Latest news with #OneVanderbilt
New York Post
5 days ago
- Business
- New York Post
Famed chef Daniel Boulud expands his empire with new ventures at premiere NYC skyscrapers
Michelin-starred chef Daniel Boulud is launching new ventures at two of New York City's most prized skyscrapers – an expansion that dovetails with a push by companies to lure workers back to the office five days a week. Boulud – whose culinary empire in the Big Apple includes high-end haunts Daniel, Le Pavillon, Joji NY, Le Gratin and La Tête d'Or – is opening an events space at One Vanderbilt and a catering kitchen at One Madison, Side Dish has learned. The openings come amid a nationwide return to the office push, spearheaded by New York-based businesses, as The Post's Steve Cuozzo previously reported. 6 Daniel Boulud – whose culinary empire in the Big Apple includes high-end haunts Daniel, Le Pavillon, Joji NY, Le Gratin and La Tête d'Or – is opening an events space at One Vanderbilt (above) and a catering kitchen at One Madison. Todd Coleman 'Office catering is a daily amenity that has been a way to draw people back in,' Boulud said in an exclusive interview with Side Dish. One Vanderbilt, a 1,401-foot-tall skyscraper that towers over the nearby Chrysler Building, and One Madison, a slender masterpiece standing 641 feet, are at the forefront of that movement. Both office buildings were developed by real estate giant SL Green. One Vanderbilt, which opened in 2021, is 100% leased. One Madison, which opened last year, has been booking up fast and landed high-profile tenants that include IBM, Franklin Templeton and La Tete D'or. SL Green buildings show 'a commitment not only to hospitality, but to making sure that the buildings are multi-use with striking views and amazing spaces dedicated to creating events instead of turning restaurants into event spaces,' Boulud said. 6 Summit Events, which opens July 1, will be located on One Vanderbilt's 72nd floor. Courtesy of Cuisine Boulud New York Summit Events, which opens July 1, will be located on One Vanderbilt's 72nd floor and includes an indoor and outdoor space for cocktail receptions, formal dinners, business conferences, weddings, brand activations, and fashion shoots and shows. Its design mirrors the Summit, the eye-popping observatory that spans the 91st through 93rd floors and features reflective panels, art installations and panoramic views of the city. 'We believe there are always large groups that need to hold meetings, then dinner, then an after-party, and this space is really perfect for that,' Boulud said in an exclusive interview with Side Dish. 6 'We can offer personalization of menus from our restaurants — that's the beauty and novelty of Boulud Cuisine,' Boulud said. Caviar canape, above. Courtesy of Cuisine Boulud New York 'The design is striking, with the mirrors. They create a lot of life and energy.' Guests who book the Summit Events space will also get access to the fun house-like observation decks above. But unlike the mirror-floored Summit, guests at the private events space can sport heels and dance away the night. 'It's a good thing it is not a residential building. There are no noise issues if there is a band or 200 people dancing, you can crank up the volume because there are just offices below,' Boulud said. 6 Guests who book the Summit Events space will also get access to the fun house-like observation decks above. Courtesy of Cuisine Boulud New York Summit Events is a collaboration between Summit One Vanderbilt and Cuisine Boulud New York, which is a partnership between Boulud's Dinex Hospitality and Lifeworks Restaurant Group. 'Summit is the crown jewel of One Vanderbilt. We are delighted to collaborate with Chef Daniel and Cuisine Boulud New York to introduce New York City's newest premier event destination,' said Marc Holliday, chairman and CEO of SL Green The busy chef also is launching Cuisine Boulud New York in a new 12,000 square-foot catering kitchen at One Madison, which houses his hit French steakhouse La Tête d'Or. 6 The busy chef also is launching Cuisine Boulud New York in a new 12,000 square-foot catering kitchen at One Madison, which houses his hit French steakhouse La Tête d'Or. Eric Vitale Photography While Boulud has catered events for more than 30 years, it's been based out of his kitchen at Daniel. The expansion means he can also cater large-format events and corporate orders, along with intimate dinners. Clients already include corporate parties for top companies like Franklin Templeton, Bridgewater Associates, Carnegie Hall, Tiffany & Co., Aston Martin and Rolls-Royce, along with weddings and other special events. Options for catering will include the menus of all Boulud restaurants in New York. 6 Le Jardin Sur Madison at One Madison. Courtesy of Cuisine Boulud New York 'We can offer personalization of menus from our restaurants — that's the beauty and novelty of Boulud Cuisine,' Boulud said. CBNY is also the exclusive caterer for Le Jardin Sur Madison, a new indoor/outdoor roof space with stunning views at One Madison. Sushi from Joji NY and Epicerie breakfasts are popular choices for upscale corporate gatherings. 'It's a perk companies give that makes people feel valued — it's better than staying home for sure,' Boulud said.
Yahoo
18-04-2025
- Business
- Yahoo
SL Green Realty Corp (SLG) Q1 2025 Earnings Call Highlights: Surpassing Expectations and ...
Earnings: Exceeded Street's expectations and internal projections by a significant margin. Net Operating Income (NOI): Met forecasts. Leasing Results: Well ahead of expectations. Debt-Related Business Profits: Very strong performance. Debt and Preferred Equity (DPE) Investments: Nearly $200 million closed in the past nine months. New Debt Investments Pipeline: Over $1.2 billion actively being negotiated. 500 Park Acquisition: Building brought to 100% occupancy post-acquisition. 100 Park Acquisition: Acquired 50% position, building now 97% leased. SUMMIT One Vanderbilt: Number one attended experience of its type in Q1; set a ticket pre-sale record with over $0.5 million in one day. Warning! GuruFocus has detected 10 Warning Signs with SLG. Release Date: April 17, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. SL Green Realty Corp (NYSE:SLG) exceeded both the Street's expectations and its own internal projections for the first quarter earnings. The company's debt-related businesses performed strongly, benefiting from a volatile credit market and substantial liquidity. SL Green Realty Corp (NYSE:SLG) closed on the acquisition of 500 Park, achieving 100% occupancy shortly after. SUMMIT One Vanderbilt was the top-attended experience of its type in the first quarter, with record ticket pre-sales. The company is actively negotiating a pipeline of over $1.2 billion in new debt investments, indicating strong future growth potential. There is uncertainty in the macroeconomic environment, including potential impacts from tariffs and credit market volatility. The company faces challenges in the debt financing markets, with potential turbulence expected due to broader economic conditions. Occupancy levels decreased slightly in the first quarter, raising concerns about meeting year-end targets. The leasing market is experiencing some uncertainty, with potential impacts from geopolitical factors and market disruptions. There is a need for significant capital expenditure for improvement programs, such as the $20 million-plus program at 500 Park. Q: Can you discuss the impact of pre-builds on tenant acquisition and the economic rent potential compared to raw space? A: Steve Durels, Executive Vice President, Director of Leasing and Real Property, explained that pre-builds, or build-to-suits, are crucial for attracting tenants, especially those requiring 10,000 square feet or less. These pre-builds eliminate cost uncertainties and accelerate the decision-to-move-in timeline, providing a competitive advantage in the market. Q: How is the current market volatility affecting leasing activity and tenant decision-making? A: Steve Durels noted that despite market volatility, SL Green has not observed a slowdown in leasing activity. The pipeline remains strong, with 64 tenants currently, and no significant pullback in tenant decisions has been seen, indicating cautious optimism. Q: What are the current trends in the debt financing markets, particularly concerning the CMBS market? A: Harrison Sitomer, Chief Investment Officer, stated that while there is some turbulence in the credit markets, New York City remains resilient. The CMBS market has shown positive momentum, with $6.9 billion in New York City office CMBS completed year-to-date, indicating strong demand for tangible assets. Q: Is there an upward bias to your guidance, and how do you view potential downside risks? A: Matthew Diliberto, Chief Financial Officer, confirmed comfort with the current guidance range, citing a well-insulated balance sheet. Marc Holliday, CEO, mentioned potential upward revisions to guidance if ongoing investment opportunities are successfully executed. Q: How does the macroeconomic environment affect your plans for new high-quality development sites in Midtown? A: Marc Holliday emphasized that development projects are long-term endeavors, unaffected by short-term market fluctuations. SL Green remains committed to securing new development sites in Midtown, confident in New York City's long-term viability. Q: Can you provide an update on the downstate casino license process? A: Brett Herschenfeld, Executive Vice President, Retail & Opportunistic, reported that the process is progressing well, with a June 27 submission deadline for the license. The state has shown increased engagement, and SL Green anticipates a year-end award. Q: What is the status of your leasing pipeline, and how are tenants responding to macro uncertainties? A: Steve Durels indicated that the leasing pipeline is robust, with no significant changes in tenant sentiment or decision-making processes. The company expects continued strong leasing activity throughout the year. Q: How are office-to-residential conversion opportunities progressing in New York? A: Marc Holliday noted that conversion opportunities are consistent or ahead of expectations, particularly in downtown areas where economic feasibility is favorable. This trend is expected to significantly impact office market dynamics in the coming years. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
