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August 2014

August 2014 » Market Analysis » NY New Developments

August 2014:NYC New Developments

New Developments

The large retirement investment firm is the buyer in a $365 million deal to acquire the leased fee interest in 2 Herald Square.

Wharton Properties received a $95 million construction loan to develop a six-story, 33,000-square-foot Harlem retail building to be anchored by Whole Foods. Natixis Real Estate Capital provided a three-year, interest-only loan that comes with two options to extend it for a 12-month period. The site at 100 West 125th Street, near Lenox Avenue, will hold Whole Foods as well as Olive Garden, TD Bank, Burlington Coat Factory and American Eagle. All leases are for 20 years; the building is 77 percent pre-leased.

The Federal Emergency Management Agency approved $1.13 billion in funds for repairs and mitigation projects for NYU Langone Medical Center. The federal aid will account for 90 percent of the project’s total costs. The planned budget allocates $540 million to repair many of NYU’s different centers.

A Beijing-based lending giant Bank is in talks to become the flagship tenant at the 30-story office tower at 7 Bryant Park in Midtown. A partnership of three companies is developing the 471,000-square-foot tower, located on Sixth Avenue between West 39th and West 40th streets. The property is expected to open early next year.

The Moinian Group is looking to exchange 34,000 square feet of retail space in its under-construction tower at the edge of 11th Avenue’s Auto Row for a car dealership. With the first 12 stories of its mixed-use tower rising out of the ground at 605 West 42nd Street.

Soho charity God’s Love We Deliver has unveiled a rendering for its expanded headquarters, which is being designed by a well known architect.

Rudin Management, which was supposedly looking at a residential conversion for its Superstorm Sandy-damaged office building at 110 Wall Street, purchased nearly 36,000 square feet of development rights from a neighboring hotel. William Rudin’s firm paid $7.76 million or about $217 per square foot, to acquire 35,815 square feet of development rights from the Eurostar Hotel at 129 Front Street.

Fitness centers come standard in most new residential condos these days, but that isn’t slowing the spread of gyms and other fitness-related businesses throughout the five boroughs. Seven of the 20 largest retail leases in Manhattan last year went to fitness facilities.

A new 380,000-square-foot tower backed by a mysterious Chinese investor is coming to Midtown Manhattan.

Lawyers for Grand Central Terminal’s landlord have threatened to sue the city for $1 billion over an air-rights dispute related to the construction of SL Green’s One Vanderbilt.

A BP station in the East Village and an auto repair shop located at 24 Second Avenue, as the neighborhood’s last holdout, just switched hands for $32 million.

A German fashion brand is in talks to take 70,000 square feet of office space at 55 Water Street, one of the city’s biggest commercial properties. It is also considering 100,000 square feet at One World Trade Center. The fashion brand’s offices would be relocated from the Starrett Lehigh Building at 601 West 26th Street in Chelsea.

An Electronics giant has signed for all 55,000 square feet of a six-story Meatpacking District building developed by Thor Equities and Taconic Investment Partners.

Jack Resnick & Sons have fully leased up 199 Water Street following two deals that filled the remaining 53,000 square feet in the 35-story seaport office building.

The Port Authority Bus Terminal is getting $90 million for upgrades and improvements, marking the first major investment in the transportation hub in more than three decades.

A Manhattan federal judge dismissed two lawsuits attempting to halt the construction of the divisive marine waste transfer station project at East 91st Street.

Upper East Side residents and local leaders alleged in the suits that the U.S. Army Corps of Engineers ignored the environmental consequences of the project despite issuing the city a permit for construction. A Judge ruled that the issuing of the permit was “rational and well-supported.

Bank of Tokyo-Mitsubishi UFJ is in negotiations to lease around 303,000 square feet at the base of the McGraw Hill building at 1221 Avenue of the Americas.

Crumbs Bake Shop will close all of its 48 locations following its delisting from the Nasdaq. The specialty bakery chain had been in the process of closing unprofitable locations as part of a broader strategy to stem losses under new chief executive. By March, Crumbs had closed nine stores in the final quarter of 2013, six this year and had plans to shutter more.

A Manhattan Supreme Court judge expanded the authority of a court-appointed receiver to allow the fiduciary to re-launch construction at the long-stalled Allen Street Hotel project.

The Mayor may be focused on building and preserving affordable housing, but the former president of the New York City Economic Development Council, believes too little attention has been paid to shoring up the city’s stock of affordable office space. Earlier this year, an EDC report found that existing Class B and C office space would be entirely filled by 2018.

A new nine-story office building will rise on the West Side Highway on the block between 51st and 52nd streets.

Design plans for SL Green’s 67-story glass tower across from Grand Central went before Community Board 5’s landmarks committee, where the proposed transparent façade set back at an angle on 42nd Street met with mixed reviews.

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