The History of 14th and 3rd

What might be next in the Virgin Megastore space? The New York Post has these rumors:

RELATED Cos. is negotiating with several tenants at One Union Square South for the Virgin Megastore space, sources said. The chain, which was purchased by Related and Vornado Realty Trust in 2007, is closing the store in late May or early June. All US-based Virgin Megastores are due to shut down by the summer.

Related controls the Union Square outlet, while Vornado handles the one in Times Square, which is closing in April to make way for Forever 21, the retailer that signed a megadeal for 100,000 square feet. The two real-estate giants licensed the then 11-unit Virgin chain precisely so they’d be able to control the retail in their buildings.

Sources said the asking rent in Union Square has recently dropped to $15 million per year from $25 million. According to its CoStar Group flyers, Winick Realty is seeking $700 a foot for the 26,000-foot ground floor and $150 a foot for the 31,035-foot lower level. One Union Square South, at 52 E. 14th St., includes the hulking Metronome artwork on the lower north side of the luxury apartment tower that rises from the retail base. Some of the prospective tenants include CVS and Best Buy, which has its eye on the Circuit City space now being controlled by the bankruptcy court.

Last fall, Related signed a letter of intent with Nordstrom Rack for about 40,000 feet. But Nordstrom in the end was reportedly loath to bring its off-price success story into the Big Apple before it snagged an A-plus site for the upscale department store flagship and nixed the Union Square opening. A Nordstrom spokeswoman said, “We will keep looking for a great spot to serve our customers.”

There is also talk that Forever 21 might jump from Vornado’s Whole Foods building at 40-48 E. 14th St., which also hosts Filene’s Basement, and expand into 19,200 feet at One Union Square. The Forever 21 store, which opened right after 9/11, has seven years left on its deal. But a buyout doesn’t make sense in the current economic climate.

 

from Gothamist.com

The Metronome, the hulking piece of public art omnisciently keeping time in Union Square, has been an object of both fascination and derision for twenty years. The work is meant to be a rumination on time and rituals, and features a massive rock, a whirring digital clock that means wildly different things depending on who you ask, and a hand from Union Square’s own equestrian statue of George Washington that points to its history.

Yet something seems to be off about the Metronome. As a tipster pointed out to Gothamist, the steam that was supposed to emerge from the center of the piece hasn’t worked in ages, it doesn’t seem to have been maintained in a while, and even its website is defunct.

That might be because the Metronome wasn’t ever finished, as Kristin Jones, the artist who created the piece along with Andrew Ginzel, tells Gothamist. It was always meant to be more than be a “gaping hole,” “void,” or “smoldering anus,” as it’s been called before. Jones says that the “dismissive and inadequate” upkeep from The Related Companies (the real estate company that owns the property) means the Metronome has never looked, or kept time, as they intended it to.

According to Jones, the piece, a nod to European clocks’ different mechanisms for telling time, originally was going to emit steam twice daily (at noon and midnight) along with bursts of sound. It barely has, if ever. She also notes that in spite of “periodic upgrades” to the numeral display, the clock was “never correct in the first place,” especially because the artists never saw it before it went up and it never had the flexible software it needed.

Jones knows that people seem baffled about what the numbers represent: They don’t, say, represent the national debt or the time left until the Earth implodes, and it is indeed a clock meant to be read left to right. (The left half, at least, which displays the time since midnight. The right half, which shows the time remaining until midnight, should be read right to left.)

Curiously, the Metronome, steam and all, is prominently displayed on Related Rentals’ website, currently hawking one-bedroom apartments at the Union Square locale for a starting price north of $5,500 monthly rent. (“Live Luxuriously in a Work of Art,” it reads.) Related did not reply to Gothamist’s request for comment.

The Metronome came about when Related approached the Municipal Art Fund in 1995, as The New York Times reported, about what to do with the building’s wall space. Eventually Related and the Public Art Fund held a competition where artists submitted proposals for the wall. Kristin Jones and Andrew Ginzel ended up getting the commission, and in 1999 the Metronome first began ticking along at Union Square.

Since then, the artists say, they haven’t had input, or knowledge, as to how the artwork is being maintained, if at all. Jones says she’d personally rather see the Metronome be torn down instead of continue in its current state. “Since they don’t [correspond with us] I’m not interested in seeing the light bulb in the hole where there’s no steam,” Jones says. “It doesn’t make any sense.”

Stephen Ross, the billionaire developer and chairman of Related, is responsible for Hudson Yards’ Vessel, the wastebasket-like stairway to…somewhere that owns your photos. Ross hasn’t been shy about his distaste for the piece Related had a hand in creating at One Union Square South. “It was a disaster,” he told The New Yorker last year. “That thing where the smoke comes out? Whatever the hell it is.”

“Union Square South was and is a machine for enrichment, as is so much of real estate development today often without sincere civic vision,” Jones and Ginzel wrote in a statement. “Witness Hudson Yards. If Mr. Ross maintains ‘The Vessel’ as he has Metronome, pity the public who must contend.”

So we’re swapping one big box electronics store for another. Best Buy will move into the old Circuit City space on 14th St. by the end of the year.

The flowers are back on sale at the corner deli on 13th. Problem solved.

Now open in the former D’Agostino’s location is Agata and Velentina, a high-end grocery store with an Italian flair. Lots of meats, cheeses, and prepared foods. Prices sort of on a par with Garden of Eden. One gripe: the store layout forces you to follow a single path and the result can be crowding and claustrophobia at certain times of the day. Try it out.

 

A Greenwich Village parking garage at 12 E. 13th St. between University Place and Fifth Avenue will be transformed into eight large condominiums, in another sign of the city’s booming ultra-luxury market.

The building, which sold for $32 million in 2012, will feature eight apartments—a mix of full-floor units and duplexes—with expected asking prices range from $7.5 million to $28.5 million for the top triplex, according to the project’s developers. Occupancy is expected by the end of 2014.

The project is a joint development by DHA Capital LLC and Continental Properties.

The developers plan to add four more floors to the eight-story building, which was built in 1930. A portion of the rear will be demolished and replaced with the new stories, and it will also receive a new façade with elongated bricks to make the windows wider.

The 10th, 11th and 12th floors will make up one triplex, while all of the ninth and part of the eighth floor will make up a duplex with an asking price of $18 million. The building will be topped by a glass structure being added as part of the 6,000-square-foot triplex penthouse.

The building will feature a 24-hour concierge, an automated parking system, a small gym, individual storage space and street-level retail.

The building is currently undergoing demolition, and reconstruction work will begin in a month or two.

Steven Fisch of Continental Properties, a family business started by his father in 1957, said this was their first joint venture with DHA Capital LLC, and the two groups looked at other properties before deciding on this one.

“One major factor was the size of the block, the location obviously, and the ability to do something very special, to create almost a work of art with full-floor condos,” said Mr. Fisch. “It’s very hard to find a 67-foot-wide building.”

Mr. Fisch said the two groups decided to create an ultra-high-end luxury building rather than smaller, more affordable apartments because there has been very strong demand for this type of housing over the past five years, and a shortage of supply.

He said they also wanted to distinguish themselves from large buildings featuring 150 and 200 apartments.

“It is in a location, and a time in New York City, when this can happen,” said Mr. Fisch.

Richard Cantor, a principal at Cantor-Pecorella, is marketing the condos. Mr. Cantor said none had been sold yet, but the ultra high-end luxury residential market is very strong.

“There’s been a huge uptick in prices in the high end, it’s a very strong market,” said Mr. Cantor.

He said the building doesn’t have a “pretentious” name, and is just known by its address to keep it simple.

The last tenant at the 45,000-square-foot parking garage was Hertz Rental Car, which vacated once its lease expired.