Grubb Properties has closed on an $86 million loan to construct a residential skyscraper at 111 Washington Street in Manhattan’s Financial District. The development was originally addressed as 8 Carlisle Street and was expected to top out at 50 stories. Updated plans specify a 64-story tower with more than 326,000 square feet of interior space.
Preparation work has begun for the residential conversion of 25 Water Street, a 22-story former office building in Manhattan’s Financial District. Designed by CetraRuddy and developed by GFP Real Estate, Metro Loft Management, and Rockwood Capital, the project involves the construction of ten new stories above the parapet of the existing structure, the replacement of its brick façade with a modern fenestration with more expansive windows, and the gut renovation of its 1.1 million square feet of interiors into 1,300 rental units. When complete, the conversion will be the largest ever in the United States by unit count, surpassing the recent redevelopment of One Wall Street with its 566 condominiums. Pavarini McGovern is the general contractor for the property, which is Water Street to the north, 2 New York Plaza to the south, the New York Vietnam Veterans Memorial to the east, and Broad Street to the west.
Century 21 has reopened in its Financial District flagship in Manhattan after nearly three years of closure. Located at 22 Cortlandt Street, the bargain fashion retailer first opened in the 1960s as a family operation run by Al and Sonny Gindi. The size of the store, once ranked among the largest retail locations in Manhattan, has been reduced from its original six-story footprint to four floors at the primary 22 Cortlandt Street building.
StubHub, one of the world’s largest online destinations for ticketed live events, will establish its new headquarters at 3 World Trade Center in Manhattan’s Financial District. In an effort to consolidate its commercial footprint, the company will close multiple locations in Midtown, and instead occupy 44,000 square feet of 3 World Trade Center’s 59th floor.
Fortress Investment Group, Bizzi & Partners, and U.S. Immigration Fund have closed on $313 million in construction financing to complete 125 Greenwich Street, a stalled 88-story residential skyscraper in Manhattan’s Financial District. Designed by Rafael Viñoly Architects, the 912-foot-tall structure is planned to yield 273 condominium units with interiors by March & White and marketing by Douglas Elliman Marketing Development, which is aiming to launch sales this fall. The loan was provided by Northwind Group, a debt fund manager headquartered in New York City. Work will resume with Time Square Construction and Plaza Construction jointly managing contracting duties for the property located at the corner of Greenwich and Thames Streets, just south of the World Trade Center complex and Liberty Park.
