POSTINGS

Power 100 Heat Map F

rom a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as Relateds Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature. Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunts Point. Below, a sampling of where power thrives in New York City in 2013.
A. Designed by Pritzker Prize-winning architect Chistian de Portzamparc, One57 is Gary Barnett and Extell Developments flagship residential and hotel tower and, once completed, will be the tallest residential building in Manhattan. B. In partnership with the elusive Joseph Chetrit of the Chetrit Group, David Bistricer acquired the Sony Building at 550 Madison Avenue late last year for $1.1 billion. C. Jonathan Grays Blackstone real estate unit, the worlds largest hotel owner, acquired the Waldorf Astoria in 2007 as part of its Hilton Hotels acquisition. D. Jeff Sutton of Wharton Properties controls much of Times Squares retail space, and 1515 Broadway includes Aeropostale as a major tenant. E. Stephen Ross and Related Companies broke ground on the first building, a 47-story, 1.7-million-square-foot tower, at the Hudson Yards development on the Far West Side in December. F. Edward Minskoffs 430,000-square-foot, 13-story 51 Astor will open in May, but the developer has yet to announce a tenant. Expect the glassfaade building near Cooper Union to be a tech magnet later this year. G. Tommy Craig and the Hines team in New York broke ground on 7 Bryant Park in February after receiving all-equity financing for the project last year. H. With LinkedIn, Anthony Malkin lured a major tech tenant to the iconic Empire State, and Malkin Properties is in the process of listing the building as part of a $1 billion IPO. I. Rockrose, with its luxury real estate buildings in Battery Park City and the West Village, has been at the forefront of development in Queens, where Justin and Henry Elghanayan are building The Club, one of the most sought-after buildings in Long Island City. J. Mayor Michael Bloomberg is getting set to leave office, but his influence on the real estate industry, and the city of New York, will be lasting. K. Near completion, the Durst Organizations One World Trade Center will welcome publishing giant Conde Nast as a major tenant on floors 42, 43 and 44. L. What once was the World Financial Center is being repositioned by Brookfield Office Properties Ric Clark and Mitch Rudin as a retail and dining destination dubbed Brookfield Place, aimed at attracting sophisticated residents of Battery Park City and Tribeca. M. Not typically known for its investment in residential properties, TIAACREF, led by real estate head Philip McAndrews, acquired a stake in 8 Spruce Street last year, valuing the property more than any other residential building in the country. N. David and Jed Walentas made their name in Dumbo more than a decade ago, but these days their company, Two Trees Management, is becoming increasingly synonymous with the Domino Sugar Factory in Williamsburg. O. Forest City Ratners management team of MaryAnne Gilmartin and Bruce Ratner have been receiving rave reviews for the Barclays Center, the Brooklyn arena that is home to the NBAs Brooklyn Nets and will welcome the NHLs New York Islanders in two years.

24|April 30, 2013|THE COMMERCIAL OBSERVER

evan soares