The Times files an update on the struggling Manhattan commercial real estate market today, and we're forced to head all the way down to the sixth paragraph for the latest obits (what, they thought they could pass by the Reaper unnoticed? His speed-reading skills are impeccable!):
Two planned redevelopment projects outside Midtown — at 375 Pearl Street in Lower Manhattan and 330 Hudson Street in SoHo — have been indefinitely postponed because they have no tenants or construction financing, according to industry sources who were not authorized to speak about them.These aren't entirely new construction, per se, but both are high-profile projects.
On Hudson Street, the stalled development is the Viceroy Hotel, the Hudson Square game-changer made up of a 12-story addition to a century-old warehouse building (new commercial space was also planned for the project). The Times doesn't mention the hotel specifically, but if work down below is halted, can the hotel portion still be chugging along? Any intel appreciated.
Meanwhile, 375 Pearl was the much-welcomed facade facelift of the much-loathed Verizon Building near the base of the Brooklyn Bridge. The 32-story white elephant is perhaps Lower Manhattan's most maligned structure, and it will live on to blight the Downtown skyline for all eternity! Mwahaha! (Or until the next market upswing.)
· Developers Struggle to Fill Manhattan Office Space [NYT]