NYC Real Estate News

NYC Real Estate News

For hotels to megadevelopments, here is a look at a few of the things that are taking place in NYC real estate news.

West Village Megadevelopment Complete

Developed by the Rudin Family and Global Holdings, the megadevelopment known as Greenwich Lane is now complete. Located in the West Village, the development is the result of the transformation of the former St. Vincent’s Hospital complex. Comprised of five buildings and five townhouses, the development boasts 200 units. With sales launched back in 2013, most of the apartments have already been purchased. Some of the units have been purchased by some very well-known names, including Jon Bon Jovi.  Features of the development include a large interior courtyard that connects all of the buildings and a public park outside of the development that houses the city’s AIDS memorial.

Empty Williamsburg Lot to Become Residential Building

An empty lot located at the intersection of Driggs Avenue and North 4th Street will soon be home to a six-story building boasting 19 new apartments. Designed by Morris Adjmi, the building will also boast commercial/retail space on the first floor along with a cellar level and parking for 17 cars on the second floor. The apartments, which will offer an average of 800 square feet of living space, will begin on the third floor.  The top floor of the building will house just two apartments, both of which will offer access to a private terrace. A terrace and a recreation room will also be located on the building’s third floor.

Developer Redsky Capital purchased the property, which is located at 625 Driggs Avenue, in 2013 for $4.38 million. A timeline has not been released for the project.

Rogers Stirck Harbour + Partners’ First NYC Residential Building Draws Closer to Completion

About a year since the foundation work got underway, Rogers Stirck Harbour + Partners’ first NYC residential towers is nearly half complete. Located across from City Hall Park and next to the Beekman Hotel, the tower will ultimately stand 25 stories tall and boast 31 apartments. Apartments within the tower, which will be known as Pearl on the Park, will range in size from 900 square feet to 2,900 square feet. In addition to the residential units, the building will also feature retail and commercial space on the first five floors.

Inspired by its location near to the park, the architects incorporated green elements into the façade of the building. The new building replaces the two that previously stood on the property, both of which were demolished after Urban Muse purchased the property in 2015 for $52 million. The new project is expected to be completed sometime this year.

Fenway Gas Station to Become Hotel

The Shell gas station located at Fenway’s Boylston Street is on its way toward becoming a 184-room hotel. South Carolina-based hospitality development and management firm OTO Development has the option to lease the 21,050-square-foot site, with that option being contingent upon securing the permits for a hotel. In the letter of intent submitted to the Boston Planning & Development Agency, the firm says it wishes to build a 184-key hotel along with an independent restaurant.  If approved, this would be the eighth hotel in the immediate vicinity. The seven hotels currently in the area enjoy an 84.5 percent nightly occupancy rate with an average daily room rate of $245.65.