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.
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.
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.
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.
LG Electronics USA has revised plans for their new North American headquarters building at 111 Sylvan Avenue, in southern Englewood Cliffs, just north of the GWB in New Jersey. The 360,000 square-foot building will stand five stories or nearly 70 feet tall, according to The New York Times. The new building was previously proposed to rise 143 feet at the site, formerly home to a single-story office structure, now demolished. Completion is expected by 2019, and Saratoga Associates is designing.