Rich Marin is big. For more than three decades, he dominated Wall Street, creating some of the industry’s most exotic investments, making billions for his clients, and millions for himself. One of his minions blew a hole in the side of Bankers Trust, a firm Mr. Marin helped transform into a derivatives powerhouse, and still he held on for the ride, becoming the youngest managing director ever at the bank. It all came crashing down five years ago, when the hedge funds he oversaw at Bear Stearns imploded. The rest of the world followed within the year. But there was Mr. Marin, standing amid the wreckage, helping rescue an overzealous Israeli diamond magnate who had plowed $3 billion into prime U.S. real estate just as the frothing market froze over. He rescued the firm, only to be unceremoniously fired two years to the day after he joined.
Now Rich Marin wants to build the world’s largest ferris wheel—in Staten Island, naturally—and the mayor just gave him his blessing.
Did we mention he is big? At the announcement of the project last Thursday, Mr. Marin absolutely dwarfed Mayor Bloomberg and Senator Chuck Schumer, along with the other dignitaries gathered at the ferry terminal. But despite his imposing size—he stands 6-foot-5 and is built like an offensive lineman—Mr. Marin is probably one of the gentlest people on the Street. Were he a real bear, rather than having worked for one, Mr. Marin would be not a grizzly but a teddy. This may help explain his turbulent career.
Wm. “Bill” Polk Carey, founder and chairman of investment management firm W.P. Carey & Co. that specialized in the acquisition and management of single-tenanted commercial real estate, died yesterday of natural causes at a Florida hospital, his company announced.
He was 81.
In 2009, W.P. Carey & Co. paid $225 million for 21 floors at the New York Times Building at 620 Eighth Avenue under a sale-leaseback arrangement, with the newspaper agreeing to lease out space in the building for up to 15 years.
July brings more modestly optimistic news for the city’s commercial real estate industry, according to the latest report from brokerage Cassidy Turley.
Manhattan-wide vacancies are still dropping, down from May’s 13.1 percent to 12.8 in June, marking the lowest amount of empty office space since at least April of last year. Downtown Read More
The American Institute of Architects new Guide to New York City has named Renzo Piano’s New York Times tower at 620 Eighth Avenue the ugliest building in the city, according to the Daily News.
The Times faced stiff competition on the list of uglies from the likes of the T.G.I. Friday’s on Fifth Read More
Who needs fancy Chief Innovation Officers (or their imaginary sons)? Wired‘s Clive Thompson just might’ve come up with the solution to all of the big media companies’ problems. As Mr. McGuire counseled young Benjamin Bradock in The Graduate, we have just one word—are you listening—for the Tribune Company, The New York Times Company, Read More
This was just emailed to employees of The New York Times:
At about 11:30 a.m. today an employee on the 13th floor of our headquarters building in New York opened an envelope addressed to The New York Times. A
white granular substance was in the envelope. The New York City police were called and Read More
"Looks like the Pelli building would be the easiest to climb." ["Rogers, Pelli, KPF: Their Visions of A Port Authority Tower"]
Photos by Gloria Ybarra
We got a tour of 229 West 43rd Street, the headquarters of The New York Times from 1913 until June 9, 2007, when the paper was written and edited in the building for the last time. The Times moved its operations to a new tower nearby at Eighth Avenue and 43rd Read More
Only eight days, 21 hours and counting (but who’s counting?) until MUJI opens a store in the Renzo Piano-designed headquarters of The New York Times. For those not inclined to count, that’s noon on May 30.
This, the second New York location for the Japanese Mecca for "no-brand quality goods," will fill 4,350 square feet Read More
The Post‘s Keith Kelly hears that 70 Times staffers are going to take buyouts, which means that about 30 are on the chopping block and it’ll be Joe Sexton’s Metro team that’ll take the brunt of the hit.
There’s no good news out of that, but it will thin the crowd for what Read More