The Highline has been one of the best projects in NYC over the past decade. There are still dozens of development sites and exciting projects that are yet to be built….and its possible that the best is yet to come.
Here is a great article in the Small Business section of the New York Times about rationalization of a business owner who bought his warehouse instead of renting.
Michael Bloomberg’s remarks on the Lower Manhattan Mosque reminds us of how our great city is made up of and built by people of all religions and origins. Whether it is Middle Eastern investors paying huge prices for our iconic buildings, or religious groups spending hundreds of millions of dollars to build religious and cultural centers, we all benefit; jobs are created and real estate values increase.
Here are some quotes from Bloomberg’s speech that eloquently sum up this historic day for our city:
“We honor America’s core principles and the heroes of 9/11 by defending freedom of religion”
“Our doors are open to everyone – everyone with a dream and a willingness to work hard and play by the rules. New York City was built by immigrants, and it is sustained by immigrants – by people from more than a hundred different countries speaking more than two hundred different languages and professing every faith. And whether your parents were born here, or you came yesterday, you are a New Yorker.”
“We have come here to Governors Island to stand where the earliest settlers first set foot in New Amsterdam, and where the seeds of religious tolerance were first planted. We’ve come here to see the inspiring symbol of liberty that, more than 250 years later, would greet millions of immigrants in the harbor, and we come here to state as strongly as ever – this is the freest City in the world. That’s what makes New York special and different and strong.”
On Friday, July 9th the Young Men’s and Women’s Real Estate Association hosted its fifth Kayaking Day. This year we took it up a significant notch and kayaked around the entire borough of Manhattan. I was accompanied by Robin Fisher (Newmark Knight Frank), David Brause (Brause Realty), Gary Trock and his two sons (CBRE), Lindsay Ornstein (Centric Real Estate Advisors), Bill Montana (Studley), Alex Bernstein (Bernstein Real Estate), and others including Erik Baard and the wonderful staff from the Long Island City Boathouse. It was a grueling day, filled with bad sunburns, sore shoulders and an unprecedented amount of complaining, but it was a great accomplishment to complete the nearly 12 hour journey.
While Goldman Sach’s approval ratings might be worse than a combination of John Edwards and Bernie Madoff, they are still the trusted advisor to the world’s biggest companies…which means prosperity for New York.
http://www.nytimes.com/2010/06/15/business/15sorkin.html?ref=business
My friends Jeff Rosenblum and Ashish Dua of Acumen Capital (formerly of Time Equities, Inc.) recently leased the roof of their building in Long Island City, Queens to a farm. There is a lot of talk about green and sustainability out there, but this is one of the most unique concepts I’ve seen in awhile.
Foreign missions and consulates continue to purchase office condominiums. Some have even strayed from the Midtown East submarket and away for the United Nations. In 2008 I sold the Mission to Trinidad and Tobago a 25,000 square foot floor at 125 Maiden Lane in Lower Manhattan. UN related entities continue to show interest in our office condominium portfolio.
New York State recently gave up control of Governors Island, a 172-acre site just off the Manhattan and Brooklyn shores. Under Bloomberg’s control people are more optimistic than ever that the former military base will be converted into incredible park land, commercial developments and a possible satellite campus for New York University.
Should more State-controlled enterprises like the MTA, the City University of New York, and Battery Park City be under the control of Bloomberg and New York City? The answer is that in selective cases and under the right conditions the City is better suited to runs these entities than the State. New York Magazine’s recent article titled Mike’s Empire does a good job presenting the question.
In order for our economy, and New York City’s commercial real estate market to fully rebound there needs to be an increase in jobs. The New York Times columnist Thomas Friedman explains the interesting statistic that over the past 35 years any job growth was created by businesses that have existed for five years or less. Long established companies do not add new jobs to the economy, therefore the government’s recovery efforts should be spent on promoting startup businesses. I recommend that the government provides even greater incentives for small businesses and startups to purchase their own office space.
