At a Manhattan community board meeting Wednesday evening, city officials told garment industry representatives of plans to remove Midtown‘s manufacturing preservation requirement, Crain’s reports. The change to a 1987 zoning rule means that landlords will have the option to rent the formerly set-aside space to commercial office tenants. City officials cited the failure of the preservation effort to meet its goal, highlighted by a reported 83 percent decline the number of garment workers–from 30,000 to 5,100– since it was first implemented. As 6sqft recently reported, the rezoning is seen as “a clear push to drive these businesses toward lower cost space in Sunset Park.”
Big-box retailer Target is opening its newest store across from Macy’s in Herald Square. The store will be the anchor tenant of a 92,000-square-foot retail complex owned by Empire State Realty Trust that will offer more of the usual suspects, in this case Sephora, Swatch and Foot Locker, all behind a new Studios Architecture-designed curtain wall, according to the New York Post.
Along with its glassy towers on the rise and big-name corporations leasing office space, the Hudson Yards district is now displaying another show of how the mega-development is pushing the once-desolate Midtown West area forward–the announcement of a 60,000-square-foot Whole Foods. The green grocer will move into Brookfield Property’s eight-acre Manhattan West complex, located at 5 Manhattan West on the corner of 10th Avenue and West 31st Street, directly across from Related’s Hudson Yards. Echoing the sentiment of the “Whole Foods effect“–the pattern of real estate values increasing when high-end grocery stores open nearby, both due to convenience and prestige–a press release from the developer says the news “is a significant first step in creating a first-of-its-kind global retail hub at Manhattan West.”
Algin Management‘s 700-foot-tall Midtown West rental tower recently reached 35 stories of its total 62-story height and now its lower floors are receiving their “sexy facade of curved glass and aluminum panels,” according to CityRealty. Located at 242 West 53rd Street (the former site of Roseland Ballroom), the building was designed by CetraRuddy, who said their curvaceous silhouette was imagined as “a contextual sculpture surrounded by space, creating apartments that captured the views on all sides.” These curving forms are mimicked on the multi-level deck from Terrain Work, who have just shared renderings of these undulating outdoor spaces, including the open-air swimming pool, rock garden that doubles as a rainwater collection source, and multiple gardens and patio areas.
New York City’s avenue blocks are long, as are its winters; getting from Rockefeller Center to Times Square can be an unpleasant, cold and crowded experience–unless you take the underground passageway, the city’s largest, that spans the entire two-block-plus distance. Below, take a virtual stroll from avenue to avenue (and from the B/D/F/M to the N/R/W subways): Enter on the west side of Fifth Avenue between 50th and 51st Street and exit at Seventh Avenue and 49th Street–and buy yourself a few more minutes before you burrow into that parka.
The U.S. Senate voted 72 to 27 last week to confirm billionaire investor Wilbur Ross as Commerce Secretary. And now that he’ll be busy renegotiating the terms of Nafta and defending allegations of his questionable ties to Russia, the “King of Bankruptcy” is ramping up efforts to sell his ostentatious Billionaires’ Row penthouse. Curbed reports that the 14-room, “European-style” apartment first hit the market in 2015 for $21 million, then got a price chop to $18.5 million at the end of last year, and has now been reduced again to $16.5 million, less than the $18 million he paid for it in 2007.
Just two weeks after the city announced that they’d spend $136 million to create the “Made in NYC Campus,” a hub in Sunset Park that will provide affordable space for film and fashion companies, it’s come to light that the de Blasio administration has been planning a rezoning of Manhattan’s Garment District. As Crain’s explains, this could potentially roll back rules that require landlords to rent a portion of their buildings to fashion companies, a clear push to drive these businesses toward lower cost space in Sunset Park.
The de Blasio administration pulled the plug Monday on proposed legislation that would give the city a 20 percent cut of any air rights sales in midtown Manhattan’s Theater District, according to Crain’s. The reversal followed disputes with City Council members over a key element–a floor price for the sales. The proposal had been part of a long effort to get theater owners to up the amount they contribute to a fund used for venue maintenance and support for smaller theaters. There is now speculation as to whether the move could cast a shadow on the administration’s Midtown East rezoning plan, which is a similar policy initiative.
The Astor Suite at the Plaza Hotel and Residences at 1 Central Park South just hit the market for an Astor-worthy $39.5 million. The listing calls the 4,284 square-foot, three-bedroom home “one of the most historic homes ever to become available in the United States.” Currently owned by Esprit founder and former CEO Jürgen Friedrich, the suite boasts a roster of past residents that includes John Jacob Astor, the Duke and Duchess of Windsor and John F. Kennedy.
Here’s your chance to live in an iconic unit of the super-luxury Midtown tower One57 at a relative discount. According to CityRealty, the “usual” average price per square foot for an apartment at the building is $6,120—but this four-bedroom, four-and-a-half bath pad is asking $13.9 million at a price of $3,742 per square foot. It’s also located right under the skyscraper’s distinctive arched-glass walls at both the top and middle of the tower.
In November, the City Planning Commission voted to raise the cost of air rights transfers in the Theater District, allowing the city to take a 20 percent cut of any sales and establishing a minimum floor price of $346, a roughly 400 percent increase over the current $17.60 flat fee that they feel will be more in line with current property values. Despite vocal opposition from the Real Estate Board of New York, who back Theater District landlords and believe the increase is “is onerous, excessive and unfair,” this month the Commission is hoping to have the proposal approved by the City Council, reports Crain’s.
Under the New Yorker Hotel, a former guest convenience has been rendered an Art Deco artifact by the times. While not built to be a secret, a tunnel connecting the Midtown hotel’s lobby to Penn Station was sealed on the station’s side sometime in the 1960s and subsequently forgotten, according to Atlas Obscura.
After stalling repeatedly over design disagreements, budget woes, and funding squabbles, NJ.com reports that The Port Authority said it hopes to have a new midtown Manhattan bus terminal built in New York by 2030, shovels in the ground by 2021 and be “well underway” by 2026. Though some lawmakers expressed doubt about the ambitious schedule, Steven P. Plate, Port Authority chief of major projects, said at a Legislative Oversight Committee joint hearing about the agency’s $32 billion revised capital plan, “We will have full environmental approval, permits in place and construction well underway” according to that timeline.
Back in September, Related Companies chairman Stephen Ross finally unveiled the large-scale artwork that would anchor the central public space within Hudson Yards. As Ross revealed, Thomas Heatherwick was chosen to design the piece, and it would cost an incredible $150 million to build. Dubbed “The Vessel,” the climbable sculpture would rise 16-stories—150 feet tall, 50 feet wide at its base and 150 feet wide at the top—and consist of a web of 154 concrete and steel staircases with 2,500 steps, 80 landings and an elevator; the piece, in fact, so massive that it could comfortably accommodate 1,000 visitors at a time. The sculpture was to be constructed in Monfalcone, Italy before being shipped to its home on the Hudson River. And now CityRealty reports that parts of what Ross once called “New York’s Eiffel Tower” have officially arrived at the site and await assembly.
When completed, Related Companies‘ and Oxford Properties Group’s 50 Hudson Yards will be the city’s most expensive office building, coming in at $3.94 billion. To make starchitect Norman Foster‘s pricey vision a reality, the developers had filed an application with the New York City Industrial Development Agency to take advantage of financial incentives that were enacted in 2006 to encourage development in Hudson Yards. And according to a new report in Crain’s, the agency has approved $195 million in such tax breaks, which include making fixed payments towards the 985-foot tower’s development costs instead of paying property taxes that vary from year to year, as well as receiving a discount on the mortgage recording taxes.
It’s been less than a month since it was revealed that starchitect Norman Foster would be designing the Related Companies‘ and Oxford Properties Group’s 50 Hudson Yards commercial tower, but the developers have already pegged the cost of the project at $3.94 billion, which will make it the city’s most expensive office building, reports The Real Deal. The 985-foot tower, where BlackRock has already signed a 20-year lease for 15 floors, will surpass One Vanderbilt‘s projected $3.14 billion price tag and Bjarke Ingels’ planned $3 billion+ High Line tower known as The Spiral, as well as One World Trade Center‘s current record of $3.8 billion.
This Midtown West condo, at 448 West 37th Street, is known as the Glass Farmhouse—and this live/work loft is certainly glassy. The completely open, 1,550-square-foot pad has 13-foot, beamed ceilings, with eight feet of windows underneath. And all that space, the listing suggests, “allows endless possibilities for decoration and setup as you want.” Although the building is a condo, this one is up on the rental market for nearly $5,000 a month.
It’s been 14 months since developer Related Companies bought the site of a former McDonald’s at 34th Street and 10th Avenue, the final parcel needed to complete Hudson Yards. Initial reports said the site of 50 Hudson Yards would hold a 62-story, 1,000+ foot commercial tower, but Related and Oxford Properties Group have now revealed that the structure will rise 58 stories and 985 feet and be designed by starchitect Norman Foster. As first reported by Curbed, the news comes on the heels of BlackRock’s decision to sign a 20-year lease for 15 floors, or 850,000 square feet, in the building, leaving their long-time Park Avenue home in a show of confidence in the mega-complex.
Just two months ago, West Side elected officials and the Port Authority agreed to move ahead on the 10-year, $10 billion capital project to replace the current Bus Terminal, releasing five design proposals for a new building. But officials at the bi-state agency “have reached an impasse” on the project due to budget concerns and disagreements on the design, reports Crain’s.
The City Planning Commission has voted to up the cost of air rights transfers in the special Midtown Manhattan district that includes Broadway’s theaters, The Real Deal reports. Currently, when developers purchase air rights from theaters between West 40th and West 57th Streets from Sixth to Eighth Avenues, they pay $17.60 per square foot to the Theater Subdistrict Fund. Transferable development rights can usually only be used for adjacent properties, but the city created the special district in 1998 to help the theater industry thrive amid sharply rising real estate prices; within the district, air rights can be moved more freely in a larger area outside the usual “arms length” restrictions.