The Manhattan West development was
started this week by Brookfield Properties. The 4.5 billion dollar project will
stretch along Ninth Avenue and Dyer Avenue, from West 31st to West
33rd streets. A platform will
be built which two of the office towers will sit on. In order to build the
platform over the rail yard, a series of 16 bridges must be made first. The platform alone will cost 680 million
dollars. The third tower, which will be utilized for retail and residential
housing, will be built on land. A 1.5 acre public space will also be included
where pedestrians may congregate. The entire project is set to be available for
tenants by 2016.
$4.5 Billion Manhattan West Development
Penn Station, Madison Square Garden
and Times Squares are all staples of Midtown. The new Midtown West Development
that is underway will add another attraction to this location. The unique
aspect of this new development is that it will be built over the active rail
yard.
Hudson Yards Aiming for Platinum LEED Certification
The
future looks bright for the Hudson Yards. Manhattan’s west side will get a
make-over within the next few years. Oxford and Related have leased the site
which stretches from West 30th Street to 33rd Street, and
from Tenth Avenue to Twelfth Avenue. The 1 billion dollar lease between Oxford
and Related and the MTA, will be in effect for 99 years. The once industrial
area was rezoned in 2005 and will include apartments, parks, office buildings,
shops and event spaces in the years to come. The first building to go up is
expected to open in 2015 and is striving for LEED Platinum certification.
Committed tenants to this tower include Coach, and two other unidentified
parties. For more information about this please click on the link below.
Meatpacking District Gold LEED Cretified
When people think of the meatpacking district, they
associate it with the historic character that can only be found in New York
City. Through past years the neighborhood has been booming with artists,
designers and creative firms working alongside the meatpacking plants. This
trend continues to strive with the newest addition to this district of Manhattan,
the new retail hub emerging with the ground breaking by Taconic Partners and
Thor Equities. It consists of a 55,000 s/f retail/office building across from the
High Line. The new structure is more of a work of art than a building with a
steel frame stretching toward the sky and a brick base that can only maintain
the historic charm of the meatpacking district. Not only will this new
structure preserve the meatpacking district New Yorkers love, it is also
expected to earn LEED gold certification. This new addition to one of the most
iconic neighborhoods shows how the future will continue to flourish and strive.
For more information about this please click on the link below.
High Profile NYC Restaurants go bust; leave empty space
"I wouldn't identify a theme to it, because all the closings happened for completely different reasons," said JDF Realty's Leslie Siben, a prominent restaurant broker.
But many of NYC's major high end restaurants are going bust, including Angelo & Maxie's steakhouse at 233 Park Avenue South and its sister eatery, Maxie's Grill. Already this year, the industry has seen theclosings of Tabla, Matsugen, Japonais, Montenapo, and, most buzzed about, the abrupt shutterings of Convivio and Alto, high-end Italians owned by Chris Cannon.
However, plenty of new restaurants are opening as well. Cushman & Wakefield's Brad Mendelson sees lots of activity in Midtown. But, "It's kind of funny," he said, "We're seeing tenants out of Florida and other parts of the country, not local."Read the full story at the New York Post.
But many of NYC's major high end restaurants are going bust, including Angelo & Maxie's steakhouse at 233 Park Avenue South and its sister eatery, Maxie's Grill. Already this year, the industry has seen theclosings of Tabla, Matsugen, Japonais, Montenapo, and, most buzzed about, the abrupt shutterings of Convivio and Alto, high-end Italians owned by Chris Cannon.
However, plenty of new restaurants are opening as well. Cushman & Wakefield's Brad Mendelson sees lots of activity in Midtown. But, "It's kind of funny," he said, "We're seeing tenants out of Florida and other parts of the country, not local."Read the full story at the New York Post.
Broadway Partners seeks capital infusion at 280 Park Ave
The Real Deal reports that Scott Lawlor's Broadway Partners is seeking a capital infusion at 280 Park Avenue. The building's interest reserves have been dwindling, and the partners have hired Edgerock Realty Advisors to help find investors, as was reported to Crain's Business News.
In 2007, Broadway acquired the 1.2 million-square-foot trophy property with Investcorp for around $1.2 billion. The building has around $440 million in outstanding securitized debt, and while the loan payments are current, reserves are only at around $36 million. To see the full article, please go here.
In 2007, Broadway acquired the 1.2 million-square-foot trophy property with Investcorp for around $1.2 billion. The building has around $440 million in outstanding securitized debt, and while the loan payments are current, reserves are only at around $36 million. To see the full article, please go here.
Greg David of Crain's Reports Economic Growth Likely to Accelerate
It's looking like the number of jobs the city gained last year will be revised upward from the preliminary stats that showed 55,000. Greg David stated " This is what usually happens in the first year of a recovery, as the paperwork that shows new hires often lags." Greg David also cited the Crain's article "Big Tenants getting spaced out" as evidence that business services sector is hungry for larger spaces, indicating expansion and new hires. He also stated that the private school sector is on the rise, with applications rising to 10% and entrepreneurs opening new schools. He also cited a report that stated 192,000 jobs have bee added in the US in February, and that New Yorkers should pay attention to Fed Chairman Ben Bernanke's statement last week that the public sector job cuts "would not derail economic growth." To read the full article, please go here.
Target and developers buy a Bronx Postal Service Building
The Real Deal Reports that Target and developers bought a Bronx Postal Service in the Throgs Neck section of the Bronx, for $35.2 million, where they plan to build a 300,000-square-foot mall.
The owner was listed as Lafayette Nominee Owner LLC, with an address at Target's corporate headquarters in Minneapolis, Minn. The acquisition of the site at 815 Hutchinson River Parkway at Lafayette Avenue went into contract in November and closed Feb. 11, city property records published last Wednesday show.
"We plan to build about 300,000 square feet of retail," said Paul Slayton, a principal with PA Associates. Target would own its own portion as a condominium, and the rest would be leased to other tenants.
For the full story, please go here.
The owner was listed as Lafayette Nominee Owner LLC, with an address at Target's corporate headquarters in Minneapolis, Minn. The acquisition of the site at 815 Hutchinson River Parkway at Lafayette Avenue went into contract in November and closed Feb. 11, city property records published last Wednesday show.
"We plan to build about 300,000 square feet of retail," said Paul Slayton, a principal with PA Associates. Target would own its own portion as a condominium, and the rest would be leased to other tenants.
For the full story, please go here.
Subscribe to:
Posts (Atom)