{"id":1004057969,"date":"2013-01-18T11:22:52","date_gmt":"2013-01-18T19:22:52","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=95826"},"modified":"2022-12-04T14:14:22","modified_gmt":"2022-12-04T22:14:22","slug":"brookfield-breaks-ground-on-4-5-billion-manhattan-west-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-breaks-ground-on-4-5-billion-manhattan-west-development\/","title":{"rendered":"Brookfield Breaks Ground on $4.5 Billion Manhattan West Development"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/Manhattan-West-masterplan.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-95827\" title=\"Manhattan West masterplan\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/Manhattan-West-masterplan.jpg\" alt=\"\" width=\"213\" height=\"238\" \/><\/a>The first phase of Brookfield Office Properties\u2019 newest and largest development project in New York City kicked off on January 15 with a groundbreaking event in the presence of Mayor Michael Bloomberg and other city and real estate officials.<\/p>\n<p style=\"text-align: justify\">Manhattan West is a $4.5 billion development project on a Brookfield-owned vacant site at Ninth Avenue between West 31st and West 33rd Streets. When opened in 2016, the project designed by Skidmore, Owings &amp; Merrill in partnership with SLCE Architects will have 5.4 million square feet of space, including two 2-million-square-foot office towers, a residential high-rise, new shops and restaurants, and 1.5 acres of public space serving as a bridge between Chelsea and the Midtown CBD.<\/p>\n<p style=\"text-align: justify\">During Phase I, which is scheduled to be completed in 2014, the development team will install a 120,000-square-foot platform made up of a series of 16 bridges over the Hudson rail yards that lead to Penn Station. According to a press release from Brookfield, locally-<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/Manhattan-West-platform.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-95828\" title=\"Manhattan West platform\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/Manhattan-West-platform.jpg\" alt=\"\" width=\"270\" height=\"153\" \/><\/a>based Turner Construction\u2014who will install the deck\u2014will utilize post-tension, pre-cast, segmental bridge technology to minimize disturbance to trains running under the platform.<\/p>\n<p style=\"text-align: justify\">The Manhattan West deck will cost $680 million. Funding for this part of the project has been secured with a five-year, $340 million construction loan from a bank group that includes banks such as HSBC, Wells Fargo and U.S. Bank. The rest will be covered by private funds coming from Brookfield\u2019s own capital.<\/p>\n<p style=\"text-align: justify\">More than 600 construction jobs will be generated during the platform installation process. The project will generate $52.7 million in employee compensation and $4.7 million in tax revenue for New York City.<\/p>\n<h6 style=\"text-align: justify\"><em>Renderings of Manhattan West master plan and platform via Brookfield Office Properties<\/em><\/h6>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first phase of Brookfield Office Properties&rsquo; newest and largest development project in New York City kicked off on January 15 with a groundbreaking event in the presence of Mayor Michael Bloomberg and other city and real estate officials.<\/p>\n","protected":false},"author":258,"featured_media":1004506403,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[1815],"class_list":["post-1004057969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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