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

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Office

Red Hook Innovation Studios

Developer Seeking Investment Partner For Red Hook Innovation Studios, Office Complex In Red Hook

In October 2014, YIMBY revealed renderings of a multi-block, nearly 1.2-million square-foot office complex at 68 Ferris Street, in Red Hook, and since then, the Milan, Italy-based developer Est4te Four has been assembling the properties for the development. Now, Cushman & Wakefield has been tasked to market a 49% stake in the project, according to Crain’s. The project could break ground next year and is expected to be built over five years, featuring new-construction buildings and warehouse conversions. NBBJ is designing.



55 Hudson Yards

Foundation Work Underway At 55 Hudson Yards, Midtown West

YIMBY first revealed Related’s 51-story, 1.3-million square-foot office building dubbed 55 Hudson Yards in May of 2014, and then we brought you an excavation update earlier this spring. Today, per Curbed, foundation work is well underway. Kohn Pedersen Fox is designing, and completion is expected in 2017. Oxford Properties Group is co-developing, and Mitsui Fudosan also owns a 92.09 percent stake in the project.


422 Fulton Street

Tishman Acquires 11 Hoyt Street Site, Part of Macy’s 422 Fulton Street Building, Downtown Brooklyn

Macy’s is about to sell five stories of their nine-story building at 422 Fulton Street and the parking garage at 11 Hoyt Street (aka 217 Livingston Street) to Tishman Speyer for $170 million, according to Crain’s. Macy’s will consolidate commercial operations to 310,000 square feet, spanning the basement to the fourth floor, and Tishman will fund extensive renovations for those floor. As for the five upper floors Tishman is purchasing, those will be converted to office space and five more floors will be added up top. In the end, 10 stories of integrated office space is planned.


222 East 46th Street

Development Site At 222 East 46th Street Placed On The Market, Midtown East

The Dupler Group is putting the land under a five-story office building at 222-226 East 46th Street, in Midtown East, on the market as a 99-year lease; the property is being valued at around $30 million. The site contains 72,000 square feet of development rights, and a developer could demolished the existing structure for a 33-story residential tower with as many as 96 rental units. Newmark Grubb Knight Frank is marketing the property, per The Real Deal.


Two World Trade Center, image from Silverstein Properties

Three World Trade Center Gets Height Cut, Will Stand 1,079 Feet Tall

Last week, YIMBY posted an update on construction at 175 Greenwich Street, aka Three World Trade Center, as the tower reached its halfway point, having risen 41/80 stories. Now we have new information that the building has in fact seen a height reduction from the previous version, dropping from 1,168 feet down to 1,079 feet, and we also have two new renderings of the podium.

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175 Greenwich Street

Construction Update: 175 Greenwich Street aka Three World Trade Center Reaches Halfway Point

The last time we checked on Silverstein’s 175 Greenwich Street (aka Three World Trade Center), work had resumed, and the core had just begun rising again. Now, five months later, the future supertall has just passed the halfway point in its rise. A project insider has sent along several photos, as well as a few snippets of information, including word that the structure is up to the 41st floor (out of 80 total).

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30-02 48th Avenue

Office Conversion Of Three-Story Warehouse At 30-02 48th Avenue, Long Island City

The Brickman Group and investor Daniel Loeb are planning to convert the three-story, 150,000 square-foot warehouse into offices at 30-02 48th Avenue, in the Hunters Point section of Long Island City. According to Crain’s, the building near the Hunters Point Avenue 7 train stop will undergo a top-down renovation, featuring a new lobby and roof deck, designed by Fogarty Finger. Brickman acquired the the property in 2013 for $21 million.