How urban real estate development is helping NYC neighborhoods

on Mar 29, 2017 in Architecture, Business

Urban Real estate has went through a major transformation than it was a few decades ago. This is because of people, such as Joe Sitt and other real estate investors, who see the potential of transforming something common into a thing of gold.

Who Owns the Empire State Building?

on Aug 9, 2016 in Architecture

The Empire State Building is one of the most popular buildings within the United States and the world. This building was erected in 1931 and it was the tallest structure in the world up until 1970. Currently it is ranked as the fifth tallest structure within the U.S. and the 29th tallest in the world. Many people probably wonder who actually owns the Empire State Building and the simple answer to that question is that no one single person owns this massive structure. The simple answer to this question is that the building is owned by a major New York based real estate company named Empire State Realty Trust. This particular real estate organization has owned the Empire State Building since 2013. Former Real Estate Owners When the Empire State Building was first constructed it belonged to John J. Raskob and Pierre S. du Pont. Raskob was the primary owner of the building and his name is the most remembered between the two owners. Raskob held onto the building until 1951 when he sold it to Roger L. Stevens and his business partners. Keep in mind that the Empire State Building was a huge success in terms of engineering significance and its location. This building was designed in an upscale location of New York and was frequented by many great American leaders, national celebrities and international personalities. However, the building was not making a profit for Raskob and his associates. So they had no choice but to sell it in the early 50’s. Once Roger L. Stevens purchased the building he sold it to one of his partners named Colonel Crown. Once Crown purchased the building in 1954 he held onto to it until 1961 when he sold it to Harry B. Helmsley, Lawrence A. Wien and his son-in-law Peter Malkin. They resold the building to Prudential Insurance for $29 million. Prudential Insurance held onto the building all the way until 1991. They then sold the Empire State Building to Oliver Grace Jr for $42 million. It was later revealed that Grace Jr. had secretly purchased this building for Hideki Yokoi, a Japanese hotelier, who was serving out a prison sentence for a deadly fire at one of his hotels. So, the sale was not valid. Donald Trump Era Believe it or not, the 2016 Republican Presidential nominee Donald Trump, was the real estate agent who brokered deals for of the Empire State Building. Trump worked closely with Hideki Yokoi’s daughter, Kiiko Nakahara, to take the Empire State from Malkin and his associates. This happened in 1995 and a 7-year court battle over this issue took place. Malkin had died in 1997 and over the course of the next 5-years they managed to obtain Malkin’s control of the Empire State Building. They sell their share for $57.5 million to Helmsley – Spear. The Malkin’s reclaim the building back in 2006. By 2012 the Malkin’s decided to publicly trade the Empire State Building, but they were opposed. Eventually, the building was acquired by the current owners, Empire State Realty Trust Inc. who got the building by publicly trading it. Empire State Reality Trust Inc. has been managing the building since...

The Building That Is New York

on Jun 27, 2016 in Architecture

If planning a trip to the Big Apple, no visit would be complete without a visit to what some may consider the most iconic building not only in the United States, but one of the most iconic buildings in the world. The Empire State Building stands as a symbol of ingenuity and strength from the backs that built it in 1931. The Empire State Building also has appeared in countless movie films and television shows. Unique Features Built during a time of competition, the Empire State Building stands at 1,454 feet if including the antennae which shoots like a spire toward space, however, the roof height only reaches 1,250 feet. When it was completed in 1931 it was the tallest building in the world, and it stood that way for over 40 years. When it was built, the investment group competed with the Chrysler group who worked on making the Chrysler building the tallest in the world, but in the end the Empire State Building won the contest. Some unique features of The Empire State Building include: –102 stories -An observation deck to see the whole city -Energy Effeciency -Eco-friendly structure -Named because New York is the Empire State Unique Historical Events When visiting the (ESRT) Empire State Building, a few things to keep in mind is some of the unique historical events that have occurred in, on, or around the building. First of all, the building used 3,400 workers to erect the edifice. In an eerily similar incident reminiscent of 9/11 a small plane crashed into the building in 1945. The accident was a result of poor flying in foggy conditions. Cost of building the Empire State Building in 1931 was just under $41 million. Cost to renovate it in 2011, over $550 million. Who Owns the Empire State Building? A building with so much history and mystery invites visitors from around the world to come visit and reach the 102 floor observation deck to view the world. The Empre State Trust has undergone many renovations, most recently in 2010 where it was made more energy efficient, and brought up to code. But who owns the building? It is owned by Empire State Realty Trust, where Anthony Malkin is chairman and CEO. No trip to New York is complete without a visit to the Empire State...

NYC Buildings and the People Behind Them

on May 23, 2016 in Architecture

When people think of the United States, their thoughts often turn to one of the most legendary cities in American history, namely, the Big Apple. People often regard it as the center of civilization. It is the place that an individual goes when he or she wants to get the most out of life. The city is brimming with art, culture, and free thought and the Empire State Building. One of the most prominent (thought sometimes overlooked) form of artistic expression is architecture. It has gone through many development phases throughout the generations, often aligning with the culture and the beliefs of the day. Today, skyscrapers in New York City are designed to be a work of art and a functional entity. There are several important building in the great city that stand out as landmarks. The Bank of American Building As the world has seen pollution and the impact of the human activity, many have become aware of what needs to be done to make a change. From the individual to the corporation and even to the sovereign nation, people recognize that they must change their behavior. That is the Bank of America building is designed specifically to conserve energy. The skyscraper attracts many people who care about this cause. Men such as Al Gore have frequented the building. Trump Towers Trump Towers is an elegant and sophisticated piece of real estate. As a 58 story skyscraper in midtown Manhattan, Trump Towers has always been known as a place of luxury. It is one of the finest hotels in that part of the city. It has been frequented by several important and beloved icons of American film, sports, and other celebrities. The World Trade Center Erected in 2014 to supersede the towers that fell after the attacks on 9/11, the World Trade Center stands as one of the most impressive and attractive buildings in the world. It is the tallest building in the western hemisphere and one of the tallest buildings worldwide. Several celebrities have been spotted here, such as Jennifer Hudson, Sally Field, and Santiago Calatrava. This iconic landmark is one of the places that anybody visiting the Big Apple should check...

When One Door Closes, another Door Opens

on Mar 20, 2015 in Architecture

Choosing a new front door for your home can be both exciting and hinder your indecisiveness. There are a wide range of front doors you can choose from, but ultimately it is important to find a door, which looks aesthetically pleasing and provides safety for your home. Safety falls into two categories; protecting your home from outdoor elements and from unwanted house guests. Buying a custom entry door can also increase your home’s resale value, which definitely makes it a worthwhile investment down the road. Fiberglass Doors The beauty of doors, which are made out of fiberglass, is that they don’t rust or dent. You can get decorative glass panels built into the door or wooden borders built around the edges of the glass. Fiberglass doors that have wood incorporated into them are a nice alternative to more pricey doors made completely out of wood. Wood Doors Wooden doors are a very classic look for a front entry way of a home. Wooden doors are fun because they can be customized to fit your ideal décor style. There are several types of wood to choose from ranging from mahogany wood to maple wood. One of the major downfalls of wooden doors is that they require more maintenance than other types of doors since they rot easily, can be stained from the sunlight, and have a shorter lifespan than other doors. Premium woods can be costly, but they also have a stronger performance. Steel Doors Steel doors are often seen as the most efficient type of front door in several ways. The first reason is their cost efficient value. You definitely will not break the bank when purchasing a steel door for your home and you might actually make a profit in the end. Steel doors can add buyer’s value to your home and can increase the price of your home when you’re reselling. The second reason steel doors are efficient is because they don’t require as much maintenance as other types of doors. The durability of steel doors is definitely reassuring, but the only downfall of steel is that they can rust and...

The Popular Uses for Bay Windows

on Jan 8, 2015 in Architecture

Bay windows in the movies are often used as a sitting nook where one goes to be alone, to read, or to daydream while looking at the stars. This is a great way to use the space a bay window provides. Build a bench that fills the area below the windows that can be used for storage. This feature also can make a perfect bookshelf that gives you easy access to different worlds in a quiet area of your home.