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May 14, 2014
How the High Line Has Changed Manhattan: Part 3
Here's the last of our three-part tour of the High Line and the West Side development it has sparked (and if Star Wars is any indication, it's hard to stop at just a trilogy). Check out Part 1 and Part 2.
Eastern Consolidated's Adelaide Polsinelli walked the High Line with us and tells us that for all the residential momentum along the park, especially in Chelsea, office rents have almost pulled even with apartment rates. In that marketplace, owners will go office, considering that office buildings have 20% more leaseable area than resi (if everyone would clean out their closets, maybe there'd be more room in residential buildings, too). Hence Albanese Org's 510 W 22nd St, which we snapped and which CookFox Architects (known for One Bryant Park) is turning into a gleaming glass office overlooking the High Line.
This massive residential complex was way ahead of its time when it delivered in the 1930s. Our other guide, New York Historical Tours'Kevin Draper, tells us the 710-unit London Terrace Towers was one of NYC's first co-ops, including a swimming pool, spa, and rooftop terrace. It's actually four buildings at the corners of Ninth and Tenth avenues and 23rd and 24th streets. The mid-block buildings, London Terrace Gardens, are apartments managed by Rose Associates. Henry Mandel assembled the full block, which once upon a time was owned by The Night Before Christmas author Clement Clarke Moore. Mr. Moore, incidentally, taught at the seminary we mentioned in yesterday's issue.
We snapped Avalon Communities' 710-unit AVA High Line apartments at 525 W 28th, which opened last year, as well as the parcel where Related's 37-unit 520 W 28th condos, Zaha Hadid's first NY residential building, will rise. Leasing for Related's 317-unit Abington House (designed by Robert A.M. Stern) on the other side of the High Line at 500 W 30th launched in March.
If you haven't gone west lately, the 1.7M SF south tower in Related and Oxford Properties' Hudson Yards—which will be home to Coach, L'Oreal, and SAP—has shot out of the ground.
And that's where our story and the High Line end—for now. Eventually, the park will wrap around Hudson Yards to the right to meet up with the Javits Center (in the distance in our picture). But there's plenty more to come for this storied corridor. Adelaide says ground-level retail will need to evolve to serve all the residential development. She'd also love a cultural gateway at this end of the park, equivalent to the Whitney at the south, to carry the Meatpacking retail buzz north.
More Association Movers & Shakers
Hotels benefit from those real estate sectors that preceded it down the path of sustainability, says Hotel Engineers Association of New York general counsel Jack Osborn, whom we snapped in his John E. Osborn P.C. law practice's 841 Broadway office. The rest of the industry has the infrastructure to research best practices for property-level issues like benchmarking and retrocommissioning, he says. Hence the association's event last month to intro its 200 members to such issues. Jack tells us HEANY members (the chief engineer at each major NYC hotel is automatically a member) each operates in his or her own silo of a hotel, and the association's events give these engineers/capital planners a chance to convene.
Jack also is legal counsel for the Greater New York Construction User Council, the local chapter of the Construction Users Roundtable (above is Jack with the org's board of directors at the 2013 Chairman's Reception: vice chair Marcelo Velez of Columbia University, past chair Jonathan Resnick of Jack Resnick & Sons, and co-chairs Bernadette Vero of Metro-North and Christopher Jaskiewicz of Gotham Org). NY's chapter was born in 1971 with 12 execs from corporations and institutions that thought there must be a more efficient and cost-effective way to bid and deliver projects (current members include the Port Authority, Thornton Tomasetti, and Columbia University). Their areas of concern have included analysis of construction costs, site safety, legal issues, and tech. Coming up June 17 is the 2014 Chairman's Reception honoring nine developments and Tishman Construction's Jay Badame.
Don't Miss Bisnow's Westchester/Fairfield Event
Last year, at our Future of Fairfield & Westchester Counties event, panelists bet that early renewals and the penchant for suburban-dwelling executives to work close to home would keep suburban office market afloat. Were they right? Find out at this year's summit, May 28 at the Stamford Marriott. We also have heavy hitters from other property types. Sign up to hear from panelists like AvalonBay's Matthew Whalen, Regency Centers' Joanna Rotonde, Spinnaker Real Estate Partners CEO Clay Fowler, and HFF"s Jose Cruz (whom we snapped, right, at last year's event with Faros Properties' Jeremy Leventhal).
Bisnow New York reporter Amanda Metcalf has been working remotely this week from the patio of a house in suburban Pittsburgh. The suburbs are loud, what with the lawn mowers, weed whackers, circular saws, wind chimes, children playing, birds chirping. Email email@example.com.