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July 2014

July 2014 » Market Analysis » NY New Developments

July 2014: New York New Developments

A Private Upper East Side girls' school sent a letter to parents saying the school has been reviewing 20 sites that would accommodate the school's 700 students. The K through 12th grade school has operated out of a 12-story brick building at 610 East 83rd Street since 1929.

The Bauhouse Group has recently secured a $35 million construction loan from Doral Bank to finance its condominium-and-retail project in Chelsea. The developers acquired a 35,000-square-foot, six-story warehouse at 515 West 29th Street for $24.4 million, and {dynamic_word3} three additional parcels of air rights for a total of $6 million.

Permits have been filed for a mixed-used building, developed by HAP, at 655 West 187th Street in Fort George. The eight-story, 57,951-square-foot building, will contain an 8,418-square-foot community facility. It will also include residential space.

A New York State's business promotion corporation has selected a brokerage firm to sell their 1.5 million square feet of air rights above the Moynihan Station in Midtown.

The owners of 122 East 42nd Street between Lexington and Park avenues. Are offereing a 30,603-square-foot second-floor space connected to 1,350 square feet with a dedicated entrance on the first floor. The asking price for the bundle is $46 per square foot and includes 500 feet of lineal exposure on 42nd Street and Lexington Avenue.

The city has given a limit on hotel development into its proposal to rezone five blocks near Grand Central that could help gain support from the powerful hotel workers union and lawmakers.

The redevelopment of the Hudson Yards site by the Related Companies into a massive comlex of 17 million square feet of new commercial, residential, retail and open space is underway. So is Manhattan West, a sweeping mixed-use complex from Brookfield Office Properties facing Ninth Avenue.

West Village residents have not had a local emergency room since St. Vincent's Hospital closed in 2010. But now, a new ER is planning to open between 12th and 13th Streets, across the street from the old hospital.

A new mixed-use 11-story building is coming to 141 Bowery. Developer Patrick Wu of Global Joint Venture and architect Raymond Chan filed permits with the city,

The MTA expects the rezoning of Midtown East to put stress on nearby subway lines, but in a departure from the past, the authority plans to deal with problems before they occur. It expects developers to help underwrite solutions sooner rather than later.

Officials at the Frick Collection plan to construct a new six-story wing that will hold 60,000 square feet of new exhibition space.

The St. Barnabas Hospital in the Bronx plans to start construction with a $20 million power plant that will eliminate its use of harmful heating oil. The 148-year-old, 461-bed facility has been relying on No. 6 heating oil for about a century via boiler-powered system. The power plant will allow for the switch to natural gas. Officials expect to save between $2.5 million and $2.8 million per year.

The plans for 138 East 50th Street were just revealed. The new tower will be a hotel totaling 220,638 square feet, according to permits filed. The property will include 7,036 square feet of retail, while the hotel in the 52-story skyscraper above will house 764 rooms. In total, the property will stand 502 feet tall.

As part of its new deal for the 700,000 square feet at Brookfield Place, Time Inc. will get out of paying rent for the first three years. The tenant will also pay $50 per square foot when it begins paying rent at 225 Liberty Street. The average asking price per square foot at Brookfield Place is closer to the $60s per square foot. Time Inc. also received $10 million in state incentives to relocate Downtown from the Time & Life Building in Midtown.

Westfield Group looks to have roughly 80 percent of the 150 retail brands set to fill an underground mall at the World Trade Center have either signed leases or are close to finalizing deals. Big-name brands such as Stuart Weitzman and British men's clothier Turnbull & Asser have inked leases at the two-level shopping gallery, known as the Oculus. Meanwhile, several retailers are in advanced negotiations with Westfield including Apple, Bobbi Brown, Kate Spade New York and Michael Kors Holdings Ltd. French fashion brands The Kooples and Zadig & Voltaire, and Swedish designer Acne Studios.

p align="justify">Clothing retailer Urban Outfitters opened their latest and largest shop in Herald Square with a new concept designed to draw online shoppers back into their stores.

The Lightstone Group pitched a new 25- to 30-story hotel to Manhattan Community Board 5′s Land Use, Housing, & Zoning Committee. However, acquiring the necessary air rights for the project has proven problematic.

The current Mayor's administration is considering establishing an office focused on industrial businesses, which often deal with several agencies regarding building permits and requests. This would be part of the industrial development plan for the city. The Partnership for New York City hosted a roundtable on industrial issues. Some business leaders talked about the rise of prices in manufacturing zones thanks to the influx of hotels, beer gardens and illegal residential conversions in the city. They argued that the mayor's affordable housing proposal directly conflicts with the need to protect factory and manufacturing space.

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