Machers

499 Park Avenue.

The Bespoke Builders: Hines' Quiet Designs on New York

499 Park Avenue resembles a giant block of obsidian, perfect but for the even more perfect bluntings made to the corners of the obelisk. Running down one-third of the tower’s facade, the width of a single pane of glass, this is the one design flourish of the building. They were made with sculptor’s precision by the celebrated I.M. Pei some 31 years ago.

Inside, workers have been busy putting the finishing touches on the office duplex. The space atop this modernist ziggurat was being white-boxed, stripped back to its bare steel columns, a fresh coat of paint on the floors, grotty insulation still clinging here and there to a few beams. Light streamed in from all sides, the recently rechristened Ed Koch Bridge directly to the right down 59th Street, Central Park up and to the left. Everything had been cleaned and shined to make way for the brokers who would be streaming through the space, trying to find a new tenant for office space that had not been vacant since the building was finished in 1980.

The showstopper is the upper floor, where drop ceilings had been stripped out to expose a soaring 18-foot cathedral of steel and glass. It felt like Soho-on-Park. Read More

on the waterfront

All aboard.

Ahoy, Brooklyn! Defying Recession, Developers Drop Anchor Along East River

The sun had not quite broken over the rowhouses and warehouses of Greenpoint Monday morning when The Observer arrived at the new concrete pier jutting out into the East River at India Street. The dock seemed barely finished, its concrete planks not entirely even, the sides of the structure lined with chain-link fencing. Whole sections were torn up and surrounded with orange construction netting.

When the ferry pulled up, ghost decals clinging to the foredeck, the passengers filed on, handing over their $4 tickets, joining the nearly 3,000 New Yorkers who have ridden the ferry each weekday since its launch in mid-June, according to the city—more than double the number officials had expected.

After ordering our locally brewed fair-trade coffee and a pain au chocolat, we turned to see a gay couple smiling across a starboard table, sharing a quiche, a floating picnic. On the port side was a pretty biracial pair staring out the window at Long Island City, its gleaming towers pulling into view. The woman held a breastfeeding baby on her lap.

The subway this was not. Read More

on the waterfront

The Greenpoint Lumber Exchange. (Bing Maps)

Greenpoint Colossus: Massive 10-Tower Complex Could Rise Next Year

Two weeks ago, the unthinkable happened. A new tower is coming to the Williamsburg waterfront, the first since the bubble burst three years ago. It is the biggest news in the neighborhood since then, both figuratively and literally: the third tower at North Side piers will house 500 luxury rental apartments in a 40 story tower, the largest project of its kind yet in North Brooklyn, arguably the entire borough, if the neighboring towers are included.

But really, that is nothing—at least next to the development Park Tower Group has planned. Read More

on the waterfront

Keep 'em coming. (Getty)

Governor’s Island Gets Rained Out, So What’s on the Horizon?

Since it opened in 2006, around this time each year, a press release would shoot out from Governor’s Island, a torpedo blasting across the harbor, trumpeting the latest attendance numbers. The ice-cream-cone-shaped island, for most of its life an off-limits military compound, had reason to crow. It’s visitor’s numbers were soaring, putting to rest questions of its viability as a new public park—purchased for all of $1 from the U.S. government in 2005. From 26,000 visitors that first year, attendance jumped to 443,000 last year, 60 percent what it had been the year before.

This year, there has been no press release, no champagne. Read More

Machers

If you build it, they will return. (WSJ)

You Can Go Home Again: LeFrak Returns to Queens

When the Forbes 400 list of richy rich Americans came out last month, the richest New York developer was, as it’s long been, Richard Lefrak, with a net worth in excess of $5 billion. That is as much oil and natural gas wealth as it is development wealth—it’s all real estate, when you think about it—but perhaps Mr. LeFrak is feeling nostalgic, because he has decided to return to his home turf of Queens, according to The Journal. Read More

Troubling Developments

Chelsea Market (Photo from Curbed)

Some People Like Chelsea Market's Giant New Addition, Say People Building Giant New Addition

The battle to expand Chelsea Market has once again come to a head—a giant glassy head.  Neighborhood residents are none too pleased with Jamestown Properties’ plans, which call for 250,000 square feet of office space to be added to the existing Ninth Avenue structure and the construction of a neighboring twelve-story hotel.

Among the Read More

Westward Expansion

Little help? (Related Companies)

Go West, Old Men! Nine Firms Vying for Huge Hudson Yards Leases

It took decades for the New York Coliseum to be torn down and replaced by the Related Companies’ Time Warner Center. While most of that time it was a different developer trying to build the damn thing, the fact remains, Related’s president Jeff Blau has his work cut out for him. “At Hudson Yards, we’re looking at about 2.5-times the Time Warner in that first phase, and the key to getting financing will be getting the office space leased,” Mr. Blau said yesterday at the Masters of Real Estate panel hosted by The Observer.

Until he can find tenants for at least a portion of the 4.5 million square feet of office space planned at the megaproject, it will be all but impossible for Mr. Blau to start building. That had been a challenge ever since the economy collapsed in late 2008, not long after Related won the bid to redevelop the rail yards—O.K., so that deal wasn’t finalized until 16 months ago, but whose counting—but Mr. Blau said the firm had seen a surge in interest in the past six months, and there are now nine companies actively looking at relocating into offices at Hudson Yards, and they are all looking at leases over a million square feet. Read More