market research

January 2015

January 2015 » Market Analysis » NY New Developments

January 2015: NYC New Developments


New Developments

A new building by Cape Advisors at 535 Greenwich Street would have 26 floors and 116 condo units, on an L-shaped lot. The 57,500-square-foot warehouse site with 42,500-square-feet of buildable air rights.

Kaled Management filed plans for a 10-story apartment building at 711 West End Avenue, also known as 306 West 95th Street.

Alchemy Properties unveiled plans for a new 24-story tower in NoMad at 846-850 Sixth Avenue. It will contain 52 residences totaling 105,973 square feet or 2,000 square each condo. The tower will rise 316 feet and have a 3,100 square feet retail space. Demolition permits have not yet been filed for the current structures at the NoMad site, including single-story retail and parking.

Manhattan Community Boards 5 and 6 are proposing to move the lobby of SL Green's One Vanderbilt, a 1.3 million-square-foot skyscraper, from Vanderbilt Avenue at East 43rd Street to Madison Avenue and 43rd. The panel's recommendations and votes are not binding.

Developer Zelig Weiss secured more than $81 million in financing for the 260,000-square-foot Level Hotel project in Williamsburg. The $130 million development at 55 Wythe Avenue, between North 12th and 13th streets, will hold 183 hotel rooms as well as 40,000 square feet of offices and 20,000 square feet of retail and a 20,000-square-foot rooftop garden open to the public.
Williamsburg waterfront is about to get new buildings. The latest is 1 N 4th, a 41-story building with 510 rental apartments at 1 North Fourth Street. Eventually, 10 additional waterfront high-rises may be built nearby including three towers at the Domino Sugar site and several more on sites south of the Williamsburg Bridge. If all ten are built, it would add 4,300 apartments to Williamsburg.


Simon Dushinsky's Rabsky Group filed permits for a seven-story, 50-unit apartment building in South Williamsburg. The property at 406 Manhattan Avenue, near Frost Street, is to be 43,000 square feet of residential space.


Long Island City developers are considering condo development as most units built or pending are rentals. Sam Charney is building condos in the neighborhood and is completing a 3-unit building at 5-41 47th Road and has plans for a 54-condo tower three blocks away at 11-51 47th Avenue. There were 6,100 residential rental units were built over the past few years. Currently, 19,700 rentals are planned or under construction and only 518 condos.


Victor Homes plans for a 51-story condominium tower at 281 Fifth Avenue with foreign investors as their financing. The proposed design includes 250,065 total square feet, to be spread over ground floor retail and luxury residences on the upper levels. The developer paid $99 million for the site.


NY Times Square Hotel Group is developing a hotel at 120 Water Street that is 31 stories and contains 42,000 square feet. NY Times Square Hotel Group bought 120-122 Water Street for $15 million.

Greystone & Co. is planning a 12-story, 75-unit apartment building with retail space at 75 East 125nd Street. Greystone & Co. acquired the uptown properties at a federal Bankruptcy Court auction

FreshDirect plans to create 1,000 jobs at its new 500,000-square-foot corporate headquarters in the Mott Haven section of the Bronx. Operations for the 12-year-old company are currently run out of Long Island City, Queens.

Thor Equities.">Joseph Sitt's Thor Equities filed plans for 520 Fifth Avenue for a 71 story tower that is 920 feet tall.

The Related Companies' $20 billion Hudson Yards project has been called the biggest private real estate development in US history.

New York City planning commissioner will consider a Garment District rezoning next year.

The 18-story property near Maiden Lane was recently converted into a 228-room hotel from an older office building and the hotel is to open in January. The buyer also owns the Four Seasons Hotel under construction at 30 Park Place.

Touro College signed a lease for a two-floor, 57,000-square-foot space at 500 Seventh Avenue, and is in advanced talks for an extra 230,000 square feet.

Cardinal Dolan is proposing to consolidate another 38 to create 16 new parishes. The merging would close 11 churches.

Sackman Enterprises is demolishing two townhouses at 15 West 96th Street in order to construct a new 22-story residential building.

HFZ Capital plans to demolish 3 West 29th Street 11 West 29th Street and 8-16 West 30th Street and then build a 400,000-square-foot, mixed-use building that is 55 stories. At 15 East 30th Street, an 830-foot-tall tower is planned.

A fast-growing, Mexico City-based movie theater chain wants to open more than a dozen locations in Manhattan and the outer boroughs over the next few years.

Sam Chang of McSam Hotel Group filed plans for a 406-room Midtown West hotel on a site he bought recently purchase in August for $50.8 million.

Related Companies has raised $600 million to finance the building of the foundation of three towers at the Hudson Yard site through the federal government's EB-5 visa program.

Gary Barnett continues to make money off of selling the Ring portfolio. Extell Development just sold one of the portfolio's former properties for $36.5 million to a firm that specializes in converting commercial buildings into residential developments.

Extell Development bought at 251 West 45th Street for $45.8 million and is now closer to creating a massive midtown development.

The Cooper-Hewitt, Smithsonian Design Museum has reopened following a $91 million renovation.

McSam Group just filed plans for a seven-story hotel project in Times Square. Chang is looking to build a 111-room hotel at 322-326 West 44th Street, between Eighth and Ninth avenues.

The stores at the World Trade Center's retail include: Apple,Aritzia, Asics, Aveda, Bebe, Bobbi Brown, Bose, Breitling, Canali, Charles Tyrwhitt, Cole Haan, Disney, Duane Reade, Dune, Epicerie Boulud, Godiva, Hugo Boss, J. Lindberg, John Varvatos, Kiehl's, Kusmi, L.K. Bennett, L'Occitane, Lacoste, Lego, Longines, Michael Kors, Moleskine, Montblanc, Nunu Chocolates, Organic Avenue, Pandora, Papyrus, Sephora, Solstice, Stuart Weitzman, Swarovski, Track & Field, Tumi, Victoria's Secret, Victoria's Secret Beauty.

Regal Cinemas signed a 15-year lease for 65,000-square-foot in rental property in the Essex Crossing development planned for the Lower East Side.

The Port Authority of New York & New Jersey is on the lookout for a new developer for two Hudson Yards parcels, after a company backed out.

Mirach Capital Group is lending $1.55 billion to the owner of the Plaza Hotel in an effort to gain control of the property.

Community Board 10 opposed the renewal of a special permit that would allow Raymond Chan and a group of developers to build the Eighth Avenue Center complex.

It's been many years, but now the Bronx borough president's South Bronx waterfront redevelopment project looks to be moving forward.

Before the Related Companies' planned office tower at 55 Hudson Yards can rise to 1.3 million square feet, the developer is going to have to pay up to $180 million to purchase the building bonuses that play a pivotal role 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.

The Sapir Organization is buying back the ground leases at 110 Church Street and 53 Park Place in Tribeca for $231 million.

Thor Equities stands to turn a profit of around $21 million in four months, from a $239 million contract flip on three Midtown office buildings.

New permit applications were filed for a hotel project in the Garment District. The building is being designed by Gene Kaufman. The 21-story tower, located at 333 West 38th Street, is to have 79 rooms. Those units will be spread across 28,000 square feet in the hotel. According to the design plans, an average room in the building will be roughly 350 square feet in size, and every level up to the 18th floor will have four rooms.

New York Attorney General's office is getting into a fight over 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 snapped up for $100 million. The plans call for demolishing three buildings at 985-989 Third Avenue, including a three-story and two four-story structures.

A Borough Park investor who has wowed New York City with a series of big buys this year, partnered with Rubin Schron and the Cohen family to pay $285 million for the land under 100 West 57th Street. The 324-unit Carnegie House cooperative building is the ground tenant on the property.

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

One of the city's unsavory hotels, and once a notorious haven for questionable clientele, 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 around one million square feet of office space in Manhattan. The company is looking at new or existing towers. Samsung already has corporate offices in New Jersey and Silicon Valley. Samsung wants to own its space, rather than lease it, which could complicate the search.


A Nonprofit housing group filed a permit for 13-story, 125,000-square-foot affordable housing project in Hell's Kitchen. The 135-foot-tall property at 530-548 West 53rd Street, near 11th Avenue, 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 hit a snag. After 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.

  • Green Acres Is the Place for Macerich
  • Billionaire Shows How Small Buildings in NYC Can Mean Big Money
  • Optimal Spaces in the News - New York's Pix11 / Wpix-Tv
  • Fighting rubber ruler measurements
  • Manhattan's Low-Rent Dining in Hiding
  • The NY Fed Is Buying Its Own Building