New Developments

Major Developments, Midtown, New Developments, real estate trends, Top Stories

All renderings courtesy of Jamestown

One of the most valuable advertising locations in the world will cash in on its prime location even further. One Times Square, home of the New Year’s Eve ball drop, will undergo a $500 million redevelopment to become a new visitor center with a viewing deck, museum, and 12 floors of interactive “branded” experiences, developer Jamestown announced on Friday. While the 26-story building, located at 42nd Street and 7th Avenue, has been vacant for years, its exterior is covered in giant billboards. As part of the half-a-billion-dollar project, advertisers will be able to reach more consumers through immersive “digital, virtual, and augmented reality integrations” inside One Times Square.

Details here

Construction Update, Hotels, Major Developments, Manhattan, Midtown, New Developments

Images courtesy of TSX Broadway

The redevelopment of a historic Times Square theater hit a major milestone this week. L&L Holding Company on Wednesday announced the 30-foot lift of the Palace Theatre is completed after seven weeks. The project is part of TSX Broadway, a 46-story $2.5 billion mixed-use development set to open next year with a performance venue, 660-key hotel, retail, and a restored theater on the third floor. Using techniques that defied traditional engineering, the theater’s lifting unlocks 100,000 square feet of retail and entertainment space.

Details here

Hudson Square, New Developments

All renderings courtesy of Vocon

Hudson Square Properties, a joint venture of Trinity Church Wall Street and Norges Bank Investment Management with Hines, on Tuesday announced the topping out of their new office tower in Hudson Square. Located at 555 Greenwich Street, the 270,000 square-foot, 16-story office tower will eventually connect with the adjacent 345 Hudson to form a single, full-block building. Designed by COOKFOX Architects, the new building will utilize state-of-the-art wellness and sustainability-focused features to reach and exceed New York City’s 2030 climate targets for office buildings by more than 45 percent.

See more here

Featured Story

Features, Greenpoint, New Developments, NYC Guides

Photo courtesy of Greenpoint Terminal Market

Situated in Brooklyn’s northernmost corner, bridging the popular enclaves of Williamsburg and Long Island City, Greenpoint is an eclectic star in the North Brooklyn neighborhood constellation. A somewhat sleepy industrial neighborhood for much of the 20th century, Greenpoint was settled by Polish immigrants who came here to work along the waterfront nearly a century ago. In the 21st century, having been made irreversibly famous by the hit TV series Girls, it has become one of the most desirable residential areas in Brooklyn.

Your guide to Greenpoint, this way

Chelsea, Major Developments, Manhattan

Photo Credit: Brett Beyer

More than 10 years and over $400 million later, an 80,000-square-foot public park is now open on the rooftop of Pier 57 in Hudson River Park. Formerly a maritime port and bus depot, the pier has been transformed into a mixed-use development with office space for Google and a new food hall curated by the James Beard Foundation. The new two-acre green space, the largest of its kind in New York City, will be open to the public daily from 7 a.m. and 10 p.m.

Get the details

Policy, Rentals

Image courtesy of Creative Commons

The city’s Rent Guidelines Board on Thursday released a report recommending a rent hike for rent-stabilized apartments due to an increase in operating costs for landlords over the last 12 months. According to the agency’s 2022 Price Index of Operating Costs report, owners saw costs rise by 4.2 percent. Using three formulas, the board recommended an increase in rent of between 2.7 percent and 4.5 percent for one-year leases and between 4.3 percent and 9 percent for two-year leases. The suggested rent increase comes after the board voted to not raise rents for six months last year and fully freeze rents in 2020.

Find out more

Major Developments, Midtown East, New Developments

Rendering: dbox / Foster + Partners

JPMorgan Chase on Thursday unveiled the design for its massive new global headquarters in Midtown East, set to become one of New York City’s tallest buildings. Roughly three years after the project was approved by the city and a year after construction began, fresh renderings show off the Foster + Partners-designed tower at 270 Park Avenue, which will soar nearly 1,400 feet and be all-electric. The building, which will house up to 14,000 employees, boasts a unique “fan-column” structure that is lifted about 80 feet above street level as well as a new public plaza on Madison Avenue.

See the supertall

Chelsea, condos, New Developments, Starchitecture

All images courtesy of Related Companies

Related Companies on Thursday launched sales at The Cortland, a new 25-story waterfront luxury condo designed by Robert A.M. Stern Architects (RAMSA) with interiors from Olson Kundig. Located at 555 West 22nd Street in Chelsea, the tower offers residents views of the Hudson River and almost 20,000 square feet of amenity space. While exact pricing for all 144 loft-like residences has not been released yet, a spokesperson for the project said two-bedrooms start at just above $4 million and over $21 million for four bedrooms.

See inside

condos, Cool Listings, Upper East Side

Photo credit: VMI Studios

Capping the reinvention of the former Hotel Wales at 1295 Madison Avenue as luxury condominium residences, a newly-constructed 4,179-square-foot penthouse spanning the building’s highest floor has just arrived on the market. The $23,000,000 home in the Carnegie Hill Historic District contains five bedrooms and seven bathrooms; its biggest asset, however, may be the 3,114 square feet of wrap-around terraces on two levels with Central Park views, an outdoor kitchen with a wet bar, a fireplace, and a butler’s pantry.

Get a peek at this parkside penthouse

New Developments, New Jersey, Transportation

All renderings courtesy of LCOR

After 16 years of deliberation, plans to revitalize Hoboken’s waterfront are moving forward. New Jersey Transit, the City of Hoboken, and developer LCOR on Wednesday released new renderings of Hoboken Connect, a mixed-use transit project that aims to bring major investments to the city. The development will include a 20-story office building with retail, a 389-unit residential property with 20 percent of the units affordable, public open space, and the renovation of transit infrastructure and buildings like the historic Lackawanna Terminal. The project is currently under review by the city and is pending redevelopment agreement approvals, which could be decided next month.

More details here

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