Fall is the season of light layers, new television and real estate. A number of projects, both residential and commercial, are on the move ahead of the winter season.
The New York Post has compiled the six most noteworthy real estate projects to keep an eye on this fall.
One prominent project on the list is Larry Silverstein’s 3 World Trade Center. Work on top of the seven-story podium base recently resumed after the Port Authority released $159 million for the project. So far, only the base on the $2.4 billion tower has been constructed, but the tower will ultimately stand 80 stories tall.
Rose Associates’ 66-story 70 Pine Street, where apartment leasing is scheduled to begin this winter, is also on the move. The former AIG building is being turned into a luxury residential project.
Besides commercial and residential, fall 2014 will also be high season for hotels. The fate of New York’s storied Plaza Hotel, which is currently for sale and owned by the Sahara Group, remains in limbo. The group’s chief executive officer, Subrata Roy, is reportedly hearing offers despite India’s highest court banning his Sahara Group from selling any of its assets pending an ongoing investigation into the conglomerate’s alleged violations of securities laws.
Earlier this month, the Sultan of Brunei was rumored to have made a bid for the hotel – a move the Sultan later denied. Human rights groups and celebrities opposed a potential bid by the sultan, who also owns the Beverly Hills Hotel, because of a recently implemented penal code in Brunei that criminalizes same-sex relationships.
The rezoning of Vanderbilt Avenue along the Grand Central Terminal corridor, which runs from 42nd-47th Street, also bears watching, the paper notes. This fall, the de Blasio Administration plan will go up for public review. The outcome of that process will have a direct impact on SL Green, which is aiming to put up One Vanderbilt, a 1,200 foot tower, on a block between Madison Avenue and Vanderbilt.
Some new hotels are joining the scene, as well, with the Park Hyatt at One57 opening, along with the Knickerbocker on West 42nd Street. That hotel is scheduled to open in October. [NYP] — Claire Moses