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Magnum/40 North J-V to Develop Student Housing in Manhattan

24 Jan 2014, 5:55 pm

By Veronica Grecu, Associate Editor

The School of Visual Arts, one of the largest independently regionally accredited art colleges in the country, will add a new dormitory building to its campus in the Kips Bay neighborhood of Manhattan. The Real Dealreports that the 14-story residence hall will be developed by a joint venture between Magnum Real Estate Group and 40 North Properties, a local development company focused on commercial and residential developments across the five New York City boroughs.

School of Visual Arts Dormitory at 407 First Avenue on 24 Street

Set to occupy an existing parking lot of 4,200 square feet at 407 First Avenue on 24 Street, the building was designed by Ismael Leyva Architects as an L-shaped structure that will allow the construction of a six-story wing on First Avenue. Reportedly, construction at the 147,000-square-foot residence hall will start in spring 2014 with a completion date set for the beginning of the fall semester 2016.

Once open, the new School of Visual Arts residence hall will provide over 500 dormitory beds within 242 suites. The building will also include administrative and faculty offices, as well as a public terrace on the seventh floor.

“We will design a comfortable living environment for students in a functional building, keeping in context with the surrounding neighborhood,” said Ismael Leyva, AIA, president, Ismael Leyva Architects, in a press statement.

According to The Real Deal, the Magnum/40 North partnership acquired the development site in April 2013 for $32.25 from the nonprofit International Center for the Disabled.

Rendering credits: Ismael Leyva Architects

Triangle Equities’ $200 Million Lighthouse Point Adds to Staten Island Wave of Developments

10 Jan 2014, 7:28 pm

By Veronica Grecu, Associate Editor


Lighthouse Point project rendering – St. George, Staten Island

Queens-based Triangle Equities is finally moving on with one of the largest mixed-use projects to be developed on the North Shore of Staten Island since Hurricane Sandy hit the area. Though the New York City Economic Development Corporation (NYCEDC) green lighted the development plans in early 2007, the project faced several years of hurdles mostly because of the economic downturn that affected the real estate sector.

Just like the adjacent New York Ferris Wheel project that was announced in September 2012 and approved by the City Council one year later, Triangle Equities’ $200 million development will be a key piece in the revitalization puzzle on the northeastern side of Staten Island.

Slated for ground breaking in mid-2014, Lighthouse Point will be developed in phases and will replace a three-acre waterfront parcel that is currently occupied by a vacant lighthouse facility in the neighborhood of St. George, which is the gateway to the borough for more than 65,000 commuters and tourists each weekday. The historic structure located near Bay Street served as the U.S. Coast Guard Station Administration building until 1966.

Lighthouse Point project rendering – St. George, Staten Island

According to the Staten Island Advance, development plans call for a residential tower with 96 rental units and retail space and a new 180-room hotel that will incorporate a historic building as the entrance way. Some of the six historic buildings included on the development site will be renovated for new uses such as dining areas. The first phase of the project is estimated to last around 18 months with a focus on completing the three-story retail structure that will serve as a base for the rental tower. Depending on how fast the construction moves forward, the first residential floors could be developed during this phase. Phase two will see the construction of the new hotel and the renovation or repositioning of the historic buildings.

The Lighthouse Point project will reportedly create nearly 700 construction jobs and almost 380 permanent jobs.


Renderings via Triangle Equities website

Terreno Realty Corp. Pays $53.1 Million for Industrial Buildings in Queens, NY

3 Jan 2014, 3:24 pm

By Veronica Grecu, Associate Editor

San Francisco-based Terreno Realty Corporation recently acquired a real estate portfolio marketed under the name JFK Airgate and an adjacent parcel in Queens for a purchase price of $53.1 million, or around $232 per square foot. According to a blog post by Philip Blumberg, JFK Airgate’s previous owner was AMB Property Corporation (it later merged with Prologis) which purchased it for $34.4 million in 2005.

Terreno Realty Corporation logo

According to a press release from the company, JFK Airgate is located one-half mile north of John F. Kennedy International Airport and close to Rockaway Boulevard, the Belt Parkway and the Van Wyck Expressway, while the 0.2-acre paved and fenced land parcel is located at Baisley Boulevard and 132nd Avenue and has 27 parking spaces.

Totaling nearly 230,000 square feet of space, JFK Airgate includes four commercial buildings which were 98.6 percent leased at the time of acquisition by 18 tenants, including some of the largest international air cargo and logistics firms.

The buildings acquired by Terreno Realty Corporation are as follows:

-          Airgate I – a two-story warehouse located at 151-02 132nd Avenue. According to data from PropertyShark.com, the facility was built in 1987; it has approximately 65,000 square feet of usable storage space and parking spots for 56 cars.

-          Airgate II – a 66,000-square-foot front-load warehouse with 12 dock-high and 3 grade level loading positions. The building is located at 150-10 132nd Avenue and has 76 parking spaces.

-          Airgate III – a two-story warehouse located at 152-02 Baisley Boulevard. The building contains 73,000 square feet of storage space and features 18 dock-high and 1 grade level loading positions, as well as 138 parking spaces.

-          Airgate IV – a 25,000-square-foot office building with 58 parking spaces located at 152-01 133rd Avenue.

Terreno Realty Corporation is a San Francisco-based company that focuses on acquiring and  operating industrial real estate in six major U.S. coastal markets.

Flatiron-Shaped Condo Tower Underway in Soho

30 Dec 2013, 8:44 am

By Veronica Grecu, Associate Editor

A 16-story residential tower is underway in Manhattan’s Soho neighborhood as the city Board of Standards and Appeals unanimously recently approved the construction project proposed by Madison Equities and Property Markets Group. According to The Real Deal, the joint venture needed a variance change because the construction site was zoned for commercial and industrial use.

10 Sullivan Street – Soho, NYC

Designed by NYC-based architect and designer Cary Tamarkin, the flatiron-shaped condo tower will rise on the site of a former car wash on the northeast corner of Sixth Avenue and Broome Street—though Corcoran Group Real Estate will market the building under the name 10 Sullivan Street. As reported by Curbed NY earlier this year, the triangular-shaped site was purchased by the development partners in June 2012.

Reportedly, the condo tower will have up to 27 units and nearly 4,000 square feet of ground floor leasable retail space and will feature four attached 4-story townhouses of around 4,500 square feet each, with backyards and parking space. According to the original plans filed for approval by Madison Equities, the tower will include a triplex occupying the 16th and 18th floors of the building. Furthermore, the tower’s ground floor will also contain a 1,500-square-foot residential lobby and a 3,800-square-foot parking garage with 11 spaces.

The development plans include a small plaza which will be located at the narrow point of the site facing the intersection of Broome Street, Sullivan Street and the Avenue of the Americas will serve as an entrance and will be included in the leasable retail space.

According to The Real Deal, the developers hope to complete the condo tower by mid-2015.

Rendering Madison Equities and Property Markets Group

Citigroup Signs $1B Lease Extension to Relocate Headquarters in Lower Manhattan

20 Dec 2013, 8:06 pm

By Veronica Grecu, Associate Editor

Citigroup Inc., the third-biggest bank in the U.S., and SL Green Realty Corp. recently signed a $1 billion lease agreement and renovation deal that will allow the financial giant to relocate its headquarters from the existing offices at 399 Park Avenue to a twin-building complex on Greenwich Street through December 31, 2035.

388 Greenwich Street

Crain’s New York Business reports that Citigroup owned the 39-story 388 Greenwich tower and the adjacent 390 Greenwich, an eight-story building offering 94,000 square feet of prime office space, until 2007 when the two buildings were sold to SL Green and Ivanhoe Cambridge for $1.6 billion. The newly signed deal includes an option for Citigroup to buy back the two properties during the period from December 1, 2017 through December 31, 2020, as well as a thorough renovation of the office buildings which were built in the 1990s.

Reportedly, Citigroup already occupies space at the office complex in Lower Manhattan. According to the newly signed deal, the financial giant can also extend the 2.7-million-square-foot lease by at least 15 years.

390 Greenwich Street

According to an official statement from SL Green, Citigroup was represented in this transaction by Robert Alexander, Michael Geoghegan, Andrew Sussman and Michael Wellen from CBRE and received legal counseling from law firm Fried Frank, while SL Green acted on behalf of the landlord partnership.

“We worked tirelessly to structure a transaction that is advantageous to all parties, and we are extremely pleased that Citi has extended its long-term commitment to Downtown Manhattan,” said Marc Holliday, chief executive officer of SL Green Realty Corp. “Citi is one of the world’s great financial institutions. SL Green has enjoyed being its largest landlord and we are pleased to continue this strong and highly valued relationship.”


Images of 388 and 390 Greenwich Street courtesy of SL Green Realty Corp.

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