August 2015 » Market Analysis » NY New Developments

August 2015: New York New Developments

Brookfield Property Partners paid $69 million to acquire Planned Parenthood's 72,500-square-foot space at Vectra Management Group's 424 West 33rd Street. Planned Parenthood had paid $34 million for the commercial condominium in 2012. Vectra still holds the title to the remaining 68,300 square feet in the 13-story building.

Plans for a new Marriott hotel at 151 Maiden Lane in the Financial District have been done by Architect Peter Poon who is designing the new 33-story building. Fortis Property Group is developing the 271-room hotel project . The project also includes a taller, 52-story residential tower with 95 units. The developer bought the two-parcel property for $64 million in 2013. The hotel is expected to be completed by 2017.
Moinian Group is planning to build a 13-story mixed-use building with 163 residential units across 124,000 square feet, in addition to 10,800 square feet of commercial space, with ground-floor retail at 572 Eleventh Avenue. A second-floor gym, lounge and outdoor amenity spaces are also being planned. The site is currently occupied by the Market Diner, a 24-hour eatery.

The Studio Museum in Harlem is looking to replace its 1914 facility with a new $122 million building to begin construction in 2017. The current 60,000-square-foot facility will be replaced by a 70,000-square-foot building designed by a British architect. New York City is contributing $35.3 million to the new project, and the Ford Foundation is contributing $3 million. The rest will be raised from other sources.

Tribeca Associates is planning a new 26-story hotel at 143 Fulton Street in the Financial District. The 88,000-square-foot development will include 228 rooms and retail space on the first and second floors. Tribeca Associates acquired the property's ground lease for $54.1 million in 2014.

Doctors visiting Columbia University Medical Center will soon have a place to stay. Two hotels, are expected to open this August in Washington Heights. The first is an eight-story, 52-room Hotel Cliff at 505 West 181st Street. The second hotel is $22 million Edge Hotel project at 515 West 168th Street.
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