Revealed: Fosun’s plans for former One Chase Manhattan Plaza

Tower now known as 28 Liberty to expand retail space by 175,000 sf

New York /
Mar.March 12, 2015 09:09 AM

One Chase Manhattan Plaza is about to get an epic makeover.

The property’s new owner — the real-estate arm of Chinese company Fosun International, which bought the 2.2 million-square-foot tower last year for $725 million — is spending between $100 million and $200 million on renovations, according to the Wall Street Journal.

Gone are the black granite walls under the tower’s Elevated Plaza, the newspaper reported. Instead, Fosun is planning to add panes of glass and more retail space.

Fosun is planning to show its plans to the public during a Community Board meeting on Thursday night.

The new plans call for more than 175,000 square feet of retail space. Fosun is also planning to add more seating to the open space to accommodate the growing residential population in the area. Fosun is also planning to turn 130,000 square feet — or three levels below the ground floor — into shops, according to the Journal.

“When this building was constructed in 1961, lower Manhattan was a business district with only 5,000 residents,” Erik Horvat, managing director at Fosun Property Holdings and the former director of the World Trade Center redevelopment at the Port Authority of New York and New Jersey, told the newspaper. “Lower Manhattan has changed. It’s a different place.” [WSJ] — Claire Moses

 

Related Articles

arrow_forward_ios
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Eric Malley was arrested earlier this week. (Getty)

Feds indict NY real estate exec in $50M fraud scheme

Feds indict NY real estate exec in $50M fraud scheme
(iStock)

Manhattan asking retail rents continue downward spiral

Manhattan asking retail rents continue downward spiral
New Yorkers signed leases in record numbers last month. (Getty)

Manhattan, Brooklyn rental leasing hit 12-year high in December

Manhattan, Brooklyn rental leasing hit 12-year high in December
President Donald Trump (Getty)

Banks, business partners cut Trump Org ties after Capitol attacks

Banks, business partners cut Trump Org ties after Capitol attacks
109 East 79th Street and 1010 Park Avenue (Google Maps)

Upper East Side trophy property tops luxury deals — again

Upper East Side trophy property tops luxury deals — again
Hellcat Annie’s and Scruffy Duffy’s at 637-639 10th Avenue (Google Maps)

Hell’s Kitchen bar owner wants to sell for Bitcoin

Hell’s Kitchen bar owner wants to sell for Bitcoin
325 West 33rd Street and Magna Hospitality CEO Robert Indeglia (Google Maps; Magna Hospitality)

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M
arrow_forward_ios

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

Loading...