The Week in Review
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

1. CITIGROUP TALKS GREENWICH STREET: Details of the negotiations between Citigroup and the real estate company Shorenstein for the $1.6 billion acquisition of Citigroup’s 388–390 Greenwich St. property are beginning to emerge. According to brokers familiar with the deal, Shorenstein would buy property for roughly $600 a square foot, and net-lease the entire 2.7 million square feet to Citigroup in a 13-year deal. Citigroup’s rent would be $42.50 a square foot. After the 13 years, Citigroup would have the option of vacating some of the building so that Shorenstein could re-lease the space to new tenants. Shorenstein is the front-runner, but with so much paperwork involved in this so-called sale leaseback transaction, a deal is days — if not weeks — away. Cushman & Wakefield Inc. is representing Citigroup in the sale.
2. GORE FIRM BUYS GREEN: Vice President Gore’s investment firm, Generation Investment Management, is leasing 5,000 square feet on the 48th floor of the Bank of America tower off Bryant Park. The 51-story “green” skyscraper, which is scheduled to open next May.
New York Observer
3. DEVELOPERS VIE FOR GOWANUS SITE: Five developers submitted bids to build on a contaminated sixacre site near the Gowanus Canal. The zoning for the plot of land, called Public Place, allows for up to 1,000 housing units and buildings up to 12 stories tall. The bidders are Related Cos., which has never built in Brooklyn, Two Trees Management, Strategic Development with Avalon Bay Communities, the Hudson Companies with Fifth Avenue Committee, and the World-Wide Group. Cleaning up the land, which has toxins as much as 150 feet underground, could take years.
Brooklyn Eagle
4. ICE-SKATING RINK FOR CONEY ISLAND: Mayor Bloomberg’s re-zoning plan for Coney Island in Brooklyn includes a new attraction for condominium buildings rising in the area. A sailing pond inside the 15-acre amusement park would be transformed during the winter into an iceskating rink that is larger than the Wollman Rink in Central Park. The proposal was put forward by the Rockwell Group as part of the city’s plan for the 47-acre re-zoning.
New York Post
5. CONDOS REPLACE “SOPRANOS” HANGOUT: The pork store where the gang gathered on the HBO series “The Sopranos” is being replaced by a nine-unit condominium called “The Soprano.” Prices will range between $325,000 and $385,000.
Associated Press
6. BALAZS PUTS QT ON THE BLOCK: Hotelier Andre Balazs is looking to sell four boutique hotels, Hotel QT in Times Square and the Standard hotels in Los Angeles, Hollywood, and Miami. He has retained brokerage firm Eastdil Secured.
Crain’s New York Business
7. A NEW RECORD FOR DOWNTOWN: A triplex condominium went into contract for $33 million in a new development on East 22nd Street, setting a new price record downtown. A British developer is said to be the buyer of the 12-bedroom, 15-bath spread of nearly 10,000 square feet at One Madison Park, where Liev Schreiber and Naomi Watts and Susan Sarandon and Tim Robbins have also signed contracts.
New York Post