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FiDi Luxury Rental Tower ‘The Lara’ is Almost Fully Leased

16 May 2014, 9:35 pm

By Veronica Grecu, Associate Editor

The Lara - FiDi, Manhattan

The Lara – FiDi, Manhattan

The Lara, one of the newest rental buildings in Manhattan’s Financial District, is already 90 percent occupied after only four months on the market. The announcement was made by Triumph Property Group, the real estate sales company that is handling marketing and leasing at the luxury tower located at the corner of Ann and Nassau streets, close to City Hall Park and the Brooklyn Bridge.

Originally called 113 Nassau, the 30-story structure replaced a blighted mid-rise building that, according to CityRealty, was the original home of The New York Times from 1851 until 1853 when the newspaper moved to a larger location nearby. The six-story brownstone, which most recently housed a McDonald’s, was demolished in 2007 to make room for the condo building but the project was stalled shortly after because of the recession.

The Lara was developed by Ann/Nassau Realty LLC and designed by SLCE Architects. Sleek and sophisticated, the building includes 10,000 square feet of residential space totaling 168 apartments—133 of which are market-rate—that start from the seventh floor. The units range from studios (all of which have been leased) to two-bedroom residences, with rents reaching $6,500 a month for a two-bedroom apartment.

All residences feature hardwood strip flooring, central air conditioning and heat, LED lighting, solar shades and custom built-in closets. The building also offers a roof deck, two outdoor terraces, and a fitness center. The residents’ lounge is located on the fifth floor and features a library, television and a fireplace, while the gaming/media room on the sixth floor offers the latest gaming consoles, Apple TV and Netflix capabilities. The Nassau Club @ The Lara features 10,000 square feet of indoor and outdoor luxury amenities such as a boxing studio and a kitchen for catered events. As reported by Curbed NY, residents will pay $300 a year to have access to this luxury club, but they will get a 50 percent discount during the first year of subscription.

The building’s commercial component encompasses approximately 35,000 square feet of space and its address is 111 Nassau Street. According to The Real Deal, the retail portion (which is available for rent for $100 per square foot) could be occupied by restaurants, while the office space could be leased for around $1.2 million by private schools and media companies.

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Rendering via The Lara on Facebook

Developers Offer Limited Time Move-In Incentives for Prospective Residents at The Maximilian

9 May 2014, 5:07 pm

By Veronica Grecu, Associate Editor

The Maximilian, one of the most stylish residential developments in the western-most part of Queens is now fully built, Real Estate Weekly reported. The announcement was made by McGowan Builders Inc. which served as general contractor and construction manager for the 12-story apartment building.

The Maximilian - Long Island City

The Maximilian – Long Island City

Developed by a joint venture between two prominent New York-based real estate companies—Rose Associates and O’Connor Capital Partners—The Maximilian was built on a former brownfield site located at 5-11 47th Avenue in the rapidly gentrifying Hunter’s Point neighborhood of Long Island City.

The full-service, LEED-certified rental building was designed by SLCE Architects and incorporates energy-efficient, environmentally sustainable features. It includes 188 luxury residential apartments consisting of studios, one- and two-bedroom units featuring polished hardwoods and fully equipped kitchens with cabinetry imported from Italy.

Amenities at The Maximilian were planned for pleasure, convenience and relaxation—making the building’s residents feel like they live in a boutique hotel. The list of perks includes an outdoor theater and barbecue area located on the roof deck, an indoor lounge, a state-of-the-art fitness center, concierge, bicycle storage and laundry room.

In September 2013, shortly after McGowan Builders celebrated the topping out of the building, Rose Associates—which manages the leasing and marketing operations at The Maximilian—announced a preview leasing at the luxury building. Reportedly, rents at the luxury mid-rise start at $1,975 for a studio, $2,530 for a one-bedroom, and $3,490 for a two-bedroom unit.  According to Real Estate Weekly, the developers are currently offering one month of free rent and one month owner-paid commission as a limited time move-in incentive for prospective residents.

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Rendering via Rose Associates

Triangle Equities Signs Lease, Anticipates Fall Ground Breaking for $200 Million Mixed-Use Project in Staten Island

2 May 2014, 3:35 pm

By Veronica Grecu, Associate Editor

Lighthouse Point, one of the key projects of the revitalization effort on the northeastern side of Staten Island, has taken a major step forward as the New York City Economic Development Corporation (NYCEDC) and developer Triangle Equities executed the lease for a long-vacant, three-acre parcel in the St. George neighborhood.

Lighthouse Point - Staten Island

Lighthouse Point – Staten Island

Originally approved by the City in 2007, Lighthouse Point was among the many real estate development projects that had to be put on hold during the recent economic downturn. After several redesign attempts, Triangle Equities’ $200 million mixed-use project was reignited at the beginning of 2014. The new lease agreement for the former lighthouse facility turned U.S. Coast Guard Station Administration building near Bay Street now paves the way for construction.

According to information from the developer’s website, Lighthouse Point will be developed in phases over the next five to six years—with construction expected to begin this fall—and will include 85,000 square feet of retail shops, restaurants, a hotel with 164 guest rooms, a shared-working space for local start-ups, an urban beach and recreational areas throughout the site, as well as more than 100 residential units that will replace several historic buildings along a waterfront esplanade. To reflect the de Blasio administration’s commitment to adding 200,000 new affordable housing units in New York City’s five boroughs, 20 percent of the project’s residential component will be designated permanently affordable units for New Yorkers earning 60 percent or less of the area median income. The 12-story apartment building will have a total square footage of 94,000, according to NYCEDC.

“We believe Lighthouse Point will contribute greatly to the renewal and rediscovery of Staten Island,” Lester Petracca, president of Triangle Equities, said in a press statement. “This is an exceptional project and we are excited to begin construction. We envision Lighthouse Point to ultimately serve as a full scale destination experience. An estimated 65,000 people are going to pass Lighthouse Point each day, and we believe it will incentivize those folks heading to and from the ferry to stay on the Island by offering highly desirable residential, hospitality and cultural options.”

Lighthouse Point is expected to generate more than 220 permanent jobs and over 400 construction jobs.

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Renedering via Triangle Equities

Furnished Quarters to Manage Extended Stay Hotel in the Historic 70 Pine Street Building

18 Apr 2014, 3:23 pm

By Veronica Grecu, Associate Editor

The 132-suite extended stay hotel at the iconic 70 Pine Street building in the heart of the Financial District will be operated by Furnished Quarters, a top provider of furnished apartments. The announcement was made by Rose Associates and its partner DTH Capital, the owners of the vintage Art Deco skyscraper that is currently under redevelopment to become a full-service luxury rental building.

70 Pine Street

70 Pine Street

“We plan to introduce a fresh hospitality concept under an entirely new brand at 70 Pine Street,” said Steve Brown, co-founder of Furnished Quarters. “This is a significant step in our evolution, and we’re excited to now offer our corporate clients and guests apartment-size lodging in New York City for stays that are less than 30 days.”

Scheduled for a grand opening in fall 2014, the hotel will occupy floors three to six in the 66-story building. Benjamin Noriega-Ortiz, who has also designed the Mondrian Hotels in New York’s SoHo district, Los Angeles, and the upcoming Mondrian Baha Mar in the Bahamas, will work with Furnished Quarters’ in-house design team to create the extended stay hotel rooms.

Originally built as the headquarters building of the Cities Service Company and later known as the American International Building, the structure at 70 Pine Street was constructed during the famous New York skyscraper race. When completed in 1932 it was the third tallest building in the world after the Empire State Building and the Chrysler Building. According to information from The Skyscraper Center, the 952-foot building currently ranks as the fifth tallest building in the city. In June 2011 the building was designated a New York City landmark.

After changing owners over the years, the asset was sold to Rose Properties in June 2011, only one week after it was designated a New York City landmark. As previously reported by Bloomberg, the $205 million transaction was brokered by Jones Lang LaSalle (now JLL). Shortly after taking over the building, Rose Properties announced plans to invest $550 million to redevelop the skyscraper into one of the city’s most desirable luxury apartment buildings. In addition to the 132-unit extended stay hotel, the tower will include 664 rental apartments. Rose is currently marketing 35,000 square feet of retail space and the landmarked lobby—to be re-opened to pedestrian traffic for the first time in decades—which could feature a restaurant and café. La Palestra, an operator of upscale fitness and wellness centers, will occupy 23,000 square feet of space off the building’s lobby.

Click here for more market data on New York City.


Image via Rose Properties

Developers Resurrect Plans for 130,000 Sq.Ft. Green Roof atop Barclays Center

14 Apr 2014, 3:23 pm

By Veronica Grecu, Associate Editor

The multi-purpose indoor arena that the Brooklyn Nets have been calling home for almost two years will get a “green” redesign of its huge roof, Forest City Ratner Companies (FCRC) and Greenland Group Co. of Shanghai announced recently.

Barclays Center green roof - Brooklyn NY

Barclays Center green roof – Brooklyn NY

Brooklyn’s Barclays Center sits at the intersection of Flatbush and Atlantic Avenues and was completed in 2012 to serve as the centerpiece of the 22-acre Atlantic Yards commercial and residential project which the FCRC/Greenland joint venture is developing in the vicinity of the arena. The $1 billion structure designed by SHoP Architects and Ellerbe Becket, two of the world’s largest architectural firms, can accommodate up to 19,000 people. Since its grand opening the arena has been used mainly for sports and entertainment events, hosting stars like Beyonce and Miley Cirus, and has quickly become an iconic landmark in New York City. Only a few days ago Barclays Center hosted the 29th Annual Rock & Roll Hall of Fame induction ceremony during which cult bands, solo artists and non-performers such as Nirvana, Peter Gabriel, Cat Stevens, Linda Ronstadt, KISS, Bruce Springsteen’s E Street Band, Beatles manager Brian Epstein and Rolling Stones manager Andrew Loog Oldham were honored.

According to FCRC President and CEO MaryAnne Gilmartin, the original design of the arena had anticipated a green roof as part of the development team’s effort to achieve LEED Silver certification for sustainable design and construction methods—a goal that was reached in July 2013—but the plans for a green roof were cut during development for financial reasons. The FCRC/Greenland joint venture is now moving forward with plans to add a 130,000-square-foot planted roof meant to dampen the noise coming from the loud events hosted by the giant arena and help reduce greenhouse gases while aesthetically complementing the emerging Atlantic Yards project.

Also designed by SHoP Architects, the new roof will be built above the existing one, creating an air gap ranging from four feet at the edge of the roof to 10 feet at its highest point. The green roof will be supported by a steel structure and will consist of small plants and a thin soil-like cover that will be installed over the already-famous Barclays Center green logo on the existing roof.

While the developers failed to disclose any financial or schedule-related details, Brooklyn Daily notes that the roof project will be partially funded by Greenland and will take about nine months to complete since the start of installation.

A similar project was completed last year at the Javits Center in Manhattan. The convention center’s $465 million expansion and revitalization included a 6.75-acre green roof—the second largest in the United States and the largest in the Northeast region on a single, standalone building.

Rendering credits to SHoP Architects

Big Apple Goes Super Tiny: Micro-Unit Development in Manhattan Lands $10.3 M Construction Loan

8 Apr 2014, 2:14 pm

By Veronica Grecu, Associate Editor


It took more than one year to get this project going but the Big Apple is finally getting its first ever micro-apartment building developed on city-owned land. As previously reported by Multi-Housing News Online, in early 2013 Monadnock Development LLC, Actors Fund Housing Development Corporation and nARCHITECTS were selected as the winning team of the “adapt NYC” Competition, a city-sponsored pilot program that looked for innovative designs to solve New York’s housing crisis.

My Micro NY in Kips Bay, Manhattan

My Micro NY in Kips Bay, Manhattan

M&T Bank recently closed on a $10.3 million construction loan to provide the largest piece of financing for Monadnock Development LLC and its partners to build the first micro-unit, modular property with rental apartments measuring between 250 and 370 square feet. Additional financing for the $16.6 million project called My Micro NY will come through equity provided by the development team and a secondary construction loan awarded by the NYC Department of Housing Preservation and Development.

Though some voices might question the project’s significantly low price, My Micro NY will be a financially sustainable development by incorporating very fast, efficient and cost effective modular construction technology designed to make small spaces more livable. “Modular construction is cost efficient and we believe these micro-units will fill a need in the

My Micro NY in Kips Bay, Manhattan

My Micro NY in Kips Bay, Manhattan

Manhattan market,” said in a press statement M&T Bank Regional President Peter D’Arcy.

The innovative My Micro NY is currently under construction on the site of an old parking lot at East 27th Street and Mt. Carmel Place in Manhattan’s Kips Bay neighborhood. The nine-story rental property will include 55 small-sized units built with modules prefabricated in a factory at the Brooklyn Navy Yard by Capsys Corp., Monadnock’s sister company that specializes in modular housing. Designed for singles and couples and expected to be available for rent in 2015, the apartments at My Micro NY will feature nearly 10-foot ceilings, 8-foot windows and built-in storage spaces that will make the units appear larger. According to an official statement, 40 percent of the super-tiny units will be marketed as affordable. Project plans also include nearly 700 square feet of retail space at the ground floor of the building.


Renderings of My Micro NY credits to nARCHITECTS

Financial District Selected for IHG’s Fifth New York City Hotel Indigo

31 Mar 2014, 7:17 pm

By Veronica Grecu, Associate Editor

InterContinental Hotels Group (IHG) is set to expand its New York City footprint by opening a new Hotel Indigo in the Financial District, the company announced recently.Hotel Indigo logo

“The financial district has long been known for its commercial success, but it’s recently experienced significant cultural and residential growth, and we are so proud that we’re becoming part of the neighborhood,” said Mary Winslow, director, Hotel Indigo Brand Management, in a press statement.

Located on historic Maiden Lane between Nassau Street and Broadway in Lower Manhattan, the 25-story boutique hotel will be just a block away from the tallest building in the Western Hemisphere—the new One World Trade Center.

Owned by 10-12 MLane, LLC, the $32 million facility will be the fifth Hotel Indigo in New York City, joining IHG’s existing locations in Brooklyn and Chelsea and two additional hotels that the company plans to develop in the Lower East Side and Flushing, Queens. When open in 2016, the Hotel Indigo NYC Financial District will offer 190 guest rooms featuring plush bedding, hard surface flooring and spa-inspired bathrooms. Additionally, the hotel will have almost 1,500 square feet of meeting space, a fitness center and a rooftop lounge.

In October last year BuzzBuzzHome reported that 10-12 MLane purchased the four-story building at 8 Maiden Lane for $5.6 million from a company called Rusdan Operating Corp. which had owned the property for more than three decades. According to the source, 10-12 MLane selected architect Gene Kaufman to create the conceptual design for the 76,000-square-foot boutique hotel.

Urban Future Lab Incubator Opens in Downtown Brooklyn’s Tech Triangle

16 Mar 2014, 4:32 pm

By Veronica Grecu, Associate Editor

The network of business incubators and accelerators is booming throughout New York City. A new facility designed to house startups and support sustainable infrastructure officially opened last week in Downtown Brooklyn’s “Tech Triangle.”

15 MetroTech Center - Brooklyn, NYC

15 MetroTech Center – Brooklyn, NYC

Designed to offer affordable work space, training services and resources for talented entrepreneurs and schoolchildren who can provide solutions to global urban problem, Urban Future Lab was created by a partnership between the New York City Economic Development Corporation (NYCEDC) —which has sponsored 15 incubators in the city so far—and the New York University Polytechnic School of Engineering. Urban Future Lab occupies 10,000 square feet of space on the 19th floor at 15 MetroTech Center. The 21-story office tower is owned by Forest City Ratner, one of the largest urban development companies in the nation.

Following the Varick Street incubator that was inaugurated in 2009 and the DUMBO incubator that opened two years ago, the Urban Future Lab marks the third collaboration between the city and NYU.  This initiative was made possible with funds coming from public and private resources, including lease support from Forest City Ratner and a corporate sponsorship from National Grid through its “Connect 21” program.

“The Urban Future Lab encourages economic growth, job creation and innovation while connecting New Yorkers to the flourishing clean technology sector,” said Deputy Mayor for Housing and Economic Development Alicia Glen in a prepared statement. “Cultivating the tech sector, through incubators like the Urban Future Lab, is critical to developing jobs for all New Yorkers, including students, teachers, and low-income entrepreneurs.”

Once it becomes fully operational, the new clean tech business incubator is expected to provide shared work areas for around 20 companies that can help cities and infrastructure become smarter and more sustainable. The lab will also offer 2,000 square feet of demonstration and exhibition space, combined with teaching and research rooms for 50 public school teachers annually, including NYU School of Engineering’s K-12 STEM programming and the Science of Smart Cities program for middle school students.

The Urban Future Lab in Downtown Brooklyn is expected to create more than 9,000 new jobs by 2025.


Image via Forest City Ratner

$225 Million Mixed-Use Tower to Revitalize Downtown Jamaica

10 Mar 2014, 4:01 pm

By Veronica Grecu, Associate Editor

Greater Jamaica Development Corp. has plans for a mixed-use tower that is expected to revitalize an underdeveloped site at 93-01 Sutphin Boulevard and the corner of Archer Avenue, near the Jamaica AirTrain Station area and across from the Long Island Rail Road station.

93-01 Sutphin Boulevard - Jamaica, Queens

93-01 Sutphin Boulevard – Jamaica, Queens

According to the Queens Time Ledger, the new high-rise will be developed on land owned by Greater Jamaica and will replace a Duane Reade store which has a lease running through 2018 with an option to renew until 2023.

Dubbed Site 6, the $225 million project will mark the largest private investment in this Queens neighborhood and will be part of the city’s redevelopment efforts to revitalize its downtown area. The 22-story tower will be built by the New York-based BRP Companies, the developer behind Macedonia Church Development Corp.’s 143-unit affordable rental building at 37-08 Union Street.

Reportedly, the tower project will have 400 apartment units, a fitness center for residents and a roof deck. The 80,000-square-foot street level retail space will most likely be occupied by grocery stores. The site is included in New York City’s Food Retail Expansion to Support Health program, which means grocery store operators and/or developers seeking to construct or renovate retail spaces in underserved communities are eligible for up to 20,000 square feet in additional development rights, as well as financial incentives and tax exemptions.

According to the source, in June 2012 Greater Jamaica issued a request for proposals to revitalize the Jamaica neighborhood. A list of redevelopment projects was announced since that time, including a 26-story hotel with 210 rooms that will be constructed south of the AirTrain station.


Image via Google Maps

Hotel 373 and the Historic Waldorf Astoria in Midtown Manhattan May Hit the Market

3 Mar 2014, 4:15 pm

By Veronica Grecu, Associate Editor

Hersha Hospitality Trust, a self-advised real estate investment trust that owns and manages around 8,000 hotel rooms in 50 hotels in urban gateway markets across US, recently announced it has entered into a definitive agreement to sell the Hotel 373 located in Midtown Manhattan to an unnamed offshore investment fund.

Hotel 373 - Fifth Avenue, Midtown Manhattan

Hotel 373 – Fifth Avenue, Midtown Manhattan

A statement announcing the transaction reveals the 70-room European-style boutique hotel is valued at $37 million or nearly $529,000 per key and $1,680 per square foot, which highlights Manhattan’s sizzling real estate market and underscores the quality and value of Hersha’s hotel portfolio in New York City. The transaction is expected to close in the second quarter of 2014, the company announced.

 “We believe the sale of Hotel 373 will narrow the gap between the private and public market value of the Company’s real estate,” stated Jay H. Shah, Hersha’s chief executive officer. “The transaction is a strong indication of continuing domestic and international interest from public and private groups seeking to acquire cash flowing real estate in top U.S. gateway markets. We remain optimistic regarding the long-term prospects of the New York City hotel market, but we will continue to search for opportunities to divest high-yielding, stabilized assets and to redeploy the proceeds into higher growth opportunities or to pursue stock buyback opportunities at periods when the stock price does not appropriately reflect value,” he added.

The Waldorf Astoria – 301 Park Avenue, Midtown Manhattan

According to a property report from PropertyShark.com, the eight-story building located at 373 Fifth Avenue was constructed in 1906.

In further Midtown Manhattan hospitality news, Hilton Worldwide Holdings Inc. may sell a stake in the historic Waldorf Astoria hotel or possibly the entire property. In an interview with Bloomberg, Hilton CEO Christopher Nassetta said that the company is evaluating how the property could be repositioned, as Hilton is considering residential, office and retail uses for the luxury hotel located at 301 Park Avenue. Nassetta stressed that Hilton would continue to operate the Waldorf Astoria—which is one of the largest hotels in New York City—after any sale.

Opened in 1931, the 47-story Art-Deco structure was designed by Schultze and Weaver Architects. Hilton Worldwide Holdings Inc. acquired the 1,232-room hotel in 1972.

Image of Hotel 373 via PropertyShark.com; Image of the Waldorf Astoria via Facebook

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