(Source: Bloomberg TV)
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Showing posts with label New York City. Show all posts
Showing posts with label New York City. Show all posts
The Empire State Building Tour You'll Never See
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Brookfield's Mitchell Rudin on the Future of NYC
Featured speaker, Mitchell Rudin, President and CEO of Brookfield Office Properties spoke about the state of New York City and the current Brookfield projects which will further develop the city. Here’s some of what Mitchell said:
Trends
• We live in an "Era of cities."
• Thinks suburban companies located in Westchester and Long Island also want a presence in NYC.
• We’re in the number 1 country (USA) and number 2 city (NYC) for real estate globally.
• Nationally 55% of GDP is generated in just 22 cities.
BrookField Place
• Were asked to change the name of the World Financial Center because the tenants signing leases are not all in finance -- it was changed to Brookfield Place.
• Brookfield Place is an 8 million square foot complex with a dining terrace with seating for 1,000 as well as an Equinox and on-site child care.
• The dining complex will open in May with new restaurant, Hudson Eats.
• The complex is currently 60% complete.
One NY Plaza
• One New York plaza had many lease commitments a couple of years ago.
• After Hurricane Sandy, which dumped 23 million gallons of water into the building, all the tenants disappeared.
• Since then, they’ve made a number of long-term improvements and now have over 97% occupancy.
Manhattan West
• Will feature 3 office buildings, a hotel, and an apartment building.
• It will be roughly two contiguous blocks with outdoor space about the size of Bryant Park.
• Five Manhattan West has been getting a lot of interest from creative tenants.
• The entire project will be ready by 2019.
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Future of the Manhattan Skyline Recap
The panel was moderated by Lynne B. Sagalyn and featured:
• Jeff Dvorett - Vice President for Development, Extell Development Company
• Alexander Garvin - President and CEO, AGA Public Realm Strategists
• Erik Horvat - Acting Director, World Trade Center Redevelopment, Port Authority of New York and New Jersey
• Marianne Kwok - Director, Kohn Pedersen Fox
• Michael M. Samuelian - Vice President, Related Companies
Here are some of their thoughts:
• The panel speakers felt that NYC is not investing enough in infrastructure to maintain its status as a global city.
• It doesn't matter how much we build in NYC -- without reliable transportation, it won't matter.
• Hudson Yards will work best with the extension of the 7 subway line
• The skyline is being defined by residential towers because it is what makes money these days.
• What defines a super tall skyscraper in NYC? 900ft or taller.
• Mixed use development is very complicated, need to understand the correct balance.
• Hudson Yards arguably wasn't set up with the correct zoning which may be limiting.
• The World Trade Center was designed to create a street scape that is mindful of the memorial.
• Landscape design has evolved in New York City with initiatives such as the Highline.
• The biggest challenge for new development is getting tenants -- not financing, zoning, design, etc.
About ULI – New York
The Urban Land Institute provides leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. ULI New York’s mission is to serve as the principal forum for real estate professionals in our area, reflecting the Urban Land Institute’s best practices in leadership development, community service and enhancement of land use policy and practice. www.newyork.uli.org
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What We Heard: NYC Tech Revolution
The speaker panel, which was moderated by Arie Barendrecht (WiredNYC), included Michael Rudin (Rudin Management), Charlie Buscarino (Clarient Group), Phil Kirschner (Credit Suisse Workplace Strategy Group) and Ari Goldberg (StyleCaster).
This is we heard:
NYC and Tech
The tech industry, including media companies, start-ups and information companies, is the 2nd biggest driver of jobs.
NYC has 2,000 tech companies, 1,000 of which are are headquartered in NYC.
Brooklyn is the second fastest growing tech sector, behind San Francisco
NYC Buildings and Tech
86% of NYC startups are in pre-war buildings which are are old and have bad telecom equipment.
(AB) Landlords don't see broadband as a revenue stream and therefore do not invest in updating.
(AG) The demand for tenants is so high that a landlord doesn't care about updating.
(AG) The government should provide incentives to landlords to keep buildings at a certain level.
(AB) Even big retailers care about IT - Macy's has over 100 developers on staff.
What can old buildings do to become more tech friendly?
(CB) There is no easy solution for an old infrastructure. Sometimes an anchor tenant can fund it, if not, do it systematically, piece by piece.
(CB) Buildings should be "carrier neutral" to meet tenant needs.
Rudin created the first carrier neutral, fully wired building in NYC at 55 Broad. This was beneficial because the building was revamped without disturbing any tenants. It was bad though because they had zero leasing revenue.
(PK) The new trend is "Bring Your Own Device" so there's more of an emphasis on making sure the particular apps their employees are using are secure, rather than the devices themselves.
(PK) Companies who encourage employees to work from home and/or bring their own devices (BYOD) need open and secure networks for employees to be productive.
(AG) Software as a Service, such as Dropbox, is convenient because when an employee leaves the company all they have to do is call in the IT guy to wipe the former employee's computer and create a new Dropbox account for the new employee.
(CB) In today's world people use social media at home and at work. There's no distinction. It's almost like a blur of social media throughout the day.
(PK) You have to worry about security with work from home employees - one second they're home and the next they're at a Starbucks.
(MR) Rudin invested in sensors which measure weight, temperature, co2 levels, etc. to create a system to help reduce their energy consumption and be more sustainable.
(MR) Rudin saved saved 30% of energy load during a 5 day heat wave in July. Will save close to a million dollars by the end of the year
(CB) Studies show that simply being transparent and making employees aware of their impact makes them more energy efficient and sustainable. Information is empowering.
(PK) Highlights the new role of "co-working" and shared spaces. Smaller companies get temporary access to high end amenities.
The Next Mayor
The new administration needs to be involved in setting the bar higher for building standards, such as with programs like WiredNYC.
(AG) Bloomberg was a business guy and a tech guy. He hopes the new mayor continues to support programs like NYCEDC.
(MR) Hopes incentives for smaller startups like Stylecaster continue. Also thinks the major needs to make sure there are more options of places to live for young people.
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What We Heard: NY State of the Market
The panel included professionals from Avison Young, Massey Knakal, Himmel + Meringoff Properties, Colliers International, Cushman & Wakefield and MHP.
These are some of the nuggets of information shared:
- Bruce Mosler (Cushman): NYC is a story of sub markets - the financial sector is still on the sideline, while Midtown is improving. Owners need to make capital improvements in order to stay relevant to changing tenants demands such as column free floor plates, natural light and connectivity.- Arthur Mirante (Avison): Has a cautious view of the NYC real estate market but on a global level believes there is a need to celebrate. The fundamentals in NYC are the best in the world even though the financial service sector has been stagnant.
- (AM): NYC is hot & popular today - it's perceived as safe, which is benefiting real estate big time. People want to study, live, and work here where not so long go people were fleeing.
- Office space in NYC is not being built on spec - this isn't common in other markets.
- Tech, Advertisement, Media, & Information Sectors (TAMI) are driving NYC's office market -- these sectors are comprised of a younger generation who want to be in NYC.
- (BM): Sees a rent spike on Avenue of the Americas by the end of the year, this portion of office block was greatly affected by the downturn.
- (AM): Sees rents going up by 20 to 40% over the next couple years, depending upon the sub market, and thinks we can support another 20m SF of office space.
- Risks to the NYC office market include the mayoral election, rising interest rates, national government, etc. However office market fundamentals have never been better.
- Most important thing landlords need to do to lease space is modernize their buildings - tenants want to attract and retain their talent.
- Leslie Himmel (Himmel) sees interests rising along with cap rates, Robert Lapidus (L&L) doesn't see cap rates rising because there's too much money out there looking to buy in NYC. Investors want inflation protection and NYC is still a top market for this.
- From a CRE view safe streets should be the biggest priority for the next mayor.
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View A Space: Unique NYC Rooftop Lounges
Its summer and while many people look to beat the heat at local beaches and pools, others prefer to cool down with their favorite drink high atop the city's skyline in one of NYC's rooftop lounges. No stranger to rooftops, or any other parts of a building, we've compiled a list 5 rooftop lounges to put on your summer "To-Do" list.
The Metropolitan Museum of Art Roof Garden Cafe
Take a tour of the largest and most comprehensive art museums in the world and then head upstairs for one of the most cultural rooftop drinking experiences you will find - complete with an art installation by artist Imran Qureshi. You can expect to find some of the best views of Central Park from this rooftop lounge and an artistic drink selection inspired by Qureshi's home country.The Lounge at Pod 39 Hotel
Ravel Hotel Rooftop Bar
La Birreria
La Piscine at the Americano
Presented on Tumblr, our View A Space series takes an inside look at historic, abandoned and all-around interesting spaces in New York City.
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The (New) New York
In a matter of years New York City’s skyline and its surrounding borough’s will be transformed in ways we can only continue to imagine. Some projects that have already begun and are almost near completion, like WTC 1, have already started to transform the city, while others, such as the Domino Sugar Factory, are still left to the imagination.
Here’s an overview of some of the happenings coming our way and how we can imagine they will look:
Ground Zero has been re-established, Tower 1 is almost complete (the cherry on top, the sphere, was recently installed) and construction is underway on the Santiago Calatrava WTC PATH hub. In addition, a new social and cultural center for downtown should happen at South Street Seaport where major renovations are being done to redesign the area. The lower east portion of downtown is also being dubbed the new family neighborhood. The last Economic Development Corporation president, Andrew Alper, recently said: “Lower Manhattan is the fastest-growing residential area in the city right now.”
Last summer Two Trees bought the Domino Sugar Factory site in
Williamsburg to redevelop it into a mixed used master-plan community
filled with parks, residential and commercial space. The project is
currently considered the most prolific waterfront opportunity in
Brooklyn. Two Trees plans to break ground as early as 2014.
Downtown Brooklyn will also get soaring new developments in the form of 388 Bridge Street and Avalon Willoughby West. Both are set to be Brooklyn’s tallest buildings at 590 feet and 596 feet respectively, these two additions will undoubtedly add further definition to the community.
Here’s an overview of some of the happenings coming our way and how we can imagine they will look:
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| Skyline w/1WTC |
Ground Zero has been re-established, Tower 1 is almost complete (the cherry on top, the sphere, was recently installed) and construction is underway on the Santiago Calatrava WTC PATH hub. In addition, a new social and cultural center for downtown should happen at South Street Seaport where major renovations are being done to redesign the area. The lower east portion of downtown is also being dubbed the new family neighborhood. The last Economic Development Corporation president, Andrew Alper, recently said: “Lower Manhattan is the fastest-growing residential area in the city right now.”
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| Calatrava Transit Hub |
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| Domino Sugar Factory Site |
Downtown Brooklyn will also get soaring new developments in the form of 388 Bridge Street and Avalon Willoughby West. Both are set to be Brooklyn’s tallest buildings at 590 feet and 596 feet respectively, these two additions will undoubtedly add further definition to the community.
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| 388 Bridge Street |
What We Heard at WX's Reshaping Manhattan's West Side
The panel was moderated by Ann Weisbrod, President of
Hudson Yards Development Corporation, and featured Sabrina Kanner, Vice
President of Design and Construction at Brookfield Properties and Michael M.
Samuelian, Vice President of Design and Construction at Related Companies.
-Since 2007, the West Side has seen much transformation including the development of The Highline, which is seen as an "economic engine" that can help with development of Hudson Yards.
- The Chelsea area is growing at 5 times the rate of the rest of Manhattan - attracting many wealthy, young, hip Manhattanites and a large fashion/art scene.
- The new 7 line expansion is 80% complete and will be closest subway to The Highline - generating more traffic and more opportunities for retail.
- Related Companies will develop two mixed-use buildings which they call the "Super Block" which will include a movable structure to be used for fashion shows and be a permanent location for Fashion Week.
- Brookfield Properties is currently developing 2 office towers in the area which be developed over the exposed train tracks at Dyer Ave and will feature 1.5 acre outdoor public space
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Real Data Management Joins BOMA
“We are excited to be a member of BOMA and look forward to participating in future BOMA events RDM is a great fit." said RDM CEO Peter Boritz.
Founded in 1907, BOMA represents the owners and managers of all commercial property types including nearly 10 billion square feet of U.S. office space that supports 3.7 million jobs and contributes $205 billion to the U.S. GDP. Its mission is to advance the interests of the entire commercial real estate industry through advocacy, education, research, standards and information.
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Highlights from Bisnow’s Future of Downtown Event
A Look at the NYPL's $300M Renovation [Video]
Now, take a look at the plan video for the Midtown branch's $300 million renovation.
According to the NYPL, the renovation will open up more of the library to the public, with 40% more space. The renovations will center around the area currently off-limits to the public, housing seven floors of stacks—this will be transformed into a four-level atrium which will provide more sitting areas and desks for the public, as well as a view of Bryant Park.
New York Magazine Cover Features Blacked-Out NYC
From an editor's note:
The easiest part of a harried three
days came Friday around noon, when we met to settle on the cover. A
photograph taken by Iwan Baan on Wednesday night, showing the Island of
Manhattan, half aglow and half in dark, was the clear choice, for the
way it fit with the bigger story we have tried to tell here about a
powerful city rendered powerless. We crammed back into the conference
room, raced to finish our pages, and hoped, like other New Yorkers, that
everyone would find the lights on when they got home.
The cover, as it turns out, is breathtaking:
A Vivid Look at NYC
Australian photographer Eddie Peter Hobson created this amazing timelapse video of NYC using shots from his recent trip to the city. You can find more of his videos on Vimeo.
The Best of NYC in 4 Minutes
We've shared this amazing time-lapse video, highlighting some of the greatest places in New York City, on our Google+ Page; View-A-Space. The video, created by artist Cameron Michael, takes us on a 4 minute journey through some of the biggest attractions in NYC.
Don't forget, we accept submissions to feature on View-A-Space. If you have a space you would like featured on View-A-Space, click here.
Using Customer Service to Attract the Right Market in Small Business
Most could argue that this is a good thing. First and foremost, major corporations cloud diversity. Second, with small businesses, employees can get to know your face and name, and who knows? You may even get some friendly discounts if they like you.
But what is the price we pay with predominately small business communities? Higher prices, often based on ambiguous and inconsistent mark ups. Absolutely no standard of cleanliness or order, no reason to treat customers like they matter, all simply because these employees deal with hundreds of people a day, and have no one to answer to but themselves. These business practices often won’t be a direct result of a business failing since New Yorkers have needs that face a limited source of supply.
Most New Yorkers use public transportation, they have no choice but to do business wherever it’s convenient for them. Location is everything when deciding where to eat, bank, etc. If it’s not within a five-block radius, forget it. The vast majority of New Yorkers will choose convenience over proper customer service.
This is not to say that all small businesses in New York City are lacking in attentiveness. But for me, what sets apart one small business from another similar one is the customer service I receive. Such attitude, I believe, is shared by many. Acknowledging this, I hope that regardless of the upper hand a supplier has in the market, in the long run, lack of proper customer-salesperson interaction will ultimately lead to either more businesses entering the market, thus leading to more competition, or enough customer dissatisfaction to significantly damage business
We all know how getting bad customer service makes us feel. Personally, it makes me angry and irritable, even long after I leave a given establishment. I may give the staff member my own dose of bad attitude, which of course rarely helps the situation.
What is most frustrating is that providing good customer service is not a major task. It’s not something that takes a vast amount of money, investment, or time when it comes to small businesses. It’s the easiest, cheapest, and most effective way to get and keep business. It starts from the view of the business from the outside, the image the business projects and how it wants to be perceived by the customers. Even just the small effort of making direct eye contact with the prospective client can make a huge impact. When I come across someone who even pretends to care about my situation, it can make my day.
Putting emphasis on this aspect of any business will tremendously affect client retention rate and might save a business from sinking in these testing economic times.
