The Real Deal New York

Posts Tagged ‘youngwoo and associates’

  • BronxGeneralPostOffice-young-woo

    558 Grand Concourse in the Bronx (Inset: Young Woo)

    Youngwoo & Associates is among developers in talks to redevelop the landmarked Bronx General Post Office, which the U.S. Postal Service intends to sell despite an outcry from residents. [more]

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  • Behind Young Woo’s ‘SuperPier’

    December 11, 2013 10:30AM
    Young Woo

    Young Woo (credit: Jeremy Williams)

    From the December issue: On a brisk November day, developer Young Woo headed towards a pair of hay-covered shipping crates just inside the entrance to a vast, cavernous structure on the 15th Street pier. [more]

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  • From left: Young Woo, a rendering of SuperPier (Credit: Pandiscio Co. / QuickHoney) and Andre Balazs

    From left: Young Woo, a rendering of SuperPier (Credit: Pandiscio/ QuickHoney) and Andre Balazs

    Updated, 11:25 a.m., Sept. 4: Pier 57 has a new name — SuperPier — and its first three tenants, the project’s’ developer announced today. Youngwoo & Associates now can count on hotelier Andre Balazs, a rock climbing gym and a fashion retailer taking up a large chunk of the 270,000-square foot site. Balazs, of the Standard Hotel fame, will operate a nearly 30,000-square-foot  beach club, a spokesperson for Youngwoo told The Real Deal. [more]

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  • Pier 57 (Photo by Billy Farrell Agency)

    Pier 57 (Credit: Billy Farrell Agency)

    When the bidding for Pier 57 kicked off in the early 2000s, developer Young Woo wasn’t quite ready to commit to the mammoth 480,000-square-foot project. But he’s been fascinated by the structure for a long time, he said, and when the city put it back on the market in 2009, though Woo was up against the Durst Organization and the Related Companies, he wasn’t going to miss his shot. [more]

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  • A rendering of Pier 57

    Updated, 12:51 p.m., May 24: At least five retailers will open stores at Pier 57’s 19,000-square-foot headhouse after Memorial Day, the project’s developer Young Woo & Associates announced at an International Council of Shopping Center‘s RECon 2013 event attended by Crain’s.

    The pop-up shops set to open include: coffee shop Cold Process, Nolita-based fresh juice bar Butcher’s Daughter, Gowanus-based eatery Fletcher’s BBQ, shoe retailer Soludos and design firm Grey Area. The headhouse is part of a 440,000-square-foot building on the pier next to Hudson River Park that Young Woo recently won the right to convert into a shopping center and cultural hub. [more]

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  • From left: Young Woo, City Council Speaker Christine Quinn and a Pier 57 rendering (courtesy Young Woo & Associates)

    UPDATED, 5:01 p.m., April 9: The City Council today unanimously approved Young Woo & Associates’ plan to transform Pier 57, a historic pier located at 14th Street and the Hudson River, into a cultural hub and creative center. [more]

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  • Bronx’s Kingsbridge Armory

    The debate over whether to transform the Bronx’s Kingsbridge Armory into an ice-skating center or an urban mall finally appears to be wrapping up. According to Crain’s, a spokesperson for the New York City Economic Development Corp. — the city agency responsible for weighing the competing bids to redevelop the four-acre property — said that an announcement revealing the winning plan is coming in the next few days. [more]

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  • Pier 57 rendering

    Manhattan Community Board 4 is set to support the planned transformation of Pier 57 into a retail hub on the Hudson River, DNAinfo reported. Located on the waterfront between West 16th and West 17th streets, the current bus depot would become a space hosting about 260,000 square feet of restaurants and retail built inside recycled shipping containers.

    The board is set to vote today on whether to send a letter supporting the project to the City Planning Commission, which will also have a say on whether the proposal goes ahead. “The redevelopment of Pier 57 is a crucial element in the ongoing revitalization of Hudson River Park,” the community board members wrote in the draft letter. [more]

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  • Rendering of Young Woo’s Mercado Mirabo

    With so much public support, the Kingsbridge Armory ice rink plan may appear to be a done deal — but not so fast, said Young Woo’s development firm, which is behind a competing proposal.

    “The public endorsement is early,” Greg Carney, a partner at Young Woo and Associates, told the Bronx Times. The firm wants to bring Mercado Mirabo (“a market you can see”) to the site, which would include space for a food court, a movie theater, a rock climbing wall, a sports arena, a hip hop museum and weekend markets. Woo said the project would create 1,500 Bronx jobs, including 800 permanent ones. [more]

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  • From left: Ruben Diaz Jr., Marlene Cintron and a rendering of the Kingsbridge Armory ice center

    Bronx officials, led by Borough President Ruben Diaz, have come out in support of the proposal to turn the 575,000-square-foot Kingsbridge Armory into an ice skating center rather than a competing bid, by developer Young Woo, that envisions a shopping and food complex similar to the Dekalb Market he conceived or the Chelsea Market. According to the Wall Street Journal, their support was swayed by two factors that extend far beyond the success of the armory. [more]

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  • From left: Young Woo, the Sky Garage condo and the Kingsbridge Armory (Sky Garage image c/o CityRealty)

    Developer Young Woo has thrived in the city’s real estate scene because — and not in spite of — his unusual background, according to a Crain’s profile. Woo, who heads Youngwoo & Associates, was born in Korea, lived in Paraguay and Argentina, and moved to New York in 1972 to study architecture. As a result, he doesn’t have the same background and contacts as typical developers.

    “We can’t play the same game as [big developers] because we haven’t got their networks,” said Margarette Lee, a principal at Youngwoo. “We have to do something special.” [more]

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  • Young Woo and the Kingsbridge Armory

    Young Woo wants to transform the Bronx’s Kingsbridge Armory into a concert and sports venue with a movie theater, a creative market and a large anchor store, according to the New York Daily News. Woo’s Youngwoo & Associates was one of several developers to submit a plan for the armory to the city in March.

    Unlike Related, which wanted to build a shopping mall in the armory, Woo’ plan calls for a 76,000-square-foot piazza on the main floor that would host sporting events and concerts and a weekend market with temporary stores run by Urban Space Management, the firm behind the popular DeKalb Market in Brooklyn. [more]

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  • From left: Darcy Stacom, William Shanahan and 325 Hudson Street

    CBRE Group has landed another assignment to sell a major office building. According to the New York Post, Young Woo & Associates and San Francisco-based Bristol Group have selected CBRE’s executive vice chairmen, Darcy Stacom and William Shanahan, to market the 10-story, 240,000-square-foot property at 325 Hudson Street in Hudson Square. [more]

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  • Korean bank suit threatens 70 Pine sale

    December 22, 2011 06:30PM
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    From left: Sciame Development CEO Robert Sciame, 72 Wall Street (credit: PropertyShark) and 70 Pine Street

    Korea’s Kumho Investment Bank is facing litigation from a former developer of 70 Pine Street, in a battle that could threaten the scheduled sale of the building tomorrow.

    Sciame Development filed a $7.7 million suit in state Supreme Court Dec. 19, alleging breach of contract after KIB hired it to take over as developer of the Pine Street project, at the former AIG headquarters, from Youngwoo & Associates, but failed to pay the company millions of dollars after deciding in June to sell the property to a partnership that included Ronnie Bruckner and Metro Loft Management, which is led by Nathan Berman.

    Sciame asked for a temporary restraining order that would withhold $7.7 million in proceeds from the sale, scheduled to close tomorrow. … [more]

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  • Youngwoo & Associates’ plan to transform Pier 57, a 900-foot Hudson River pier near the Meatpacking District, into a retail and recreation complex is entering the city’s land use approval process, the Wall Street Journal reported.

    The plan, which has been received more favorably by the city than previous proposals, includes almost 300,000 square feet of markets, restaurants and other commercial space, the Journal said.

    In order to proceed, Youngwoo must also sign enough commercial leases to put together a private financing package for the project, the Journal said. [WSJ][more]

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  • Young Woo sells off 72 Wall Street retail

    November 15, 2011 12:28PM

    Developer of commercial and industrial real estate Young Woo & Associates has sold the retail space at 72 Wall Street in the Financial District to Best Work Holdings, a suspected affiliate of the company, for $14.5 million, the International Business Times reported. Best Work is registered at 72 Wall Street and the deed was signed by Charlotte Cheung, a Young Woo official, IBTimes said. Young Woo purchased 72 Wall Street, also known as 73 Pine Street, and 70 Pine Street from American International Realty for $150 million in 2009. The space totals 6,100 square feet. Winick Retail, which marketed retail space earlier this year, said it was not involved in the deal. [IBTimes]

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  • The Hudson River Park Trust unveiled detailed plans for the $210 million renovation of Pier 57, off West 15th Street, DNAinfo reported. The plan includes 375,000 square feet of space devoted to a two-floor public marketplace, a two-acre rooftop open space and a 115-slip marina designed by Handel Architects, Lot-Ek and others. The project is being developed by Youngwoo & Associates, which first earned the contract in July 2009 and hatched the current plan for the site a month later (note: correction appended)…. [more]

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    From left: 159 West 24th Street, 200 Eleventh Avenue and 148 East 24th Street

    Despite city policymakers and environmentalists advocating against motor vehicles on Manhattan Island, several developers are betting that wealthy homebuyers still value their cars, the New York Times reported. And in a bizarre twist, three of the most notable new condominiums with parking stand along 24th Street. In Chelsea, there’s the Millhouse Properties-developed 159 West 24th Street, an eight-story, 24-unit building with eight internal parking spaces. While two are reserved for penthouse buyers, the remaining six will sell for $200,000. Four avenues west along 24th Street is 200 Eleventh Avenue, developed by Young Woo & Associates and Urban Muse, where most of the building’s sixteen units come with a parking space next to the living room. … [more]

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    545 West 25th Street, 139 Centre Street and 50 West 57th Street

    The decision to rent or to buy isn’t one that only affects home-seekers. It’s also a dilemma that businesses face. And increasingly, New York businesses want to buy their office space, which has bumped up the demand for office condominiums. According to the New York Times, much of the shift is due to cultural preferences. While many American businesses in the city prefer to lease office space to accommodate future growth, changing market conditions and other factors, foreign businesses favor purchases. Margarette Lee, a principal at New York-based developer Youngwoo & Associates, whose founder hails from Korea, said that the Asian businesses, in particular, covet office condos. … [more]

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    70 Pine St, Young Woo of Youngwoo & Associates

    As 70 Pine Street heads to the Landmarks Preservation Commission for recognition of its historic past, the future of the 66-story Art Deco skyscraper is up in the air. According to the Post, a plan to convert the former American International Group building’s upper portion into high-end condominiums while keeping the lower portion of the building as offices has been scrapped by the new owners of the tower, who purchased it, along with the adjacent 72 Wall Street, for $150 million from American International Group in 2009. Those owners are a group led by Korea’s Kumho Investment Bank — not, as previously reported, New York developer Young Woo, of Youngwoo & Associates, who was previously believed to have bought the properties with some equity from KIB. In fact, KIB now says its group owns 100 percent of 70 Pine Street and that Woo is “just part of the [group of] advisers” created to manage the building. … [more]

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