Google

Chelsea, real estate trends

The building at 450 West 15th Street is connected to Chelsea Market via a bridge; photo via Wikimedia

Google on Wednesday picked up a 325,000-square-foot building in Chelsea, adding to its ever-growing footprint in the Manhattan neighborhood. According to the Financial Times, the company bought the building at 450 West 15th Street from Jamestown Properties for $600 million. In addition to its headquarters at 111 Eighth Avenue, Google owns the apartment buildings across the street and the Chelsea Market building, which it bought last year for $2.5 billion. And the company will serve as the primary tenant at Pier 57, a mixed-use development on the Hudson River.

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Hudson Square, New Developments, real estate trends

315 Hudson Street, Google, Hudson Square

Google will invest $1 billion to open 1.7 million square feet of office space in Hudson Square, the company announced on Monday. The new campus includes property at 315 and 345 Hudson Street and will also be centered around 550 Washington Street, the former freight terminal, St. John’s Terminal. With this expansion from its Chelsea offices at 111 Eighth Avenue, Google said its workforce will double over the next 10 years, adding another 7,000 New York-based staff members.

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hudson yards, New Developments

st. john's terminal, cookfox, oxford properties group

First reported by CityRealty, Oxford Properties Group filed a building permit application yesterday to construct a 588,000-square-foot commercial addition to the St. John’s Terminal building in Hudson Square, a property they acquired in January. As 6sqft previously reported, architecture firm COOKFOX will helm the conversion and it is expected that Google will buy or lease the building, which is projected to be finished in 2022. If Google sticks to this plan — in addition to their forthcoming expansions at Pier 57 and Chelsea Market — the tech giant would double their employee force in the area to roughly 20,000. (This announcement follows that of Amazon’s impending expansion at a similar scale in Long Island City.)

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Hudson Square, New Developments

st. john's terminal, cookfox, oxford properties group

Rendering via COOKFOX

Google is expanding its New York City footprint once again. The tech giant is close to inking a deal to buy or lease a planned 1.3 million-square-foot office building at St. John’s Terminal, formerly a freight terminal in Hudson Square, that is undergoing a major revamp by COOKFOX Architects. According to the Wall Street Journal, the building, located at 550 Washington Street, could house more than 8,500 Google employees when the project wraps up in 2022. News of this impending deal comes just days after it was reported that Amazon will move its second headquarters, along with 25,000 workers, to Long Island City, although no plan has formally been announced. More details here

Chelsea, Major Developments

Pier 57, Chelsea, Google

Renderings via RXR Realty

The transformation of Pier 57 from a former maritime port and bus garage into a modern mixed-use development is fully underway. A flyover video of the site uncovered by CityRealty last week shows off its planned 80,000-square-foot outdoor rooftop park, which claims to be the largest public outdoor space in Chelsea. Led by RXR Realty and Youngwoo & Associates, the $380 million project will bring 265,000 square feet of office space, with Google as the primary tenant.

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Chelsea, real estate trends

102-116 Eighth Avenue; via Brodsky Organization

Real estate investors Dalan Management Associates and Elion Partners announced a joint venture on Tuesday to acquire eight adjacent buildings in Chelsea for $83 million. The buildings, which run along Eighth Avenue from West 15th to West 16th Streets, contain 102 multi-family units and 10 ground-floor retail spaces known as the Chelsea Collection. Because the property sits directly across from Google headquarters, developers hope to attract workers from the tech giant, Crain’s reported.

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Chelsea

Chelsea Market

Photo courtesy of Jamestown

Jamestown, the real estate investment company that just closed on the $2.4 billion sale of the 1.2 million-square-foot Chelsea Market building to Google yesterday, is getting in on the corporate game. The developer will continue to manage Chelsea Market and, according to the Wall Street Journal, they maintained the branding rights and intellectual property connected to the Chelsea Market name outside of Manhattan. The article reports that Jamestown is already scoping out “emerging neighborhoods” throughout the U.S. and Europe and hopes to announce one to two new locations for their new concept before the end of the year. Phillips told the Journal, “The concept travels…Our intention is to create this community of buildings.”

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Chelsea, Cool Listings

338 west 15th street, google, townhouses, chelsea, cool listings

In the heart of bustling and ever-expanding Chelsea, a seven-story, 6,500 square-foot new-construction townhouse stands seductively for sale at 338 West 15th Street. Listed for $13.395 million, the home represents a new kind of opportunity in more ways than one. In addition to being meticulously finished with the most luxurious materials available and possessed of endless space both indoors and outdoors, a $1 million discount is offered to a buyer who is an employee of Google. And that (not-so-) little extra perk for a potential Google buyer is intended as a celebration of the company’s exciting expansion within the Chelsea neighborhood. And with more Google ownership in the neighborhood in the form of the just-purchased Chelsea Market (a $2.5 billion deal),  there could be a daily bonus of a seven-minute walk to work.

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Chelsea, Major Developments

Google to expand footprint at Chelsea’s Pier 57

By Devin Gannon, Fri, February 9, 2018

Rendering via RXR Realty

Earlier this week, Google entered into a contract with Jamestown LP to buy the Chelsea Market building for nearly $2.5 billion, the second largest single sale in New York City’s history. And on Friday, Google reached a tentative deal to expand its footprint at Pier 57, adding another 70,000 square feet of space to its prior 250,000-square-foot agreement. According to Crain’s, the lease will include an additional 50,000 square feet of educational activities and a new ferry landing.

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Chelsea, Recent Sales

Photo of Chelsea Market via Wikimedia

Editor’s Note: The New York Post reports Google will buy Chelsea Market for $2.5 billion, which would make it the second biggest single sale in the city’s history. It closely follows the $2.8 billion purchase of the GM Building in 2007.

Google has entered contract with Jamestown LP to buy the Chelsea Market building for over $2 billion. As 2018’s first billion dollars plus transaction in New York, the deal is expected to close sometime in the next two months, according to the Real Deal. This will further the tech giant’s presence in the Manhattan neighborhood; it is currently the biggest tenant at 75 Ninth Avenue and its headquarters are located across the street at 111 Eighth Avenue.

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