Summer Days: 7 Real Estate Projects Opening This Summer
During the summer months, the pace of development, buying and selling in New York City slows down. But there are still several major developments set to open their doors this season, including the first building in a massive affordable housing complex in the Bronx, a major Manhattan office tower and a slew of new luxury rental units.
Project: One Manhattan West
Neighborhood: Far West Side
Brookfield’s 67-story, 2.1M SF tower on Manhattan's West Side is opening late summer, with a preponderance of leases already in the bag. The building is part of the Manhattan West megaproject, which will in total feature 6M SF of office space, a 2-acre public park, a Pendry Hotel, more than 200K SF of retail space and a luxury rental tower.
One Manhattan West is 90% pre-leased, with EY as the biggest tenant in the building, having signed up for 640K SF there in 2017. Law firm Skadden Arps is taking 635K SF there, Accenture has a lease for 250K SF, and McKool Smith will occupy 64K SF. The National Hockey League is also moving there from its home at 1185 Sixth Ave. — and its five-floor, 175K SF lease comes with seasonal skating rink and ground-floor retail.
Attention is now moving to the building’s sister tower, Two Manhattan West, which is yet to be built. Though Brookfield said it would move ahead and build the building without any tenants signed, the company has reportedly scored its first lease with law firm Cravath Swaine & Moore, which is taking 350K SF in the building.
There have also been rumors that Amazon is considering as much as 100K SF at the complex — reportedly in both of the towers — but there has been no confirmation from either the tech giant or Brookfield.
Project: Equinox Hotel
Developers: Related and Oxford Properties Group
Neighborhood: Far West Side
In March, the city’s newest neighborhood, Hudson Yards, officially opened to the public. Crowds now swarm through the almost 1M SF mall and the public 150-foot sculpture known as the Vessel.
This summer, the first-ever Equinox Hotel is due to open in the lower part of 35 Hudson Yards, a 1,000-foot tower designed by Skidmore, Owings & Merrill’s David Childs. The hotel is on floors 24 through 38 and has 212 rooms, including 48 suites, as well as an Equinox Fitness Club and Spa.
The fitness chain, which also has planned hotels in Houston, Los Angeles, Chicago and Seattle, has rooms that are all about promoting better sleep, according to the Wall Street Journal. The thermostat will be set to 66 degrees, for example, the walls will be soundproof and the mattresses were custom-made for better slumber.
If that isn't working, there are on-site sleep coaches to advise guests and a nurse to provide IV drips in the event of a hangover. Rooms are available to book from July 15, per the Equinox Hotel website.
Project: 626 Bergen Ave. at La Central
Developer: Breaking Ground
With its partner Comunilife, Breaking Ground is opening the first building in the La Central development, a 1.1M SF mixed-income housing development in the South Bronx. The building at 626 Bergen Ave. will feature 160 supportive and affordable apartments for formerly homeless people, as well as low-income renters.
Once complete, La Central will feature 985 units of affordable housing, along with a public skate park, a 50K SF YMCA and 45K SF of retail space.
Hudson Cos., BRP Development, Related, Comunilife, YMCA of Greater New York and BronxNet are all working on the project, which was announced by Mayor Michael Bloomberg back in 2013.
Project: Waterline Square
Developer: GID Development Group
Neighborhood: Upper West Side
The Waterline Square megaproject will add 599 luxury rental units to the city’s supply this summer, with leasing at three of the buildings officially set to launch. Developed by GID, the project will span nearly 5 acres along the Hudson River from West 59th Street to West 61st Street. The sprawling project was designed by a combination of big-name architects: Richard Meier & Partners Architects, Rafael Viñoly Architects and Kohn Pederson Fox Associates.
Condominium closings are expected later this year, and renters will have access to the rental units across three separate buildings early this summer. The buildings — One, Two and Three Waterline Square — are at 675 West 59th St., 400 West 61st St. and 645 West 59th St., respectively. The units range from studios to four-bedrooms.
The large project will also feature a 28K SF food hall run by Cipriani, a landscaped park, and the 100K SF “Waterline Club’’ — which comes with the city’s first indoor, regulation-size tennis court and first skate park within a residential development, a basketball court and two swimming pools.
Project: Dock 72
Developer: Rudin Management and Boston Properties
Neighborhood: Brooklyn Navy Yard
Boston Properties and Rudin Development’s Dock 72 in the Brooklyn Navy Yard will have its grand opening this summer, which is opening with The We Company as its anchor tenant with 220K SF. In total, the office building — aimed at tech and creative companies — will span 675K SF, with 35K SF for amenities, including an indoor and outdoor roof deck and a 10K SF landscaped recreational area.
The building is the latest development at the Yard, which is planning to run a $2.5B expansion over the next decade, making the area home to 30,000 jobs by 2030.
Project: The Breeze
Developer: Hudson Cos.
Neighborhood: East Williamsburg
Hudson Cos. is opening its building at 315 Meserole St. in East Williamsburg this summer. Featuring 100K SF of creative office and retail space, its amenities include 8K SF of outdoor space, a 6K SF courtyard and a 2K SF retail arcade, dubbed the Breezeway.
Designed by S9 Architecture, the former pillow factory has inked a 6K SF lease with a not-yet-named rooftop bar and restaurant, run by the founders of Lavender Lake bar in Gowanus, and a 3,600 SF lease with Aura Cocina, a Latin fusion restaurant.
Project: The Pierrepont
Developers: Jonathan Rose Cos., Bedrock Real Estate Partners, JD Capital USA and Nuveen Real Estate
Neighborhood: Brooklyn Heights
Designed by Marvel Architects, this rental complex at 146 Pierrepont St. features two 20-story towers with a total of 90 units, 80% of which are luxury and 20% of which are affordable. The building in the Brooklyn Heights neighborhood sits between Clinton and Court streets and features 6K SF of retail space. The total budget for the 161K SF building was $135.3M, according to the company website, and a three-bedroom is priced at $12,444, per StreetEasy. It is expected to open later this month.