Historic armory to become retail center, complete with movie theaters and restaurants. On April 21, 2008, the City selected Related Companies to convert the Kingsbridge Armory, a City landmark located on the corner of 195th Street and Jerome Avenue in the Bronx, into a $310 million shopping center. The center will include a large department store, up to 35 smaller shops, a movie theater, and restaurants.
The Armory features two battlement towers, Romanesque arches, and … <Read More>
Planned parkland shrinks; developers get more opportunities for enclosed amusements. On April 17, 2008, the City revised its comprehensive plan to redevelop a 47-acre area of the Coney Island peninsula, after holding its public scoping meeting two months earlier.
Initiated by the Department of City Planning and the New York City Economic Development Corporation, the plan covers 19 blocks of the neighborhood, stretching from the New York Aquarium to West 24th Street, and from Mermaid … <Read More>
Proposal would create 13 million sq.ft. of developable space. On March 26, 2008, the MTA Board selected Tishman Speyer’s proposal to develop the western and eastern portions of the John D. Caemmerer Rail Yard, also known as Hudson Yards. At $1.004 billion, Tishman outbid four competing real estate developers for the right to transform the 26-acre site despite proposing the smallest number of residential units and the least amount of open space.
Tishman’s proposal, designed … <Read More>
Major League Baseball project in Harlem is among the beneficiaries. On March 6, 2008, the New York City Industrial Development Agency held a public hearing on proposed public subsidies to private entities, including a joint venture between Vornado Realty Trust and California Urban Investment Partners. The joint venture was established to build a 21-story office tower on 125th Street and Park Avenue, directly southwest … <Read More>
Port Authority leased air rights for $500 million to fund major improvements. On November 30, 2007, the Port Authority announced an agreement to facilitate construction of a 40-story, 1.3 million-square-foot office tower above the north wing of the 42nd Street Bus Terminal. Under the agreement, the Port Authority would lease the air rights over the area to 20X Square Associates, a joint venture between Vornado Realty and Ruben Companies. The agency will also share in … <Read More>
The Diamond District and the Tennis Center are among the beneficiaries. On November 13, 2007 the New York City Industrial Development Agency voted to provide over $105 million in financial assistance to four entities.
IDA awarded up to $51 million in tax benefits to Extell Diamond Tower LLC, an affiliate of Extell Development Company, which will build an integrated diamond and jewelry industry facility in Manhattan’s Diamond District. IDA will extend a mortgage recording … <Read More>