Steven Spinola
Real Estate Industry Braces for Democratic State Senate
With national and statewide victories, millions in Democratic-heavy New York City found November’s first week to be a jubilant one. But for leaders of the city’s real estate industry, two events were cause for wincing: Republicans in the State Senate, who long espoused policies friendly to landlords, lost control to Democrats; then, the next day, Mayor Michael Bloomberg announced he wanted to raise the industry’s taxes, seeking a 7 percent hike in the property tax rate.
“There’s always good days ahead,” Steven Spinola, president of the Real Estate Board of New York (REBNY), said facetiously.
While developers and landlords’ influence hardly risks disappearing, Albany’s historic leadership change presents a major challenge to the political might of the local real estate industry, as Democrats say the question is not whether new property regulations will be added, but how many and when. read more »
City Wants To Mandate Bike Parking in New Buildings
The Bloomberg administration wants to require parking for bicycles in new buildings citywide, mandating all large new office and apartment developments to set aside space. The initiative, which could face resistance from the real estate industry, is slated to enter a seven-month public approval process today.
The Department of City Planning, led by Amanda Burden, is spearheading the effort, which takes the form of a zoning change mandating the new parking regulations (details in the press release here). Based on the city’s planned zoning changes, large office buildings would need to set aside one bicycle spot for every 7,500 square feet of office space (meaning a building the size of the 1.2 million-square-foot Chrysler Building would need about 150 bicycle parking spaces). Residential buildings with more than 10 apartments would need to make bicycle parking spaces for 50 percent of the units. read more »
REBNY: Manhattan Retail Market Relatively Healthy
The Real Estate Board of New York issued an oddly upbeat appraisal today of the Manhattan retail market. According to REBNY, which based its report on analysis of data through Sept. 30, asking rents for retail space on Tribeca’s Hudson Street, in Herald Square, and on the Upper West Side increased since 2007.
“[T]he increases in asking rents in prime areas like TriBeCa, Herald Square and the Upper West Side, demonstrates that retailers still want to be in Manhattan,” REBNY President Steven Spinola said in a statement. “Despite the turmoil in the marketplace, asking prices for prime retail space in Manhattan’s most recognizable shopping areas have not been impacted. read more »
To Mend or To End?
Among the cascade of bills likely to pass through the State Legislature as its session ends next week is a substantial reform to the city’s largest subsidy program for commercial property, a change worth hundreds of millions of taxpayer dollars that the Bloomberg administration is pushing relatively quietly.
But the planned reforms to the tax break, the Industrial and Commercial Incentive Program, represent a far more modest overhaul than the city itself recommended in a draft internal study last year, when it called for changes that would save hundreds of millions of dollars more than the alterations now being proposed.
City officials call their approach to the legislation, which would save an estimated $200 million over 10 years, “incremental. read more »
Steven Spinola, the Industry’s Muscle
Location: The Real Estate Board of New York launched in September ResidentialNYC.com, which it billed as ‘the first comprehensive Web site enabling homebuyers to link to thousands of exclusive home listings in New York City.’ How is it the most comprehensive? read more »
REBNY [Hearts] Spitzer
![REBNY [Hearts] Spitzer](http://www.observer.com/files/imagecache/article-teaser/files/SitDown-Spitzer4H_0.jpg "REBNY [Hearts] Spitzer")
We have a Q-and-A with longtime Real Estate Board of New York President Steven Spinola running in tomorrow's Observer. Among the many topics he discussed in his spacious Lexington Avenue office was the immensely powerful trade group's relationship with Albany as of late. Apparently, things with Governor Eliot Spitzer are particularly rosy: read more »
Spinola: Beware Open House Drag Queen Burglars!
Manhattan real estate is a dangerous business. Steven Spinola, president of The Real Estate Board of New York, just sent out a wonderful email today alerting local brokers to a little problem involving lady thieves (who 'may actually be men dressed as women') who are being sought for open house robberies.
Here's the missive, in all its glory:
Dear Residential Member,
I wanted you to be aware of a recent problem relating to open houses.
Although this is rare and may be limited to one particular couple, there have been robberies by individuals pretending to be viewing the open house. The individuals have taken everything from jewelry to prescription drugs.
This particular couple may actually be men dressed as women. Be assured that the police are investigating and are making progress, but we all have a responsibility to keep our eyes open during such open houses.
Again, I believe that this is an extremely rare occurance but the more vigilant we are, the less these incidents will occur.
Sincerely,
Steven Spinola
REBNY Makes Nice With State Senate Democrats
In March, a dozen leaders of the Real Estate Board of New York met with Senator Smith to talk about tax-exempt financing for rental buildings and the newly rejiggered 421-a tax abatement program for new developments.
"He was somewhat supportive of the issues," REBNY president Steven Spinola told Crain's.
- Tom AcitelliDevelopers Scramble as Spitzer Caps Financing
REBNY Gala: Listen Fast, Mingle Like You Mean It
Even Almighty God got the back of the hand.
On Thursday evening, the Real Estate Board of New York's annual awards gala assembled in a few thousand square feet of the Hilton in Midtown more money than anywhere else that night in the United States. But the crowd greeted the main event with the type of audience indifference usually reserved for the Golden Globes or a high school musical.
In theory, the night was an 111-year-old, black-tie excuse for the largest real estate trade group in the metro region to honor its own through a series of awards. And lots and lots of drinking.
Problem was, no one cared to listen, preferring instead to elevate mingling to an Olympic sport on amphetamines.
Steven Spinola, president of REBNY, gamely proferred introductions for the evening from a three-level dias crammed with luminaries--World Trade Center site leaseholder Larry Silverstein, SL Green head Stephen Green, Gotham Organization stalwart Joel Pickett, Related Companies CEO (and new REBNY Chairman) Steve Ross, State Senate Majority Leader Joe Bruno, City Council members James Oddo, Melinda Katz, Leroy Comrie, City Comptroller Bill Thompson, Manhattan borough President Scott Stringer, office landlord Bill Rudin.
The abrupt belting of "God Bless America" did bring an awkward silence of forced respect as New York's propertied class rose to its drunken feet. But a decidedly--and deliberately--nondenominational prayer by Mr. Spinola failed to command even a slightly equal silence.
The mingling murmured onward unabated as the dinner got served: steak, fish if you wanted it, mixed vegetables, baked red potatoes, red and white wine, and Coors and Bud beers in bottles. (At a smaller reception before, minglers could snatch Amstel Light and Heineken, among every typical liquor mixture.)
There on the dias was Mary Anne Tighe, chairwoman of CB Richard Ellis, one of the largest commercial brokerages, trying to hand out one of REBNY's six awards of the Thursday evening. "Hello? Hello?!" she cried out, but no one listened.
Mr. Spinola returned quickly to the podium and announced the next guest speaker betwixt sharp "Shhhs!"
Eventually, City Council Speaker Christine Quinn appeared on the dias and spoke into the microphone: "Something-something-something. Thank you for making New York City as great as it is." (Mayor Bloomberg had stopped in toward the evening's slightly more sober start, and Deputy Mayor Daniel Doctoroff, the Robert Moses of his age--only better liked--made the dutiful rounds at the earlier reception.)
The first booze-soaked after-party was hosted by investment-sales firm Massey Knakal, with reggae band Toots and the Maytals setting the tone to everyone's slightly jagged sway. (Newmark Knight Frank's Jimmy Kuhn's band did not play this year. Bummer.) If you stayed any later, you watched hundreds of glass-eyed brokers stumbling to the hotel's elevators or picking the wrong coat check over and over again.
Indeed, millions of dollars of deals were probably made last night, all of which were forgotten the second the attendees' heads hit their pillows in the wee small hours.
Mostly, REBNY's annual gala stood, again, a testament to what drives the deal-making that drives the New York City real estate market: connections. Making them. Rekindling them. Keeping them.
Mr. Spinola, sensing early on from the dias the lost cause of truly reaching the dozens of brimming white-clothed tables before him, noted the performance of every element of the city's property market in the year that just passed.
"It's a clear sign that 2007," he said, "for the industry, and for New York City, truly looks great."
- Tom Acitelli & John KoblinSteve Ross In at REBNY, Zuccotti Out, Kalikow Nowhere
What kind of titles are bestowed upon you when you're the Chairman and CEO of giant developer Related Companies? (They did the Time Warner Center, in case you weren't keeping score.)
For the answer, ask Mr. Stephen Ross--or read the third-to-last paragraph of a long Times article. Today, REBNY president Steven Spinola announced that Mr. Ross will spend the next two years as chairman of the Real Estate Board of New York. If he's in the spirit, maybe he'll give REBNY $100 million dollars.
On a sadder note: What will happen to poor Peter Kalikow? (He was supposed to take this job, after Governor-to-be Spitzer made it clear he wanted new blood in the MTA.) read more »
The PR release is below.
- Max AbelsonSmall Step for REBNY, "Giant Leap Forward" for Manhattan Home Buying
An historic new service that will provide the first comprehensive Web-based, user-friendly searchable database of residential properties in New York City.
What does that mean? According to PR guy Richard Mulieri: "You can put in, 'I want a one-bedroom on the Upper East Side.' And it will spit out a list of all the apartments that are available with those specific criteria." Nice.
In the grander scheme, the REBNY site will incorporate the listings (for purchase! and rental!) of its 300 member brokerages. So get excited for an estimated 10,000 descriptions of hardwood floors and heavenly light and towering ceilings.
The PR release is below. read more »
- Max AbelsonBloomberg, the Sustainabiliter
All which makes one wonder, what is this thing anyway? What will it have to do with the Mayor's long-touted Strategic Plan that we are obsessing about these days? Why is the city's future being cast as a "sustainability" issue as opposed to a "livability" or an "economic viability" or a "logistical" issue? Who are the real powers in that room? And why was Steven Spinola, the president of the Real Estate Board of New York--one of the most powerful constituencies in the city as regards to the future--left off of the list when the panel was announced last week? Or was he added later? (A City Hall source said his name was left off inadvertently.)
-Matthew SchuermanThe Developers Strike Back
"There are significant new elements, which differ substantially from prior negotiations. For example, we are concerned by provisions that would allow the Port Authority to walk away at any time from now until September if it feels that the demands it has made of other government entities, and that are completely out of Silverstein's control, are not being met."
Equally intriguing is the Real Estate Board of New York's take, as printed in Crain's:
One provision would hold developer Larry Silverstein, who owns the lease for the 16-acre site, in default if he fails to build all 5.9 million square feet of office space. While he would not lose control of the buildings, he would not be allowed to earn any profit or a development fee.Especially if Silverstein would be considered in default if he failed to build everything--10 million square feet--in the next six years. And where, exactly, are those 10 million square feet of tenants going to come from? -Matthew Schuerman"It is an unusual provision and depending on its language, it could be a serious problem," says Steven Spinola, the president of the Real Estate Board of New York.
The Real Deal?
Our limited understanding of tax law, however, makes us think the tax issue is a moot point: the station will become state property, which is only subject to local taxation under special arrangement with the city (as with Battery Park City).
Steven Spinola, president of the Real Estate Board of New York, said he saw Related’s president Steve Ross yesterday. “He was very happy,” Spinola told us, without confirming the deal had been signed. Howard Rubenstein, who is repping Related, said, “Both Related and Vornado will have no comment about that report.” He said they will have no announcement tomorrow either.
The silence is deafening.
-Matthew Schuerman
