News, New York Metro Real Estate Advisory Services, Washington Square Partners

400 Fifth Avenue Washington Square Partners is the development advisor for a residential and hotel development at 400 Fifth Avenue in Manhattan. The project is being implemented through a transfer of air rights from an adjacent landmark. This transfer requires approval by the Landmarks Preservation Commission and the City Planning Commission, through a Special Permit which will also permit modification of certain zoning requirements. WSP has worked with staff from City Planning and Landmarks for many months to achieve a design that is both financially feasible and does not adversely impact the adjacent landmark. The design has been approved by Community Board 5 and the Landmarks Preservation Commission. A public hearing was held at City Planning on August 8, 2007 and the project is expected to be presented to the City Council for final approval in September 2007.
Downtown Jamaica On July 11, 2007, the New York City Planning Commission approved the Downtown Jamaica Rezoning, one of the largest rezonings in the City's history comprising approximately 368-blocks in Southeastern Queens. Washington Square Partners is providing a full range of project management services for JFK Center Associates, developers' of 2 JFK Corporate Center, a key site adjacent to the JFK Airtrain. The redevelopment of this site will catalyze the City's economic development efforts in downtown Jamaica, firmly establishing an airport economic development zone.
Canarsie, Brooklyn Washington Square Partners assisted P/A Associates in negotiation and certification of a redevelopment program for a retail center in Canarsie, Brooklyn. The project was unanimously approved through each step of the ULURP process and on May 23, 2007, City Planning approved the unrestricted disposition of the property. The Council member did not call the project up for review and therefore City Planning's recommendation stands.
New York Historical Society Washington Square Partners assisted the New York Historical Society in obtaining approval on April 24, 2007 from the Landmarks Preservation Commission for the renovation and alteration of elements of the Historical Society's landmark headquarters including an expanded entrance, façade modifications, and new windows. These alterations will facilitate a much needed interior reconfiguration. WSP will continue to advise the Historical Society as it continues a multi-phase modernization project intended to transform the society into a preeminent center for the study of American History.
Moynihan Station Washington Square Partners assisted the Empire State Development Corporation (ESDC) and its subsidiary, Moynihan Station Development Corporation (MSDC), in procuring a conventional tax exempt loan to enable the acquisition of James A. Farley Post Office Building in Midtown Manhattan from the United States Postal Service (USPS). The closing took place on Friday, March 30, 2007. The USPS will continue to occupy a portion of the building including the historic retail lobby. Washington Square Partners continues to advise ESDC and MSDC on redevelopment of the Farley Complex.