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The vacant, 1.2 million square-foot 111 Wall Street tower, rising at the corner of South Street, faces a foreclosure action by mezzanine lender Oaktree Capital Management.
The tower will include 1,200 new apartments, with roughly 400 units going to low-and moderate-income New Yorkers — 80 of which will be set aside for 9/11 survivors and first responders.
A peek at the design A development team for 5 World Trade Center (5 WTC) has been selected by the Port Authority of NY and NJ. The board voted unanimously during their monthly public meeting to award the bid to Silverstein Properties, Brookfield Properties, Omni New York, and Dabar Development. The board also offered up a snapshot of the design, which comes from none other than Kohn Pedersen Fox. The image depicts a 900-ft skyscraper emerging from one of the World Trade Center’s last developable sites. — Urbanize NYC The full press release from the Port Authority of NY and...
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This year’s most lucrative retail leases look different from the usual Manhattan fare. Generally an apparel or beauty store appears at the top of the list. Or, like last year, a luxury retailer. But this year, decidedly unsexy big-box operators dominated the charts. And though many retailers were wary of expansion, some were bullish. Target, for example. The big-box retailer had four of the 10 most valuable retail leases this year, ranked by annual rent. “While the transaction volume was down significantly in 2020, the deals that were done, they all have a common thread, and that is space...