Category Archives: Real Estate

Conrad Hotel USA

New Details Released On Conrad Hotel in Battery Park City

Buildings, Real Estate, , , , , , , ,
Conrad Hotel USA
Conrad Hotel in Chicago is a peek into what's to come in BPC

In a new interview published by Hotelworldnetwork.com, details are coming forth about the new Conrad luxury hotel slated to open in Q4 2011.

The interview with head of luxury brands John T.A. Vanderslice discusses the Hilton’s luxury brands strategy in opening up its 5th United States location in Battery Park City.

According to Vanderslice, “Conrad’s forthcoming entry in the New York City market is indicative of the brand’s formidable development pipeline which also includes future properties in other important global cities such as Dubai and Beijing With regard to the timing of the Conrad New York announcement, our development decisions are made for the long-term and there are many indications that the luxury segment is rebounding with demand on the rise. Additionally, there is currently a relatively low luxury supply in New York’s Financial District so we hope to satisfy an important and growing market need.”

Considering there is a Ritz Carlton and a W hotel within a two block radius of Ground Zero, we’re not certain we agree with that sentiment.

Vanderslice also goes on to point out features of this new luxury hotel,

“A distinguishing feature of the Conrad New York will be the hotel’s typical room size. Typical rooms will average between 500 and 550 square feet, which is extremely generous by any standard, let alone by the space-conscious standard of New York hotels. Additionally, like all Conrad properties, the Conrad New York will feature the smart luxury, flawless service, and technological sophistication that enable guests to enjoy the rare luxury of being themselves.”

Keeping true to the hotel brand’s philosophy, “The luxury of being yourself.”

In a press release for the hotel, the proximity of the hotel to the Freedom Tower is being heavily touted. As well as a noted commitment to providing high end amenities and dining establishments within the hotel,

“The soaring, sunlit 15-story atrium lobby features a dramatic Sol LeWitt art piece rising 13 floors above the check-in desk.  Each luxuriously appointed guestroom will feature an average of more than 550 square feet, a minimum of two flat panel televisions and a full complement of contemporary electronic features.  Conrad New York will also feature upscale dining and beverage outlets that are consistent with Conrad’s global definition of luxury.  Interior design is being styled by Kohn Pedersen Fox Associates, Office dA and Remedios Studios.

In addition, more than 17,000 square feet of flexible meeting space will ensure that guests can stay connected and meet in comfort, supported by state-of-the-art technology and meeting facilities.  A 6,000 square foot Grand Ballroom is designed to accommodate conferences and social gatherings for more than 600 participants.

Existing Conrad properties in the United States include Conrad Miami, Conrad Chicago, Conrad Indianapolis and Conrad San Juan.”

Four New York Plaza

Daily News Headquarters Moves Downtown

Buildings, Real Estate, , , , , , ,
Four New York Plaza
4 New York Plaza Quickly Becomes Hub for American Media

Crains New York Business.com is reporting that the New York Daily News has signed a lease to move into our area next year. The publication is currently located in midtown and its new offices will be located at 4 New York Plaza at the corner of Water Street and Broad.

According to owner Mort Zuckerman, “This location will provide our employees with a modern new home.”

Its related corporate entity, U.S. News & World Report Media Group which are also slated to move into the building — renting two floors at 4 New York Plaza.

American Media Inc., an unrelated publishing company has also announced that they too will be moving into the same building.

Considering that Mansueto Ventures, home of Inc and Fast Company are located at 7 World Trade Center paired with rumors that Conde Nast will be a tenant at the World Trade Center — Downtown Manhattan is slated to become a new hub for American media.

Park51 Architecture may be influenced by Cooper Union and 7 World Trade Center

Sharif El-Gamal Sees Mosque As Empire State Building

Buildings, Real Estate, , , , , , , , , ,
Park51 Architecture may be influenced by Cooper Union and 7 World Trade Center
Park51 Architecture may be influenced by Cooper Union and 7 World Trade Center

The developer of the Park 51 mosque and community center, formerly known as the Cordoba Initiative — has put his ambitions on the record with the Wall Street Journal for the impending World Trade Center mosque to be a significant architectural structure in New York City.

“I want to build something that when people come to New York…that Park51 is on that red tour bus as something that they have to see because it’s one of the most significant buildings in New York City,” says El-Gamal in the Wall Street Journal.

El-Gamal’s architectural team could be a great indication of his potential success, but has not named a team just yet. However, he has noted that two buildings he considers great examples of the architectural direction of the mosque include the steely Cooper Union building in Astor place and the glass behemoth 7 World Trade Center building.

According to the same article it was noted that the design would evoke modernity and would not necessarily adopt a traditional mosque style, “It’s definitely going to be an expression of New York and of America,” Mr. El-Gamal said in an interview Friday, a few days after his project, now dubbed Park51, came under fire at a raucous Landmarks Preservation Commission hearing.”

The slated location for the Park51 mosque has already been converted into a makeshift mosque with nearly 400 Muslims who journey to the location at 45-51 Park Place for Friday prayer service.

Building Vacancies Drop in Battery Park City and Tribeca

Condo Sales Up in Manhattan — Except In Our Neighborhood

Real Estate, , , ,
Condo sales rise citywide except in Financial District.
Condo sales rise citywide except in Financial District.

Condominium sales have climbed throughout all of Manhattan except in the Financial District, according to Radar Logic, the company that runs the RPX index which calculates condo sales. The RPX index measures 8 separate neighborhoods in Manhattan and reported that prices declined in five out of eight Manhattan neighborhoods, with our neighborhood accounting for the steepest drop in both sales and price per square foot.

In April, Manhattan condo sales had seen a stark rise to 383 units — 246 units over last years figures. However, compared with March numbers, April condo sales were up 20%.

An increase in condo sales is usually good news –except the overal price per square foot was down 6.9% year over year. Our neighborhood which is included with condominiums located in the financial district had reported an average price per square foot drop of nearly 16.% percent  — at approximately $869.21 per square foot. Whereas Murray Hill/Gramercy Park reported the biggest gain, with a 6.4% to $1,014.04 per square foot.

The decrease in square foot value is due to the amount of inventory in and around our area — with developers pricing units to sell. According to the report, “The principal problem facing the housing markets is one of oversupply — at the current levels of demand it will take years to absorb unsold inventory.”

Ground Zero performing arts center

Ground Zero Arts Center Gets $44M Boost

Real Estate, , , , , , ,
Ground Zero performing arts center
City finally gets the ball rolling on new WTC performing arts center.

A long-delayed project to erect a performing arts center at Ground Zero is finally picking up steam. New York City has stepped up to the plate with $44 million to help build the center’s below-ground foundation, according to the Associated Press.

The board of the Port Authority of New York and New Jersey approved a deal last week that will have the city repay the Authority for the work at the World Trade Center site.

Continue reading Ground Zero Arts Center Gets $44M Boost →

WTC Transit Hall

Sorbara Construction Scores $86 Million WTC Contract

Real Estate, , , , ,
WTC Transit Hall
New WTC Transit Hall is one step closer to reality.

Good news for anyone eagerly anticipating the new World Trade Center PATH and subway hub designed by renowned Spanish architect Santiago Calatrava: Earlier this week, the Port Authority awarded an $86 million contract to Long Island-based Sorbara Construction Corp. to get the ball rolling on the project.

According to NJ.com, the firm will provide the concrete floor slabs, beams and walls that will comprise the sculpted components of Calatrava’s epic Transit Hall — which, along with the 9/11 Memorial and the 1,776-foot-tall WTC 1 (aka the Freedom Tower), is already being hailed by officials as another aesthetically pleasing, architecturally significant addition to the World Trade Center site.

Continue reading Sorbara Construction Scores $86 Million WTC Contract →

John Galt Corporation Deutsche Bank Contractor

Contractor Investigated in Deutsche Bank Fire Lands Ground Zero Gig

Real Estate, , , , , ,
John Galt Corporation Deutsche Bank Contractor
Do we really want former John Galt Corp. players working on 4 World Trade Center?

Regional Scaffolding and Hoisting Company, a contractor that was the focus of a criminal investigation into a 2007 fire at the Deutsche Bank building that resulted in the death of two firefighters (AND that remains under scrutiny for financial irregularities), is set to return to Ground Zero to work on the office tower at 4 World Trade Center.

According to The New York Times, documents filed with the city show that Regional Scaffolding was issued a permit two weeks ago to install a construction elevator at 4 WTC. And, yes, that means exactly what you think: A company being eyed for criminal negligence and fiscal shadiness has been rewarded with a prime gig at the office tower developer Larry A. Silverstein is constructing at the World Trade Center site.

Continue reading Contractor Investigated in Deutsche Bank Fire Lands Ground Zero Gig →

NYU Looking to Expand at World Trade Center

NYU Expanding to World Trade Center?

Real Estate, , , ,
NYU Looking to Expand at World Trade Center
Does this mean Chick Fil-A is coming with it?

A few years from now, New York University students may be calling the World Trade Center’s Tower 5 their “dorm.”

That’s right, according to the New York Post, NYU officials are eying the yet-to-be-built tower as part of an ambitious 20-year plan to expand by a whopping 40 percent, adding 6 million square feet of housing, classrooms and administrative space in the process. Around half of that behemoth square footage will likely be added in the school’s current Greenwich Village neighborhood, but space constraints in the area have forced NYU to look elsewhere for the rest of the expansion. That’s where the WTC and Lower Manhattan figure in to the plan.

Continue reading NYU Expanding to World Trade Center? →

225 Rector Place

Developer Allegedly Plunders BPC Building’s Reserve Fund

Real Estate, , , , ,
225 Rector Place
Yair Levy accused of raiding the coffers of 225 Rector Place.

Andrew M. Cuomo, the New York attorney general, has a beef with real estate developer Yair Levy. The reason for that aforementioned beef: Levy allegedly purloined $7.4 million from the reserve fund of a luxury building he was developing in Battery Park City.

According to The New York Times, Cuomo filed a lawsuit in State Supreme Court on Wednesday, accusing Levy of leaving the 304-unit luxury building at 225 Rector Place, with a measly $70 in its reserve fund, probably not quite enough to cover the “capital repairs, replacements and improvements necessary for the health and safety of the residents” for which the fund was intended.

Continue reading Developer Allegedly Plunders BPC Building’s Reserve Fund →

World Center Hotel

World Center Hotel Opens at Ground Zero

Real Estate, , , ,
World Center Hotel
WTC gets its first hotel (photo courtesy of WorldCenterHotel.com).

As of today, Ground Zero has its first hotel.

The World Center Hotel, which had already begun construction when the Sept. 11 terrorist attacks hit, is finally, officially open for business on Washington Street on the southern tip of the World Trade Center rectangle.

So what is the hotel like? For starters, it boasts unimpeded views of the Ground Zero construction, including the Freedom Tower and the National 9/11 Memorial & Museum, as well as breathtaking views of the Hudson River, the Manhattan skyline and the surprisingly beautiful New Jersey skyline (yes, you read that correctly). And for the weary traveler looking to drink in these views and a few tasty beverages, the World Center Hotel also has its own bar, the View of the World Terrace Pub, located on the top floor.

Continue reading World Center Hotel Opens at Ground Zero →