CityRealty Insider > New Developments in the News

New Developments in the News

MAY 24, 2010

East Harlem Media Center breaks ground; Conde Nast shops for downtown digs.

Magazine behemoth Conde Nast has reportedly been looking at office space in the under-construction One World Trade Center and other nearby buildings including World Financial Center at Battery Park City and One Chase Manhattan Plaza. The publishing company’s lease at 4 Times Square expires in 2019. Conde employees have expressed reluctance toward giving up their spot at number four, especially regarding the Building Formerly Known as the Freedom Tower, which, they’ve heard, is haunted.

City officials have broken ground on what will become the East Harlem Media, Entertainment and Cultural Center. The $700 million, mixed-use project at the corner of 125th Street and Third Avenue will, upon completion, total 1.7 million square feet of commercial, residential, community and cultural space, including 600 residential units that will be earmarked as affordable and 50,000 square feet of below-market retail space reserved for locally-owned business. The new center will also host office space and a hotel.

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