EisnerAmper Blog

Building Success: An EisnerAmper Real Estate Blog

EisnerAmper CEO Charly Weinstein Talks with Bloomberg Radio at the Firm’s First West Coast Private Equity Real Estate Summit

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May 29, 2015

Morris_MichaelBy Michael Morris

In April, EisnerAmper’s inaugural West Coast Real Estate Private Equity Summit was held in San Francisco. The event drew more than 300 influential owners, investors, developers, financiers and private equity professionals.  Due to that the importance of San Francisco as a rapidly changing and evolving real estate climate, the conference agenda was developed to highlight West Coast investment and as a platform for face-to-face networking with leading LPs, GPs and other sources of private equity. This thought-provoking conference also attracted Bloomberg Radio to the Summit floor, where they hosted their live national broadcast for the day.

Charly Weinstein, CEO of EisnerAmper, sat down with Bloomberg Radio at the Summit to discuss how the financial services, technology and real estate investment markets in San Francisco and New York mirror each other in terms of opportunity.  In his interview, Charly also commented on the degree of risk for investors who are turning their sights to the Bay Area. He noted that there will always be risk, but there is great opportunity for yield and sustainability in real estate investment in the Bay Area. You can hear Charly’s full interview with Bloomberg Radio here.

Hudson Yards Project to Make New York History

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May 28, 2015

Benison_MichaelBy Michael Benison, CPA

I recently attended an event hosted by the Mortgage Bankers Association of New York, Inc. on April 23 about the Hudson Yards project. A joint venture of Related Companies and Oxford Properties Group, the Hudson Yards project is getting into full swing. In 2008, Related Companies won the bid to build “a new neighborhood for New York.” In 2013, Fortune Magazine named Hudson Yards “America’s Biggest Real Estate Project Ever.” The venture is the largest private real estate development in the history of the United States since the building of Rockefeller Center, and will include more than 17 million sq. ft. of commercial and residential space, featuring 14 buildings sitting on more than 28 acres.

Mixed use space is necessary and relevant for today’s ever changing community and landscape. There are core components of the project: The developers want to create a buzzing new neighborhood atmosphere. Work-life balance integration is also an important consideration. There will be mixed-use space, which will consist of office and hotel space with residential units on the higher floors. The final component is a fuel for innovation. The neighborhood should encompass a platform for innovation. With the growing use of technology, innovation and creativity can be created virtually anywhere such as in bars, clubs, gyms, parks, and restaurants. The quality of public space is important for people’s memories. All the amenities of the buildings will attract people to the space. For example, 30 Hudson Yards will be the 4th tallest building in New York once completed. It will have an observation deck at 1,100 ft., allowing for a unique open air panoramic view of the city.

The project is being built on elevated concrete platforms above the Eastern Rail Yards over Penn Station. The platform construction is expected to be completed by fall 2015 and will incorporate more than 100,000 tons of steel. (As an aside, now is the perfect time to check out the rail yards before they are fully covered up.) The platforms will house a basement and be used to support the building structures. 10 Hudson Yards will be one of the most energy efficient office buildings in Manhattan: The building will have on-site energy generation from its own cogeneration plant, allowing for energy interdependence, and use both public and private energy resources. The building will also feature state-of-the-art waste disposal technology. Waste will travel though underground vacuum tubes to a central terminal.

One third of the High Line (a public park that attracts roughly 5 million visitors each year) is located on the Hudson Yards. There will be integration between the platform structures and the High Line. This will help connect visitors into Chelsea, which has one of the largest concentrations of art galleries in the world with over 350 galleries. Designer Thomas Heatherwick will help shape The Public Square, which will feature artistic collaboration. The Culture Shed will be created to host a wide variety of cultural and artistic events which will include concerts, exhibits, and performances, including NY’s Fashion Week. This structure will include a 200,000 sq. ft. building, with a 16,000 sq. ft. shed that is expandable. The Culture Shed will be connected to the 15 Hudson Yards residential tower.

EisnerAmper Private Equity Real Estate Summit West a Success

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May 14, 2015

By Michael Morris

Over 300 of the most influential owners, investors, developers, financiers and other private equity professionals came together at the 2015 EisnerAmper Real Estate Private Equity Summit West on April 23 in San Francisco, California. This senior-level forum focused on West Coast investment and created a strong platform to network face-to-face with leading LPs, GPs and other sources of private equity.

As this was our first national practice event on the West Coast, a number of EisnerAmper team members played prominent roles. CEO Charly Weinstein welcomed a packed house of attendees, and San Francisco Partner-in-Charge John Williamson introduced the morning keynote. Director Michael Morris opened the afternoon session and introduced the afternoon keynote speaker. Ken Weissenberg moderated the opening premier panel, while Todd Hankin, Aaron Kaiser and Kathy Williams led breakout panels.

In addition to a day full of networking and knowledge, Bloomberg Radio hosted a live national broadcast from the Summit floor all day, which created a lot of buzz. Both Charly Weinstein  and Ken Weissenberg were interviewed, as were two event speakers.

Feedback from the event was very positive, and the organizers will be using the insights shared by attendees to plan future events.

To view photos of the Summit and learn more about the content, visit the event website.  

EisnerAmper is an independent member of PKF North America.
PKF North America is an independent member of PKF International.