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Category ArchiveNew York City Department of Transportation

Premium Merchant Funding Leaving Trump Building for 16K SF at 55 Water

A financial institution for small businesses, Premium Merchant Funding, has sub-subleased 15,965 square feet from foreign exchange trading firm Forex Capital Markets in the Financial District, Commercial Observer has learned.

Premium Merchant Funding will occupy 15,965 square feet on the 50th floor at 55 Water Street via an eight-year sub-sublease, as per a source. The asking rents were in the mid-$50s per square foot. Premium Merchant Funding will relocate from the Trump Organization‘s Trump Building at 40 Wall Street next month.

Forex took the 60,000-square-foot 50th floor in the 52-story, 3.6-million-square-foot building between Old Slip and Coenties Alley in a 2011 sublease, according to Real Estate Weekly at the time. At this juncture, Forex had excess space to give up, and Premium Merchant Funding had grown out of its 10,000 square feet at 40 Wall Street. The new sub-sublease transaction closed last week.

David Ofman of the Lawrence Group represented Forex in the deal. Newmark Knight Frank’s Paul Ippolito and Cushman & Wakefield’s Stephen Burke represented Premium Merchant Funding. Ofman and a spokeswoman for NKF didn’t immediately respond to a request for comment, and Burke declined to comment via a spokesman.

The Class-A office building is owned by Retirement Systems of Alabama. Tenants include S&P Global, New York City Department of Transportation and Teachers’ Retirement System.

Source: commercial

MTA, DOT Release Plan to Ferry Riders Across the River During L Train Shutdown

The Metropolitan Transportation Authority and the New York City Department of Transportation have unveiled their long-awaited plan to convey L train riders between Manhattan and Brooklyn while the MTA shuts down the line’s East River tunnel.

The shutdown will begin in April 2019 and last for 15 months. The MTA has argued that shuttering service between Bedford Avenue in Williamsburg and Eighth Avenue in Manhattan is the most efficient way to repair the L train’s Canarsie Tunnel, which was flooded with millions of gallons of water during Superstorm Sandy in 2012.

Eliminating the L for more than a year will disrupt commutes for 400,000 riders, 225,000 of whom take the train between Manhattan and Brooklyn. In order to get those riders into the city, the plan includes increased subway service on nearby the nearby G and J/M/Z lines, longer G and C trains, free MetroCard transfers between the Broadway G and the Lorimer-Hewes JMZ, and similar free transfers between the 3 train at Junius Street and the L train at Livonia Avenue.

screen shot 2017 12 13 at 6 12 19 pm MTA, DOT Release Plan to Ferry Riders Across the River During L Train Shutdown
Busway and bike routes along 14th Street. Image: DOT and MTA

DOT also plans to make major road changes to help move commuters across Manhattan. The agency will convert 14th Street into a bus-only street during rush hour between Third and Ninth Avenues eastbound and between Third and Eighth Avenues westbound. There will also be upgraded 14th Street Select Bus Service with a new pedestrian lane, dedicated bus lanes in each direction and a sidewalk expansion. Overall, the agency expects 38,000 riders will take the bus across 14th Street.

The plan also calls for Manhattan’s first two-way, protected crosstown bikeway along 13th Street, which will include a buffer separating cyclists from traffic.

Traffic patterns on the Williamsburg Bridge will shift dramatically to accommodate a handful of new bus routes. Only cars and trucks will with three or more passengers will be able to cross the bridge, in order to keep traffic flowing and keep the bridge clear for additional bus service. During rush hour, 70 buses would carry 3,800 commuters across the bridge. The MTA aims to run three new bus routes: one running from Grand Street L stop in Williamsburg to First Avenue and 15th Street in Manhattan; another running from Grand Street to Broadway-Lafayette in Soho, and a third from near the Bedford Avenue L stop to Soho.

screen shot 2017 12 13 at 6 12 08 pm MTA, DOT Release Plan to Ferry Riders Across the River During L Train Shutdown
MTA is planning new bus routes for Brooklyn riders once the L train shuts down. Image: MTA and DOT

And finally, the city also plans to roll out a new ferry route, connecting North Williamsburg to East 20th Street along the East River. DOT aims to run eight boats an hour in each direction, carrying up to 1,200 passengers an hour each way. Fares for ferry riders will be “integrated with” the M14 and M23 Select Bus Service routes, the agencies note in a presentation, which means that riders will get free transfers between the ferry and the bus.

Source: commercial

Far Rockaway Rezoning Clears Key City Council Subcommittee

A plan to rezone a 23-block area in the Downtown Far Rockaway section of Queens for the creation of more housing and commercial development took another major step forward today, inching closer to the neighborhood’s first zoning changing in more than a half century.

The City Council’s subcommittee of zoning and franchises approved the Downtown Far Rockaway Redevelopment Project, unanimously in a 5-0 vote, clearing the way for a full land-use committee vote tomorrow morning. The full City Council is expected to take its vote on Sept. 7.

The zoning change will kickstart a $288 million, multi-city agency development plan, which will consist of the construction of more than 3,000 residences, 250,000 square feet of commercial space, 86,000 square feet of community facility use and 30,000 square feet of open public space.

“Today, we begin the journey of building on the progress we have made over the past four years, by infusing hundreds of millions of dollars into infrastructure, quality jobs, parks, streetscape, transit improvements and both community facility and open space,” Councilmember Donovan Richards, the chair of the subcommittee and also the representative for Far Rockaway, said in a statement. “These investments will ensure that Far Rockaway benefits from the amenities that so many other communities in the city enjoy.”

City agencies working on the development plan include the New York City Department Housing Preservation and Development, New York City Department of Transportation and the New York City Economic Development Corporation.

The city is committing $126 million of the $288 million—the rest comes from the federal government and private organizations—for a myriad of projects and to develop Far Rockaway, including the promote local hiring and job growth, give support for minority and women-owned businesses, and encourage development of 100 percent new affordable housing on city-owned sites. In addition, the rezoning will provide the financing to private developers to encourage the construction of affordable housing, funding for the 101st Police Precinct and the modernization of local schools as well as upgrades to sewer infrastructure and real-time bus arrival displays.

The rezoning effort was backed by local Community Board 14 in March, Borough President Melinda Katz in May and the City Planning Commission in July. Mayor Bill de Blasio has the ability to veto it, if approved by the City Council, but he has voiced support for more affordable housing and development in New York City, and Far Rockaway in particular

The zoning change is a big deal because it would be the first land use approval targeted at bringing more affordable housing to the city since the East New York rezoning in April 2016, and de Blasio has made the creation and preservation of affordable housing a key goal for his administration.

“Through this plan, Downtown Far Rockaway is finally getting the investment it deserves, with new jobs and mixed-income housing, open space and community facilities,” James Patchett, the president and chief executive officer of the NYCEDC, said in prepared remarks.

Source: commercial