The Real Deal New York

Far West Side neighborhood news

  • Rendering of Hudson Yards

    The Related Companies has won wage-cutting agreements with some four dozen construction unions in its efforts to save money at the $15 billion development of Hudson Yards, Crain’s reported.

    The developer, one of the most outspoken for the need to cut construction costs during contract negotiations with unions last year, got the groups to agree to cut wages and benefit packages by 10 percent to ensure they would be commissioned to work the massive construction project expected to carry on for the next decade. The deal is not yet final. [more]

  • From left: Joseph Chetrit (credit: DNAinfo) and Baruch Singer

    For the third time in two days, major property news is emerging from the Far West Side near the Jacob Javits Center. A day after The Real Deal reported Rockrose Development closed on its purchase of a West 39th Street development parcel and the Imperatore family reportedly began exploring a sale of a 1 million-square-foot development site across 11th Avenue from the Javits Center, Crain’s reported that Joseph Chetrit has entered contract to buy property in the area for $26 million. [more]

  • From left: Justin and Henry Elghanayan and the site on 39th Street

    Rockrose Development has purchased a 19,475-square-foot commercial development site near Hudson Yards, bringing to completion a decade-long plan to acquire an entire block on the Far West Side.

    The acquisition of the site, at 528-534 West 39th Street, paves the way for a residential development totaling 528 units as well as an additional 1 million square feet of commercial development, Rockrose President Justin Elghanayan told The Real Deal following the closing today. [more]

  • Darcy Stacom (top), Edward Imperatore (bottom) and the development site

    The owners of a large development site across the street from the Jacob K. Javits Center have hired CBRE Group Vice Chairman Darcy Stacom to explore a possible sale, Crain’s reported.

    The L-shaped lot is owned by the Imperatore family and fronts 11th Avenue and spans the entire block between West 36th and West 37th streets. Crain’s said a development of 800,000- to 1 million square feet could be built on the site. [more]

  • Glenwood's Gary Jacob and 743-763 Eighth Avenue

    Hospitality firm Riu Hotels & Resorts has paid residential owner and operator Glenwood Management $111 million for a large development site on the West Side. The five parcels on the west side of Eighth Avenue, between 46th and 47th streets, including addresses 743-763 Eighth Avenue, would allow a building between 260,000 square feet and 320,000 square feet, according to published reports. [more]

  • Durst Fetner's West 57th Street pyramid

    More than a year after unveiling plans for a pyramid-shaped building on West 57th Street near the West Side Highway, Durst Fetner Residential will begin carrying the plans through the land-use review process. According to the Wall Street Journal, the developer will start the seven-month effort, which includes votes by the City Planning Commission and City Council today. [more]

  • From left: TF Cornerstone Chairman Thomas Elghanayan, President Fred Elghanayan and 602 West 57th Street

    Updated: Residential developer TF Cornerstone signed a long-term lease to take control of four parcels on the West Side where AvalonBay once considered building a luxury rental tower.

    Thomas and Fred Elghanayan’s TF Cornerstone closed on the 99-year lease for 602 West 57th Street with property owner Four Plus, a real estate investment company based in Montgomery, Ala., on May 29, documents filed with the city show. [more]

  • Related Chairman Stephen Ross, Hudson Yards and Willets Point renderings

    Thanks to its expertise in negotiating complex agreements with the city and its long-term thought process, Related Companies has become the most prominent developer in the city, according to Crain’s, boasting forthcoming mega-developments at Hudson Yards and Willets Point, among others.

    Because Chairman Stephen Ross got his start developing affordable housing, he became adept at striking deals with the city that ensure favorable terms for both sides, Crain’s said. [more]

  • Gary Barnett and a KPF rendering of the World Product Center

    Though Hudson Yards development is typically associated with the Related Companies, it’s Gary Barnett’s Extell Development that is moving forward on a building dubbed “One Hudson Yards.” The New York Post reported that Extell has taken the first step towards developing its long-planned 56-story, 1.7 million-square-foot office tower on 11th Avenue between West 33rd and West 34th streets by commissioning Jones Lang LaSalle to find tenants for the building. [more]

  • CBRE's Bob Alexander and Hudson Yards rendering

    Luxury retailer coach has expanded its presence at Hudson Yards, the New York Post reported, and agreed to purchase an additional 150,000 square feet on top of the 600,000 for which it already signed. Under the terms of its agreement with developer Related Companies, which is down to “paper details,” Coach can add another 100,000 feet to bring its total to 850,000, or one-half of the forthcoming 46-story building’s 1.7 million square feet. [more]

  • Jacob Javits Center

    Trade show producers have joined together to voice support for the Jacob Javits Center that Governor Andrew Cuomo wants to tear down, and even threatened to boycott his proposed replacement at the Aqueduct in Queens. Crain’s reported the group of 21 large trade-show companies, called Friends of Javits, sent a letter to Cuomo late last month to express their opposition to the demolition of the existing facility. [more]

  • Brookfield's Phil Wharton and a rendering of Manhattan West

    The Far West Side earned the latest confirmation of its potential as a residential neighborhood when office developer Brookfield Office Properties recently said it was considering adding 900 apartments to its Manhattan West project, according to the New York Post. The area already has thousands of new rental units from developers such as TF Cornerstone, Glenwood Management and the Related Companies, and has thousands more on the way from those developers, the Gotham Organization and Iliad Development. [more]

  • Brookfield President Dennis Friedrich, Phil Wharton, new director of development, and Manhattan West

    Long considered only for its office and retail potential, Brookfield Office Properties’ massive Manhattan West development site could include residential, too. Citing information from an investor call, Bloomberg News reported that the developer may include up to 900 residential units in its 5.4 million-square-foot plan.

    “We’ve always highlighted the office density because we’re an office landlord,” said Brookfield Office President Dennis Friedrich said. “But we have the ability to build 900 units on that site. That market has really taken off, and may drive greater value for us, so we took a little bit of time to study that.” [more]

  • The site of the crane collapse

    Construction on the 7 train extension resumed yesterday afternoon, according to city officials, DNAinfo reported, for the first time since a crane collapse at the West 34th Street and 11th Avenue work site last week killed one construction worker and injured three others. A cable snapped, the second such incident in the last three months, on a crane which was owned and operated by Yonkers Contracting Company, prompting the Metropolitan Transportation Authority to suspend work at the site. [more]

  • Javits Center to get a casino?

    March 30, 2012 10:30AM

    Jacob Javits Center

    Casino magnate Sheldon Adelson wants to put a casino in the Javits Center, on Manhattan’s Far West Side, the New York Post reported. But while he is prepared to pounce in the event that New York City law makes it possible, there are already detractors, the Post said.

    “There’s a little noise in New York now, and we’re going to take a look and see if we can put something… maybe in Manhattan and be able to maybe do something with [the Jacob K. Javits Center]… and put our complex there,” Las Vegas Sands President Mike Leven said. Las Vegas Sands, Aldelson’s company, is a leading casino development group. [more]

  • City Council Speaker Christine Quinn and Hudson Yards

    City Council Speaker Christine Quinn is cutting the Related Companies a break from the living wage legislation.

    The New York Times reported that Quinn has added an exemption to the living wage bill, which would require commercial projects that get city funding to pay employees a “living wage” of at least $10 per hour with benefits, that doesn’t require most of the Hudson Yards development to comply. [more]

  • A rendering of Manhattan West

    Brookfield Office Properties is awaiting only the go-ahead from Amtrak, which operates the train tracks beneath the site slated for its massive Manhattan West project, before it begins construction on a deck to cover the rail yards.

    The New York Post reported that while Brookfield officials say they are 95 percent of the way to an agreement with Amtrak executives, Amtrak in turn said the sides still have “some substantive” issues to iron out. The developer had previously said construction would start in January. [more]

  • Related has purchased a portion of restaurateur Danny Meyer’s Union Square Events, Business Week reported. The pair will partner on future ventures, the first being Related’s Hudson Yards.

    Meyer, of Shake Shack fame, sees it as an opportunity to extend his brand to stadiums and other properties that his products don’t currently reach, and Related gets the cachet that Meyer’s popular chains bring. [more]

  • Sherwood Equities has acquired a West Side development site where Extell Development had once planned to build a 60-story hotel and residential tower for more than $42 million, according to Real Estate Weekly. The site, at 356 10th Avenue, near the Related Companies’ planned Hudson Yards development, was assembled for at least $44 million by Extell, but after its financing partner backed out of the project, the company handed it back to lender Barclays Capital Real Estate last year in a deed in lieu of foreclosure. Barclays, which held a first mortgage valued at nearly $30 million on the property, hired Massey Knakal Realty Services to help sell the site in March. [REW]

  • The Real Deal takes an exclusive look at Related Companies’ detailed model of the first three office buildings and retail anchor mall planned for its 26-acre site at Hudson Yards. 

    Jay Cross, president of Related Hudson Yards, talks with Insights from The Real Deal in the video above about the rental and sales prices per square foot he is offering to prospective office tenants as the “early-bird special.”

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    The architectural model includes a rendering of a 2.5 million-square-foot office tower, a smaller 750,000-square-foot office building and a mixed-used high-rise with 1.2 million square feet of office space. All are on 10th Avenue between 30th and 33rd streets.

    The model also shows the 500,000-square-foot retail space at the base of the towers. These buildings are expected to be delivered between 2015 and 2017.

    In addition, Robert Knakal, chairman of commercial brokerage Massey Knakal Realty Services, says there was a large amount of activity in the Hudson Yards submarket last year, totaling $1.1 billion in commercial sales.
    [more]

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