It Takes a Village

NYU Expansion Plan Hits a Roadblock: Judge Rules Legislative Approval Is Needed for Some Aspects of Project

Could Tuesday's ruling stall NYU's expansion plan?

NYU’s expansion plan suffered a setback on Tuesday when Manhattan Supreme Court Justice Donna Mills ruled that some aspects of the plan—which would add 2 million square feet to the university’s Greenwich Village campus—involve the alienation of public parkland and therefore require approval from the state legislature. The question is just how much of a setback the ruling will prove. Read More

Lease Beat

David Barton Gym Opens in West Village

Courtesy of GVSHP

Known for its unique blend of grit and glamour, David Barton Gym will be opening a new location at The Archive at 666 Greenwich Street in the West Village.

The gym will take approximately 12,950-square-feet of Rockrose Development‘s 10-story residential building. Formerly a US Appraiser’s warehouse, the building was converted to nearly 500 loft-like apartments in the late 1980s. Read More

Stat of the Week

Which 3 Submarkets Have Surpassed 2007 Asking Rents?

HotSpots

Flash back to the year 2007: Manhattan real estate was red-hot, and asking rental rates were at all-time highs across all 19 submarkets tracked by Cassidy Turley.

But then the financial world collapsed, and real estate quickly followed. Instead of a long, drawn-out down cycle, the market showed resilience and began to bounce back in 2010. Since that time, though, only three out of the 19 submarkets’ current overall average asking rents have surpassed those historical highs from 2007, with nine of the submarkets still 10 to 25 percent off those numbers. Read More

ICSC

Retail’s Big Renaissance

cover for web

With more than 50 million tourists running amok each year, consumers feeling recharged, and throngs of foreign retailers streaming in, Manhattan’s prime retail corridors are not only booming—they’re expanding.

High rents and low vacancies in prime corridors are changing the invisible boundary lines that once separated high- and low-end sections of Fifth Avenue, Madison Avenue, Greenwich Village and other retail corridors throughout the city, analysts and real estate brokers claim.

“When these big names and huge chains move into these areas, people just love to follow them,” said Jeffrey Roseman, an executive vice president and principal with Newmark Grubb Knight Frank’s retail division. “They become anchors and magnets to pull others.”

Just as the earlier success of Urban Outfitters and H&M sparked further expansion below 49th Street on Fifth Avenue, and Alfred Dunhill and watchmaker Panerai boosted retail appeal below 57th Street on Madison when they emerged in 2009, aspirational clothing retailers are now doing the same in Greenwich Village. Read More

Lease Beat

Media Company Outbrain Takes 25,000 Square Feet at 39 West 13th Street

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Outbrain, a provider of strategic website enhancements, has signed a 25,000-square-foot lease in the Greenwich Village section of Manhattan, at 39 West 13th Street, effective through 2020, The Commercial Observer has learned.

The company will take the entire third floor in the building, though only 10,000 square feet in the property was originally available, brokers involved Read More

Perk Up, Greenwich Village! Stumptown Coming to West 8th Street

Stumping at the Ace Hotel. (Stumptown)

It’s a good week for Oregon. Last night, the Ducks won their first Rose Bowl since 1917, Portlandia has its season premier on Friday and The Observer has learned that the Rose City’s favorite coffee roaster is about to open its second New York store, a flagship planned for 30 West 8th Street in the Village.

Stumptown is one the Beaver State’s top exports, behind grass (sod, not pot), hazelnuts, Nike duds and indie rock. Read More

Critical Condition

Rudin Opponents Flatline, Reviving St. Vincent’s Redo

Urgent renovations.

Back in March, Rudin Management announced it had reached a deal with Long Island-LIU to open up an urgent care center in part of the old St. Vincent’s hospital in Greenwich Village. This would allow the powerful developer to continue with plans to build luxury condos in place of much of the old hospital as well as returning medical care to the neighborhood. Many locals were unsatisfied, since they would not be getting a full-fledged hospital, but the main opposition group has just dropped its legal appeal to the deal, meaning it can go ahead. Read More

Critical Condition

Clear! Rudins Revive Village Hospital, Save Landmark

Nearly a year after St. Vincent’s closed, a hospital is returning to Greenwich Village, albeit a much smaller one. St. Vincent and North Shore-Long Island Jewish have just announced a deal that, along with developer Rudin Management, will place an emergency care facility within the O’Toole Building, the distinctive “overbite building” on the west side Read More

Details on Michael Kors’ New Bleecker Corner

384 Bleecker Street

‘Tis the season of fashion, and Michael Kors has celebrated by opening yet another retail location.

The designer to the fabulous set has signed a 12-year lease for a corner spot at 384 Bleecker Street in Greenwich Village totaling 1,475 square feet.

“Michael Kors will be an exciting new Read More