Tishman Speyer has filed plans for a two-tower commercial project in Long Island City, next to its 22-story office building known as Two Gotham Center.
Back in the summer of 2015, foundation work kicked off on the three-tower, 1,771-unit mixed-use development planned on Jackson Avenue between Orchard Street and Queens Boulevard, in the Queens Plaza section of Long Island City. Construction has since progressed significantly, as seen in photos by NyConstructionPhoto. On the corner of Jackson Avenue and Orchard Street, at 28-02 Jackson Avenue, a 45-story, 671-unit residential tower with ground-floor retail space is now eight stories above street level. Additionally, construction is underway at 28-30 Jackson Avenue, where a 53-story, 658-unit residential tower with ground-floor retail space is planned. The third tower, to be located on the corner of Jackson Avenue and Queens Boulevard at 30-02 Queens Boulevard, will rise 43 stories and will contain 442 residential units along with ground-floor retail. That building hasn’t risen out of the ground yet.
In August of 2015, news broke that Tishman Speyer was acquiring five stories of Macy’s nine-story commercial building at 422 Fulton Street, along with the parking garage at 11 Hoyt Street/217 Livingston Street, in Downtown Brooklyn, for $170 million. Macy’s is expected to consolidate their retail space into 278,000 square feet on the lower half of the building (basement through fourth floors). Speyer would then expand and convert the upper portion into 10 stories of office space. The Wall Street Journal now has the first glimpse of the renovations, which Speyer has agreed to fund (as part of the deal), that will go into Macy’s portion of the building. Macy’s and FRCH Design Worldwide are designing their space. Work is expected to begin imminently, and the renovation is expected to be complete in 2019. It was recently reported that Speyer would be utilizing the EB-5 program to raise roughly $60 million in financing.
Last summer, news broke that Tishman Speyer was in contract to buy the development assemblage at 434-444 Eleventh Avenue and 550 West 37th Street, located between West 36th and 37th streets, in the Hudson Yards District. Real Estate Weekly reports the developer has closed on the purchase of 434-444 Eleventh for $163.5 million. 550 West 37th Street sold in a different transaction at an undisclosed price. Plans for the site call for a 1.3-million square-foot office tower. The exact height of the building is probably still being hammered out and the design architect is currently unknown. Ultimately, the site could accommodate up to 1.7 million square feet of development if the maximum number of air rights are purchased. The site is vacant, with the exception of a single-story commercial property at 550 West 37th Street. The two single-story buildings at 446-552 Eleventh Avenue are not (yet) part of Speyer’s assemblage.
Tishman Speyer is now working to develop two more office towers on the same block as Two Gotham Center, the 22-story office building the developer built in 2011 at 42-09 28th Street, in Long Island City’s Queens Plaza section. According to The Real Deal, one of the buildings, dubbed One Gotham Center, will be a 29-story, 583,000-square-foot property with 20,000 square feet of retail space. It will include 200 parking spaces. Last year, WeWork signed a lease for 200,000 square feet of space in it. The second building, dubbed Three Gotham Center, will be a 30-story, 515,000-square-foot property with 11,000 square feet of retail space. WeWork has already leased 258,000 square feet of space in Three Gotham Center, according to EB-5 documents. The developer hopes to accumulate $145 million in financing from the EB-5 program. A targeted completion date has not given.