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New York

It looks like a 21-story tech building could be coming to Union Square

Building dubbed the Union Square Tech Training Center would span 240K sf

A rendering of 124 East 14th Street (Credit: NYCEDC via Curbed NY)
A rendering of 124 East 14th Street (Credit: NYCEDC via Curbed NY)

The City Council’s land use committee voted unanimously on Thursday in favor of bringing a 21-story tech building to Union Square.

The building is known as the Union Square Tech Training Center and comes from RAL Development.  It will span 240,000 square feet at 124 East 14th Street, currently the home of a P.C. Richards, according to Commercial Observer.

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Tech training nonprofit Civic Hall will be the anchor tenant on the fourth through seventh floors, and the second through fourth floors will contain 40,000 square feet for workforce development programs. The building will also include ground-floor retail and a food hall.

Floors eight through 12 will have affordable office space for companies in their early stages with rents at about $50 per square foot, while the top eight floors will be reserved for market-rate office space.

The site is owned by the city, and RAL will pay it $2.3 million a year on a 99-year ground lease. The project is expected to cost $250 million and create 600 jobs. The full City Council will vote on it on Aug. 8. [CO]  – Eddie Small

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Commercial Real EstateDevelopmentTechnology