on the waterfront
As The Observer previously reported, Brooklyn Bridge Park had attracted a swell of high-profile development and design attention to the first new development parcel planned alongside the park. Calling for a hotel and luxury apartments, the competition attracted not only the firms we knew—Two Trees, Toll Brothers, Dermot, Extell and Hamlin—but also Read More
Lease of the Week
Notwithstanding WeWork’s impressive track record of growth and success in the city, Sean Black knew his tenant wasn’t necessarily going to be an easy sell to landlords.
In just over a year, WeWork had opened three thriving locations, in midtown, Soho and the meatpacking district. The company leases offices, then prepares the facility for smaller tenants and rents out the space on a desk-by-desk basis.
Though there are several companies in the city in what is known as the office-suite business, WeWork has created a distinct concept by constructing space with open floorplans and glass partitioning, a layout that fosters interaction between the tenants.
Following a large leasing deal at 175 Varick Street last month, the asset’s landlord, Extell Development, is putting its leasehold interest in the approximately 185,000-square-foot office property up on the market.
The Observer has been a big fan of developer Gary Barnett for a while now, not only because he is the most prolific builder in the city at the moment, but he is also doing it with marquee architects, such as Christian de Portzamparc (Riverside South, One57), SOM (the International Gem Tower), FXFowle (the Lucida) and Lucian LeGrange (535 West End Avenue). Now, Extell has announced it is moving forward with a new hotel in Times Square, and the designs are, well, about what you would expect for the area, and that is too bad.
Tales of Investment Sales
Sherwood Equities and Fidelity Real Estate Group have entered into a joint venture to purchase 356-366 10th Avenue, a stalled development site in the rapidly growing Hudson Yards district, for $42 million, according to a source familiar with the transaction. Located adjacent to the northern end of the High Line, the site will allow for Read More
We’d all but forgotten that Gary Barnett’s Extell once planned to build a luxury hotel in Hudson Square, just two blocks from the Trump Soho. But the developer has received a $13 million mortgage on the site, according to public records.
On the final day of June 2009, Extell filed plans for a 35-story, 180,000-square-foot Read More
Block By Block
About 90 percent of all diamonds that enter the U.S. pass through New York’s diamond district, though you’d never know it walking down West 47th Street, a warren of grimy aluminum and puffy-coated hawkers, the claustrophobic energy of deal-making, all of it crammed like carbon atoms into a one-block expanse.
But to Gary Barnett, diamond Read More
Gary Barnett is trying once again to polish the rough diamond that is his International Gem Tower.
The 32-story project designed by SOM has been in the works for years now, with the hopes of creating a modern, centralized complex for the city’s arcane diamond industry. From the start, it has aggravated other landlords along Read More
Gary Barnett has made plenty of enemies at his developments at Riverside South, including litigious tenants and Borough President Scott Stringer. Now, local little leaguers are up in arms too.
Part of the agreement to develop the massive residential complex, which was begun by Donald Trump in the 1980s, was to extend Riverside Read More
As successful as Gary Barnett has been of late, his Extell Development has not been without its unenviable problems. First, there was those onerous brokers who refused to give back their advances on unsold apartments. Now, there are the tenants giving Barnett a taste of his own medicine, demanding their money Read More