Midtown

Redevelopment Of Six-Story Warehouse At 517 West 29th Street Planned, Chelsea

10:00 am on October 28, 2015 By Reid Wilson

Six Sigma is in contract to purchase the six-story commercial building at 517-523 West 29th Street, in West Chelsea, for $54 million, and plans to redevelop the property. The existing building is being used as a self-storage facility and measures 55,000 square feet, although the site carries 19,000 square feet of unused development rights. The exact details on the redevelopment have not been disclosed, per The Real Deal.

Developer Acquires 993 Sixth Avenue, Approvals For 18-Story, 122-Key Hotel, Midtown

12:00 pm on October 27, 2015 By Reid Wilson

Empire Hotel Group has sold the development site at 993 Sixth Avenue, between West 36th and 37th Street, in Midtown, to an anonymous LLC for $54.3 million. Permits have been approved since 2014 for an 18-story, 122-key hotel, which would measure 44,330 square feet. Edgar Rawlings’ Lower Manhattan-based Rawlings Architects is the architect of record. The site’s two-story predecessor was demolished late in 2014 and the property currently sits vacant. [The Real Deal]

Reveal For Conversion Of Eight-Story Correctional Facility At 550 West 20th Street, West Chelsea

10:00 am on October 27, 2015 By Reid Wilson

Back in February of 2014, a number of developers toured the former Bayview Correctional Facility, an eight-story, 100,000 square-foot complex, at 550 West 20th Street, in West Chelsea, after the city issued a request for proposals just months earlier. Now, Empire State Development has awarded NoVo Foundation a 99-year lease to redevelop the property, according to Commercial Observer. NoVo Foundations and the Goren Group plan to transform the building into the Women’s Building, which will house a women’s rights organization. The project will include community space, art installations, and a restaurant.

Nine-Story Building At 5 East 59th Street Getting Office & Retail Conversion, Midtown

12:00 pm on October 26, 2015 By Reid Wilson

GreenOak Real Estate and Capstone Equities are transforming the nine-story, 40,000 square-foot former Playboy Club building at 5 East 59th Street, right around the corner from Central Park, into an eight-story structure fitted for a single commercial tenant, according to Commercial Observer. The building will feature retail and showroom space on the lower levels, and office space on the upper floors. The property was purchased for $85 million over the summer, and Newmark Grub Knight Frank are marketing the building’s lease.

Port Authority Approves Multi-Billion-Dollar Redevelopment of Midtown Bus Terminal

6:30 am on October 26, 2015 By Reid Wilson

The Port Authority has approved a multi-billion-dollar plan to replace the Port Authority Bus Terminal between 8th and 9th Avenues and West 40th and 41st Streets, in Midtown West, according to the New York Post. The project will cost between $7 and $10 billion dollars, and funding will come from the sale of air rights, residential units, and commercial spaces. A design competition is expected to be held, and a team will be chosen by September of 2016.

Rendering of 385 First Avenue via Magnum Real Estate Group

Rental to Condo Conversion Underway at 385 First Avenue, Luminaire

7:30 am on October 22, 2015 By Rebecca Baird-Remba

When Ben Shaoul’s Magnum Real Estate Group shelled out $270 million for two luxury rental buildings in the Upper East Side and Gramercy last year, it was only a matter of time until they became condos. Now construction is moving along at 385 First Avenue in Gramercy, and the property has a teaser site and a new name: Luminaire.

Permits Approved for 550 West 29th Street, West Chelsea Mixed-Use Project

6:00 am on October 22, 2015 By Reid Wilson

Earlier this year, developer and architect Cary Tamarkin filed applications for a 12-story, 32-unit mixed-use building at 550 West 29th Street, in West Chelsea. Now, a tipster has informed YIMBY that the project is making significant strides, and building permits have been granted. Highline Development Group is the property owner, and CORE will eventually be handling sales. According to filings with the DOB, the building will measure 55,368 square feet, and will include a 5,065 square-foot retail component on the ground floor. Above, residences will average 1,572 square feet apiece. Demolition of the site’s former occupant was completed over the summer.

Silverstein Puts Development Site At 514 Eleventh Avenue On The Market, Midtown West

6:00 am on October 20, 2015 By Reid Wilson

Over the summer, Silverstein Properties began demolishing the low-rise commercial building at 520 West 41st Street/514 Eleventh Avenue, in Midtown West, to make way for a 1,400-unit mixed-use development. Now, the developer has tasked CBRE to market and sell the property, which could potentially be worth close to $500 million, according to Crain’s. The project is currently being processed through ULURP, as a rezoning is required, and Silverstein eventually agreed to allot 375,000 square feet for affordable housing. YIMBY revealed the original proposal in July of 2014.

Developer Acquires Assemblage At 143 East 60th Street, Plans Residential Tower With Retail, Midtown East

6:30 am on October 19, 2015 By Reid Wilson

Back in June, Kuafu Properties was in contract to purchase the assemblage spanning 143-161 East 60th Street, on the northern edge of Midtown East, and now the Chinese developer has closed on the acquisition, according to Commercial Observer. The site has a nearly 20,000 square-foot footprint, and roughly 280,000 square feet of development potential. Kuafu plans to build a luxury residential tower with a large retail base, although the existing six low-rise buildings must first be demolished.

843 Second Avenue, image via Google Maps

Permits Filed: 843 2nd Avenue, Turtle Bay

3:37 pm on October 13, 2015 By Rebecca Baird-Remba

Nine stories of condos may replace a little brick walkup on the corner of Second Avenue and East 45th Street. Architect Karl Fischer filed applications earlier today for a 100-foot-tall building at 843 Second Avenue.

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