Empire State Building to Go Public?

 

There is a chance, that by March of 2012, Malkin Holdings LLC (the Empire State Building controller) may start the official process of becoming a publicly-traded real investment trust.  This building is a true landmark of Midtown Manhattan, spanning 102-stories and is perhaps one of the first places visitors flock to see. 

According to Empire State Buildings Associates LLC, the process the company is currently undergoing could result in documentation being filed with the Securities and Exchange Commission in the not-too-distant future.

Boosting Business in Midtown Manhattan

Should this go ahead, it would be great for business. If it happens, it will mean investors will be able to purchase a piece of one of the most well-known buildings in the Big Apple.  As well, according to Green Street Advisors, Inc., over the last couple of years, property prices in offices in the Midtown Manhattan area have increased 87 percent.

So we say, more power to you ESB!

Engineering Center to Open in Midtown Manhattan

In 2012, Facebook will be opening its first engineering center outside of the west coast, in Midtown Manhattan.  It does have an office in New York, but not this kind of office.  The current one is more sales-based.

Sheryl Sandberg, FB COO was present at the formal announcement which took place at Facebook’s existing New York office, in Madison Avenue.  While there was no official figure for the amount of employees who would be working there, Facebook’s plans are to add “thousands” throughout the world in the near future. 

Facebook is currently at the Bank of America Plaza (overlooking Grand Central Terminal, Midtown Manhattan), where it intends to remain.  With a staff of around a hundred, the work carried out there is advertising sales.  Right now, the company in Palo Alto employs around 3,000 people with engineers based there and Seattle.

At the FB office, NY US Senator Charles Schumer and the city’s Mayor, Michael Bloomberg, penned messages on the wall, which is the actual equivalent of the FB virtual “Wall,” with the former writing, “Facebook love New York.”

Midtown Manhattan Color Combustion!

Enjoy some color in midtown Manhattan.  It used to be awash with black-and-white, but now it’s simply lit up in pretty much all the colors of the rainbow!  Gone are the days when the area looked grey and businesslike from the skyline.  Color has entered the city…and it has become a real joy for everyone.  Indeed, it has even been described as akin to the colors in Tokyo’s Ginza strip, according to designer of the Time Warner Center at Columbus Circle and the Freedom Tower at Ground Zero, David Childs.

Partly, this is light reflected from the ground, and partly the colored lights emanating from the very tall buildings.  As well, some of these buildings also have lit up antennas which have been described as “upside-down lollipops” which can be viewed from out of the Chrysler Building and the Empire State Building – like they are sticking out of them.

Five Manhattan Crazy Colors

The five buildings that are lighting up midtown Manhattan are: the 52-story New York Times Building on Eighth Avenue, (color changes are reflected in the iron-glass construction at different times of the day); 1 Bryant Park, the Bank of America’s 51-story building (this has a white façade lighting which can switch night into day); 42^nd Street with two Silver Towers (residential) close to Hudson River; and 4 Times Square, the 48-story reflective glass and steel Condé Nast building. Two of these buildings – the ones on 42^nd Street – have been fitted with a $3.5m energy-efficient light extravaganza, put in by Douglas Durst, the developer.

Hotel Construction in Midtown Manhattan

Two new hotels will be constructed in Midtown Manhattan’s Fashion District.  One will be located on 25 West 37th Street and the other on 960 Avenue of the Americas.  The loan required for these was recently secured by Hidrock Realty, at a value of $66m.

960 Avenue of the Americas

Other finances for the project came from BBVA Compass Bank ($36m for the hotel on Avenue of the Americas).  The entire development will require $72m.  The mortgage came at a discounted price from Societe Generale a couple of years ago as the owner at the time failed to meet income requirements, resulting in a foreclosure last summer.  Redevelopment began shortly after to reconstruct the office building into a hotel.  It should be completed by this time next year.

25 West 37th Street

Looking at the other property, a construction loan totaling $30m came from the Bank of Nova Scotia.  This will require funds amounting to $54m for completion.

New York City Bridges Centennial Celebrations

A set of bronze medallions was presented to Emigrant Savings Bank from the NYC Bridge Centennial Commission.  The Bank received these at the Midtown Manhattan headquarters at a recent ceremony as an honor for its work on various New York City bridges’ centenary celebrations. 

In a report in PR News Wire, Vice Chair of the bank, John Hart, on accepting the medallions said, “I am honored to receive these medallions on behalf of Emigrant Savings Bank and Howard P. Milstein, Chairman of our parent company, New York Private Bank & Trust. Like the bridges themselves, we feel Emigrant Savings Bank is an integral part of New York City's infrastructure. For more than 160 years, we've connected communities throughout the Greater New York area. We are therefore particularly proud to have participated in such a memorial celebration.”

The actual 100 year anniversary was last year.  But various bridges that have been standing for a hundred years reached this milestone over the last few years.  The bridges that marked the celebration included: University Heights; Borden Avenue; Madison Avenue and more. All over the East River, celebratory, fun events took place such as music, walking and boat tours, fireworks and more.

Car Amnesia in Manhattan

 

It’s everyone’s worst nightmare. Well, not quite, but no-one likes the thought of not remembering where they parked their car.  And it’s especially irritating if you’ve just run a marathon….literally!

That is exactly what happened to Charles Petraske, 34-year old New York marathon runner who had parked his car in midtown Manhattan the day of the ING New York City Marathon.  Thereafter he hopped on a bus to get to the start of the race, and then, after an impressive three hours and 16 minutes, he completed his marathon. 

The only problem was, what happened next.  Petraske took $40 and his car keys to the race’s start line and left the ticket on the dashboard.  When he returned to Bryant Park however, he couldn’t see anything familiar, least of all his car – it simply wasn’t there.  The only memory he had of where he parked the car was that it was near a flashing billboard that had commercials for MasterCard, New York State Lottery and Coke Mini…not so helpful.

Of course, just calling all the garages wasn’t going to help and the police didn’t exactly have all the time in the world to help the tired, sweaty runner either.  They said they could only identify a towed car.  In the end, it was his wife who was called into the rescue – she came from Albany to pick him up.

Moral of the story?  Always make sure you make peace with your wife if you’ve had a fight before leaving home; you never know when you might end up losing your car and needing a rescue!

De-Maddening Midtown Manhattan

 

Traffic in midtown Manhattan can indeed be maddening.  But now, with the upcoming crosstown bus service due to hit its streets, the maddening of Manhattan could well be a thing of the past.  In reality, what has happened is that the current bus service has extended to 34^th Street, serving around 33,000 people on a daily basis. 

The bus service travels in a special lane, specifically designed only for that bus, which immediately cuts out a lot of traffic.  Passengers buy tickets at the bus stops and can thereafter board at the front and back.  As well, it has been found that this select bus service has taken off 12 minutes from a trip beginning at South Street Seaport and arriving on 12^th Street.  The service has only been in operation for about a year, where it started on the M15 route, traveling along First and Second Avenues, but since then it has incurred quite substantial growth.