Updates on Area Retail and Residential Developments

Updates on Area Retail and Residential Developments

From changes to retail space to the addition of new residential property, there are many exciting things happening throughout the city. Here is an updated look at some of the city’s most recent developments.

Vacant Tribeca Corner to Possibly Be Home to 10-Story Development

News was released in October 2015 saying that the small coffee shop at the corner of Church and Chambers Street would be demolished to make space for a 10-story building developed by Greystone Development. According to the building’s website, the planned development will have about 12,000-square-feet of residential space. Yet, the city’s Department of Buildings has approved work for only two floors above ground and two floors below. Marketing materials released last October showed that the development would also have 1,600-square-feet of commercial space on the ground floor, with this space already having been leased by Starbucks and Vitamin Shoppe.

The latest rendering of the project, which has the official address of 108 Chambers Street, is slightly different from the original that was previously released. The latest rendering shows that there will be a few green terraces higher up in the building, but whether or not there will be a residential section is yet to be confirmed.

Hudson Yard’s First Condos Enjoying Strong Sales

Since launching in the fall, sales at the new Hudson Yards condo development have been brisk. Known as Fifteen Hudson Yards, the new building has reached a milestone with 25 percent of its units already sold. The cheapest of the 75 units to be sold was put into contract for just below $2 million while the priciest was a three-bedroom that was put into contract for just under $10 million. Yet another sale involved one buyer who purchased two separate units at a combined cost of $16 million. Altogether, the combined price for all of the deals that have been made has exceeded $300 million, putting the building on track for its projected $1.7 billion sellout.

Unlike many of Manhattan’s other high-profile luxury condos, the Hudson Yards project seems to be attracting many buyers from New York. In fact, the senior VP of sales reports that about 70 percent of buyers came from other neighborhoods in New York. Furthermore, there are more apartments slated for the future at 35 Hudson Yards, with a condo/hotel hybrid designed by SOMs David Childs planned for later this year.

Retail Space Under the Queensboro Bridge Set to be Revitalized

Michaels craft store recently announced plans to take over the space formerly occupied by Food Emporium beneath the landmarked Queensboro Bridge, but plans have been put on hold while the company looks to get approval from the city’s Landmarks Preservation Commission to remodel the space. While the proposal mostly calls for maintaining the space as is, some of the requested changes have not been well-received by the Commission. Among these proposed changes was the addition of a red film at the base of the arched windows of both entrances, which the commissioners felt detracted too much from the space. Other proposed changes involved lighting and installing ducting in parts of the vaulted ceiling, both of which raised additional concerns among the Commission. As such, the architects have been asked to revise their plan and to meet with the