Lease of the Week
It was a typical evening at the Real Estate Board of New York’s annual gala as John Cardinal O’Connor stepped up to the dais to address a crowd of several thousand of the city’s most ambitious commercial real estate brokers and owners.
But in a ritual repeated more or less each year, the archbishop of the New York archdiocese’s 2.37 million Catholics and one of the Vatican’s most forceful spokesmen in the United States during the 1980s, was summarily ignored by a brokerage community far more interested in making deals than in hearing the Gospel.
It was a dramatic growth spurt that prompted Aegis Media to reconsider its commercial real estate options in New York 18 months ago. But it was a commitment by the group’s landlord that ultimately convinced the London-based digital media company to renew its lease at 150 East 42nd Street.
When it was announced in early 2007 that the Empire State Building would undertake an ambitious, $550 million renovation—the first of such grandeur since it was erected 76 years earlier—real estate observers stood divided on whether the effort was long overdue or, considering the looming economic crises, an unnecessarily expensive bet.
Given the 102-story tower’s 2.5 million square feet—not to mention its aging infrastructure, elevators and lobby—naysayers had reason to doubt the logic behind such a costly affair. Add to those challenges a mandate to replace the building’s jigsaw puzzle of 550 fractious users with a collection of far more prestigious, full-floor tenants and the endeavor seemed positively Sisyphean to some.
Maybe it’s too soon to declare the death of the Manhattan office-space asking rent. But, at the very least, the downward-spiraling economy and the lack of completed deals have rendered the asking rent—that symbol of landlord volition and market domination—an endangered species.
Where once a tenant broker could simply access CoStar to ascertain how Read More
“Quiet please,” reads a black sticker on the tall red door to the ground-floor apartment that artist Richard Bernstein kept at the Chelsea Hotel. And for almost two weeks, this city seemed all too willing to oblige.
On Oct. 18, Bernstein’s body was found on the other side of that door, in his high-ceilinged studio Read More
Bob Kerrey, the two-term former Senator and governor of Nebraska, is considering a proposal to start an elite training ground for policy-makers at the New School University, where he became president in January 2001.
Mr. Kerrey-who said upon taking the New School post that he wanted to teach a government class himself-commissioned an investigation into Read More