Hello Neumann! – Commercial observer
Much like Jerry Seinfeld, WeWork just can’t get rid of Neumann.
the the Wall Street newspaper reported that the golden parachute of ousted CEO of coworking giant Adam Neumann, was a little brighter than originally thought.
He managed to land an improved stock award worth nearly $ 245 million in February. This is in addition to the $ 200 million in cash that was part of his exit program, while allowing an entity related to him to sell $ 578 million in WeWork shares and refinance $ 432 million in debt.
“Generous would be an understatement,” Conor Callahan, a professor at the University of Illinois at Chicago, who studies release packages, Told WSJ. “It will be something that people are going to be very upset about.”
Tell me about it.
And while that’s still less than the $ 1.7 billion initially traded, it doesn’t look like Neumann will have a hard time making any money anytime soon (especially since he seems to save money by not buying shoes).
In other coworking news, the female-focused coworking space, The Wing, started his return tour after layoffs in the event of a pandemic and allegations of racism and discrimination.
The wing, now largely male owned, reopened its offices in New York and launched a new advisory board to guide the board and management team on operations and diversity.
the bridge project delayed – long called the country’s most vital infrastructure project – finally has a light at the end of its tunnel.
Federal agencies have approved an environmental review for the $ 11 billion project that includes a new rail tunnel under the Hudson River.
The approval allows the project, which also requires the modernization and repair of a tunnel damaged by Hurricane Sandy between New Jersey and Penn Station, to begin pre-construction work which includes the development of the final design and acquisition of property. It was previously blocked by President Donald Trump, who said he should be paid for by the states, not the federal government.
Meet Will Blodgett
Commercial Observer took a look at how Will Blodgett grew from a child on the North Side of Chicago to the co-founder of affordable housing juggernaut Fairstead, which has 14,000 apartments in 18 states, including nearly 3,500 in New York City.
Memorial Day Sales
Furniture and electronics aren’t the only items on sale for Memorial Day, as New York City saw a slew of deals closed last week.
In the largest transaction, Boston Properties purchases the leasehold interest in the soon-to-vacant office building from Enterprise Asset Management in 360 Park Avenue South for over $ 300 million.
Japanese clothing brand Uniqlo has joined the growing number of retailers buying buildings during the coronavirus pandemic with the purchase of its long-standing flagship SoHo at 546 Broadway for between $ 160 million and $ 200 million.
Amir Loloi, owner of carpet manufacturer Loloi Rugs, purchased the office building at 260 Fifth Avenue by Israeli billionaire Boris Kuzinez for $ 52.5 million
Kuzinez took over the property with two other people on the block in 2016 and demolished 262 Fifth Avenue with the intention of building NoMad’s first supertall. This project seems to have stalled and Kuzinez never submitted plans for the other buildings.
And Taconic Capital Advisors acquired a former hotel building in Long Island City, Queens for $ 38.4 million, just three years after Merchants Hospitality bought the property with the intention of turning it into a mixed-use development.
Don’t worry, we also have leases
Latham and Watkins inked one of the biggest offers last week, when it expanded its footprint to Rockefeller’s 1271 Avenue of the Americas by roughly 20,000 square feet.
The deal increased the law firm’s presence to 435,000 square feet and allowed the building to reach full occupancy, more than five years after it was left vacant after Time Inc. left for Brookfield Place.
Investment management company Ellington Management Group signed a five-year lease for 19,587 square feet at 711 Third Avenue of SL Green Realty Corp., while across the river in Brooklyn, Fundraise Up signed an agreement for 15,000 square feet in Industry City.
On the retail side, the Eastern European chain Wolkonsky Bakery & Cafe open its first branch in the United States with 8,100 square feet in 8 West 40th Street, while Orangetheory Fitness will bring its high-intensity interval training classes to Greenwich Village with a 6,600 square foot outpost at 391 Avenue of the Americas.
Speaking of retail …
Amazon is reportedly in talks to open retail pharmacies across the country, continuing to move towards physical sites after helping to increase stake in the core of many brands.
But physical retail is not completely dead. Authentic Brands Group, which bought out bankrupt retailers at a rapid pace during the pandemic, plans to go public at a valuation of $ 10 billion Later this year.
CO also considered New York City mayoral candidates’ plans to rejuvenate the city’s retail business and whether any of them will work, or even be needed.
The smell of lox will continue to float through Greenpoint, the streets of Brooklyn as New York City Council approved the expansion of a new 95,400 square foot fish smoking and conditioning plant.
The plant is part of a $ 500 million mixed-use development that includes a nine-story, 454,600 square foot office development.
While this is good news for the citizens of Greenpoint, some residents of Billionaires’ Row received what they perceive to be bad news last week.
The states the highest court threw a lawsuit a local group to stop the city from opening a homeless shelter at the former Park Savoy hotel at 158 West 58th Street, which is built on the One57 luxury tower that has $ 100 million in condos .
Residents complained that the shelter would lead to an increase in crime and a drop in the value of their homes, but the group behind the lawsuit said the issue was with fire safety in the building, as there is no only one way to get in and out of the property.
That’s all for this Sunday. Have a good Memorial Day!