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March 2014

March 2014 » Market Analysis » NY New Developments

March 2014 New York New Developments


New Developments

68 Charlton Street Extell Development has submitted plans for a 22-story residential building in Hudson Square that would include the neighborhood its first affordable housing.

Flushing Commons. Architect Perkins Eastman announced the master plan. Phase one will have 150 residential units and 220,000 square feet of office space, along with 1,600 parking spaces. Phase two will have 450 residential units and 280,000 square feet of commercial space, a 62,000-square-foot YMCA and an additional 15,000 square feet for community facilities. There will also be A 1.5-acre town square, built around a central fountain plaza.
Phase one is aiming for an April 2017 completion, while phase two will break ground in 2018. The entire development, estimated to cost $850 million in total, is to be completed by the early 2020s.

Norway’s $840 billion sovereign wealth fund saw 11.8 percent returns in its real estate investments in 2013.Norges Bank Investment Management, which controls the fund, acquired stakes in office buildings with a joint venture with TIAA-CREF at 475 Fifth Avenue and 470 Park Avenue South in February as part of a nearly 50 percent stake in a $1.2 billion portfolio up in major East Coast cities.

New York Attorney General Eric Schneiderman said that developers Jeshayahu “Shaya” Boymelgreen and Africa Israel Investments Ltd., led by billionaire Lev Leviev,have been temporarily banned by a Manhattan Supreme Court order from transacting any coop and condo sales. The ban was put in place pending a fraud investigation into dealings at the Downtown Condominium at 15 Broad Street.

Donald Trump and Bronx borough president Ruben Diaz, Jr. are getting along well in the wake of their successful redevelopment venture, the heavily debated 200-acre Ferry Point golf course, in the borough’s Throgs Neck area.

Two Trees Management’s plans for the Domino Sugar refinery in Williamsburg may be changed the new mayor insisting on a larger number of affordable housing units. The old plan promises 660 affordable and middle-income units out of 2,300 total, but Mayor de Blasio is now insisting on an additional 50,000 square feet, or roughly 60 apartments, in exchange for the zoning changes Walentas needs to construct his planned towers. The mayor said his goal is to build or preserve 200,000 units of affordable housing.

Howard Hughes Corporation project at its proposed South Street Seaport project extra scrutiny could mean an added layer of discussion for other projects under Mayor Bill de Blasio’s new administration. The planned 50-story tower’s review process could prompt others to create working groups to further vet projects before they reach ULURP.

Michael Stern’s JDS Development and Property Markets Group have begun construction at the ultra skinny 1,350-foot hotel and condominium tower in Midtown, slated to be the city’s tallest residential tower. The 60-foot-wide structure at 111 West 57th Street will be 100 feet taller than the Empire State Building and is partially situated on a landmarked site.

Carlyle Group and Flank Development, have received permits for 140 Schermoerhorn Street in Boerum Hill and they have posted a rendering of the 406,628-square-foot structure they plan to build at 140 Schermerhorn Street

Larry Silverstein’s Silverstein Properties released renderings for its 60-story residential tower at 514 11th Avenue on Manhattan’s West Side.

A court has given the Parks Department the green light to allow a seasonal restaurant to set up shop inside Union Square Park. Locals that opposed the agreement said it would take away play space and impact the pavilion’s free speech uses.

The Midtown-based real estate investment firm Meadow Partners closed on a long-term ground lease that includes the payment of $22 million in cash and an annual rent, for a 16-story Midtown hotel. It is Meadow’s first hospitality deal.

Rockefeller University’s proposal to expand the campus by adding 160,000 square feet above FDR Drive has been met with opposition from locals. Plans announced in July call for a two-story laboratory, amphitheater, two pavilions and a conference center, the Wall Street Journal reported. They would rest on a platform, anchored by 10 columns, about 20 feet above the highway between East 64th and East 68th streets. The city is in the process of reviewing the project.

Madison International Realty has handed over $68 million for a 48.95 percent non-controlling stake in Ark Partners’ West Village retail condominium. The 55,565-square-foot space at 510 Sixth Avenue, between 13th and 14th streets, also houses tenants Urban Outfitters, Chipotle and LensCrafters, among others. The share price breaks down to $1,230 per square foot, giving the condominium investment a revalue of just over $2,500 per square foot.

Longtime Lower Manhattan resident Pace University is picking up additional space at 161 William Street. The school signed a seven-year lease for the entire 11,552-square-foot 10th floor, the 19th in its spread at the 22-story building. Rents for the new space were in the mid-$30s per square foot.

Youngwoo & Associates is among developers in talks to redevelop the landmarked Bronx General Post Office, which the U.S. Postal Service intends to sell despite opposition from residents.

Larry Silverstein’s 4 World Trade Center has been buzzing with activity, just not of the leasing variety. While the 978-foot Fumihiko Maki-designed tower has only leased about half of its 2.3 million square feet, it has been serving has a high-end event venue, playing host to cocktail parties, film shoots and fashion shows. And Silverstein Properties has been able to charge a daily fee of $50,000 per floor for the privilege.

SL Green Realty has paid $146.2 million to develop 45,000 square feet of retail space along Fifth Avenue, in a series of deals with Gary Barnett’s Extell Development.

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