It's a Roller Coaster Ride
A group of between 40 and 60 businesses has signed a lease to relocate from Willets Point, Queens to Hunts Point in the Bronx, paving the way for Related Companies’ and Sterling Equities’ proposed mixed-use development in the shadow of Citi Field.
The businesses, known collectively as the Sunrise Cooperative, are eligible for approximately $2 million in funds allocated for area tenants relocating in groups of five or more, according to a report by The Wall Street Journal. In total, the city has set aside $3 million for relocating businesses. The money is distributed on a first-come, first-served basis.
Move over Brooklyn Cyclone, Coney Island’s newest roller coaster, the Thunderbolt, has broken ground today.
The Thunderbolt, to be built on city-owned property adjacent to the boardwalk in Luna Park, will be the first new custom roller coaster since 1927, when the Cyclone was built, and the first in the area since 1910 to send riders upside-down in a vertical loop.
South Street Seaport
Jason Pizer, president of Trinity Real Estate, has been elected as Chairman of the Board of Directors of the Hudson Square Connection, the business improvement district announced today. Mr. Pizer replaces Laura Walker, president and chief executive of New York Public Radio, who had held the role since 2009.
“In just four years, the BID, working with other area stakeholders, has crystallized a vision for the neighborhood’s future,” said Ellen Baer, president of the Hudson Square Connection, in a statement. “Jason has played an instrumental role in determining the BID’s priorities, nurturing the area’s transformation and devising a strategy to create what will soon become New York City’s most sustainable neighborhood.”
Community Board 1 claims to have received assurances from the New York City Economic Development Corporation and the Manhattan Borough President that the city will not move forward with the approval process for Howard Hughes Corporation’s planned redevelopment of the South Street Seaport before a community planning process is completed. The process may take the form of a community task force, according to board members, but the details have yet to be confirmed.
“Our chairperson announced that we are working together to figure out what the planning process will be,” Diana Switaj, CB1’s director of planning, told Commercial Observer. “It’s likely to be a task force, but we haven’t decided exactly.”
The New York City Economic Development Corporation has designated a city property at 2040 Frederick Douglass Boulevard in Morningside Heights for a new project with more than 50 apartments and a new space for Millennium Dance Company, The Commercial Observer has learned.
Artimus Construction, which won an RFP process initiated by the NYCEDC in February Read More
The Peebles Corporation has closed on the $160 million purchase of 346 Broadway in Tribeca, making it the largest single building sale in the New York City Economic Development Corporation’s history, The Commercial Observer has learned.
Peebles will partner with Elad Group to redevelop the landmarked building, with plans to transform the 419,000-square-foot space into Read More
Last month, the Hudson Square Connection, the Hudson Square neighborhood’s business improvement district, announced it was teaming up with the New York City Economic Development Corporation and the New York City Council on a $27 million streetscape improvement plan. The move is the latest step in transforming the once industrial hub of the city’s printing industry into a vibrant 24/7 community. The neighborhood, home to a daytime population of approximately 60,000, slows down dramatically once the lights go off at night. But that’s set to change. Recently rezoned, Hudson Square will soon be redeveloped to capture Downtown Manhattan’s booming residential growth. With the likes of Trinity Real Estate, Edward Minskoff, Beacon Capital and Jack Resnick & Sons already involved in developments in the neighborhood, it’s all happening in Hudson Square. Ellen Baer, president of Hudson Square Connection, spoke with The Commercial Observer last week about how the streetscape improvement plan and rezoning fit together and the vision for Hudson Square’s future.
Angelo, Gordon & Co. is reportedly planning a 13-story condo development at 68 Charlton Street in Hudson Square, where Gary Barnett once intended to build a 35-story luxury hotel.
The investment firm paid Mr. Barnett’s Extell Development $52 million for the site in June and has filed plans with the Department of Building for the 79-unit condo building designed by Read More
Tech and the City
New York’s Hudson Square neighborhood is getting a $27 million makeover thanks to funding from the New York City Economic Development Corporation, the New York City Council and matching funds from the Hudson Square Connection Business Improvement District.
The move reflects a shift from the center of the city’s printing industry into one clustered with Read More
The Downtown Alliance has announced LaunchLM, a city-backed initiative aimed at bringing together tech innovators below Chambers Street.
Mayor Michael Bloomberg introduced the endeavor, which will be advised by a group of leaders including Rudin Management’s Bill Rudin, during a speech last week on New York City’s post-9/11 renewal.
“This new initiative will advance the tech community in Read More
The office of Mayor Michael Bloomberg, along with the New York City Economic Development Corporation, recently announced that the Planning and Resiliency Office is now working with the Department of Information Technology and Telecommunications (DoITT) to create a new Telecommunications Planning and Resiliency Office.
The goal in joining together is to develop a comprehensive understanding of what it takes to achieve “telecommunications resiliency.”
RXR Realty has hired Seth Pinsky, president of the New York City Economic Development Corporation, as executive vice president and investment manager of the firm’s new Metropolitan Emerging Market Strategy, it was announced today.
“[Seth] has a very, very in-depth understanding of economic development in the New York Tri-State area,” Scott Rechler, chief executive officer at RXR, told The Commercial Observer.
New York City is the number one retail location in the world. Retailers from around the world flock to open flagship stores throughout the Big Apple. Apple’s store on Fifth Avenue, with its familiar cube, has the highest revenue of all Apple stores. Then there are the flagships of Uniqlo, Zara, Tiffany & Co., Bergdorf Goodman and a cast of others. Nevertheless, when you ask prominent owners of commercial real estate as well as local and national retailers, the general consensus is that the outer boroughs of New York City are severely under-retailed.
Eastern Consolidated’s Barbara Byrne Denham reported in May 2012 that retail sales per capita ratios for the outer boroughs were far below the national average. Brooklyn was 39 percent below, Queens was 40 percent below and the Bronx came in a whopping 60 percent below.
Year in Real Estate
The city announced yesterday that it will sell two Civic Center buildings at 49-51 Chambers Street and 346 Broadway for nearly $250 million to Chetrit Group and The Peebles Corporation.
Chetrit – in the midst of a buying spree – and Peebles were selected following an RFP issued in April of last year as part of the Bloomberg administration’s plan to reduce underused government office space by 1.2 million square feet by 2014.
The developers plan to restore the buildings and redevelop them as as a mix of hotel, residential and community space.
The city’s aging population, a drive for state-of-the-art facilities and strong hiring across the health care industry prompted unprecedented growth in leasing activity in the health care sector across the five boroughs in 2012.
Memorial Sloan-Kettering, Mt. Sinai, Montefiore Hospital and Inventa Health were among the dozens of hospitals and medical companies to announce bold new initiatives to expand their footprints in the city in 2012, and those developments are only a sign of what’s to come, brokers and analysts predict.