New York
The Bronx, Manhattan Welcome Marriott-Branded Hotels; Frank Reilly Joins Avison Young NYC as Principal
The first Marriott hotel operating under the Residence Inn brand is set to open in the Bronx in 2014 inside a 370,000-square-foot mixed-use complex known as Metro Center Atrium, part of the 42-acre, multi-building Hutchinson Metro Center. A Simone Development Companies venture, the Atrium will also include offices, medical spaces, restaurants and retail spaces. The seven-story extended-stay hotel will sport 125 upscale guest rooms.
Complex Redesign Project Announced for NYC’s Historic Pier 17
Howard Hughes Corporation (HHC)—a company that owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S.—and the New York City Economic Development Corporation (NYCEDC) have reached an agreement for a multi-year revitalization project of a 195,000-square-foot building at South Street Seaport, one of Manhattan’s most popular areas. South Street Seaport dates back to the 1600’s and was recently named the 26th most-visited tourist attraction in the world by Travel & Leisure Magazine.
$22M Mixed-Use Development to Break Ground in Downtown Yonkers; Valuation Expert Steven Kurtz Joins Avison Young as Principal
Development company Rising Development recently got the green light from the Yonkers Industrial Development Agency (YIDA) to go on with a $22 million project that would transform five properties in the downtown area into residential, retail and restaurant space. According to LoHud.com, YIDA has granted more than $500,000 in tax exemptions on mortgage and building materials used for the project, which aims to revitalize the city’s downtown and waterfront and attract further developers in the area.
Refurbished Double Tree by Hilton Hotels Opens in New York City
Double Tree by Hilton recently inaugurated its newly revamped full-service hotel in New York City—an upscale property located on the corner of Lexington Avenue and 51st Street in the fashionable East Side. The iconic building, which was designed by architect Morris Lapidus as the Summit Hotel in 1960—in an unusual “Z” shape to increase natural daylight in each room, now features 12,000 square feet of renovated meeting space and 746 guest rooms.
Lighting Retrofit Completed at Ernst & Young NYC Headquarters; Avison Young Closes on Three Transactions
A team of contractors made up of JAS Consulting, Philips Lightolier Energy Service Group and One Lux Studio recently finished work on a massive lighting retrofit project at Ernst & Young’s 650,000-square-foot headquarters in Times Square.
New Affordable Rental Units Available in Bedford-Stuyvesant
By Veronica Grecu, Associate Editor A new affordable housing complex was inaugurated last week in Brooklyn’s Bedford-Stuyvesant neighborhood during an official ceremony attended by representatives of the New York City Department of Housing Preservation and Development (HPD), development partners and residents. Created as part of Mayor Michael Bloomberg’s New Housing Marketplace Plan, which aims to […]
Avison Young Anticipates a Rebound for Manhattan Real Estate in Late 2012
As the second quarter of 2012 drew to a close, the Manhattan office market showed mixed indicators. Despite some increase in new leasing activity as compared to the record lows seen during the first quarter, vacancy rates continued to rise, which led to a high level of unoccupied inventory.
JV Breaks Ground on Luxury Development in Jersey City
Development partners Ironstate Development Company and Kushner Real Estate Group have broken ground on 18 Park—a 550,000-square-foot, mixed-use project that will replace an undeveloped site adjacent to the Liberty Harbor North Light Rail Station near PATH and ferry service to Manhattan, all within the Liberty Harbor Redevelopment District in Jersey City
Toll Brothers and Starwood Capital Team Up to Build Luxury Hotel and Condo Complex at Brooklyn Bridge Park
The Brooklyn Bridge Park (BBP) Board of Directors has designated a joint venture between Toll Brothers Inc. and global private investment firm Starwood Capital Group to develop a 550,000-square-foot luxury hotel and condominium complex next to Pier 1 in Brooklyn Bridge Park.
Two Media Giants Scouting for Office Space in NYC
By Veronica Grecu, Associate Editor Remember when Silicon Valley was the designated location for tech companies? Well, things are about to change as media giants’ quest for new office space in Downtown Manhattan reaches new heights. Some undisclosed sources quoted by Reuters revealed that Menlo Park, California-based Facebook Inc. (FB.O) and Redmond, Wash.-based Microsoft Corp. […]