Celebrating 30 Years – The Lucy G. Moses Preservation Awards

Please save the date of Thursday, April 23, 2020 and join us at the Cathedral of St. John the Divine where we will celebrate our 30th Lucy G. Moses Awards presentation. The Moses Awards are the Conservancy’s highest honors for outstanding preservation work. Named in honor of dedicated New Yorker Lucy G. Moses, the annual Awards have recognized hundreds of leaders, architects, crafts people, and building owners for their extraordinary contributions in preserving our City.

WHEN: Thursday, April 23, 2020
Ceremony begins at 6:30 p.m., reception to follow

WHERE: The Cathedral Church of Saint John the Divine
1047 Amsterdam Avenue, Manhattan (between 110th and 113th streets) View Map

TICKETS: $75 – Click here to purchase

RSVP by April 17
Ticket questions: Alissa Catalano at 212.995.5260 or AlissaCatalano@nylandmarks.org

This year we honor…

Preservation Leadership Award
Anthony Wood
Advocate and Founder, New York Preservation Archive

Public Leadership in Preservation Award
Stephen Briganti
President and CEO, The Statue of Liberty – Ellis Island Foundation, Inc.

Moses Founders’ Award
Joseph Fishman
Henry and Lucy Moses Fund, Inc.

Susan Henshaw Jones
Former President, The New York Landmarks Conservancy

Stephen Lash
Board Member, The New York Landmarks Conservancy

Preservation Project Awards
817 Broadway
Belvedere Castle
Doering-Bohack House
Empire Stores
Fort Totten Building 207
Fotografiska New York
Harlem Fire Watchtower
Henry Street Settlement, Dale Jones Burch Neighborhood Center
Manhattan Civic Buildings
-Appellate Division Courthouse
-Surrogate’s Courthouse
-Sun Building
McGraw-Hill Building
Church of St. Anselm & St. Roch
St. Paul’s Chapel, Columbia University
TWA Hotel

ABOUT THE AWARDS
Preservation Awards are given to projects that demonstrate excellence in the restoration, preservation, or adaptive use of historic buildings, streetscapes, and landscapes that preserve commercial, residential, institutional, religious, and public buildings.

The Preservation Leadership Award is bestowed upon an outstanding individual in the field of historic preservation. Past honorees include Ruth Abram, Wint Aldrich, Kent Barwick, John Belle, Simon Breines, John H. Beyer, Giorgio Cavaglieri, Joan K. Davidson, Barbaralee Diamonstein-Spielvogel, Franny Eberhart, Lola Finkelstein, Kenneth K. Fisher, Daniel Garodnick, Christopher Gray, James Marston Fitch, Margot Gayle, Anne Van Ingen, Judith Kaye, Helen M. Marshall, Joan Maynard, Nancy and Otis Pratt Pearsall, Ruth Pierpont, Adolf K. Placzek, Charles Platt, Jan Hird Pokorny, Henry Hope Reed, Elizabeth Barlow Rogers, Vincent Scully, Barnett Shepherd, and Robert Silman.

Only projects that were substantially completed during 2019 and located within the five boroughs of New York City were considered. Books, other publications, and films are not eligible.

QUESTIONS
If you have any questions about the Moses Awards please email Andrea Goldwyn at andreagoldwyn@nylandmarks.org.

The Market Line Opens at Essex Crossing

Essex Crossing is throwing open the doors today on The Market Line, a marketplace and food hall that adds to the Lower East Side development’s already-impressive roster of local restaurants, grocers and vendors.

“Our goal with The Market Line was to create a venue for the community that reflects the Lower East Side’s diverse immigrant food culture and offers a space for small businesses to flourish and expand their audience,” said Rohan Mehra, co-founder of The Prusik Group, one of Essex Crossing’s developers, in prepared remarks.

The opening marks the tip of the iceberg for the Market Line; when completed in 2021, the marketplace will house 100 vendors across 150,000 square feet of space, making it one of the largest such markets in the world. The first phase houses about 30 vendor stalls, of which 25 are up and running.

Restaurants in the current round of openings include the East Village favorite Veselka, Ippudo‘s quick service ramen joint Kuro-Obi, and Mediterranean spot Rustic Table Shuk. There will be drinks from Peoples Wine Shop and Bar and about 1,200 rotating beers at The Grand Delancey.

Rounding out the offerings are shops like local favorite The Pickle Guys and coffee shop Cafe Grumpy. For the sweet tooth, there’s Indonesian dessert stall Moon Man, artful creations at Rebecca’s Cake Pops and the Brooklyn-based Ample Hills Creamery. Shoppers can also stock up provisions at places like Southeast Asia Food Group, as well as from butchers Ends Meat and the family-run Schaller & Weber.

The market, located at 115 Delancey Street between Essex and Norfolk Streets, was master-planned by SHoP Architects while Formactiv designed the individual vendor spaces. The underground space, which is reminiscent of Downtown Brooklyn’s DeKalb Market Hall, features high-gloss ceramic black tiles, suspended LED Edison bulbs, walnut tables by Uhuru and polished concrete floors.

The market will be open seven-days-a-week, from 7 a.m. until 1 a.m. daily, though the vendors will keep individual hours.

The first phase sits at the base of The Essex, a 26-story apartment and retail tower, that nabbed a $215 million CMBS financing last month. The property’s ground floor houses the 14-screen Regal Essex Crossing and the vendor-based Essex Market, which relocated in May from its longtime, jam-packed home at 120 Essex Street. (One longtime vendor noted business was brisker in the new space, but the spaced-out stalls reduced the level of interaction among the sellers). Essex Market’s grocers and shops include Viva Fruits & Vegetables, Shopsin’s, Cafe D’Avignon and the Lower East Side Girls Club.

Once completed, the Market Line will stretch down three blocks of Broome Street and include things like art galleries and a live music venue. The final layout will function as a subterranean passageway connecting two of the complex’s mixed-use office towers, at 145 and 155 Delancey Streets, which house a combined 350,000 square feet of office space, along with The Essex.

Essex Crossing, when completed in 2024, will be comprised of nine properties totaling 1.9 million square feet. As of October, seven of its nine sites had topped out and the developers anticipate that it will be more than 90 percent complete by 2021, as Commercial Observer reported.

Earlier this month, the New York Times called Essex Crossing the “anti-Hudson Yards,” with its mix of affordable apartments, community perks and the Essex Market.

The project’s development team, known as the Delancey Street Associates, is made up of Prusik, BFC Partners, L+M Development Partners, Taconic Investment Partners, and Goldman Sachs Urban Investment Group.

Update: This story has been updated since publication to correct that Market Line stays open until 1 a.m. nightly.

Essex Crossing Is the Anti-Hudson Yards

The new mixed-use mega-project on the Lower East Side heals a civic wound with hundreds of affordable apartments, community perks and a sleek home for Essex Market.

Even half-done, Essex Crossing, on the Lower East Side, is shaping up as one of New York’s most promising new mixed-use developments — the anti-Hudson Yards.

A $1.9 billion, six-acre, for-profit mega-project occupying several blocks around Delancey Street where traffic barrels onto and off the Williamsburg Bridge, it replaces what had been a vast no-man’s land and gaping civic wound with new subsidized apartments, a bushel of community perks, parkland, a movie multiplex, office and retail space for local businesses and a capacious new home for the city-owned Essex Market.

Launched a decade ago during the Bloomberg administration, shepherded through the de Blasio years by New York’s Economic Development Corporation and master-planned by SHoP and Beyer Blinder Belle, two big city-based architecture firms, Essex Crossing results from long years of ground-up neighborhood consultation and holistic planning. If you have been anywhere near the Lower East Side lately you could hardly have failed to notice the egregious new supertall that the opportunistic developer called Extell has imposed some blocks away along the waterfront around the Brooklyn and Manhattan bridges.

Other developers are now bidding to erect more towers there. Taking advantage of anomalous zoning regulations, these projects have provoked some very loud, angry protests from residents who feel the buildings are being shoved down the throats of a largely poor, immigrant, low- and mid-rise community.

By contrast, while some Lower East Siders remain leery, a relative lack of vocal opposition to Essex Crossing since 2013 — when a consortium of developers and investors calling themselves Delancey Street Associates won the competition to do the project — seems testament to the virtue and value of arduous, upfront negotiations and plans. This may come as close as we can now get, in a political system obeisant to private enterprise, to balancing equity with gentrification.

You might ask: Is this how things should work? Democratic presidential candidates have been arguing the question in terms of health care and wealth taxes. Here, the issue is housing. During the Reagan era, federal authorities got out of the business of constructing public housing, offering private developers tax credits in return for building affordable units. The developers, properly regulated, were supposed to profit from their own efficiency while cities would benefit from the addition of more mixed-income housing.

The process depended on a responsive, vigilant government. A new report by the New York City Department of City Planning shows housing production in the metro area is falling increasingly short of job growth. The area produced 2.2 new housing units per net new job between 2001 and 2008; just 0.3 units last year.

With widening inequity and runaway rents outpacing many cities’ ability to produce more subsidized homes, there is a growing call on the left for government to do more. But government can be slow, inept and profligate just as private developers can rake in tax breaks without always delivering on promised benefits.

At Essex Crossing, the city and developers seemed to have operated on the same wavelength, so the process worked. Four of the nine buildings are now finished. Consulted about optics, local residents said they didn’t want monolithic brick towers, which might remind them of 1960s and 70s public housing. They didn’t much like Bernard Tschumi’s shapely but garish blue-glass luxury condo tower, either —- its arrival in the neighborhood a dozen years ago seemed to plant an incongruous flag for colonizing bourgeoisie — so they didn’t want tons more glass and gloss.

In response, Essex Crossing’s boxy, mostly bland exteriors are variously clad in brick and metal by a variety of architects. Handel Architects has devised the project’s centerpiece, the 26-story Essex, a half market rate, half subsidized rental tower, with 195 apartments. Its podium makes room for a 14-screen cineplex, the largest organic rooftop farm in Manhattan and for the Essex Market, with the first phase of a new enterprise called the Market Line in the basement.

Nearby, the Rollins is a 15-story, L-shaped, umber-colored brick residential slab by Beyer Blinder Belle, with a Target and the East Coast’s largest Trader Joe’s at its base along with a nice new pocket park designed by West 8, the Dutch firm that landscaped Governors Island, just to the north. Dattner Architects designed the 14-story, 100 percent affordable Frances Goldin Senior Apartments, around the corner, which includes a new medical center.

And SHoP conceived the twisty 14-story mixed-income condo project called 242 Broome, whose shimmery facade in anodized aluminum changes color with the shifting light, picking up on the sepias of nearby brick buildings, the blue of the sky. Architecturally the most memorable design, 242 leans over the sidewalk to the west and steps out toward the street-wall on the south, bonding on the north like a conjoined twin with a new home (opening in January, fingers crossed) for the International Center of Photography, whose entrance is a transparent glass curtain wall framed like an old Polaroid snapshot.

This stretch of the Lower East Side used to be called the Seward Park Urban Renewal Area. During the 1950s, the city’s powerful planning czar, Robert Moses, decided to bulldoze dozens of old tenements. These were buildings where, years before, Jewish and Italian immigrants settled, replaced by African-Americans and Latinos. Through the early 1970s, the demolitions displaced some 1,800 poor and working-class families, most of them Puerto Rican, turning homes into vacant lots.

The city promised to replace the lots with new low-income dwellings. But for years Assembly Speaker Sheldon Silver, in cahoots with William E. Rapfogel, who ran the taxpayer-financed Metropolitan Council on Jewish Poverty, conspired to thwart redevelopment proposals floated by local housing advocates because they threatened to undo Mr. Silver’s Jewish voting base.

Mayor after mayor failed to make headway. Ultimately, Mr. Silver was convicted on corruption charges, Mr. Rapfogel went to prison for a kickback scheme and a path cleared for Essex Crossing, which finally makes good on the city’s half-century-old promise. Among its provisions: The project sets aside subsidized apartments for tenants evicted all those years ago who now want to return. Most have moved away or no longer qualify for aid or have died. But nearly 30 former residents have come back.

In all, Essex Crossing creates 1,079 new apartments, more than half permanently designated for low- and middle-income tenants, a percentage much higher than the city’s inclusionary zoning rules require. Apartments selling for millions now mix with ones for families of two earning as little as $15,000 a year, and some for those earning zero.

To mollify skeptics, developers front-loaded community benefits like a new senior center, new quarters for the Chinese-American Planning Council, which offers early childhood education programs, and for the Lower East Side’s Henry Street Settlement to do work force development. A stylish new cafe called the GrandLo opened last year, operated by the century-old Grand Street Settlement as a nonprofit job training site for local at-risk youth.

In concert with the local school district, Essex Crossing started after school classes that introduce teens to the ins and outs of the construction and development businesses. Project EATS manages the organic farm, which serves up free food and wellness instruction to seniors, families and children.

Most conspicuously, the project gives Essex Market a sprawling new home. The storied Lower East Side fixture evolved from a mess of open-air pushcarts at the turn of the 20th century selling pickles, herring and hats. In 1940, Mayor Fiorello H. LaGuardia moved the market indoors, to what became its famous but increasingly dingy, squalid quarters north of Delancey. Designed by SHoP on the ground floor of the Essex, the sleek new Essex Market opened this spring at more than double the size of the old market. It’s a spectacle of bespoke stalls, with subsidized rents for legacy vendors. Exploiting the sloped contour of the movie theater seating above, the market gets loads of light, pouring in through soaring windows revealed by the angled, white, sculptured ceiling, which yields space for mezzanine-level seating and a sunny, glassed-in teaching kitchen.

Come Thanksgiving, ribbons will be cut on the inaugural tranche of vendors at the Market Line, in the basement of the Essex. Three-quarters of the vendors are immigrant, minority or women-owned businesses, half from the Lower East Side. They include local favorites like the Pickle Guys, Nom Wah, Ends Meat, Veselka and Essex Pearl.

Rents for the market’s lower-margin businesses will be supported by its high-margin ones, akin to the way mixed-income housing works. When built out, the Market Line will eventually host homegrown art and clothes merchants, a music space and will stretch three blocks underground all the way from Essex to Clinton Streets.

I checked out the construction site not long ago. The décor is New York after a rain at night: all shiny black brick and polished concrete beneath an unfinished ceiling. Sunlight filters through street-level windows at the Delancey Street entrance and via the wide, open staircase that spills down from the Essex Market. The brick and concrete will disappear behind signage and the hordes of shoppers and noshers expected to come, hunting down bauernwurst from Schaller & Weber, the old-time Yorkville butcher, and alcapurrias from a Puerto Rican newcomer called Que Chevere, part of whose profits, customers are told, will benefit Autism Speaks.

The project’s developers expect to rake in plenty of cash from all the market-rate condos, apartment rentals and commercial office and retail spaces. Rising real estate values on the Lower East Side have accelerated neighborhood gentrification but also helped subsidize the project’s abundance of affordable housing and community services.

I was curious to learn that Mayor Bill de Blasio hasn’t yet showed up for any of the official openings at Essex Crossing. Its profitability makes a good argument for demanding more in the way of public benefits from other large-scale private developments.

At the same time, the project is a reminder that what can seem like kneejerk public resistance to new developments, even ones that promise affordable housing, can’t simply be chalked up to NIMBYism. If residents don’t know how, or whether, a project fits into some shared, participatory, longer-term vision for a neighborhood, then the most modest new condo tower can become a call to the barricades.

Essex Crossing earned its community buy-in by delivering on promised benefits upfront. That’s still no substitute for city planning.

But it points toward a better way.

Taconic Investment Partners and Nuveen Real Estate Acquire Over-Three-Acre Property in Manhattan

Taconic Investment Partners, with Nuveen Real Estate, today announced the acquisition of two commercial buildings, 125 West End Ave and 320 West 66th Street, along with an adjacent unbuilt site. The property totals nearly 500,000 square feet of commercial space and was purchased for $230 million from Silverstein Properties.

Located in the Upper West Side submarket, the property is leased to ABC/Disney through 2021. 320 West 66th Street is a unique, purpose-built television studio with over 100,000 square feet. The additional office asset, 125 West End Ave, was originally constructed as an automobile facility and features large floorplates and high ceiling heights.

“We are excited to add this mixed use asset to our portfolio and redevelop into what first class users are demanding in the market today. In partnership with Nuveen, our combined breadth of experience in the New York City office market positions us well to take advantage of growing demand in the studio and office sectors,” stated Chris Balestra, Chief Investment Officer of Taconic Investment Partners.

“This acquisition further solidifies our relationship with Taconic Investment Partners, who shares our vision to maximize investment returns and reimagine NYC’s office space,” said Nadir Settles, Senior Regional Head, New York Office Investments, at Nuveen Real Estate.

Taconic Investment Partners is a fully integrated owner, operator, and developer of commercial and residential real estate with a focus on New York City.

Nuveen Real Estate owns over 119 office assets throughout the US and has $16.8bn AUM in the US.

About Taconic Investment Partners

Since 1997, Taconic Investment Partners has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space, as well as 5,000+ units of luxury and workforce housing in the New York metropolitan area. As a fully integrated real estate operating company with a keen eye for uncovering value, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, Taconic is currently developing 619 West 54th Street, 817 Broadway, 311 West 42nd Street and Essex Crossing on the Lower East Side. The firm also manages various real estate funds on behalf of institutional and pension fund investors. For more information visit: www.taconicinvestments.com

About Nuveen Real Estate

Nuveen Real Estate is one of the largest real estate investment managers in the world with $130 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 80 years of real estate investing experience and more than 500 employees* located across over 20 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit us at nuveen.com

Essex Crossing organic farm launches in Lower East Side

The farm will hawk fresh produce including carrots, radishes, and arugula.

A new farm, now among the largest in the borough, launched Wednesday at the Essex Crossing megaproject in the Lower East Side.

Located on the sixth floor of The Essex at 125 Essex Street, the quarter-acre farm will be run by Project EATS—a nonprofit that operates farms across the city—and will grow organic carrots, radishes, beets, turnips, and baby greens, such as kale, mustards, and arugula.

“We’re looking forward to welcoming the LES community to the farm and providing fresh produce for the neighborhood in the Market Line,” said Debbie Kenyon, vice chair and senior partner at L+M Development Partners, in a statement.

Produce from the urban grange will be sold at the Farmacy, a stand at the megadevelopment’s upcoming Market Line, which will run below Essex Street Market. Until then, the Farmacy will temporarily sell the fresh veggies at a recently opened public park that was similarly developed by Essex Crossing’s development team, Delancey Street Associates (a collaboration between L+M Development Partners, BFC Partners, Taconic, Prusik Group, and the Goldman Sachs Urban Investment Group).

That stand will be open for business on Wednesdays and Saturdays from 11 a.m. to 4 p.m until the Market Line stall is up and running.

The farm will also feature programming for public schools on the importance of nutritious food and will offer free Saturday breakfast for seniors living in the neighborhood. Healthy lifestyle workshops, neighborhood forums, and community dinners are also in the works.

Opportunities for workforce development are another component of the project, as Project Eats will train and employ students from Seward Park High School to work at the farm and the Farmacy.

Just over a month ago, Essex Crossing debuted its 15,000-square-foot park, and earlier that month, the new version of Essex Street Market opened its doors to much fanfare.

Taconic Revamps a 19th Century Skyscraper at 817 Broadway

Three years after Taconic Investment Partners, Nuveen and Squire Investment purchased 817 Broadway, their redevelopment is drawing to a close just as the building was designated a historical landmark on June 11.

SEE ALSO: Taconic, Nuveen Seeking $400M in Construction Financing for 2 Hudson Square
“We are really excited to bring this to the community and launch it,” said David Falk of Newmark Knight Frank, the exclusive leasing agent for the owners. “We know that when brokers get to this building, they are going to be wowed because these floors are special.”

The 140,000-square-foot building, located between East 11th and 12th Streets in the East Village, traces its history back to the late 1800s, according to Christopher Squeo and George Tsapelas of Taconic. While only 14 stories tall, it was considered one of the city’s first skyscrapers when it was designed in 1895.

It’s one of the few remaining structures designed by architecture pioneer George Post. His accomplishments include helping to design the first building with passenger elevators, the Equitable Life Assurance Society building and the 20-story New York World Building, which was the tallest building in New York City at the time it was built, according to Curbed.

The owners took steps to maintain many of the building’s historic features, according to Squeo and Tsapelas. The steel beams—made by the Carnegie Steel Company before their merger with the United States Steel Corporation in 1901—were maintained on the upper floors of the building. Also, the limestone and terra cotta-paneled facade was cleaned and left intact. Lights were added to the exterior of the building to highlight the detailed patterns and carvings in the facade.

The building was constructed as the industrial and office building for clothing manufacturer Meyer Jonasson & Company, and it has now been reconfigured with 3,240 square feet of ground retail space and 13 floors of office space, according to Falk. The redevelopment called for the removal of water-powered elevators and coal-fired boilers, while the office floors are made of concrete and include air conditioning, baseboard heating and internet access.

“This is basically a building that is, in a sense, brand new from the inside,” Falk said. “There are tenants out there that just don’t want to be in a glass building…This building would check that box for someone that wants new and old at the same time.”

Ribalta pizzeria has renewed their lease on the ground floor, Squeo and Tsapelas said. SDC Capital Partners has already signed a lease for almost 10,000 square feet on the 10th floor and will move in by the end of the year, as Commercial Observer reported in May.

The office spaces have large windows that overlook the bustling neighborhood. Additionally, tenants will have access to the 4,000-square-foot rooftop, which is bordered with brick arches that are original to the building. Tenants of the top floor, and possibly the floor below, will have reserved access to half the roof deck, according to Squeo and Tsapelas.

The property sits catty-corner to 828 Broadway, home of the famous Strand Book Store, which was also designated a historical landmark in June despite vehement opposition from its owners, according to media reports.

Essex Street Market’s new home opens its doors

Take a look inside the new Essex Street Market, located across the street from the old space.

A week after New Yorkers said goodbye to the beloved, nearly 80-year old Essex Street Market, the new version across the street opened its doors. Neighbors, members of the community, and city officials, gathered on Monday for a ribbon-cutting ceremony to celebrate the new location at Essex Crossing.

“It’s bittersweet, that was my home for so long, I grew up in there,” said Eric Suh, whose family owns the 25-year-old New Star Fish Market. “But at the same time I’m excited about this beautiful new building—we are just excited about having more opportunity to serve the community.”

“Yes, that old building has a ton of character, but the heart and soul of Essex Market really lies within the vendors and the shoppers who make-up this community,” Suh added.

The new 37,000-square-foot market is triple the size of the original one, according to the New York City Economic Development Corporation (NYCEDC), which led the relocation project. The new space houses 37 vendors, including the 21 that operated in the old location, as well as newcomers like Don Ceviche and the Lower East Side Ice Cream Factory.

The space also features a demonstration kitchen for cooking classes and other programming, as well as two restaurant spaces.

“It’s [been] 80 years since LaGuardia Essex Street Market has been the place to find food from cultures around the world, and the Lower East Side is a community that comes together around great foods since forever, whether it’s empanadas or egg creams, it’s always here,” Manhattan Borough President Gale Brewer said at the opening event.

Brewer also spoke about the years-long relocation process and its complexities.

“There was a lot of drama—I must have been to a hundred meetings to figure out how we’re gonna pull this off,” Brewer added.

Following the ribbon-cutting, vendors rang bells in unison and clapped.

“It was worth it, everything is different, but it’s really nice,” Ramona Rodriguez, one of the owners of Luis Meat Market, said about the move.

Some vendors also applauded the relocation process. “I think it’s a really good model to help support small businesses, because we really need that sort of thing in our communities, to keep the character of our neighborhoods, because they’re becoming so homogenous,” Rhonda Kave, owner of Roni-Sue’s Chocolates said.

“That’s the thing that makes our communities vibrant and attractive, it’s the small mom-and-pop operations and the one-on-one interaction; so it’s important to maintain that,” Kave added.

ULI NY Awards

2019 WINNERS ANNOUNCED!

Larry A. Silverstein Honored With First-Ever Visionary Leadership in Land Use Award.

On April 4, ULI New York announced the winners of the annual Awards for Excellence in Development, which honors exceptional development projects that exemplify ULI New York’s mission and values. Development teams receiving this prestigious award must demonstrate innovation, responsible land use, and beneficial community impact. ULI New York presented awards to nine development teams for their groundbreaking work across the city at the organization’s annual gala at 583 Park Avenue.

WINNERS OF THE 2019 ULI NEW YORK AWARDS FOR EXCELLENCE IN DEVELOPMENT BY CATEGORY:

Excellence in Market-Rate Housing Development:

Denizen Bushwick – Brooklyn, NY (All Year Management)

Excellence in Affordable Housing Development:

Landing Road – Bronx, NY (Bowery Residents’ Committee)

Excellence in Repositioning or Redevelopment:

70 Pine Street – New York, NY (Rose Associates and DTH Capital)

Excellence in Mixed-Use Development:

Essex Crossing – Phase 1 – New York, NY (Delancey Street Associates; a JV of L+M Development Partners, Taconic Investment Partners, BFC Partners, the Prusik Group, and the Goldman Sachs Urban Investment Group. Public Sector Partner – New York City Economic Development Corporation)

Excellence in Institutional Development:

Columbia University New Manhattanville Campus – Phase 1 – New York, NY (Columbia University)
Excellence in Civic Development:

WTC Cortlandt Street Station – 1 Line – New York, NY (MTA Capital Construction and New York City Transit)

Excellence in Office Development:

3 World Trade Center – New York, NY (Silverstein Properties)

Excellence in Industrial Development:

Building 77 – Brooklyn, NY (Brooklyn Navy Yard Development Corporation and City of New York)

Excellence in Hotel Development:

citizenM New York Bowery Hotel – New York, NY (citizenM)

To view the Visionary Leadership in Land Use Award video honoring Larry A. Silverstein, and learn more about the award, visit nygala.uli.org/visionary-leadership-award

Taconic JV to reposition 440 Ninth Avenue

Taconic Investment Partners, in partnership with TH Real Estate (an affiliate of Nuveen, the investment business of TIAA), have acquired the mixed-use office and retail tower at 440 Ninth Avenue.
The 411,000 s/f commercial building, located at the nexus of the Hudson Yards neighborhood on the corner of West 35th Street, was purchased for $269 million.

The property was sold by Japan-based real estate company UNIZO Holdings Company, Limited. Darcy Stacom and Bill Shanahan of CBRE repped the seller.

Metlife Real Estate Investors provided the mortgage financing for the acquisition and redevelopment.
The venture was represented by Evan Pariser and Michael Gigliotti of HFF and Tom Traynor and James Millon of CBRE on the debt placement.

“The area is a hotspot for mid-sized and supporting service businesses eager to be part of the undeniable excitement happening on the far West Side,” stated Chris Balestra, chief investment officer of Taconic Investment Partners.

“440 Ninth will serve as a compelling, competitive alternative for tenants seeking immediate proximity to the multi-billion-dollar Hudson Yards redevelopment, and the revitalized Penn Plaza subdistrict.”

Originally built in 1927, 440 Ninth Avenue — also known as the Harding Building — was designed for the garment industry and features a stone masonry façade and terracotta details with multiple setbacks beginning on the 13th floor, in addition to outdoor terrace space.
Floorplates within the 18-story building range
between 15,000 and 25,000 s/f.

Plans to reposition the asset into a Class-A office tower include building-wide capital improvements such as updating the lobby, elevators and mechanical systems.

“This acquisition not only places us in the heart of the action, but also further solidifies our long-standing relationship with Taconic Investment Partners which shares our vision to maximize investment returns and reimagine NYC’s office towers,” said Nadir Settles, senior regional head, New York Office Investments, at TH Real Estate.

Family-Owned Manhattan Office Building Sold for $109 Million

Developer Taconic Investment Partners and a division of TIAA Global Asset Management closed on a $109 million deal to buy a Manhattan office building that has been family-owned for the last several decades.

Taconic partnered with TH Real Estate, a division of TIAA, and Squire Investments LLC to purchase 817 Broadway, which sits just south of Union Square, a sector of the hot Midtown South office market where high-end boutique office buildings can fetch rents of more than $100 a square foot….