What's happening in your backyard? YIMBY News delivers the day's top five new development stories to your inbox every weekday morning.


What's happening in your backyard? YIMBY News delivers the day's top five new development stories to your inbox every weekday morning.


Financial District

40 Exchange Place

20-Story Office Building At 40 Exchange Place To Get Renovations & Retail Space, Financial District

Newmark Holdings and Northwind Group have purchased the 20-story office building at 40 Exchange Place, in the Financial District, for $115 million, according to Crain’s. They plan to renovate the property to accommodate small to mid-sized office tenants. Renovations will include significant changes to the lobby and the building’s common spaces, as well as the addition of retail space on the ground floor. Natixis Real Estate provided a $65 million acquisition loan and a $16.5 million construction loan.

Frank Gehry WTC

New Proposal For WTC’s Performing Arts Center To Be Presented In Coming Weeks

The Lower Manhattan Development Corp. will present their latest plans for the World Trade Center’s performing-arts center later this fall, according to The Wall Street Journal. The board previously abandoned Frank Gehry’s design and decided to limit the project’s above-grade construction costs to no more than $200 million. The latest plans now call for a three- to four-story building measuring roughly 80,000 square feet. The building would also include a 600- to 700-seat auditorium, a 200-seat theater, and a restaurant on the ground floor. The architect has not yet been named.

84 William Street

Expansion Tops Out At 19-Story, 140-Unit Extended-Stay Hotel At 84 William Street, Financial District

Korman Communities, Shorewood Real Estate Group, and Prodigy Network have recently topped out their 19-story, 140-unit extended-stay hotel building at 84 William Street, in the Financial District, courtesy of a YIMBY reader. The AKA brand will manage the building, and guest suites will range from a few hundred square feet to 1,000 square feet. In addition to the hotel lobby, retail space and a restaurant will be located on the ground floor. Asfour Guzy Architects is designing, and completion can probably be expected in early 2016.

45 Broad Street

Developers Close On 45 Broad Street, Plan 65-Story Condo Tower, Financial District

Back in August, YIMBY brought you news that Madison Equities was in contract for the development site at 45 Broad Street, in the Financial District, and now the developer has closed on the property for $86 million. Madison Equities is partnering with Pizzarotti-IBC to build a 65-story condominium tower, potentially totaling 290,000 square feet. AMS Acquisitions is also a minority investor, and Cetra/Ruddy is designing the project. Completion of the tower is tentatively scheduled by 2019.

50 West Street is topped out; looking west from Wall Street and Broadway

50 West Street is Topped Out And Nearing Exterior Completion

Exterior completion is approaching for one of the most dramatic additions to the Downtown skyline in decades. The Helmut Jahn-designed residential skyscraper at 50 West Street reached its full height of 784 feet in September. As of today, most scaffolding has been removed from the crown, revealing a slanted concrete halo. The elegant concrete band will soon be obscured by a cocoon of curvy glass, which is being installed only nine floors below.

Read More