Home » MHN City Pages  »  New York  

WP HTTP Error: A valid URL was not provided.

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.

Click here for more market data on New York City.

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.

Click here for more market data on New York City.

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.

Click here for further market data on New York City.


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.



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.

Click here for more market data on New York City.


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.

Click here for more market data from New York City.

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.

Click here for more market data on New York City.

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

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

LargaVista and Related Team Up to Create Mixed-Use Building in SoHo

17 Feb 2014, 5:41 pm

Rendering of 300 Lafayette Project in SoHo, Manhattan

By Veronica Grecu, Associate Editor

A former BP gas station and two other derelict buildings at the corner of Houston and Lafayette streets in Manhattan’s SoHo neighborhood, will be replaced by 300 Lafayette, a boutique office and retail building by a joint venture between LargaVista Companies and Related Cos.

“By joining forces with Related, we are introducing an exceptionally strong financial partner with proven expertise in delivering world-class properties like 300 Lafayette,” Marcello Porcelli, president of largaVista, commented in a press statement. “This project will benefit tremendously from Related’s wealth of experience in building and leasing some of the most complex projects and demanding designs in major markets throughout the globe,” he added.

Rendering of 300 Lafayette Project in SoHo, Manhattan

The gas station site, which has been owned by LargaVista since 1976, was designated as part of the SoHo Cast Iron Historic District Extension by the New York City Landmarks Preservation Commission because of its prominent location at SoHo’s retail gateway. According to The Real Deal, LargaVista recently paid $5 million for the two adjacent buildings (a bar and a former mechanic’s garage) that will be demolished to make room for the new building.

Designed by COOKFOX Architects as a seven-story building featuring floor-to-ceiling glazing set in terra-cotta and limestone frames with generous outdoor spaces and landscaped terraces, the $200 million development project was unanimously approved by the city’s Landmarks Preservation Commission in April 2013. When completed in 2015, 300 Lafayette will offer 53,000 square feet of office space and 30,000 square feet of retail space.

Renderings courtesy of COOKFOX Architects

Renovation and Rebranding Announced for Holiday Inn New York City Midtown

8 Feb 2014, 9:06 pm

By Veronica Grecu, Associate Editor

The existing Holiday Inn hotel located at 30-32 West 31stStreet in New York City’s Midtown District is set to be converted into a new Hyatt-branded hotel, as Chesapeake Lodging Trust appointed a Hyatt affiliate to oversee the $6 million renovation and rebranding process.

Holiday Inn New York City 30-32 West 31st Street

“We are very pleased to expand our relationship with Hyatt, by way of up-branding the hotel to the upper-upscale market position in the vibrant midtown area of Manhattan. Hyatt Herald Square will mark our sixth Hyatt property in our growing portfolio of high-quality assets throughout the key markets of North America,” said James L. Francis, Chesapeake Lodging Trust’s president and chief executive officer, in a press statement.

The renovation project is expected to begin in August and be completed by the end of September 2014, during which time the hotel operations will be closed. Paul Vega, founder of VLDG designs of New York, was tapped to develop the redesign of the 20-story building which will use the hotel’s surrounding Herald Square area and the nearby Fashion District as sources of inspiration.

According to a press release from Chesapeake Lodging Trust, a self-advised real estate investment trust focused on investments in upper-scale hotels in key markets across the United States, the reconversion plans include a complex renovation to each of the hotel’s 122 guestrooms, as well as a renovated and upgraded lobby and social spaces on the first floor.

According to Hotel Management, the 60,270-square-foot structure was completed in 2011 by Heena Hotel LLC which later that year sold it to Annapolis, MD-based Chesapeake Lodging Trust  for a reported $52.2 million, or roughly $428,000 per room.


Image via Intercontinental Hotels Group

Mashable Signs 38 KSF Lease to Relocate to 114 Fifth Avenue

25 Jan 2014, 8:30 pm

By Veronica Grecu, Associate Editor


Mashable logo

Mashable, the mega-popular tech and social news blog founded in 2005 by Pete Cashmore—yes, the cool entrepreneur who made it to Forbes’ “30 Under 30” list—struck a deal with L&L Holding Company for 38,580 square feet of space at the newly renovated 114 Fifth Avenue in Midtown South.

With the current lease at 304 Park Avenue South set to expire this year, the news-hub has been on the lookout for a possible location for a new headquarters in Manhattan ever since November, The Real Deal reported. The new lease agreement, which has a termination date in 2024, was brokered by CBRE’s Sacha Zarba, Chris Corrinet and

114 Fifth Avenue office tower

Scott Bogetti who represented Mashable, and L&L Holding Company’s David Berkey and Andrew Wiener. According to an announcement released by L&L, Mashable will occupy the entire 14th and 15th floors in the 20-story office tower, more than double the space it currently occupies at 304 Park Avenue South. The news-hub will most probably relocate to the new headquarters in August, as soon as renovations are completed at the office building.

“We’re proud to welcome Mashable to 114 Fifth Avenue, which is widely acknowledged as an emerging new Silicon Alley hotspot,” stated L&L Chairman and CEO David Levinson. “Given the high demand and tight vacancy rate in Midtown South, we expect our leasing program to move swiftly,” he added, noting that L&L is currently in negotiations with a number of other tenants for the balance of the building.

Completed in 19101, 114 Fifth Avenue was designed and built by Mayniche & Franke. The building along with a 99-year leasehold was acquired in January 2013 for $165 million by a joint venture between L&L and private equity firm Lubert-Adler, The Real Deal said. Shortly after the transaction was closed, the new owners embarked on a complex renovation and upgrade process that will boast new infrastructure, a new lobby, elevators and green roof that will serve as a tenant amenity.


Image via 1145thavenue.com

Leave a Reply