Development

South Street Seaport Breaks Ground

A rendering of the shops at Pier17

The Howard Hughes Corporation launched the redevelopment of the South Street Seaport today with a groundbreaking ceremony for the Pier 17 building.

The $200 million project will yield 365,000 square feet of retail space — a mix of shops, dining and entertainment options — highlighted by a one and a half-acre rooftop and what the developer said will be a world-class restaurant, two outdoor bars and an amphitheater with a 4,000-person capacity. Read More

Cover Story

Downtown Manhattan, Uptown Chic

(Photo: lowermanhattan.info)

Burberry. Salvatore Ferragamo. Ermenegildo Zegna. Michael Kors. Scoop. Hermes. Judith & Charles. Calypso St. Barth.

It’s an impressive list of retailers. What’s more striking is that Brookfield Office Properties cut deals with all of them this year, and they’ll be sharing a home at the revamped Brookfield Place beginning next year, forming an unprecedented shopping destination Downtown. Read More

Renovation and Repositioning

Subway Stop at Smith and 9th Streets in Brooklyn Reopens to the Delight of Most, Frustration of Others

smith9th-art-1

In an age where the term “new subway” is something of an oxymoron in New York City, the world’s tallest subway station is back in sparkling action today at Smith and 9th Streets in Brooklyn after a two-year hiatus and $32 million renovation.

The reopening of the station and a makeover — highlighted by shiny metal, crisp blue tiles, florescent lights and a maritime theme — elated most of the roughly 4,763 daily commuters who were cut off from the station when it was shuttered in May 2011.

“I’m so excited for this train station right now,” one subway rider told NY1, while another rejoiced, adding, “The nightmare is over.” Read More

Lease Beat

Holwell Shuster & Goldberg Takes 35,681 Feet at 125 Broad Street

125 Broad Street

Law firm Holwell Shuster & Goldberg LLP has signed a 35,681-square-foot, three-year lease at 125 Broad Street – in a space that fits the firm like a glove.

The firm took the entire 39th floor of the building, which features sweeping views of the Statue of Liberty and New York Harbor and was subleased from international law firm Sedgwick LLP, which moved out and recently moved into its new space at the World Financial Center, sources tell The Commercial Observer.

“Holwell Shuster & Goldberg is a relatively new law firm that is growing very quickly and expects to continue growing very quickly,” said L. Craig Lemle, a senior managing director at Studley who represented the law firm along with Nick Zarnin. Read More