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Midtown, real estate trends

Rendering courtesy of Vornado Realty Trust

Facebook has signed a lease for 730,000 square feet at the former James A. Farley Post Office, a Midtown landmark currently being converted into a mixed-use building, Vornado Realty Trust announced Monday. Reports of the deal first surfaced last December, but the coronavirus pandemic put into question the need for massive office space with thousands of workers. But Gov. Andrew Cuomo said the deal shows New York’s resilience as the city recovers from the crisis. “Vornado’s and Facebook’s investment in New York and commitment to further putting down roots here – even in the midst of a global pandemic – is a signal to the world that our brightest days are still ahead and we are open for business,” Cuomo said in a statement. “This public-private partnership fortifies New York as an international center of innovation.”

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hudson yards

Photo by Dimitry Anikin on Unsplash

When Hudson Yards officially opened 15 months ago, its largest retail tenant was Neiman Marcus. But in the wake of the COVID pandemic, the retailer filed for bankruptcy in early May, leaving Hudson Yards developer Related Companies to begin marketing the store’s nearly 200,000 square feet as office space instead. And today, WWD reports that Facebook, which already has leased 1.5 million square feet in the mega-development, may be interested in the additional space.

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Midtown West, real estate trends

Penn-Farley Complex, Moynihan Station, Farley Post Office, Moynihan Train Hall

Rendering courtesy of Skidmore, Owings & Merrill via Gov. Andrew Cuomo’s office

Facebook is looking to expand its New York City footprint once again. The social media company is in talks to lease about 700,000 square feet at the former James A. Farley Post Office, a city landmark in Midtown currently being converted into a mixed-use building. If the deal is inked, Facebook would become one of the largest corporate tenants in the city with 3 million square feet of office space leased, as first reported by the Wall Street Journal.

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hudson yards, real estate trends

Image by Timothy Schenck; courtesy of Related-Oxford

Facebook this week has signed a lease for 1.5 million square feet of office space across three buildings at Hudson Yards. Starting next year, the tech company will expand to 30 Hudson Yards, 55 Hudson Yards, and 50 Hudson Yards, the latter which will not be open until 2022 and will consist of the bulk of the lease at 1.2 million square feet.

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Midtown West, New Developments

Penn-Farley Complex, Moynihan Station, Farley Post Office, Moynihan Train Hall

Rendering courtesy of Skidmore, Owings & Merrill courtesy of Gov. Cuomo’s office

Two major tech companies are vying for office space at the former James A. Farley Post Office in Manhattan. The New York Post reported on Tuesday that Facebook and Apple both want to lease space at the former post office which is being converted by Vornado Realty Trust into a mixed-use site with 740,000 square feet of office space and a new train hall underneath. In September, it was reported that Facebook was in advanced talks for office space, but according to the Post, Apple has “suddenly decided it, too, wants all four floors of Farley’s office space.”

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Midtown West

Penn-Farley Complex, Moynihan Station, Farley Post Office, Moynihan Train Hall

Rendering courtesy of Skidmore, Owings & Merrill via Gov. Cuomo’s office

Facebook has been on the hunt for office space in NYC for several months and now the tech giant has set its sights on the former James A. Farley Post Office, as the New York Post first reported. Sources say the company plans to lease all 740,000 square feet of office space currently being built in the old post office across from Penn Station and Madison Square Garden. The landmarked building—redubbed Moynihan Train Hall—is being redeveloped by a team including Related, Vornado Realty Trust, Skanska USA and architecture firm Skidmore, Owings & Merrill. It’s on track to open next year.

Here’s what we know so far

hudson yards

Image by Timothy Schenck; courtesy of Related-Oxford

In June, reports surfaced that Facebook was considering a lease for one million square feet of office space at 50 Hudson Yards, but the latest news from sources close to the deal indicate that the social media company will scoop up an even bigger footprint. As Crain’s most recently reported, Facebook is negotiating a lease for 1.5 million square feet across several Hudson Yards properties, with some sources saying that number could expand up to 1.8 million square feet.

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hudson yards

Image courtesy of Related-Oxford

The technology sector at Hudson Yards may soon see a big boost. According to reports by Crain’s, Facebook is negotiating on a one million+ square foot space at 50 Hudson Yards, the 1,000-foot-tall office tower co-developed by Related and Oxford Properties Group that became the city’s most expensive office building at $4 billion. The arrival of Facebook would solidify the Midtown neighborhood as a major tech hub in the city. Amazon—who already occupies offices at 5 Manhattan West—is rumored to be looking at additional space in neighboring 2 Manhattan West. 

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affordable housing, real estate trends

google, corporate housing, chelsea

Facebook recently proposed a plan to create 1,500 apartments for employees near their Menlo Park, California campus, with 15 percent of the housing set aside for low-income families. According to Wired, “Urban planners and local developers call it a generous gesture that could bring sorely needed housing to the area.”

The company wants to construct two new office buildings and a hotel on land near its original campus to accommodate thousands of planned hires. Some people argue that the tech company getting into the property development game will actually drive up housing prices in a market that’s already one of the nation’s most expensive areas.

Would company housing help in New York City?

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By Alyssa Alimurung, Sat, January 9, 2016

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