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real estate trends

Amazon snags two Fairway Market stores in NJ

By Devin Gannon, Thu, March 26, 2020

Fairway, Fairway Grocery, Upper West Side, Whole Foods, Grocery Stores, Red Hook, Fairway Red Hook

Photo by Dougie WII on Wikimedia

Amazon has acquired the leases for two Fairway Market stores in New Jersey, half the number of stores the company originally hoped to buy. According to Supermarket News, the online retailer will acquire Fairway’s Paramus and Woodland Park, N.J. store leases for $1.5 million. It’s unclear why Amazon’s offer for stores in Red Hook and Westchester fell through. The auction comes just a few months after the beloved New York City grocery store filed for bankruptcy.

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Featured Story

City Living, Features

Photo by Boris Dunand on Unsplash

By now, we’ve all seen the lines wrapping around the block to get into Trader Joe’s or the crazed shoppers buying 100 rolls of toilet paper. And all of this panic shopping and stockpiling, coupled with the state’s new guidelines on businesses, has caused grocery stores in the region to adjust their hours and practices. From reduced hours to elderly-only shopping times to purchase limits, this is how businesses like Trader Joe’s, Fairway, Whole Foods, Wegmans, and some more local spots are coping amidst the coronavirus health crisis.

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Midtown

Photo courtesy of Lord & Taylor

After The Real Deal first learned of the possible deal in late February, the Post is now reporting that Amazon is doling out $1.15 billion to acquire Midtown’s Lord & Taylor building from WeWork. Rumors that Amazon would potentially lease the building circulated last summer ahead of WeWork’s planned IPO. The sale will have big implications for both companies, giving WeWork much-needed capital and representing Amazon’s largest real estate acquisition to date. According to the Post, the landmark building will become Amazon’s NYC headquarters and home to “several thousand employees in the coming years.”

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Policy

CC Photo via Cheap Full Coverage Auto Insurance on Flickr

In its attempt to lure Amazon to open its second headquarters in New York, officials offered the company $800 million more in incentives than previously known to the public. Documents obtained by the Wall Street Journal reveal the breadth of the proposal from state and city leaders as part of Amazon’s year-long contest in 2017 to find a new home for 50,000 jobs. According to the WSJ, the original offer to Amazon included $1.4 billion of tax credits, $1.1 billion in grants, and part of the salaries paid for some employees.

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hudson yards

Amazon leases office space in Hudson Yards

By Alexandra Alexa, Mon, December 9, 2019

Photo by Bill Benzon via Flickr cc

Less than a year after Amazon dropped plans to build its second headquarters in Long Island City, the tech giant has officially signed a lease for office space in Hudson Yards, as the Wall Street Journal first reported. The Seattle-based company will expand its presence in Manhattan with 335,000 square feet of office space at 410 Tenth Avenue. There are currently about 3,500 employees in the company’s existing NYC offices and this latest expansion will bring 1,500 new jobs to the city—all without any incentives.

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City Living, Policy

Photo courtesy of the Department of Transportation

Nearly two million packages on average are delivered in New York City each day, causing vans and trucks to clog already congested streets. Looking to address delivery-related traffic, as well as cut vehicle emissions, the city announced on Wednesday a pilot program that would encourage companies to use cargo bikes instead of trucks to deliver parcels in Manhattan below 60th Street.

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City Living, Policy, real estate trends, Transportation

Stuck in traffic? Blame the internet.

By Michelle Cohen, Mon, October 28, 2019

Via Flickr

Driving from point A to point B in New York City is actually getting slower despite brand new bridges, tolls, congestion pricing, and public transportation options, and it has a lot to do with all the stuff we’re ordering online. A recent story in the New York Times outlines how massive growth in online ordering from companies like Amazon has added a whole new layer to the delivery truck traffic and parked vehicles that clog city streets each day. But the real news may be the new layer of infrastructure that’s being added to the city’s economy in the form of “last mile” fulfillment centers to get it all to consumers overnight.

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Long Island City

Previous rendering of Anable Basin, courtesy of WXY architecture + urban design

Soon after Amazon canceled plans to build a new headquarters in Long Island City, the city began reviving earlier plans to bring a mix of residential and industrial spaces to the neighborhood. Developers and city officials are still in talks over how the 28-acre site—which includes land owned by both the city and plastics company Plaxall—will be used. As Politico recently reported, the vision is starting to come into sharper focus with property owners now engaging the neighborhood and community board to help determine the future of the waterfront site.

Here’s what we know so far

Queens

Amazon, Queens, Maspeth

Google Street View of the Maspeth site

As Amazon’s search for new warehouse space continues, the retail giant is looking to Queens again, as Crain’s reports. Several sources have said the company is considering leasing the site at 55-15 Grand Avenue in Maspeth, which can accommodate over 700,000 square feet of space. If the deal goes forward, Amazon would scrap the existing, former warehouse and build a custom distribution facility from the ground up.

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Midtown

Photo courtesy of Lord & Taylor

Earlier this week reports circulated that Amazon might be eyeing Industry City for new office space in Brooklyn, but the company’s search isn’t limited to one borough. As the Wall Street Journal reported, Amazon is searching throughout New York City for a space large enough to accommodate its growing workforce and is in talks with WeWork to lease space in the historic Lord & Taylor flagship store, which WeWork bought earlier this year. Spokespeople for both companies declined to comment, but sources say Amazon is considering leasing a part of the building or the entire 12 stories. The Journal also noted that Amazon is looking into other locations, including the Farley Post Office across from Penn Station.

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