NYC Real Estate News

Photo Credit: SJ Martinez Photography A massive sculptural portrait was unveiled on the Jersey City waterfront this week, along with a new public plaza. Created by Barcelona-based artist Jaume Plensa, Water’s Soul is a monumental 80-foot-tall sculpture depicting a young person in contemplation. The new permanent artwork sits on the Hudson River in Newport, the master-planned, mixed-use community developed by the LeFrak Organization and Simon Property Group. Photo Credit: SJ Martinez Photography The sculpture pays tribute to the history of the Hudson River pier where it’s located, while “expressing collective hope for humanity to build a better world,” according to a […]

For a message that warned of potential catastrophe, the tone was unfailingly polite. “Dear Ms. Nguyen,” wrote Timothy McCrink and Janis Hernandez, both researchers at the California Geological Survey. “This letter conveys comments from CGS regarding geologic and seismic conditions affecting the site.” The site in question was the proposed Hollywood Center, a high-rise mixed use development that has triggered a bitter, protracted debate over its location along a possibly active earthquake fault line. The

The post Shaken, not stirred: Inside Millennium’s battles at Hollywood Center appeared first on The Real Deal New York.

Work continues to progress on One Madison Avenue, a 1.4-million-square-foot, 27-story office tower expansion in Midtown, Manhattan’s Flatiron District. Designed by Kohn Pedersen Fox and developed by SL Green, the project involves the construction of a steel-framed structure atop the current eight-story building, which was partially demolished and is in the process of being excavated and gutted. The property takes up a full block bound by East 23rd and 24th Streets and Madison Avenue and Park Avenue South, and sits directly adjacent to the 112-year-old Metropolitan Life Insurance Company Tower. The developers, which also include the National Pension Service of Korea and Hines, successfully acquired $1.25 billion in construction financing and are aiming to achieve both WELL and LEED Gold certification, as well as incorporating state-of-the-art HVAC and circulation systems to improve interior air quality and overall cleanliness. AECOM Tishman is serving as the general contractor.

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. Larry Silverstein and a California pension fund landed a major refinancing at 1177 Sixth Avenue months after buying out former partner UBS’s stake in the Midtown office skyscraper. On Oct. 8, Silverstein Properties and the California State Teachers’ Retirement

The post $450M refi reveals what tenants pay at Silverstein’s 1177 Sixth Avenue appeared first on The Real Deal New York.

Owner’s pivot from hotel rooms to offices finally lands city’s blessing

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Façade work is continuing to progress on The Fifth Avenue Hotel at 250 Fifth Avenue in NoMad. Designed by Perkins Eastman, PBDW Architects, and Martin Brudnizki Design Studio and developed by Flaneur Hospitality, the project involves the construction of a 230-foot-tall, 24-story reinforced concrete tower and the renovation and hotel conversion of a 116-year-old McKim, Mead & White-designed building. The Rinaldi Group is the general contractor for the project, which is being built at the corner of Fifth Avenue and West 28th Street.

Employers luring scattered workers back to the office with proximity to transit hubs

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SCALE Lending recently provided a $64 million financing package for developers to complete a new 14-story tower at 64 Centre Street in New Rochelle. From developer Allstate Ventures and Richard Bienenfeld Architect, the building will create 144 rental apartments in studio, one-, and two-bedroom floor plans. Additional components include 1,550 square feet of retail, on-site parking, and an unspecified suite of amenities.

Meredith Marshall is not a fan of the city’s approval process for big projects, like the one his BRP Companies plans for 270 Nostrand Avenue in Bedford-Stuyvesant. But in this case, despite opposition from locals and a setback at the usually pro-development City Planning Commission, it appears to have worked out for him. The City Council last week approved BRP’s proposed rezoning. Assuming the planning commission signs off on late changes to the plan, BRP

The post BRP’s controversial Bed-Stuy project wins approval appeared first on The Real Deal New York.

Permits have been filed for a 12-story mixed-use building at 300 East 50th Street in Midtown East, Manhattan. Located at the intersection of Second Avenue and East 50th Street, the corner lot is closest to the Lexington Avenue/53rd Street subway station, serviced by the E, M, and 6 trains. Reggie Kronstadt, principal at Krown Point Capital, is listed as the owner behind the applications.