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.
Back in November of 2013, YIMBY revealed renderings of Hudson Lights, a multi-building mixed-use development, in downtown Fort Lee, New Jersey. The three-block project is bound by Main Street, Lemoine Avenue, Bruce Reynolds Boulevard, and Park Avenue (formerly Martha Washington Way). Its first phase, which includes 140,000 square feet of commercial-retail and 276 rental apartments in the form of 12- and three-story buildings, is now wrapping up construction. NorthJersey.com reports 75 percent of the retail space is now leased. CycleBar, SeeSaw, Linwood Wine & Liquor, CVS, a Capital One bank, a Coldwell Banker office, multiple restaurants, and an eight-screen iPic movie theater have all leased space. Opening is expected this summer. The approved second phase of the project will include two taller buildings with an additional 201 residential units, a 175-key hotel, and 50,000 square feet of retail space. Illinois-based Tucker Development Corp. is the developer.
Long Island-based property owner Gurwinder Singh has filed applications for a two-story, 5,512-square-foot multi-use commercial building at 100-08 103rd Avenue, in Ozone Park, located two blocks from the 104th Street stop on the A train. There will be 1,807 square feet of retail space on the ground floor and an equal amount of medical office space on the second floor. Jamaica-based Gerald Caliendo is the architect of record. The 60-foot-wide zoning lot is partially occupied by a two-story building at 100-10 – 100-12 103rd Avenue, although the vacant 20-foot-wide section to the east of the structure will be the site of the new building.
Connecticut-based property owner Gjin Gjini has filed applications for a three-story, three-unit residential building at 1605 Taylor Avenue, in the Van Nest section of the Bronx, located five blocks from the East 180th Street stop on the 2 and 5 trains. The project will measure just 3,740 square feet and would rise on a vacant 25-foot-wide lot. There will be 2,805 square feet of residential space, so the full-floor residential units should average 935 square feet apiece. That means relatively spacious rental units are probably in the works. Long Island-based Shahriar Afshari is the applicant of record.
Yesterday, the Hudson River Park Trust launched a Request for Proposals (RFP) for the design phase of Pier 40’s much needed repair and renovation, Crain’s reported. The 15-acre sports facility is located in the Hudson River off Hudson Square and serves a key role in Westbrook Partners’ and Atlas Capital Group’s planned mixed-use development at 550 Washington Street, which is currently moving through the city’s Urban Land Use Review Process (ULURP). The developers plan to transfer roughly $100 million worth of air rights off Pier 40, although they will have to wait until the ULURP is finished (which legalizes the sale). The proceeds from the sale would fund Pier 40’s eventual overhaul, which will include a 10-year plan to replace more than half of its 3,500 steel piles. ULURP for the project across the street is expected to wrap up this fall, and, at that point, the Hudson River Park Trust will launch another RFP in search for a team to follow through with the design plans.