Philips International, Managing New York’s Skyline

When we conjure images of iconic American landmarks, we call to mind things like the Statue of Liberty, the Grand Canyon, the Empire State building, and the Golden Gate Bridge. From coast to coast, many natural and artificial landmarks act as symbols of American prosperity, strength, and beauty. Even in dark times of American history, these landmarks have stood as representations of the American spirit and dream. It was during the Great Depression, in fact, that America built arguable its most prominent landmark building: the Empire State Building. The Empire State Building was built as a sign to the American people that despite hard times, the nation was still strong and still fighting for its future. Still among the tallest buildings in New York, it remains an eternal symbol of the New York City skyline.

Recently, the owner of the Empire State Building, Malkin Holdings, recently announced that they were seeking to fold the building into a real estate investment trust (REIT), called the Empire State Realty Trust. Comprise of more than seventeen New York properties, the announcement of the Empire State Realty Trust created a massive uproar of excitement with New York’s real estate developers. In terms of business, the Empire State building offers not only a vast amount of office space, but also generates more than $85 million annually with over 3.6 million tourist visits to one of the buildings two observation decks. 

Tourism aside, the building still stands as an important potential revenue generator. The building’s tourism revenue may already be at its peak, but substantial revenue will come from the building’s office leases once renovations are complete on the building’s interior. Additionally, the building holds potential retail space. For developers such as Philip Pilevsky of Philip International, a real estate development and management firm, this opportunity is exciting for a number of reasons. It is a chance to be involved in the management of one of our country’s most iconic landmarks, in addition to being a sound business decision.

That is why Philip Pilevsky partnered with Joseph Tabak in June of 2013 and announced a $2.1 billion offer for the iconic tower with plans hinging on the retail aspect of the tower’s retail and commercial space, including a hotel. The duo plans to develop a hotel in the 102-story building and convert the base into a destination retail hub with the financial backing of long-time investors. Despite this huge interest, Malkin Holdings decided against releasing the Empire State Building at the time. It could be up for grabs in the near future, but for the time being the iconic landmark remains unchanged in the New York cityscape.

Philips International, The Future of the Empire State Building

If asked to name the most iconic buildings in our nation, chances are the Empire State Building is going to be in the top three somewhere. That is why in 2007 it was ranked number one on the AIA’s List of America’s Favorite Architecture. Not only is it a strong symbol for New York City, it is a national icon and until recently, the United States’ largest tower. Inside the building are more than one thousand commercial businesses, retail stores, broadcast stations, observation decks, and approximately 21,000 employees. There are two observation decks on the building, which generate more than $85 million annually with over 3.6 million tourist visits. In short, the Empire State Building is one of the most important structures in our nation and it embodies the strength and history of the American people.

But what about the future of the Empire State Building? Is the building, having been built during the Great Depression, now outdated and in the background? For some it may be. Originally the tower represented a largely blue-collar symbolism. The plaques in the building’s lobby read “Steel,” Plumbing,” and “Masonry.” Nowadays, it is mostly a white-collar place of business and tourism. With revenue from the millions of tourists visiting the observation decks every year, the potential for renting office space, and the historical significance of the building, the Empire State Building is a real estate developers dream come true. The building is currently owned by Empire State Realty Trust, of which Anthony Malkin serves as Chairman, CEO, and President. Recently, Malkin Holdings entertained the idea of passing ownership on to another, and this move had real estate developers in an uproar over who might make a bid.

Philips International, one of New Yorks leading real estate developers and property managers, decided to make a bid. Led by Owner, Founder and CEO, Philip Pilevsky the company recognized the potential that the building held for property leasing as well as its historical significance for the city. Having acquire, developed, and management multiple historic buildings in New York City, the real estate firm was excited at the opportunity to participate in the history of such an iconic building. In partnership with Joseph Tabak, Philip Pilevsky made a $2.1 billion dollar offer on the Empire State Building.

In the end, Malkin Holdings was unable to let go of the building and continues to own and manage it to this day. In the future, however, the Empire State Realty Trust will need to search for investors with a strong connection to New York City’s past.

Philips International, Atmosphere And Hotel Management

There is nothing more important to a hotel experience than the atmosphere that the building creates for its guests. People traveling for work need to feel that their room is a comfortable and inviting place for down time. People on vacation want an atmosphere that will transport them out of their daily lives for a short period of time. Hotel décor and overall design are crucial in creating this atmosphere, which is why architects and interior designers work hard to make sure that all details works together in order to create a unique environment and experience. 

Philips International, based in New York City, is a real estate management and development company established in 1979 by Philip Pilevsky. They have countrywide operations, providing some of the most luxurious accommodations and unique room design. In fact, their focus on aesthetic and customer service is what led them to develop the concept of “boutique hotels” in the 1980’s. Boutique hotels are a style of accommodation that distinguishes itself from larger chain or branded hotels by providing guests with ultra-personalized service and care, beyond what chain hotels even attempt to provide. They are typically very stylized, with a smaller number of rooms and smaller staff to ensure that every guest can have a personal interaction with any staff members.

When it comes to boutique hotels, Philips International is most famous for their avant-garde design. When it comes to both choosing a development and creating the design elements, Philips International focuses on customizing their décor in order to give each of their boutique hotels a personalized feel. They have a propensity for taking under-appreciated properties and transforming them into modern, stylish accommodation. Take the Andrew Hotel in Great Neck. With sixty-one rooms, the Andrew Hotel has become a symbol for minimalist design in the New York area. They incorporate luxurious materials such as mohair, marble, oak, and silk, which gives the Andrew Hotel both a modern feel, as well as a cozy one. With great proximity to shopping and other amenities, the Philips International’s Andrew Hotel is a great example of the potential in boutique design.

The brilliance of the Philips International aesthetic comes from founder and CEO Philip Pilevsky. He has decades of experience in the New York and national real estate scene. He specializes in the acquisition, development, and management of both residential and commercial properties. Under his guidance, Philips International has cornered the market on top-quality boutique hotel design and service.