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September 2013

September 2013 » Market Analysis » NY New Developments

September 2013: Manhattan New Developments


Manhattan New Developments

Architect Santiago Calatrava has been chosen to design the newGreek Orthodox Archdiocese Church of St. Nicholas at 130 Liberty Street. It will sit just south of the site of the World Trade Center Transportation Hub that the architect also designed..

Sheldon Solow clock is running out at his long-dormant, six-acre lot between East 38th and East 41st streets on First Avenue. Mr. Solo could lose his permits and public approvals for a $4 billion project if he does not build a foundation for the office building or one of several apartment towers by this November.

The battle to secure landmark status for the Bialystoker Nursing Home at 228 East Broadway on the Lower East Sideis but one full City Council vote away from the proposal being granted.

Gemini Real Estate Asset Management has filed plans to build a 19-story Fashion District hotel at 36 West 38th Street which will be 43,342-square-foot with 114 rooms, completion to be July 2014.

Vornado Realty Trust is set to acquire a majority interest in 655 Fifth Avenue, a 57,500-square-foot retail and office property at the northeast corner of 52nd Street.

Target has secured a 10-year, 24,000-square-foot lease on the second floor of 521 West 25th Street.

The Industrial and Commercial Bank of China has just signed a 15-year, triple-net lease to expand its current space at 202 Canal Street. ICBC USA, a subsidiary of the Hong Kong-based Bank of China, will hold around 17,000 square feet of lower-level retail space to hold its flagship retail branch in the U.S. and 13,000 square feet in the commercial office space above.

Fairway Market is renting space in the first office skyscraper going up at Hudson Yards. Fairway will take 45,875 square feet on the ground floor of the 1.7 million-square-foot South Tower when it opens in 2015.

H&M is preparing four illuminated "H&M" panelsset at 4 Times Square. The signs measure 70 feet by 70 feet and are likely to upstage every other corporate logo on a Manhattan skyscraper.

The East Side of Manhattan is facing a drought of open space, with two-thirds of residents unable to walk to a large park. Development on Manhattan's West Side has led to a flurry of new parks, such as the High Line, and open spaces, but the East Side's existing spaces are overburdened and disconnected.

David Marx is paying more than $30 million for a site that his lender Lehman Brothers seized just two years ago. In 2007, Marx paid $45 million for the property at 448 11th Avenue, on the corner of West 37th Street across from the Jacob K. Javits Convention Center; his plans again call for a 210,000-square-foot hotel on the parcel, which is near another Marx development site at West 34th Street and 10th Avenue.

YouTube is set to open a 25,000-square-foot creative studio spaceto be located at 22 West 21st Street, will allow filmmakers to produce professional-quality videos on the site. The studio will offer editing suites, voice-over booths and sound stages, as well as on-site training programs.

Fresh off buying a West Chelsea parcel, Michael Shvo is now in talks to pick up more two sitesone in Soho and one in Midtown from mega-developer Gary Barnett.

Trinity Church is moving forward with its plans to tear down two church-owned buildings and build an office and residential tower in its place.

Despite being known as New York City's most energy-efficient skyscraper, One Bryant Park uses more energy than the Empire State Building. The skyscraper was given a LEED-platinum rating by U.S. Green Building Council, the highest of its kind. However the Bank of America headquarters produces more greenhouse gases and uses more energy per square foot than any similarly sized Manhattan office building.

American International Group plans to move its headquarters to 175 Water Street, a building that the insurance giant owns. The firm intends to move to the Water Street building, which is a block away from its current home base at 180 Maiden Lane, by the start of next year's second quarter.

The Theater District is betting that lights and a little paint will bring more hungry arts patrons to its Restaurant Row for a bite to eat. Small lights running on solar power and illuminated metal kiosks will line the Eighth and Ninth avenues near 46th Street to brighten the 31-restaurant stretch at night.

The Blatt Billiards loft building in Union Square is set to trade hands for $24 million. Blatt Billiards, a pool table manufacturer, has owned its six-story headquarters at 809 Broadway between 11th and 12th streets since 1972, but was a tenant at the location before then.

Tishman Construction and a host of big banks are finalists in the race to put up a new $2.4 billion terminal at LaGuardia Airport. The Port Authority of New York and New Jersey has tapped four partnerships of developers, architects and financial giants. The one with the biggest power players is called LaGuardia Gateway Partners, which includes Tishman and financial giants Morgan Stanley, Wells Fargo and Citigroup.

Foreign real estate investors would get a big-time break if Congress okays a bipartisan bill that would back off the 35 percent capital gains tax on international buyers of commercial properties. The legislation proposes reforming the Foreign Investment in Real Property Tax Act (FIRPTA) of 1980, which discourages global capital flow into the U.S. market.

The Department of Motor Vehicles is looking into a space at 21 Penn Plaza, a 17-story building near Hudson Yards that is jointly owned. The agency inked a 27,000-square-foot, 10-year lease that will cover the full second floor and 1,400-square-foot storefront. This will gives the DMV to have its own lobby, in addition to the two lobbies for office tenants at the 320,000-square foot building, which is located near West 31st Street and Ninth Avenue.

Bayview Correctional Facility, a women's prison that has been operational since 1974, is closing as part of Governor Andrew Cuomo's 2013-14 state budget. The facility, located at 550 West 20th Street, was abandoned before Hurricane Sandy and suffered fourteen feet of water that destroyed boilers, corroded electric equipment and a bill of more than $600,000 in repairs, will now be sold or leased by the state.

CW Capital is trying to to return $173 million to tenants of Stuyvesant Town-Peter Cooper Village who paid too much in rent. The firm does not have a date for compensating 27,000 tenants who paid market rates for apartments that were rent-stabilized.

A group that includes Bobby Cayre and Jeff Sutton is planning to clear the lot at 529 Broadway in Soho and put up an eye-catching six-story retail building that resembles a hotel that stood there in the mid-1800s,

Aqueduct Racetrack in Queens is facing an uncertain future, losing so much money that the state's racing panel might close it.

H&M is moving its flagship to the Herald Center, where it will rent 63,000 square feet over four floors.

TF Cornerstone has a Toyota dealership to build a 300,000-square-foot showroom at its FedEx development on the West Side. The dealership will be above the two-story, 150,000-square-foot building at 660 12th Avenue, between West 48th and West 49th streets.

Swatch Group put its location at 666 Fifth Avenue on the market with an asking price of $2,500 per square foot

Scientists from Mount Sinai's medical school are considering a 10,000-square-foot East Harlem for a nonprofit work space to be shared by a dozen medical startups.The group, known as Keystone for Incubating Innovation in Life Sciences, or KiiLN, seeks to raise $3 million to build the biotech center. They building would join two other medical developments in Upper Manhattan: Harlem Biospace at 423 West 127th Street - formerly known as the Sweets Building and the Alexandria Center for Life Science, along the East River near 30th Street.

Nordstrom paid $102.5 million for the site of its planned Midtown flagship store which will anchor Extell Development's residential condominium skyscraper at 225 West 57th Street. - Nordstrom's New York store will occupy the first seven floors of the 88-story tower.

A surge of sales and corresponding lack of supply is driving up the prices of New York City's office condominiums.Only about 300,000 square feet of available office condo space exists citywide, and that dearth of supply has nudged prices up 30 percent from the second half of 2012.

The city's manufacturing community is increasingly getting pushed out despite major redevelopment efforts at the Brooklyn Navy Yard and the Brooklyn Army Terminal. The Navy Yard is home to 330 companies where 6,000 people work, but its immense popularity has meant a long waiting list that has driven manufacturers to seek space elsewhere. Another popular project is the 4 million-square-foot Brooklyn Army Terminal, where the city has invested $165 million since 1981 on rehabilitation. But that space is now 99 percent full.


Renderings have surfaced for the six-story apartment building planned to rise in East Williamsburg near Cooper Park for the 53-unit building, located at 42 Maspeth Avenue.

The daughter of billionaire Lev Leviev is heading up the troubled U.S. operations of Africa Israel, her father's real estate investment firm.

Time Equities closed on a nearly $400 million financing deal that enables him to build a 63-story residential tower in Lower Manhattan. The building at 50 West Street will overlook Battery Park and the Hudson River. Construction is slated to begin this fall and finish by 2016.
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