting-edge “PropTech” solutions service to our members,” said Banks. cutting edge in global real estate technology by and new tools to improve efficiency. Winners encouraging innovation and collaboration. were chosen in each of the six categories: In June, REBNY finalized plans to syndicate architecture, engineering and construction RLS listings through a centralized, single feed. Other founding members include Blackstone, (ACE) and development; brokerage; sustainable “With this process, the RLS will improve data Douglas Elliman, the LeFrak Organization, maintenance and operations; open hack; quality for residential real estate agents and Millennium Properties, Milstein Properties, geospatial intelligence and cybersecurity. the public, who will have access to accurate Newmark Knight Frank, Pan Am Equities, Related and consistent listing content, drive listing Companies, RoseTech Ventures, Sidewalk Labs, In 2018, REBNY plans to develop new digital visibility and transparency and streamline Silver Mountain Investors, Silverstein Properties, products that, said Banks, will transform how the process of sharing listings for all REBNY Sterling Equities and Warburg Realty. it delivers services to its members. firms that choose to opt-in,” Michael Bisordi, president of Tungsten Property and co-chair of In one recent initiative, the REBNYTech “REBNY has built an incredible cache of data REBNY’s board of directors, said at the time. Silverstein
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CN081526.indd 1 1/11/2018 6:08:06 PM Leasing & Management Ownership & Acquisitions
Kirill Azovtsev Bill Levitsky Thomas Tassone JLL Newmark Knight Frank Empire Leasing
Brian Bey Allan Lieberman Paul Walker Capital Real Estate Advisors Meridian Capital Group CBRE
Aidan Campbell Mike Mathias Brian Weld Colliers International Savills Studley Cushman & Wakefi eld
Rael Gervis Clyde Reetz Jim Wenk Meridian Capital Group CBRE JLL
Stephen Gordon Scott Rosen Rob Wizenberg Newmark Knight Frank Akron Trotter CBRE
Ralph Herzka Andrew Sachs Meridian Capital Group Newmark Knight Frank
Michael Joseph Jarod Stern Colliers International Savills Studley
Thank You for Helping Make 2017 Creating Value in Real Estate Since 1978 Another Outstanding Year
212.888.1810 | hmprop.com
CN018523.indd 2 1/10/18 11:53 AM Leasing & Management Ownership & Acquisitions
Kirill Azovtsev Bill Levitsky Thomas Tassone JLL Newmark Knight Frank Empire Leasing
Brian Bey Allan Lieberman Paul Walker Capital Real Estate Advisors Meridian Capital Group CBRE
Aidan Campbell Mike Mathias Brian Weld Colliers International Savills Studley Cushman & Wakefi eld
Rael Gervis Clyde Reetz Jim Wenk Meridian Capital Group CBRE JLL
Stephen Gordon Scott Rosen Rob Wizenberg Newmark Knight Frank Akron Trotter CBRE
Ralph Herzka Andrew Sachs Meridian Capital Group Newmark Knight Frank
Michael Joseph Jarod Stern Colliers International Savills Studley
Thank You for Helping Make 2017 Creating Value in Real Estate Since 1978 Another Outstanding Year
212.888.1810 | hmprop.com
CN018523.indd 3 1/10/18 11:53 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS
The firm now has 2,300 office tower designed by Bjarke Ingels, who A visionary steward tenants around the also designed the Two World Trade Center world and 8 million square building. The Spiral is located at the intersection of Manhattan’s feet of new developments of the High Line and Hudson Park Boulevard. landmarks in the pipeline for New Ingels’ design features a cascading series of continues to York City. landscaped terraces and hanging gardens. transform the Under Speyer’s leadership, Tishman Speyer has also assembled a second Tishman Speyer has in prime Hudson Yards development site, where cityscape recent years invested in the firm plans to construct a 1.3 million-square- developing neighborhoods foot office tower. in Long Island City, Downtown Brooklyn and Speyer is also active in city affairs. He chairs the s dramatic developments such as the Far West Side of Manhattan. Advisory Board of the Mayor’s Fund to Advance Jackson Park in Long Island City, The New York City, to which he was appointed by ASpiral on the Far West Side of Manhattan In Long Island City, the company is nearing Mayor Bloomberg in 2006 and reappointed by and The Wheeler in Downtown Brooklyn bring completion of construction at Jackson Park, Mayor de Blasio in 2014. new growth to their neighborhoods, Rob Speyer which will include three rental apartment towers, is playing a leading role. a park and more than 120,000 square feet of Speyer is active in the nonprofit arena, as well residential amenities. as a member of the Board of Trustees of New Speyer is the president and chief executive York-Presbyterian Hospital and St. Patrick’s officer of Tishman Speyer, best known as owner Across the street, Tishman Speyer is building Cathedral in New York City, where he was of such landmark properties as Rockefeller The Jacx, a 1.2 million-square-foot creative co-chairman of the construction committee Center, the Metlife Building and the Chrysler office and retail campus. The complex is overseeing its restoration and renovation. He Center and a large overseas portfolio in China, currently more than 70% pre-leased, according also participates on the Shanghai Mayor’s Brazil and other countries. to Tishman Speyer. International Business Leaders Advisory Council. Speyer is also in the fifth year of his term as Upon completion of these Long Island City chairman of the Real Estate Board of New York projects, Tishman Speyer will have added 1,900 An emeritus member of the Columbia College (REBNY). apartments, 1.2 million square feet of office Board of Visitors, Speyer graduated magna cum
REBNY is honoring Speyer with the Harry B. Helmsley Distinguished New Yorker Award at its “ Rob Speyer’s record of service and civic 122nd Annual Banquet on Jan. 18. leadership as REBNY Chairman will be a tough The award recognizes a member of the industry for invaluable contributions to New York’s civic act to follow. His vision and dedication to the welfare and the real estate community. industry have made REBNY a stronger and “Rob Speyer’s generosity of spirit and strategic guidance throughout his tenure better organization than ever before.” as REBNY chair represent the very best of New York City,” said John H. Banks, REBNY —William Rudin, Rudin Management Company president, in a statement. “I want to thank him and each of the award winners for their extensive contributions to our industry space and more than 50,000 square feet of laude from Columbia University in 1992 and was through professional accomplishments, shops and restaurants. elected to the Phi Beta Kappa Society. leadership and dedicated service.” Under Speyer’s leadership, Tishman Speyer is In addition to leading Tishman Speyer, Speyer Before becoming CEO of Tishman Speyer, also building The Wheeler, a 10-story vertical is a board member of EXOR, a European Speyer served as president and co-CEO from office campus In Downtown Brooklyn that will investment firm whose global interests include 2008 to 2015. Speyer shared the CEO title with rise above Macy’s historic Downtown Brooklyn significant shareholdings in Fiat Chrysler his father, Jerry Speyer, for seven years before department store. The complex will include Automobiles, CNH Industrial, PartnerRe, The becoming sole CEO. outdoor terraces and roof decks, a dedicated Economist and Ferrari. amenity floor, and dramatic views of Lower “As leaders of a private enterprise, we strongly Manhattan and New York Harbor. As Speyer steps down as REBNY chair, believe in the importance of actively shaping our incoming REBNY Chair William Rudin, CEO of own future,” the company said in a statement As a companion to this building, Tishman Rudin Management Company, noted how high at the time. “This means progressive change Speyer is currently designing 11 Hoyt, a mixed- Speyer set the bar for his successor. without losing the continuity of experience and use project that will include 475 condos and management that is one of our key strengths.” more than 40,000 square feet of shops and “Rob Speyer’s record of service and civic restaurants. leadership as REBNY Chairman will be a tough During Speyer’s tenure, he has steered the act to follow,” Rudin said in a statement REBNY firm’s growth into a leading global real estate Meanwhile, on the Far West Side of Manhattan, released.” His vision and dedication to the investment management firm with more than Speyer has led his firm into the pre-construction industry have made REBNY a stronger and $45 billion in assets under management. phase on The Spiral, a 2.85 million-square-foot better organization than ever before.”
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over $5 million dollars. Associates with her colleague Connie Tyson. Smart negotiating Meanwhile, at Stribling Marketing Associates, “It was wildly exciting and still is,” she said. is the key for this which advises and “To this day, I still think the business is very leading residential markets development glamorous. I never lost the stars in my eyes.” offerings, and where broker Stribling is president, They found that other firms were some she oversees sales and of their biggest allies. When Stribling & marketing efforts for Associates needed talent, these firms a vast portfolio of new referred brokers to them to consider. As development offerings. the two women grew the firm, recalled Stribling, “they were wildly supportive,” t residential brokerage Stribling Stribling still goes out she said. & Associates, it’s not unusual for on pitches with her team. “I’ve been named Aemployees to stay for decades. four times in people’s wills as the personal Stribling, who serves on REBNY’s board broker who should take care of their of governors, was one of the founding “I’m working with people I’ve been properties,” she said. members of its residential division in working with over 40 years,” said Elizabeth 1980 and previously received the REBNY Stribling, chairwoman of the firm. “I’ve got Born in Atlanta and raised in New York City, Residential Brokerage Division’s Henry many people who have worked with me over where her father worked as an international Forster Award for Lifetime Achievement for 30 years. We feel we’re a family. We’ve textile consultant, Stribling attended the outstanding excellence, ethical conduct, and been through thick and thin—marriages, Hewitt School, a school for girls on the Upper contributions to the real estate industry and first children.” East Side, earned her undergraduate degree community-at-large. at Vassar College and did graduate work Stribling, chairman of Stribling & at Girton College, Cambridge University, in Active in charitable endeavors, Stribling Associates, is being honored with The England. After completing her education, is chairwoman of the French Heritage Bernard H. Mendik Lifetime Leadership Stribling says she expected “to work for Society and on the board of directors for in Real Estate Award at the Real Estate a couple of years, get married and have a the Women’s Committee of the Central Board of New York’s (REBNY’s) annual couple of kids and a dog.” Park Conservancy, New York Landmarks banquet. The award recognizes exceptional Conservancy and the American Hospital of accomplishments in the profession, But her life changed when she attended a Paris Foundation. including leadership and service to the real estate industry.
“I’m never at a loss for words—but I was “ There is nothing like a good negotiator, speechless,” said Stribling, about her finding out she was being recognized with the award. and tech can’t do that. Selling residential “This award is extremely meaningful and humbling for me.” real estate is not about showing people Stribling co-founded her firm in 1980 and grew it to four offices with more than 300 around; it’s about negotiating. That’s agents across Manhattan and Brooklyn. In January 2013, Elizabeth Ann Stribling-Kivlan, where personal skills and market Stribling’s daughter, succeeded her as president of the family-owned firm. knowledge come in. It’s where trust
“Elizabeth has brought technology into comes in.” Stribling in a major way,” said Stribling. “We can do neighborhood analyses for customers and comparisons to other markets very quickly.” party in Newport, Rhode Island given by She previously served as a trustee of her However, Stribling is quick to note that it’s James Van Alen, who owned the historic alma mater, the Hewitt School, and served on the personal touch that matters most. Avalon Estate and founded the Tennis Hall of the board of directors for the Foreign Policy Fame. When her escort asked what she was Association, Cambridge in America, the French- “There is nothing like a good negotiator, doing at the time, she told him, “I’m trying American Foundation and the Institut Pasteur. and tech can’t do that,” she said. “Selling to get a job.” He suggested real estate and residential real estate is not about showing in 1967 she joined the firm Whitbread-Nolan, Stribling currently lives in Brooklyn with her people around; it’s about negotiating. That’s Inc., where her escort had a friend. There, she husband Guy Robinson in a penthouse at 1 where personal skills and market knowledge worked as a broker and worked her way up to Brooklyn Bridge Park from which she can see come in. It’s where trust comes in.” residential vice president. every skyscraper in Manhattan.
In addition to Stribling & Associates, By 1980 she was ready to go out on her “I am in London and Paris a lot,” said Stribling Private Brokerage specializes in own and, encouraged by her late husband Stribling. “I travel to Italy. There is no city the custom offerings of properties worth William C. M. Kivlin, established Stribling & like New York.”
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his column in Real Estate 7 train was extended to Hudson Yards,” Banks REBNY Weekly. “Throughout four wrote. “A new neighborhood is taking shape as terms in the U.S. Senate, the unlikely transformation of the High Line from recognizes four- Chuck has demonstrated an abandoned stretch of rail freight tracks to one term Democratic unwavering leadership of the city’s top tourist destinations continues to and commitment to fuel new growth. This progress has been a boon Senator Chuck urban improvement.” to all New Yorkers in the form of jobs created, generating tax revenue to fund vital city services.” Schumer for his In 2016, Schumer public service was re-elected to Schumer unveiled a $1 trillion infrastructure plan a fourth Senate in January 2017, with a group of senior Senate term. Meanwhile, his Democrats, that proposed to repair roads n early January, U.S. Senator Charles E. colleagues elected him to serve as Leader of and bridges, replace and expand rail and bus Schumer urged President Donald J. Trump to the Democratic Caucus, the first time a New systems, modernize water and sewer systems, Isign a recently passed bipartisan bill he had York Senator has held the position. modernize the energy grid and enhance local championed aimed at stopping the flow of illicit ports, airports and waterways. fentanyl from China, Mexico and other countries REBNY described Schumer as a “tireless into New York via JFK Airport. fighter for New York,” in a statement. With President Trump working on his own infrastructure plan at press time, Banks Schumer’s effort to curb the opioid The organization pointed to Schumer’s noted that Schumer’s plan “showed that he epidemic through the “International authorship of a permanent tax credit to offset understands the significant challenges and Narcotics Trafficking Emergency Response the rising costs of college tuition, his work shortcomings in America’s infrastructure, by Detecting Incoming Contraband with protecting Social Security and Medicare, and his particularly on the East Coast.” Technology Act,” also known as the encouragement of job-creating infrastructure INTERDICT Act, was the latest initiative by the projects. His work has both retained existing Banks also lauded Schumer’s support of U.S. Senator to fight for his vision of New York. jobs and helped create new ones, REBNY noted. the Gateway project, in which the federal government, Amtrak, New York and New Jersey The INTERDICT Act would give U.S. Customs The city’s current skyline can be traced back to were to split the $13 billion cost of building a and Border Protection new high-tech—and Schumer’s 2001 “Group of 35” report urging the new tunnel under the Hudson River. Federal portable—tools and personnel to improve city to use its zoning, taxing and condemnation transportation officials recently said they had detection capabilities and increase the seizure powers to speed up office construction, not OK’d such an arrangement. of illicit fentanyl shipped to the U.S. from abroad through mail and express consignment carriers. “Senator Schumer shares John Zuccotti’s Schumer is being recognized with the John E. Zuccotti Public Service Award at The Real understanding that the success of our Estate Board of New York’s (REBNY’s) 122nd annual banquet. endeavors means the success of our
The award is named for the late former REBNY exceptional city. Throughout four terms in Chairman John Zuccotti, who played an important role in state and local government. the U.S. Senate, Chuck has demonstrated Zuccotti was the first deputy mayor under unwavering leadership and commitment to Mayor Abraham Beame, serving from 1975 to 1977. He later became chairman of the urban improvement.” City Planning Commission under Mayor John Lindsay. —John H. Banks, REBNY
Among his many civic accomplishments, Zuccotti was known for his work in helping New particularly on the West Side of Manhattan “There is no such agreement,” Federal York recover from near-bankruptcy in the 1970s in Midtown, Long Island City, Queens and Transit Administration Deputy Administrator and for being instrumental in rebuilding Lower Downtown Brooklyn, according to REBNY. K. Jane Williams wrote to officials in New York. Manhattan after the 9/11 terrorist attacks. Zuccotti Park, a public space across from 1 “It is not an overstatement to say that today’s Some supporters of the Gateway project Liberty Tower in Manhattan, was named for him New York City skyline looks the way that it does believe that Schumer and other colleagues in 2006, after it was restored from damage in thanks in part to Senator Schumer,” Banks will successfully persuade President Trump the Sept. 11 attacks. noted in his column. to see that it is funded, by potentially supporting Trump’s infrastructure plan, Zuccotti, who lived in Brooklyn, passed away The recommendations in the report resulted suddenly from a heart attack on Nov. 19, 2015. in a construction boom on the Far West Side “It will be a victory to everybody in New York that continues to this day, Banks pointed out and New Jersey,” Carlo Scissura, president of “Senator Schumer shares John Zuccotti’s in his column. the New York Building Congress, told Crain’s understanding that the success of our in early January. “And you will have four endeavors means the success of our exceptional “Aside from the new office space, hotels, Democratic Senators who will have part of city,” REBNY President John H. Banks said in residential buildings, and retail centers, the that victory.”
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The gift made possible and summer camps are able to come to the the purchase of a new museum free of charge. Real estate da Vinci surgical robot, the third such device at LeFrak has also worked to preserve open developer New York-Presbyteri- space in the city. In 2013, the LeFrak family Richard LeFrak’s an/Weill Cornell at the helped Brooklyn’s Prospect Park Alliance time. The LeFrak Center restore the park by providing a $10 million second career: also used the money to gift. The Samuel J. and Ethel LeFrak Center at giving back support multidisciplinary Lakeside today offers a location where local research toward innova- residents and visitors can bike, boat, roll- FOCUS: tions in robotic surgery, er-skate and ice skate in the winter. such as work aimed at any people in New York City’s real estate the creation of a center to train other physi- “The LeFrak family has a history of philan- community and beyond know Richard cians in robotic surgical techniques. thropy in Brooklyn, and all of New York, and MS. LeFrak for his role as chairman and their generous gift to Lakeside—a place CEO of LeFrak, a privately held, family-managed “It gives Karen and me great pleasure to support where families will enjoy a day outdoors, company with more than 115 years of experience continued work to advance new robotic treat- children will step out on to the ice for the very in real estate development and investment. ments and enhance care for patients,” LeFrak first time, and visitors can take in the beauty SUCCESS said at the time. of Prospect Park from a new vantage point— The firm—established by his great grandfather will continue that legacy,” NYC Parks Com- Aaron in 1905—has built a portfolio of more than The center, led by the internationally renowned missioner Veronica M. White said at the time. TALENT 40 million square feet of real property across the surgeon, Dr. Jim C. Hu, focuses on offering robot- ENTERPRISING U.S., primarily focusing on the New York metro- ic surgical techniques to patients. The robotically LeFrak who earned his B.A. from Amherst politan area, with significant interests in South assisted and minimally invasive surgical practic- College and J.D. from Columbia University, APPROACH Perspective Florida and the U.S. West Coast. es used at the center are designed to minimize has managed to maintain a full schedule of recovery time and post-op complications associ- charitable commitments while moving his Among the firm’s major assets are LeFrak City ated with traditional surgeries. business forward rapidly, too. community in central Queens, 40 W. 57th St. in Midtown Manhattan, and Gateway in Battery Everyone says they focus on clients. We focus on success Park City. LeFrak is also the developer of the “ REBNY does a herculean task and makes Newport community on the Hudson River water- — de ning the best ways to create positive momentum for front in Jersey City. it look easy. The real estate industry is our clients, their business, their people and THEIR clients in But LeFrak is equally well known in charitable made up of thousands of independent New York, the Tri-State or the world. The bene ts of circles for giving back to the community. He enterprising approaches, innovative perspectives and is this year’s honoree for the The Kenneth R. entrepreneurs who aren’t natural allies and Gerrety Humanitarian Award, which recog- multigenerational talent and experience — you’ll know it nizes a REBNY member’s meritorious service to the community. “REBNY does a herculean can have really different issues. But REBNY when you see it. task and makes it look easy,” LeFrak said in an emailed comment. “The real estate industry is brings the whole New York real estate made up of thousands of independent entre- colliers.com/newyork preneurs who aren’t natural allies. Huge com- industry to the table and they do it by being mercial property managers and small neigh- borhood real estate brokers are barely in the genuinely helpful to everyone. They really same business and they can have very different issues. But REBNY brings the whole New York are a critical asset to our industry.” real estate industry to the table and they do it by being genuinely helpful to everyone. They really are a critical asset to our industry.” Meanwhile, the Richard LeFrak Young Investiga- Among recent projects are the Ellipse, a 43-sto- The LeFrak Family and LeFrak charitable foun- tors program at the Icahn School of Medicine at ry luxury tower on the Jersey City waterfront, dations support a who’s who of philanthropic Mount Sinai aims to halve the time between med- and the repositioning of the former Dumont organizations and projects in New York. Among ical breakthroughs and patient benefits in urology. Hotel into the Murray Hill Marquis luxury apart- them are organizations such as the Guggenheim ments on Manhattan’s East 34th Street. Museum, the American Museum of Natural Lefrak also plays a leadership role in organizations History, Prospect Park, Barnard College, the New such as the Prostate Cancer Foundation, where In the past year he has been a voice of York Philharmonic and the Metropolitan Opera, he is a member of the board of directors, and the caution against high housing prices, telling re- as well as New York Presbyterian Hospital. American Museum of Natural History, where he porters that housing costs will need to fall at is vice chairman. He has previously served as a least 15% for an excess of high-end housing Through the Richard S. and Karen LeFrak trustee of Amherst College and of Trinity School. to be absorbed. Charitable Foundation, named for LeFrak and his wife, Karen, a children’s author, he and his Owing to a $10 million gift the LeFrak’s “We need more affordable product in the family funded the LeFrak Center for Robotic foundation made to the American Museum of market,” LeFrak said in a Bloomberg Tele- Surgery at New York Presbyterian Hospital, Natural History in 2012, hundreds of thou- vision interview in March. “There’s a huge Accelerating success. providing a $3 million gift in 2009. sands of children from New York City schools demand at that price point.”
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ENTERPRISING TALENT APPROACH Perspective
Everyone says they focus on clients. We focus on success — de ning the best ways to create positive momentum for our clients, their business, their people and THEIR clients in New York, the Tri-State or the world. The bene ts of enterprising approaches, innovative perspectives and multigenerational talent and experience — you’ll know it when you see it.
colliers.com/newyork
Accelerating success.
CN018521.indd 1 1/10/18 11:50 AM A Special Thank You
To the Brokers and Tenants Who Helped Make 2017 a Successful Year!
FRED F. FRENCH BUILDING 570 LEXINGTON AVENUE Propoint Graphics 261 FIFTH AVENUE JLL 551 5th Avenue Urbanspace Northwest Companies Cynthia Wasserberger Charles H. Greenthal Commercial Sales Corp. CBRE Cushman & Wakefield Cushman & Wakefield Amira Yunis New Age Training, Inc. Jonathan Serko Intrepid Real Estate Group Mark Weiss/Robert Eisenberg/ InnovaHealth Partners LP David Menaged 853 BROADWAY Remy Liebersohn Transwestern Charles Vaillant, Inc. Lauren Davidson/Alessio Tropeano 250 PARK AVENUE SOUTH Union Square Hospitality Group Transwestern Savills Studley Rizk Ventures Pentagram Lauren Davidson Michael Mathias/Luke Raimondo CBRE Newmark Knight Frank One Commercial Realty Services, LLC Roger P. Griswold Brian Waterman/Lance Korman NOMAD/Ilona Capital New Vista Horizons, Inc. Newmark Knight Frank Newport Group, Inc. Dash Financial Lisa Levina Matthew Siegel/Joseph Sipala Cushman & Wakefield Coldwell Banker Commercial Advisors Pasternick, Tilker, Ziegler, Walsh, Jonathan Schindler/Andrew Smith David Danick/Richard Selig Garnett Station Partners Stanton & Romano, LLP Transwestern Text 100 JJOP Realty Services 7 PENN PLAZA Joseph DeRosa/Alessio Tropeano/ Savills Studley Jack J. Jemal Peanuts Worldwide, Inc. Christopher Menard Howard Nottingham/Allyson Bowen/ CBRE Sol de Janeiro USA, Inc. Christina Bicks 2001 MARCUS AVENUE Commercial Spaces Group, LLC Gerry Miovski/Masha Dudelzak Flexport Tim Canty MD PLLC Mike Anton Destination Media, Inc. Cushman & Wakefield Bloom Real Estate Group MHP Real Estate Services Regent Atlantic, LLC Jospeh Cirone/Martin Manilla Scott Bloom/Josh McCord Real Property Advisors, Inc. Jesse Rubens George McCarthy Office of the Contract Administrator 251 PARK AVENUE SOUTH GARDEN CITY CENTER 100 Quentin Roosevelt Blvd Windsor Jewelers, Inc. Cushman & Wakefield Bankrate/The Points Guy The Square Foot Robert Eisenberg Savills Studley BTIG Jason Majlessi Douglaston Development, LLC Steve Berliner/Scott Weiss/Peter Cipriano Newmark Knight Frank MHP Real Estate Services Daniel Oliver 488 MADISON AVENUE 257 PARK AVENUE SOUTH Jesse Rubens MELVILLE SQUARE UNTUCKit mParticle Cushman & Wakefield 145 WEST 30TH STREET Newmark Knight Frank CORPORATE CENTER Mike O’Neill/Jason Greenstone/Taylor Reynolds Alvanon, Inc. Daniel Levine Merchant Pro Express Colliers international Team8 Benchmark Properties Burns McLellan Patricia Miller Newmark Knight Frank Michael Beyda Cushman & Wakefield Scott Brown/Morgan Feldman Turner Trade School Douglas Dolgoff Norman Bobrow & Company ISAIA 200 WEST 57TH STREET Josh Berger Savills Studley The Center for Anxiety, LLC Skift, Inc. John Mambrino/Nicholas Farmakis MHP Real Estate Services Cushman & Wakefield Jesse Rubens/Jessica Trizano Matthew Etlinger
Owner/Manager :: 7 Penn Plaza, NY, NY 10001 Member of 212.563.6557 :: www.feilorg.com NOTHING BEATS 60 YEARS OF STABILITY.
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to the culture of the of directors. Currently, Podell serves as a firm and its retail member of REBNY’s commercial brokerage This retail department. “There is division board of directors, retail committee, TF Cornerstone is pleased to announce our 2017 leasing transactions within our New York Portfolio. a tremendous amount and Lower Manhattan office building Thank you to the following tenants and their participating brokers. broker’s secret of cooperation,” she committee. to closing deals? said. “We all learn from one another regarding A three-time recipient of the prestigious Hard work what is going on in the REBNY Retail Deal of the Year Award, market.” she first won the award in 1998 for her involvement in the leasing of Harlem O ce Since then, Podell USA. “I felt like I was doing things for the has guided the retail community,” said Podell. “It’s nice when you oanne Podell, executive vice chairman strategies of clients including TD Bank, Nike, can do things that have value for everyone.” Carnegie Hall Tower Regals Capital Management LP CBRE at Cushman & Wakefield, has had a seat Ann Taylor, LOFT, H&R Block, Destination Robert Kluge at the table of some of New York City’s XL, Cole Haan, Dean & DeLuca and Converse. She won her subsequent Deal of the Year Anexia, Inc. J Oxford Property Group Sberbank CIB USA, Inc. highest-profile retail deals. In late 2016, she She has also represented major New York Awards in 2000 for the Ethan Allen lease in Andrew Wetmore CBRE led the transaction with Nike when it signed City landlords such as Empire State Realty Harlem, and in 2017 for bringing Nike to 650 Jason L Pollen, Benjamin Friedland & Silvio Petriello a lease on a more than 60,000-square-foot Trust (ESRT), Trump, Madison Capital and Fifth Ave. Brill Securities, Inc. CBRE Midtown Manhattan flagship space at 650 TIAA-CREF. Signet Healthcare Partners, LP Benjamin Friedland & Silvio Petriello CBRE Fifth Avenue—among the largest deals in Podell is an active participant in Cushman Silvio Petriello & Timothy Freydberg commercial real estate history. In doing so, she has been involved in & Wakefield’s women’s networking Canyon Partners LLC Sire Management Corporation many challenging endeavors, such as the organization, Artemis, and enjoys mentoring JLL Cynthia Wasserberger & Hayley Shoener Sprayregen Real Estate Advisors Her secret to success? “I think you need to Manhattan rollout of TD Bank (with 50 colleagues. “I feel—and this is not specific Philip Sprayregen focus on the work,” said Podell. “Just focus locations to date) and developing flagship to Cushman—there is a sense of isolation Centurion Physical Therapy, P.C. Integrity Real Estate Partners Stonehenge Capital Corporation on serving your clients. It’s not simple, but stores for Nike in Washington, D.C. and San in a business that is primarily male,” said David West Cushman & Wakefi eld, Inc. it’s as simple as that. Don’t worry about Francisco. Podell. “I think that is going to change over Jamie Katcher & Sebastian Infante what other people are doing. There is always JBR Law Firm NKF The Sage Group, LLC opportunity in good markets and bad.” Moshe Sukenik & Jordan Brustein CBRE Alexander Golod & Brad Needleman At its annual banquet on Jan. 18, The Real “ I think you need to focus on the work. Master Com Group USA Corp. Citi Habitats Tillman Global Holdings LLC Estate Board of New York (REBNY) is Elena Ravich NKF honoring Podell with The Louis Smadbeck Just focus on serving your clients. It’s not John Moran Memorial Broker Recognition Award, Moab Partners, LLC Hanley Advisors LLC WNW Capital Inc. which celebrates a commercial broker simple, but it’s as simple as that. Don’t James Seo NKF with exceptional personal and professional Joshua Gosin & Jordan Gosin New York City Opera, Inc. integrity, leadership, prominence in the worry about what other people are doing. JLL brokerage community and service to Steven Bauer & Harley Dalton 387 Park Avenue South REBNY’s committees. There is always opportunity in good Pearl Studio LLC Criteo Corp. Jonathan Barry Associates, Inc. Cushman & Wakefi eld, Inc. “It’s very exciting for me,” said Podell. “It’s Greg Lublin & Luke Elliot Peter Trivelas, Dirk Hrobsky, Gary Ceder & markets and bad.” Chris Helgesen not something I’m very casual about.” Petra Holdings, LLC NKF Carnegie Hall Tower Podell started her career in real estate 27 Leslie Harwood & Brent Ozarowski years ago after a foray as a home furnishings retailer did not work out. A friend suggested She also individually represented both Kay time.” She volunteers and fundraises for she try real estate, given that she had Jewelers and Converse in the openings of charitable organizations such as the Young Retail experience negotiating the leases for 10 their first Manhattan stores. Among recent Women’s Leadership Network and Same stores in the New York Metropolitan area. deals she has brokered with her team include Sky, a trade initiative that provides training bringing a Nike flagship to 529 Broadway and employment for HIV-positive women 33 Bond Street 23 E 10th St “With some trepidation, I said, ‘Let me try in SoHo and leasing 43,000 square feet to survivors of the 1994 Rwandan genocide. Devoción Lucky Lee this,’” Podell recalled. She began working Target at ESRT’s 112 W. 34th St. Covell Consulting Group AG Consulting in retail leasing for the late Charles Aug at When she’s not at her desk or meeting Jordan Covell Adam Goldschmidt Garrick-Aug Associates, a store leasing Podell, who is consistently ranked among clients, Podell says one of her favorite spots Winick Realty Group company. Aug had helped her find stores. Cushman & Wakefield’s top 10 U.S. brokers, in the city to relax and take in the view is a Aaron Fishbein, Daniyel Cohen & Steven Baker 95 Horatio Street “There are many alumni who have done was the firm’s overall top retail broker tiny park at the end of 56th Street, near the nicely as a result of being part of that in the U.S. in both 2014 and 2015. She is river. “It is really magical,” she said. “It’s Dépanneur - Artisanal Market White Columns Ripco Real Estate Corp. Savills Studley specialty group,” she said. the first broker in Cushman & Wakefield’s heavenly.” Benjamin Weiner L. Craig Lemle retail services division to receive the title Winick Realty Group 33 Bond Street Podell later joined New Spectrum, which of executive vice chairman. She was also In her free time, Podell likes to sojourn at her Aaron Fishbein, Daniyel Cohen & Steven Baker was acquired by Newmark Grubb Knight Cushman & Wakefield’s 2016 top global house in the Hamptons, where she enjoys Frank and was eventually recruited by broker. golfing and being with her family. She has Cushman & Wakefield to help build the three grown sons and three grandchildren. firm’s retail practice. Podell first got involved with REBNY in the “As soon as I get on the Triborough Bridge For o ce leasing opportunities, please contact: For retail leasing opportunities, please contact: late 1990s. She has served as chair of the and see the skyline, I think I am the luckiest Kristin E Sather Matthew T. Leon Steve N. Gonzalez Podell joined Cushman & Wakefield in retail committee and vice chairwoman of person to be living here,” she said. TF Cornerstone Newmark Grubb Knight Frank TF Cornerstone September 2000. She took immediately the REBNY’s commercial brokerage board Senior Vice President Executive Managing Director Director of Retail Leasing [email protected] [email protected] [email protected] 212-984-1734 212-372-2041 212-984-1768 S23
2018 REBNY Section MECH.indd 23 1/11/18 3:35 PM TF Cornerstone is pleased to announce our 2017 leasing transactions within our New York Portfolio. Thank you to the following tenants and their participating brokers.
O ce
Carnegie Hall Tower Regals Capital Management LP CBRE Robert Kluge Anexia, Inc. Oxford Property Group Sberbank CIB USA, Inc. Andrew Wetmore CBRE Jason L Pollen, Benjamin Friedland & Silvio Petriello Brill Securities, Inc. CBRE Signet Healthcare Partners, LP Benjamin Friedland & Silvio Petriello CBRE Silvio Petriello & Timothy Freydberg Canyon Partners LLC JLL Sire Management Corporation Cynthia Wasserberger & Hayley Shoener Sprayregen Real Estate Advisors Philip Sprayregen Centurion Physical Therapy, P.C. Integrity Real Estate Partners Stonehenge Capital Corporation David West Cushman & Wakefi eld, Inc. Jamie Katcher & Sebastian Infante JBR Law Firm NKF The Sage Group, LLC Moshe Sukenik & Jordan Brustein CBRE Alexander Golod & Brad Needleman Master Com Group USA Corp. Citi Habitats Tillman Global Holdings LLC Elena Ravich NKF John Moran Moab Partners, LLC Hanley Advisors LLC WNW Capital Inc. James Seo NKF Joshua Gosin & Jordan Gosin New York City Opera, Inc. JLL Steven Bauer & Harley Dalton 387 Park Avenue South
Pearl Studio LLC Criteo Corp. Jonathan Barry Associates, Inc. Cushman & Wakefi eld, Inc. Greg Lublin & Luke Elliot Peter Trivelas, Dirk Hrobsky, Gary Ceder & Chris Helgesen Petra Holdings, LLC NKF Leslie Harwood & Brent Ozarowski Carnegie Hall Tower
Retail
33 Bond Street 23 E 10th St
Devoción Lucky Lee Covell Consulting Group AG Consulting Jordan Covell Adam Goldschmidt
Winick Realty Group Aaron Fishbein, Daniyel Cohen & Steven Baker 95 Horatio Street
Dépanneur - Artisanal Market White Columns Ripco Real Estate Corp. Savills Studley Benjamin Weiner L. Craig Lemle
Winick Realty Group 33 Bond Street Aaron Fishbein, Daniyel Cohen & Steven Baker
For o ce leasing opportunities, please contact: For retail leasing opportunities, please contact:
Kristin E Sather Matthew T. Leon Steve N. Gonzalez TF Cornerstone Newmark Grubb Knight Frank TF Cornerstone Senior Vice President Executive Managing Director Director of Retail Leasing [email protected] [email protected] [email protected] 212-984-1734 212-372-2041 212-984-1768
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B R O A D W A Y W E L C O M E S
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CN018519.indd 1 1/10/18 11:50 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS
Rudin says the one thing a microsuite of cloud-based applications for The Undisputed Leader in New York City Healthcare Properties A building star that has kept him at the building owners and operators developing company is its culture. sustainability strategies. The technology Premier Available Medical Properties embraces the is owned by Internet of Things startup “Even at the entry-level Prescriptive Data, launched by Rudin in 2015. digital era positions you knew the owners,” he says. “They “Buildings have gotten complicated,” said saw you and interacted Boniberger. “They are much more complicated with you. It was a very than 30 or 40 years ago. The industry as a whole, different situation. You whether it’s dealing with regulations or replacing could tell they cared about building systems, continues to advance and the people that worked for become more technologically advanced.” ene Boniberger has experienced them. I saw that more and more over the years. many of New York City’s crises I knew it was a not the normal company to work Boniberger has been involved with REBNY since Gfirsthand in his 40 years at Rudin for. I owe my career to the culture of the company, about 2012 and was previously recognized with Management Company. some terrific mentors—and the Rudin family.” REBNY’s Residential Management Community Service Award and the Edward A. Riguardi During Hurricane Sandy, 80 Pine Street, one Boniberger also enjoys working in New York City. Commercial Management Executive of the Year. of the company’s properties, took about 5 “Every different area of the city is like a different He serves on REBNY’s Management Division PARK.SIXTY MEDICAL 110 East 60th Street Between Park & Lexington Avenue | Size: 4,500 – 155,000 SF +/- for lease million gallons of water in the basement, with little city,” he says. “It’s very interesting as you get Board of Directors, Commercial and Residential 1 1 /2 feet deep of water in the ground-floor around the city to different communities. There Management Councils, and Sustainability and lobby, he recalled. are good restaurants all over the city. Overall, it’s Technology Committees. an interesting place to be.” “We almost lost two people in the basement Boniberger lives with his wife Susan in when it flooded,” said Boniberger, senior vice One perk of his job is the view from his office West Islip, on Long Island and their three president and director of building operations at 345 Park Avenue. “I spend a lot of time young adult children. In his spare time, he SPECTACULAR PARK VIEWS NEW WEST SIDE DEVELOPMENT RITZ TOWER MEDICAL THE SUNNYSIDE THE BEST OF PARK Rudin Management Co., a privately owned in my office,” he says. “I have a nice view of said, he likes to fish and boat. One of his 4 West 58th Street 600 West 58th Street 111 East 57th Street 38-01 Queens Boulevard 740 Park Avenue firm, which owns and manages more than Lexington Avenue, looking South. I can look favorite spots is in the Great South Bay, on Between 5th & 6th Avenue At Eleventh Avenue At Park Avenue Between 38th & 39th Street Between East 71st & East 72nd Street Size: 3,974 – 18,296 SF +/- for lease Size: 18,620 SF +/- for lease Size: 1,228 – 37,579 SF +/- for lease Size: 1,500 – 18,602 SF +/- for lease Size: 2,100 SF and 2,330 SF +/- for sale 15 million square feet of New York City real out to the East River.” the South Shore of Long Island. He is also a estate. “The building manager and chief private pilot and aviation enthusiast. engineer were in the basement when it As he has moved ahead in his career, flooded. They were able to get out in the nick Boniberger has found Dick Concannon, He is active in several charities, as well, serving on of time. They were basically swimming in formerly senior vice president of operations at the board of DonateEight, an organization that the basement. They had to get pulled out by Rudin, to be an important mentor. Boniberger raises awareness of the need for organ donors,
other members of the team.” SUTTON PLACE DENTAL RUTHERFORD PLACE MEDICAL CONDO BUILD TO SUIT MURRAY HILL MEDICAL CONDO THE DOWNTOWN MEDICAL BUILDING 400 East 56th Street 303-305 Second Avenue 418 East 71st Street 308 East 38th Street 156 William Street “ Buildings have gotten complicated. They Sutton Place South & First Avenue Between East 17th & East 18th Street Between First & York Avenue Between First & Second Avenue Between Ann & Beekman Street The next day, the team went back to work on Size: 3,257 SF +/- for sale Size: 2,170 SF +/- for sale/lease Size: 985 – 4,735 SF +/- for lease Size: 516 SF +/- for sale Size: 3,000 – 19,385 SF +/- for lease the recovery effort. “When you have a good team, everyone knows what they need to do,” are much more complicated than 30 or 40 said Boniberger. years ago. The industry as a whole, whether The Real Estate Board of New York (REBNY) is recognizing Boniberger with The George M. it’s dealing with regulations or replacing Brooker Management Executive of the Year MAGNIFICENT TOWNHOUSE FIFTH AVENUE FOR SALE/LEASE PERFECT FOR PSYCHIATRIST LOCATION LOCATION LOCATION PRIME MEDICAL ON UPPER EAST SIDE Award at its 122nd annual banquet on Jan.18. 12 East 68th Street 1041 Fifth Avenue 180 East 79th Street 791 Park Avenue 1035 Third Avenue building systems, continues to advance and Between Madison & 5th Avenue Between East 84th & East 85th Street Between Lexington & Third Avenue At 74th Street Between East 61st & East 62nd Street The award honors individuals of superior Size: 1,180 SF +/- for lease Size: 1,275 SF +/- for sale/lease Size: 1,220 SF +/- for sale Size: 1,300 SF +/- for sale Size: 1,120 – 3,874 SF +/- for lease accomplishment in property management become more technologically advanced.” based on outstanding professionalism, civic achievement and contributions to the real estate industry. assumed management of his department from and a member of the LiveOnNY foundation board, Concannon—who still works at the company as an affiliated organ donation group. Boniberger joined the Rudin organization a consultant one day a week—in 2013. in 1977 as a building engineer’s helper. That “New York State, as compared to the rest of SUTTON AREA MEDICAL FABULOUS FIFTH AVENUE SMALL GEM ON FIFTH FABULOUS PARK AVENUE LOCATION CHARMING UWS MEDICAL OFFICE position led to a variety of jobs in different “Before that, we worked together for my entire the country, ranks in last place in terms of 333 East 57th Street 800A Fifth Avenue 1056 Fifth Avenue 700 Park Avenue 8 West 86th Street Between 2nd & 1st Avenue At East 61st Street Between East 86th & East 87th Street Between East 69th & East 70th Street Between Central Park West & Columbus Ave. buildings, as he moved up in the ranks in career,” said Boniberger. “It goes back to the people who are eligible to be donors who are Size: 1,200 SF +/- for sale Size: 950 SF, 1,860 SF & 4,293 SF +/- for lease Size: 678 SF +/- for sale Size: 1,800 SF +/- for sale Size: 1,200 SF +/- for lease roles including chief engineer and building company culture--being surrounded by good signed up,” Boniberger said. manager for several properties, as well as people who want to do a good job, like their job operations manager and vice president for and are interested in the business.” The big culprit, he said, is lack of awareness commercial building operations. of the need. Money the organization raises Active in “PropTech,” a popular moniker for at an annual cocktail event every June is Today, Boniberger manages the Rudin technology related to real estate, Boniberger donated to LiveOnNY, an organization that operations department as well as the day- co-invented the Digital Building Operating uses funds for advertising, outreach and MEDICAL CONDO IN FORT GREENE UPPER EAST SIDE MEDICAL / RETAIL SUTTON PLACE RETAIL / MEDICAL PRESTIGIOUS PARK AVENUE CARNEGIE HILL MEDICAL SPACE 55 Greene Avenue 260 East 67th Street 2 Sutton Place North 950 Park Avenue 1172 PARK AVENUE to-day operation of the organization’s System (DiBOSS), which helps a building’s education of medical professionals related to At Carlton Avenue At Second Avenue York Avenue @ 61st Street Between East 81st & East 82nd Street Between East 92nd & East 93rd Street commercial and residential portfolios, and systems communicate with each other; and organ donation. Once people find out about Size: 1,916 SF +/- for sale Size: 1,915 to 10,858 SF +/- for lease Size: 2,000 SF +/- for lease Size: 1,100 SF +/- for sale Size: 1,501 SF +/- for sale the mechanical, electrical and plumbing NANTUM, a real-time building operating the scarcity of donors, said Boniberger, For information on these properties and for the largest selection of Healthcare Properties in New York City, call: aspects of all new construction projects. system/integration platform that provides “they want to sign up.” Paul L. Wexler | Lic. Associate Real Estate Broker | o: 212.836.1075 | [email protected] | www.healthcare-properties.com
Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. S27 All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.
40168_PWexler Available Properties_Crain's_10.875x14.5.indd 1 1/8/18 1:38 PM 2018 REBNY Section MECH.indd 27 1/11/18 3:35 PM The Undisputed Leader in New York City Healthcare Properties Premier Available Medical Properties
PARK.SIXTY MEDICAL 110 East 60th Street Between Park & Lexington Avenue | Size: 4,500 – 155,000 SF +/- for lease
SPECTACULAR PARK VIEWS NEW WEST SIDE DEVELOPMENT RITZ TOWER MEDICAL THE SUNNYSIDE THE BEST OF PARK 4 West 58th Street 600 West 58th Street 111 East 57th Street 38-01 Queens Boulevard 740 Park Avenue Between 5th & 6th Avenue At Eleventh Avenue At Park Avenue Between 38th & 39th Street Between East 71st & East 72nd Street Size: 3,974 – 18,296 SF +/- for lease Size: 18,620 SF +/- for lease Size: 1,228 – 37,579 SF +/- for lease Size: 1,500 – 18,602 SF +/- for lease Size: 2,100 SF and 2,330 SF +/- for sale
SUTTON PLACE DENTAL RUTHERFORD PLACE MEDICAL CONDO BUILD TO SUIT MURRAY HILL MEDICAL CONDO THE DOWNTOWN MEDICAL BUILDING 400 East 56th Street 303-305 Second Avenue 418 East 71st Street 308 East 38th Street 156 William Street Sutton Place South & First Avenue Between East 17th & East 18th Street Between First & York Avenue Between First & Second Avenue Between Ann & Beekman Street Size: 3,257 SF +/- for sale Size: 2,170 SF +/- for sale/lease Size: 985 – 4,735 SF +/- for lease Size: 516 SF +/- for sale Size: 3,000 – 19,385 SF +/- for lease
MAGNIFICENT TOWNHOUSE FIFTH AVENUE FOR SALE/LEASE PERFECT FOR PSYCHIATRIST LOCATION LOCATION LOCATION PRIME MEDICAL ON UPPER EAST SIDE 12 East 68th Street 1041 Fifth Avenue 180 East 79th Street 791 Park Avenue 1035 Third Avenue Between Madison & 5th Avenue Between East 84th & East 85th Street Between Lexington & Third Avenue At 74th Street Between East 61st & East 62nd Street Size: 1,180 SF +/- for lease Size: 1,275 SF +/- for sale/lease Size: 1,220 SF +/- for sale Size: 1,300 SF +/- for sale Size: 1,120 – 3,874 SF +/- for lease
SUTTON AREA MEDICAL FABULOUS FIFTH AVENUE SMALL GEM ON FIFTH FABULOUS PARK AVENUE LOCATION CHARMING UWS MEDICAL OFFICE 333 East 57th Street 800A Fifth Avenue 1056 Fifth Avenue 700 Park Avenue 8 West 86th Street Between 2nd & 1st Avenue At East 61st Street Between East 86th & East 87th Street Between East 69th & East 70th Street Between Central Park West & Columbus Ave. Size: 1,200 SF +/- for sale Size: 950 SF, 1,860 SF & 4,293 SF +/- for lease Size: 678 SF +/- for sale Size: 1,800 SF +/- for sale Size: 1,200 SF +/- for lease
MEDICAL CONDO IN FORT GREENE UPPER EAST SIDE MEDICAL / RETAIL SUTTON PLACE RETAIL / MEDICAL PRESTIGIOUS PARK AVENUE CARNEGIE HILL MEDICAL SPACE 55 Greene Avenue 260 East 67th Street 2 Sutton Place North 950 Park Avenue 1172 PARK AVENUE At Carlton Avenue At Second Avenue York Avenue @ 61st Street Between East 81st & East 82nd Street Between East 92nd & East 93rd Street Size: 1,916 SF +/- for sale Size: 1,915 to 10,858 SF +/- for lease Size: 2,000 SF +/- for lease Size: 1,100 SF +/- for sale Size: 1,501 SF +/- for sale
For information on these properties and for the largest selection of Healthcare Properties in New York City, call: Paul L. Wexler | Lic. Associate Real Estate Broker | o: 212.836.1075 | [email protected] | www.healthcare-properties.com
Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.
CN018512.indd 1 1/10/18 11:39 AM Some closed transactions in 2017
Thank you to all who helped make it happen…
SOLD SOLD SOLD SOLD Queens, NY Brooklyn, NY Bronx, NY Bronx, NY $135,000,000 $46,900,000 $38,100,000 $38,000,000 21 Story Elevator Build- Two 12 Story Elevator 8 Story Elevator Bldg. 6 Story Elevator Bldg. ing Bldgs. 223 Residential Units 180 Residential Units 925 Residential Units 107 Residential Units 203,000 SF 278,000 SF 745,000 SF 113,500 SF
SOLD SOLD SOLD SOLD SOLD Bronx Portfolio Manhattan, NY NJ Portfolio Manhattan, NY Manhattan, NY $34,700,000 $19,600,000 $15,500,000 $14,000,000 $11,550,000 8 Buildings Three 5 Story Walkup Five 5 Story Walk Three 5 Story Walkups Two 5 Story Walkup 226 Residential Units Bldgs. Bldgs. 58 Residential Units Bldgs. 2 Retail Spaces 91 Residential Units 148 Residential Units 29,000 SF 47 Residential Units 220,000 SF 65,220 SF 110,000 SF 40,000 SF
SOLD SOLD SOLD SOLD NOTE SALE Bronx, NY Bronx, NY Manhattan, NY Bronx, NY Brooklyn, NY $11,100,000 $10,500,000 $9,000,000 $7,700,000 $4,700,000 Two 5 Story Walkup 6 Story Elevator Bldg. 5 Story Walkup Bldg. 5 Story Walkup Bldg. 3 Parcels Bldgs. 66 Residential Units 40 Residential Units 41 Residential Units 60 Residential Units 63,000 SF 20,000 SF 46,000 SF 51,000 SF
Steven Vegh Direct: 212 335 0797 [email protected] westwoodra.com
CN018503.indd 1 1/5/18 1:01 PM We are actively seeking to participate in investment partnerships or acquire properties for our own account. WE SPECIALIZE IN: Ownership | Strategic Acquisitions Agency Representation | Tenant Representation Property Management
Scott Galin, Principal 212.398.1888 Handler-re.com
CN018511.indd 1 1/5/18 1:02 PM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS
With extensive complex lease and acquisition transactions From an early experience in agency throughout Manhattan. He has also been leasing, Lo Russo is involved in mergers and acquisitions activity age, this exec known for driving new at the firm, leading its strategic purchase business opportunities of Massey Knakal Realty in 2014, and the knew his calling for the firm through acquisition and integration of New York’s top was real estate creative leasing capital markets team from Eastdil Secured, campaigns. The Agency which strengthened the firm’s position in Consulting Group he runs capital markets throughout the region. 1 1 1 EAST 59TH STREET serves many landlords in New York City. “There is nothing that really worries me about BLOOMI NGDALE’ S CORRIDO R BET WEE N L E XINGT ON & PARK AVENUES New York City real estate,” said Lo Russo. “I want our business “There are ups and downs but the market is on Lo Russo first became interested to be known as the best in the industry and the most resilient I’ve ever seen. The diversity in real estate while growing up and the place where landlords will find excellent of people, cultures and livelihoods makes it a Robserving his father, who was a unparalleled service,” said Lo Russo. place people want to be.” contractor who had built two-family homes. “Ultimately I want to pass that along to the younger people in my group. I want this to Outside of his role at Cushman & Wakefield, “I always thought it would be great owning have real sustainability.” Lo Russo finds many ways to pay it forward; property,” he said. “I was in the fifth or sixth he is chairman emeritus of the Young Men’s/ grade when I wanted to be in real estate In the past, Lo Russo served as president Women’s Real Estate Association. “It’s a which was a little unusual.” of the Tri-State Region, overseeing the great platform for young professionals to operations and performance of the 15 get together and network and fulfill a civic It turned out that Lo Russo knew himself well regional offices throughout New York, New responsibility by giving back,” he said. In at that tender age. Today his life revolves Jersey and Connecticut. Lo Russo served addition to projects such as raising money around real estate: He is president of real as a member of Cushman & Wakefield’s for the Wounded Warrior Project, the group estate services company Cushman & executive management team in the U.S. and provides monthly educational luncheons to Wakefield’s Agency Consulting Group. reported directly to the CEO of the Americas. young professionals. He was also a member of the firm’s global Lo Russo is being honored with The operating committee. “I always look to be helpful to any members Young Real Estate Professional of the Year of the organization,” he says. Award at the Real Estate Board of New At Cushman & Wakefield, Lo Russo launched York’s (REBNY’s) 122nd Annual Banquet. and developed “PREP” (Professional Real He also serves on the boards of the Boy Individuals in the industry who exemplify Estate Program), a regional training and Scouts of New York and Tomorrow’s Hope; integrity, professionalism and personal ethics are selected by the Young Men’s/Women’s Real Estate Association of New York for this recognition. “ There is nothing that really worries Lo Russo, a graduate of NYU’s Stern School of Business, began his career at age 22 at me about New York City real estate. Vornado, where he started out in a property management role. He worked his way up There are ups and downs but the through what is now Vornado Realty Trust. He spent seven years as vice president of leasing market is the most resilient I’ve ever for the New York Office Division, overseeing a portfolio of commercial real estate seen. The diversity of people, cultures transactions totaling more than 6.5 million square feet. He was involved in REBNY from and livelihoods makes it a place people the start of his career.
“I wanted to be transacting real estate deals want to be.” in New York,” he said. “The magnitude of the deals and the people you get to work with • 32 ft of vertical glass storefront For Inquiries Contact: are the highest level in New York. From the Free Standing ownership level to the brokers, you’re always • Steps from Lexington Avenue/59th street subway Andrew Mandell • [email protected] dealing with the best and most successful rotational program for aspiring commercial he is a trustee of the Citizens Budget Retail Box (4,5,6,N,Q,R trains) Richard Skulnik • [email protected] caliber of individuals. I was attracted to it.” real estate professionals. He enjoys Commission and a member of Partnership • Up to 25,000 sf • 21,557,198 annual ridership mentoring new team members at the firm. for New York City. • On 59th between Bloomingdales & Apple Jeremy Modest • [email protected] After 16 years at Vornado, he joined Cushman “I’m looking for people with a passion for & Wakefield, where one draw was the culture. the business,” he said. “I look for business Raised in Bergen County, New Jersey, Lo • Ground Floor: 7,700 sf / 17’ Ceilings “It’s the biggest family organization without maturity.” Russo now resides in Garden City, Long • Second Floor: 11,000 sf / 15’ Ceilings 212.750.6565 • www.ripcony.com being a family organization,” he says. “It’s Island with his wife and three children. To • Lower Level: 5,800 sf / 15’8” Ceilings hard to explain. I have deep relationships Lo Russo, who holds a J.D. from New York relax, he boxes at New York Athletic Club. with people on a local level, a national level Law School and is licensed to practice law “It’s a great workout,” he said. “Afterwards,
and a global level.” in New York and New Jersey, has structured I am extremely relaxed.” Ripco Real Estate is a licensed real estate broker located at 150 E 58th St, New York, NY 10155. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Ripco makes no warranty or representation as to the accuracy S31 thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.
2018 REBNY Section MECH.indd 31 1/11/18 3:35 PM 1 1 1 EAST 59TH STREET
BLOOMI NGDALE’ S CORRIDO R BET WEE N L E XINGT ON & PARK AVENUES
Free Standing • 32 ft of vertical glass storefront For Inquiries Contact: Retail Box • Steps from Lexington Avenue/59th street subway Andrew Mandell • [email protected] (4,5,6,N,Q,R trains) • Up to 25,000 sf Richard Skulnik • [email protected] • 21,557,198 annual ridership • On 59th between Bloomingdales & Apple Jeremy Modest • [email protected] • Ground Floor: 7,700 sf / 17’ Ceilings • Second Floor: 11,000 sf / 15’ Ceilings 212.750.6565 • www.ripcony.com • Lower Level: 5,800 sf / 15’8” Ceilings
Ripco Real Estate is a licensed real estate broker located at 150 E 58th St, New York, NY 10155. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Ripco makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.
CN018505.indd 1 1/10/18 11:38 AM ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS
REBNY has called for the removal of zoning Sustainability push: In February of 2017, REBNY’s 2017: A key restrictions on mid-block buildings—located REBNY teamed up with Mayor de Blasio industry organization in what is known as the “preservation area”— to launch the NYC Carbon Challenge for looks back at an which mandate that 50% of the space in these Commercial Owners and Tenants. buildings be used by apparel manufacturers. STRATEGIC HUNTS POINT LOCATION influential year With employment in the garment industry In the challenge, new commercial owners and waning, these buildings generate tax revenue tenants joined forces to identify strategies 1300 VIELE AVENUE & 1301 RYAWA AVENUE The year 2017 was an exciting one for New York that is half that of buildings not subject to to implement energy efficiency projects and City’s real estate community, with projects the zoning restrictions. reduce greenhouse gas emissions from their such as SL Green’s skyscraper One Vanderbilt buildings by 30% or more, in 10 years. BRONX, NY breaking ground in late 2016 and moving “Over the past 30 years, these zoning ahead with construction, development projects restrictions have failed manufacturers and city When City Council legislation was introduced sweeping over the Bronx, and new zoning rules residents alike with declining employment and in September to mandate fossil fuel use limits proposed for Manhattan’s Garment District and forgone tax revenue,” said Banks. on commercial and residential buildings over Greater East Midtown. 25,000 square feet, REBNY met with the Under the EDC’s proposal, 50% of the space administration and City Council to stress “The mark of a thriving and vibrant city is must be set aside for apparel manufacturers. the unintended consequences of these constant ingenuity and improvement – that Manufacturers would have an option to move mandates—notably a disproportionate effect is, after all, the engine underneath all new into less expensive, state-of-the-art space at on multi-family buildings, which mainly rely development,” said John H. Banks, Real Estate the Brooklyn Army Terminal and Bush Terminal on natural gas and oil. The plan, which goes Board of New York (REBNY) president. “Bold, in Sunset Park. into effect in 2030, sets specific fossil-fuel use innovative thinking tends to be rewarded in our limits based upon the building type. Buildings industry, and the results of that are on display that use too much fossil fuel to meet the all around us in New York.” guidelines will face severe financial penalties.
Against this backdrop, real estate-related REBNY’s Sustainability Committee also taxes brought in $28.7 billion into New York met with members of the United Nations PRIME LAST MILE, LARGE BOX WAREHOUSE City’s coffers. Meanwhile, REBNY’s Real Environment Program—Finance Initiative Estate Broker Confidence Index found that (UNEP FI), a partnership, between UNEP 120,775 SF broker confidence in the New York City real and the global financial sector, aimed at +$5 MILLION CAPITAL IMPROVEMENTS UNDERWAY estate market increased slightly to 6 out of encouraging sustainable finance. AVAILABLE 10 in the third quarter of 2017, up 0.11 from 8 LOADING DOCKS, 8 DRIVE-IN DOORS the previous quarter. Improved confidence In conjunction, REBNY released its FOR LEASE in residential financing and commercial Sustainability Statement, which includes 20' CLEAR HEIGHT, PRIVATE PARKING leasing drove this increase in overall market six commitments to fiscally, socially and confidence. REBNY regularly surveys its environmentally responsible business residential and commercial brokerage division practices among real estate management members to measure their confidence in the firms in NYC. New York City real estate market. Survey OCCUPANCY 1ST QUARTER 2018 results are published quarterly. “We have attempted unsuccessfully to The statement has received widespread assist this industry through zoning and support in the industry. Among the “Our Broker Confidence Index reflects land use controls for 30 years,” said Banks. REBNY members who have adopted the cautious optimism among REBNY brokers, “It is time for a better path forward for these statement are ATCO, Brookfield, CodeGreen who closely monitor economic indicators businesses that have called New York Solutions, the Durst Organization, Fetner, that impact commercial and residential home for decades.” Kibel Companies, LaSalle Investment transactions across New York City’s real Management, RFR, Rudin Management estate market,” Banks said. “Residential The Greater East Midtown rezoning plan: Company, Inc., Silverstein Properties, SL brokers express confidence in their ability Enacted in August, this plan—in which Green, TF Cornerstone, Time Equities, to reconcile buyers’ and sellers’ price REBNY played an active role—establishes Tishman Speyer and Vornado. expectations, and commercial brokers are a mechanism to increase the allowable hopeful about opportunities in the leasing floor area for the development of new office Improved member services: In 2017, market.” buildings in the Greater Midtown East REBNY’s residential brokerage division commercial district. The plan sets up a way launched syndication through the REBNY REBNY undertook some key initiatives to for landmarked properties to transfer unused Residential Listing Service (RLS). The move make the most of current opportunities. Here development of their air rights to office came at a time when competition in the are some of the major ones for REBNY and its buildings within the district. listings space was heating up. More than members. 300 residential brokerage firms are currently The transfers are conditioned upon a participating in syndication, representing Proposed changes to Garment District contribution to a fund for the creation of more than 75% of firms with active listings zoning: In the Garment District of Manhattan, public realm improvements, which will in the RLS. OWNED AND MANAGED BY CO-EXCLUSIVE LEASING BROKERS the New York City Economic Development result in upgrades of the local mass-transit Corporation (EDC), with the support of the infrastructure and, ideally, more space for That is just the beginning according to Garment Center Business Improvement New Yorkers to relax. “These improvements Banks. REBNY has ambitious plans to expand FOR LEASING INFORMATION, CONTACT: District, introduced a proposal to remove will enhance subway stations and transit its technological offerings and introduce zoning restrictions that critics say have service in the area, while expanding public new ones as the real estate industry GARY CAPETTA MATTHEW CORPUEL JOHN REINERTSEN choked off growth in the neighborhood. open space,” said Banks. continues to evolve. Pantheon Properties Pantheon Properties CBRE Principal Senior Vice President Senior Vice President S33 +1 212 277 7504 +1 212 277 7510 +1 718 289 7720 [email protected] [email protected] [email protected]
2018 REBNY Section MECH.indd 33 1/11/18 3:35 PM CN018510.indd 1 1/5/18 1:17 PM STRATEGIC HUNTS POINT LOCATION 1300 VIELE AVENUE & 1301 RYAWA AVENUE BRONX, NY
PRIME LAST MILE, LARGE BOX WAREHOUSE +$5 MILLION CAPITAL IMPROVEMENTS UNDERWAY 120,775 SF 8 LOADING DOCKS, 8 DRIVE-IN DOORS AVAILABLE 20' CLEAR HEIGHT, PRIVATE PARKING FOR LEASE
OCCUPANCY 1ST QUARTER 2018
OWNED AND MANAGED BY CO-EXCLUSIVE LEASING BROKERS
FOR LEASING INFORMATION, CONTACT:
GARY CAPETTA MATTHEW CORPUEL JOHN REINERTSEN Pantheon Properties Pantheon Properties CBRE Principal Senior Vice President Senior Vice President +1 212 277 7504 +1 212 277 7510 +1 718 289 7720 [email protected] [email protected] [email protected]
CN018510.indd 1 1/10/18 2:28 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]
POSITIONS AVAILABLE PUBLIC & LEGAL NOTICES
HiRise owner’s rep. NOTICE OF FORMATION of Cort Coco- Notice of Qualification of EMERGING NOTICE OF FORMATION, PUNCHLIST nut, LLC. Arts of Org filed with Secy. Of VARIANT GP LLC Appl. for Auth. filed PLUS LLC d/b/a PUNCH LIST PLUS *Free MEP redesign State of NY (SSNY) on 11/21/17. Of- with Secy. of State of NY (SSNY) on LLC, Arts. of Org. filed with the Sec. of *Engineer & CM fice location: NY County. SSNY desig- 11/10/17. Office location: NY County. State of New York (SSNY) on *Due Diligence Bldg. survey nated agent upon whom process may LLC formed in Delaware (DE) on 10/23/17. Office location: New York, Cnty. SSNY is designated for service of *hface172@gmail • (212) 684-3911 be served and shall mail copy of proc- 11/09/17. Princ. office of LLC: Attn: ess against LLC to principal business Santiago Jariton, 3 Columbus Circle, process. SSNY shall mail a copy of any Tiffany References address: 234 West 44th St., NY, NY 15th Fl., NY, NY 10019. SSNY desig- process served against the LLC to, 307 10036 Purpose: any lawful act. nated as agent of LLC upon whom West 38th Street, Suite 1218, New process against it may be served. York, NY 10018. Purpose: any lawful Accomplished mid-career senior executive Notice of Qualification of THREE COURT SSNY shall mail process to the LLC at purpose. sought by well-known rapidly expanding NYC- SPECIAL OPPORTUNITIES I, L.P. the princ. office of the LLC. DE addr. based organization to transition to exciting Appl. for Auth. filed with Secy. of State of of LLC: c/o Corporation Service Co., Notice of Qualification of MUIRFIELD new full-time role as “number two” to dynamic NY (SSNY) on 12/12/17. Office location: GSE GP, LLC Appl. for Auth. filed with Founder and make meaningful contribution 251 Little Falls Dr., Wilmington, DE NY County. LP formed in Delaware (DE) 19808. Cert. of Form. filed with Har- Secy. of State of NY (SSNY) on to City. Email Steven A. Seiden, President, 11/15/17. Office location: NY County. Seiden Krieger Associates, Executive Search on 12/05/17. Duration of LP is Perpetu- riet Smith Windsor, Secy. of State of LLC formed in Delaware (DE) on Consultants: [email protected]. al. SSNY designated as agent of LP upon the State of DE, Div. of Corps., John whom process against it may be served. G. Townsend Bldg., Federal & Duke of 11/03/17. Princ. office of LLC: Attn: SSNY shall mail process to the Partner- York Sts., Dover, DE 19901. Purpose: Geoffrey Stern, 280 Park Ave., NY, NY 10017. SSNY designated as agent of Senior Aviation Analyst (Reed Business ship, 60 Madison Ave., Ste. 1101, NY, Any lawful activity. NY 10010. The regd. agent of the compa- LLC upon whom process against it may Information, Inc., New York, NY) Serve ny upon whom and at which process be served. SSNY shall mail process to as an integral member of the Valuations against the company can be served is Ar- Notice of Qualification of BRIDGE IN- the LLC at the princ. office of the LLC. thur Y. Roulac, c/o Three Court, LP, 60 VESTMENT GROUP LLC Appl. for Auth. DE addr. of LLC: c/o Corporation Serv- team, with responsibility for the delivery Madison Ave., Ste. 1101, NY, NY filed with Secy. of State of NY (SSNY) ice Co., 251 Little Falls Dr., Wilming- of desktop appraisals for a broad variety 10010. Name and addr. of each general on 12/12/17. Office location: NY Coun- ton, DE 19808. Cert. of Form. filed with Secy. Of State of the State of DE, Div. of aircraft types, incl. commercial air- partner are available from SSNY. DE ty. LLC formed in Utah (UT) on addr. of LP: 251 Little Falls Dr., Wilming- 12/02/11. Princ. office of LLC: 280 of Corps., John G. Townsend Bldg., Fed- craft, helicopters, business jets, engines ton, DE 19808. Cert. of LP filed with Park Ave., 28th Fl., NY, NY 10013. eral & Duke of York Sts., Dover, DE 19901. Purpose: Any lawful activity. & simulators. Apply w/resume to: Leticia Secy. of State of the State of DE, 401 NYS fictitious name: BRIDGE IG (REAL Federal St., Dover, DE 19901. Purpose: ESTATE) LLC. SSNY designated as Notice of Qualification of TRIBECA Andrade, RELX Group, 1100 Alderman Any lawful activity. agent of LLC upon whom process GROWTH FUND GP, LLC Appl. for Auth. Drive, Alpharetta, GA 30005. No relo. against it may be served. SSNY shall Notice of formation of Isaacson Search filed with Secy. of State of NY (SSNY) avail. No 3rd party responses. EOE. mail process to c/o Corporation Serv- on 12/27/17. Office location: NY Coun- Company, LLC arts of org. Filed with ice Co., 80 State St., Albany, NY Secy. of state NY(SSNY) on ty. LLC formed in Delaware (DE) on 12207-2543. UT addr. of LLC: 111 E. 12/21/17. SSNY designated as agent 11/15/2017. Office location: NY Coun- Sego Lily Dr., Ste. 400, Sandy, UT ty. Prin. Office of LLC: 205 Third Ave. of LLC upon whom process against it Software Development Engineer at Log- 84070. Cert. of Form. filed with Dept. may be served. SSNY shall mail proc- NY, NY 10003. SSNY designated as of Commerce Div. of Corps. and Com- MeIn USA, Inc. in Jersey City, NJ. Design, agent of LLC upon whom process ess to Brian Hirsch, 99 Hudson St., mercial Code, 160 E. 300 South, Box 15th Fl., NY, NY 10013. DE addr. of develop, test, troubleshoot, and debug against it maybe served, SSN shall 146705, Salt Lake City, UT 84115- mail process to Registered Agent Inc. , LLC: 251 Little Falls Dr., Wilmington, complex software applications. Reqs Mas- 6705. Purpose: Any lawful activity. DE 19808. Cert. of Form. filed with ter’s or foreign equiv in computer science, 90 State Str., suite 700, office 40, Al- bany, NY 12207-2543. Purpose: Any Secy. of State, State of DE, Div. of electrical engineering, engineering, or a lawful activity Notice of Formation of TBH BRAND Corps., 401 Federal St., Dover, DE related tech field and 2 years of software HOLDINGS LLC Arts. of Org. filed with 19901. Purpose: Any lawful activity. development experience. All stated NOTICE OF FORMATION OF Cannon Advi- Secy. of State of NY (SSNY) on sory, LLC. Arts of Org filed with the 12/04/17. Office location: NY County. M & S LEAGEM LLC. Arts. of Org. filed experience must include: writing backend Secy. of State of NY (SSNY) on Princ. office of LLC: 240 Madison Ave., with the SSNY on 11/03/17. Office: applications using open-source coding; Ja- 11/1/17. Office loc: NY County. 15th Fl., NY, NY 10016. SSNY desig- New York County. SSNY designated as agent of the LLC upon whom process vascript software development, including SSNY has been designated as agent nated as agent of LLC upon whom proc- against it may be served. SSNY shall leveraging modern JS framework including upon whom process against it may be ess against it may be served. SSNY served and shall mail copy of process shall mail process to the LLC at the mail copy of process to the LLC, 49 Angular and React; Agile development against LLC to US Corp. Agents, Inc addr. of its princ. office. Purpose: Any West 38th Street, Ground Floor, New environment; test automation; writing web 7014 13th Ave., #202, BK, NY 11228. lawful activity. York, NY 10018. Purpose: Any lawful purpose. services for Amazon Web Services; and Purpose: any lawful act. security protocols including SAML and Notice of Qualification of venBio Select Notice of Qualification of MIC CAPITAL NOTICE OF FORMATION of Cort Eagle, OAuth. Resumes: LogMeIn, c/o S. Webber, Advisor L.P. Appl. for Auth. filed with PARTNERS (US) LLC Appl. for Auth. LLC. Arts of Org filed with Secy. Of State of NY (SSNY) on 11/21/17. Of- Job Code 135, 320 Summer Street, Bos- Secy. of State of NY (SSNY) on filed with Secy. of State of NY (SSNY) fice location: NY County. SSNY desig- ton, MA 02210. 11/22/17. Office location: NY County. on 12/20/17. Office location: NY Coun- LP formed in Delaware (DE) on ty. LLC formed in Delaware (DE) on nated agent upon whom process may 12/29/16. NYS fictitious name: venBio 11/09/17. SSNY designated as agent be served and shall mail copy of proc- ess against LLC to principal business PUBLIC & LEGAL Select Advisor New York L.P. Duration of LLC upon whom process against it of LP is Perpetual. SSNY designated as may be served. SSNY shall mail proc- address: 234 West 44th St., NY, NY NOTICES agent of LP upon whom process ess to c/o Akin Gump Strauss Hauer & 10036 Purpose: any lawful act. against it may be served. SSNY shall Feld LLP, One Bryant Park, NY, NY Notice of Qualification of ELEVEN RISK mail process to the Partnership, 120 10036. DE addr. of LLC: c/o Corpora- SOLUTIONS, LLC Appl. for Auth. filed Notice of Qualification of MORTON W. 45th St., Ste. 2802, NY, NY 10036. tion Services Co., 251 Little Falls Dr., SOUTH, L.L.C. Appl. for Auth. filed with with Secy. of State of NY (SSNY) on Name and addr. of each general part- Wilmington, DE 19808. Cert. of Form. 11/20/17. Office location: NY County. Secy. of State of NY (SSNY) on ner are available from SSNY. DE addr. filed with Secy. of State of DE, Dept. of 12/01/07. Office location: NY County. LLC formed in Texas (TX) on of LP: Corporation Service Co., 251 Lit- State, Div. of Corps., John Townsend 03/27/17. Princ. office of LLC: 8101 LLC formed in Delaware (DE) on tle Falls Dr., Wilmington, DE 19808. Bldg., Dover, DE 19901. Purpose: Any 11/29/17. SSNY designated as agent Viola Ave., Lubbock, TX 79424. SSNY Cert. of LP filed with Secy. of State, lawful activity. of LLC upon whom process against it designated as agent of LLC upon whom State of DE, Dept. of State, Townsend process against it may be served. may be served. SSNY shall mail proc- Bldg., Dover, DE 19901. Purpose: Any ess to c/o Corporation Service Co., 80 SSNY shall mail process to c/o Corpo- lawful activity. Notice of Qualification of venBio Se- State St., Albany, NY 12207-2543. DE ration Service Co., 80 State St., Alba- lect Advisor LLC Appl. for Auth. filed ny, NY 12207-2543. Cert. of Form. addr. of LLC: 251 Little Falls Dr., Wil- NOTICE OF FORMATION OF Gregory Tau with Secy. of State of NY (SSNY) on filed with TX Secy. of State, Rolando mington, DE 19808-1674. Cert. of M.D., Ph.D., PLLC.Articles of Organiza- 11/22/17. Office location: NY County. Pablos, 1019 Brazos St., Austin, TX Form. filed with DE Secy. of State, Div. tion filed with the Secretary of State of LLC formed in Delaware (DE) on 78701. Purpose: Any lawful activity of Corps., 401 Federal St., Dover, DE NY (SSNY) on 10/25/2017. Office loca- 1901. Purpose: Any lawful activity. 09/24/09. SSNY designated as agent tion: New York County. SSNY has been of LLC upon whom process against it Notice of Formation of Upper West Side designated as agent upon whom proc- may be served. SSNY shall mail proc- Medical Doctor PLLC. Purpose: Medical DNY INTERNATIONAL, LLC. Art. of Org. ess against it may be served. The Post ess to the LLC, 120 W. 45th St., Ste. Doctor’s office. Arts of Org filed w/ filed with the SSNY on 09/12/17. Of- Office address to which the SSNY shall 2802, NY, NY 10036. DE addr. of Secy. of NYS (SSNY) on 12/4/2017. fice: New York County. SSNY designat- mail a copy of any process against the LLC: Corporation Service Co., 251 Lit- Location: NY County. Principal Busi- ed as agent of the LLC upon whom PLLC served upon him/her is: 345 7th tle Falls Dr., Wilmington, DE 19808. ness Location: 46 W 86th ST STE 1A process against it may be served. Avenue Suite 1601-i, New York, NY Cert. of Form. filed with Secy. of NY, NY 10024-3633. SSNY designated SSNY shall mail copy of process to the 10001. The principal business address State, State of DE, Dept. of State, agent of PLLC upon whom process may LLC, 235 E88th st., #3C, New York, NY of the PLLC is 345 7th Avenue Suite Townsend Bldg., Dover, DE 19901. be served and shall mail copy of proc- 10128. Purpose: Any Lawful purpose. 1601-i, New York, NY 10001. Purpose: Any lawful activity. ess against PLLC to address above.
56 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P056-57_CN_20180115.indd 56 1/11/2018 5:50:58 PM TO PLACE A CLASSIFIED AD, CALL 1 212-210-0189 OR EMAIL [email protected]
PUBLIC & LEGAL NOTICES
Notice of Qualification of ALGONQUIN KATHERINE BURGHARDT KRAMER LAW Notice of Qualification of EMERGING Notice of Formation of CS 771 Ninth PEAK LLC Appl. for Auth. filed with OFFICE PLLC. App. for Auth. filed with VARIANT CAPITAL MANAGEMENT, LP LLC. Arts. of Org. filed with Secy. of Secy. of State of NY (SSNY) on the SSNY on 12/01/17. Originally filed Appl. for Auth. filed with Secy. of State State of NY (SSNY) on 1/4/18. Office 11/13/17. Office location: NY County. with the Secretary of State of Vermont of NY (SSNY) on 11/09/17. Office loca- location: NY County. SSNY designated LLC formed in Delaware (DE) on on 11/04/2016. Office: New York tion: NY County. LP formed in Delaware as agent of LLC upon whom process 08/18/17. SSNY designated as agent County. SSNY designated as agent of (DE) on 11/08/17. Princ. office of LP: against it may be served. SSNY shall of LLC upon whom process against it the PLLC upon whom process against it Attn: Santiago Jariton, 3 Columbus Cir- mail process to: c/o The LLC, 134 W. may be served. SSNY shall mail proc- may be served. SSNY shall mail copy of cle, 15th Fl., NY, NY 10019. Duration 29th St., 4th Fl., NY, NY 10001. Pur- ess to c/o Corporation Service Co., 80 process to the PLLC, 79 Court Street, of LP is Perpetual. SSNY designated as pose: any lawful activity. State St., Albany, NY 12207-2543. DE Suite 3, Middlebury, VT 05753. Pur- agent of LP upon whom process addr. of LLC: c/o The Corporation Trust pose: For the practice of the profession against it may be served. SSNY shall Notice of Qualification of NEW APO Co., 1209 Orange St., Wilmington, DE of Law. mail process to the Partnership at the NYC OWNER, LLC Appl. for Auth. filed 19801. Cert. of Form. filed with Jeffrey princ. office of the LP. Name and addr. with Secy. of State of NY (SSNY) on W. Bullock, Div. of Corps., John G. of each general partner are available 12/21/17. Office location: NY County. Notice of formation of limited liability Townsend Bldg., 401 Federal St., Ste. from SSNY. DE addr. of LP: c/o Corpo- LLC formed in Delaware (DE) on company. Name: Park & Lex Brand, 4, Dover, DE 19901. Purpose: Any law- ration Service Co., 251 Little Falls Dr., 12/04/17. SSNY designated as agent LLC. Articles of Organization were filed ful activity. Wilmington, DE 19808. Cert. of LP filed of LLC upon whom process against it with the Secretary of State of New York with Secy. of State of the State of DE, Notice of formation of Dean Fine Build- (SSNY) on 11/15/2017.Office loca- may be served. SSNY shall mail proc- Div. of Corps., John G. Townsend Bldg., ing LLC. Arts of Org filed with Secy. of tion: New York County. SSNY has been ess to c/o Corporation Service Co., Federal & Duke of York Sts., Dover, DE State of NY (SSNY) on 11/8/17. Office designated as agent of the LLC upon 80 State St., Albany, NY 12207-2543. 19901. Purpose: Any lawful activity. location: NY County. SSNY designated whom process against it may be DE addr. of LLC: 251 Little Falls Dr., agent upon whom process may be served. SSNY shall Mail a copy of proc- Wilmington, DE 19808. Cert. of Form. Notice of Formation of LARK WADS- served and shall mail copy of process ess to the LLC, 1050 Park Ave, New filed with Secy. of State of the State WORTH, LLC Arts. of Org. filed with against LLC to principal business ad- York NY 10028. Purpose: for any lawful of DE, John G. Townsend Bldg., 401 Secy. of State of NY (SSNY) on dress: 12 E 49th St., 11th Fl., NY, NY activity. Federal St., Ste. 4, Dover, DE 19901. 12/18/17. Office location: NY County. 10017. Purpose: any lawful act. Purpose: Any lawful activity. Princ. office of LLC: 90 Park Ave., NY, GREEK MANAGEMENT LLC. Arts. of Omit, LLC Art. Of Org. Filed Sec. of NY 10016. SSNY designated as agent WATER 8388 LLC. Arts. of Org. filed Org. filed with the SSNY on 10/13/17. State of NY 9/28/2017. Off. Loc.: Rich- of LLC upon whom process against it with the SSNY on 11/29/17. Office: Office: New York County. SSNY desig- mond Co. SSNY designated as agent may be served. SSNY shall mail proc- NewYork County. SSNY designated as nated as agent of the LLC upon whom upon whom process against it may be ess to Corporation Service Co., 80 agent of the LLC upon whom process process against it may be served. served. SSNY to mail copy of State St., Albany, NY 12207-2543, against it may be served. SSNY shall SSNY shall mail copy of process to the process to The LLC, 248 London Rd, regd. agent upon whom and at which mail copy of process to the LLC, 3 Co- LLC, 529 Fifth Avenue, New York, NY Staten Island, NY 10306. Purpose: Any process may be served. Purpose: Any lumbus Circle,New York, NY 10019. 10017. Purpose: Any lawful purpose. lawful act or activity lawful activity. Purpose: Any lawful purpose.
JANUARY 15 2018 | CRAIN’S NEW YORK BUSINESS | 57
P056-57_CN_20180115.indd 57 1/11/2018 5:51:04 PM EXECUTIVE MOVES Advertising Section New hires, promotions and board appointments. Place your listing at crainsnewyork.com/execmoves or contact [email protected]
❚ ARCHITECTURE ❚ ACCOUNTING ❚ LAW ❚ REAL ESTATE
CannonDesign Crowe Horwath LLP Romer Debbas LLP Brown Harris Stevens Michael Bonomo has David Benz has joined Michael R. Feldman, Brown Harris Stevens joined CannonDesign Crowe Horwath LLP, Esq., is named partner Residential Sales, LLC as Principal, Director of one of the largest public and co-manager of has promoted Bess Romer Debbas LLP’s Global Workplace and accounting, consulting Freedman to Co-Pres- residential real estate Co-Leader of its Corpo- and technology firms in department where he ident. A seasoned real rate/Commercial market. the U.S., as a partner in represents buyers, sellers estate executive, Ms. An innovative leader tax services. With more and lending institutions. Freedman will work who directly influenced over 10 million sf than 20 years of experience, he will continue Feldman joined the firm closely with her co-pres- of interior environments across tech, cor- to grow the firm’s investment company in 2011 as an associate and is a graduate of ident Hall F. Willkie to oversee all facets porate and retail spaces, Michael will focus practice. the University of Wisconsin and Seton Hall of the highly successful Residential Sales University School of Law. on helping organizations create workplaces Division. Freedman finds creative solutions that advance culture, talent and business. to every situation, particularly new ways Harris Beach PLLC to pitch and market listings and to coach Peri A. Berger has been agents through difficult negotiations. She Crowe Horwath LLP elected partner of Harris encourages a cohesive working environ- Kislay “Sal” Shah has Beach PLLC. He has a ment that invites mutual inspiration and WRNS Studio joined Crowe Horwath decade of experience sharing. Freedman joined Brown Harris Debbi Waters has LLP, one of the largest handling commercial Stevens five years ago to foster business litigation and product joined WRNS as public accounting, con- development and has proven to be a strong liability matters in state Associate Principal and sulting and technology and federal courts in New leader, motivator and energetic advocate Director of Planning. firms in the U.S., as a York, New Jersey and nationally. He also for agents. With expertise in partner in audit services. advises small and start-up businesses in planning for universities With more than 25 years of experience efficiently navigating legal and regulatory and cultural institutions, serving investment company clients, he landscapes. Debbi will help elevate the firm’s national will continue to grow the firm’s investment practice and grow its New York studio. Wa- company practice. ters’ portfolio includes significant planning efforts for Rutgers University and the US Air Force Academy. It’s not official ❚ ADVERTISING & MARKETING until it’s seen in ❚ ENTERTAINMENT BrandShare BrandShare has named iPic® Entertainment CRAIN’S Alan Verdun, previously As COO of iPic®, Sherry Executive Vice President Yard will ensure an of Sales with News elevated guest experience EXECUTIVE MOVES within all iPic® theater America Marketing, and Tuck Hospitality to the new position of owned restaurant opera- Executive Vice President Submit your listing: tions nationwide. Yard’s of Sales and Marketing in a move to expand new role will support BrandShare’s growth and deepen its rela- www.crainsnewyork.com/execmoves iPic®’s brand culture in addition to design- tionships with major brand clients. Verdun ing and shaping new iPic® locations along most recently was Touchstorm’s Chief with iPic®-owned Tuck Hospitality Group destination bar/restaurants. Growth Officer.
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58 | CRAIN’S NEW YORK BUSINESS JANUARY 15, 2017
P059_CN_20180115.indd 58 1/11/2018 9:28:26 AM CRAIN’S NEW YORK BUSINESS MUST ATTEND 2018 WINTER & SPRING EVENTS
Business Breakfast Forum: Business Breakfast Forum: JAN Senator John J. Flanagan FEB Alphonso David, Counsel to the Governor 25 Majority Leader, NY State Senate 14 Office of Governor Andrew M. Cuomo fi the transit system, and his priorities for the legislative session. his inner circle, will discuss the Cuomo administration budget, legislative and regulatory priorities for 2018.
Business Breakfast Forum: FEB Rick Cotton, Executive Director MAR Arts & Culture Breakfast 27 The Port Authority of NY & NJ 15 Hear New York’s cultural thought leaders share their visions on the plans for a new bus terminal and other infrastructure priorities. future of their organizations, the importance of continuing to advance the city’s cultural programs and the vital role the industry plays on driving the city’s economy.
APR HR Redefined Women Entrepreneurs in NYC 10 APR From personnel and human resources to human capital management and Crain’s and top women entrepreneurs in New York discuss their successes, people operations, today’s HR department has not only been rebranded it innovative ideas and dedication to their business. Hear from these business fi Crain’s Custom leaders on their growth and what takes to succeed. The women at this proprietary HR Trends research survey at this private breakfast event for recruiting, human capital and HR executives. cocktail reception will follow the discussion.
APR Real Estate Forum Series APR Middle Market Forum
Our real estate forum series brings industry leaders and key players Middle market executives will come together to discuss their in the New York real estate community together to explore the next expertise on growth, innovation and establishing success in the stage in the city’s development and discuss topics ranging from constantly evolving business environment. affordable housing and rezoning to infrastructure and residential trends.
MAY Health Care Summit For the full 2018 event calendar and sponsorship opportunities contact: Crain’s brings health care leaders and experts together along with New York’s business community for critical discussions on the latest 212-210-0133 [email protected]
@crainsnewyork
CN081527.indd 1 1/12/18 2:19 PM GOTHAM GIGS
GETTING WITH THE PROGRAM: Anelli hit upon a winning formula for attracting the masses.
BY LANCE PIERCE
A pro at cons This writer taps pop culture to produce conventions that give fans a place to indulge
n Jan. 26 more than 15,000 theater fans are like-minded souls. A writer who calls herself an accidental MELISSA ANELLI expected to ock to the Javits Center for a entrepreneur, she launched LeakyCon with $10,000 of her two-day Broadway convention where they own money. Her company generated about $2 million in can meet such big names as Hamilton creator revenue in 2016 and an estimated $3 million last year. AGE 37 OLin-Manuel Miranda, seek autographs from stars including Revenue comes from ticket sales and sponsorships. BORN Park Slope Next to Normal’s Alice Ripley and get a sneak peek at ev- Tickets to BroadwayCon run from $50 for a day pass to RESIDES Kensington, Brooklyn ery incoming show this season, among them e $1,000 for a VIP package. e event’s EDUCATION Bachelor’s in English, Band’s Visit and SpongeBob SquarePants. “I can be sponsors include StubHub and eater- Georgetown University BroadwayCon is the brainchild of Melissa Mania, and Anelli is also in talks with BOOKWORM Anelli’s family Anelli, a self-described theater nerd who be- obsessive much larger companies. jokes that she read so much as a gan producing conventions in 2009. Her about the Anelli grew up a big video gamer and child—always off somewhere with rst, LeakyCon, assembled the stars of Har- book lover, but the Harry Potter series a book—that she is missing from things I love” family photos. ry Potter lms and drew 2,200 costume- turned her into a serious fan. In 2001 she FAN DEMOGRAPHICS Audiences wearing attendees over three days. She also runs joined the all-volunteer sta of e Leaky at Mischief Management’s events Con of rones, which features cast members of the HBO Cauldron, a website devoted to the boy wizard that got are 70% to 80% female. megahit, and this year she will take the reins of the two- more than 500,000 hits a day. She became such a proli c BIG KAHUNA Rowling has not yet year-old AlienCon. commentator on the series that in 2005 J.K. Rowling invited made an appearance at LeakyCon, “Our goal is to create cool, safe, fun and inclusive Anelli to Scotland for the release of the sixth book, granting but she has supported the event events that bring people who have common interests to- Anelli an exclusive interview the day aer it was released. by donating signed books to be gether without fear or judgment,” said Anelli, who in 2011 In 2008 Anelli published the best-seller Harry, a History, auctioned off and written notes to attendees for the welcome bags. launched Mischief Management to produce them. “You’ve which chronicles the Potter phenomenon from a superfan’s LUCK OF THE IRISH Mischief got to let your passions show.” point of view. Rowling wrote the foreword. Management produced its rst over- Anelli’s conventions attract die-hard a cionados who Anelli says the key to her success is that she identi es seas event in August, a LeakyCon will open their wallet for authentic experiences and the strongly with her customers. “I can be obsessive about the convention in Dublin.
BUCK ENNIS chance to dress up like their favorite character and meet things I love,” she said. — MIRIAM KREININ SOUCCAR
60 | CRAIN’S NEW YORK BUSINESS | JANUARY 15, 2018
P060_CN_20180115.indd 60 1/12/18 11:06 AM SNAPS
$250 million for a 250th milestone Dr. Roy Vagelos and his wife, Diana, last month donated $250 million to Columbia University’s medical school, which was rechristened the Vagelos College of Physicians and Surgeons. e gi was announced at a Dec. 4 gala that honored the couple and celebrated the school’s 250th anniversary. e Vageloses, who have given more than $310 million to the medical school, met when he was a student there and she was attending Barnard College. About half of the gi is earmarked to provide scholarships, while the remainder will be used to fund precision medicine programs and scienti c research.
Professors Dr. Lisa Mellman, senior associate dean for student aairs, and Dr. Hilda Hutcherson, senior associ- ate dean of the o ce of diversity and multicultural aairs, at the party at the David H. Koch eater at Lincoln Center. Aside from the Vageloses’ gi , the event raised $2 million.
Dr. June Wu, assistant professor of plastic surgery at Columbia University Medical Center, with Roy and Diana Vagelos. He is board chairman of Regeneron Pharmaceuticals, chairman of the medical center’s board of advisers and a former chairman and chief executive of Merck & Co. Diana Vagelos is vice chair of the board of trustees at Barnard College.
Police Pitching in for the city celebrate women
e Police Athletic League held its 29th annual Wom- en of the Year luncheon Dec. 14. Frederick Watts, executive director, with his wife, Celia Colbert, at the fundraiser at e Pierre hotel.
Volunteers of America-Greater New York honored Deloitte for its dedication to the social-service agency. Mike Fucci, chairman of the Deloitte board; Tere Pettitt, president and chief executive o cer of VOA-GNY; and Gerry Cunningham, VOA- GNY board chair and Deloitte principal, took part in the festivities at e Plaza.
Event honoree Lisa Friel, special counsel for inves- tigations at the National Paige Davis, host of Football League, with Trading Spaces and a Robert Morgenthau, member of VOA-GNY’s former district attorney board, with singer/song- for New York County writer Julia Rae. e Dec. and counsel at Wachtell, 5 fundraiser brought in Lipton, Rosen & Katz, at nearly $600,000. the luncheon, which took in more than $330,000.
BROOKE SLEZAK, JILLIAN NELSON, BEN ASEN PHOTOGRAPHY SEE MORE OF THIS WEEK’S SNAPS AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL [email protected].
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P061_CN_20180115.indd 61 1/12/18 11:20 AM FOR THE RECORD*
NEW IN TOWN e Philadelphia-based stock for $93.54 per share with the largest unsecured subsidiary of Hyundai COMMERCIAL noodle and salad spot Jan. 2 in a transaction claim is Michael Shanker Motor Co. plans to move ■ Bank of America signed ■ Dyson opened stores in Midtown worth $1,997,079. He now Esq., owed $5,000. into the base of the 10-story a lease for 386,000 square 640 Fifth Ave. and Chelsea. holds 266,575 shares. building that’s under de- feet at 1100 Sixth Ave. e household-appliances velopment. e asking rent e bank plans to move brand opened a agship REAL ESTATE was approximately $275 per into the 15-story building store and showroom in STOCK TRANSACTIONS BANKRUPTCIES square foot. e landlords, when HBO moves to 30 Midtown that includes a RETAIL Aurora Capital Associates Hudson Yards in 2019. It salon o ering free styling ■ Estée Lauder Cos. ■ G.A.F. Seelig ■ Burlington signed a 10- and William Gottlieb Real was unclear who brokered appointments for customers. (EL-N) 5905 52nd Ave., Queens year lease for 55,000 square Estate, were represented by the deal for the tenant and Executive group president e food product distrib- feet at 5100 Kings Plaza, Aurora. e Nassimi Group the landlords, Brookeld ■ Happy Returns John Demsey sold 77,608 utor led for Chapter 11 Brooklyn. e discount brokered for the tenant. Property Partners and e 45 Rockefeller Plaza shares of common stock bankruptcy protection Dec. clothing chain plans to Swig Co. e Los Angeles–based at prices ranging from 19. e ling cites estimat- open its third location in ■ Klauber Bros. signed a startup that lets people $127.51 to $127.90 per ed assets and liabilities of the borough. CNS Real Es- 10-year lease for 9,000 ■ Wachtell, Lipton, Rosen return their online purchas- share Jan. 2. e transac- $1,000,001 to $10 million. tate represented the tenant. square feet at 253 W. 35th & Katz signed an early es in person opened its tion was worth $9,896,488. e creditors with the It was unclear who repre- St. e lingerie lace maker renewal for 250,000 square agship on the retail level He now holds 22,223 largest unsecured claims are sented the owner, Mace- plans to move from 980 feet at 51 W. 52nd St. e of Radio City Music Hall. shares. New York State Insurance rich. e asking rent for the Sixth Ave. e asking rent law rm will continue to Fund, owed $716,579; Clo- deal was not disclosed. was $46 per square foot. occupy the 25th through ■ Sitetracker ■ L3 Technologies (LLL-N) ver Farms Dairy Co., owed Adams & Co. represent- 34th oors. Savills Studley 335 Madison Ave. Board Chairman Michael $597,160; and Garelick ■ Genesis Motors inked ed the landlord, Shulsky represented the tenant. e project management Strianese sold 39,515 shares Farms of Lynn, owed a deal for 40,000 square Properties. Transwestern CBRE represented the so ware provider opened of common stock at per- $131,698. feet at 40 10th Ave. e brokered for the tenant. landlord, CBS Corp. ■ its rst city oce at the share prices ranging from Grand Central Tech incu- $196.56 to $197.88 Jan. 2. ■ Harlem Phoenix GET YOUR NEWS ON THE RECORD bator in Midtown. e transaction was worth Realty Corp. * $7,786,182. He now holds 216 E. 125th St. To submit company openings, moves or real estate deals, or to receive further information, email [email protected]. 119,207 shares. e real estate rm led MOVES AND EXPANSIONS for Chapter 11 bankruptcy For the Record is a listing to help businesspeople in New York nd opportunities, potential ■ AmerisourceBergen protection Jan. 3. e ling new clients and updates on customers. Bankruptcy lings from the eastern and southern districts of New York are listed alphabetically. Stock transactions are insider transactions at ■ Minigrow Corp. (ABC-N) cites estimated assets and New York companies obtained from Thomson Reuters and listed by size. Real estate listings 1407 Broadway and CEO Steven Collis sold liabilities of $1,000,001 to are in order of square footage. 345 Seventh Ave. 21,350 shares of common $10 million. e creditor
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Mass confusion lmost every inch of this message board on the 7 platform at Grand Central was lled with noti cations of service changes last week. During Ao -peak weekday hours, 18 of the city’s 27 lines were scheduled to undergo work to tracks, signals or stations, while 16 lines were a ected over the weekend. O -peak repairs across the transit network have been on the rise since the Metropolitan Transportation Authority’s Subway Action Plan took e ect in July. “We launched the Subway Action Plan with a focus on maintenance so we can deliver a more reliable system for our riders,” said Jon Weinstein, MTA communications director. Maybe all this maintenance will make the seemingly crumbling system more dependable in the months to come. e MTA says that major incidents are already down by 40%. But it’s a safe bet that most commuters would ask the agency to check its math. — GERALD SCHIFMAN BUCK ENNIS
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New York is in constant motion. That’s why, at CBRE, we pause to uncover opportunities that others may overlook in the always changing, wonderfully fast-paced New York landscape. After all, it’s in that moment when we create excellence and identify the best, most innovative ways to transform real estate into real advantage.
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