Midtown South is starting to look a little like Downtown North.
In the latest sign of the evolution of Manhattan’s former no-man’s land between Midtown and Downtown into the hottest office submarket in the U.S., Cushman & Wakefield last week noted a migration of financial firms into Midtown South and a corresponding overflow of technology and media firms into the Financial District over the past 10 years.
“We’ve never seen such an intertwining of the Midtown South market and Downtown,” Andrew Peretz, executive vice president at C&W, said in an interview.
Robert Hammond announced this month that he will step down as executive director of Friends of the High Line at the end of the year. The self-described entrepreneur will leave the organization that he co-founded in 1999 with Joshua David in enviable shape. The High Line—the elevated park that in 2009 opened to the public on a long-abandoned former West Side freight railway trestle—drew 4.4 million visitors last year.
Friends of the High Line is in the midst of a $125 million capital campaign that will help fund stage three of the project and bring its northern terminus to West 34th Street. Once it officially runs from Gansevoort Street in the Meatpacking District through Chelsea and to the Hudson Yards site, the High Line will serve as a pedestrian artery between three of the city’s most dynamic—and fastest changing—neighborhoods.
Mr. Hammond spoke to The Commercial Observer about the genesis of the project, the surrounding real estate gold rush it has amplified, if not prompted, and the backlash of a vocal minority.
Giorgio Armani is getting a view over the High Line. The Italian fashion company has inked a lease for a 60,000-square-foot space at 450 West 15th Street in the Meatpacking District, sources familiar with the transaction confirmed to The Commercial Observer, and is due to move its headquarters and showroom to the space in October 2013.
New York Mayor Michael Bloomberg was on hand Tuesday as Related Companies broke ground on the first of what will be a string of buildings in the Hudson Yards development on Manhattan’s midtown west.
Related founder – and Miami Dolphins owner – Stephen Ross, called the project the “most ambitious construction project in the history Read More
The controversial proposal to add a boutique hotel and office space to the Chelsea Market Building was certified Monday by the city Department of City Planning and will now go through the agency’s 7-month ULURP process, it was announced yesterday.
Jamestown Properties, the owners of the Chelsea Market Building, have requested a Zoning Text Amendment and a Zoning Map Amendment to help them build two new additions to the former factory building: a 240,000 square foot office addition and a 90,000 square foot hotel expansion.
The Albanese Organization is closing in on a development site next to the High Line that rapper Jay-Z had owned and lost during the downturn.
The company, a real estate development and acquisition firm, could shell out nearly $60 million for the site according to sources familiar with the parcel, which sits next to the Read More
The architecture magnet that is the High Line is still attracting those big steel-and-glass gems. The Standard, the Whitney, Diane Von Furstenburg’s place, Frank Gehry, Jean Nouvel, Neil Denari and his crooked HL23—all are there, and so is Morris Adjmi. He already has the XXX-rated High Line Building, and he has been hard at work wooing the Landmarks Preservation Commission with his designs for 837 Washington Street. Yesterday, the commission approved the project 8-2.
The last pieces of the High Line are nearly under city control.
A City Council subcommittee today voted to allow the city to acquire the portion of the High Line—the former rail viaduct planned as parkland—north of 30th Street. This is the third of three segments of the High Line, which spans from the Meatpacking District north Read More
Maybe this will help alleviate the crowding.
The second phase of the High Line, the sublime new public space build atop an old rail line, is scheduled to debut next spring, according to the New York Post:
During a tour of the new section, stretching from 20th to 30th streets, enough of the construction Read More