The Real Deal New York

Revealed: New renderings for Empire Stores in Dumbo

Perkins Eastman is designing Midtown Equities' mixed-use project at 55 Water Street

January 13, 2015 08:30AM
By Claire Moses

A new look is available at Midtown Equities’ Empire Stores along the Dumbo waterfront.

Studio V Architects and Perkins Eastman are designing the redevelopment of the Civil War-era property at 55 Water Street, which is being developed by the Cayre family’s Midtown Equities in partnership with HK Organization and Rockwood Capital.

The project will cost roughly $150 million, as The Real Deal reported. The developers are asking approximately $65 per square foot for the converted office space, and a record-breaking $90 per square foot for space at the summit.

When completed in the fall, Empire Stores will include roughly 380,000 rentable square feet of office space, with roughly 80,000 square feet dedicated to retail and restaurant as well as 7,000 square feet of open space on the roof. Brooklyn-based home décor retailer West Elm will be the property’s anchor tenant.

JLL’s Scott Panzer and Howard Hersch are handling all office leases.

The foundation systems have been completed, as well as the masonry and timber stabilization. The public passageway from Water Street through the building to Brooklyn Bridge Park is also in the process of being framed, Midtown Equities’ principal Jack Cayre said through a spokesperson.

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