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- - NEW YORK l 1 + 3 Gotham Center (The JACX) l 427 + 427 FT l 26 + 26 F (https://skyscraperpage.com/forum/showthread.php?t=221334)

NEW YORK l 1 + 3 Gotham Center (The JACX) l 427 + 427 FT l 26 + 26 F

Tishman Speyer real estate company ( "Tishman") will develop two blocks from Queen Square same Class A office building in Long Island City, New York

Gotham Center Building 1

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will be a 29-story building, approximately 583,000 rentable square feet of Class A office space, 20,000 square feet of leasable retail space and an approximately 200 parking spaces in the car; Well-known high-end department stores Bloomingdale's signing lease Gotham Center, Building 1, 40% of the office space.in 2015 in December and has an important long-term tenant signed a 200,000-square-foot lease agreement. There are still a 232,430-square-foot lease area and is a hundred years to negotiate the final details.

Gotham Center Building 3

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will be a 30-storey building, approximately 515,000 rentable square feet of Class A office space, 11,000 square feet of leasable retail space and an approximately 188 parking spaces in the car. On October 1, 2015 and Wework signed a 258,000 square feet of long-term lease agreements.

http://www.5yimin.com/Uploads/ShowIm...2732813977.jpg

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NOTE: Tishman Speyer near the location of the project has completed the development of the other 2 Gotham Center building, and the New York City Health Bureau was signed in 2008 a 20-year lease in 2010, the building has been delivered. Also in the building directly across from two of the project it has also been sold to H & R Rait company. At the same time in the same place is also being developed Sam Tung luxury apartment building contains a total of 1900 residential units, three apartment which began construction in June 2015, will be completed in mid-2018.

http://www.5yimin.com/Uploads/Articl...1102112832.png

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Extra Info:

Tishman Speyer plans massive LIC office project, looks to raise EB-5 money

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Tishman Speyer is soliciting funds for a major 1 million-square-foot office project in Long Island City, according to marketing materials provided to prospective Chinese investors.

The developer has already inked a 258,000-square-foot lease deal with co-working giant WeWork to anchor one of the new buildings, a 30-story tower slated to go up on the corner of Jackson Avenue and Queens Plaza South, according to the materials.

The site is adjacent to Two Gotham Center, a 22-story office building developed by Tishman in 2011 and sold to Canadian investor H&R REIT for $415.5 million that same year.

The new buildings, which will be known as 1 and 3 Gotham Center, would be directly across the street from where Tishman Speyer and H&R are building a three-building, 1,900-unit luxury residential complex.

A spokesperson for the developer declined to comment. A spokesperson for WeWork was not immediately available.

The firm wants to raise a total $145 million in EB-5 financing for the office project, which is slated to cost $700 million, according to the documents, first spotted by Wall Street Journal reporter Eliot Brown on the website of a Chinese immigration consultant.

The first tower, on 42nd Street Road and Jackson, will rise 29 stories with roughly 583,000 square feet of Class A office space and 20,000 square feet of retail space. Tishman Speyer has already secured a 200,000-square-foot anchor tenant, the marketing materials state. The WeWork-anchored building will comprise 515,000 square feet of office space and 11,000 square feet of leasable retail space.

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Seems like we've waited forever for these towers to get underway. This area of LIC is developing at a rapid pace, moreso than Downtown Brooklyn probably.

http://therealdeal.com/2016/07/11/ti...gadevelopment/

Tishman Speyer to start construction of LIC office megadevelopment
Bank of the Ozarks, Qatari firm to fund 1.1M sf project

http://therealdeal.com/wp-content/up...1.34.54-AM.jpg

July 11, 2016
By Konrad Putzier

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Tishman Speyer is set to start construction of its 1.1 million-square-foot Long Island City office-and-retail development after landing an equity investment from Qatari Diar and a loan from Bank of the Ozarks.

The $700 million project at 28-10 Queens Plaza South will include two 27-story buildings with WeWork signed as a 250,000-square-foot anchor tenant. The two Raul de Armas-designed buildings will be connected by a four-story building featuring retail space and a food hall. About 800,000 square feet in the development have been pre-leased, the firm said.

Tishman Speyer did not disclose the amount of the construction loan, which was brokered by HFF. In February, The Real Deal reported that Tishman Speyer is seeking $145 million in EB-5 funding for the project. The firm also reportedly applied for $65 million in tax benefits for the project. Tishman Speyer filed plans for the project in June, with completion estimated for 2019.

Qatari Diar, Tishman Speyer’s partner on the project, is an investment firm established by Qatar’s sovereign wealth fund, the Qatar Investment Authority.

The office towers will rise across the street from Tishman Speyer’s 1,800-unit, three-tower rental complex at 28-34 Jackson Avenue, 28-10 Jackson Avenue and 30-02 Queens Boulevard. The firm landed a $640 million construction loan from Bank of America Merrill Lynch for that project in December.

Earlier plans...

http://mdeas.com/project/gotham-center/

http://mdeas.com/wp-content/uploads/...Gotham_002.jpg

The site...

http://mdeas.com/wp-content/uploads/...tham_Bldg6.jpg

The plan...

http://www.prnewswire.com/news-relea...300296431.html

https://photos.prnewswire.com/prnvar...88211?max=1600

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Tishman Speyer is now the largest developer of both commercial and residential space in Long Island City, with more than 1,900 units of housing currently under construction across the street from the office site on Jackson Avenue. Tishman Speyer is responsible for 3.5 million square feet of Long Island City development since purchasing the options to develop both sites in 2003.

"Thanks to the City of New York's investment in the area's infrastructure, enlightened policy decisions and the active support of the New York City Economic Development Corporation, the local community and its elected officials, Long Island City has become a model for 21st Century urban development," Rob Speyer said. "Tishman Speyer is proud to continue our role in unlocking the area's full potential as one of the most dynamic, live-work-play neighborhoods, not just in Queens but in all of New York City."

Deputy Mayor for Housing and Economic Development Alicia Glen said, "This project will be a major job generator for Long Island City. We are focused on growing good jobs across the outer boroughs and meeting the demand for new office space. What rises at this site will not only spur our economy, but make Queens Plaza a more dynamic place to live and work."

The new commercial project, which includes two 27-story towers designed by Raul De Armas of MdeAS Architects, will commence in early 2017 with completion anticipated in 2019. The towers will be connected by a four-story podium featuring a dynamic mix of retail, complemented by a food hall, restaurant, and parking garage, providing valuable amenities to local workers and residents in the vibrant mixed use neighborhood.

Financing, which was arranged by HFF, is being provided by The Bank of the Ozarks.

Qatari Diar's Chief Development Officer, Europe & Americas, Sheikh Jassim Bin Hamad Al Thani added, "We are delighted to be working alongside our partner, Tishman Speyer on the acquisition of this site in Long Island City and this agreement marks a significant milestone. With exclusive retail elements and contemporary office space this new venture will set the standard for mixed-use developments."

I like those. The quality of the architecture in the Queens Plaza area is stepping up.

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...live-work-play neighborhood...

I can see live and work but I don't think there is any play in LIC.

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and parking garage...

Please tell me they're not heading down the parking garage path so many cities are wrongly going down. There's a lot of subway access in the area.

I guess it depends on how you define "play." In the summer you have the Warm Up parties at PS1, and of course LIC has one of the best craft brewery scenes in the city. Plus there are a lot of outdoor/athletic amenities near Gantry Plaza State Park such as soccer fields, sand volleyball, running, etc.

I would say its still a changing neighborhood, with so many new developments going and up soon to be going up. Whatever it lacks will follow.

http://therealdeal.com/2016/07/12/bl...s-lic-project/

Bloomingdale’s takes 550K sf at Tishman Speyer’s LIC project
Developer recently secured funding for 28-10 Queens Plaza South

July 12, 2016

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Bloomingdale’s agreed to sign a 550,000-square-foot office lease to anchor Tishman Speyer’s new Long Island City development, according to a report.

The retailer will join co-working company WeWork, which leased 250,000 square feet at 28-10 Queens Plaza South.

Tishman Speyer on Monday announced it would start construction of the 1.1 million-square-foot development, which will feature two 27-story office buildings connected by a four-story structure that will include retail space and a food hall. Investment firm Qatari Diar, an offshoot of Qatar’s sovereign wealth fund, is an equity partner on the project and Bank of the Ozarks provided the construction loan.

Last summer, Tishman Speyer reached a deal with Bloomingdale’s parent company, Macy’s, to buy the office floors above its Downtown Brooklyn department store at 422 Fulton Street, as well as a parking garage, for $170 million.

http://www.wsj.com/articles/in-queen...and-1474248811

In Queens, Residential Development Is Fueling Commercial Demand

By KEIKO MORRIS
Sept. 18, 2016

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Developer Tishman Speyer was prepared to build its mammoth office-retail complex in Long Island City on spec.

But to the surprise of chief executive Rob Speyer, it didn’t need to.

“We pre-leased more than 800,000 square feet, which was extraordinary, and we weren’t expecting that,” he said.

In the past several years, real estate players have taken hold of Long Island City’s older factories and warehouses and turned them into offices and light-industrial space. But the pre-leasing of more than half of Tishman’s $700 million project—an entirely new complex of buildings—suggests an important advance in the Queens neighborhood’s commercial evolution.

Demand for high-quality offices and retail spaces in Long Island City is being fueled in part by the 11,000 condominiums and rental apartments that have been built there over the past decade. Another 22,000 apartments are either planned or being built.

“We are in the infant stages of commercial development in Long Island City,” said Evan Daniel, executive vice president the Commercial and Investment Property Group for ModernSpaces LLC. “You have to have the people first to have the commercial and retail survive.”

Tishman, which is also putting up three apartment towers in the neighborhood, announced this summer it was building the 1.1-million-square-foot office and retail project. It has investment from partner Qatari Diar Real Estate Co., the real estate arm of Qatar’s sovereign-wealth fund.

Plans call for two 27-story office towers with a 1.5-acre park atop a four-story retail building at Queens Plaza South and Jackson Avenue. The retail building will be 43,000 square feet and include a food hall, a fitness center and restaurants. Construction is set to begin next year and the finish date is 2019.

Shared-office space giant WeWork Cos. will set up a 250,000-square-foot location, and Macy’s Inc. plans to take about 550,000 square feet. Macy’s said it didn’t have specific plans yet as to which business units would occupy the space in 2020. A spokeswoman noted the retailer already has a presence in Long Island City—a studio where Macy’s photographs its merchandise is in a nearby redeveloped building called The Factory.

In the past few years, other fashion industry companies have been moving some operations to Long Island City. They often are leaving more expensive Manhattan rents and taking advantage of city tax credits for relocating to targeted areas.

New York City also has played a role in Long Island City’s maturation. In 2003, Tishman was able to purchase the options from the city and a private seller to develop the Long Island City sites. On part of the sites, Tishman already has developed and sold a 700,000-square-foot office building that is adjacent to its new commercial complex.

The city’s Economic Development Corporation also is trying to boost the area’s office and light-production space with a request for proposals to develop two waterfront properties.

Tishman’s trio of apartment towers under construction are across from the commercial complex. Developed with H&R Real Estate Investment Trust, the buildings will have 1,900 apartments and a 2.5-acre private park.

“It wouldn’t surprise me if the people who work in our office development live in our residential development,” Mr. Speyer said.

Indicators suggest a healthy demand for office space in the area. Long Island City’s office inventory stands at about 13 million square feet, according to real estate services firm Cushman & Wakefield. In the second quarter of 2016, the overall vacancy rate fell to 7.7%, a drop from 9.3% for the same period last year. The vacancy rate for class A (or high-quality) office space was 6.4%.

Overall asking rent rose to $38.04 a square foot, compared with $35 a square foot a year ago, according to Cushman.

In the second quarter of 2016 for Manhattan, the average asking rent was $72.99 a square foot; average asking rent for class A office space were $78.50. The borough-wide vacancy rate was 8.8%.

“The Tishman project is the cornerstone of this next phase of Long Island City in the sense that you are finally getting large scale new office creation for a market that is desperate for it,” said Elizabeth Lusskin, president of the Long Island City Partnership, a local development organization.

In another Long Island City project, the Vorea Group LLC secured a long-term ground lease for a site at 23-20 Jackson Ave. and is in contract to purchase 12-01 44th Ave., where commercial uses likely will be the focus, according to the company. Vorea is traditionally a multifamily developer focused in Long Island City and the Brooklyn neighborhoods of Williamsburg and Greenpoint.

For the Jackson Avenue site, Vorea is considering the inclusion of about 30,000 square feet of retail space with offices above it in a building that overall would have 50,000 to 65,000 square feet, said Peter Papamichael, a Vorea principal.

The 44th Avenue development, which allows for a building of about 30,000 square feet, has drawn interest from a range of tenants, including a beer garden, a gym operator and schools.

https://si.wsj.net/public/resources/...0916200336.jpg

https://si.wsj.net/public/resources/...0916200216.jpg

great update... I like this complex!

Looks like this is u/c. :cheers:

Adding yet another u/c project to LIC. Once that potential year long study for Sunnyside Yards is finished, I hope that can start once design proposals and all of that rubbish with the eventual community resistance subsides, that we may see Sunnyside start to see progress in 2020. Now, the potential shitstorm is the community, but as we've seen with Pacific Park (Atlantic Yards), they eventually go away. Good thing with Sunnyside is no eminent domain. Should legally be a much easier battle.

https://ds1.cityrealty.com/img/0d5a9...ham-center.jpg

https://ds3.cityrealty.com/img/5d49a...001+1024++0+60

https://ds4.cityrealty.com/img/7b667...8b8+1024++0+60

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Finally, a large-scale office development is coming to neighborhoods outside of Manhattan’s two packed business cores. Long-planned commercial centers are beginning to coalesce in Downtown Brooklyn, the Meatpacking District and Long Island City, with even more commercial stirrings in Flushing, Jamaica and Williamsburg. Together, the multi-nodal metropolis-to-be will yield a more resilient Gotham, cementing the city as the pre-eminent business powerhouse accessible and affordable to a wide range of tenants.

One of the largest office projects underway outside of Manhattan is One and Three Gotham Center in Long Island City. The Tishman-Speyer Properties/Qatari Diar Real Estate-developed ensemble will accommodate 1.1 million square feet of office space in two 27-story office towers. Slated to rise directly east of Two Gotham Center (2011), the $700 million project will anchor most of its block fronted by Jackson Avenue, Queens Plaza South and 42nd Road. Together, the towers will be the Long Island City’s largest ground-up office development since One Court Square (Citigroup Building) was finished in 1988. The ambitious venture has already netted a 550,000-square-foot lease from Macy’s and a 250,000-square-foot lease-signing by shared-office space giant WeWork Cos.

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https://www.cityrealty.com/nyc/marke...m-center/10066

This should be renamed to: NEW YORK l 1 + 3 Gotham Center (28-07 + 28-10 Jackson Ave) l 427 + 427 FT l 26 + 26 FLOORS

To correspond with the DOB data.

https://ds4.cityrealty.com/img/7b667...8b8+1024++0+60