It Takes a Village
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
Typically, I write about big-picture items, such as the overall New York City economy or the major Manhattan submarkets. I have managed to work in a few tidbits on areas such as Dumbo, but that has been the exception rather than the rule.
This week, though, I’ve decided to focus on Newmark Grubb Knight Frank’s Read More
Stat of the Week
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.
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.
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.
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
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.
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.
Purple People Eaters
Well, the Rudins have their latest prize—a bankruptcy court judge yesterday approved the august real estate family’s purchase of the shuttered St. Vincent’s hospital campus for $260 million.
The plan is somewhat controversial for not including full emergency care or inpatient services, though the judge in the case would not allow a Read More
Nearly a year ago, N.Y.U. unveiled its expansion plan for the next 25 years, which would add 6 million square to the university–already the third-largest landowner in the city, behind the Catholic Church and Columbia. The plan was met with immediate outcry from the Greenwich Village community–which had worked for years to help Read More
St. Vincent’s, North Shore-LIJ and Rudin Management just announced and preferable (at least from a preservation perspective), choice–simply reuse the old building.
During a conference call, the three partners clarified their plan. The most striking revelation is that this new facility is the first of its kind in the city, though Read More
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
N.Y.U. VS. THE VILLAGE
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
N.Y.U. VS. THE VILLAGE
Not quite up to speed on what’s happening between N.Y.U. and Greenwich Village? Check out this slideshow, which breaks down what the school wants to do–and why the Village is royally peeved. Read More
On Monday evening in the West Village, one of the over 200 local residents at a public hearing on N.Y.U.’s expansion asked anyone who supported the school’s 2031 plan to raise his or her hand.
No one moved an inch.
There are undoubtedly some supporters of the ambitious proposal to add 6 million square feet of new space Read More