Top News

  • Theater owners and developers lock horns with city over air rights

    A backstage drama is brewing between the city, developers and theater owners. The de Blasio administration wants to hike the fees broadway owners pay when they sell their development rights, a move that’s opposed by developers and theaters alike. Broadway theater owners currently pay $17.60 per square foot into the

  • Bill would have cleared way for Vornado’s resi tower in Queens

    A bill proposed earlier this year would have allowed Vornado Realty Trust to take over city-owned land in Rego Park, Queens, and to forego certain setback rules to build a residential tower in the area. Queens legislators State Senator Toby Ann Stavisky and Assemblyman Jeffrion Aubry proposed the now-defunct bill,

  • In rezoning, a tale of two cities: Poorer, black and Latino neighborhoods and wealthier, predominantly white ones still get treated very differently by the city

    Ever since Councilman Ydanis Rodriguez rejected a proposed rezoning in the Inwood section of Manhattan that, in the name of supposedly creating affordable housing, would have increased the value of the site — owned by private equity developer Acadia Realty Trust — by millions of dollars overnight, council member opposition

  • WTC is rebuilt, but Silverstein and Lowy friendship unraveled

    Fifteen years after the attacks, much of the World Trade Center complex has been restored. But in the process, a friendship between two major figures in the rebuilding has unraveled. Developer Larry Silverstein and Frank Lowy, chairman of the Westfield Corp., who jointly took over  the World Trade Center two months before

  • Best of Both Worlds – 270 Madison Avenue

    Companies in Manhattan have choices between classic pre-war buildings, modern tech-savvy towers or a calculated, well-thought-out hybrid property. A prime example is 270 Madison Avenue, as it’s a pre-war, Class-B property that has been upgraded and continues to implement technological advancements. The centrally located building, which was constructed in 1923,

  • Racing against the recession

    At the beginning of 2013, Joseph Chetrit and David Bistricer set the city’s real estate circles abuzz when they outbid 21 competitors to buy the Sony Building on Madison Avenue for an astonishing $1.1 billion. The team planned to convert the massive 850,000-square-foot office tower into luxury condos, a hotel

  • WATCH: Corcoran chief Pam Liebman on 15 Hudson Yards, the shifting luxury market and managing developer expectations

    Related Companies is launching sales today at 15 Hudson Yards, the first residential building to be constructed as part of the company’s Far West Side megaproject. Prices at the 900-foot-tall building, designed by Diller Scofidio + Renfro in collaboration with Rockwell Group, start at just under $2 million and go

  • Despite safety push, many worksite deaths go uncounted

    Tension between union and nonunion workers over uncounted fatalities on construction sites as Mayor Bill de Blasio’s administration has not recorded more than a third of the construction deaths of workers that occurred last year | Crain’s New York Business Source: Crain’s New York Business

  • A sense of déjà vu

    The most important retailer to open in the Westfield shopping center in the World Trade Center is, no doubt, the Apple store. Not only does its sleek, white aesthetic perfectly complement the sleek, white aesthetic of architect Santiago Calatrava’s Oculus, the soaring structure that tops the World Trade Center transportation

  • Russia’s largest construction project fraught with setbacks

    A recession has now stretched into its sixth quarter in Russia, and office vacancies across the Moscow are sitting at 20 percent. But on a riverfront site 2.5 miles west of the Kremlin, the three tallest skyscrapers in Europe have all hit the market over the last three years. More

  • Department of Buildings’ office building is crumbling

    NYC’s Department of Buildings might want to give itself a call. For a more than a decade the historic building that houses the DOB has been allowed to crumble, resulting in semi-permanent sidewalk sheds and the closure of part of the building. Built in 1846, the city-owned landmark at 280

  • Bruce Ratner

    Bruce Ratner began his career in city government, eventually becoming commissioner of the Department of Consumer Affairs under Mayor Ed Koch before jumping into real estate. As chairman of the Forest City Ratner Cos., Ratner built the new Renzo Piano-designed New York Times building, but he is best known for

  • 10 overlooked architectural masterpieces in the US

    The United States is home to several iconic architectural landmarks — everyone knows the Empire State Building and the Statue of Liberty — but the country also has a great number of lesser championed masterpieces. We have compiled a list of the coolest works of architecture in the country that

  • Latest housing deal only partly fulfills mayor’s vision

    Mayor Bill de Blasio’s Mandatory Inclusionary Housing policy got a big boost last week when City Councilman Rafael Salamanca voiced his approval for the development of a new affordable-­housing complex in the Bronx. Coming just weeks after the City Council killed a smaller project in Inwood and dug a grave

  • Developers must change approach to get projects through

    New York City has grown faster since 2010 than at any other time in its modern history. And for good reason—it has never been safer, and it has been creating jobs at a record clip. One problem: We can’t fit everybody. Housing vacancy rates are low, and affordable housing is

  • Lower Manhattan revival shines spotlight on lucrative tax breaks

    The cost of state and city subsidies designed to help lower Manhattan recover from 9/11 is inching up, even as officials continue to portray the area as one of the city’s most vibrant. In the wake of the terror attacks, city and state officials came up with a number of

  • WATCH: Designs for the World Trade Center performing arts venue have been revealed

    Just days before the 15th anniversary of the Sept. 11 attacks, officials unveiled renderings for one of the last-remaining structures to be built at the World Trade Center redevelopment. Designed by Brooklyn-based firm REX, the long-delayed Ronald O. Perelman Performing Arts Center will take shape in the form of a giant glass cube

  • Fortifying the Front Door

    ADT, the security giant, recommends townhouse owners get an integrated security package that includes locks, cameras, alarms and lights. On a July night, two armed intruders disguised as construction workers entered a house in the upscale Gravesend section of Brooklyn and tied up some of the eight people inside. But

  • Saks opens first boutique downtown

    It might be opening in a mall, but it’s definitely not a department store. That’s what Saks is saying about its new downtown location, which opened yesterday. Saks’ new Brookfield Place outpost is smaller that a traditional department store, at 86,000 square feet (Saks Fifth Avenue is 650,000 square feet).

  • Amazon is doubling down on retail stores with plans to have up to 100 pop-up stores in US shopping malls

    Amazon is aggressively expanding its presence in the real-world retail market, with a plan to open dozens of new pop-up stores in US shopping malls over the next year, a source familiar with the matter told Business Insider. The miniature retail storefronts are a separate effort from the physical bookstore

  • Andrew Chung, DivcoWest near deal for Brooklyn’s tallest office tower

    Andrew Chung’s Innovo Property Group and San Francisco-based DivcoWest are in advanced talks to acquire Brooklyn’s tallest office tower, 16 Court Street, in an off-market deal, The Real Deal has learned. SL Green Realty’s 36-story Downtown Brooklyn skyscraper, long known as the Montague-Court Building, spans about 315,000 square feet. The

  • What’s New and Different, and What Isn’t

    Every year the Practising Law Institute offers a two-day seminar on commercial real estate finance for lawyers and others. Looking back over the 20 years in which we have participated in that seminar (Joshua chairing, Richard presenting), commercial real estate finance has gotten more complex, but also smarter. CMBS has imposed

  • The uptown crowd is moving downtown — and developers are definitely noticing

    Is Downtown the new Uptown? One group of buyers apparently thinks so. Drawn by a slew of amenity-rich buildings, as well as the relatively new Avenues school in Chelsea, young parents are no longer fleeing to Park Avenue once they have children, preferring to remain in their Downtown neighborhoods. And

  • Saks opens Manhattan store off its namesake avenue

    Saks Fifth Avenue is setting up shop in Manhattan far from its namesake street. The luxury department store chain opened a store in lower Manhattan on Friday, across from the Sept. 11 memorial and the newly opened World Trade Center mall. The Saks store caters to women, with a separate

  • Surprising gender gaps in US home buying, mortgages

    Gender, marital status and mortgages don’t get a lot of research attention in real estate, but two new reports examine the exceptional role of single women in the home purchase marketplace and the challenges they face in getting a loan. A couple of highlights: Single women are statistically better at