Commercial

McSam Hotel Group Acquires 99-Year Ground Lease at Commercial Development Site, 523-529 Eighth Avenue, Garment District

10:00 am on June 13, 2016 By Reid Wilson

Sam Chang’s Great Neck, N.Y.-based McSam Hotel Group has closed, for $27.1 million, on a 99-year ground lease of the 7,454-square-foot property at 523-529 Eighth Avenue, in the Garment District section of Midtown. Located on the corner of West 36th Street, the lot is currently occupied by a single-story, 7,400-square-foot retail building with five commercial units, according to The Real Deal. The site can accommodate up to 74,540 square feet of commercial development. Neither demolition permit nor new building permits have yet been filed with the Department of Buildings. It’s not known when the tenants’ leases expire, and plans for the site have not been disclosed. The property owner is Joseph P. Day Realty Corporation.

Admiral's Row rendering. Credit: S9 Architecture

New Commercial-Retail Buildings Filed Along Admiral’s Row at Brooklyn Navy Yard

6:30 am on June 13, 2016 By Reid Wilson

It was revealed in May of 2015 that New Jersey-based Steiner Equities Group, selected by the Brooklyn Navy Yard Development Corporation, would be redeveloping the corner of Flushing Avenue and Navy Street into a multi-building commercial complex. Now, the developer has filed applications for three of the four planned buildings. At the corner of Flushing and Navy, filed under 1 Flushing Avenue, a new single-story, 12,600-square-foot retail building is planned. Directly to the east, at 3 Flushing Avenue, a two-story, 36,645-square-foot retail building is in the works. To the north of 1 Flushing Avenue along Navy Street, at 25 Navy Street, another two-story retail building measuring 41,200 square feet is planned. A fourth building, this one five stories in height, is planned at 21 Flushing Avenue. That structure, to total 248,489 square feet, will include a 74,000-square-foot Wegmans market and 126,000 square feet of industrial space. S9 Architecture is the design architect. Steiner is ground-leasing the property in a 96-year lease, which is currently scattered with the crumbling remains of Admiral’s Row. Two of the dilapidated buildings along the corridor are being restored, but the rest are to be demolished. Completion is expected in 2017.

Kaufman Astoria Studios Planning Four-Story, Two-Stage Expansion at 36-06 34th Avenue

11:00 am on June 10, 2016 By Reid Wilson

Kaufman Astoria Studios, located at 34-12 36th Street in southern Astoria, is planning to build a four-story expansion of their production complex at 36-06 34th Avenue, located at the corner of 36th Street and 34th Avenue, three blocks from the Steinway Street stop on the M and R trains. The expansion will include two new stages, one which will measure 15,381 square feet and a second to measure 8,573 square feet, according to Crain’s. It will also include 26,000 square feet of ancillary production space, 45,000 square feet of office space, and an underground parking garage. Construction is expected to begin in the fall, with completion scheduled in 2018. The corner site is currently vacant.

Landmarked 12-Story Jarmulowsky Bank Building Now Getting Office-Retail Conversion, 54 Canal Street, Chinatown

10:00 am on June 9, 2016 By Reid Wilson

Back in December of 2012, the Landmarks Preservation Commission (LPC) approved alterations that would go into converting the 12-story, 60,000-square-foot Jarmulowsky Bank Building, an individual landmark at 54 Canal Street (a.k.a. 9 Orchard Street) in Chinatown, into a boutique hotel. Then in 2014, DLJ Real Estate Partners received approval from the LPC to reconstruct the building’s corner cupola, which was removed in 1990. Construction has since been underway on the existing building, as well as a six-story, 9,876-square-foot annex expansion at 60 Canal Street. Now, the owners are abandoning plans for a hotel and have decided to convert the interiors into office and retail space, Bowery Boogie reported. The first two floors will also host retail whiles the upper floors will be leased to office tenants. Lower East Side-based Studio Castellano Architects is the architect of record. It’s not known when the building is scheduled to open.

Landmarks Approves Redevelopment of Gansevoort Market Block

8:00 am on June 8, 2016 By Evan Bindelglass

Big changes are coming to the Meatpacking District. On Tuesday, the Landmarks Preservation Commission, after three sessions, approved redevelopment of the block ranging from 46 to 74 Gansevoort Street. That’s between Greenwich Street and Washington Street, in the Gansevoort Market Historic District.

Two-Story, 7,500-Square-Foot Multi-Use Commercial Building Filed at 13-19 37th Avenue, Long Island City

2:00 pm on June 7, 2016 By Reid Wilson

Property owner Pushpinder Verma has filed applications for a two-story, 7,500-square-foot multi-use commercial building at 13-19 37th Avenue, in the Ravenswood section of Long Island City. The project will feature retail on the ground floor and medical offices on the second floor. There will be 5,000 square feet of commercial space, which means each component of the building should average 2,500 square feet. Rajendra Parikh’s Hudson Square-based Metropolitan Building Consulting Group is the applicant of record. The 25-foot-wide, 2,500-square-foot lot, located on the corner of 14th Street, is currently vacant. The site’s last occupant, a single-story commercial structure was demolished back in 2005.

445-Key Hard Rock Hotel Under Development at 159 West 48th Street, Midtown

6:00 am on June 7, 2016 By Reid Wilson

Over the weekend, it was revealed, by the New York Post, that Extell Development is partnering with Hard Rock International to build a Hard Rock Hotel at 151-159 West 48th Street, located mid-block between Sixth and Seventh avenues, near Times Square in Midtown. Now, a rendering and additional details have been released in a Curbed NY report. The hotel tower will boast 445 rooms, a lobby lounge, a restaurant and bar, a rooftop lounge, and an underground speakeasy-style establishment. The hotel will also feature iconic music memorabilia, like many Hard Rock locations do. The 13,153-square-foot site is currently occupied by a seven-story parking garage and a five-story tenement building. Permits were filed to demolish the garage in February. The assemblage can accommodate 180,336 square feet of commercial development as-of-right. Additional air rights can be acquired elsewhere on the block and from around the district, as the site sits within the special Times Square zoning district.

Four-Story, 623,000-Square-Foot Commercial Complex Revealed, 280 Richards Street, Red Hook

11:00 am on June 3, 2016 By Reid Wilson

Back in 2005, Thor Equities acquired, for $40 million, the 7.7-acre Revere Sugar Refinery site at 280 Richards Street, located south of Beard Street in Red Hook. The developer later demolished the refinery (the last photos of it can be found here), and has since been floating the idea of building a massive mixed-use project with residential units and commercial space. The developer is now moving forward with plans for a four-story, 623,000-square-foot commercial complex, Bloomberg reported. It will include 600,000 square feet of office space and will boast 100,000-square-foot floor plates. The project will also feature 23,000 square feet of retail and restaurant space, presumably on the ground floor, along with a central courtyard, rooftop terraces, and a public waterfront esplanade. Norman Foster’s London-based Foster + Partners is designing. The site is located 12 blocks from the Smith-9th Streets stop on the F/G trains.

Development Team Closes on Deal with Port Authority to Rebuild LaGuardia Airport

6:30 am on June 3, 2016 By Reid Wilson

Back in March, the Port Authority of New York & New Jersey (PANYNJ) officially approved plans to rebuild LaGuardia Airport, in East Elmhurst, in addition to incorporating a 24-hour ferry service and an AirTrain to help transport travelers. Now, LaGuardia Gateway Partners – comprised of Vantage Airport Group, Skanska, and Meridiam – has closed on a deal with the Port Authority to actually construct the project, and to operate the new 1.3-million-square-foot airport through 2050, according to Crain’s. Demolition is expected to begin within the next few months on the five-story parking garage in front of the Central Terminal building. The Central Terminal will be the first portion to be redeveloped and is expected to be complete by 2021, followed by Terminals C and D. The development team, which is putting up $1.8 billion of its own money, has already secured $2.5 billion in financing. The Port Authority is responsible for an additional $2.2 billion that will go towards infrastructure work.

Jamestown Converting Basement of Chelsea Market Into Retail Corridor, Chelsea

2:00 pm on May 31, 2016 By Reid Wilson

Jamestown is planning to convert the basement level of Chelsea Market – a 1.2-million-square-foot, multi-use commercial complex located on the block bound by Ninth and Tenth avenues and West 15^th and 16^th streets, at 75 Ninth Avenue in southern Chelsea – into retail space. The conversion of the basement would double the retail space of the property to 80,000 square feet, according to Crain’s. The basement would be made into a single corridor similar to how the ground floor is currently configured with retailers. The project is expected to take five years. After the retail expansion, and pending an anchor tenant, the owners plan to vertically expand the complex’s office space by roughly 300,000 square feet. The office plans passed the city’s Uniform Land Use Review Procedure (ULURP) in 2012.

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