St. Mark’s Place branching out with 3 new trees

Photos by Jacob Ford 

Workers today are planting three new trees on St. Mark's Place at Third Avenue, adjacent to the new 9-story office building...

Several trees were cut down here during construction (we covered this here). 

Workers also removed a tree from outside 5 St. Mark's Place. No sign of a replacement here just yet...

On St. Mark's Place, sidewalk emerges after lengthy construction stint

Photo by Jacob Ford 

On the NE corner of St. Mark's Place and Third Avenue, workers have pushed the barricades closer to the new 9-story building ... allowing use of the sidewalk again for the first time in five-plus years. 

Pre-leasing is underway for the boutique office building, which includes 7,700 square feet of retail space.

The return of the sidewalk might mean the end of this from the sidewalk bridge and construction zone era.

Pre-leasing for office space at 1 St. Mark's Place is underway

After a turbulent few years involving zoning battles, potential foreclosure, and a personal tragedy, the nine-story office building at St. Mark's Place and Third Avenue is finally ready to welcome prospective tenants at this gateway to the East Village.

As The Real Deal first reported, pre-leasing is underway here at 1 St. Mark's Place. 

Jones Lang LaSalle, which has the exclusive listings, notes:

Office tenants will have access to state-of-the-art amenity package, inclusive of a fitness center with locker rooms, meeting spaces, and a bike room. In addition, the offices are outfitted with high-end, residential style kitchens and bathrooms. 

The asking rents are $135 to $190 per square foot per TRD. 

The 1 Saint Marks Place website has more renderings and amenities (a few screengrabs follow). "Where Work Is Your Club" is one of several taglines for the development...

We've been documenting this story from day 1.

In November 2017, the commercial and residential real estate firm Real Estate Equities Corporation (REEC) picked up the 99-year leasehold for the assemblage on the NW corner of St. Mark's Place and Third Avenue for nearly $150 million. 

The Gabay family had owned the buildings for generations. (Other suitors also sought the property.) The previous buildings, which included retail tenants such as Korilla BBQ, the Continental, and McDonald's, were demolished in the summer of 2019.

The size of the building caused a lot of drama (flashback), and work was stopped for 10 months in 2021 when Madison Capital Realty tried foreclosing on the property.

Foundation work finally started in late August 2022 — after crews and equipment were assembled here in the summer of 2020. 

The developer, REEC's Brandon Miller, was found in his Hamptons home last July. Miller, who took his own life, was reported to be $34 million in debt. This new project was reportedly built on spec.

Now, the only question is who will call this address their business home.

1 St. Mark's Place gets lit

Photos by Jacob Ford

A milestone of sorts at 1 St. Mark's Place — interior illumination!

Even this feels like a long time coming.

The previous buildings here, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, were demolished in the summer of 2019 to make way for an office building. 

There was a lot of drama surrounding the size of the building (flashback), and work was stopped for 10 months as Madison Capital Realty tried foreclosing on the property in 2021. Foundation work finally started in late August 2022 — this after crews and equipment were assembled here in the summer of 2020. 

Still, a ways to go, though, on the 9-story office building on the NW corner at Third Avenue.

The developer, Brandon Miller, was found dead in his Hamptons home in July. Miller, who took his own life, was reported to be $34 million in debt.

Death of developer sheds light on status of new office building on St. Mark's Place and 3rd Avenue; 'The project is entirely on spec'

The story of NYC developer Brandon Miller, who died after being found unconscious in the garage of his $8 million Water Mill home, has become tabloid fodder in recent weeks. (A cause of not has not ben made public.)

Brandon Miller loved the high life. A Park Avenue home. An influencer wife. Vacations in Paris. A real estate inheritance. Then he was found dead.https://t.co/P8k5Hqokag

— The Daily Beast (@thedailybeast) July 13, 2024

Many of the stories focused on the lavish lifestyle that the 43-year-old Miller led with his wife, Candice Miller, a blogger and Instagram influencer, and two children who shuttled between their $50,000-per-month Upper East Side rental apartment and a Hamptons home in Water Mill with a collection of classic cars. 

There is a local real-estate angle in the story. According to The Real Deal, Miller inherited the commercial and residential real estate firm Real Estate Equities Corporation (REEC) from his father, shopping mall tycoon Michael Miller, who died in 2016. (The younger Miller joined the firm in 2004)

Per TRD: "It came out after the elder Miller’s death that he had allegedly told his assistant to forge Brandon's signature on loan documents related to a condo project, according to court records." 

The many REEC investments under Brandon Miller's watch weren't paying off either. He was reportedly $17 million in debt to friends and facing several lawsuits when he died, according to published reports. 

In November 2017, REEC picked up the 99-year leasehold for the assemblage on the NW corner of St. Mark's Place and Third Avenue for nearly $150 million. The Gabay family had owned the buildings for generations. (There were other suitors for the property.)

The previous buildings here, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, were demolished in the summer of 2019 to make way for an office building. 

There was a lot of drama surrounding the size of the building (flashback), and work was stopped for 10 months as Madison Capital Realty tried foreclosing on the property in 2021. Foundation work finally started in late August 2022 — this after crews and equipment were assembled here in the summer of 2020. 

From the story last Thursday at TRD about 1-3 St. Mark's Place:

...but progress was slow. Before foundations were even dug, Madison Capital Realty tried foreclosing on the property in 2021. Parkview Financial rescued the project with a $70 million refinance the following year. 

Only the third and final tier of the nine-story building is still under construction. But as the building nears completion, 24 percent of Manhattan offices remain vacant, according to a Cushman & Wakefield report, and for the first time since 2021, no new construction or full renovations of offices were completed last quarter. 

REEC recently fell behind on loan payments at the project, Parkview Financial CEO Paul Rahimian told TRD, and there are not yet tenants for the building's retail or office space. "The project is entirely on spec," Rahimian said.

Elsewhere on the Lower East Side, REEC took over the leasehold at 156-166 Bowery, a 15,000-square-foot assemblage just south of Delancey, in a deal valued at $50 million. 

Per TRD: 

In 2022, the firm filed plans for a 73,000-square-foot mixed-use commercial building and landed a $60.5 million loan from Raven Capital Management, according to property records. 

But progress at that property appears to have stalled.

Said Parkview's Rahimian: "We think there will be demand for new offices in such a popular neighborhood, and we were surprised like everyone else to learn about what had happened [with Miller]."

Saturday's opening shot

Someone tagged a window at the new office building going up at 1-3 St Mark's Place at Third Avenue. Somone also called 911 to report it last night, per the Citizen app.

PARTIAL brick reveal at 1 St. Mark's Place

Yesterday marked a partial reveal day on the NW corner of Third Avenue and St. Mark's Place... where workers peeled off away some of the all-weather wrap on the 9-story office building...

Noted EVG reader Jacob Ford, who shared these pics: "It was a surprise (to me at least) the brick is slate instead of red."

True! The rendering shows a different color for the building with 50,000-plus square feet of office space and some 8,000 square feet for retail.

The rendering lists a July 2024 completion date.

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)... 

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.

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.

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.

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.

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.  

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.

Previously

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)...

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.

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...

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.