Latest New School Construction Update

Dynamic!

Next week (January 14 to January 18), material and equipment deliveries and installation work will continue on all floors inside the building as well as roof work. Additionally we will begin work on the new sidewalks around the building.

The following week (January 21 to January 25), Material and equipment deliveries and installation work will continue on all floors and roofs as well as sidewalk work. We will begin dismantling the sidewalk shed on 14th street at the end of the month.

This weekend the site will be open on Saturday, January 12th for interior and superstructure related activities between the work hours of 7AM and 5PM as permitted by the City.

Ikea opens in Red Hook on June 18 and promoted that fact with pop-up apartment in Union Square. How do you feel about promotions such as this that sometimes take over the south end of the park. Do these advertisers pay for the privilege? And if so, who gets the money?

From The Real Deal:

Extell Development is in talks to buy a Greenwich Village commercial property with substantial development rights from the Duell family, the latest of several deals between the two. Gary Barnett’s firm is looking to acquire 530 Sixth Avenue on the corner of West 14th Street in Greenwich Village, Crain’s reported, citing a source familiar with the deal. The site is currently home to a 17,000-square-foot commercial building housing a Moscot Eyewear store, but public records show it has nearly 127,000 square feet of residential air rights.

Extell and the Duells have struck a number of deals in the past two months. In December, Barnett’s company bought two apartment buildings at 116 Seventh Avenue and 204 West 17th Street in Chelsea from the Duells, paying $11 million. He also bought 502 Third Avenue, a rental and retail building in Murray Hill, from the family for $11 million around the same time. Barnett also seems to be the buyer in the $20 million purchase of a rental building at 27 Washington Square North in the Greenwich Village last month, according to Crain’s. At the time of the purchase, the buyer wasn’t known. [Crain’s] – Ariel Stulberg

Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City at 4th Ave and 13th Street for total consideration of $104.1 million, or approximately $595,000 per key. The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012.

Next week (May 20 to May 24), material and equipment deliveries and installation work will continue on all floors inside the building. We will be working on the new sidewalks around the building and installing new curbs and will be removing the sidewalk shed along 13th st. Additionally we will be working on the roofs of the building.

The following week (May 27 to May 31), material and equipment deliveries and installation work will continue on all floors as well as sidewalk work.

This weekend the site will be open on Saturday, May 18th for interior, roof, and sidewalk activities between the work hours of 7AM and 5PM as permitted by the City.