2015 will go down in New York’s storied retail history as the year when the city lost two of its flagship toy stores. At 6:00 p.m. on December 30, Toys “R” Us will shut down its Times Square store at West 44th Street and Broadway. The retail giant decided not to renew the lease due to ever-rising rents in the pedestrian-heavy neighborhood. Earlier in July, the company closed the famous FAO Schwarz store on at 767 Fifth Avenue, which had served the city since 1986.
Construction kicked off in late 2014 on a 17-story, 151-key hotel planned at 444 Tenth Avenue, between West 34th and 35th Streets in Midtown’s Hudson Yards neighborhood. Since then, the 63,700 square-foot building has topped out and received a good chunk of its façade, as seen in photos by Tectonic. Window installation and construction on the project’s 4,768 square feet of ground-floor retail is currently underway. A restaurant will also operate on the ground floor and a fitness room will be located in the cellar. Aufgang Architects designed the building, YYY Development is building it and completion is expected in the spring of 2016.
In late 2014, YIMBY brought you conceptual renderings of the possible mixed-use tower that could rise at 1710 Broadway, between West 54th and 55th Street in Midtown, and now Extell Development is teaming up with C&K Properties to build a 60-story condo-hotel tower. Extell paid roughly $247 million for a 39 percent stake in the project, according to The Real Deal. Retail space will likely be included in the planned tower, which could be as large as 370,000 square feet, although additional air rights may be used which would increase the project’s size. A six-story, 83,000 square-foot office building must first be demolished.
The Archdiocese of New York, in consultation with the NYPD’s Counterterrorism Bureau, has determined that there is the need to provide additional security for Cardinal Timothy Dolan. To accomplish that, they want to build a private garage for the archbishop. That means cutting into St. Patrick’s Cathedral and the Landmarks Preservation Commission approved the proposal on Tuesday.
Isaac Chetrit and Ray Yadidi are in contract to acquire 235,000 square feet of air rights from the five-story former bank building at 1352-1362 Broadway, between West 36th and 37th Streets in Midtown. The price the investors are paying has not yet been disclosed. On the same block, they own the vacant lot – acquired this past fall – at 993 Sixth Avenue and the adjacent 21-story, 96,000 square-foot office building at 989-991 Sixth Avenue. Their assemblage amounts to a site with roughly 375,000 square feet of development rights, according to The Real Deal.