Office

5521 Eighth Avenue

Foundation Work Underway For Six-Story, 40-Unit Medical Office Building At 5521 Eighth Avenue, Sunset Park

2:00 pm on February 18, 2016 By Reid Wilson

In October of 2014, YIMBY revealed renderings of the planned six-story, 40-unit multi-use commercial building at 5521 Eighth Avenue, on the corner of 56th Street in Sunset Park, located seven blocks north of the N train’s stop on Eighth Avenue. The Brooklyn Daily Eagle reports foundation work is now underway on the 81,569 square-foot project, which will include 36 medical offices and four retail units. The retail space will measure 13,003 square feet in total and will span the ground floor and a mezzanine level. The medical offices will begin on the second floor and should average 1,180 square feet apiece. Flushing-based Andy Wong filed documents with the Attorney General’s office in January, which indicated the project is being valued at $76.3 million. Raymond Chan is designing and completion in 2017 seems likely.

One Penn Plaza as seen from the southwest. Photo by Evan Bindelglass.

One Penn Plaza, Two Penn Plaza To Get Major Renovations, Interconnection, Midtown

10:00 am on February 18, 2016 By Reid Wilson

Following the state’s plan to upgrade and expand Pennsylvania Station, Vornado Realty Trust has announced plans to renovate and interconnect 57-story One Penn Plaza and 29-story Two Penn Plaza, completed in 1972 and 1968 respectively, into a massive 4.2-million-square-foot office complex. The two buildings are located directly adjacent to and above Penn Station, in Midtown, between West 31st and 34th streets and Seventh and Eighth avenues. According to The Real Deal, the renovation project would improve desirability and tenant mobility and allow for new retail and amenity opportunities. Two Penn Plaza would get a new floor-to-ceiling glass façade and One Penn Plaza would receive “a more conventional upgrade.” Start and completion dates have not been disclosed, and a designer has not yet been revealed.

106 West 56th Street

Reveal For 26-story, 90,000-Square-Foot Office Building At 106 West 56th Street, Midtown

6:00 am on February 18, 2016 By Reid Wilson

Earlier this week, news broke that Savanna and Hong Kong-based Atom Assets were planning a 26-story, 90,000 square-foot office building at 106 West 56th Street, in Midtown, and now Real Estate Weekly has a rendering of the project. As reported earlier, the new building will feature boutique office space geared towards smaller business tenants. The Perkins Eastman-designed project will feature multiple terraced setbacks and floor plates of varying sizes, ranging from 5,000 square feet on the lower levels to 2,000 square feet towards the top. The developers received an acquisition loan from United Overseas Bank to purchase the existing nine-story office building. Demolition will begin in early 2017 and completion is expected in 2019.

45-08 Junction Boulevard

Four-Story, Four-Unit Mixed-Use Project Planned At 45-08 Junction Boulevard, Corona

2:00 pm on February 17, 2016 By Reid Wilson

Guo H Hu, doing business as an anonymous Queens-based LLC, has filed applications for a four-story, four-unit mixed-use building at 45-08 Junction Boulevard, in Corona, located six blocks south of the Junction Boulevard stop on the 7 train. The new structure will measure just 3,987 square feet in total and will include a small 449 square-foot doctor’s office on the ground floor. The residential units, three of which will have full-floor layouts, will average 750 square feet apiece. Flushing-based An Shen Ma is the architect of record. The site’s existing two-and-a-half-story wood-framed building must first be demolished.

787 Eleventh Avenue

Two-Story Expansion Filed For 464,000 Square-Foot Commercial Building At 787 Eleventh Avenue, Hell’s Kitchen

10:00 am on February 17, 2016 By Reid Wilson

Last July, Georgetown Company and Bill Ackman closed on the eight-story, 464,000 square-foot commercial building at 787 Eleventh Avenue, between West 54th and 55th streets in Hell’s Kitchen, for roughly $250 million. Now the property’s new owners have filed applications to expand the building by two stories or an additional 19,784 square feet. The roof will be raised by 60 feet (to 160 feet) and the latest filings indicate there will be 400,144 square feet of designated commercial space. The ground floor will contain retail space and automobile dealerships, floors two through five will contain automobile shops and services, and floors six through 10 will be office space. Per Curbed, Ackman’s Pershing Square Capital Management will be occupying the office space. Rafael Viñoly Architects is designing the project.

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