Historically, Auto Row, the stretch of eleventh in the 50s, has been somewhat a no-man’s land to most, save for those rare New Yorkers who own a car. But with Hudson Yards pushing development westward, it’s now coming out of the shadows. One of these projects is Rafael Viñoly Architects‘ addition to 787 Eleventh Avenue, an Art Deco industrial building that was originally home to the Packard Motor Company when it opened in 1927 to the designs of Albert Kahn. Viñoly’s $100 million commission is adding two stories off office space to the top of the eight-story building, converting the other floors to commercial space, and retaining the current auto dealerships on the lower five levels. It’s been more than two years since the first renderings were revealed, and now the firm has released an additional batch that show aerial views of the addition, more office views, and a closer look at the 12,000-square-foot roof deck.
It was only four years ago that Rolling Stones guitarist Keith Richards and his wife, model Patti Hansen, bought the penthouse at celeb-filled 1 Fifth Avenue for $10.5 million. Two years later, after an overhaul by architect Joe Serrins, the rock legend listed the Greenwich Village spread for $12.23 million. But as it goes, “You Can’t Always Get What You Want,” and in October 2017 he dropped the price to $12 million even and brought it celebrity stager Cheryl Eisen. The price continued to decline, dropping to $11 million this past November, and most recently $9.95 million. Now, the Observer reports that it’s gone into contract, meaning he more than likely took a loss.
Photo by Max Touhey
Construction of SL Green’s supertall One Vanderbilt continues to push forward, with the steel erection on the 16th floor now complete. By the end of the year, the developer expects to reach the 30th floor of the Kohn Pedersen Fox-designed, 1,401-foot skyscraper, which will become the city’s second tallest skyscraper when completed in 2020. A fresh set of aerial photos of the tower provide a new perspective of the surrounding buildings, including neighboring Grand Central Terminal. And with even more sky-high news, SL Green reportedly announced that tickets to One Vanderbilt’s 1,000-foot observatory will cost about $39, or $5 more than that of One WTC.
Photo courtesy of Lord & Taylor
Lord & Taylor’s iconic New York City flagship store will close its doors next year, after occupying the Fifth Avenue building for 104 years. In an attempt to keep afloat last year, Hudson’s Bay, owner of the department store, sold the 676,000-square-foot building for $850 million to WeWork, who planned to make the landmark its new global headquarters.
While Lord & Taylor was left with roughly 150,000 square feet of space at 424 Fifth Avenue, the company struggled to maintain profitability after the turnover of the building to WeWork. Including the iconic flagship, the company will also close as many as 10 Lord & Taylor stores total (h/t Bloomberg). In a first-quarter report, Hudson’s Bay said: “Exiting this iconic space reflects Lord & Taylor’s increasing focus on its digital opportunity and HBC’s commitment to improving profitability.”
Jessica Lange is movin’ on up. According to city property records first spotted by The Real Deal, the Academy-award winning actress bought the two-bedroom co-op directly above her current home in 1 Fifth Avenue. Lange paid $3.3 million, more than $500,000 under the asking price, for the sun-filled unit, which is much in need of updating. But this won’t be a problem if the speculation that she’s looking to combine the two apartments is true.
Photo via via Alexandra Ferguson
The city released on Monday a plan to preserve at least 300,000 square feet of production space in the Garment District for the fashion industry by providing tax breaks for owners who lease manufacturing space. While the district, bound by 35th and 40th Streets and Broadway and Ninth Avenue, was once home to hundreds of thousands of fashion jobs, it has lost 85 percent of firms in the last three decades.
In addition to the tax incentives, the plan creates a new zoning rule that would help limit the construction of hotels by introducing a special permit. The Garment Center IDA program, backed by City Hall, the city’s Economic Development Corporation, Manhattan Borough President Gale Brewer and industry leaders, also includes lifting previous protections from a 1987 mandate that preserves millions of square feet of apparel-production space on certain side streets. According to the Wall Street Journal, if the plan is approved by the city council, owners would be allowed to convert buildings to other uses, like offices.
The railroad layout may not seem ideal at first, but this one-bedroom Soho co-op more than makes up for it with two bathrooms and a dreamy outdoor terrace. Asking $945,000, the apartment at 57 Thompson Street lends itself to a shabby chic aesthetic, with whitewashed brick walls, cozy angled rooms, and large windows perfect for window boxes and hanging plants.
Google Street View of 666 Fifth Avenue
Kushner Companies has agreed to purchase the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust for $120 million, nearly wrapping up the drawn-out saga of the problem-plagued condo tower. According to the Wall Street Journal, Vornado said the contract with Kushner is expected to close in the third quarter of this year and is conditional and “there can be no assurance that this transaction will be completed.”
Kushner Cos. first purchased the 41-story building in 2007 for a record $1.8 billion, but the economic recession created enormous financial strain for the company. To help restructure the building’s major debt, they brought in Vornado, which purchased the stake in the building for $80 million and the assumption of half the property’s $1.2 billion mortgage in 2011.
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Before his untimely death in 1959–the “day the music died”–Buddy Holly briefly lived at the then-brand-new Brevoort apartment building in Greenwich Village. His band the Crickets had moved to NYC in 1958 to be a part of the music scene, so Holly and new wife Maria Elena Santiago rented a corner two-bedroom apartment with a wrap-around terrace for just $1,000 a month. This unit, where he made his final recordings of “Crying,” “Waiting, Hoping,” and “Peggy Sue Got Married,” has just hit the market for $1,595,000 (h/t Curbed).