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August 2012

August 2012 » Market Analysis » NY New Developments

August 2012 New York New Developments


New Developments

As News Corp. contemplates splitting its entertainment and publishing divisions into two separate entities, the company’s space at 1211 Sixth Avenue is the subject of question for the first time in years. If separated, the two businesses might cease to operate under the same roof once their 1.9 million-square-foot lease expires in 2020.

The Los Angeles construction firm Aecom is looking for ways to improve Penn Station. The Metropolitan Transportation Authority contracted Aecom to conduct this study, which is expected to be ready by the end of the year. The plan is not expected to radically transform the station because the station is situated underground and only has so much space for expansion.

A 25-story mixed-use hotel and luxury condo building could rise above Chrystie Street on the Lower East Side if Community Board 3?s zoning committee approves the recently resubmitted project. The developer is seeking to amend plans from 1982 for one of the last undeveloped properties in the Cooper Square Urban Renewal Area, at 215 Chrystie Street.
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