All Things New York City

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Top NYC Urban Real Estate Developers

By on Mar 29, 2017 in Business, Real Estate

New York City has some of the world’s most valuable real estate. It is also home to some of the most innovative real estate developers. These developers are constantly in the process of transforming the housing and commercial stock in the city. There are several very experienced and creative urban real estate developers that are always in the process of designing and building new and better places for people to live and do business. In total, developers created more than 440 residential projects covering 64 million square feet and providing 47,285 units between 2011 and 2015. Even celebrities like Alex Rodriguez, George Clooney, David Robinson and Leonardo Dicaprio are involved in developing real estate in New York City. However, the following companies are considered some of city’s top developers of urban real estate. Related Companies is among the biggest landlords in New York City. Their projects have put them in control of in excess of 5.8 million square feet of property in some of the city’s hottest neighborhoods. They are currently in the midst of arguably the country’s largest development. The massive 17.4 million square foot Hudson Yards project. It includes five offices towers, 5,000 residential units and lots of retail space. Extell Development is another of the major players involved in real estate development in New York City. Led by Gary Barnett, the company is already responsible for developing more than 4.5 million square feet of Manhattan real estate. They have put up 12 buildings that combined have produced 2,249 housing units. The Chetrit Group is another of the big dogs in Manhattan real estate development. By many people’s reckoning they are the third largest developer of real estate in New York City. Currently they have completed 10 buildings. These properties provide more than 2.96 million square feet of residential real estate that is broken up into 1,097 residential units. The company is also very active in Brooklyn. There development work there covers 1.6 million square feet which offers 1,421 residential units. HFZ Capital is another of the major real estate development companies that are involved in a significant amount of large projects in New York City. The company is responsible for 2.69 million square feet of residential...

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Development of the Brooklyn Navy Yard

By on Jun 28, 2016 in Business, Real Estate, Tourism

Brooklyn Naval Yard Is Being Reborn The Brooklyn Naval Yard has been a foreboding scene for some years. New development promises to reshape and renew its demeanor. With shops, real estate and restaurants planned for development here, New Yorkers will soon be able to find a welcoming commercial district where there was once only industrial buildings. Formerly a military facility, the Brooklyn Naval Yard is surrounded by walls. These are coming down, and new building and renovation promises to make the area user-friendly, and a great place to both live and shop. Real Estate Development at the Yard Under the guidance of the Brooklyn Navy Yard Development Corporation, new construction includes the creation of a housing development called the Navy Green. Nearly complete, this $146 million project promises to deliver affordable housing and market-rate apartments, which will allow people to live and shop with convenience. Ironically, what promises to be luxurious and affordable housing is being built on what was once the site of the Navy brig. This will rewrite the history of the Brooklyn Naval Yard. Shopping and Food in the Naval Yard Scheduled to open in 2017, the Yard Commons will echo Philadelphia’s Reading Terminal Market. This market has a resemblance to a department store, where people are able to choose from the wares of a multitude of retailers. A Wegmans Supermarket is also planned to occupy what was known as Admiral’s Row. The store will occupy 74,000 square feet, and it will meet the needs of local residents and draw new customers to the area. Although local residents have expressed fear that a grocery store will not materialize, the process of removing walls and concrete to allow for it goes on unabated. It is also anticipated that numerous storefronts and a food hall will open by 2018 providing variety and hard to find items. The plan includes a Russ & Daughters Cafe, a new Mast Brothers Chocolate Factory, and lots of unique restaurants and stores. Finally, it is worth noting that the Brooklyn Roasting Company will transform a former strip club into a respectable place for cocktails and dining. The List Goes On The work and expense needed to make these plans a reality is substantial. The Brooklyn Navy Yard...

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Legg Mason Announces Combination of EnTrust Capital and Permal Group

By on Feb 8, 2016 in Business

On January 22, 2016, Legg Mason confirmed its combination with Entrust Capital. EnTrust is a leading hedge fund company, which operates as an independent entity, with over $12 billion total assets and investment strategies. This is not forgetting the company has a mix with Permal group, so Legg Mason’s merger extended to both companies to help make them stronger and more competitive for the market. The new partnership will see the birth of a new brand, EnTrustPermal, where Legg Mason will claim over 65% of the entity. 35% of the total will be owned by Gregg S. Hymowitz, who is the co-founder of EnTrust. Inspiring growth The new merger will mean more resources to take on the market as well as sufficient management and technical support. This will see a rapid evolution of new and innovative products, alternative products as well as expanding the business to offer more room for investment. The hedge fund market will be able to increase private debt offerings and proprietary investment opportunities, all which will spur growth and stability for the company. A larger investment platform materially will lead to customized investment solutions. Investment strategies According to Joseph A. Sullivan, the CEO, Legg Mason, the merger will bring together leading brands, which are manned by able and verified professionals. This will broaden their ability to grow with more focused strategies and plans for the newly-born company. This will create a potential growth engine for each and will allow for better creation of a standing in the market. EnTrust has offered proven results and their record at driving growth and innovation has seen them realize more than 20% growth since the crisis. In that regard, executives from both sides can see a bigger investor base and probably the capability to penetrate the global market with time. Reduce earnings volatility Merging the two firms will reduce the earnings volatility that has hit the industry for some time. Investors will now be able to inject their money into the hedge fund comfortably due to the bigger capacity that has been developed from the merger. The history of each of these companies is also good, meaning there is hope for better performance, which is set to lead to...

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NYC- Home to World Class Law Firms

NYC- Home to World Class Law Firms

By on Oct 27, 2014 in Business

New York City is a major American and world city. As such, it is a center of various occupations including finance, the arts and the law. New York City is home to both many fine law schools and many esteemed law firms. People from around the world and around the United States come here in search of a legal education that can open doors. They also come here to take jobs at widely renowned law firms. Graduation from one of New York City’s finest law schools and a term at one of the best laws firms in the country can open doors to a distinguished and potentially lucrative legal career. Many law firms that choose to local in New York City do so because the region is a center of other fields as well. A lawyer who wants to specialize in a specific area of the law such as finance, real estate or medical malpractice will often find this region many opportunities to master the basics of their chosen field. When choosing a law firm to consider, many young lawyers will take multiple factors into account during their decision making process. These factors include the firm’s exact location, the starting salary offered, the kinds of law the firm practices and the opportunity for advancement. Many will find that multiple law firms in New York City meet these criteria. It is very often a process of simply selecting one that best fits in with their personality and basic preferences. For example, a law firm such Debevoise & Plimpton LLP, while headquartered in New York City, also has offices in other places as well. A lawyer may find it ideal to work in one city for a few years and then transfer to another branch of the firm in a different area of the country. Notable names in the NYC office include Sean Hecker, Partner at Debevoise & Plimpton. The young lawyer may also want a firm that will let them learn about various areas of the law such as corporate law, litigation and marital laws. This allows the lawyer to decide on a specific specialty that meshes well with their interests and personality. Many New York City law firms also have...

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Food Truck Fare Tastes Good But Business Stinks

By on May 10, 2013 in Business

It was just three years ago that it seemed food trucks could take over New York City. Truck owner, Stefan Nafziger, was sure he would have a fleet of his food trucks dispensing Middle Eastern fare all over Manhattan. Nafziger who at one time had a Wall Street investor, says today he can barely keep up with the expenses for his one truck. While the food in New York City has transformed, the street vending business has barely changed.  Walking through the city, you will see the same street vendors selling cans of soda, super salty pretzels, and hotdogs boiling in cloudy water that you did in the ‘70s.  President of the New York City Food Truck Association, David Weber, explains that there are countless regulations required by the departments of Health, Sanitation, Transportation, and Consumer Affairs that make it nearly impossible for small business owners to operate a food truck without breaking various laws. Some rules include trucks not being able to sell food while parked in a metered space and not being able to sell if they’re parked within 200 feet of a school or 500 feet of a super market. Enforcement of these rules is strict when the NYPD is present, however in Chelsea enforcement of these rules are almost non-existent in Chelsea, and are often inconsistent. According to Thomas DeGeest, founder of Wafles & Dinges, “One month, we get no tickets, and the next month, we get tickets every day”. DeGeest, who had two trucks and five carts, couldn’t handle the cops and closed his street business to open up a stationary restaurant. Poorly paid immigrants without legal status suffer greatly from the current system. While starting a business as an immigrant in a rich country like America is seen to be easier, starting a food truck or cart business in New York City is essentially equivalent to starting a business in a poor...

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