The West Side Yards partnership is one of several examples of foreign money helping New York City's credit-starved commercial real estate market begin to see some sense of vibrancy, even in the face of an uncertain economic climate.
Around 85 percent of McDonald's 14,000 domestic restaurants are franchise owned. Since 2003, around 7,000 of them have gone through some sort of remodeling.
A New Yorker's reflection of an earlier time in Manhattan, back when nightclubs were more than $300 bottles of vodka and when restaurants weren't part of chains. Now, those were fun times.
A vast track of space on Manhattan's far west side got one step closer today to becoming a sprawling, high-tech, city-within-a-city. The area, known as Hudson Yards, covers a 26-acre site between 10th and 12th avenue and 30th and 33rd streets.
After surviving 9/11, the credit crisis and the Great Recession, the commercial real estate market in lower Manhattan finally shows signs of exhaustion. But investors are looking ahead to the resilient neighborhood's recovery.
Saying "we have no choice," or we'll "end up with an unfinished building," board members also voted to reauthorize work on the consolidated Police Crisis Command Center and Aircraft Rescue and Firefighting facility at LaGuardia Airport.
n New York City, the current crisis has led some to speculate that the city's financial services industry may be in for a permanent restructuring which could mean further uncertainty in the commercial real estate office market.
The "Island" beyond the borough of Queens consists of numerous borders and government entities, including two counties, countless townships, villages and hamlets along with various civic organizations each with its own set of regulations, interests.
Project opponents are asking that Related and future tenants provide living wage jobs and benefits. The hourly "living wage" for one adult in the Bronx is $11.86 per hour. However, for two adults with two children, a living wage is $30.30 per hour
Depository Trust & Clearing Corp.'s Tuesday announcement that it will move 1,600 employees to Jersey City's Newport Office Center in early 2013 is sending a slight chill down the Lower Manhattan office market.
New York City's universities and research institutions have not become powerful catalysts for entrepreneurship and local economic development, at least the way similar institutions have in other regions according to a new report from the Center for an Urban Future
And any professional investor, regulator or member of Congress who says this was a surprise is either being less than truthful or more likely not informed enough to be in those positions.
"If default rates continue to rise in the way current trends suggest, and if low rates and recovery on exposures worsen, some institutions will be impacted in terms of their viability, not only in their terms of their capacity to lend for commercial real estate, but also in thei …
Fitch Ratings says that debt service reserves for New York City's Stuyvesant Town/Peter Cooper Village loan are likely to run out by the end of this year.
Over the past few days, the Port Authority of New York and New Jersey, Silverstein Properties Inc. and the politicians who support them, have all raised the volume higher. The main players, including Gov.
SPI says that on Oct. 2, 2008, the Port publicly acknowledged that it would not complete "key elements" of the WTC infrastructure until years after the dates required in the 2006 MDA.
Experts agree that the sea of maturing commercial real estate mortgages is the next shoe to drop in the nation's recession. But the size of that shoe remains to be seen, and just how far it falls is anyone's guess.
That decision led to the Port being ordered to pay Silverstein $14.5 million in late penalties. By that following December 2008, the Port lost another arbitration decision, costing it $49.5 million.
As the July issue of industry publication US Banker noted, more than $168 billion of the $204 billion in commercial mortgages coming due this year are held by banks and thrifts. That dwarfs the $19.1 billion of CMBS loans that also mature this year.
SPI says that by firing Phoenix, the authority pulled what the letter called an "about-face," and says the authority's action appears to have been taken without a "coherent construction or construction management strategy in place going forward."
Specifically, Wednesday's vote and subsequent new MTA payment schedule allows the developer to spread out payments until 2031. The new terms compare to FCRC's 2005 original offer of $100 million up front.
When it comes to rebuilding the World Trade Center, the Port Authority needs to "figure out a way to come up with something" for financing the project, said Mayor Michael Bloomberg during a radio address on Friday.
Nearly four weeks after the May 21 Gracie Mansion summit between key stakeholders in the World Trade Center redevelopment, Silverstein Properties Inc.
But, despite broad pronouncements and a pummeled financial services industry, questions remain on how best to incubate and diversify new economic engines in a city where the cost of doing business remains so high.
In response to GlobeSt.com's question as to whether FCRC would use the original Frank Gehry design for the arena or perhaps another architect altogether, ESDC says GlobeSt.com that was a question best answered by FCRC.
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