Professional Women in Construction holds 'developers forum'

Real Estate Weekly, June 4, 2003

"The speakers here today represent billions in construction," said Lois Weiss, real estate journalist with the New York Post, reprising her role as -- moderator for the latest Developers Forum presented by Professional Women in Construction (PWC) on April 24 at The Mechanics Institute in New York City. Weiss noted that several landmark projects, characterized by their grand scale and, spectacular design, are introducing "iconic buildings, great architecture, and green design" to the metro landscape.

"These monumental Manhattan projects are finding tenants and buyers -- proving that real estate development "continues, to thrive," said PWC president Lenore Janis.

MaryAnne Gilmartin, senior vice president of Forest City Ratner Companies, echoed the cautious optimism voiced by. the quartet of speakers when she declared that recovery, is in expected to arrive in late 2004. She" pointed out also that while the tremendous overbuilding of the 70s and 80s precipitated the real estate recession of the early 90's, today's low yacancy rates augur well for the present market.

Currently the managing developer for The New York Times Company's and Forest City's 1.6 million-SF new Times h headquarters, Gilmartin discussed the plans for the joint venture between five developers including Forest City Ratner, the "New York Times and ING.

Timothy S. Carey, president and CEO of the Hugh L. Carey. Battery Park City Authority (BPCA), described the 92-acre mixed-use development as two-thirds complete, consisting of 6,000 residential units and 8.5 million SF of commercial space, the Museum of Jewish Heritage plus 30 acres of parkland. The final phase will-include additional residential and commercial space, a branch of the New York City Public Library, the Museum of Women -- the Leadership Center and the Skyscraper Museum.

David Worsley, vice president of The Related Companies, spoke of several, in-progress projects including the Westport at 56th and 10th Avenue, added housing at Roosevelt Island to accommodate the medical personnel at neighboring hospitals, retail construction in the Bronx and North Bergen, New Jersey, and, Related's grandest entry, the new AOL Time" Warner Center (AOLTW Center) at Columbus Circle.

The mammoth AOLTW Center, a 2.3 million-SF project with a total cost of over-two billion is slated to open this fail. It will comprise luxury condominiums the Mandarin Oriental Hotel, the Performing Arts Jazz at Lincoln Center, high-end retail, and AOLTW's headquarters plus CNN's financial offices. The project received PWC's Project of the Year Award this March for its efforts to include W/MBE firms.

Izak Senbahar, president of the Alexico Group, outlined several projects the Grand Beekman at 51st and First Avenue, 200,000 SF and 32 stories of luxury condominiums, an ambitious undertaking designed by architect Costas Kondylis, which is close to completion and almost 80% sold; The Alex, one block from the UN at 45th between Second and Third Avenue, the first hotel financed after 9/11, a hybrid of luxury hotel rooms and extended stay suites, slated to open in mid-July; and West Street, a D D (design and development) luxury residential building designed by Richard Meyer featuring 11 foot ceilings, glass buildings, an interior swimming pool, wine cellars and extensive storage areas.