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HAP Seeks Approval to Build Mid-Size Condo Building in Chelsea

31 May 2014, 1:07 am

By Veronica Grecu, Associate Editor

HAP Investments, a real estate development company founded by Israeli entrepreneurs Eran Polack, Amir Hasid and Nir Amsel, wants to build a mid-sized condominium building in Manhattan’s Chelsea neighborhood, across the street from to the Fashion Institute of Technology and within walking distance to Google New York Headquarters and the Verizon Building.

215-219 West 28th Street - Google Street View

215-219 West 28th Street – Google Street View

The company recently filed an application with the New York City Department of Buildings for a building permit, the Commercial Observer reported. Dubbed HAP EIGHT N.Y., the building will replace a four-story structure that housed the soccer pub Smithfield at 215 West 28th Street between Seventh Avenue and Eighth Avenue and the immediately adjacent parking lot.

HAP EIGHT NY

HAP EIGHT NY

According to Globes, an Israeli online business news outlet, the 75-foot wide site at 215-219 West 28th Street was purchased by HAP Investments in August 2013 for a little over $50 million. The transaction was negotiated by a team of brokers of Massey Knakal, while the seller—ADG-Langsam, a partnership between American Development Group and Langsam Property Services Corp. —was represented by Brian Lockner, head of investments and acquisitions for American Development Group.

HAP EIGHT NY is part of a development plan totaling more than 500 apartments in ten locations across Manhattan, according to information on the developer’s website. If approved by the city Department of Buildings, the development project is estimated to take two to three years to complete, Globes noted. The building will raise 21 stories above ground and will include 117 condo units totaling nearly 153,000 square feet, along with parking spaces and ground-level retail space. The project’s architect of record is WASA/Studio A, formely known as Wank Adams Slavin Associates LLP.

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Rendering courtesy of HAP Investments



Largest Urban Outfitters Store Worldwide Coming to Herald Square

23 May 2014, 3:45 pm

By Veronica Grecu, Associate Editor

A multi-level Urban Outfitters location is ready to launch in Manhattan’ Garment Center on June 7. The Philadelphia-based retail giant, which also operates the brands Anthropologies, Free People, Terrain and BHLDN, announced the grand opening of its long-awaited “lifestyle center” in Herald Square at 1333 Broadway.

Urban Outfitters Herald Square

Urban Outfitters Herald Square

The new concept store will span three floors in the building. At 57,000 square feet, which is more than twice the size of an average Urban Outfitters store, the Herald Square location will stand as the largest Urban Outfitters store in the world. Apart from the usual clothing and books Urban offers, the new lifestyle center will feature an expanded beauty department that will house over 45 national and international brands, while Urban’s new active wear line Without Walls, launched earlier this year, will occupy 3,000 square feet worth of fitness apparel and merchandise.

According to the mega-retailer, Urban Outfitters Herald Square will go beyond the traditional format and will host several independently owned and operated companies: the Hairroin Salon, a full-service hair styling salon based in Los Angeles, will occupy a portion of the first floor; Intelligentsia Coffee of Chicago will take 900 square feet of space on the ground level and will have a separate entrance; and Eyewear Company Tortoise & Blonde will open its second shop in an Urban Outfitters location.

The vinyl shop at the Herald Square location will grow with 1,200 titles. In fact, Urban Outfitters has recently joined forces with Amoeba Records of Los Angeles, one of the last independent record shops, to create a new project that will help Amoeba enter the East Coast market with over 400 vintage vinyl titles to be sold exclusively at the massive Herald Square location.

As previously reported by the Commercial Observer, Urban Outfitters leased the retail space at Herald Square in February 2013 and paid around $300 per square foot on the ground floor and $112 per square foot for the rest of the space. Reportedly, the transaction was brokered by McDevitt Co. on behalf of Urban Outfitters while CBRE represented Malkin Properties, which owns the 12-story building.

Established in Philadelphia’s University City District in 1970, Urban Outfitters operates over 200 stores in the United States, Canada and Europe. Commercial Property Executive reported last year that the retailer announced an ambitious plan to invest $200 million to expand its production centers in the Philadelphia area under a state-run strategy called Keystone Opportunity Zones (KOZ) that grants businesses a ten-year tax break for investing and creating new job opportunities in underdeveloped areas and communities.

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Image via PropertyShark



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.

Click here for more market data on New York City.

 

Renedering via Triangle Equities







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