While leasing activity for much of New York City in the past few months has been more lackluster than blockbuster, a sizable chunk of available space –sizable in the, say, 6 million square foot range– is on the cusp of hitting the market, The Wall Street Journal reports.
New developments like 1 World Trade Center, 4 World Trade Center, and Edward Minskoff’s 51 Astor Place, are all slated to hit the market in 2013. The last time NYC had this much new space becoming available was in 1989, said Cassidy Turley’s Robert Sammons.
It’s one of the more unusual buildings in the city—an office building smack in the middle of Astor Place, designed by one of the world’s top architects. But as Edward Minsikoff’s 51 Astor Place, designed by Fumihiko Maki, comes closer to reality, the building has defied understanding.
Now, it has finally launched its website with updated renderings and floorplans (spotted by Curbed) which finally helps us get what the building is all about.
Construction Outlook 2012
He’s the Cassandra of the construction industry, the rabble-rouser of rubble.
Attorney Barry LePatner, founder of LePatner & Associates LLP and author of construction shock books Too Big to Fall: America’s Failing Infrastructure and the Way Forward and Broken Buildings, Busted Budgets, has his own 30,000-foot-high view looking down on the current state of New York City’s construction industry. He believes there will be a $25 trillion construction boom in New York and the rest of the country between now and the year 2035.
Construction Outlook 2012
Plenty of statistics point to the need for new office construction in Manhattan, and the city’s aging building stock isn’t least among them.
Indeed, no meaningful addition to the city’s roughly 400 million square feet of commercial space has been added to the skyline in two decades, raising questions as to whether it could face a shortage in the coming years, a situation that has pressured rental spikes in the past. For now, however, amid what appears to be at least a hiccup in leasing during the last quarter of 2011 and the opening quarter of this year—not to mention lingering concerns about the health of the economy—only the most intrepid developers have gone into the ground with projects.
Seth Pinsky, head of the city’s Economic Development Corporation, said that the recent motions to landmark buildings in downtown Brooklyn wouldn’t prohibit landlords there from attracting tenants in search of 21st-Century accommodations.
Mr. Pinsky gave his comments participating in a panel this morning in midtown hosted by the accounting and business consulting firm Margolin, Winer & Evens LLP and came as other panelists, including Mr. Pinsky himself, highlighted the need for new space in the city.
The full-block office tower set to rise at 51 Astor Place has closed on a construction loan valued at between $165 and $200 million with Bank of America, a source familiar with the project told The Commercial Observer earlier this afternoon.