The proposed Harlem Park office complex on 125th and Park Avenue stalled back in 2007 when anchor tenants could not be found but the developer is now making some moves on the project. According to a New York Post article published yesterday, Vornado Reality Trust has payed its development partner $11.85 million to buy out their share and has now renewed the 23-story building permit:
LINK. Apparently the stacked-cube design from Swanke Haden Connell is still the plan for the site that faces the metro north tracks but things do often change at the last minute these days. Past reports had Macy's nearly signing a deal for retail space at Harlem Park but a contract never materialized.
I would actually read this as being potentially quite significant. As much as these guys do actually appear inclined to take a long view on real estate investments, I'm skeptical that they would commit that much cash to buy out their partner's stake unless they have in the pipeline either: 1) a retail tenant that will kickstart the construction process (more likely); or 2) another developer willing buy the land for an overall gain (less likely).
ReplyDeleteThis is HUGE!
ReplyDeleteIs this lot opposite the Corn Exchange? One could certainly drive the development of the other.
ReplyDeletewasnt the original anchor tenant going to be Major League baseball?
ReplyDeleteThis seems to be a good sign, and I have to say that the design of the structure has grown on me. The lady fighting for the Corn Exchange building across the street from the proposed Harlem Park site will probably lose it - given the potential resurrection of Harlem Park which will in turn attract "the powers that be".
ReplyDeleteMLB's new television network was originally to be the anchor tenants, but they pulled out when the building plans were downsized. And the building was downsized because of difficulty securing financing, as well as hesitation on the part of other potential tenants given the economic uncertainty at the time. I don't know if MLB TV might still be interested, but this is a healthier economic environment and it's still a great location for such a project, so I don't think Vornado will have a problem attracting tenants. Securing sufficient financing at reasonable terms will be the bigger hurdle to overcome.
ReplyDeleteMLB moved on. To NJ if i'm not mistaken.
ReplyDeleteHenry, I think you are correct. Well, whoever they get in, more office space and locals out and about for lunch would be great. I went to La Marqueta over the weekend and it was really quiet. A little disappointing really. Hopefully it gets a bit more patronage during the week, but I would love to see that place keep growing with local support.
ReplyDeleteIt should be clear even to a blind person that this location is the heart and center of Harlem. It simply cant be beat on location considering the public transportation and major highways within minutes of this particular location, What better than an office tower with a Macy's as an anchor tenant? Certainly not a pool as some have called for at the Corn Exchange...
ReplyDeleteI think Macy's makes more sense on the vacant lot located on the corner of 125th Street and Lenox Ave.
ReplyDeleteD,
ReplyDeleteLenox and 125 doesnt make more sense.. Metro North's 1st stop in from the suburbs is on that corner. The suburbanites and out of towners all the way up to Dutchess and Columbia County coming down to 125th to shop on the Metro North rather than go to Grand Central than walk or take public transportation to 34th st. To add to that, the 4,5,6 servicing half of the bronx is 1 block away. Vornado is a powerhouse and they will certainly accomplish what they set out to do.
This vacant lot at Park Ave. and 125th has probably served as Harlem’s greatest false start teaser with so many billboards announcing, coming soon for so many years, we even had a ground breaking ceremony at one occasion. The disappointment of these many false starts can only be matched by witnessing the crumbling corn exchange across the street. All the while this lot has sat vacant the surrounding Harlem has improved enormously with many smaller developments including many new restaurants and condos. This lot with its size, location and transportation mean something big must be developed eventually, and as Harlem improves, so to does the potential for a development here. It is not a matter of if but when.
ReplyDeletebacardi, only thing is, the suburbanites up on Columbia County all probably own cars and can drive to their local super mall + Macys. Still about time they did something with this lot though (and the one at Lenox).
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