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December 2014

December 2014 » Market Analysis » NY New Developments

December 2014: NYC New Building Developments


New Developments

The prices of U.S. commercial buildings are higher than the peak in 2007. Since January 2010, the Moody's/RCA Commercial Property Price Indices has seen a climb of 40 percent.

The Bronx borough president's South Bronx waterfront redevelopment project looks to be moving forward.

A Movie theater chain is on the search for eight retail spaces in New York City and on Long Island to either lease to buy.

Prior to constructing 55 Hudson Yards the 1.3 million square feet office development, the developer Related will have to pay up to $180 million to buy the building bonuses that help in the area's development.

TD Bank has obtained a long-term lease to become the anchor tenant at One Vanderbilt.

The Victoria Theater located in Harlem will be transformed into a mixed-use complex that will include a Renaissance Hotel by Marriott, 200 apartments as well as retail and cultural space.

After buying three properties for a total of $15.2 million, Madison Realty Capital is now the owner of an entire city block on Frederick Douglass Boulevard between 111th and 112th streets.

The Chinese buyer of the Waldorf Astoria appears to be planning an initial public offering that could raise $2 billion.

The proposed new development at St. John's Terminal across from Pier 40 will include condos, affordable housing and retail space.

The LAM Group filed for permits for the 38-story, Virgin-branded hotel it is developing in NoMad.

New permit applications for a hotel project at 333 West 38th Street in the Garment District were filed. The 21-story tower is to have 79 rooms. Those units will be spread across 28,000 square feet in the hotel. The average room in the building will be roughly 350 square feet in size.

New York Attorney General's office is weighing on whether The Salvation Army can sell a building used for senior housing on the Upper West Side.

Macklowe Properties has filed demolition plans for the Upper East Side development site it bought for $100 million. The three buildings to be demolished are located at 985-989 Third Avenue.

A Developer received a $384 million construction loan for its 42-story tower project at 606 West 57th Street.

One of the city's unsavory hotels is looking to expand. The St. Mark's Hotel, an East Village landmark at the corner of Third Avenue and St. Mark's Place, plans to expand to eight floors from two.

Samsung Electronics Co. is looking for one million square feet of office space in Manhattan. The company is looking at new or existing towers and wants to own its space, rather than lease it.

A San Diego-based luxury home decor chain is in late-stage negotiations to take more than 30,000 square feet at General Growth Properties' 200 Lafayette Street in Soho. If the deal closes, the home decor firm will have its first store on the East Coast and the Landlord will have a tenant to replace space that J.C. Penney once planned to occupy.

A Nonprofit housing group filed a permit for 13-story, 125,000-square-foot affordable housing project at 530-548 West 53rd Street. The 135-foot-tall property is planning to hold 103 apartments below market rate. There will be 107,000 square feet of housing, 16,000 square feet of commercial space and a 1,250-square-foot community facility space.

Lexin Capital is working to build an 800-foot-tall tower at 75-83 Nassau Street in the Financial District.

A prominent Hotelier's plan to acquire the Standard High Line from Dune Real Estate Partners and Greenfield Partners for $400 million has a problem. The investor group led by the hotelier entered into a contract, an Asian partner in the group backed out. The buyers then lost their down payment after failing to close on the deal. The group is now in the process of finding a new partner.


Recently, the Hudson River Park Trust announced a plan to build a $170 million elevated pier park and performance space on the Hudson River, backed by Barry Diller and Diane von Furstenberg.


Larry Silverstein, Brookfield Property Partners and the Related Companies are hoping that the new office towers will attract a sizable influx of tenants. More than 14 million square feet of office space is in the pipeline in Manhattan, which is planned to be built within five years.

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