Big Developments for Tammany Hall

Reading International has announced  he closing of construction finance facilities totaling US $57.5 million to fund the non-equity portion of the anticipated construction costs of its redevelopment of 44 Union Square in New York City. It’s the historic building at the corner of 17th and Union Square East that is historically known as Tammany Hall.

The redevelopment of 44 Union Square will add approximately 23,000 square footage of rentable space to the current square footage of the building for an approximate total of 73,322 square feet of rentable space, inclusive of anticipated BOMA adjustments and subject to lease negotiations and the final tenant mix.

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  • Pilot Electrification Project for Union Square Food Trucks

    Simply Grid announced today that it has launched a food cart electrification pilot in New York City’s Union Square. This is the first example of a mobile food vendor on New York City’s public streets using grid electricity rather than a noisy, polluting generator. Citywide, more than 3,000 mobile food carts create the equivalent pollution emissions of approximately 10,000 cars. This pilot, launched in conjunction with the New York City Mayor’s Office of Long-Term Planning and Sustainability, Con Edison, the NYC Department of Transportation, and Closed Loop Advisors, will last for up to a year and abate up to 9 metric tons of CO2.

    Simply Grid’s technology allows lot owners and municipalities to provide grid electricity to mobile food vendors which makes them cleaner, quieter, and more profitable. Electricity is made available to these vendors via outlets in industry standard electricity pedestals which have been customized with proprietary metering controllers. The controllers connect wirelessly to Simply Grid’s cloud-based platform which manages customer accounts, metering, and billing. The system allows vendors to initiate service with their mobile phones and connect to the electric grid with cables they already use with their generators. Grid electricity is a significantly cheaper energy source for food vendors, and it also eliminates the pollution and noise associated with running a generator.

  • The Latest Construction Update

    The New School says:

    Next week (August 29 to September 2), Contractors will continue to excavate earth and rock, and load out material. Installation of bracing rakers and line drilling will progress as well. Concrete foundation walls will continue along the perimeter of the site. Interior core foundation work and underground electrical and plumbing will proceed. Contractors will be removing the interior earth ramp. A small cherry picker crane will be delivered to the site next week and will be stationed inside the Construction fence. This crane will remain there for approximately two months.

    The following week (September 6 to September 9 ), we will continue with concrete foundation walls, line drilling, rock excavation, loading out, interior core foundation work, and underground electrical and plumbing. Concrete pours for the slab on grade are anticipated to start this week. The site will be closed for Labor Day weekend (Saturday, Sept. 3 through Monday, Sept. 5).

    DEP will continue to repair the water main along 13th Street. As part of this work, the DEP may periodically shut water service off. This work is out of our control.

  • Goodbye, P.C. Richard

    From Crain’s New York Business:

    The P.C. Richard & Son store near Union Square is going the way of the cathode ray television set and VCRs.

    The city’s Economic Development Corp. has announced a request for proposals to redevelop a city-owned site at 124 E. 14th St. that for the past 19 years has been home to a two-level building occupied by the electronics and appliance store.

    The EDC is encouraging developers to pitch projects that include new office space for booming industries in the neighborhood, such as technology and creative businesses. According to the city’s guidelines, the development could provide fledgling companies with the space to get started and also a location for young but established firms to transition from incubator and co-working spaces that have sprouted around the city into their own digs.

    Proposals may also include residential space, although a spokesman for the city said the EDC’s goal is an office-focused development. Current zoning on the site, however, would seem to encourage a residential component. About 140,000 square feet of housing can be built at the address versus about 93,00 square feet of commercial space. A project could be a blend of the two.

    Midtown South has become the city’s hottest office market, with space in the vicinity of Union Square especially popular for its access to transit, shopping, restaurants and tony residential neighborhoods.

    “The current site of the PC Richard store will serve as a new tech hub in Union Square, capitalizing on the academic and transit advantages offered by the neighborhood and its proximity to the Flatiron district,” said Maria Torres-Springer, president of the EDC, in a statement. “This is just one example of how we are finding creative uses for the assets we have in a city where space is harder and harder to come by.”

    Bids for the property are due by February, the spokesman said, which is the same month that P.C. Richard’s lease is set to expire.