Our New Neighbor

Next week (July 2 to July 6), Mechanical equipment and work will continue at the 17th and 18th floor levels. Deliveries for the internal systems of the building have been ongoing and will continue, although they should not greatly affect the flow of pedestrian and road traffic. The site will be closed on Wednesday, July 4th, for the holiday.

The following week (July 9 to July 13), we will be working on the machine room levels on the 17th and 18th floors. Deliveries for the internal systems of the building have been ongoing and will continue, although they should not greatly affect the flow of pedestrian and road traffic. The crane is scheduled for demobilization on Saturday the 7th.

This weekend the site will be open on Saturday, June 30th for superstructure related activities between the work hours of 7AM and 5PM as permitted by the City. To control noise levels within the site, work activities will be limited to working on the mechanical systems of the building and using the crane and equipment to support activities. Safety horns are used, and required by law, to coordinate lifting with the crane and to alert the workers of the danger overhead. We have directed the operators to limit the use of horns to one short sounding and to use the crane later in the day so as to avoid any excess noise.

Sort of a surprise that the neighborhood is getting a new bodega at the corner of 13th and University, replacing Basics Hardware.

From Curbed: Now that the demolition of the Greenwich Village building that once held Bowlmor Lanes (RIP) is complete, it paves the way for the 23-story tower that’s due to rise on the site. And now, Curbed has the first details on that development: The building, designed by Annabelle Selldorf, will be called 21E12, and a teaser site launches today. As for pricing, considering that these are Selldorf condos in a desirable neighborhood, they’re about as expensive as you might expect: one-bedrooms will start at $2.35 million; two-bedrooms will start at $3.95 million; three-bedrooms will go from $5.45 million; four-bedrooms, from $8.25 million; and a selection of townhouses and penthouses will range from $10.5 million to more than $15 million.

We’ll miss Cafe Deville on the corner of 13th and 3rd. Replacing it is Penny Farthing, a gastropub type place that is off to a fast start.

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.