May 2021 » Market Analysis » NY New Developments

May 2021 New York New Developments

New York New Developments

Gov. Andrew Cuomo has signed a measure that expands commercial eviction and foreclosure protections for some small businesses until May.

Saadia Group, Lord & Taylor’s new owner, has found a new headquarters at 275 Madison Avenue.

The proposed development at 250 Water Street will look a bit different from what the developer originally envisioned. A revised design will shrink the project’s size by about 27%, from 757,000 square feet to 550,000 square feet. The tallest building will be reduced in height from 470 feet to 345 feet.

The Down Town Association, lower Manhattan’s oldest social club is going bankrupt. The club was founded in 1859 at 60 Pine Street. The club’s Chapter 11 filing indicates it hopes to emerge as the pandemic eases.

Equitable Life Insurance is moving its New York office by three blocks. The financial company will take 130,000 square feet at 1345 Avenue of the Americas. It will vacate its current location at 1290 Sixth Avenue.

Razing Midtown buildings to make way for an expanded Penn Station and nearly a dozen new towers isn’t going well with some community members and elected officials. The plan, announced by Gov. Andrew Cuomo, calls for 20 million square feet of new office, retail, hotel and residential space surrounding the transit hub and nearby. More than 50 properties would be affected, and eminent domain might be necessary. Revenue from the projects would help pay for the construction of eight tracks just south of Penn Station, through payments in lieu of taxes and other mechanisms.

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