Update on Union Square Construction

Here is a tour of several landmark cast-iron buildings in the neighborhood, including two on our block.

The Greenmarket’s economic impact on the Union Square community is unmatched. Businesses congregate within walking distance, and thousands of shoppers, chefs and onlookers visit the market’s dozens of farmers four days a week. Forty years later, Union Square continues to be on the forefront of healthy living and environmental learning as we welcome Project Farmhouse, GrowNYC’s new permanent center for sustainability and education. Located next to the Hyatt on 4th Avenue and 13th Street, the community center will offer dynamic programming year-round such as training for farmers, cooking classes for children, film screenings, special events, and panel discussions.

Some fun history about 65 5th Ave.

“The New School has been a presence at 65 Fifth Avenue, the site of the University Center, since 1967, when the university converted a Lane’s department store building for student use. But long before the address became associated with educational innovation, it was renown for innovation of another kind. In 1881, inventor Thomas Edison installed at the address (which was then occupied by a handsome brownstone) a permanent exhibition of his electrical discoveries. The biography Edison: His Life and Inventions reports that “the house was thrown open to the public until late at night, never closing before ten o’clock, so as to give everybody who wished an opportunity to see that great novelty of the time—the incandescent light—whose fame had meanwhile been spreading all over the globe.” It is a fitting legacy for the University Center, which upon opening in Fall 2013 will itself serve as a living teaching tool, with exposed energy and water management systems to provide working demonstrations of sustainable design.”

NEW YORK CITY-DHA Capital LLC and its co-development partner Continental Properties have purchased 12 E. 13th St. in Manhattan. The property was sold for $32 million, or more than $700 per square foot. ABS Partners represented the sellers.

Hertz Rental Car previously occupied the ground floor while the remainder of the building, which spans 45,032 square feet of space, was being used as a parking garage. The new owners plan to turn the structure into upscale condominiums and will likely create a mix of full-floor homes and duplexes, along with retail facilities, according to a release.

“This is a highly desirable location where we intend to create large, super-luxury homes which will appeal to discriminating buyers,” says Steven Fisch, managing partner at Continental Properties, in the release.

”These types of homes are in very strong demand but short supply, particularly downtown,” adds Dan Hollander, managing principal of DHA. The team has engaged Cetra/Ruddy architects to design the conversion, which will not enlarge the building but will add several stories by demolishing part of the rear portion.

Located on the southern side of East 13th Street, between University Place and Fifth Avenue, the property is close to Union Square. A similar building that was a parking garage at 66 East 11th Street was recently converted into a residential building offering luxury condos.

Odell Real Estate represented the buyer. Hertz had vacated the building as its lease expired this past fall. The move allowed the building to be sold vacant, eliminating the uncertainty of a holdover tenant for potential buyers.

Constructed in 1930 of brick, steel, and concrete, the building was most likely used as a horse stable in addition to a parking garage for cars, as evidenced by heating coils throughout the building, according to ABS director Adam Maxson in a separate release. The building also features two large car elevators.

Recent construction activity in the Greenwich Village area helped create a strong demand for the building from a wide range of buyers that included both small local investors and large international investment groups, Maxson says in the release. The New School is currently constructing a 375,000-square-foot building just across the street and is scheduled to open in the fall of 2013. Also, a high-end 113-room boutique hotel, the Jade Hotel, is being built on West 13th Street.

The seller was very happy with the purchase price, according to a press release issued by ABS. “The ABS team performed a stellar job navigating this complex transaction from start to finish,” says Darren Postel, one of the sellers, in the release. “ABS coordinated with a broad range of buyers to get this disposition executed. I could not be happier with the resulting sale at such an impressive number.”

This is the latest in a series of deals for DHA Capital. The firm is in pre-development of a 300-unit rental property on Manhattan’s West Side. At 53 Pitt St. in Manhattan’s Lower East Side, DHA created and is now marketing 14 rental lofts. In Brooklyn, DHA purchased a 200,000-square-foot development site at 88 Richardson St. The property, which was approved for 230 rental units, was sold by DHA in July of 2012. The firm also acquired and sold a stalled luxury co-op in Harlem for repositioning as a rental.

After serving 13th St. and the neighborhood for more than 30 years, BC Laundry has suddenly closed, so suddenly in fact that clothes are trapped inside. Good luck!

Double mask up + grab your popcorn: movie theaters can reopen as soon as Friday, March 5th. Officials announced that theaters are permitted to reopen at 25% capacity, with added safety measures including mask mandates and assigned seating.

The Union Square area is home to six movie theaters, three of which will be open on Friday, March 5th, including the two AMC Theaters at 19th and 11th Streets, and the Village East Quad. We will update this story as soon as we have reopening dates for the Regal Union Square on 13th, Cinema Village, and Quad Cinema so check back often!