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Real Estate Roundup 1.27.20

Lever House at 399 Park Avenue (Credit: CoStar)

Retail

Luxury leather goods merchant Coach has abruptly shuttered its three-level boutique at Madison Avenue and East 57th Street. The 6,000 square-foot Coach emporium at 595 Madison Avenue had been at the prime corner for more than thirty years. The shutdown leaves all of the Vornado-owned retail space at the landmarked Fuller Building vacant. (NYPost)

Politics 

Negotiations broke down recently over the stalled Halletts Point project in Astoria following the latest in a string of pointed and occasionally bizarre disputes between City Hall and the Durst Organization. The development firm said this week it plans to hold off on the remainder of the 2,002-unit rental complex rather than stay at the bargaining table… The point of contention is a $21.6 million city financing package promised in 2015 to offset infrastructure costs at the sprawling, seven-building project on the East River waterfront. Between the time the project was planned and now, changes to a state tax abatement baked into the project’s financing required an additional 5 percent of units to be enrolled in the city’s affordable housing program. (Politico)

Development plans 

The Chetrit Group is planning another major project at its Mary Immaculate Hospital site in Queens. The company will build an eight-story, 207-unit residential building at 88-20 153rd Street in Jamaica of about 133,000 square feet. Chetrit is also planning a four-building, 481-unit complex on the same site at 150-13 89th Avenue. (TRD)

Other news

Aby Rosen’s new landlords at Lever House are trying to wrest control of the Park Avenue landmark… Brookfield Office Properties and Waterman Interests filed a petition in court asking a judge to appoint an appraiser to help settle a dispute over the rent reset on the property. (Crain’s)

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