Newsday from New York, New York • 38

A38 Lipstick Catches The Attention Of Tishman Speyer By Errol A Cockfield Jr STAFF WRTIXR Tishman Speyer Properties the owner of such Manhattan landmarks as Rockefeller Center and the Chrysler Building has entered into a contract to purchase another of the architectural emblems the building in Midtown Terms of the deal are not being disclosed but commercial real estate sources say the 587000 square-foot building at 885 Third Ave near 53rd Street is valued at a minimum of $400 per square-foot Analysts said decision to purchase the building owned by the Kuwaiti Investment Office reflects an ongoing effort by landlords to take advantage of low interest rates before rental rates and leasing activity are expected to increase next year Richard Baxter executive director in the financial services group of Cushman and Wakefield a real estate firm said buyers are also expecting to see a jump in job numbers spurring more confidence Already there have been new positions added in the financial services sector think any well-leased asset in Midtown Manhattan is commanding Baxter said The trend toward rental growth and the current interest rate climate is a very compelling reason to make purchases in New Other notable transactions over the past year included the sale last foil of the General Motors Building on Fifth Avenue to Macklowe Properties Inc for a record $14 billion and the sale last August of 2 Park Ave to a German real estate investment fund for $292 million Also Reckson Associates Realty Corp the largest commercial property owner on Izmg Island bought 1185 Avenue of the Amm-inaa is being purchased by a partnership that includes Tishman Speyer and another investor the New York City Retirement System Built in 1986 the office tower received attention and the nickname for its oval shape and a red granite facade that tapers 34 stories into the air It soon became a symbol of the real estate vitality before the downturn of the late 1980s Although the design by architects Philip Johnson and John Burgee is perceived as something of a architectural oddity the building is fully occupied and home to law firms and financial services companies is a fantastic building in a prime Rob Speyer Senior Managing Director for Tishman Speyer said in a statement wwwnewsdaycomebiz Store Owners Dreading Ice Snow By Tania Padgett STAFF WHITES News of another winter storm sent a shiver down the already aching backs of New York small business owners yesterday who have grown weary of clearing their sidewalks of snow and ice 1 definitely don't look forward to said Muhammad Chowdhuiy owner at the Allerton Art Gallery in Chelsea already had a lot of snow and ice and it has been difficult clearing it Miok Kim of Cozy Nails in Flushing agreed She and her husband have had to close her shop on days when the snowfall is particularly heavy But even then they still must make sure the sidewalk in front is clear so afraid of getting a she said Business owners must clean up snow and ice in front of their establishments within four hours after the snow stops falling or face summons as high as $350 according to the Department of Sanitation 335 tickets have been given between Jan 19 and 26 Business owners also worry that they could be sued if someone dips in front of their businesses if they keep the sidewalk dear This winter has been particularly grueling for business owners because it has brought more ice which is far more difficult to remove drop owners said yesterday Then there is the extra expense Chowdhuiy said that cold weather has already hurt business because fewer people are out shopping Now he has had to buy three 15-lb bags of salt and two shovels since the beginning of January just to keep the sidewalk in front -of Ids gallery dear Wilfrid Compere has noticed that the men he pays to dear the snow in front of his accounting business in Flat-bush Brooklyn have been charging more this year perhaps because of extra work that they have to do perhaps because the work just has to get NEWSOAY WEDNESDAY JANUARY 28 2004 Business Nawitfaqr Fil Photo Tlshman Speyer Properties is looking to add the building at 885 Third Ava in Midtown to the list of Manhattan landmarks It now owns Lending Law Appeal Likely By Christian Murray STAFF WRITER One day after the State Supreme Court invalidated New York predatory lending law the City Council has vowed to fight the decision State Supreme Court Justice Michael Stallman determined that the law designed to withhold city business from banks that charge excessively high interest rates and fees was invalid since it pre-empted state and federal banking laws The City Council passed its law in October 2002 The New York City law was tougher on predatory lenders than New York State and Federal laws For example New York City required loans to have points and fees of no more than 4 percent Interest rates could be no more than 6 percent above: the prevailing treasury bill according to the city law The law which taken effect would have hurt Wall Street banking in-sititutions the most said Zahra Jafri president of Lynx Mortgage in Great Neck Firms that bought these loans from mortgage companies usually to sell them to investors would have been prohibited from doing business with the city As a result larger firms could have lost the ability to underwrite city bonds or manage city pension funds Mayor Michael Bloomberg sued the City Council in February 2003 arguing that the City Council did not have the right to determine who the city does business with council is committed to addressing what is a serious issue and is thinking of appealing it or creating an alternative legislative said Tho- mas McMahon general counsel for the City CounciL Speaker Gif ford Miller has made this issue a priority and feels that people are getting McMahon said Sources at the City Council say it is likely that an appeal will be filed with the Appellate Division and the city law will bie modified similateously decision was very said Brigitte Amiri staff attorney for the Foreclosure Prevention Network in Brooklyn is no shortage of predatory lending cases Some days we receive a dozen However would have been hurt had thin law said Jafri former president of New York Association of Mortgage Brokers The secondary market firms that buy loans would have pulled out of the market he said and there would have been a shortage of subprime loans available which many borrowers need to buy their first home blame them so much because we have gotten so much said Compere it is an Such complaints however fall on deaf ears at the City Department of Sanitation They have to do said Kathy Dawkins a spokeswoman for the de-partment they throw snow into the street when they shovel because then we have to.