July 20th - July 26th, 2007
Another Firm Swaps Midtown for Downtown
July 23rd: The law firm best known as Fragomen (Fragomen, Del Rey, Bernsen & Loewy, LLP) has traded in its 40-year-old residence in midtown for a new home at 7 Hanover Square in Lower Manhattan, according to Real Estate Weekly. This move seems to enforce what appears to be an emerging trend among many midtown mainstays.
More and more large firms are choosing to forgo their Madison Avenue addresses and upgrade to new locations downtown. According to the Real Estate Weekly report, Fragomen was able to lock in a below-market rate for its rent. To compensate for the shorter lifespan of the firm's lease agreement, Fragomen will only pay a monthly rate of $40 per square foot for the next 12 years.
Tenants of 333 Rector Place Have Choice: Get A Lawyer or Get Out
July 26th: Residents of 333 Rector Place are running out of options. This week, the Downtown Express reported that entering into a legal battle with the building's new owner may be the last resort for tenants trying to stay in the building.
The property was acquired by Buttonwood Real Estate earlier this spring. Since that time, residents have made repeated attempts to garner support from local press and the downtown community boards to combat the 60-day eviction clauses that Buttonwood has written into some leases.
The company wants all tenants out of the building by the end of the year in order to move forward with full-scale renovation plans for the building. It is for this reason that the building owners have not only written in such clauses, but only have allowed renewal of expired leases for short terms and with substantial rent increases.
Tenants facing eviction by the end of next month have not ruled out legal action. Buttonwood representatives refused to comment on the situation, according to the Express report.
Julie Menin Appointed to LMDC Board
July 26th: Two years after being nominated by Community Board 1 members, CB1 Chairperson Julie Menin has been appointed to the Lower Manhattan Development Corporation's board, the Downtown Express reported this week. Menin replaces Madelyn Wils, who in 2001 was appointed by Governor George Pataki.
Menin has been recognized for her role in founding Wall Street Rising, a not-for-profit organization dedicated to restoring the vibrancy and vitality that existed in Lower Manhattan prior to the devastating events of September 11th, as well as her role serving on the WTC Memorial jury. She told the Express that she plans to use her new role to advocate for more art and cultural locations at the World Trade Center site and elsewhere.
Maikish Finishes Last Week as Head of LMCCC
July 26th: Finishing up his last week as executive director of the Lower Manhattan Construction Command Center (LMCCC), Charles Maikish reminded New Yorkers that the rebuilding effort downtown is far from over, the Downtown Express reported.
The rebuilding of Lower Manhattan needs continued guidance and oversight in order to ensure that the plans that have been agreed upon are complied with, Maikish told the Express.
Lower Manhattan Development Corporation (LMDC) Chairman Avi Schick and Deputy Mayor Daniel Doctoroff have since announced the appointment of Robert Harvey as the new acting executive director of the LMCCC.