A note to our colleagues: Now may be a good time to stop sleeping in the office. Mayor Michael Bloomberg had The Observer on his mind yesterday at the Friends of the Hudson River Park’s sping gala, reminding partygoers that FOHRP board chair Douglas Durst ranked fifth on The Commercial Observer’s Real Estate Power Read More
Investment Sales 2012
Next month, one of the most anticipated groundbreakings in the city is set to take place at the corner of 57th Street and the Hudson River. There, the Durst Organization will sink its shovels in preparation for Bjarke Ingel’s unusual apartment pyramid. Before that fanfare begins, another triangular structure has quietly risen on the lot, only the latest project to occupy the not-quite dormant site. The giant white tent is this year’s home for nomadic SCOPE art fair.
“I was hoping if we built it, they would come, and so far, they have come,” Alexis Hubshman said. “This is easily our best year yet.”
It does not hurt that the tent is just a block north of Pier 94, where the Armory Show has camped out for the past few decades. “I would be lying if I said that the convenience of it wasn’t important,” Mr. Hubshman said.
The investment sales market, most brokers agree, has been heating up over the past 12 months. Approximately $25.8 billion in commercial properties changed hands last year, a turnaround that represented an 88 percent increase over 2010. But while the positive uptick is easily verifiable, what happens next for Manhattan’s investment sales market is still up in the air.
Accordingly, The Commercial Observer set out to speak with the real estate industry’s most accomplished capital markets and sales practitioners to learn what’s in store for 2012. Over the next several days, we’ll post interviews with heavy hitters like Richard Baxter of Jones Lang LaSalle, J.D. Parker of Marcus & Millichap, Woody Heller of Studley and Darcy Stacom and William Shanahan of CBRE. But, first, after the jump, none other than Peter Hauspurg of Eastern Consolidated.
It’s not often a developer can affect the lexicon, but this year Douglas Durst and the Durst Organization have helped do just that.
For the past 10 years, the giant hole next to West Street has been referred to as Ground Zero, a bitter reminder of the terrorist attacks of 9/11.
We felt woefully under-dressed as we stepped into the 2nd floor foyer of the Waldorf-Astoria, the entrance to Bette Midler‘s Hulaween party. The theme was Día de los Muertos – the Mexican Day of the Dead – and although we felt like zombies after occupying Wall Street earlier that Friday evening, we weren’t decked out in any apparel that suited the $1,000-a-plate dinner.
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?
Condé Nast has signed a deal to anchor the rapidly rising 1 World Trade Center.
Ever since the media giant signaled its intent to move into the building a few months ago, we’ve considered the deal more or less a foregone conclusion. But The Times’ inimitable Charles Bagli reveals otherwise. In addition to Read More
Back to School
How will the Dursts contain their excitement this week? A scant 36 hours after we crowned Messrs. Douglas and Jody the kings of New York real estate, we learn that they’ve signed 22,000 square feet of new leases.
Yes, dear reader, the home of the national debt clock at 1133 Sixth Avenue has one new tenant Read More
The Neverending Story
Now that Conde Nast is headed south, the publishing giant’s landlord, Douglas Durst, reveals there is already active interest in Conde’s current digs in 4 Times Square.
“It’s a good building and a good space,” Mr. Durst, chairman of the Durst Organization, said Wednesday, following a lecture to an overflowing room with members of Columbia’s Real Estate Development Program. There Read More
While we wait with baited breath for Conde Nast to uncap their pens and finally sign on the dotted line at One World Trade Center, the Chinese have, as usual, beaten their American counterparts to the punch.
Back when the building was still called the “Freedom Tower,” Chinese firm Vantone Industrial signed a 200,000-square-foot Read More