By Daniel Edward Rosen 11/15/11 11:20am

the sit-down

Ian Schrager shares Steve Jobs' obsession with detail.

Ian Schrager's PUBLIC Display of Affection

Hotel legend Ian Schrager announced yesterday that his newly-formed PUBLIC brand will be teaming up with residential developers Durst Fetner Residential to launch a new hotel/rental apartment hybrid on 855 Sixth Avenue. Called PUBLIC New York, the 250-plus key New York hotel will be Mr. Schrager’s second site in his PUBLIC brand since unveiling PUBLIC Chicago in September. The building will also feature 60,000 square feet of retail and 315 rental apartments. Fresh from a recent trip to Chicago, Mr. Schrager spoke with The Commercial Observer yesterday about the design of PUBLIC New York, the status of the Clock Tower building, and his love for all things Apple and Trader Joe’s.

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By Sam Chandan 10/25/11 10:28am

the lead indicator

Blitt - Chandan

Price Declines, Losses on Legacy C.R.E. Loans Remain Factor for Many Assets

No one transaction can fully capture a market’s dominant trends. But even one transaction, however idiosyncratic, can serve as a cautionary note when the market’s investment and lending trends calls for temperance. Last week’s widely reported announcement of the sale of the North Building—or Clock Tower—at 5 Madison is a case in point. In mid-2007, SL Green, RFR Holdings and Ian Schrager sold the landmark structure to Africa Israel USA for the hefty sum of $200 million. Earlier that same year, Mr. Schrager indicated that he might forgo a planned hotel redevelopment given the unsolicited bids that had recently arrived for the property. Read More