October 2022 » Market Analysis » NY New Developments

October 2022 New York New Developments

Major Developments:

The Gateway tunnel project is to take three years longer and cost $2B more than originally budgeted. The completion of the tunnel is now expected in 2035 . The existing two-way tunnel, which will close for repairs when the new one opens, won’t be fixed until 2038. The tunnel, which is part of a larger Gateway project, is now estimated to cost $16.1 billion. The 4.5-mile rail project will carry travelers under the New Jersey Palisades, the Hudson River and Hudson Yards.

New York City upped its demands on landlords to disclose retail vacancies in their buildings in a new bill that the city council passed expanding on a 2019 law that established a registry of vacant space and required owners to report the status of their properties.

The rule, Local Law 157, sets deadlines for when information has to be handed over and requires landlords to say when the last lease expired.

Gov. Kathy Hochul announced that a joint venture between FXCollaborative Architects and WSP USA will complete preliminary design and engineering work on the project, which would create a 250,000-square-foot, single-level facility at the labyrinthine station.Governor Kathy Hochul with rendering of redesigned Penn Station (Getty, MTA). State officials have awarded a contract of up to $57.9 million to redesign Penn Station.

Capstone and Highgate’s Maxwell hotel facing foreclosure. Midtown hotel is second hospitality property to fall into trouble this weekMaxwell hotel in Midtown is facing foreclosure, the second big hospitality property to suffer that fate in as many days.

Yellowstone Real Estate Investments filed to foreclose on the 697-room hotel at 541 Lexington Avenue. Yellowstone’s lawsuit lists Dune Real Estate Partners as a defendant that guaranteed the $140 million acquisition loan made at the time by LoanCore Capital.

CorpHousing Group announced a 15-year master lease operation agreement for The Tuscany Hotel in Murray Hill. The property at 120 East 39th Street is currently a St. Giles Signature Hotel. CorpHousing plans to begin operating the property’s 124 units in the fourth quarter under its LuxUrban brand.

Related and Wynn proposed a casino on the for western portion of Hudson Yards site. They are one of three new casino licenses open to city developers. The casino would be located next to the Javits Center on the undeveloped western side of Hudson Yards.

Mayer Adams fires Gregory Russ, NYCHA chief, after an arsenic scare. Ross will continue as housing agency’s board chairman.

Tiffany Cabán Council member’s approval of Hallets North mixed-income project is a watershed moment.

Supreme Court Justice Sabrina Kraus granted class-action status last month to tenants of 11 rent-stabilized buildings in a suit against Big City Management and Magnolia Holdings. The ruling could “open the floodgates” for multi-building class actions.

Developer Bruce Teitelbaum said he is pursuing a facility for “big rigs” at West 145th Street and Lenox Avenue, which he can do without sign-off from Council member Kristin Richardson Jordan.

Goldman is suing Zelig Weiss, his estranged partner in the Williamsburg property, alleging that Weiss has illegally enriched himself with the hotel’s money for years. Goldman wants a judge to compel Weiss to open the hotel’s books and prevent him from destroying records before an upcoming mediation hearing. ownership dispute over the William Vale, one of Brooklyn’s few luxury hotels.

Revlon received approval from a judge to exit a pair of leases at 200 Park Avenue South. One of the leases belongs to cosmetics brand Elizabeth Arden, a subsidiary of Revlon. The company operated a 10,000-square-foot ground floor spa, which is leased through April 2023. Meanwhile, Elizabeth Arden’s office space in the building spanned nearly 36,000 square feet.

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