Retail

1568 Broadway, Rendering courtesy of ARX Solutions

1568 Broadway Begins Billboard Removal Ahead of Structural Demolition, in Times Square

Black shrouds and scaffolding have gone up over 1568 Broadway’s lower floors as crews begin the process of removing its Times Square-facing billboards and marquees. Meanwhile, workers are beginning to gut the interiors of the 470-foot-tall tower ahead of its imminent demolition. Built in 1990, the current DoubleTree hotel will eventually make way for a new 46-story DoubleTree Suites by Hilton. The proposed 550,000-square-foot development, which will be called TSX Broadway, will preserve of the 106-year-old Palace Theatre by raising it three stories up from the ground floor, making way for retail space. The $2.5 billion project is being developed by L&L Holding CompanyMaefield Development, and Fortress Investment Group. The site was previously purchased for $450 million.

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Harbor Station North - Rendering (KRE Group)

KRE Group Lands $45 Million Financing for Harbor Station North in Bayonne, New Jersey

Developer Kushner Real Estate Group has successfully secured $45 million in construction financing for a new residential community in Bayonne, New Jersey. The project, which broke ground in 2018, is known as Harbor Station North and will comprise three distinct buildings. Components within include 200 rental apartments, 10,000 square feet of retail, and associated parking.

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Brooklyn’s 475 Clermont Cleared for Occupancy, in Fort Greene

Developer RXR Realty and construction partner BCG recently celebrated their first temporary certificate of occupancy (TCO) at 475 Clermont, a 12-story development in Fort Greene, Brooklyn. The 363-unit, 400,000-square-foot structure contains a mix of residential homes and retail space. The TCO comes one month ahead of schedule and will allow occupancy to occur two months earlier than originally planned. Aufgang Architects is behind the design for the mixed-use rental building, which will contain 73 units for affordable housing and below-market rates.

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