In April, news broke that Istanbul-based Gulaylar Group entered into contract to acquire the entire 90,000-square-foot office portion of the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, on the corner of East 54th Street in Midtown. The deal includes the development rights to vertically expand the building by five stories. Those air rights were made available after property owners General Growth Properties and Thor Equities repositioned the building’s three stories of retail space, which now measures 23,400 square feet and is being made into Coach’s flagship store. Now, Gulaylar has disclosed plans to convert the office portion they are buying, along with the future expansion, into a 90-key boutique hotel, The Real Deal Reports. Five hotel chains, including Oetker Collection, AccorHotels, and LVMH’s Cheval Blanc, are currently in negotiations with the developer. The building’s remaining office tenant is moving out in August. Walter Marin’s Midtown-based Marin Architects is the architect of record for the expansion.
Back in 2014, Diversified Realty Advisors and California-based SunCal closed on the purchase, for $39.5 million, of the 70-acre former General Motors factory site in Sleepy Hollow, located just north of the Tappan Zee Bridge in Westchester County. Now, the developers have held a groundbreaking ceremony for their mixed-use mega-development called Edge-on-Hudson, Westfair reports. The project will include 1,177 residential units (a mix of condos, townhouses, and rentals), a 140-key boutique hotel, 135,000 square feet of retail and restaurant space, and 30,000 square feet of office space. Some of the units will rent at below-market rates to seniors and lower-income families. Sixteen acres will be made into parkland and a riverfront promenade.
It was just over a month ago that developer Ian Schrager broke ground on his West Village condo project 160 Leroy. On Tuesday evening, he invited guests to come check out the views from another project of his – the hotel and condos under construction at 215 Chrystie Street, in Bowery.
Jamaica’s development boom is moving south of the Long Island Rail Road yards and into the relatively forgotten area near the Van Wyck Expressway. Yesterday, YIMBY noticed plans for an unusual hotel-residential project at 143-18 Liberty Avenue, along an industrial and highway-like stretch of eastern Queens.
In 2011, D.A.B. Group defaulted on the mortgage for their 16-story, 98-key hotel project at 139 Orchard Street, located on the Lower East Side. The developer eventually lost control of the site and abandoned construction on the structure, although the building topped out before work stopped. The latest development is that Fortuna Realty Group and Elk Investors won an auction to acquire the stalled-out project for $30.75 million, The Real Deal reports. Buildings applications indicate the hotel will measure 39,064 square feet. The new owners plan to finish construction on the building as a hotel. Completion is expected sometime in 2017.