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New York Retail

175k SF of Retail Coming to Former One Chase Manhattan Plaza

Fosun International, the Chinese real estate investment firm that dropped $725M for One Chase Manhattan Plaza in late 2013, has big plans for its outdoor plaza and retail, the Wall Street Journal reports. In January Fosun changed the name of the landmarked office tower to 28 Liberty, and now plans to spend between $100M and $200M adding 175k SF of new retail space under the building’s open plaza. The plan would also add outdoor seating and raise air vents to make the plaza more inviting to the area’s booming residential population. According to the WSJ, Fosun's counting on the new retail space to anchor downtown retail as office tenants skew younger and tourism swells. [WSJ]

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