Battle of the Skyscrapers
Change is afoot in the business of how to issue securities for the purpose of funding a small commercial real estate project. It is already possible, though burdensome, to do so. The Jumpstart Our Business Startups Act, enacted in 2012, promises to make it easier through a new crowd-funding exemption under the Securities Act.
Macy’s Thanksgiving Day Parade
Despite all the romantic blubbering to the contrary, the view from the top of the Empire State isn’t priceless; it’s worth $60 million a year. The enviable sum that the observation deck brings in, long speculated over, set other developers’ hearts aflutter when it was recently revealed as part of the building’s IPO proceedings. And now more and more of them are rushing to get into the observation deck business, according to Crain’s. If you’re going to build castles in the sky, why not get as much as you possibly can for the views?
In a popular Seinfeld episode from November, 1994, Elaine’s uncanny oldies knowledge wins her boss Mr. Pitt a spot holding the rope underneath a Woody Woodpecker balloon at the annual Macy’s Thanksgiving Day Parade.
But tragedy strikes when, at Tim Whatley’s party, Jerry accidentally pushes a small statue of the Empire State Building out the Read More
Empire State Building
The New York State Attorney General’s office is reportedly reviewing the Leona M. Helmsley estate’s liquidation of its stake in the properties launched as part of the Empire State Realty Trust REIT last month, which includes the Empire State Building.
The process will begin once the Helmsley estate files a final accounting of the sale Read More
In the end, months of contentious lawsuits, investor squabbles and multiple bids to purchase the Empire State Building didn’t stop Peter and Tony Malkin and the Empire State Realty Trust from going public.
The company’s shares began trading its initial public offering, 71,500,000 shares of Class A common stock, at $13 on the New York Read More
Empire State Building
Seattle-based luxury retailer Nordstrom has reportedly paid $102.5 million for the site of its future Midtown flagship store at 225 West 57th Street.
The seven floor store will anchor a massive 88-story, 1,550-foot residential condo tower that Extell Development is building at the site.
The retailer said its store will encompass 285,000 square feet when it Read More
Music and Infrastructure
Malkin Holdings has received an unsolicited $710 million offer for One Grand Central Place – another surprise twist that could stifle plans to make the Empire State Building part of a real estate investment trust.
The 1.3-million-square-foot, 55-story building at 60 East 42nd Street is the second largest building in the proposed Empire State Realty Read More
If you need any Dramamine…no, we guess that’s for motion-sickness…well, whatever it is you take to get over your crippling fear of vertigo, may we suggest that you start inhaling those suckers by the fistful before watching the latest music video offering of the Yeah Yeah Yeahs, shot on the observation deck of The Empire State Building. It is somewhat inappropriately titled “Despair,” and no, there are no Sleepless in Seattle homages at any time during Karen O’s up-tempo garage punk anthem.
Mr. Ross' Neighborhood
UPDATE: This is how the Empire State Building appeared last night after CNN called the election for Barack Obama (since 2000, the Democrats have traditionally been “blue”).
CNN has announced via press release that they’ll be lighting the Empire State Building tonight to honor the winner of the Presidential election.
Earlier this week, the Related Companies announced it had found backers to begin building the first tower of its Hudson Yards project (at the same time that it is trying to get a break from the MTA for payments on the entire 16-acre complex). Should the project get off the ground, it will have a long way to go.
Sure, in terms of time, as it will takes years, if not decades, for the entire 12 million square feet of office, residential, retail and cultural space to be built. But there is also a long way to go in terms of distance. As the design team puts the finishing touches on the first phase of the project, it turns out the other office tower on the site, which has yet to find an anchor tenant or an announced start date, will become the second or third tallest building in the city when it is completed, surpassing the Empire State Building.