This week, the MTA and SL Green debuted a new entrance to the Grand Central-42nd Street subway station at One Vanderbilt Avenue, a 77-story supertall office skyscraper in Midtown. The new entrance is the latest component of SL Green’s $220 million transit improvement project bundled into development of the commercial project.
Work is moving along at 45-18 Court Square in Long Island City, Queens, where a former industrial building is being restored and receiving a six-story addition with multiple wings. Designed by Perkins + Will and developed by King Street Properties, Newmark Knight Frank, and GFP Real Estate, the property will provide space for a life science facility called Innolabs. All sections of the expansion appear to now be topped out.
Despite the anticipated slowdown of commercial real estate, Brooklyn Navy Yard Development Corporation, or BDNYC, is reporting more than 160,000 square feet of new commercial leases within the former industrial complex. This figure does not include an additional 81,000 square feet of lease renewals and an unspecified inventory in their 2021 pipeline.
Last week, the New York City Council approved a Flushing waterfront development set to cost $2 billion. The massive mixed-use project, which includes housing, commercial retail and office space, and hotel lodging, is being developed by a joint partnership between United Construction & Development Group, F&T Group, and Young Nian Group. The master plan, designed by Hill West Architects, will develop 29 acres of land bound by Flushing Creek, Northern Boulevard, College Point Boulevard, and Roosevelt Avenue, as well as upgrade the neighborhood’s public waterfront access.
JNY Capital and United Housing Company are working in collaboration on The Oasis, the country’s largest-ever Passive House office building at 38-42 12th Street, near the northern boundary of Long Island City. From Brooklyn-based design studio Archimæra, the building’s Passive House standard construction will incorporate extremely efficient mechanical and electrical systems, a low-emissivity glazing system that reduces energy costs related to interior temperature management, solar panels, and LED light fixtures, as well as an efficient building envelope and modern ventilation systems that work in tandem to improve indoor air quality.
