Kingsbridge Armory project closer to goal line, after city agrees to turn over lease

Mark Messier-led project now aims to break ground in late 2017

TRD New York /
May.May 26, 2017 08:30 AM


The stalled Kingsbridge National Ice Center is inching closer to the goal line, thanks to an assist from Mayor Bill de Blasio.

The mayor, who has held up the development of the $350 million redevelopment of the Kingsbridge Armory, said the city would turn over the lease to the developers, former New York Ranger Mark Messier and developer Ken Parker. With the lease in hand, they’re now aiming to break ground in late 2017, once the state’s economic development arm authorizes a $108 million loan for the project’s first phase, the New York Post reported.

“We’re ready to move foreword with all the legal paperwork to make the project happen,” said de Blasio, adding that he hoped the state would sign off on the loan next month.

KNIC wants to convert the former armory into a 750,000-square-foot complex with nine ice rinks and an arena. They signed a 99-year least in 2014 with the city’s Economic Development Corp., but the city held onto the lease, claiming the developers failed to show they have $158 million to cover the first phase of development.

In January, Gov. Andrew Cuomo gave a boost to the project and said the state would provide $108 million to the redevelopment, a sum that’s the remainder of the $138 million the state committed to the project.

Parker and Messier now hope to break ground on the complex by the end of the year. Their plan for the Kingsbridge National Ice Center includes a 750,000-square-foot complex with nine ice rinks and an arena.

Parker said last year that potential lenders were turning away from the project since the developers didn’t control the site. The developers have raised $20 million from investors in addition to a $30 million loan from the state. [NYP] — E.B. Solomont


Related Articles

arrow_forward_ios
From left: Milos Raonic, Venus Williams, Serena Williams and Novak Djokovic (Credit: Getty Images)

Luxury real estate anyone? US Open stars and their palatial pads

Luxury real estate anyone? US Open stars and their palatial pads
Lena Dunham and 60 Broadway (Credit: Getty Images)

Lena Dunham’s “massive real estate mistake”

Lena Dunham’s “massive real estate mistake”
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Placeholder image

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Sam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)

Hotelier Sam Chang’s businesses snagged millions in PPP loans

Hotelier Sam Chang’s businesses snagged millions in PPP loans
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
A view of the Wise Towers at 117 West 90th Street (Google Maps)

Tension rises as public housing gets private management

Tension rises as public housing gets private management
arrow_forward_ios

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

Loading...