The city’s low office vacancy rates and slowly rising rents are overshadowing a disturbing office leasing trend, according to the New York Post. Ground-up office projects have been unable to secure major tenants, which in turn has stifled development.
Posts Tagged ‘51 Astor Place’
Airy, open-plan office spaces, once seen as difficult to rent, are commanding some of the highest office rents in Manhattan since the recession, the New York Times reported, some more than $100 a square foot. These spaces, with dramatic city views, can be found in Midtown towers like 499 Park Avenue and 250 West 55th Street, the Times said, as well as downtown at 1 and 3 World Trade Center, now under construction.
Also desirable for their floor plans are buildings like 51 Astor Place, 28-40 West 23rd Street and 30 Rockefeller Center, where investment company Lazard is redesigning its 430,000 square feet on the top floors.
“Constantly now, we see firms wanting to build dramatic space,” said Peter Turchin, an executive vice president at CBRE. … [more]
Edward Minskoff’s Minskoff Equities has closed on a construction loan valued at between $165 and $200 million with Bank of America for 51 Astor Place, the real estate company’s new office development near Cooper Union, the New York Observer reported.
Minskoff is confident in the success of the 400,000-square-foot property, which is slated to be completed by 2013, he said, despite not having signed any tenants so far.
“It will surpass the Bank of America building [at One Bryant Park] in some ways,” he said. To some brokers, rents at 51 Astor Place, which will range from about $88 to $115 per square foot, the Observer said, seem a little high. … [more]
State authorities reached a deal with the city and the United Nations to revive stalled plans for a $340 million new U.N. tower earlier this month, the New York Observer reported. That means that Japanese architect Fumihiko Maki, who was selected to design the building when the idea first emerged in 2004, will be dusting off his blueprints alongside local partners architecture firm FXFowle and getting back to work.
“We have a saying around the office,” Dan Kaplan, a principal at FXFowle, told the Observer. “It takes a long time for things to happen suddenly.”
Much of the design work has already been completed for a 35-story tower on the site at the southeast corner of First Avenue and 42nd Street, but it will require some changes, Kaplan said. … [more]
Developer Edward Minskoff is preparing to break ground at 51 Astor Place, he told Real Estate Weekly, a 400,000-square-foot office tower between Third and Fourth avenues and 8th and 9th streets. Minskoff’s firm, Edward J. Minskoff Equities, will begin demolition of the building currently sitting on the site by the end of this year, REW said.
With other developers avoiding risks as the economy continues to fluctuate, Minskoff is betting that 51 Astor will attract tenants once built, saying it will be superior to Manhattan’s comparatively shabby office stock.
“It’s a state of the art building that’s going to be more technologically advanced than 98 percent of other buildings today,” Minskoff said. “Companies that want to operate their businesses efficiently and effectively realize now that they need great space to do it.” … [more]
Developer Edward Minskoff detailed his plans for 51 Astor Place, the former home of Cooper Union’s engineering department and the New York Film Academy Cafe, in a segment on NY1 last week. Minskoff, head of Edward J. Minskoff Equities, purchased the building in 2008 and commissioned famed Japanese architect Fumihiko Maki to design a 13-story office building before inking an anchor tenant. The 183-foot tall building will have a ribbed granite and glass exterior and will boast a different design on each of its four sides. “This building technologically will be the most advanced building built in New York City since the Bank of America headquarters [completed in 2009] on 42nd Street,” Minskoff said. … [more]
From left: Edward Minskoff, 51 Astor Place and its architect Fumihiko Maki
During the depths of the financial crisis, developers reconsidered and re-imagined their shelved projects, and now, construction is resuming on some of the city’s most anticipated towers, according to the New York Times. Brookfield Office Properties spent construction delays re-engineering a cheaper way to build a deck overlooking the rail yards as it prepares several towers for its 5.4-million-square-foot lot between Ninth and Dyer avenues and West 33rd and 31st streets. Pacolet Milliken Enterprises demolished an entire block along Sixth Avenue between 39th and 40th streets before the downturn, and has now completed the design for a 350,000-square-foot office building at the site. … [more]
Developer Edward Minskoff , president of Edward J. Minskoff Equities, is hoping to begin construction at 51 Astor Place in July, on what would be the city’s first large new speculative office building since the collapse of Lehman Brothers in 2008, according to the Wall Street Journal. Minskoff says he will begin construction without any pre-leasing on a Maki and Associates-designed, 430,000-square-foot tower on the site, just outside the East Village, that he acquired in late 2007. Although most of the city’s modern office space is in Midtown and the Financial District, Minskoff predicted that the building would attract high-tech companies, investment banks and advertising firms. … [more]
Classes will soon be back in session for middle schoolers at Girls Prep on East Houston Street, whose classes were delayed from their Aug. 16 start date to accommodate the school’s expansion plan. Girls Prep has now secured new space at 51 Astor Place in Cooper Square for 125 fifth- and sixth-graders, DNAinfo reported. The East Village school’s decision to look elsewhere for classroom space came following protests from parents and elected officials over its planned expansion within the East Houston Street building, which would have caused special-needs students — who share the building with Girls Prep — to move. Following the protests, the Department of Education backed off a plan to use an “emergency declaration” that would have bypassed an earlier state ruling against the expansion. [DNAinfo]