Elad Properties is set to release a new set of plans for the retail portion of the legendary Plaza Hotel in Manhattan. The developer, which specializes in rehabilitating historic properties, is spending roughly $350 million on revitalizing the property. A chunk of that investment will go toward the overhaul of 160,000 square feet of commercial space, about 100,000 square feet of which will be retail. Leasing activity in the space is brisk, said Robert Futterman, president and chief executive officer of Robert K. Futterman & Associates, which is leasing the space for Elad.
In the Bronx, the city finally broke ground on the $500 million Gateway Center, which will replace the old Bronx Terminal Market and house the relocated Fulton Fish Market and hundreds of thousands of square feet of retail. Home Depot, Target and Best Buy are expected to have stores on the site, which will open for business in 2009.
Speaking of gateways, the New York City Council recently approved a $1 billion master plan in Long Island City for Silvercup Studios, which is set to include 1,000 residential units, 100,000 square feet of cultural space, 650,000 square feet of office space and 70,000 square feet of retail. The project’s positioning along the East River, just south of the Queensboro Bridge, will form a “gateway” to Queens, with a public waterfront esplanade and other public recreational spaces, say developers. According to supporters, Long Island City, long ignored by retail and restaurants, may soon be experiencing a renaissance.