Oct. 29 is the date for the park’s signature fall celebration to raise vital funds for the district’s cherished Union Square Park. Highlighting the district’s best restaurants and the vibrant Greenmarket, enjoy tastings from renowned local chefs paired with classic and innovative drinks.
E-cigarettes are literally and figuratively hot, and they have arrived on 14th St. west of 5th.
Click here to find out all about the many events in the Summer in the Square series that will take place in Union Square over the next few months. There is lots to do.
Demolition of the building which a PC Richard & Son store occupied at 124 E. 14th St. will begin immediately followed by construction of a 21-story, mixed-use office building that will house the new Union Square tech hub. Suffolk Construction will be the project’s general contractor.
RAL Development Services in a joint venture with Junius Real Estate Partners closed a $120 million construction loan from Bank OZK. Junius is a real estate investment unit of J.P. Morgan Private Bank, a division of J.P. Morgan Asset Management. Its focus is high yielding real estate equity and debt investments.
The developers also signed a 99-year ground lease with the New York City Economic Development Corporation. The New York Post reported the joint venture has agreed to the following arrangements: It made an up-front payment of $5 million and will not pay rent for the first three years during construction and lease-up. Afterwards the annual base rent will be $2.3 million for the first five years. The rent will then increase by 2% every year through the 30th year. Following this period, the rent will be subject to fair market resets. A spokesperson for RAL confirmed these financing terms with GlobeSt.com.
Last year, the city council approved the tech hub following New York City’s ULURP process. The steps were required to increase the as-of-right building height from 14 floors to 21 stories.
For 25 years, RAL will lease six of the floors to the non-profit Civic Hall, which will create a digital training center, a tech incubator, co-working spaces, event spaces and an urban food hall. RAL will lease the top 14 floors of the 21-story building at market rate. According to the RFP issued by NYCEDC, the tech hub is expected to create over 500 jobs in Union Square.
Josh Wein, financial director of RAL, says, “In addition to the multitude of benefits this development provides for the City and its workforce, which have been designed to promote job creation and growth in the technology sector, we’ll be creating the finest modern office building in Midtown South.”
Community groups including the Greenwich Village Society for Historic Preservation (now named Village Preservation) advocated for neighborhood protections to accompany approval of the tech hub. They supported the educational and public goals of the project but protested its development without inclusion of rezoning for surrounding neighborhood streets. They requested limited heights for new developments, removal of current incentives for hotel and dorm development, and the inclusion of affordable housing with new construction for a limited area around the center.
The neighborhood organizations expressed they were concerned about an eventual destruction of the unique character the Village—starting with its now being referred to as Midtown South.
From YIMBY.com:
Earlier this month, developer Ranger Properties paid $22,000,000 for two buildings at the corner of University Place and East 13th Street, in the heart of the Village near Union Square. Then EV Grieve reported that longtime stalwart University Place Gourmet had shuttered, along with a Chinese laundry around the corner on 13th Street.
Now plans have been filed to construct a seven-story apartment building on the site at 34 East 13th Street, and Adjmi Architects is designing. There will be six apartments spread across 15,550 square feet of residential space, for a very spacious average unit of 2,591 square feet. They’ll definitely be condos, with just one apartment per floor. Six stories of apartments will be stacked on top of 3,200 square feet of ground floor retail
Amenities listed on the Schedule A include a “private/public” roof deck (maybe there will be both!) and a gym in the cellar.
The 3,300-square-foot property is currently home to three buildings—a four-story apartment building on the corner that has University Gourmet on the ground floor, a single-story building housing a doggy day care, and a three-story apartment building with the laundromat.
Demolition permits have not yet been filed to knock them down.
Before Ranger Properties snapped up the assemblage for $1,100 per buildable square foot, the site hadn’t changed hands since 1980.
However, 34 East 13th Street will seem small compared to the 23-story tower planned one block south at 100 University Place. Harry Macklowe is developing the building, which will stand 309 feet tall and include 52 apartments. Other projects in the hood will also be high-end condos, including 17 East 12th Street and the nearly complete garage conversion at 12 East 13th Street.
The retail retreat continues, with the departure of American Eagle from Union Square West.
