New retail planned by Blackstone to complement Midtown plaza

TRD New York /
Oct.October 03, 2011 01:51 PM

Blackstone Group plans to increase the attractiveness of the public
plaza Along 42nd Street between Times Square and Bryant Park with new
retail space, the Wall Street Journal reported. The plans include new retail in Equity Office’s tower at
1095 Sixth Avenue and in a renovated three-story building at 120 West
42nd Street, that will also have two underground levels.

The entire
$25 million project is scheduled to be completed in fall 2012. With
the plaza already opened last December, Blackstone hopes that the new retail
and The Plaza will complement each other going forward. The Plaza‘s purpose is
“mostly to add value to” Blackstone’s tower at 1095 Sixth Avenue between 42nd and 41st streets,
Bradley Mendelson, the Cushman & Wakefield executive vice president
hired to market the retail space, said.

Daniel Biederman, president of the not-for-profit Bryant Park Management, noted
that the park has been doing surprisingly well. Unlike many other successful similar parks, this park has fixed
seating areas, little programmed use and multiple grade changes on the ground.

Blackstone plans to continue to improve the park by shifting the
location of a subway entrance toward Sixth Avenue, and replacing the subway station’s current
space with a two-story retail addition to the office building at 11095 Sixth Avenue,
removing a large, sheltered space at the top of the descending staircase that draws homeless people.

“Times Square has pushed west to
Eighth Avenue. Now it’s going to push eastward to Sixth Avenue. It
just takes that first effort to get it done,” said Alan Schmerzler, a senior director at Cushman & Wakefield who is working on marketing the space.[WSJ]


Related Articles

arrow_forward_ios
Blackstone's president Jonathan Gray and CEO Stephen Schwarzman (Credit: Gray via Drew Angerer/Getty Images; Schwarzman via Himanshu Bhatt/NurPhoto via Getty Images)

Blackstone: “We don’t need financing to get things done”

Blackstone: “We don’t need financing to get things done”
Blackstone’s Jonathan Gray and Starwood Capital Group’s Barry Sternlicht (Credit: Gray by  Drew Angerer/Getty Images; Sternlicht by Cindy Ord/Getty Images for 1 Hotels)

Blackstone, Starwood pick up stakes in Extended Stay America

Blackstone, Starwood pick up stakes in Extended Stay America
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)

These were the top outer borough loans last month

These were the top outer borough loans last month
Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Blackstone sells office tower at 44 Wall Street for $200M
Brookfield Property Group’s Brian Kingston, Blackstone Group's Jonathan Gray and 1 Liberty Plaza (Credit: Google Maps)

Brookfield, Blackstone consider One Liberty Plaza sale

Brookfield, Blackstone consider One Liberty Plaza sale
Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

City lets Salmar bring office tenants to Brooklyn industrial property
Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Real estate fundraising hits lowest level since 2013
Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

Industry City gets $720M refinancing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...