It took decades for the New York Coliseum to be torn down and replaced by the Related Companies’ Time Warner Center. While most of that time it was a different developer trying to build the damn thing, the fact remains, Related’s president Jeff Blau has his work cut out for him. “At Hudson Yards, we’re looking at about 2.5-times the Time Warner in that first phase, and the key to getting financing will be getting the office space leased,” Mr. Blau said yesterday at the Masters of Real Estate panel hosted by The Observer.
Until he can find tenants for at least a portion of the 4.5 million square feet of office space planned at the megaproject, it will be all but impossible for Mr. Blau to start building. That had been a challenge ever since the economy collapsed in late 2008, not long after Related won the bid to redevelop the rail yards—O.K., so that deal wasn’t finalized until 16 months ago, but whose counting—but Mr. Blau said the firm had seen a surge in interest in the past six months, and there are now nine companies actively looking at relocating into offices at Hudson Yards, and they are all looking at leases over a million square feet.
Related Companies president Jeff Blau on developing the West Side Yard and expanding in the Middle East
The Commercial Observer: What’s the latest on the West Side Yard project?
Mr. Blau: The timing’s perfect for that question. We last week signed a contract with the M.T.A., which is the first step in the process. That Read More
The Commercial Observer: Tell me about this building you’re building at 42nd and 10th.
Mr. Beal: At the end of ’07—it was a $900 million deal, we got $700 million of financing. That was all put together prior. … We built the foundation and I think then we woke up in the middle of ’08, Read More
Real estate has crumpled, prices have tanked, desperation is thriving and swagger is dead. But at one of the oldest, meanest, most gubernatorial, thoroughbred, pined-for co-ops on Fifth Avenue, choosiness lives on.
According to a source at 820 Fifth Avenue, the building has turned away real estate developer Jeff T. Blau, the self-made 41-year-old Read More
Location: On the rail yards, how did News Corp. tell you that they were no longer interested in being an anchor tenant?
Mr. Blau: There were several rounds, and they [the M.T.A.] called us in for what they said was the final round. We had hoped, or thought, that we would be designated at Read More
The estate of Kay Jeffords, the maverick owner of the star-chaser Lonesome Glory, just went to contract on Jeffords’ regal residence at 4 East 66th Street for close to the $15 million asking price, real-estate sources close to the property said. Cornelia Zagat Eland, with Stribling and Associates, who had the exclusive listing on the Read More