lipofsky-803434
uli-12-1-109
lipofsky-6943

News

Find articles and press clippings on ULI New York!

News

ULI issues call for best development projects

By: , September 22, 2017

Urban Land Institute New York (ULI NY) chairman Marty Burger has called for submissions for the 2018 Awards for Excellence in Development, a statewide contest that sets the standard for responsible land use and development practices.

The Awards for Excellence in Development recognize New York’s real estate leaders who demonstrate the strongest commitment to planning, design, sustainability and resilience, market success and community impact.

The development community is invited to submit their best projects for Awards in housing (both market rate and affordable), office, mixed-use, institutional, civic space, repositioning or redevelopment, hotel, and retail before the November 3 deadline.

“Developers and architects in New York continue to reach new heights in creating resilient and responsible land use projects across the state, setting new industry standards and expectations for the rest of the country and world,” said Burger.

“The ULI New York Awards for Excellence honors exemplary projects in real estate that set a precedent in the development community.”

The Awards are open to ULI members and non-members alike across all industry sectors who have worked on private, public, and non-profit projects. Applications may be submitted for projects located anywhere within New York State, except for Westchester County which is part of ULI Westchester/Fairfield.

“The ULI NY Awards for Excellence is a reminder that responsible and creative land use makes all of the difference for creating long-lasting and sustainable communities,” said Greta Guggenheim, Awards Committee Co-Chair and CEO & Partner at TPG Real Estate Finance Trust.

“I am excited to be part of the process that widely recognizes the talent of groundbreaking leaders in real estate.”
“The ULI NY Awards for Excellence in Development recognizes transformative projects that are helping communities to thrive while bringing innovative planning and design to New York state,” said John Gunther-Mohr Awards Committee Co-Chair and Senior Vice President of Santander Bank.

“I am honored to collaborate with industry experts and colleagues to highlight the best-in-class in urban development.”
Last month, ULI NY announced the selection of members of the Awards Committee and Awards Jury, which will manage the selection process, nominate the finalists, and oversee the gala. Jury members will conduct site tours of all finalists’ projects as part of their decision-making process.

The winners of the Second Annual Awards for Excellence in 2017 were 51 Astor Place (New York, NY), Navy Green (Brooklyn, NY), Tower280 at Midtown (Rochester, NY), The Kathleen Grimm School for Leadership and Sustainability at Sandy Ground (Staten Island, NY), The Delaware North Building (Buffalo, NY), The Hills on Governors Island (New York, NY), and The Beekman Hotel and Residencies (New York, NY).

_______________________________________________________

Op-Ed: The Retail Comeback – For all the gloom and doom in retail there are some sunny things to consider

By: David Zoba, Commercial Observer, August 16, 2017

It seems that every day I read another article predicting the end of retail. With the continuing growth of e-commerce, the popular narrative is that brick-and-mortar shopping is in peril.

I flat out disagree.

While retail is evolving (and will continue to evolve), I believe that the future is bright for those who innovate and invest in the customer experience.

Let’s start with some facts:

National vacancy rates are below 5 percent.

Over the past few years, lease spreads have been in the double digits.

There is minimal new supply coming online, and in the next few years we will see the demolition or repurposing of about 300 lower-tiered malls out of 1,100 total malls.

Finally, let’s remember that companies want physical retail because e-commerce is extremely expensive. With free shipping and average apparel return rates of 38 percent, e-commerce margins suffer, and brick and mortar is an outright bargain.

While retail fundamentals are strong, continued success will require a focus on the “experience economy.” Humans are social beings, and shopping is fundamentally a social experience. Many retailers and landlords are already capitalizing on this, finding ways to provide experiences you can’t get on the web.

Take Athleta, an athletic apparel store owned by Gap Inc. Its Flatiron District store in Manhattan has a fitness studio offering free yoga classes. So, go for a free class—and then maybe you’ll decide you need some new yoga pants.

Other apparel stores like Neiman Marcus, Nordstrom and Uniqlo are using new technology like memory mirrors, which essentially take a picture of you in the outfit you are trying on. This allows shoppers to see their outfits from a 360-degree angle and to compare one outfit another one in real time.

The $500 billion beauty business is also investing in technology that is transforming the customer experience. Sephora, for example, introduced an augmented reality mirror that allows customers to try an endless palette of colors in real time via “virtual photo realistic color rendering technology.”

Retailers aren’t alone: Owners of malls and retail complexes are also investing in experiences that attract customers. One approach is focusing on unique tenants. For example, better malls will soon be seeing Kidzania, an interactive indoor theme-park that enables children to learn about different careers, the inner-workings of a city and the concept of managing money through role play. This is a great strategy—while the kids are playing, the parents eat, drink and shop.

The Country Mart shopping centers in California are taking another approach. In addition to finding attractive tenants, they have invested in a full slate of supplemental activities to draw customers. Farmers’ markets, food trucks and weekly live jazz and pony rides for kids are available for the entire community, and they aren’t available online.

Earlier this summer, I sat on a panel for the Urban Land Institute New York where a group of industry experts came armed with data on emerging market trends, arguing that while some retailers are facing challenges, companies that reinvent retail concepts to drive business are thriving.

Change is happening, yes, but I, for one, am optimistic that those who innovate, evolve and provide shoppers with an experience they can’t get online will continue to thrive.

David Zoba is the chairman of JLL’s Global Leasing Retail Board.

_______________________________________________________

Bronx Boom’s Very Real/Forum: Attractive rents, location entice developers

There have been times the Bronx was deemed the next big thing, only to see interest wane. But this time, the interest may actually be very real

That was the opinion of some prominent Bronx developers at a forum hosted by the Urban Land Institute of New York at the Bronx Museum, of the Arts on Tuesday, July 12.

“This time feels a little bit different,” said Guy Leibler, president of Simone Healthcare Development. “Part of that is land speculation, and that hasn’t happened by accident. There have been smart investments in developments where developers see value. I think we’re seeing an increasing job base in the Bronx.”

He cautioned that poverty and substandard housing in the Bronx still had to be addressed before it could truly flourish.

Leibler spoke about his Hutchinson Metro Center development in the northeast Bronx, which mixes healthcare facilities and retail with a satellite campus of Mercy College.

Expansion plans call for the addition of workforce housing for medical and academic fields, he said.

Brenda Rosen, president of Breaking Ground, a non-profit which specializes in supportive housing for high risk populations such as veteran and seniors, said her company once had difficulty filling units in the Bronx.

That is no longer the case, she said. However the recent surge in property values and building costs make the supportive housing she specializes in harder to build.

“The cost of land has really made it more challenging for us, who cannot compete against private market developers,” she said. “We rely heavily on city (Request For Proposals).”

BRP Development’s Andy Cohen said that the Bronx has one big draw that is getting noticed: its convenient location, which makes it attractive for those priced out of Manhattan and Brooklyn.

“People are getting so far out into the outer boroughs where it gets affordable to live. And you can move to the Bronx where it is very close to where they work and pay less than they would in areas of Brooklyn and Queens” Historically, there has been a lot of land in the Bronx owned by the city, Cohen said.

The NYC Housing Preservation and Development worked to convert much of that land to affordable housing, he said.

Cohen’s La Central project in Melrose mixes market rate and affordable units, as well as retail and public community spaces.

“Right now what you see in Bronx, especially the south Bronx, is that the city has created a market for affordable housing, so from a private perspective it is difficult to get banks to invest in market rate, especially in the south Bronx,” he said.

As for changing the perception of the Bronx as a dangerous, poverty-stricken area, panelist said there was still work to do, but the future looked promising.

“When you see developers coming into a borough from Manhattan who never would have come in five or ten years ago, that tells you we’ve crossed a line,” Leibler said. “There is an excitement.”

_______________________________________________________

This time, it’s different: Bronx experts weigh in on borough’s long-rumored boom

By: Eddie Small, The Real Deal, July 12, 2017

Every few years, there are proclamations that the Bronx is on the cusp of being the hottest borough in New York real estate. At a recent event on the borough’s future, the moderator had a simple question for the panelists: is it for real this time?

“The Bronx always seems to be the next big thing. There are articles from 10 years ago to 15 years ago,” said New York City Economic Development Corporation vice president Kate Van Tassel. “Does this time feel like it’s different?”

The panelists at the Urban Land Institute New York event, which took place on Tuesday evening at the Bronx Museum of the Arts, responded with a similar variation on the same theme: yes, but…

“There is no straight line of success in any industry or any municipality,” said H. Guy Leibler, president of Simone Healthcare Development. “I think this time does feel a little bit different than the last several. I think part of it is the land speculation, and that has not happened by accident.”

Leibler, whose company spearheaded the Hutchinson Metro Center project in Pelham Bay, said Manhattan-based developers are now making inroads into the borough, and there is a large amount of land speculation taking place, something a recent analysis by The Real Deal also found. He framed the ultimate reason for the borough’s popularity as simple: it’s cheap, and young people are starting to move in.

“They’re cool, they’re hip, they’re happening, they’re interesting,” he said, “and other people follow them.”

Andrew Cohen, director of BRP Development Corporation, said that the Bronx was “getting there” in terms of achieving a real and lasting transformation. His company is helping develop the massive La Central project in Melrose, a 1.2 million-square-foot mixed use development that will contain 992 affordable housing units along with space for retail and a YMCA.

Although he said the market in the Bronx is largely geared toward affordable housing, making it difficult to obtain financing for market rate buildings, he was encouraged that the affordable housing projects were now starting to focus more on tenants toward the higher end of the Area Median Income scale.

“We’re starting to see rents creep up,” he said. “Still affordable but in the 80 to 100 percent of AMI range.”

Brenda Rosen, president of Breaking Ground, which focuses on affordable and supportive housing in New York City, said that they used to have a fairly difficult time finding people from outside the Bronx who wanted to live in their projects in the borough. However, this now seems to be changing, as their Park House project in the west Bronx has received 55,000 applications for 248 units from people all over the city.

“Just a few years ago, we found that we had a harder time filling the units in our Bronx buildings,” she said. “We are not going to have a difficult time filling this building, and I think that that is definitely a sign of what’s going on.”

_______________________________________________________

When it comes to the state of retail, RE execs say headlines don’t tell the full story

By: Holly Dutton, Real Estate Weekly, June 14, 2017

“I think headlines are headlines just like jokes are funny — because there’s some truth to them. Headlines are headlines because there’s some truth to them, but I think it’s rarely the full picture,” said Brittany Bragg, partner and COO at Crown Acquisitions, at an Urban Land Institute panel last week.

With more than 50 million tourists visiting New York City every year and eight million full-time residents, Bragg said, “The fundamentals just at a macro level are still very very strong,

“I think what you’re seeing in some of the press and in the headlines is people underwrote and bought assets on these high streets and in other places based on assumptions that haven’t necessarily turned out to be true,” said Bragg.

“If you underwrite that retail rents will continue to compound at 7 to 10 percent a year indefinitely and interest rates will stay sub-four percent and you will never be vacant and never have to invest meaningful capital, that is a pro-forma that is not always going to play out.”

“I’d like to say that it’s cyclical, I’d like to believe it’s cyclical, but I think that’s ignoring reality,” said Brian Pall, president of real estate at Hudson’s Bay Company. “The reality is there are too many malls in the country, there’s too much retail. There has to be some kind of market clearing event.”

With so many malls closing across the country, Pall said there has to be an adaptive reuse of some of those properties “so the model can sustain itself.”

That’s where Mary Rottler, executive vice president of leasing & operations at Seritage Growth Properties (SRG) comes in. Her firm is a spinoff REIT from Sears, which owns almost 42 million s/f of real estate, and was formed in 2015. Every time Sears vacates a property, SRG leases out that space for four times as much.

“The crossover between mall and off-mall has really started to converge,” said Rottler. One of the crossovers is grocery stores being brought in as anchor tenants at malls, something that was done without much success in the past, but today is welcomed. The grocery tenants are drawn by convenience, parking, and a lack of ground-up developments, said Rottler.

“Ten years ago, they would have laughed at you,” said Rottler. “That has completely turned around.”

Pall acknowledged that traditional brick and mortar has been challenged, and retailers need to get creative to bring in more customer traffic.

“It’s very nice when a competitor closes in the same market and you pick up volume and sometimes it allows you to pay more rent and move to better location and it becomes a win-win situation, but you can’t just rely on competitors closing as a method or means for driving your business,” said Pall. “You have to create an experience in your store.”

He said while food has been a big driver, it has become almost too ubiquitous.

“It’s like the Gap – it was the greatest thing since sliced bread, but then it was in every mall, so it was not as special anymore,” he said. “Now there’s better quality food, and yes that’s a driver and that will continue to drive it, but it’s not a be-all to end-all. You have to create something different, something special, something exciting in the store.”

Despite all the upheaval in the retail market, Bragg is confident that it is experiencing a cycle.

“What you see in headlines is a lot of generalizations. It doesn’t mean that retailers still aren’t leasing space,” said Bragg.

“I think who’s doing deals has shifted a little. I don’t think fundamentally retail is dead. As we’ve always seen, there are cycles. Different brands do better and worse and come back and I think we’re seeing that.”

_______________________________________________________

Retail players defend market’s health but say major changes are coming

By Eddie Small, The Real Deal, June 06, 2017

Reports of retail’s death are greatly exaggerated, but major changes are still on their way to the industry, according to an Urban Land Institute panel Tuesday.

Brittany Bragg, COO of Crown Acquisitions, said certain assumptions about retail have come undone, such as the idea that properties will never be vacant. However, she maintained that the overall industry was not in dire straits, particularly in New York.

“New York City gets over 50 million tourists a year. We also have a few people who live and work here,” she said. “The fundamentals, just at a macro level, are still very, very strong.“

However, brick-and-mortar stores will still have to make significant changes if they want to thrive in an environment where online shopping seems to get easier and more convenient every day, according to Brian Pall of Hudson’s Bay Company who shared the stage with Bragg, Mary Rottler of Seritage Growth Properties, and moderator David Zoba of the Global Retail Leasing Board.

Stores will need to create unique experiences for their customers to make them actually look forward to leaving the confines of the internet, Pall said. While the current trend is to serve food, Pall does not think this will be enough.

“Better quality food, yeah, that’s a driver, and that will continue to [be a] driver, but that’s not the be-all [and] end-all,” he said. “You have to create something different, something special, something exciting in the store.”

Retailers are also trying to compete by being more open-minded about what to include around their stores, Rottler said. This can mean adding residential units and grocery stores to a sprawling mall complex or supporting businesses like gyms or entertainment centers that want to open next to a retail outlet.

“Ten years ago, they would have laughed at you: There’s no way. I need the parking and all of the other things that go with the assumptions of that hurts my business,” Rottler said, “and I think that has completely turned around.”

The future could also see a shift in the definition of an anchor tenant, according to Bragg. The point of such a tenant is to drive traffic, she said, so while the term has traditionally been limited to major retail stores, it could eventually expand to include residential units, subway stations and food halls going forward.

However, Bragg cautioned that she and fellow retail players were not clairvoyant, telling the audience that most people did not see the explosion of Starbucks coming in the ’90s, so they do not necessarily know what will happen 20 years from now, either.

“What we’re very good at,” she said, “is not predicting what will happen next.”

_______________________________________________________

Five revolutionary NYC structures won major architectural awards this week

By: Clayton Guse, TimeOut, April 5, 2017

New York is chock-full of incredible new buildings and developments, with many more in the works. But in the last year, a handful of new projects stood above the rest, and embodied everything that’s good about NYC architecture.

On Monday, Urban Land Institute New York hosted its annual Awards for Excellence in Development, which recognize outstanding projects focused on “responsible land use and creating sustainable, thriving communities” across the state. Five developments in New York City took home awards, and they’re all types of buildings that should make every New Yorker glow with pride.

One of the exciting new additions to Governors Island took home the award for Excellence in Civic Space. The new 10-acre stretch of hills are one of New York’s coolest outdoor developments in recent memory, and are a part of a larger project to transform the island into a place that people actually want to flock to. The project consists of four separate hills rising from 25 to 70 feet above sea level, and provide unparalleled views of the skyline and waterfront.

One of NYC’s most audacious rehab projects, well, ever took home the award for Excellence in Hotel Development. The project converted the once vacant (and landmark) Temple Court building into a 287-room hotel with retail and restaurant space to boot. A new 51-story residential tower went up adjacent to the hotel. The hotel’s lobby and atrium is a sight worth seeing—the whole space is an great example of redeveloping a historic structure without covering up its history (more of this, please).

This Brooklyn development is built on the site of a former federal prison, but you wouldn’t have any idea if you passed it today. The project won the Urban Land Institute’s award for Excellence in Housing Development, largely for its designed focus on mixed-income housing. The development contains 433 residential units across four buildings, 14 percent of which are supportive housing units. Oh, and Navy Green includes a 32,000 square-foot common green, which is a delightful touch.

Staten Island’s Kathleen Grimm School for Leadership and Sustainability at Sandy Ground is the first net-zero-energy school in NYC. The project scored the award for Excellence in Institutional Development, and it was barely even a contest. The building has a solar roof and solar panels across its south facade, skylights that reflect and amplify natural light and a solar thermal system for hot water (that’s right: the school’s water is heated by the sun). The development sets a precedent for sustainability not only among New York’s schools, but every building in the city.

This 12-story commercial building contains 400,000 square feet of prime West Village office space. Its design won it the award for Excellence in Office Development. The LEED-Gold certified building has two green roofs and a public plaza. Any other office building might have felt tacky or intrusive for the area, but this project somehow made the area even cooler.

_______________________________________________________

ULI announces winners of second annual Excellence in Development awards

Real Estate Weekly, April 4, 2017

The Urban Land Institute New York has announced the winners of its Second Annual Awards for Excellence in Development. ULI New York’s statewide awards competition and gala event honors the best public and private projects across the city and state. All seven winning projects were honored last night at Gotham Hall in Manhattan. This year’s competition drew nearly 50 project submissions, from which last night’s 19 finalists were selected.

“Each of our winners truly exemplifies why New York continues to set the global standard for real estate excellence,” said ULI New York Chairman Marty Burger. “We congratulate the winners on this achievement and we are grateful for all the incredible nominations we received for projects across the state. ULI New York is proud to keep leading the way in promoting innovative development that creates sustainable, thriving communities.”

WINNERS OF THE 2017 ULI NEW YORK AWARDS FOR EXCELLENCE IN DEVELOPMENT:

Excellence in Office Development

  • 51 Astor Place – New York, NY

(Edward J. Minskoff Equities, Inc.)

Excellence in Housing Development

  • Navy Green – Brooklyn, NY

(Dunn Development Corp., L+M Development Partners, Inc., IMPACCT Brooklyn)

Excellence in Mixed-Use Development

  • The Delaware North Building – Buffalo, NY

(Uniland Development Company)

Excellence in Institutional Development

  • The Kathleen Grimm School for Leadership and Sustainability at Sandy Ground – Staten Island, NY

(New York City School Construction Authority)

Excellence in Repositioning or Redevelopment

  • Tower280 at Midtown – Rochester, NY

(Buckingham Properties, Morgan Management, LLC)

Excellence in Civic Space

  • The Hills on Governors Island – New York, NY

(The Trust for Governors Island)

Hotel Development

  • The Beekman Hotel and Residences – New York, NY

(GFI Development Company, LLC)

The winners were selected from 19 finalists across seven categories: office development, housing development, mixed-use development, institutional development, repositioning or redevelopment, civic space and hotel development. This year, the committee added the hotel development category to better recognize the wide array of outstanding and innovative new hotels being built in New York.

Winners were selected by a distinguished jury of ULI members representing all major segments of the real estate industry. Nominations were open to public, private, and nonprofit projects from ULI members and nonmembers alike from across the state and a wide array of nominees were considered.

The awards jury weighed how each development demonstrated leadership, innovation, market success, sustainability and resiliency. Jurors also considered how each development is meeting the current and future needs of its surrounding community. Additionally, the jury conducted comprehensive site tours of each finalist’s project in January and early February.

ULI New York’s Awards Committee oversaw the submission and review processes and the Awards gala. Members of both the committee and the jury recused themselves from any discussions involving one of their company’s projects and the awards category in which one of their projects was considered.

The Awards trophies the seven winners received were designed by SITU Studio, an unconventional architecture practice based in Brooklyn.

_______________________________________________________

These 5 NYC Real Estate Projects Were Named Best Developments in State

By: Amy Zimmer, DNAinfo, April 4, 2017

When it comes to real estate development, what makes a good project?

For the Urban Land Institute New York, an offshoot of the D.C.-based nonprofit research group for real estate professionals, the best buildings are those that are innovative, sustainable and help make neighborhoods better by meeting the current and future needs of the surrounding community.

The organization announced this week the winners of its second annual awards for excellence in development.  Five of the seven winners, culled from 50 submissions across the state, were New York City buildings.

Here’s a snapshot of the winning city buildings:

► Hotel Development

The Beekman Hotel and Residences
Architect: GKV Architects
Designers: MBDS (Hotel Interior Design), Thomas Juul-Hansen (Residential Interior Design)

When this luxury Lower Manhattan hotel opened this summer, the space — with its beautiful 9-story atrium, pictured above — immediately lit up people’s Instagram feeds. The rehabilitation and new construction project converted the vacant historic and landmark Temple Court building into a 287-room hotel under the Thompson Hotel brand, with rooms starting at $500 a night. It’s also home to a French eatery run by restaurateur Keith McNally, called Augustine, and the Tom Colicchio-run Fowler and Wells. Adjacent to the hotel is a new 51-story residential tower with 67 homes that also includes mechanicals for the hotel without compromising the historic architecture, allowing for the turn-of-the-century and modern architecture to live side-by-side.

► Excellence in Institutional Development

The Kathleen Grimm School for Leadership and Sustainability at Sandy Ground, Rossville
Owner/Developer: New York City School Construction Authority
Architect: Skidmore, Owings & Merrill LLP

The city’s first “net zero” school, named after a late deputy chancellor, the Kathleen Grimm elementary school opened in 2015 with a bevy of green features to heat, cool and power the 68,000-square foot building, including a wind turbine, geothermal well and solar panels on the roof. It’s designed to reduce energy by 50 percent of a typical school, the architects have said. The school gets its students moving with bicycles in the gym that students can pedal to create energy, with their wattage displayed on a screen. There’s also a greenhouse on the roof for students to learn how to grow fruits and veggies.

► Excellence in Office Development

51 Astor Place, East Village
Owner/Developer: Edward J. Minskoff Equities Inc.
Architects: Fumihiko Maki and Associates, Adamson Associates International, Thomas Balsley Associates

This 12-story 400,000-square-foot eco-friendly glass tower has two green roofs, a public plaza and retail. When the design first came before locals, many blasted it for looking too much like it belonged on Park Avenue than Astor Place. But ULI commended the building for being a catalyst for making the area a new destination for creative, finance and high-tech business. It’s home to IBM Watson, creator of the supercomputer best known for beating two “Jeopardy!” contestants, among others.

► Excellence in Housing Development

Navy Green, Wallabout
Developers: Dunn Development Corp., L+M Development Partners, Inc., IMPACCT Brooklyn
Architects: FXFOWLE Architects, Curtis+Ginsberg Architects, Architecture in Formation, Rader+Crews Landscape Architecture

Built on the site of a former federal prison across from the Brooklyn Navy Yard, the eco-friendly Navy Green project occupies almost a full city block with a mix of 433 affordable and market-rate apartments in four buildings and 23 single family townhouses organized around a 32,000-square-foot common courtyard with a playground and big grassy lawn. The apartment buildings include a 101-unit low-income rental building, a 98-unit supportive housing building and low-income rental, a 111-unit rental building targeting low- and moderate-income families and a 99-unit condo targeting moderate- and middle-income families as well as market rate residents. The massive project also includes retail, bringing new life to the manufacturing area, ULI said.

► Excellence in Civic Space

The Hills on Governors Island
Owner/Developer: Trust for Governors Island
Architect: West 8 Urban Design & Landscape Architecture

Made from recycled demolition debris from the former structures on the island, along with general fill and pumice, “The Hills” rise between 25 and 70 feet above sea level at the southern tip of the island. They offer a new visual experience of Lower Manhattan skyline, Statue of Liberty, Brooklyn waterfront, Jersey City and the Verrazano-Narrows Bridge. The area also includes new spots to picnic, bike and to whirl down several giant slides, including one that’s the longest in the city.

The park’s design keeps resilience in mind, ULI points out, as its topographical features lift portions of the island above the future 100-year flood zone.

_______________________________________________________

ULI NY Hands Down Development Excellence Awards

By: Rayna Katz, Globe St.,  April 4, 2017

The Urban Land Institute New York has announced the winners of its Second Annual Awards for Excellence in Development. ULI New York’s statewide awards competition and gala event is raising the bar for New York’s real estate industry by recognizing the best public and private projects across the city and state.

All seven winning projects were honored Monday night at Gotham Hall here. This year’s competition drew nearly 50 project submissions, from which last night’s 19 finalists were selected.

“Each of our winners truly exemplifies why New York continues to set the global standard for real estate excellence,” says ULI New York Chairman Marty Burger. “We congratulate the winners on this achievement and we are grateful for all the incredible nominations we received for projects across the state. ULI New York is proud to keep leading the way in promoting innovative development that creates sustainable, thriving communities.”

Winners of the 2017 ULI New York awards for excellence in development were: Excellence in Office Development, 51 Astor Pl., Edward J. Minskoff Equities; Excellence in Housing Development, Navy Green, Brooklyn; Dunn Development Corp., L+M Development Partners, Inc., IMPACCT Brooklyn.

Excellence in Mixed-Use Development: The Delaware North Building, Buffalo, NY, Uniland Development Co.; Excellence in Institutional Development: The Kathleen Grimm School for Leadership and Sustainability at Sandy Ground, Staten Island, New York City School Construction Authority.

Excellence in Repositioning or Redevelopment: Tower280 at Midtown, Rochester, NY, Buckingham Properties, Morgan Management; Excellence in Civic Space: The Hills on Governors Island; The Trust for Governors Island; Hotel Development: The Beekman Hotel and Residences, GFI Development Co.

The winners were selected from 19 finalists across seven categories: office development, housing development, mixed-use development, institutional development, repositioning or redevelopment, civic space and hotel development.

This year, the committee added the hotel development category to better recognize the wide array of outstanding and innovative new hotels being built in New York.

_______________________________________________________

Delaware North Building wins statewide design award

By: Jonathan D. Epstein, Buffalo News, April 4, 2017

Uniland Development Co.’s $110 million Delaware North Building has won a statewide design award from a leading architectural organization for its urban combination of historic and modern elements.

The Urban Land Institute-New York honored the 330,000-square-foot, 12-story tower in downtown Buffalo with its Excellence in Mixed-Use Development award Monday night at Gotham Hall in Manhattan.

The Buffalo design beat out a Brooklyn project that’s six times its size.

The glass-walled facility at 250 Delaware Ave. was constructed on the remediated site of the former Delaware Court Building, whose curved entrance and terra cotta facade were maintained and replicated as part of the new complex. It was designed by Diamond Schmitt Architects, Gensler and CTC Creative, and built according to LEED environmental and energy conservation standards.

“This is an incredible honor, especially considering the project that we were up against. I interpret this to mean that we are doing the types of projects in Buffalo that make an economic and environmental impact and are to scale,” Michael Montante, Uniland vice president, said in a statement. “We look forward to developing other progressive and beneficial types of real estate projects in the future that maintain ULI’s standards.”

The Uniland project was one of two finalists for the award, competing against City Point of Brooklyn. That’s a 1.9-million-square-foot mixed-use development with office space and rental apartments.

Besides Delaware North’s corporate headquarters, the building also features the 116-room Westin Buffalo Hotel, a 7,000-square-foot courtyard with landscaping and a waterfall wall, 10,000 square feet of retail space, Patina 250 restaurant, Jake’s Cafe, and a 600-vehicle parking ramp.

“This honor from the Urban Land Institute is a testament to Buffalo’s resurgence, which we’re thrilled to be part of with our partners at Uniland,” Delaware North Co-CEO Jerry Jacobs Jr. said in a statement.

In all, ULI-New York’s second annual competition honored seven projects for responsible land use and creation of sustainable and thriving communities. The competition drew nearly 50 entries from across the state that were narrowed to 19 finalists in office, housing, mixed-use, institutional, civil space, hotel and redevelopment categories. A panel of jurors selected the winners after site visits in January and February.

Five winners were from New York City. Rochester’s Tower280 at Midtown project, owned by Buckingham Properties and Morgan Management LLC, won for excellence in repositioning or redevelopment.

“Each of our winners truly exemplifies why New York continues to set the global standard for real estate excellence,” said ULI New York Chairman Marty Burger.”

_______________________________________________________

Delaware North headquarters wins top Urban Land Institute award

By: James Fink, Buffalo Business First, April 4 2017

For the second time in as many years, a Buffalo development project came away with one of the top honors in the Urban Land Institute New York’s annual awards.

The Delaware North building, developed by Uniland Development Co., was named the top statewide project in the ULI’s “Excellence in Mixed Use” category. The 12-story building, located at the corner of Delaware Avenue and W. Chippewa Street, beat out the City Point project in Brooklyn for the honors.

“This is an incredible honor, especially considering the project that we were up against,” said Michael Montante, Uniland vice president. “I interpret this to mean that we are doing the types of projects in Buffalo that make an economic and environmental impact and are to scale.”

The Delaware North site was one of 19 finalists in eight different categories. Most of the finalists were from the New York City area, or one of its boroughs, however, the Erie Canal Harbor Development Corp.’s nightly light show on the Connecting Terminals was a finalist in the best civic project category. It did not win.

Designed by Toronto-based Diamond Schmitt Architects, the Delaware North building serves as the corporate headquarters for Delaware North. A mix of other office tenants are in the building as is the 119-room Westin hotel and the Patina 250 and Jake’s Cafe restaurants.

Last year, Ciminelli Real Estate Corp.’s Conventus also won a top ULI award.

_______________________________________________________

Delaware North Building Collects ULI Award

Buffalo Rising, April 4, 2017

Uniland Development Company has won a statewide award for Excellence in Mixed-Use Development from the Urban Land Institute (ULI) for The Delaware North Building located at W. Chippewa Street and Delaware Avenue.  All of the award finalists may be seen here.

Development team members from Uniland and its designer, Diamond Schmitt Architects of Toronto, attended the awards ceremony last night at Gotham Hall in Manhattan. Acknowledged throughout the development industry as one of the most prestigious awards, ULI New York Awards for Excellence in Development selects winners based on projects in public, private and non-profit sectors that best exemplify ULI’s commitment to responsible land use and creating sustainable, thriving communities. In January, judges from ULI New York toured The Delaware North Building as part of the competition.

Uniland Development Company has won a statewide award for Excellence in Mixed-Use Development from the Urban Land Institute (ULI) for The Delaware North Building located at W. Chippewa Street and Delaware Avenue.  All of the award finalists may be seen here.

Development team members from Uniland and its designer, Diamond Schmitt Architects of Toronto, attended the awards ceremony last night at Gotham Hall in Manhattan. Acknowledged throughout the development industry as one of the most prestigious awards, ULI New York Awards for Excellence in Development selects winners based on projects in public, private and non-profit sectors that best exemplify ULI’s commitment to responsible land use and creating sustainable, thriving communities. In January, judges from ULI New York toured The Delaware North Building as part of the competition.

The 250 Delaware complex is an example of new urban placemaking. The tower is an iconic 12-story glass walled structure on the corner of Delaware and Chippewa in the Central Business District (CBD). The Delaware North Building serves as the world headquarters for Delaware North, a global leader in hospitality and food service that was founded in Buffalo in 1915.

“This honor from the Urban Land Institute is a testament to Buffalo’s resurgence, which we’re thrilled to be part of with our partners at Uniland,” Delaware North Co-CEO Jerry Jacobs Jr. said. “Delaware North is an innovative company operating in an increasingly interconnected and global economy, and we’re continuously moving toward what’s next. We designed our space in The Delaware North Building to reflect and complement our approach to business. We hope that more companies see in our building the potential for Buffalo.”  

“We are thrilled that the Urban Land Institute has recognized The Delaware North Building as a stellar example of mixed-use development in competition with an impressive New York City development,” said Dan Zimmer, vice president for corporate finance and development for Delaware North. “Delaware North worked with Uniland on this project from the beginning and made a  very significant investment in the building, so it’s great to see that that our designs for the company’s global headquarters offices, The Westin Buffalo and Patina 250 contributed to this honor.”

This new building also contains a Westin hotel, Class A office space, retail, an adjacent parking garage and underground parking. The project’s design integrates the latest advances in environmental and energy conservation, producing a Silver LEED® certification. The building also features a 7,000-square-foot courtyard and the area’s largest living plant wall, providing an urban oasis in the middle of the city. The project adds a new world-class building to Buffalo’s cityscape, enhances community renewal, restores a contaminated brownfield, and provides a substantial economic impact for the city.

_______________________________________________________

Rochester’s Tower280 recognized for excellence in development

By: Brian Sharp and James Johnson, Rochester Democrat & Chronicle, April 4, 2017

When construction on Tower280 began almost three years ago, the late Larry Glazer beamed that it would stand as “the keystone of a new center city.”

He did not live to see its completion — or the recognition of his dream.

That recognition came this week, in historic Gotham Hall in Midtown Manhattan, when the Urban Land Institute New York honored the development with its award for excellence in repositioning or redevelopment. In doing so, the institute praised the project as “the most significant redevelopment in the Rochester region in decades,” calling the 17-story tower with its color-changing LED lighting, “a beacon” in the city skyline.

“I was tearing up on stage, when I was giving the acceptance speech,” said Ken Glazer, the younger son who became managing partner of his father’s Buckingham Properties. “I started saying, ‘This is for you, dad.’ I had to hold it together.”

The Urban Land Institute is one of, if not the largest development groups in the nation; a nonprofit education and research institute with 40,000 members worldwide, 2,500 in New York. The awards go beyond architecture or design to “recognize the full development process” while exemplifying ULI’s mission of responsible land use and sustainable communities.

Even making the shortlist was a surprise, Glazer said: “You think, ‘How could this compete with all those big, big projects. Just the money they have to spend.’ ”

Tower280, a $59 million public-private partnership, was indeed dwarfed by the other two finalists: the $1.5 billion expansion of the Jacob Javits Center in Manhattan, and the $180 million New Stapleton Waterfront Phase I on Staten Island. Of the seven excellence awards given out on Monday, five went to developments in the Big Apple. The other exception was The Delaware North Building in Buffalo.

“Rochester is getting on the national stage for the first time in a long time for some positive reasons,” Ken Glazer said.

The local development includes 80,000 square feet of office space, 50,000 square feet of retail space, two-story penthouses among its 179 apartments and a three-story atrium with a skylight. There is a public space for local artists to use for displays and a rooftop lounge with a 2,000-square foot dog park. The redevelopment also added a two-story expansion at the base of the tower.

Today, all but four of the apartments are leased, Glazer said, with 85 percent renewals. Most of the commercial space has filled.

While the institute’s recognition went to the project, the project was about the family and the city. Said Glazer: “We knew the building was only half the message. A lot of it was the importance of community, and what it would stand for if it did succeed.” And what it would stand for if it didn’t.

Planning began in 2008, with Larry Glazer’s friend and colleague, Robert Morgan, being first in and Glazer joining later.

“This is, for me, a project my father and I were excited to do together. And with my brother, it was going to be the next big wave of Buckingham,” Ken Glazer said. “We were so excited for it, and nervous as could be.'”

The ceremonial construction kickoff didn’t happen until May 2014. At the time, Larry Glazer had said the hard part in planning, financing, was over. Building would be the easy part. Four months later, the elder Glazer was flying his single-engine turboprop to Naples, Florida, with his wife, Jane, when the aircraft apparently lost cabin pressure. The couple lost consciousness, and the plane continued out over the Caribbean until crashing off the coast of Jamaica. They were 68.

Tower280 would prove to be “an uphill project” from beginning to end, presenting new challenges to the project team as well as the city. After the plane crash, it became: “We’ll do it for him. But he was the guy we wanted to ask all these questions to,” Ken Glazer said of his father.

“Eventually, we stopped asking, ‘What would Larry do?’ We know what to do.”

The award went to Midtown Tower LLC, a joint-venture of Buckingham Properties and Morgan Management. Others recognized included Pardi Partnership Architects, Philip Michael Brown Studio, EC4B Engineering, Jensen/BRV Engineering and Marathon Engineering. It marked the first time Buckingham, the city’s largest taxpayer behind Rochester Gas & Electric, had entered the Urban Land Institute competition.

Other award winners included New York City’s 51 Astor Place in Manhattan’s East Village for excellence in office development, Navy Green in Brooklyn (housing development), Kathleen Grimm School for Leadership and Sustainability at Sandy Ground on Long Island (institutional), Delaware North Building in Buffalo (mixed-use), The Hills on Governors Island in New York City (civic space) and Beekman Hotel and Residences in lower Manhattan (hotel development).

“We had a great night,” Ken Glazer said. “We did this for my father, and it probably is the last project he has his name stamped on. It’s an award-winning example — of where the city is, (and) where the city is going.”

_______________________________________________________

Staten Island School Honored by Urban Land Institute New York with Major Development Award

Staten Island Advance, April 4, 2017

New York, NY – The Urban Land Institute New York has announced the winners of its Second Annual Awards for Excellence in Development. ULI New York’s statewide awards competition and gala event is raising the bar for New York’s real estate industry by recognizing the best public and private projects across the city and state. All seven winning projects were honored last night at Gotham Hall in Manhattan. This year’s competition drew nearly 50 project submissions, from which last night’s 19 finalists were selected.

“Each of our winners truly exemplifies why New York continues to set the global standard for real estate excellence,” said ULI New York Chairman Marty Burger. “We congratulate the winners on this achievement and we are grateful for all the incredible nominations we received for projects across the state. ULI New York is proud to keep leading the way in promoting innovative development that creates sustainable, thriving communities.”

WINNERS OF THE 2017 ULI NEW YORK AWARDS FOR EXCELLENCE IN DEVELOPMENT:

Excellence in Office Development
51 Astor Place – New York, NY
(Edward J. Minskoff Equities, Inc.)

Excellence in Housing Development
Navy Green – Brooklyn, NY
(Dunn Development Corp., L+M Development Partners, Inc., IMPACCT Brooklyn)

Excellence in Mixed-Use Development
The Delaware North Building – Buffalo, NY
(Uniland Development Company)

Excellence in Institutional Development
The Kathleen Grimm School for Leadership and Sustainability at Sandy Ground – Staten Island, NY
(New York City School Construction Authority)

Excellence in Repositioning or Redevelopment
Tower280 at Midtown – Rochester, NY
(Buckingham Properties, Morgan Management, LLC)

Excellence in Civic Space
The Hills on Governors Island – New York, NY
(The Trust for Governors Island)

Hotel Development
*The Beekman Hotel and Residences – New York, NY
(GFI Development Company, LLC)

The winners were selected from 19 finalists across seven categories: office development, housing development, mixed-use development, institutional development, repositioning or redevelopment, civic space and hotel development. This year, the committee added the hotel development category to better recognize the wide array of outstanding and innovative new hotels being built in New York.

Winners were selected by a distinguished jury of ULI members representing all major segments of the real estate industry. Nominations were open to public, private, and nonprofit projects from ULI members and nonmembers alike from across the state and a wide array of nominees were considered.

The awards jury weighed how each development demonstrated leadership, innovation, market success, sustainability and resiliency. Jurors also considered how each development is meeting the current and future needs of its surrounding community. Additionally, the jury conducted comprehensive site tours of each finalist’s project in January and early February.

ULI New York’s Awards Committee oversaw the submission and review processes and the Awards gala. Members of both the committee and the jury recused themselves from any discussions involving one of their company’s projects and the awards category in which one of their projects was considered.

The Awards trophies the seven winners received were designed by SITU Studio, an unconventional architecture practice based in Brooklyn.

_______________________________________________________

CRE execs see Trump, interest rates as big risks for 2017

By: Konrad Putzier, The Real Deal, January 10, 2017

When the Urban Land Institute’s New York division gathered a year ago to give its outlook for the real estate market in 2016, fears over the Chinese economy and global markets dominated. Now, a year later, the outlook has reversed. Industry leaders now fear instability from within the U.S., and see foreign capital as a stabilizing force.

The key sources of uncertainty: rising interest rates and the next president.

“I think the offshore capital is saving the core and core-plus markets,” said James Kuhn, president of Newmark Grubb Knight Frank. He argued that the prospect of rising interest rates in the U.S. has been putting upward pressure on record low cap rates on the lowest end, and that prices for trophy properties would be falling more rapidly if it weren’t for foreign investors still buying them up.

Lauren Hochfelder Silverman, head of the Americas at Morgan Stanley Real Estate Investing, said her company is “looking for places where we can get (net operating income) growth that can outpace what we believe will be several rate hikes in the next couple of years.” She also said she hopes the Federal Reserve “doesn’t get ahead of us” in raising rates too quickly.

Peter Riguardi, JLL’s tri-state president, was more optimistic than Kuhn, arguing that “the modest increase in rates isn’t scaring anyone” and that cap rates have already corrected upwards. But he said he has noticed a decline in demand for office space.

Interest rates aside, the panelists also pointed to Donald Trump as another major source of uncertainty.

“My biggest concern, respectfully, is Trump,” Riguardi said, arguing that the actions of an unproven president could unsettle markets.

Bill Rudin, CEO of Rudin Management Company, said it’s too early to tell how the new administration will impact the real estate market, but he indicated big changes could be in store.

“We’re in a totally different world with the election and tax reform,” Rudin said.