Stephen Ross’ Related Companies is making headlines as it has revealed plans to transform an Upper East Side Manhattan rental apartment building into co-ops while it has also snagged luxury department store chain Nieman Marcus first New York store as a tenant for its Hudson Yards development.
Opened in 1987 and located at 200 East 94th St. in Carnegie Hill, The Carnegie Park building will be converted into high end cooperative apartments, the New York Daily News has reported. The 345, 000 square foot building will have 339 luxury units.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
Residents there currently enjoy such amenities as a landscaped rooftop sun terrace, a 50 foot swimming pool, a private children’s playground with tree-house and seating areas, landscaped sculpture garden, and a gym. Its lobby features mahogany, marble and granite and is concierge attended 24 hours a day. Many apartments have city and river views, its apartments range in size from studio, one and two bedroom residences to three bedrooms and three baths with library. Gourmet windowed kitchens with breakfast bars, granite countertops and stainless steel appliances are available in select homes.
Carnegie Hill condos are going for around $5 million these days, so Related could be looking at bringing in a gross of more than a billion dollars from the conversion.
The plans were revealed at the same time that Nieman Marcus has been tapped to anchor Related’s 1 million square foot retail complex on Manhattan’s West Side in the new Hudson Yards development, which will be called Shops at Hudson Yards. The store will lease 250, 000 square feet of combined space on its fifth through seventh floors.
Kenneth Himmel, president and CEO of Related Urban, told The New York Times about the deal, “This is a game changer for Hudson Yards, for the West Side of New York, for Manhattan. It’s not just an anchor tenant. It makes a statement for our project.”
“Hudson Yards presents the ideal location for a Neiman Marcus store, ” said Karen Katz, the chain’s CEO, in a statement. “The project is a bold and innovative retail idea and one that complements how we view our Neiman Marcus brand.”
“[Neiman Marcus’] inaugural New York City store is destined to be a unique, modern shopping experience unrivaled in the United States, ” said Stephen Ross, chairman of Related, in a statement.