May 17th - May 21st, 2010

NYC Real Estate Brokers Upbeat

May 17 – A survey of real estate brokers by the Real Estate Board of New York (REBNY) confirms there is an uptick in activity. Real Estate Weekly reports 15% of brokers say they closed sales at or above asking price- that’s up 11% from the same time last year. Also, 75% of broker reported they have closings scheduled in the next month. The survey also found 51% of buyers were from outside NYC.

New York Magazine Reviews Complexities at WTC

May 17 – The article focuses on how all the structures on the site intermingle and how that adds to the complexity of the construction. Robert Harvey, Executive Director of the LMCCC told reporter Chris Bonanos, “It’s certainly a challenge beyond anything the city has done before- I would say anyone has done before. This is rebuilding a city as it operates. Everyone always says it’s like doing open-heart surgery on a marathon runner in the middle of a race.”

Recovery Remains Slow in Construction Industry

May 17 – For the second straight month, more construction workers found work. Engineering News Record reported the industry added 14,000 jobs in March; however, the unemployment rate still hovers around 20%. Much of the improvement comes from seasonal construction work.

100 Church Street Signs First New Tenant

May 18 – The Farber Center for Radiation Oncology signed a 20 year lease for 22,000 square feet, becoming the first tenant in the building since SL Green Realty bought it in a foreclosure sale five months ago. According to Crain’s, the asking rent was around $75 a square foot.

NYC DOB Names New Commissioner of Enforcement

May 18 – Eugene Corcoran was named Deputy Commissioner of Enforcement and will oversee more than 120 lawyers, investigators and inspectors who keep tabs on the work of contractors, developers, architects and others who violate construction codes, according to Crain’s. Corcoran served with the United States Marshal Service and was a captain in the State Police.

Nu-Way Crane Executive Admits Guilt

May 18 – Michael Sackaris, head of Nu-Way Crane, admitted he bribed a city crane inspector to fake inspections and overlook unqualified crane operators. The Daily News reporter Sackaris could be sentenced for up to six years. His arrest came after two crane collapses in 2008 killed nine people.

Economic Development Chief Resigns

May 19 – Lieber announced he’s leaving to return to the financial sector. He came to NYC EDC in 2008 and is credited with the redevelopment of Coney Island, the city’s takeover of Governor’s Island, rezoning of Willets Point as well as development of the WTC. No successor was immediately announced.

Suspect also Planned WFC Attack

May 19 – Several published reports say Faisal Shahzad had targeted several major sites around NYC- one of them was the World Financial Center. The US Attorney’s office says Shahzad ‘has provided valuable information from which further investigative action has been taken.”

Morgan Stanley Searches for FiDi Space

May 19 – Morgan Stanley is looking for up to 1 million square feet in Lower Manhattan, according to a report in The New York Post. The same story says there’s a sudden dearth of big blocks of available space- with those needing 400,000 square feet having to split their space within the same building.

FiDi Experiences a Population Surge

May 19 – A new study by the Downtown Alliance estimates 55,000 people are now living south of Chambers Street, up from 24,000 in 2001. Alliance President Elizabeth Berger said, “The growth in residential is supporting the commercial vitality of the area.” The survey found 40% of Lower Manhattan residents work here too.  

Bank of New York Mellon May Leave Lower Manhattan

May 20 – The bank is considering selling 1Wall Street and moving its Manhattan headquarters. Crain’s and Bloomberg News reported BNY Mellon is looking for 450,000 square feet; a spokesman said the company needs ‘improved client meeting space and something that can accommodate state-of-the-art technology.” The bank said a decision is expected by the end of the year.

Preservation Commission Plans Public Hearing

May 20 – The Landmarks Preservation Commission may designate 45 Park Place a historical landmark, a move that would stop the controversial project. The Tribeca Trib says an Islamic group announced plans to demolish the 4 story building, which is the former Burlington Coat Factory. A spokeswoman for the Preservation Commission told the paper they plan to hold a public hearing.

PA Travels the Atlantic for WTC Tenants

May 21 – PA Executive Director Chris Ward will travel next week to London, Frankfurt and Amsterdam, hoping to sign potential tenants to the tower, according to The New York Observer.  The trip comes as the agency is getting closer to choosing one of developers to market the building.

Darby and Darby Moving Out of 7 WTC

May 21 –  One of the first tenants to move into the tower announced it’s moving out. Real Estate Weekly reported Darby and Darby, a law firm, is giving up floors 41 and 42, roughly 80,000 square feet. That space will join floors 43-49 as vacant space.

Two More Leases Signed at 40 Wall Street

May 21 – Law firm, Brokerage & Management Corporation, recently signed a lease to take the building entire 48^th floor, roughly 9,200 square feet. Real Estate Weekly reports the firm is moving from 90 Broad Street. Also, Telstra International, an Australian telecommunications company, will occupy the 43 and 44^th floors, approximately 15,000 square feet.