Stroock Hosts Forum on Development on the Westside of Manhattan
New York, June 3, 2015 - Stroock & Stroock & Lavan LLP presented a Government Relations Forum today on development of the west side of Manhattan, with guests Dr. Michael Horodniceanu, President of the MTA Capital Construction Company; Hilary J. Spann, Managing Director, Northeast Real Estate Acquisitions for JPMorgan Asset Management's Global Real Assets group; and Andrew Cantor, Vice President, Development at Related Companies.
The event attracted an overflow audience and focused on the collaboration among public, private, transportation, investment and development efforts to the successful completion of Hudson Yards.
Ross F. Moskowitz, Stroock partner and member of the firm's Executive Committee, and Leonard Boxer, Co-chair of Stroock's Real Estate practice and a member of the firm's Senior Executive Committee, moderated the program. Robert Abrams, former New York State Attorney General and Chair of Stroock's Government Relations Practice, introduced the event.
“Today’s forum once again brought together public and private decision-makers who provided analysis and insight into the key development project in New York City,” said Abrams.
Moskowitz added, “The nexus of public and private investment in the area will be transformative in impacting the economic growth of the Westside and the City as a whole.”
Hudson Yards encompasses an area bordered by 10th and 11th Avenues and 30th – 34th Streets. The Related Companies’ development plan includes 18 million square feet of space. Neiman Marcus will be the retail anchor in an area that will have three times the retail space of the stores at the Time Warner Center, which Related Companies also developed.
Horodniceanu said, “The impact of transit as a catalyst for development can’t be overestimated. The only way for a city to prosper is with mass transit – if you bring it, development will come.” He noted that, like Hudson Yards arising over rail yards, Park Avenue emerged as significant residential and commercial area as a result of being built over Grand Central station.
In describing JP Morgan’s involvement in Hudson Yards, Spann said the firm wanted to invest in a best-in-class project. “The commitments by the city and state, the Related Companies, and JP Morgan were crucial. It has been exciting to be involved in one of the city’s most significant projects from the ground up,” she said.
“We had to have everything in place at once,” explained Cantor about starting the mixed-use project. “We had to find commercial and residential uses, financing and transportation, and then build the foundations for five structures that sit on the platform above rail yards.”
Now, he said, “This mid-town south area is the hottest community in the city.”
Horodniceanu is the President of the MTA Capital Construction Company. Under his leadership, the company has extended its reach beyond its core expertise of transportation planning, into architectural, engineering, planning and construction management services.
Cantor is responsible for the development of the 28-acre Hudson Yards site on Manhattan’s west side. He joined Related in 2011 and has since played a critical role in the leasing of the first two commercial towers and the development of the inaugural residential tower at Hudson Yards. He is currently responsible for the development of 55 Hudson Yards, a 1.4 million square foot, 50-story commercial building.
Spann is the Managing Director, Northeast Real Estate Acquisitions, for JPMorgan Asset Management's Global Real Assets group. She is the Vice Chair of the Urban Development Mixed Use Council with the Urban Land Institute, a board member of WX Women Executives in Real Estate, and is a director of BronxWorks, which serves residents of that borough.
Today’s event was the 23rd in a series presented by Stroock's Government Relations Practice Group, which is comprised of former prosecutors, judges, and government agency officials. The practice is led by Abrams, who also served as President of the National Association of Attorneys General, Executive Chair of New York State Attorney General Andrew Cuomo's Transition Committee, and Honorary Co-Chair of Attorney General Schneiderman's Transition Committee.
Stroock & Stroock & Lavan LLP is a law firm providing transactional, regulatory and litigation guidance to leading financial institutions, multinational corporations, investment funds and entrepreneurs in the U.S. and abroad. Our emphasis on excellence and innovation has enabled us to maintain long-term relationships with our clients and made us one of the nation’s leading law firms for almost 140 years. Stroock’s practice areas include capital markets/securities, commercial finance, mergers, acquisitions and joint ventures, private equity, private funds, commodities and derivatives, employment law and benefits, energy and project finance, entertainment, environmental law, financial restructuring, financial services litigation, government relations, insurance, intellectual property, investment management, litigation, national security/CFIUS, personal client services, real estate, structured finance and tax.