Business

Manhattan West Complex to Get Food Halls, Hotels, Restaurants

The surrounding plywood has fallen, the skyscrapers of the second huge office have begun to rise, and the COVID-19 is worrisome, but the ambitious Manhattan West complex is finally in the spotlight.

The one-man Hattan West office tower is already on the eight-acre site of Brookfield Property Partners, just east of the affiliate’s larger Hudson Yards. The law firms Skadden Arps and McCoolsmith will move in, and Accenture (NHL) will join in early 2021. And EY (formerly Ernst & Young).

Today, the 58-story 2-Manhattan West steel infrastructure at the same height is rising rapidly after a COVID-related pause. It is scheduled to be completed in 2023 with the law firm Cravath Swain and Moore as the anchor tenant.

The $ 4.5 billion Manhattan West, which occupies the entire vast superblock surrounded by 9th and 10th Avenues and 31st and 33rd West, was hidden behind the Hudson Yard, but in itself This is a mega project. There is already a fully rented Eugene apartment tower, an office building known as 5 Manhattan West, and a huge Whole Foods.

Brookfield currently shares a timetable of other elements. In the first quarter of 2021, a 40,000-square-foot market hall and a food court will be launched, including Sam’s crispy chicken and delicious burgers.

Next summer, there will be a luxury boutique hotel called Pendry. Multi-level Danny Meyer restaurant. A 10,000-square-foot variety theater called Elemental. Two more full-service eateries, Casa Dani and Katsuya. And two acres of well-maintained park.

The project’s most unusual feature, the NHL program’s seasonal ice rink, is set for the winter of 2021-22.

Sweet news

Mint House, an apartment-style hotel operator, has taken over the floor of 70 Pine Street, previously run by Lyric. A growing technology-oriented hospitality company handles 132 short-term rental suites at the Landmark Tower on the 3rd to 6th floors.

Mint House is the third operator to operate suites designed for business travelers at 70 pine. The 70 Pine is a highly successful 66-story old office tower, mostly converted into a luxury condominium.

Mint House manages the tower owner Rose Associates and DTH Capital suites.

Increasing share of Big Apple office

That doesn’t mean a major return to the office yet, but Kastle Systems’ prestigious Back-to-Work Barometer has the highest occupancy in the country in the latest report of the week New York ends November 10. He says he saw an increase in the proportion.

Big Apple rose 4.2 percentage points to 17.3 percent, followed by Chicago by 3.4 percentage points to 19.6 percent. The major cities with physical office occupancy were Dallas at 42.2% and Houston at 39.7%.

Word of wisdom

There are many opinions that COVID-19 real estate turndowns are unique, but be aware of these observations from CBRE’s superstar deal maker and Tristate CEO Mary Antige. ..

“Why does every depression feel like the first time?” She asks.

Tighe reminds us that New York has “a very cyclical economy dating back to the first Dutch settlements four centuries ago.” “The recession laid the foundation for change and eventually revived our city.”

In another example, she launched the Rockefeller Center “at the depths of the Great Depression” and the Dust family purchased a $ 50 / square foot worth of 42nd Avenue blockfront in 1996 and is now States to have built 4 Times Square. $ 1 billion in assets.

She concludes: “For companies looking for a moment to strike in the Manhattan market … For companies that are confident in their long-term business model, it’s time to continue leasing for a long time.”

For those who are uncertain about the long term, “The landlord is now dealing with shorter deals than decades ago.”

Tighe wrote it at The New York Observer in 2009. But November 2020 is good enough.

They had the foresight — and they are the words to the wise men today.

Bronx eateries

Residents of La Central, an affordable residential estate in the Bronx’s Melrose district, will soon need to taste more.

The Hudson Companies project, home to the 992 family, has signed three new restaurant tenants: Bronx Cafe Taste, Metate Authentica Comida Mexicana, and Organic Grocery.

The La Central restaurant and newly signed garage, which opened in 2019, occupies 43,000 square feet and ultimately has five buildings. Previously, it leased 50,000 square feet of YMCA.

Aaron Coffman, principal of the Hudson Companies, said the signature “is a testament to the entire Bronx, not just the vibrant Melrose district.”

Manhattan West Complex to Get Food Halls, Hotels, Restaurants

Source link Manhattan West Complex to Get Food Halls, Hotels, Restaurants

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