Retail

Two Penn Plaza

BIG Plans Revealed For Two Penn Plaza Transformation

Among the numerous hulking eyesores in New York City, Two Penn Plaza manages to make a particularly negative impact, and its placement above Penn Station helps cement the latter’s status as an architectural failure. But now we have a first look at plans to transform the structure completely, created by Bjarke Ingels Group/BIG for developer Vornado.

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Industry City

Industry City’s Proposed Rezoning Will Include Retail, Two Hotels, But No Dormitory, Greenwood

A year ago, news broke that Jamestown, Belvedere Capital, and Angelo Gordon announced plans to infuse $1 billion to renovate and redevelopment parts of the the 16-building, six-million-square-foot industrial complex, dubbed Industry City, located west of the Gowanus Expressway, in Greenwood. Crain’s now reports the developers are scrapping plans to build a 150,000-square-foot student dormitory at the 32-acre site. The complex’s proposed rezoning still includes the construction of significant retail space and two hotel buildings. Renovation work currently under way includes new windows, elevators, and interiors, and the complex is presently home to manufacturing uses and office space of a variety of sorts. The developers expect to begin the city’s Urban Land Use Review Procedure (ULURP) before 2017.


Construction Underway At Bottega Veneta’s 740 Madison Avenue Boutique, Upper East Side

Construction of the 24,000-square-foot Bottega Venetta boutique store is in full swing at the intersection of Madison Avenue and East 64th Street. The retailer will occupy 740 Madison Avenue along with 23 and 25 East 64th Street. It acquired the property from the Wildenstein family of international art dealers in the fourth most expensive lease of 2014, with an estimated rent of $8 million. Sitting one block east of Central Park and a few blocks north of the Billionaires’ Row rising along 57th Street, the site is within the Upper East Side Historic District, meaning that the developer had to engage in a delicate design and approval process before starting work on the three 19th century buildings.

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40-09 29th Street

15,000 Square Feet Of Retail Space Planned At 40-09 29th Street, Long Island City

Forest Hills-based property owner Kyong I. Park has filed applications for two two-story commercial-retail buildings at 40-09 – 40-11 29th Street, in the Queens Plaza section of Long Island City, located three blocks north of the elevated tracks for the E/M/R/7 subway lines. The northern building at 40-09 29th Street will measure 10,012 square feet and the other building will measure 9,212 square feet. There will be 14,907 square feet of commercial space across both buildings, and the Schedule A notes both will be used as retail space. Iljoong Kim’s Flushing-based Chio Design Consulting is the applicant of record. A two-story house at 40-09 29th Street and the Korean Philippo Church at 40-11 29th Street must first be demolished. Permits have not yet been filed to do so.


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