Showing posts with label 3 St. Mark's Place. Show all posts
Showing posts with label 3 St. Mark's Place. Show all posts

Thursday, March 21, 2024

Peak-a-boooo: Partial reveal at 1 St. Mark's Place

The 9-story office building on the NE corner of Third Avenue and St. Mark's Place is showing off a hint of brick and glass. 

The new development at 1 St. Mark's Place has been shrouded in that tarp in recent months.

Perhaps we shall see the full thing soon — the rendering lists a July 2024 completion date, providing 50,000-plus square feet of office space and some 8,000 square feet for retail.

As a reminder of the final product... (via Morris Adjmi Architects)... 

Thursday, February 1, 2024

1 St. Mark's Place enters its blue phase

Whenever we post something about the 22-story building at 360 Bowery, people inevitably ask about the other new office project four blocks to the north. 

So here's a look at the 9-story office building on the NE corner of Third Avenue and St. Mark's Place (we've seen alternative addresses for 1 St. Mark's Place and 3 St. Mark's Place). 

Currently, the east-facing wall is covered in some sort of blue construction materials...
... the color reminded us a bit of a former heralded (and long-gutted) building at 19-23 St. Mark's Place...
Per its rendering, 1 St. Mark's Place has a July 2024 completion date. 

More back story here.

Wednesday, September 20, 2023

Reaching the top at 1 St. Mark's Place

Workers have apparently reached the top of the 9-story 1 St. Mark's Place at Third Avenue at this entry point into the East Village ... an American flag marks the completion and highpoint of the steel structure.
As previously noted (and noted), Real Estate Equities Corp. plans on 53,000 square feet of office space and some 7,700 square feet for retail here at 1 St. Mark's Place. 

Work has moved quickly since the steel frame made its first street-level appearance back in early July

The rendering shows a June 2024 completion date.

Wednesday, August 30, 2023

7 floors of steel for 1 St. Mark's Place

In the five weeks since our last post on 1 St. Mark's Place, the steel frame has reached what will be the seventh floor here on the NE corner at Third Avenue...
The 9-story building — 53,000 square feet of office space and some 8,000 square feet for retail — has a July 2024 completion date, per the plywood rendering...
The foundation work started here late last summer.

The developer, Real Estate Equities Corp. (REEC), picked up the 99-year leasehold for the corner lot for nearly $150 million in November 2017. The previous assemblage, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, was demolished in 2019.

Monday, July 24, 2023

RIP to the 'RIP ST MARKS' tag

The steel frame is going up on the NW corner of Third Avenue and St Mark's Place... where a 9-story building — 53,000 square feet of office space and some 8,000 square feet for retail — is slated for the all-new 1 St. Mark's Place

Soon to fade from view: the obituary on the west-facing wall of 5 St. Mark's Place that someone painted here in the summer of 2019 — RIP ST. MARK'S...
And while we're here, a progress check four blocks to the south... where 360 Bowery at Fourth Street recently topped off...
When the two buildings are complete, nearly 30 floors of office space will be added along the corridor. 

On this topic... New York magazine's current cover story explores how commercial landlords are scrambling to stave off a real-estate apocalypse as developers try to downsize their office space, from the Financial District to Hudson Yards.

Monday, July 10, 2023

The steel base of 1 St. Mark's Place makes first above-ground appearance

A handful of steel beams are now visible above street level on the 9-story office building in progress on the NE corner of Third Avenue and St. Mark's Place...
This has seemingly been a long time coming as foundation work started here late last summer.

Real Estate Equities Corp. plans on 53,000 square feet of office space and some 7,700 square feet for retail here at 1 St. Mark's Place.  

Wednesday, June 21, 2023

1 St. Mark's Place looking a little close to beaming up

Photos by Steven

Yesterday's post on 360 Bowery at Fourth Street reaching the 21st floor prompted questions about the new office building slated for four blocks to the north... on Third Avenue at St. Mark's Place. 

Well, still no sign of the 9-story structure above the plywood just yet. 

As these photos (through the plywood blogger portals) from yesterday show, the foundation work is still coming along, with a steel beam looking ready to ascend the street level...
Real Estate Equities Corp. plans on 53,000 square feet of office space and some 7,700 square feet for retail here at 1 St. Mark's Place. 

Workers started on the foundation for each project last summer.

Wednesday, June 7, 2023

A new era for pedestrians on the NE corner of 3rd Avenue and St. Mark's Place

Crews working on the 9-floor office building slated for the NE corner of Third Avenue and St. Mark's Place have reconfigured the pedestrian passageway on the north side of the thoroughfare.

Out! The barriers that were easily moved. In! A sidewalk bridge...
Thanks to @unitof for first alerting us to this yesterday...
A few years back, the pedestrian passageway on the north side of St. Mark's Place had been involved in an ongoing game of barrier accordion that saw the corridor shrink-expand anywhere from 18 inches to an inch. (Relive the memories here and here.)

One positive about the new sidewalk bridge — the presence of blogger portals on the plywood... where you can keep track of the progress of 1 St. Mark's Place ... still in the foundation stages...
Meanwhile, four blocks to the south, on the site of the former B-Bar & Grill, the new office building (360 Bowery) is up to the 19th of 21 floors (and they started AFTER 1 St. Mark's Place)...

Wednesday, May 3, 2023

Officials: Developer had permission to remove trees from new building site at 1 St. Mark's Place

Last Friday, we reported — via a reader tip — about workers cutting down a tree that had managed to survive the construction the past three-plus years for the office building going up on the NE corner of Third Avenue and St. Mark's Place (aka 1 St. Mark's Place). 

For starters, workers removed two trees from the north side of St. Mark's Place. 

However, the developers had permission to do so — thanks to two city agencies. 

A spokesperson from Councilmember Carlina Rivera's office, who looked into the situation, told us that the NYC Parks Central Forestry confirmed these removals were approved by the city. 

According to the spokesperson, the DOT and MTA would not allow the placement of a crane on Third Avenue during construction. So the developers need to use the St. Mark's Place side for the staging and placement of the crane. Unfortunately, the two trees were in the way. 

"The applicant [developer] will be planting four trees on-site, and they also paid Parks to plant three offsite trees," per the spokesperson.

The developer, Real Estate Equities Corp. (REEC), picked up the 99-year leasehold for the corner lot for nearly $150 million in November 2017. The previous assemblage, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, was demolished in 2019.

Friday, April 28, 2023

On St. Mark's Place, office building 1, tree 0

EVG reader Bruce Tantum shared the above photo from Wednesday morning ... when workers cut down a tree that had managed to survive the intermittent construction the past three-plus years at the office building going up on the NE corner of Third Avenue and St. Mark's Place.

Not sure exactly what kind of tree this was (the NYC tree map listed this as a Callery pear), but it looked plenty healthy to us, as seen last year ... it just had the misfortune of being behind the construction plywood...
... the rendering for the building even shows a similar-looking tree on St. Mark's Place...

Monday, March 13, 2023

Corner development battle: 360 Bowery takes commanding lead over 1 St. Mark's Place

Office buildings with ground-floor retail spaces are in the works for corner spaces near each other: 360 Bowery at Fourth Street and 1 St. Mark's Place at Third Avenue. 

Foundation work started in earnest on each lot last summer... though No. 360 (a pit start last June) is much further along. As the top photo shows, workers are up to the sixth floor of what will be a 21-story building with a generic 2024 completion date. 

At 1 St. Mark's Place, a 9-floor office building is still in the pit stage...
The work down here began again late last summer, and there has been little noticeable progress above ground ... and this is after crews and equipment were on the scene in the summer of 2020...
The building is slated for a (now unlikely) summer 2024 completion. Our previous post has more details about what has transpired here to date. 

Wednesday, January 4, 2023

4 East Village development sites to watch in 2023

As we start 2023, here's a look at four East Village developments that we've been keeping tabs on...

• 1 St Mark's Place 

A 10-story office building with ground floor retail is in the foundation stages at 1 St. Mark's Place and Third Avenue (see above). Find more background here.
• 360 Bowery 

Foundation work continues on the 21-floor office building coming to 360 Bowery at Fourth Street — the corner space that once housed the B-Bar & Grill. Find more background here.
• 42-46 Second Ave. 

An 11-floor mixed-use building is planned for this former three-building parcel on Second Avenue between Second Street and Third Street. Work hasn't commenced on the lot just yet. Find more background here.
• 280 E. Houston St. 

An 11-floor residential building with ground floor retails is now slated for 280 E. Houston St. between Avenue A and Avenue B. Workers have been spotted on the property in recent weeks. Find more background here.

Friday, December 23, 2022

Noted

Someone shared thoughts on the rendering for the in-progress 10-story office building at 1 St. Mark's Place and Third Avenue...

Tuesday, October 11, 2022

A familiar new rendering for 3 St. Mark's Place

Yesterday, workers placed an updated rendering on the plywood at the NE corner of St. Mark's Place and Third Avenue. (Thanks @unitof for capturing the moment!)

After a 10-month hiatus, foundation work restarted in the late summer ... when the developer, Real Estate Equities Corp. (REEC), received a $70-million loan for the project. 

REEC plans on 53,000 square feet of office space and some 7,700 square feet for retail. The new rendering shows that version ... though the final look isn't too different from what was revealed several years ago...
As previously reported, a 10-story office building had been in the works here. In October 2020, the City Council's Zoning Subcommittee voted down REEC's application to transfer air rights from the landmarked 4 St. Marks Place to the new building across the street.

With the air-rights transfer, REEC would have been allowed to build 8,386 square feet larger than the current zoning allows.

The building, officially 1 St. Mark's Place, is slated for a July 2024 completion. 

Our previous post has more details about what has transpired here to date. 

Thursday, September 1, 2022

The pits: Workers digging in for the future office building at 1 St. Mark's Place

If you've walked by the NE corner of Third Avenue and St. Mark's Place recently, then you've likely noticed that construction has restarted on the future 9-story office building (with retail!) for the lot. 

Workers are digging into the pit ... there's an excavator and Davey drill on site now.

Work had been stopped for nearly 10 months until the developer, Real Estate Equities Corp. (REEC), received a $70-million loan to kickstart the project. REEC plans on 53,000 square feet of office space and some 7,700 square feet for retail.

The building, officially 1 St. Mark's Place, is slated for a summer 2024 completion. Our previous post has more details about what has transpired here to date. 
REEC picked up the 99-year leasehold for the corner properties for nearly $150 million in November 2017. The previous assemblage, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, was demolished in 2019.

Thanks to Steven for the top photo!

Saturday, July 9, 2022

On St. Mark's Place and 3rd Avenue, let the barrier games begin (again)!

As a follow-up to yesterday's post... workers have (apparently) finished up the plywooding and barricading on the NW corner of Third Avenue and St. Mark's Place. 

Once again this busy thoroughfare has been narrowed down to (eventually) make way for the construction of the 9-story office building slated for the corner lot...
This marks the return of the barriers after a 10-month reprieve. Last October, workers removed them from around the work site... allowing pedestrians to use the sidewalks again — for the first time since the barricades arrived in June 2020. And, to be honest, not much work actually took place in the pit that whole time. (There was some legal drama per published reports that the developer defaulted on a $48 million mortgage.)

The pedestrian passageway on the north side of St. Mark's Place at Third Avenue had been involved in an ongoing game of barrier accordion that saw the corridor shrink-expand anywhere from 18 inches to an inch. (Relive the memories here and here.)

We'll have a few years of this, as construction is (optimistically) expected to wrap up in the summer of 2024. 

Friday, July 8, 2022

Unarrested development: activity at the long-stalled corner of St. Mark's Place and 3rd Avenue

Top photo by @unitof

Yesterday saw the first sign of activity on the NE corner of St. Mark's Place and Third Avenue in nearly 10 months (aside from the daily additions of wheatpaste ads). 

Workers started erecting a new plywood fence and adding sidewalk barriers ...
The plywood signals a coming-soon restart of the foundation work on the (gulp) 9-story, 61,000-square-foot office building, officially 1 St. Mark's Place.

As reported last month, developer Real Estate Equities Corp. (REEC) received a $70-million loan to kickstart the project.

Last October, workers removed the barriers around the work site... allowing pedestrians to use the sidewalks again — for the first time since the barricades arrived in June 2020. (This after some legal drama involving allegations that REEC defaulted on a $48 million mortgage, per published reports.)

As you may recall, a 10-story office building had been in the works here. In October 2020, the City Council's Zoning Subcommittee voted down REEC's application to transfer air rights from the landmarked 4 St. Marks Place to the new building across the street.

With the air-rights transfer, REEC would have been allowed to build 8,386 square feet larger than the current zoning allows.

REEC picked up the 99-year leasehold for the corner properties for nearly $150 million in November 2017. The previous assemblage, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, was demolished in 2019. 
The project includes nearly 7,700 square feet of retail space and is slated for a summer 2024 completion.

Monday, June 13, 2022

Report: Office building for 3rd Avenue and St. Mark's Place moving forward after developer secures $70-million loan

The 9-floor office building for the northeast corner of Third Avenue and St. Mark's Place has new life after the developer received a $70-million loan.

As The Real Deal first reported, Parkview Financial is providing the loan for the refinancing and construction to developer Real Estate Equities Corp. (REEC) for the 61,000-square-foot building at 1 St. Marks Place. 

Per TRD, REEC plans on 53,000 square feet of office space and some 7,700 square feet for retail.

Parkview CEO Paul Rahimian said in a statement that 1 St. Mark's Place could be in "high demand from the growing number of tech companies in the area."

Here's more from TRD on the project, slated for a summer 2024 completion, and the office-market outlook:
As of 2019, REEC was shooting for top-dollar rents at the boutique office building, planning to ask for around $150 per square foot. It's not clear what the developer will be seeking when the project finally comes to fruition. The office market has been decimated in the wake of the pandemic. A recent analysis predicted that by 2029, the city's office stock will drop in value by 28 percent, or roughly $49 billion, due to lease revenue falling and remote work rising further.
Last August, TRD reported that Madison Realty Capital was moving to foreclose on REEC's leasehold interest:
Madison has owned the $48 million loan package backed by REEC's East Village property since 2019. The real-estate private equity firm acquired the debt from South Korean financial services firm Hana Financial group, which provided REEC $79.1 million of debt and sold the $48 million portion to Madison Realty Capital.
Madison filed a complaint with the state Supreme Court in Manhattan, alleging that REEC defaulted on the $48 million mortgage, which combines an acquisition loan and construction loans.

In any event, expect work to ramp up again after months of inactivity. Last October, workers removed the barriers around the work site... allowing pedestrians to use the sidewalks again — for the first time since the barricades arrived in June 2020. 

A smaller building, and stacks of wheatpaste ads 

As you may recall, a 10-story office building had been in the works here. In October 2020, the City Council's Zoning Subcommittee voted down REEC's application to transfer air rights from the landmarked 4 St. Marks Place to the new building across the street.

With the air-rights transfer, REEC would have been allowed to build 8,386 square feet larger than the current zoning allows.

REEC picked up the 99-year leasehold for the corner properties for nearly $150 million in November 2017. The previous assemblage, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, was demolished in 2019.

For the past year-plus, this gateway to the East Village — with the "RIP St. Marks" greeting on the west-facing wall at No. 5 — has served as prime wheatpaste ad space...
... and beware of falling wheatpaste ads! (photo by Steven)...