New Developments

Construction Update, Major Developments, New Developments, New Jersey, Rentals

All renderings courtesy of Kushner unless otherwise noted

Construction is finally underway at Kushner’s huge One Journal Square project in Jersey City. The nearly $1 billion mixed-use development consists of two 710-foot-tall towers with more than 1,700 rentals and 45,000 square feet of amenities and public space, including a new Target location as its anchor tenant. The developer was joined by Jersey City Mayor Steven Fulop during a groundbreaking ceremony at the Journal Square site on Thursday.

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Construction Update, Downtown Brooklyn, New Developments, Rentals

The construction site in June 2022 © Ondel Hylton

Construction has officially begun on yet another new residential skyscraper in Downtown Brooklyn. Located at 589 Fulton Street, The Brook is a 600-foot-tall luxury rental with 591 apartments and 30,000 square feet of indoor and outdoor amenities. Developed by Witkoff and Apollo and designed by Beyer Blinder Belle, the building broke ground just days before the 421-a tax abatement program expired, allowing developers to still cash in on the 35-year tax break.

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Manhattan, real estate trends, Rentals

Photo by Dimitry Anikin on Unsplash

According to the May 2022 Elliman Report for Manhattan, prepared by appraiser Miller Samuel Inc. for brokerage Douglas Elliman, median rent arrived at the $4,000/month mark for the first time ever, with average rent hitting just under $5,000/month. May 2021 median and average monthly rents were $3,195 and $4,078, a 25.2 percent and 22 percent jump, respectively.

Rising rents, shrinking inventory, this way

affordable housing, Brooklyn Heights, condos, New Developments

Image credit: Gregg Richards courtesy of BPL

The Brooklyn Public Library on Wednesday opened a new branch at 286 Cadman Plaza West in Brooklyn Heights–the second-largest library in the system (Central Library is the largest). The 26,000-square-foot space will include a children’s area, a teen library, a multipurpose room with a capacity of 225, public meeting rooms, and lots of spaces to enjoy a book or some quiet thoughts. Located within the base of a new luxury residential tower, the library is the result of an unusual redevelopment plan that also included $40 million in repairs throughout the library system and 100 new affordable apartments elsewhere in Brooklyn.

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Bronx, Construction Update, Major Developments, Museums, New Developments

Rendering: S9 Architecture

The country’s first permanent museum dedicated to hip hop hit a major construction milestone last week. The Universal Hip Hop Museum (UHHM) topped out in the South Bronx last week as part of the huge mixed-use project Bronx Point. The museum, located at Exterior Street and East 150th Street, aims to serve as a “living document” that will chronicle the history of the music genre in the borough where it was invented 50 years ago.

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Major Developments, Midtown, New Developments, real estate trends

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.

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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.

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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.

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