View from One Lincoln Square #9C (Sotheby's International)
New York’s coronavirus numbers have dropped to new lows for hospitalizations and intubations, and everyone wants it to stay that way. Some fear that the upcoming start of the school year will lead to a spike in cases; to that end, the city has introduced a new outdoor learning plan that would allow schools to set up outdoor classrooms in schoolyards, streets closed to cars, and nearby parks. Department of Education Commissioner Richard Caranza is on board with the idea, and a petition by parents calling for exactly that has garnered over 44,000 signatures.
Governor Cuomo provided an update on another aspect of school life: Low-contact sports (think cross-country, tennis, and soccer) may begin practices and games on September 21, while higher-risk sports (football, wrestling, and ice hockey) are barred from competing until at least October 19.
Outside of school, Mayor de Blasio has pushed back the opening of New York City’s gyms to September 2 at the earliest, but put the kibosh on reopening indoor fitness centers and indoor pools. The City notes that the guidelines are unclear as to where dance and yoga studios fall on the reopening timeline - are they cultural/educational institutions, or gyms?
That remains to be determined, but back-to-school isn’t the only traditional fall event on the docket. Fashion Week will take place on September 13-17 in a mix of virtual shows and live events with no spectators. Later, the Macy’s Thanksgiving Day Parade is scheduled to take place with new safety protocols in place.
Governor Cuomo provided an update on another aspect of school life: Low-contact sports (think cross-country, tennis, and soccer) may begin practices and games on September 21, while higher-risk sports (football, wrestling, and ice hockey) are barred from competing until at least October 19.
Outside of school, Mayor de Blasio has pushed back the opening of New York City’s gyms to September 2 at the earliest, but put the kibosh on reopening indoor fitness centers and indoor pools. The City notes that the guidelines are unclear as to where dance and yoga studios fall on the reopening timeline - are they cultural/educational institutions, or gyms?
That remains to be determined, but back-to-school isn’t the only traditional fall event on the docket. Fashion Week will take place on September 13-17 in a mix of virtual shows and live events with no spectators. Later, the Macy’s Thanksgiving Day Parade is scheduled to take place with new safety protocols in place.
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Little Syria development site at 111 Washington readies for new tower
Shelved plans for a new tower at 111 Washinton Street
A long-cleared development site just south of the World Trade Center is freeing itself from legal hurdles and positioning itself for a soaring new tower. The Real Deal reports that Richard Ohebshalom has secured financing to settle a long-running dispute with his father, Fred Ohebshalom, over an 11,255-square-foot lot at 111 Washington Street.
Back in 2006, the previous owner Gerald Bruaser demolished a six-story garage at the lot to make way for a 50-story, 300-unit condo. Richard’s Pink Stone Capital bought the site for $57.5 million in 2011 and hatched plans for a glass-wrapped 54-story residential tower. The site has been on and off the market since and comes with already-acquired development rights from four nearby properties. A tower of approximately 340,526 square feet can rise, with views of the Hudson River and quick access to the offices of the Financial District.
In 2017, TRD reported that the dispute stems from Fred wanting to sell 111 Washington for a “woefully deficient” price of $148 million “in a bad faith effort to extract concessions from Richard.” Now with his father's stake bought out, Richard is searching for a buyer or a joint-venture partner to begin developing the parcel. Several other developments are planned in the area including whatever takes shape at 5 World Trade Center (the site of the former Deutsche Bank building), a new condo at 77 Greenwich Street, and a 26-story Marriott Aloft Manhattan Hotel at 50 Trinity Place.
Back in 2006, the previous owner Gerald Bruaser demolished a six-story garage at the lot to make way for a 50-story, 300-unit condo. Richard’s Pink Stone Capital bought the site for $57.5 million in 2011 and hatched plans for a glass-wrapped 54-story residential tower. The site has been on and off the market since and comes with already-acquired development rights from four nearby properties. A tower of approximately 340,526 square feet can rise, with views of the Hudson River and quick access to the offices of the Financial District.
In 2017, TRD reported that the dispute stems from Fred wanting to sell 111 Washington for a “woefully deficient” price of $148 million “in a bad faith effort to extract concessions from Richard.” Now with his father's stake bought out, Richard is searching for a buyer or a joint-venture partner to begin developing the parcel. Several other developments are planned in the area including whatever takes shape at 5 World Trade Center (the site of the former Deutsche Bank building), a new condo at 77 Greenwich Street, and a 26-story Marriott Aloft Manhattan Hotel at 50 Trinity Place.
MAS calls for the position of NYC Director of the Public Realm
A new initiative from the Municipal Arts Society
calls for the city to create the position of Director of the Public Realm. According to the non-profit, 40% of New York is composed of spaces such as streets, sidewalks, parks, and natural areas collectively known as the public realm. MAS explains that these spaces are critical to life in a dense city and more imperative today as social distancing and fresh air are at the forefront in battling COVID-19.
The organization notes that unlike many similarly-sized cities, New York lacks a central office for the planning and maintenance of the public realm. Rather, it is managed in a piecemeal approach by an array of government agencies with different rules, competing priorities, and disjointed leadership. MAS calls for the creation of the new position to wrangle and coordinate this vast array of agencies "to act quickly in times of crisis and think innovatively in moments of calm about long-term improvements to the health and equity of public space across the city." Read the full briefing here.
The organization notes that unlike many similarly-sized cities, New York lacks a central office for the planning and maintenance of the public realm. Rather, it is managed in a piecemeal approach by an array of government agencies with different rules, competing priorities, and disjointed leadership. MAS calls for the creation of the new position to wrangle and coordinate this vast array of agencies "to act quickly in times of crisis and think innovatively in moments of calm about long-term improvements to the health and equity of public space across the city." Read the full briefing here.
Broadway and 35th Street near Herald Square
Key indicators tracking the city's recovery slowly inch upward
According to the Manhattan Chamber of Commerce's handy New York Economic Recovery Dashboard
, indicators regarding the number of seated diners, hotel bookings, and overall foot traffic are inching up. However, most indices show figures are still substantially down from last year as most office workers have not returned to their building and the collapse of tourism has kept transit use and hotel occupancy rates low.
JPMorgan Chase to cycle between office and remote work
New York City has reached a point where some employees are starting to return to the office, while others are announcing new work arrangements. In the case of the latter, workers in JPMorgan Chase’s corporate and investment bank will cycle between coming to the office and working remotely in a new rotational model that is expected to be permanent.
It remains to be seen how the 60,950 employees affected by the new model will take to it. Proponents say the plan will allow for social distancing and greater flexibility in case of future shocks, and note that it coincides with the bank’s sustainability goals. Others, however, have grown weary of working from home and are seeing a strain on productivity.
It remains to be seen how the 60,950 employees affected by the new model will take to it. Proponents say the plan will allow for social distancing and greater flexibility in case of future shocks, and note that it coincides with the bank’s sustainability goals. Others, however, have grown weary of working from home and are seeing a strain on productivity.
Either way, the move has implications beyond JPMorgan Chase. CNBC notes that banks are often in lockstep when it comes to perks and pay, so other banks could follow suit. Moreover, if as many as one quarter of a company’s employees are working remotely at all times, it stands to reason that they will not need such expansive real estate portfolios.
The new business model does not seem to have affected JPMorgan Chase’s plans for a soaring new headquarters at 270 Park Avenue. Demolition of the old office tower is underway, and renderings of a new design by Foster + Partners has been revealed. An estimate has not been provided for completion.
The new business model does not seem to have affected JPMorgan Chase’s plans for a soaring new headquarters at 270 Park Avenue. Demolition of the old office tower is underway, and renderings of a new design by Foster + Partners has been revealed. An estimate has not been provided for completion.
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