Downtown Digest, Week of Aug. 1, 2012

M.T.A. seeks manager for new Fulton Center

The Metropolitan Transit Authority (M.T.A.) is now seeking proposals from developers and retail operators for long-term master leasing at the new Fulton Center.

The master lessee of the center will handle leasing and operations of the entire Fulton Center complex, which will contain approximately 65,000 square feet of retail space. It will also include more than 50 multimedia display screens that will generate revenue through commercial content, according to a July 31 M.T.A. news release.

The $1.4 billion Fulton Center, slated for completion in June 2014, will eventually link 11 subway lines, the PATH and the World Trade Center.

In addition the Fulton Center transit station, the complex includes the Fulton Building, on the corner of Broadway and Fulton Street; the Corbin Building, on the corner of Broadway and John Street; the Dey Street entrance, on the corner of Broadway and Dey Street; and the underground Dey Street Concourse, which will connect the Fulton and Corbin buildings to the transit hub.

“This out-of-the-box approach to managing our property will optimize rents coming to the M.T.A. while ensuring the highest standards of daily maintenance are kept for our customers,” said M.T.A. Chairman and Chief Executive Officer Joseph J. Lhota.

The M.T.A. expects to have all multimedia display screens and at least a majority of retail stores open for business by the time the Fulton Center is completed, according to the agency’s release.

Some sections of Fulton Center are already open to the public for customer use, including the renovated 23 Fulton St. Station, the southern entrances of the new 45 Fulton St. Station and a new entrance at 135 William St.

 

Construction at 3 W.T.C. proceeds, despite lack of tenants

3 World Trade Center continues to rise in the sky, even though developer Larry Silverstein has yet to secure office tenants for the building.

Construction of the tower’s steel perimeter and concrete core has reached the eighth floor, according to Bud Perrone, a spokesperson for Silverstein Properties. Perrone stressed that work at the site has not been stalled: The building’s steel perimeter will reach the seventh floor in the fall, he said, after which there will be another year’s worth of work on the interior.

However, if Silverstein doesn’t find a tenant by end of 2013, when the tower is supposed to reach the eighth floor, then the project would be temporarily halted, Perrone said.

Silverstein is 100 percent committed to building the 72-story tower as quickly as possible, according to the spokesperson. “If, during this period, Silverstein Properties is able to secure a pre-lease for 400,000 square feet, then construction will continue uninterrupted to the top,” said Perrone. “Working with our leasing agent, C.B.R.E., we are marketing the tower widely and remain optimistic that we can meet our pre-leasing targets over the year, which would assure that construction continued without interruption.”

 

Broad and Stone intersection to receive new traffic light

A new traffic light will be installed at the intersection of Broad and Stone Streets this fall as the result of a recent safety study performed by the New York City Department of Transportation (D.O.T.).

The installation was first announced in a July 20 letter from D.O.T. Lower Manhattan Borough Commissioner Luis Sanchez to State Senator Daniel Squadron, who had advocated for the placement of a new signal.

“As our community grows, our streets must change with it,” said Squadron. “Thank you to D.O.T. for working with us toward safer streets and a safer neighborhood.”

The D.O.T. completed its study of Broad and Stone Streets in June. The intersection met the agency’s criteria for the new traffic light based on high pedestrian volumes, which during peak hours saw more than 1,000 people crossing the street, according to D.O.T. spokesperson Nicole Garcia.

The traffic light is expected to be installed by the end of October, weather permitting, she said.

Seward Park High School Field reopens to the public

The New York City Department of Education (D.O.E.) reopened Seward Park High School Field to the public on Mon., July 30, after it had been shut down during non-school hours since April.

The field, which is located on Essex Street, just south of Grand Street, is now open from morning until dusk, seven days a week.

David Pena, a D.O.E. spokesperson, said his agency worked in collaboration with New York State Assembly Speaker Sheldon Silver and the New York City Parks Department to restore access to the field, as part of the PlaNYC initiative.

PlaNYC, which Mayor Mike Bloomberg launched in 2007, is a quality of life enhancement program that brings together over 25 city agencies, according to the program’s website.

“Recreational space is so precious to our neighborhood, particularly in the summer, and that is why I fought so hard for the public to once again have access to this field,” said Silver.

Silver’s involvement in Seward Park High School Field dates back to when he helped it win a “Take the Field” grant ten years ago, which allocated a combination of private and city funds toward extensive renovations.

The field now boasts four handball courts, three tennis courts, six basketball hoops and a running track.

 

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