Relevant Experience: Municipal Advisory
Metropolitan Transportation Authority [Proposed Jets Stadium Site/Cablevision] MTA Rail Yards, New York, NY
The Hudson Yards rezoning accommodated the redevelopment of 28 million square feet of office space, 12.6 million square feet of residential space and 700,000 square feet of retail space. The MTA Rail Yards, which covered 26 acres from West 30th to West 33rd Streets between Tenth and Twelfth Avenues, existed at the forefront of this redevelopment.
Immediately following the rezoning of the district, Newmark Knight Frank was retained by the Metropolitan Transportation Authority (MTA) as a consultant to evaluate the timing, financial viability, and overall economic development benefit of bids received.
Newmark Knight Frank’s established relationship with the MTA from prior consulting projects was critical to completing the assignment and meeting the timing and assessment needs of the MTA.
Atlantic Yards, Brooklyn
The MTA required an advisor for the sale of development rights above the Atlantic Avenue Long Island Railroad Terminal in Brooklyn, New York and retained Newmark Knight Frank. Newmark Knight Frank advised the MTA in the sale of the air rights above the 3.83 acre lot to Forest City Ratner. Forest City Ratner is in the process of developing the Atlantic Center II Retail Center and the Bank of New York office tower on the site.
Hudson Yards Development Corporation (HYDC) Hudson Yards: Manhattan Area Bounded by West 42nd and 43rd Streets, 7th and 8th Avenues, West 28th and 30th Streets, and Hudson River Park.
Newmark Knight Frank Capital Group was retained as an advisor for the Hudson Yards Development Corporation to provide real estate consulting services in relation to the planning and design process for the eastern and western portion of the MTA Rail Yards. The group met with local politicians and community boards in an attempt to pre- negotiate an acceptable housing plan. The aim was to develop 14 million square feet split between commercial and residential zones, including an affordable housing component, a cultural facility, as well as a potential New York City public school.
Newmark Knight Frank met with various developers to garner input for the RFP that was sent to the development community. In addition, Newmark Knight Frank reviewed HYDC development scenarios, real estate analysis and financial projections and proposed revisions, as well as provided information on current market conditions and trends, and financial and real estate assumptions. In March 2008, the MTA board gave tentative approval to Tishman Speyer for a 99-year ground lease of the site.