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Kourtney and Khloé Kardashian Take Manhattan: New DASH Concept Store Could Open on Spring Street

7 Jul 2014, 7:23 pm

By Veronica Grecu, Associate Editor

Kourtney and Khloé  Kardashian

Khloé and Kourtney Kardashian

Kourtney and Khloé Kardashian, two of the most famous sisters in the world of reality TV shows, are on a quest to conquer Manhattan.

The Kardashians, who are currently filming their fourth and most recent spin-off in the Hamptons, are reportedly looking to expand their business in New York City with some more retail space that would accommodate a new flagship store for their clothing line. First launched in 2006, DASH is a chain of boutique clothing stores owned and operated by celebrity sisters Kim, Kourtney and Khloé Kardashian who became famous for filming the E! Reality series “Keeping up with the Kardashians.” Currently there are three DASH stores located in Los Angeles, Miami and New York City.

As revealed by anonymous sources quoted by The New York Post’s Page Six, the two sisters plan to open a huge DASH store in a five-story building at 63 Spring Street, right in

63 Spring Street SoHo

63 Spring Street SoHo

the heart of SoHo. Kourtney and Khloé have reportedly toured the property, which is located several blocks away from the very first DASH NYC boutique that opened at 119 Spring Street in late 2010, shortly after Kourtney and Kim began filming for a new reality show in the city.

Reportedly, the celeb-turned-entrepreneur sisters plan to convert the 5,500-square-foot property at 63 Spring Street into a “full-concept Kardashian lifestyle store experience.” As such, the first two floors of the building will be occupied by the DASH boutique store, while the remaining space on the upper floors will be converted into offices for the family business. The Kardashians are expected to pay around $2 million a year if they decide to rent the building,  Page Six notes.

According to the Commercial Observer, the century-old building is owned by Jack Terzi of JTRE, who acquired the real estate asset in March this year in a $15 million transaction that was brokered by RFK Investment Sales & Advisory Services—the same company that arranged the lease for Kardashian sisters’ DASH boutique at 119 Spring Street almost four years ago.

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Image of Khloé and Kourtney Kardashian via Kourtney Kardashian’s website; image of 63 Spring Street courtesy of JTRE.



370 Jay Street Building Revamped as Academic Center for NYU

28 Jun 2014, 2:17 pm

By Veronica Grecu, Associate Editor

370 Jay Street - NYU

370 Jay Street – NYU

The long-idle, 14-story building that once served as headquarters for the New York City Transit Authority  (now renamed as MTA New York City Transit) is getting ready for a much-needed makeover to become an academic center for an academic engineering and applied science program.

Owned by New York University for more than two years, the office building at 370 Jay Street is one of the most important properties in Downtown Brooklyn. Built in 1951 under plans jointly designed by William E. Haugaard and Andrew J. Thomas, the 500,000-square-foot structure served as the new headquarters of the New York City Board of Transportation until the early 1990s. In 2012 the MTA transferred the building to the city, as reported then by Second Ave. Sagas. In return, the city agreed to offer NYU the opportunity to use the property for its planned Center for Urban Science and Progress which would help this section of Brooklyn become a technology hub for New York City.

“Applied science, technology, and engineering are among our fastest growing academic areas and the new 370 Jay Street—in the heart of a thriving tech corridor—will be an environment conducive to inspiration and innovation in those fields,” said Lynne Brown, NYU senior vice president for University Relations and Public Affairs. “370 Jay Street will give us the opportunity to promote research and learning not just in Brooklyn, but with programs across the entire University.”

According to the official statement issued by NYU, Mitchell Giurgola Architects have undertaken the building’s adaptive reuse by incorporating a series of sustainable elements such as restoring the limestone and steel façade to reduce landfill waste by approximately 4,000 cubic yards and installing 1,000 energy-efficient windows. In addition, the redeveloped building will have green roofs, as well as new mechanical, plumbing and electrical systems with a one megawatt micro turbine.

NYU’s new Center for Urban Science and Progress will occupy the top three floors at the renovated 370 Jay Street building. Three business/tech incubators—Urban Future Lab in Downtown Brooklyn, Varick Street Incubator in Manhattan and the DUMBO Incubator—will be consolidated to the third floor, while the rest of the building will be used by NYU as classrooms with the exception of 14,000 square feet on the ground floor that will serve as retail space.

The project is pending review by the Public Design Commission. Once it’s approved for redevelopment, work at the site could begin in 2015 and be completed by 2017.

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Rendering via NYU



Iconic 530 Fifth Avenue Building Changes Hands for $595 Million

21 Jun 2014, 4:16 am

By Veronica Grecu, Associate Editor

530 Fifth Avenue, one of Manhattan’s iconic office buildings, will change ownership in less than three months.

530 Fifth Avenue

530 Fifth Avenue

The 26-story Class A office tower was sold this week for $595 million to Thor Equities, one of New York City’s top rated development firms, which partnered in this transaction with General Growth Properties of Chicago and RXR Realty of Uniondale, N.Y. According to an official statement from the selling group—Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions which were represented in the deal by  Douglas Harmon and Adam Spies of Eastdill Secured—the transaction is expected to close in mid-September.

Completed in late 1950s and designed by Voorhees Walker Foley & Smith, the limestone-clad office building spans the entire block between West 44th and West 45th Streets in the heart of the Grand Central submarket of Midtown Manhattan. 530 Fifth Avenue. Also known as the Bank of New York Building, the facility changed owners several times along its history. The Wall Street Journal previously reported that the sellers acquired the asset in fall 2011 in a $390 million transaction and later invested another $20 million in upgrades.

Thanks to its prime retail location on the world-famous Fifth Avenue, the 500,000-square-foot building is a veritable gem for real estate investors, though currently it is only 65 percent occupied, according to the Commercial Observer. The list of retail tenants includes Chase Bank, whose lease will expire in September 2025, Fossil, and Desigual which operates on a month-to-month leasing basis, while the office floors are occupied by businesses such as Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.

The partnership led by Thor Equities is expected to ask between $1,500 and $3,000 per square foot for the street-level retail spaces to reflect Fifth Avenue’s eye-popping rents.

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Image via 530 Fifth Avenue’s website



High-Tech Fitness Company Peloton to Relocate into New HQ in Midtown South

13 Jun 2014, 8:07 pm

By Veronica Grecu, Associate Editor

158 W 27th Street

158 W 27th Street

Peloton Interactive, a fast-growing high-tech fitness company that was founded in 2012, will soon leave its current address at 227 West 29th Street in Manhattan and move into a new world headquarters in Midtown South.

The announcement was made by Cushman & Wakefield, which represented landlord Emmes Asset Management in a lease agreement involving 9,661 square feet of space in a 12-story office building located in Midtown South. Peloton will occupy the entire fourth floor of the century-old building at 158 West 27th Street, and the landlord agreed to fit the space in order to meet the company’s business needs.

“We partnered with Emmes because of their reputation as a professional landlord who cares about their tenants’ happiness,” said John Foley, CEO of Peloton. “While the market is tight, we saw a lot of nice properties and ended up opting to go with the landlord with the best reputation. Together with Emmes and our architect Andy Bernheimer, we are going to make this space one of the coolest technology office spaces in Manhattan,” he added.

Emmes Asset Management currently owns approximately $1.6 billion in assets under management in  19 states, including multifamily, office and retail properties. The company took over the 116,000-square-foot building at 158 West 27th Street in early 2013. As reported by Crain’s New York Business, Emmes paid $57.5 million for the property, which is more than double the price paid for the same asset by real estate investors Stephen Meringoff and Leslie Himmel back in 2010.

Peloton, which recently opened a spinning studio in Chelsea, is expected to relocate into the new headquarters within a month.

Click here for more market data on New York City.

Image via PropertyShark



El Barrio’s Artspace PS109 will Bring Affordable Live/Work Units to Spanish Harlem

6 Jun 2014, 9:29 pm

By Veronica Grecu, Associate Editor

El Barrio Artspace PS 109 - East Harlem

El Barrio Artspace PS 109 – East Harlem

With the reconversion of the long-abandoned Public School 109 in the East Harlem section of Manhattan nearing completion, artists and low-income individuals and families looking for affordable housing have until July 14 to send their applications and become eligible for the housing lottery. The former five-story school sitting at 215 E. 99th Street will soon bring 90 units of live/work space designed primarily for New York City working artists and inhabitants of East Harlem. According to data from PropertyShark, the 116-year-old Gothic Revival-style building was purchased by Artspace in mid-2012 for $1. The Minneapolis-based non-profit developer has created more than 2,000 affordable live/work units for artists and their families nationwide, and the reconversion of 215 E. 99th Street that kicked off in October 2012 is Artspace’s first project in New York City. Called El Barrio’s Artspace PS109, the project is co-developed by Operation Fightback—also a non-profit, community-based organization founded in 1983 and focused on housing developments and community services in Upper Manhattan and specifically East Harlem, also known as Spanish Harlem or El Barrio. The $52.2 million makeover project was designed by Hamilton Houston Lownie Architects (HHL) and Victor Morales Architects and will serve the community by creating permanently affordable housing in a neighborhood at risk of gentrification. El Barrio’s Artspace PS109 is scheduled for completion near the end of 2014, according to information from the developer. The renovated building will contain 90 affordable residences ranging from studios to two-bedroom units, with at least 50 percent of the units reserved for working artists and current residents of the neighborhood. According to information from HPD, rents will vary between $494 per month for a studio and $1,022 per month for a two-bedroom. In order to qualify for an apartment, a single occupant must earn less than $35,280, while the maximum income for a family of four was set for $50,340. In addition to the housing units, El Barrio’s Artspace PS109 will include 3,000 square feet of gallery space and around 10,000 square feet of commercial space for arts and cultural organizations of the East Harlem community. Click here for more market data on New York City.

Rendering via HPD



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.

 Click here for more market data on New York City.

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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