Best Laid Plans
Those who keep a private plane waiting on the tarmac can afford to bring their outsized sense of entitlement—and accompanying misbehavior—along for the flight. Read More
It was but one line in Mayor Michael Bloomberg’s State of the City address in January, but it could prove to be one of the biggest of his dozen years in office.
“In the area around Grand Central, we’ll work with the City Council on a package of regulatory changes and incentives that will attract new investment, new companies and new jobs,” the mayor said from the stage inside Morris High School in the Bronx.
Hizzoner spent more time talking about Cornell’s Roosevelt Island tech campus, keeping the Hunt’s Point Produce Market from moving across the Hudson to Jersey and efforts to further expand the blue-collar workforce on the waterfront. Even the redevelopment of nearby East Fordham Road and Webster Avenue got equal billing with these vague pronouncements about “the area around Grand Central.”
Despite the scant mention, it turns out that for an administration that has never shied away from big plans, this may be one of the biggest projects yet.
For Richer or Poorer
The New York Daily News‘ Scott Cohen, who was tasked with a key piece of the tabloid’s survival as the editor of the paper’s website, is leaving after four years. He’s off to go work at a startup.
off the record
In light of the passage of Governor Cuomo’s tax bill last week, The Observer decided to informally poll the rich. What’s your take, you happy few?
After a week of attrition and turmoil at the Daily News, CEO Bill Holiber dropped by the newsroom last Wednesday to deliver a pep talk. At the same time, he sent all staff a rallying memo that invoked the paper’s stance as the populist anti-New York Post.
“Since 1919,” he wrote, “the Read More
The bad news keeps coming at the New York Daily News. Another two staffers have been let go, and the rumor is that there are more to come.
In April, New York Post editor in chief Col Allan fired one of his reporters for slipping Adweek a tasty scoop: on Monday the Post would raise its newsstand price a quarter, to 75 cents. Mr. Allan demanded better stories than usual for the occasion.
The gossip recalled the bloodiest skirmishes of the 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.
The Lunch CROWD
In February 2007, Sam Zell told Jonathan Gray to buy a motorcycle.
Mr. Gray, head of the real estate division at private equity powerhouse Blackstone Group, had just closed on the purchase of Mr. Zell’s Equity Office Properties. Blackstone had announced its bid the previous November, just 13 months after Mr. Gray had stepped into his new role. He had spent his entire career at the firm, so his ascent was not so surprising, and had managed 10 deals worth a combined $32 billion so far, so the territory was not exactly new. All the same, Mr. Gray was 37 years old at the time, and he had embarked on the largest leveraged buyout in history.
On Jan. 18, less than a month before the deal was to close, Vornado Realty and two backers launched an unsolicited bid. It was $52 a share to Blackstone’s $48.50. Steve Roth, the bullish—in outlook, demeanor and build—chairman of the massive New York-based investment trust had arrived in the bookish Mr. Gray’s china shop, and it was now a scramble to fend him off.
The pool was closed for private parties last week, but the grill was bumping. On Monday, Chelsea Clinton came in for lunch with Sandy Weill. The Post reported that she went to Michael’s, though, so maybe I need to get my eyes checked–or the media needs to fact-check. Ha! I’ve been working for three weeks Read More