COVER STORY, JUNE 2008

NYC DEVELOPMENT
The Big Apple shows no signs of slowing down.
Jaime Lackey and Stephanie Mayhew

New York City offers a certain cache that developers, retailers and investors just cannot ignore, and as such, development in the Big Apple is always underway. Whether it is a luxury residential development or a mixed-use project, the city just keeps growing, thriving and changing. In this month’s issue, we take a look at just a few of the exciting projects underway in New York City and its growing boroughs.

Sky View Parc, Queens

Sky View Parc is a 3.3 million-square-foot mixed-use project in Flushing, Queens, New York City.

Muss Development has been developing in the Queens area for quite some time, and the company continues to believe in the importance of the borough. About a year ago, Muss began construction on Sky View Parc, a 3.3 million-square-foot mixed-use project located in Flushing.

“There is a lot of development going on in Queens, but there is very little high-quality, brand new condominium product with the kinds of amenities that we are offering and certainly not with the kind of shopping that we will have underneath,” says Jason Muss of Muss Development. “We are taking what is a fantastic neighborhood with incredible job creation, job growth, small businesses, restaurants, night life and we are creating an element to it that does not exist, which is high-end luxury condos with the kind of first class amenities that you might not find anywhere else in New York City — the tennis courts, pool, golf. Those are the kinds of things that you don’t find in New York City.”

Situated on 14 acres on College Point Boulevard and Roosevelt Avenue, the development will feature 1,100 residential units set within six towers and 800,000 square feet of retail space set within three stories. The 11-story towers were designed to maximize the natural amenities of the site. “We are building the towers in such a way as to preserve light and air and not overburden the site with a lot of buildings,” explains Muss. “We also tried to build the towers east to west to maximize views and light in the units, and we also wanted to combine the towers in such a manner to create very open, generous layouts within the residences.” The condominium units will range from studios to three-bedroom residences with units ranging in size from 575 square feet to 2,000 square feet. Prices for the home range from the $400s to $2 million.

The retail portion of the development will feature brand name national scale retailers such as a big-box home improvement store, a high-end department store retailer, a soft goods store and a national electronics chain store. The retail component will also offer 33,000 square feet of restaurant space and Muss is in discussion with a high-end supermarket chain to fill a 50,000-square-foot grocery store space. Banks and smaller apparel retail tenants will also be included. “Any retailers that you would find in a national mall are going to be in our development,” remarks Muss. “It will be an incredible variety — everything from the very large to the very small retailers.”

Sky View Parc will feature a plethora of amenities including a state-of-the-art fitness center, a jogging track and basketball courts.

Along with access to a major retail component just outside their doors, Sky View Parc residents will also have access to 4 acres of amenities. Spread out within the project, the selection of amenities available at Sky View Parc is unlike any other development in New York City. Amenities include tennis courts, a pool, a putting green, landscaped seating areas, a running track, basketball courts, a children’s play area and a state-of-the-art health club and spa.

According to Muss, the most unique feature of Sky View Parc is the all in one aspect of the project. “Any one single development in New York City could have a swimming pool or a health club with a spa or a single tennis court or even a retail component on the ground floor, but there are not any developments anywhere in New York City that have the kind of package that Sky View Parc will have,” remarks Muss. “To have 800,000 square feet of first-class shopping underneath the kind of spectacular condominiums that we are building with a neighborhood feel with different buildings, different phases and a lot of incredible amenities that are there right at your doorstep is incredibly unique in New York City.”

Perkins Eastman is the architect for the project and Moss Gilday Group is the landscape architect. Preconstruction on the project began 2 years ago with construction beginning last year. The project is slated for completion summer 2009.

The Harrison, Manhattan

The Harrison is a ground-up development located at West 76th Street on the Upper West Side of Manhattan in New York City.

The Related Companies is developing The Harrison at 205 West 76th Street on the Upper West Side of Manhattan. The ground-up development, which is slated for completion in spring 2009, will contain 132 for-sale condominiums, including a penthouse unit. Residences range from studios to five bedrooms, and some include a study. Two-bedroom units start at $1.89 million.

“The Upper West Side is a great New York family neighborhood with all of the amenities that support today’s families’ lifestyles. It offers a variety of retail and restaurant opportunities, access to parks, playgrounds, museums and schools,”says David Wine, vice chairman of New York City-based Related Companies.

The project is appealing to young professionals, families with children and empty-nesters, according to Wine. He adds, “Families have found the generously proportioned residences extremely attractive.” Wine also notes, “The Harrison offers the heralded architecture and design of Robert A. M. Stern along with the amenities and services sophisticated buyers would expect. The design of The Harrison is the perfect complement to the historic character of the Upper West Side, echoing the enduring appeal of the grand residences on Central Park West. Eschewing the trendy, but bringing the perfect blend of timeless design with modern technology, conveniences and services for our customers.”

The Harrison offers residents an upscale entertainment lounge.

Amenities include concierge service, a 24-hour doorman, an entertainment lounge with landscaped outdoor courtyard, a dinosaur-themed children’s playroom, terraces and open spaces, and 24-hour attended on-premises indoor parking. The Harrison also offers Fitness Lifestyle by Equinox and RelatedStyleServices, which includes a Hi-Tech Home package offering the very latest technology options; a move-in coordinator to assist tenants in securing cable, telecommunications, and other services; 24-hour personal assistant service that ranges from securing reservations to party planning and personal shopping; a resident Web site; and fitness trainers on demand.

All of the residences are LEED certified. “We are committed to sustainable design and have found that our customers too are committed to a healthy lifestyle,” says Wine.

The Junction, Brooklyn

The Junction is a 260,000-square-foot retail center situated on Flatbush Avenue in Brooklyn’s most popular retail corridor.

About 6 years ago, Cooper Carry and its development partner, Triangle Equities, answered an EDC RFP for the development of a New York City-owned commuter lot in Brooklyn, New York City, and today, the partnership is nearing completion on The Junction, a 260,000-square-foot retail center encompassing three levels. Situated on Flatbush Avenue, one of Brooklyn’s most popular retail corridors, The Junction is set to act as a catalyst for more commercial development in the surrounding area. “The Junction has always been a hub of activity and this project will be the main anchor of that area and hopefully became a living space and entertainment space for Brooklyn College,” explains J. Ben Wauford, AIA, a principal in Cooper Carry’s New York office.

The site sits at the junction of three distinct residential communities, the terminal point of two subway lines, the crossroads of six public bus lines and at the deflection point of the city grid. To anchor this strategic location, the Cooper Carry-designed project, features lighted glass pylons to provide signature signage beacons for the project and retailers. “The location provides a great opportunity for visibility driving to and from the site, and it also knits the neighborhood back together on both sides of the Long Island Railroad, resulting in a new continued storefront rather than an open lot,” remarks Wauford.

The integrated vertical center will feature a 120,000-square-foot Target, which recently opened its doors, as well as a mix of community-based retailers at the pedestrian friendly street level and large regional and national chains on upper levels. “The Junction will offer restaurants, a sporting goods store and an electronics store; the type or retailers that you would expect to see on Main Street USA,” says Wauford. The project will also be serviced by a 500-car parking deck.

The project is a public/private partnership of the city of New York, the Borough of Brooklyn, Cooper Carry and Triangle Equities. “The Junction is a prime example of the city and private development coming together and doing something great for a community that also works with an adjacent institution and nearby businesses and residents,” says Wauford. “It speaks highly of the process that the New York City EDC goes through to develop and select key sites for RFPs because this is certainly one of those.”

Georgica, Manhattan

The Ascend Group is currently constructing Georgica, a 20-story condominium project located at 305 East 85th Street in Manhattan, New York City.

In mid-March, The Ascend Group LLC broke ground on Georgica, a high-end, 20-story condominium project located at 305 East 85th Street in Manhattan, New York City. Construction of the glass tower is slated for completion in summer 2009. “Georgica is being built on the Upper East Side where there are great schools, parks, restaurants and galleries. It has always been a family neighborhood with a lack of great family product and amenities,” says Rob Kaliner, principal of The Ascend Group.

The 58 residences will range from 1,298-square-foot two-bedroom units to four-bedroom units that total nearly 3,000 square feet. Some units have home offices and fireplaces. Prices start at $1.6 million. Prudential Douglas Elliman Development Marketing Group is handling sales.

The building will also contain 3,700 square feet of neighborhood retail space on Second Avenue. Building amenities include a fitness center and a rooftop deck. The rooftop deck will have a children’s playground and large children’s play area; an adult lounge area; and a covered outdoor kitchen and bar area with a grill, sink, refrigerator and ice maker.

According to Kaliner, “Georgica is large enough to offer great amenities and incredible finishes, but still small enough to be considered more of a boutique development. It is located on a tree-lined street and close to transportation — with the addition of the Second Avenue subway stop on the way which will be a great benefit.”

The project targets young professionals, families with children, empty nesters and foreign buyers. Kaliner says, “Focus groups (which included Upper East Side families looking at other residential projects in the area) have told us they want to buy a residence that feels like a ‘home’ instead of an apartment. Georgica will exude a sophisticated vibe that also offers that ‘home’ feeling.” 85th Street Builders LLC is working with The Ascend Group’s in-house construction team on the project. The architect is Cetra/Ruddy, and Cantor Seinuk Group is serving as the engineer.

99 John Deco Lofts, Manhattan

Rockrose Development Corporation is converting a 27-story building at 99 John Street in Manhattan, New York City to condominiums.

New York City-based Rockrose Development Corporation is converting the 27-story building at 99 John Street in Manhattan, New York City to condominiums. The 442 units range in size from studios to four bedrooms. Prices start at $535,000. Rockrose Construction Corporation is handling the project; Avinash K. Malhotra is the architect. Completion is slated for this summer.

Shreve, Lamb, and Harmon (famed architects of the Empire State Building) designed the building, which was originally constructed in 1933. In 1999, Rockrose converted the property to 442 residential apartments with street-level retail space. Prior to that conversion, it served as the headquarters office of AIG Insurance Company.

According to Kevin Singleton, senior vice president with Rockrose Development Corp., “99 John Deco Loft Condominiums is centrally located downtown in New York’s most historic and exciting neighborhood, just steps away from the world’s leading financial institutions, corporations and City Hall, with spectacular transportation access. The Financial District has become a vibrant residential community, home to world-class luxury retailers, charming boutiques, parks and fine dining.”

He notes that the project is its own vertical community, housing a gourmet grocer, pharmacy, and an attended parking garage. The development offers hotel-style amenities, including complimentary weekday breakfast in the lobby, free wireless Internet access, an on-site fitness center, lounge with billiards and a screening room, as well as two roof decks offering panoramic views of the city. The roof terrace will feature cabanas and a spa shower available to all residents. 

As the landlord of thousands of New York City rental apartments, Rockrose is also offering a unique full-service apartment management program for investors. “This is a project that is appealing to a value-oriented buyer — we are offering a full-service vertical community, in a gorgeous setting, with a variety of unique layouts, the highest ceiling heights in the Financial District and hotel-style amenities, at great prices,” says Singleton. “Comprised of 85 percent studios and oversized one-bedroom units, 99 John Deco Loft Condominiums presents the perfect inventory for first-time buyers looking for a sound investment and professionals or empty-nesters in need of a Manhattan pied-a-terre.”

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