Twentieth Century office towers cant survive in the Twenty-First on their historic reputations, architectural distinction or landmark status.
Companies today place a higher value on an older propertys contemporary assets such as state-of-the-art systems and high-end amenities that are for tenants use only.
The latest trophy building to complete a transformative repositioning is Harbor Group Internationals 51 W. 52nd St., the fabled former home of CBS known as Black Rock.
It was the first and only office tower by architect Eero Saarinen, who designed the landmarked TWA Terminal at John F. Kennedy Airport.
The $128 million Black Rock project brought the distinctive tower on the East Side of Sixth Avenue a plush, lounge-like tenants-only lobby on the 52d Street side and a modernized public lobby on 51st Street.
But only tenants enjoy the projects fun component — a cellar-level amenity suite including a state-of-the-art fitness center, a yoga room and a cafe.
All the changes helped generate 325,000 square feet in new and renewal leases that brought the towers 900,000 square feet to nearly 90% leased since HGI bought it for $760 million in October 2021 — no small feat after original owner CBS moved most of its offices out a few years ago.
CBS was the most powerful media company in the world when the tower opened in 1964, said Howard Fiddle, head of the CBRE leasing team. It was so ahead of its time with column-free floor plates.
Black Rocks smallish, 25,000 square-foot floor plates, which result from the way the tower is set deeply back from the street line, make it more of a boutique building than is normal on Sixth Avenue. The floors get natural light through floor-to-ceiling windows, Fiddle said.
The towers notable tenants include law firm Wachtell Lipton Rosen & Katz and Canadian pension fund CPPIB, which just moved into the top two floors.
About 135,000 square feet remain available. Asking rents range from $90 per square foot on lower floors to $140 psf on higher ones.
Although not a household name in the city, HGI and its affiliates control a $20 billion investment portfolio in the US and Europe.
Black Rocks rejuvenation belongs to the overall revival of Midtown Sixth Avenue, which appeared to be headed for trouble before the pandemic when some large tenants, CBS among them, announced plans to move away.
But the corridors vacancy rate today is only between ten and eleven percent depending on which market report you follow, compared with a Manhattan-wide average of twenty-plus percent. Much of the corridors strength is due to extraordinary investments major landlords made in their properties.
As weve noted before, the upgrades include Rockefeller Groups top-to-bottom redesign of the former Time + Life tower at 1271 Sixth Ave. and the many improvements to the original Rockefeller Center complex made by Tishman Speyer.
The commercial refinance game is the toughest in town these days. But Williams Equities completed a $155 million, five year CMBS loan for its 28-40 W. 23rd St., a familiar sight to Ladies Mile shoppers for its big Home Depot signs.
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Citi Real Estate Funding is the lender. The new loan will help to fund building improvements and amenities that are to include an updated atrium and skylights and a building-wide roof deck.
A Williams Equities spokesman said the refinancing is in line with our successful, timeless multi-generational strategy.
Office tenants at the 578,105 square-foot 28-40 W. 23rd — once a department store — include numerous creative, digital and tech firms.
A former TV production assistant has told a court she felt “the unthinkable was happening” during an alleged assault by Harvey Weinstein.
Warning: This article contains references to sexual assault
Miriam Haley is the first of the former movie mogul’s accusers to testify at his retrial, which is taking place as New York’s highest court overturned Weinstein’s 2020 conviction.
The former studio boss, 73, has pleaded not guilty to one charge of rape and two of forcing oral sex. He denies sexually assaulting anyone.
Ms Haley, who also goes by the name Mimi Haleyi, today told the court Weinstein held her down and forced oral sex on her after she told him: “No, no – it’s not going to happen.”
She dabbed her eyes as she recalled in court what went through her mind during the alleged July 2006 assault.
“The unthinkable was happening, I just thought any unthinkable thing could happen,” she said. “I just didn’t know where it ended.”
Weinstein, sitting between his lawyers, shook his head as she spoke.
Ms Haley also testified at Weinstein’s initial trial.
Image: Miriam Haley arriving to the courtroom yesterday. Pic: AP
She began her testimony yesterday by describing how she got to know Weinstein, saying she had some inappropriate and suggestive interactions with him, while others were polite and professional.
Ms Haley maintains she was always looking to forge a professional connection – not sex or romance – with the Miramax founder.
Weinstein’s lawyers are yet to question Ms Haley, but the defence has sought, often unsuccessfully, to object to prosecutors’ questions, such as whether Ms Haley had any sexual interest in the then-powerful producer. She said she did not.
The defence has argued that all of Weinstein’s accusers consented to sexual activities with him in the hopes of getting work in show business.
The 73-year-old’s retrial includes charges based on allegations from Haley and Jessica Mann, an actress who alleges Weinstein raped her in 2013.
For the first time, he is also being tried on an allegation of forcing oral sex on a former model, Kaja Sokola, in 2006.
The UK has joined US forces in attacking a Houthi target in Yemen for the first time since Donald Trump was re-elected.
The Ministry of Defence (MoD) confirmed the strikes took place on Tuesday as part of the government’s response to Houthi attacks on international shipping in the Red Sea and Gulf of Aden.
The ministry said careful intelligence analysis identified a cluster of buildings used by the Houthis to manufacture the sort of drones used to attack ships, located 15 miles south of the capital Sanaa.
RAF Typhoon FGR4s conducted strikes on several buildings using Paveway IV precision-guided bombs.
The planes had air refuelling support from Voyager tankers.
The ministry said the strike was conducted after dark to reduce the likelihood of civilians being in the area.
All the aircraft returned safely.
Image: John Healey. Pic: Reuters
Defence Secretary John Healey said: “This government will always act in the interests of our national and economic security.
“Royal Air Force Typhoons have successfully conducted strikes against a Houthi military target in Yemen and all UK aircraft and personnel have returned safely to base.
“We conducted these strikes, supported by the US, to degrade Houthi capabilities and prevent further attacks against UK and international shipping.”
Houthis a ‘persistent threat’ to ‘freedom of navigation’
Mr Healey said Houthi activities in the Red Sea are a “persistent threat” to “freedom of navigation”.
“A 55% drop in shipping through the Red Sea has already cost billions, fuelling regional instability and risking economic security for families in the UK,” he said.
“The government is steadfast in our commitment to reinforcing global stability and protecting British working people. I am proud of the dedication and professionalism shown by the service men and women involved in this operation.”
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The group began launching attacks on shipping routes in November 2023 saying they were in solidarity with Palestinians over Israel’s war with Hamas in Gaza.
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Will MPs get a vote on a trade deal with Donald Trump?
It used to be Labour policy, though Sir Keir Starmer didn’t sound keen on the idea at Prime Minister’s Questions.
The PM was challenged, first by Lib Dem MP Clive Jones, who wants a guarantee that parliament has the final say on any trade deal, including one with the US.
“This idea is not new,” said Clive, who used to be a director of various toy companies, and was president, chairman and director of the British Toy and Hobby Association, no less.
“It’s exactly what Labour promised to do in an official policy paper put forward in 2021, so I am asking this government to keep their promise,” he continued.
And, toying with the PM, he complained: “Currently, members of parliament have no vote or voice on trade deals.”
In reply, Sir Keir gave one of those non-answers we’re becoming used to at PMQs, saying rather tetchily: “As he knows, parliament has a well-established role in scrutinising and ratifying trade deals.”
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Later, Sir Ed Davey had a go. “Will the government give MPs a vote on the floor of the House on any deal he agrees with President Trump? Yes or no?” he asked.
He fared no better. Sir Keir said again: “If it is secured, it will go through the known procedures for this House.”
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1:25
Chancellor’s trade deal red lines explained
So what are parliament’s “well-established role” and “the known procedures”? And what exactly did Labour promise in opposition back in 2021?
The 2021 promise was, in fact, one of those worthy pledges parties make in opposition and then either conveniently forget about or water down when they’re in government. U-turn if you want to.
The policy paper referred to by Mr Jones was: “Labour’s trade policy: putting workers first” – published in September 2021 by Emily Thornberry when she was shadow international trade secretary.
The secretary of state at the time was none other than Liz Truss. Whatever happened to her? Come to think of it, whatever happened to Emily Thornberry?
Back then idealistic Emily declared in her policy paper: “We will reform the parliamentary scrutiny of trade agreements…
“So that MPs have a guaranteed right to debate the proposed negotiating objectives for future trade deals, and a guaranteed vote on the resulting agreements…”
A guaranteed vote. Couldn’t be clearer. And there was more from Emily.
“…with sufficient time set aside for detailed scrutiny both of the draft treaty texts and of accompanying expert analysis on the full range of implications, including for workers’ rights.”
Sufficient time for detailed scrutiny. Again, couldn’t be clearer.
Image: Starmer was pushed on the deal at PMQs. Pic: PA
Then came a section headed: Parliamentary Scrutiny of Trade Deals.
“The Constitutional Reform and Governance Act 2010 (CRAG) dictates that international treaties (including trade agreements) must be laid before parliament for a period of 21 sitting days before they can become law,” we were told back then.
“At present, a treaty can only be challenged and (temporarily) rejected by means of an opposition day debate, if one is granted by the government within that time.
“The CRAG legislation was agreed by parliament before Brexit was on the horizon. Its procedures for the ratification of trade treaties, which were then negotiated and agreed at EU level, were given no consideration during the passage of the Act, and no one envisaged that they would become the mechanism for parliamentary scrutiny of the government’s post-Brexit trade deals…
“Despite the flagrant evidence of the inadequacy of the CRAG Act to allow proper oversight of trade deals, the government repeatedly blocked numerous cross-party proposals to improve the processes for parliamentary scrutiny and approval during passage of the 2021 Trade Act.
“A future Labour government will return to those proposals, and learn from best practice in other legislatures, to ensure that elected MPs have all the time, information and opportunity they need to debate and vote on the UK’s trade deals, both before negotiations begin and after they conclude.”
So what’s changed from the heady days of Liz Truss as trade secretary and Labour’s bold pledges in opposition? Labour’s in government now, that’s what. Hence the U-turn, it seems.
Parliament’s role may be, as Sir Keir told MPs, “well-established”. But that, according to opponents, is the problem. It’s contrary to what Labour promised in opposition.
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Sir Ed hit back at the PM: “I’m very disappointed in that reply. There was no ‘yes’ or ‘no’ response. We do want a vote, and we will keep pressing him and his government on that.”
And true to their word, Mr Jones and another Lib Dem MP, Richard Foord, have already tabled private member’s bills demanding a final say on any trade deal with President Trump.
Watch this space. And also watch out for Labour MPs also backing demands for a Commons vote on a Trump trade deal before long.