Neiman Marcus Downsizing Their Future Flagship Store in Related Companies' Hudson Yards

Neiman Marcus has announced that they are going to downsize their future flagship store at Related Companies' Hudson Yards. The retailer had originally planned on building out 250,000 SF as the anchor store for the 1 million SF complex. It now is reported that Neiman Marcus is looking at cutting out between 10,000 and 70,000 SF from their original plan. The retailer has reported 7 consecutive quarters of declining sales and has been struggling with matching online competition and decreased foot traffic in malls. Earlier this year it was reported that Related Companies and Neiman Marcus were discussing Related Companies taking an ownership stake in the retailer, which is owned by Private Equity firms Ares Management and Canada Pension Plan Investment Board. Neiman Marcus also owns Bergdorf Goodman. Hudson Yards is 70% leased and is expected to be completed in 2019. 

The Studio C Architects-Designed 100 East Broadway Reveals New Office Condominiums

A new office development is coming to Chinatown in the form of 100 East Broadway, under development by Shing Wah Yeung of Yeung Real Estate. The office condominium project is designed by Studio C Architects and will rise 14 stories, 180', and feature 63,732 SF of usable space inside. The usable space breaks down to 58,830 SF of commercial space and 4,902 SF of community facility space. 100 East Broadway will feature ground floor retail along with restaurant space on the 2nd and 3rd floors and medical offices on the 4th. Floors 5-14 will consist of office condominiums. 

Legacy Records To Be The First Restaurant To Open in Hudson Yards at Henry Hall

Hudson Yards will be getting its first restaurant in Henry Hall. Legacy Records, named to pay homage to the recording studio that was once located there. The 85-seat restaurant will be opened by Robert Bohr, Grand Reynolds and Ryan Hardy, who launched the popular Charlie Bird and Pasquale Jones restaurant concepts; along with Jim Meehan, co-founder of the speakeasy PDT, top sommelier Arvid Rosengren, and famed bartender Jeff Bell. When it opens this fall (2017), Legacy Records will be the first and only restaurant in the Hudson Yards Special District for the foreseeable future as Related Companies plows forward on the $20 billion redevelopment project. The restaurant will feature a menu with seafood and Mediterranean influences with an American twist. The design will feature teak wood and leather with white marble. Henry Hall was developed by Imperial Companies and is located at 515 West 38th Street. The residential rental tower rises 33 stories, features 225 apartments and was designed by designed by Ismael Leyva and BKSK Architects.  

Look Inside Ian Schrager’s Public Hotel Which Recently Opened on the Lower East Side

Ian Schrager’s new Public Hotel at 215 Chrystie Streetaims to offer 5-star luxury without the steep price-tag. Public Hotel rises 28-stories and was designed by legendary starchitect Herzog & de Meuron. The hotel features 370 hotel rooms which start at $150 per night and 11 condo residences. Rooms feature modern amenities such as an iPad which is used for check-in, check-out and services as well as an Apple TV. The hotel also features 2 restaurants by chef Jean-Georges Vongerichten named PUBLIC Kitchen and Louis, which is a marketplace concept; as well as 3 bars named Diego, The Roof and The Lobby Bar. The project was developed in a partnership between the Ian Schrager Companies and Steve Witkoff, who refinanced the property with a $173 million loan from Starwood Capital Group in June 2017. 

Public Hotel has not been shy in creating controversy among opening. Lower East Side residents that live adjacent to the hotel are upset that they can see guests having sex through its oversized windows. The hotel has received over 50 noise complaints since opening but due to the acts being within the privacy of the residents own rooms there is nothing anyone can legally do. 

DXA Studio's Mixed-Use 16 Berry Street in Williamsburg Unveiled

The design for the commercial development proposed at 16 Berry Street by Cayuga Capital Management has been unveiled. The 60,000 SF mixed-use structure is being designed by DXA Studio and will feature ground floor retail split between 7 storefronts. In total there will be 24,869 SF of commercial space, 4,495 SF of community space, a 7,000 SF roof deck and 107 parking spaces. 16 Berry Street is expected to be completed in 2019.

DXA Studio Design Unveiled for Mixed-Use, 115 Broadway in Williamsburg

115 Broadway in Williamsburg appears to be getting a contemporary, mixed-use designed by DXA Studio. The 4-story development will include 5,040 SF of commercial space including ground-floor and second floor retail, office space on the third floor, and community space on the fourth. 

Construction Update: Genting Breaks Ground on Resorts World Hotel and Casino Expansion at Aqueduct Racetrack

Genting Group has broken ground on their 420,000 SF expansion to their Resorts World Casino New York City (July 2017). The five-star, 400-key resort is located at 110-00 Rockaway Boulevard in South Ozone Park in Queens. The project features the addition of new 10-story structure that houses 400 hotel rooms, retail, dining and entertainment including 1,000 new video lottery terminals. The expansion is expected to cost $400 million and will be completed in 2019. 

Proposed Renovation for 50 Hudson Street by Theirry Despont Inches Closer to Approval

50 Hudson Street is inching closer to approval for the addition of a glass, two-story residential addition to the rooftop. The proposal must get final approval from the Landmarks Preservation Commission but was reportedly well received by local residents who embrace the proposed modern infusion while preserving the neighborhoods historic charm. The two story, 8706 SF addition is designed by Theirry Despont and will be constructed from glass brick. The new structure will feature 3 residential units, a rooftop terrace and a penthouse atrium. 50 Hudson Street, located at 540-544 Hudson Street, was originally built in 1925 and renovated in 2007. The building features 11,000 SF of usable space including ground floor retail and 2 floors of office space. No date for resubmission of plans for review have been announced.  

150 Fifth Avenue to Undergo Redevelopment Complete With 2 Story Rooftop Addition

L&L Holding Co. has announced a major redevelopment of Flatirons's 150 Fifth Avenue, an office tower originally completed in 1890. When the redevelopment is complete the updated office building will feature 227,500 SF of office space complete with the addition of a unique, 2 story rooftop complete with a roofdeck. In all, 150 Fifth Avenue features 11 floors of rentable office space with open floorplans. The ground floor features 15,000 SF of rentable space, floors 2-8 feature 23,000 SF of rentable space each, floor 9 features 21,000 SF, before dropping to 16,000 SF and 14,500 SF respectively on 10 and 11. The redevelopment is being designed by Studios Architecture with Higgins Quasebarth & Partners. OC Development Management will be the project manager. Construction is expected to begin in February 2018 and wrap-up late summer 2019. According to TheRealDeal, Mastercard was negotiating with L&L Holding Co. in May 2017 lease the entire building at 150 Fifth Avenue where they reported average rent for office space in the Flatiron District was $72 SF. 150 Fifth Avenue was originally built in 1888 and was completed in 1890, undergoing a major renovation in 2003 and was selected in 2005 as BOMA’s Renovated Building of the Year.

Moxy Hotel Times Square Releases Renderings of Yabu Pushelberg Designed Rooms

Moxy Hotel Times Square has released renderings of their trendy rooms, which have been designed by famed interior designer Yabu Pushelberg. The Moxy Hotel Times Square, which is being developed by Lightstone, will be the first New York City location for the millennial-focused Marriott subsidiary. Moxy Hotels offer small guest rooms with suite style, communal spaces. Room sizes range from 120 SF to 350 SF. The Moxy Hotel Times Square will feature 612 hotel rooms and will be located at 485 Seventh Avenue between 36h and 37th Streets. The Yabu Pushelberg designed rooms were designed with inspiration from ocean liners. The hotel will also feature a 5,000 SF restaurant operated by Tao Group. Room rates will range from $200 to the mid $400's. There will be another Moxy Hotel located on 28th Street between Sixth and Seventh Avenues which will open in 2018 and is also being developed by Lightstone as well as another location on East 11th Street which will open in 2019. 

Hedge Fund & Asset Management Titans Moving to Related Companies' 55 Hudson Yards

Daniel Loeb’s $15B hedge fund Third Point will join Steven Cohen's Point 72 Asset Management at Related Companies’ 55 Hudson Yards. Point 72 signed a letter of intent for 175,000 SF on six floors while Third Point has reserved the top 2 or 3 floors totaling 60,000 - 90,000 SF. 55 Hudson Yards is a 51-story office building built by Related Companies and is designed by Kohn Pedersen Fox. Pricing is between $90-$150 SF and the building will be completed in 2019.

Columbia University to Open New Lenfest Center for the Arts Designed by Renzo Piano on April 22

Columbia University will open its new Lenfest Center for the Arts, which was designed by Renzo Piano, on April 22. The Lenfest Center for the Arts is the school's first dedicated facility for its School of Arts to host performances and events. It is located on Columbia University's Manhattanville Campus and is adjacent to the new Jerome L. Green Science Center. The Lenfest Center for the Arts is 60,000 SF and also features the Miriam and Ira D Wallach Art Gallery. Renzo Piano's architecture firm collaborated with Skidmore, Owings, and Merrill on the master plan for the Columbia's Manhattanville Campus and he has designed many of the buildings including the University Forum and Academic Conference Center.