The Observer has been a big fan of developer Gary Barnett for a while now, not only because he is the most prolific builder in the city at the moment, but he is also doing it with marquee architects, such as Christian de Portzamparc (Riverside South, One57), SOM (the International Gem Tower), FXFowle (the Lucida) and Lucian LeGrange (535 West End Avenue). Now, Extell has announced it is moving forward with a new hotel in Times Square, and the designs are, well, about what you would expect for the area, and that is too bad. Read More
If you’ve ever gone shopping in New York City, you’ve likely been an unwitting guest of Jeff Sutton. He is a discreet host, but an expansive one.
Among other properties, he controls: the 33,000-square-foot American Eagle at the corner of Broadway and Houston Street; the 40,000-square-foot Armani flagship in 717 Fifth, soon to house an 18,400-square-foot Dolce & Gabbana; the 20,000-square-foot Abercrombie & Fitch store up the street at 720 Fifth; the 46,000-square-foot American Girl Place down the street at 609 Fifth; 1551 Broadway in Times Square, which includes the four-floor American Eagle Outfitters flagship; the Aeropostale lease at 1515 Broadway; 141 Fifth in the Flatiron, where Cole Haan supplanted a Bath & Body Works; the Polo Ralph Lauren space at 379 West Broadway in Soho; several spots in and around Herald Square, including the Foot Locker House of Hoops, Aeropostale, Aldo, Geox, American Eagle and Esprit; and 747 Madison Avenue, the location of the Valentino flagship. Just last week, he teamed with SL Green, the city’s biggest commercial landlord, on the $136 million purchase of 1552 Broadway, which contains the Times Square TGI Friday’s.
That is just a sampling. Read More
We hate to break it to our colleagues at The Real Deal, but it seems like Boston Properties boss Mort Zuckerman is not a reader, and if he was, he’s not anymore. Read More
Jonathan Gray, Blackstone’s wizard of real estate, has spent billions buying up distressed assets during the downturn, including his brand-new bid for some of Bank of America’s buildings. Still, the deal that has defined his career so far has to be Blackstone’s purchase of Sam Zell’s Equity Office Properties. Not only was the 2007 acquisition of 563 office properties the largest leveraged buyout of all time, at $39 billion, but it also pit Mr. Gray against one of the shrewdest men in real estate, Vornado’s Steve Roth. The bullish Mr. Roth is still stinging from the loss. Read More
Joseph Moinian’s kingdom was assembled in a flurry of activity over the past decade, like a conquering warlord besieging New York City, overtaking some of the most valuable commercial properties. But like Alexander the Great or Napoleon Bonaparte, he overextended the empire, imperiling much of it when the recession hit. Yet thanks to an unlikely savior in SL Green, Mr. Moinian has managed to hold on to many of his most prized possessions, Read More
Douglas Durst and his cousin Jody may be the most powerful pair in New York real estate. They’ve taken up Seymour Durst’s Midtown empire and stretched it across Manhattan, so why not try the trick on another island far, far away? Read More
Dan Biederman, head of a half-dozen BIDs and civic organizations (one of the city’s shadow mayors!) has been steadfast in his support of the re-engineering of midtown streets at the hands of the Bloomberg administration, even when it rankled many of his constituents. The passion shows in a brash, even scathing, interview with Streetsblog, where Mr. Biederman calls out a couple hacks. Read More
Gary Barnett continues to bulldoze his way across the city. Just last week, his Extell Development unveiled plans for a new tower at Riverside South; found a partner for a stalled 50-story hotel near Times Square; and secured $700 million in financing from Abu Dhabi toward One57, the condo-hotel tower on West 57th Street that will be the tallest, and likely most expensive, when it is completed. As if that were not enough, the developer has begun work just down the block on another of its long-simmering projects. Read More
The city has been eagerly awaiting the construction of Boston Properties’ new office tower at 55th Street and Eighth Avenue, an on-again-off-again project by SOM that will likely be the first new office tower of the real estate rebound. (The World Trade Center does not count, but what about Extell’s Diamond Tower?) Having secured a big MoFo as a tenant in March, Mort Zuckerman is ready to build, and The Post‘s Steve Cuozzo reports building permits were just approved for 250 West 55th Street, “paving the way for full-bore work.” But the more exciting news at the corner could be Joe Moinian’s gambit across the street. Read More