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The Stack Shows How Modular Construction Could Solve NYC’s Housing Crisis

10 Aug 2014, 10:52 pm

By Veronica Grecu, Associate Editor

Now that New York City’s affordable housing shortage has achieved crisis status, some real estate developers are lending a helping hand by implementing innovative designs and cost effective construction technology in their multifamily projects.

The Stack

The Stack

A seven-story apartment building located in Inwood, the northernmost section of Manhattan, opened in May this year as one of the city’s first modular residential buildings. Located at 4857 Broadway between Academy and 204th Streets, The Stack was developed by Jeffrey Brown and Kimberly Frank and designed by GLUCK+ as a prefabricated steel-and-concrete structure that includes 28 luxury rental apartments in a combination of studios, one-, two- and three-bedroom units, as well as 4,000 square feet of ground floor retail space.

The Stack—which was named the August 2014 Modular Building of the Month by the Modular Building Institute—is being marketed as housing for moderate income families, with 6 of the 28 apartments reserved for affordable housing. According to CBS New York, rents at the $13 million prefab property start at roughly $1,600 for studios, $2,200 for one-bedroom units, $2,630 for two-bedrooms and $3,700 for a three-bedroom apartment.

The 38,000-square-foot building is made up of 56 modules that were manufactured off site by DeLuxe Building Systems in Berwick, PA in early 2013, and then shipped to Manhattan where the foundation, basement and first floor had already been conventionally prepared. It took exactly 19 days, eight construction workers and one crane for the steel-framed models to be fit together like a large jigsaw puzzle, and a few months to install the mechanical systems and attach the façade panels.

In other words, the developers saved 6 to 8 months of construction time—the project was completed in half the time of the traditional on-site construction—and 15 to 20 percent of the approximately $7 million in construction costs. Described as a “quality and economically viable housing solution” by GLUCK+, The Stack is one of the first development projects that will help rebuild and fill the gaps in New York City’s outdated housing infrastructure.

 Two similar projects are underway in New York as if to underline the city’s commitment to micro-housing: the nine-story My Micro NY building that is being constructed in Manhattan’s Kips Bay neighborhood and a 32-story apartment building called B2 in the massive Pacific Park Brooklyn (the former Atlantic Yards development). According to information from the New York City Department of Buildings, around 40 modular projects are waiting in line for review and approval.

 Click here for more market data on New York City.

Rendering courtesy of GLUCK+



Brooklyn Brewery Looking to Open $70 Million Facility on Staten Island

4 Aug 2014, 4:32 am

By Veronica Grecu, Associate Editor

One of the strongest and longest-running brewing companies in New York City is looking to expand from its roots in Brooklyn to somewhere on the western shore of Staten Island in response to the rising demand for its products.

Brooklyn Brewery logo

Brooklyn Brewery logo

SILive.com reports that the Brooklyn Brewery—which started small in mid-1980s as a joint venture between Steve Hindy and Tom Potter and last year opened an 8,000-barrel waterfront brewery all the way in Stockholm, Sweden—plans to open a large-scale brewery on a portion of a 675-acre former industrial site that was previously green lighted for a NASCAR racetrack.

As revealed by the source, the Brooklyn Brewery recently filed plans with the New York City Regional Economic Development Council (NYCREDC) for a $70 million, state-of-the-art facility that will require 20 to 25 acres of land on Staten Island, an ideal location thanks to its proximity to the city. The proposed brewery will span 200,000 square feet and will have an initial capacity of 400,000 barrels that could expand to 1,000,000 barrels. Additionally, Brooklyn Brewery’s partner Galvanina Group SpA, an Italian bottled water company, could co-locate its American operations at the planned facility and this move could pump another $10 million into the project. The plant would create 240 construction jobs and up to 100 full-time jobs.

NYCREDC has until the end of 2014 to identify the best site for Brooklyn Brewery’s proposed manufacturing center, and the new brewery could be fully operational by the end of 2017.

According to the New York Observer, the Brooklyn Brewery has been based in a 135,000-square-foot, five-building complex at 79th North 11th Street in Williamsburg for nearly three decades. In November last year two buildings used as warehouse by the brewery were sold by owner 110 North 11th Street Association LP for $16.4 million to North 11th Associates.

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Image via Brooklyn Brewery; credits to Lyndon (Aussie Dingo) on Flickr



Staten Island Mall to Expand by 445,000 Sq.Ft.

25 Jul 2014, 2:12 pm

By Veronica Grecu, Associate Editor

Staten Island Mall indoor

Staten Island Mall indoor

It’s been almost two years since Superstorm Sandy hit New York City and all of its five boroughs are still working hard to recover after the disaster. Staten Island, the most badly damaged of them, is bustling with growth and development projects that are meant to revitalize the area and attract more residents and tourists.

Last fall the New York City Council green lighted what will become the world’s tallest Ferris wheel and a $260 million outlet center that will be built on the severely affected North Shore. The list of commercial revival continues this summer with a proposed expansion project that will enlarge the Staten Island Mall by nearly half a million square feet. Chicago-based real estate trust General Growth Properties—which owns and operates 200 malls nationwide, including the 85-acre Staten Island Mall located at 2655 Richmond Avenue—plans to transform the borough’s largest and only indoor shopping center into a 1.6 million-square-foot megamall.

According to the Commercial Observer, General Growth Properties filed a project notification form with the Department of City Planning. If approved, the mall expansion could begin in 2015 and take two years to complete, with the new space ready for occupancy in 2017. The projected 445,000-square-foot expansion designed by S9 Architecture includes a 75,000-square-foot

Staten Island Mall expansion plan

Staten Island Mall expansion plan

enlargement of the existing Macy’s department store; the construction of a new department store spanning 40,000 square feet of space, and a three-story garage with 1,500 parking spaces. Additionally, General Growth Properties plans to build a 53,000-square-foot cinema and a 50,000-square-foot supermarket. The expansion plan also calls for more than 30,000 square feet of restaurant space, up to 113,000 square feet of non-department store retail space and a new food court of around 10,000 square feet.

Apart from its existing anchor tenants Macy’s, Sears and JCPenney, the mall also houses several high-end retailers such as Ann Taylor, Apple, Microsoft, L’Occitane en Provence, MAC Cosmetics, Aveda, Soma, Potatopia, LEGO and Häagen-Dazs. However, Staten Island FYI notes that the mall could attract new high-profile tenants starting next spring, when General Growth Properties’ representatives are expected to attend the Global Retail Real Estate Convention in Las Vegas.

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Staten Island expansion plan via NYC Department of City Planning



B.R. Fries Completes Work on Pandora’s New 52 K Sq. Ft. Headquarters in Manhattan

18 Jul 2014, 8:29 pm

By Veronica Grecu, Associate Editor

125 Park Avenue

125 Park Avenue

Pandora Media, an internet radio and music streaming company based in Oakland, Calif., has a new home on the East Coast.

In June 2013 the internet music provider signed a 10-year lease for 52,500 square feet of prime office space at a rate of $65 per square foot at 125 Park Avenue in the pricey Midtown Manhattan, The Real Deal reported. The transaction was brokered by CBRE which acted on behalf of Pandora, while SL Green—the building’s owner—was represented by Newmark Grubb Knight Frank, the new source noted.

Located between East 41st and 42nd streets and directly across from Grand Central Terminal, the 26-story tower encompasses nearly 573,000 square feet of space and is one of the most ideally located office buildings in the area. Once known as the Pershing Square Building, the structure was designed by York & Sawyer architects and completed in 1923.

Pandora Media offices

Pandora Media offices

According to an official statement, construction solutions provider B.R. Fries & Associates has recently completed the build-out for Pandora’s new corporate offices which will accommodate 300 employees. The internet company will occupy the entire 19th and 20th floors at 125 Park Avenue. Designed by ABA Studio / Andrew Bartle Architects and WG Project Management on behalf of SL Green, the interconnected floors were rebuilt to support Pandora’s extensive audio-visual systems and live music performances. The finished project includes office space, private meeting rooms that reflect new workplace trends and preferences for social interaction that is specific to internet companies, multiple spaces for live music performances, a double-height atrium, as well as high-end finishes, glass partitions and wood millwork.

 

Click here for more market data on New York City.

 

Images courtesy of SL Green and B.R. Fries & Associates



Nets Unveil Plans for $45 Million Training Center in Brooklyn’s Industry City

14 Jul 2014, 3:32 am

By Veronica Grecu, Associate Editor

Brooklyn Nets Training Center

Brooklyn Nets Training Center

Major professional sports teams seem to be in a race for new practice facilities. Shortly after the Philadelphia 76ers revealed plans for their own training center in Camden and the Boston Bruins inked a long-term lease deal for a hockey rink at Boston Landing, the Brooklyn Nets announced they will build a new practice facility at Industry City in Brooklyn’s Sunset Park section.

Called “Hospital for Special Surgery Training Center” after the famed orthopedic Manhattan hospital that bought the naming rights, the 70,000-square-foot complex will be located at 148 39th Street, roughly three miles from Barclay’s Center where the NBA team plays its home games. According to NetsDaily, the training center will occupy the eighth floor and rooftop of a century-old warehouse building that also houses a 3D printers company called MakerBot Industries.

The Nets’ will invest $45 million in their new training center which will have two full basketball courts, a weight room, a training pool and two hydro pools, rooftop entertainment space and a multimedia theater with 18 seats. The plans designed by MANICA Architecture of Kansas City and New York-based Mancini Duffy also include a 3,000-square-foot lounge for player relaxation and hospitality, as well as a media room for interviews.

Brooklyn Nets Training Center - indoor

Brooklyn Nets Training Center – indoor

The Nets’ “Hospital for Special Surgery Training Center” will also host youth basketball clinics, community events and will support local business development operations.

Meant to finally bring all the Nets-related offices to Brooklyn, the Industry City location will replace the team’s current training home in East Rutherford, where the Nets have practiced for the past 15 years. “Now, our arena, training center and offices will all be together in this great borough,” said Irina Pavlova, president of Nets owner ONEXIM Sports and Entertainment, who along with her team visited around 50 different sites before finally choosing the Industry City location.

According to an official statement, Cushman & Wakefield represented the Nets in the leasing transaction. Construction at the site is scheduled to begin this summer and is expected to be completed just in time for the 2015-2016 season. The development project will create 150 to 200 construction jobs during construction.

Click here for more market data on New York City.

Renderings courtesy of MANICA Architecture







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