Office

422 Fulton Street

First Look at Macy’s Five-Floor Renovation Planned at 422 Fulton Street, Downtown Brooklyn

In August of 2015, news broke that Tishman Speyer was acquiring five stories of Macy’s nine-story commercial building at 422 Fulton Street, along with the parking garage at 11 Hoyt Street/217 Livingston Street, in Downtown Brooklyn, for $170 million. Macy’s is expected to consolidate their retail space into 278,000 square feet on the lower half of the building (basement through fourth floors). Speyer would then expand and convert the upper portion into 10 stories of office space. The Wall Street Journal now has the first glimpse of the renovations, which Speyer has agreed to fund (as part of the deal), that will go into Macy’s portion of the building. Macy’s and FRCH Design Worldwide are designing their space. Work is expected to begin imminently, and the renovation is expected to be complete in 2019. It was recently reported that Speyer would be utilizing the EB-5 program to raise roughly $60 million in financing.



160 Van Brunt Street

Commercial-Office Conversion Complete on Three-Story Building At 160 Van Brunt Street, Red Hook

Back in April of 2015, renderings were revealed of the planned commercial conversion of the Golten Marine building, a three-story, 98,650-square-foot former industrial property at 160 Van Brunt Street, in northern Red Hook. Since then, construction has been largely completed on the project and Tesla Motors was announced as the anchor tenant, as reported by Curbed NY earlier this year. Tesla is leasing 40,000-square feet on the ground floor, which it will use for dealership showrooms, offices, and a service center. The Brooklyn Paper also recently reported Tesla will install a reconstructed illuminating “Red Hook” sign on the ground floor. The building opened in March and contains additional yet-to-be-leased office space on the upper levels. LIVWRK is the developer and acquired the property for $21.5 million in 2014. New Jersey-based John Saracco Architects is the architect of record.


65 East 55th Street

36-Story Midtown Office Tower At 65 East 55th Street Getting Major Renovations

The 36-story, 615,850-square-foot office building at 65 East 55th Street, in Midtown, is currently receiving a $25 million renovation now that a majority of the tower is in between commercial leases. Construction on the first phase of renovations began earlier this year and includes a redesigned 41-foot-tall lobby and upgraded elevators, according to Commercial Observer. Once tenants vacate additional areas of the building this summer, work will begin on 20,000 square feet of amenities. Dubbed The Club, it will feature a fitness center, a recreational lounge, a bistro, and a conference center. A new outdoor plaza, with seating, vegetation, a sculpture, and a restaurant/bar, is also being constructed. Once completed, hundreds of thousands of square feet of office space will hit the market. Landlord Equity Office, a branch of Blackstone Group, acquired the 1985-built building in 2014 for $750 million.



Fetching more...