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September 2015

September 2015 » Market Analysis » NY New Developments

September 2015: New York New Developments

Sam Chang plans to build a 25-story, 175-key hotel on a Garment District development site. The hotelier filed a permit application to build a 60,000-square-foot hotel at 338 West 39th Street, near Ninth Avenue. He bought the 12-story factory building for $22.4 million.

The Hakimian Organization is in the process of acquiring 16,000 square feet of air rights from the landmarked Helen Hayes Theatre. This would allow the company to build a 246-key hotel at 250 West 49th Street containing 96,000-square-foot hotel on the property. The plans call for a renovation of the existing eight-story, 58,000-square-foot building, and add another 16 floors on top.

The United Arab Emirates is planning to build a 27-story mixed-use tower at 315 East 46th Street. The UAE embassy bought the land in 2009 for $44.7 million.

Fosun received approval to create 200,000 square feet of retail space beneath 28 Liberty Street, aka 1 Chase Manhattan Plaza. The firm got permission from the Landmarks Preservation Commission to create entrances at 28 Liberty Street's plaza that will connect the street level to five below-ground floors that it plans to lease to retail tenants.

Trinity has taken bids for a 5 million-square-foot, 11-building portfolio in Hudson Square. Trinity has offered a 49 percent stake on 75-year leaseholds for the properties, and said the stake could go for about $3 billion. In March, Trinity offered a smaller portfolio of four buildings that was expected to get $1.25 billion.

FAO Schwarz and Toys "R"Us are in negotiations to open a co-branded store at the Brill Building. Toys "R" Us bought the FAO Schwarz brand in 2009, and chose not to renew its lease at its Times Square location. FAO Shwarz left its location at the GM building in July. The 11-story, 175,000-square-foot building has 50,000 square feet of commercial space on its lower floors. Asking rent on ground floor is between $700 and $800 per square foot. It's $150 per square foot on the second and third floors, and $100 per square foot in the basement.

The McSam Hotel Group filed plans for a 21-story, 400-key hotel at 350 West 39th Street in the Garment District containing 123,000-square-foot between Eighth and Ninth Avenues.

The Chetrit Group is renewing plans to develop the property at 541-545 West 37th Street, and an additional $29 million for building bonuses that can accommodate a building of up to 373,000 square feet.

Restoration Hardware is looking to open a hotel in the Meatpacking District. The furniture company is opening a new store at 9-19 Ninth Avenue and is planning to open a boutique hotel right around the corner at 55 Gansevoort Street. Plans include a 14-key project and a restaurant on the ground floor with 25,000 square feet.
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