Office

New Owners Plan Partial Office Conversion at Six-Story, 225,000-Square-Foot Industrial Property, 43-01 22nd Street, Long Island City

4:00 pm on August 3, 2016 By Reid Wilson

Back in May, Olmstead Properties and Newmark Holdings entered into contract to purchase the six-story, 225,000-square-foot manufacturing building at 43-01 22nd Street, located on the corners of 43rd and 44th avenues in the heart of Long Island City. The duo have now closed on the purchase for $61 million, Commercial Observer reported. They plan to convert the structure into office space, although roughly two-thirds of the property is currently leased to Reis Studios. The vacant portions are expected to be converted soon, but it’s not known when the currently leased space will get the conversion. Upgrades to the building will include a redesigned lobby, new windows and façade elements, and new mechanical infrastructure such as elevators.

Four-Story, 60,000-Square-Foot Factory Converted Into Retail-Office Property at 47-16 Austell Place, Long island City

10:00 am on July 29, 2016 By Reid Wilson

The four-story, 60,000-square-foot industrial building at 47-16 Austell Place, in southern Long Island City, has recently been converted for a variety of commercial uses, according to Commercial Observer. It hosts 10,000 square feet of ground floor retail space, of which a food café has already leased a portion. The floors above, with floor plates of 16,000 square feet, are geared towards office tenants and community facility uses. Joffrey Ballet Center, a dance school, has leased the fourth floor. Upgrades made to the building include renovations to the interior, a new roof, a revitalized façade with new windows, and a redesigned lobby. A rooftop lounge with landscaping is also being built and is expected to be complete in early 2017. The Vanbarton Group, which purchased the property for $7.7 million in 2015, is the developer. Montroy Andersen DeMarco is the architect.

New Owners Plan Commercial-Office Renovation at Seven-Story Property, 24-02 49th Avenue, Long Island City

11:00 am on July 26, 2016 By Reid Wilson

Innovo Property Group and Westbrook Parters have acquired, for $195 million, the seven-story, 640,000-square-foot office-industrial building at 24-02 49th Avenue, in southern Long Island City. The purchase was financed with a $136 million mortgage, Commercial Observer reported. The building is nearly completely leased, with the New York City Housing Authority (NYCHA) occupying 480,000 square feet across five floors. The new owners plan to not renew NYCHA’s lease, which expires in 2020. The plan is to renovate the property to include modern and creative office space. The property is right across the street from the Hunters Point Avenue station on the 7 train and the Long Island Rail Road.

Nine-Story Building Constructed as Part of 160-Unit Mixed-Use Redevelopment, 609 Broad Street, Newark

6:00 am on July 26, 2016 By Reid Wilson

L+M Development Partners’s mixed-use conversion of the four-story, 400,000-square-foot Hahne & Co. building, located at 609 Broad Street, at the corner of New Street in downtown Newark, is in the final stages of construction. Photos of the construction progress can be seen in a Jersey Digs report. Construction appears to have wrapped on the outside of the existing four-story structure, which will contain a mix of residential, retail, office, and community space. A new nine-story building — located at the corner of Halsey and New streets — is currently receiving its façade. The new construction component will feature ground floor retail space and residential units above. Between the two building, there will be 75,000 square feet of retail space, 160 apartments (40 percent of which will be set aside as affordable housing), and 100,000 square feet of community and community use space (50,000 square feet of which will be institutional and dedicated to Rutgers University). Whole Foods Market is expected to open their new 30,000-square-foot store in the building in 2017, which is when the rest of the project should be complete.

Public Plaza, Pedestrian Bridge Outside 50 West Street Revealed, Financial District

4:00 pm on July 25, 2016 By Reid Wilson

Now that exterior work has completed on 50 West Street – the 64-story, 191-unit mixed-use tower dubbed simply “50 West” under development in the Financial District – crews are now focused on building a 6,800-square-foot public plaza around the base of the building and a pedestrian bridge over West Street (a.k.a. the West Side Highway). Renderings of the spaces have been revealed by the Wall Street Journal. The 24-hour plaza will feature an art gallery, a café, vegetation, and seating. The pedestrian bridge, dubbed the West Thames Street Bridge, will feed directly into the plaza. It will boast steel structural supports and a glass roof and walls. The New York City Economic Development Corporation (NYCEDC) is building the new pedestrian bridge, which will replace the Rector Street bridge located a block northward. Demolition of the Rector Street bridge and construction of the new one is expected to last two years.

Renovation Underway at 16-Story, 135,500-Square-Foot Office Building at 45 West 45th Street, Midtown

4:00 pm on July 18, 2016 By Reid Wilson

Property owner Vanbarton Group is currently renovating the 16-story, 135,533-square-foot commercial-office building at 45 West 45th Street, in the heart of Midtown. Progress on the work being done on the interior can be see in a Commercial Observer report. The property, which was last renovated in the 1980s, will see its lobby redesigned with increased lighting and new finishes, and it will receive façade restoration. The office floors above are getting their dividing walls demolished, modernizing and enhancing the flow of the floor plates. Significant repairs are also being done to fix the floors and ceilings, which were revealed to be crumbling. Mechanical equipment, like elevators, is being replaced with new appliances. Probably the most exciting upgrade is an outdoor roof deck and lounge. A restaurant is also planned to occupy as much as 16,346 square feet of space on the ground, mezzanine, and lower levels. The work is being done in three phases, with the last expected to be complete by spring of 2017. Spivack Architects is the architect of record.

Glass Curtain Wall Being Installed on 90-Story Supertall 30 Hudson Yards

6:00 am on July 15, 2016 By Reid Wilson

The first few glass panels have been installed on the lower levels of what will be the 90-story, 2.6-million-square-foot office tower known as 30 Hudson Yards, being built on the corner of Tenth Avenue and West 33rd Street. The structure appears to have also gained a story or two since YIMBY’s update earlier this month. The progress can be seen thanks to photos posted to the YIMBY Forums by user Robert Walpole. As previously reported, the tower will eventually top out at 1296 feet, 11 inches. The entirety of the building’s office space has already been reserved for tenants, including Time Warner Inc., Wells Fargo Securities, KKR, Related Companies, and Oxford Properties Group. The last two are the project’s developers. Kohn Pedersen Fox is the design architect. Completion is expected in 2019.

Commercial-Office Conversion Planned for 10- And Seven-Story Industrial Buildings at 341-353 39th Street, Greenwood Heights

2:00 pm on July 12, 2016 By Reid Wilson

Madison Realty Capital has acquired the 10-story, 130,000-square-foot industrial building at 341 39th Street and the neighboring seven-story, 30,000-square-foot industrial property at 353 39th Street, in southern Greenwood Heights (on the border of Sunset Park), with plans to convert the structures into modern office and manufacturing space. The properties traded for $37.5 million, Crain’s reports. The currently vacant buildings would get new lobbies, windows, mechanical equipment such as elevators, amenities, and outdoor space (presumably on the roof). Between the buildings, the floor plates will range from 4,000 square feet to 13,000 square feet. The 36th Street stop on the D, N, and R trains is three blocks to the north. The duo was placed on the market last year with an asking price of nearly $50 million.

Reveal for Two-Tower, 1.1-Million-Square-Foot Office Complex at 28-07 Jackson Avenue, Long Island City

6:30 am on July 12, 2016 By Reid Wilson

A rendering has been revealed of Tishman Speyer’s planned two-tower, 1.1-million-square-foot office complex at 28-07 Jackson Avenue (a.k.a. 28-10 Queens Plaza South), in the Queens Plaza section of Long Island City. The towers – dubbed One and Three Gotham Center – will stand 27 stories, or 396 feet, in height. As YIMBY reported in June, new building applications indicate a common four-story base will include roughly 30,000 square feet of retail space, restaurants, a food hall, and a parking garage for cars and bikes. The rendering also depicts an outdoor terrace on the fifth floor. 800,000 square feet of office space in the complex has already been pre-leased. One tenant includes WeWork, which is set to take 250,000 square feet. Another is Bloomingdale’s, which has reserved 550,000 square feet of office space, Crain’s reported. Doha-based Qatari Diar is co-developing the project, while Financial District-based MdeAS Architects is designing. Excavation is expected to begin in early 2017, with completion scheduled for 2019. One and Three Gotham Center will join the 22-story, 700,000-square-foot Two Gotham Center located immediately to the north. Tishman Speyer developed that in 2011.

Two-Story, 5,000-Square-Foot Mixed-Use Commercial Project Planned at 1625 McDonald Avenue, Midwood

3:00 pm on July 8, 2016 By Reid Wilson

Property owner Ronny Shmoel, doing business as an anonymous Brooklyn-based LLC, has filed applications for a two-story, 5,006-square-foot mixed-use commercial building at 1625 McDonald Avenue, in Midwood. The ground floor of the project will host commercial-retail and warehouse space and the second floor will house offices. The ground floor will also feature a seven-car parking garage. Gabriel Gingishvili’s Brooklyn-based MGM Creations is the architect of record. The 46-foot-wide, 5,377-square-foot property is currently occupied by a two-story house. Demolition permits have not been filed. The Avenue N stop on the F train is located a block to the north.

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