Midtown: Dangerous for Walkers?

 

For those who enjoy walking in the streets of Midtown New York, they might just have to reconsider their hobby.  According to a recent study, the streets of Midtown have been ranked as the city’s most dangerous.  Indeed, just looking at the figures for the last few decades, it is quite evident.  According to Transportation Alternatives, an advocate group, between 1995 to 2009, over 8,000 motor-vehicle accidents that involved pedestrians occurred in this neighborhood.

Manhattan:  Perilous for Pedestrians?

In general though, Manhattan seems to be somewhat of a perilous place for pedestrians.    Every single neighborhood in the area had at least 2,000 accidents that involved pedestrians during these years.  This is pretty crazy given the fact that in the Bronx neighborhoods, the figure was 788 and Staten Island, a mere 653.  Clearly therefore, Manhattan – and especially Midtown – is not the best place for walkers.

The other issue is financial.  According to Transportation Alternatives, the price for traffic incidents is more than $4billion a year on the city’s tab.

 

Fire in Manhattan Hotel

 

Last week a fire erupted at the Warwick New York Hotel, 65 West 54^th Street.  The fire started on the 35^th floor but incurred no injuries.  Nonetheless, close to 80 firefighters arrived in response to a call for help.  Guests were requested not to use the elevators during the investigation from the fire department.

Warwick Hotel History

In 1926, William Randolph Hearst, a newspaper publisher, commissioned the building for Marion Davies, his lover.  It was established as a venue to host the couple’s theater and Hollywood friends, located opposite the Ziegfeld Theater.  In 1966 that theater was razed but sometime later reopened at its current location.

Downtown NY Real Estate News

An 18-story office building situated close to Penn Station and Manhattan’s Madison Square Garden, has been purchased by NY real estate private equity firm, Savanna.  The property spans 444,000-square feet.  The exact address is West 31^st Street, in between Sixth and Seventh Avenue.  The real estate firm plans to spend $26m on renovations.  According to a statement issued by the company, its managing partner, Christopher Schlank, pointed out that there are substantial plans for various building development over the next few years in these surrounding neighborhoods.  Further, Savanna’s plans should result in this venue becoming one of the higher class buildings in the area.

Savanna Success

Clearly Savanna is on a roll.  This latest deal is the second one it has sealed in just two weeks.  The first one was its acquisition of 80 Broad Street which spans 417,000-square feet.  The Penn Plaza property will be leased and managed by Jones Lang LaSalle Inc.

Pera Mediterranean Brasserie Goes Downtown

Pera Mediterranean Brasserie is to open another restaurant at 54 Thompson and the corner of Broome Street next month.  The original restaurant that has been open for five years, serves an Eastern Mediterranean cuisine.  The new eatery will be 3,000-square foot that will be able to seat more than 100 visitors and will overlook a 2,000-square foot garden.  It is hoped that it will open during spring next year.  The menu will have some similarities to the original restaurant but will also take some of its inspiration from its neighborhood’s electric vibe.  Turkish chef Metin Calisir and American chef Nathan Crouser will be overseeing all the food preparations that will be Eastern Mediterranean style with some New York City additions.

The new restaurant will be designed by DYAMI Architects with a lot of input from the restaurant’s owner Burak Karacam who did a lot of the design in the original restaurant.  There  has been thought of developing another restaurant for a while, but the owner felt very strongly about its location and attributes, so needed to find the right space before moving forward to this place.

Doubling of Midtown West Office Building Sales

It seems clear from all the evidence and reports, that there has been a huge increase in the sale of office buildings this year in certain areas of New York.  Last year, sales reached $1.8bn.  But this year it went up to $5.7bn in the Midtown West area (which is the area between 30 to 59^th Street, and Fifth Avenue to the Hudson River).

According to the Eastern Consolidated MetroGrid Report for Midtown West, even though New York City over the last decade has witnessed significant development, in more recent times, there has been a substantial building progression in the Midtown West area.  There are now a further 35 new residential properties, 30 new hotels, 14 new office buildings, 10 new retail buildings and one new industrial property.

Property Price Increases

Apart from the fact that there are so many more properties being constructed and sold in the area, prices have also significantly risen.  First, in 2010, only three hotels were sold but this year, that figure more than doubled to seven.  Second, sales of hotel buildings were $425m last year, but this year that figure has increased to $1bn.  From 2008 that price has really escalated since figures three years ago had plummeted to as low as $175m. 

Midtown West Office Building Data

Taking a look at office building sales in the Midtown West area, there has been another significant increase.  In the second quarter of this year, 25 sales were made.  In the entire year of 2010, 27 sales were made.  So the figure for this year is almost quadruple of last.  Prices however, have been somewhat in flux.   For four years, ago a drop was witnessed of less than $400 for a square foot, but today that figure stands at $435.  Yet in 2007, the figure had reached $500 for the same space.

Job Boost for Hudson Square

According to Michael Bloomberg, current Mayor of New York City, Financial Times proprietor Pearson Plc is hoping to create six hundred more media and technology positions in offices near to where it is currently working from, Hudson Square, in Lower Manhattan. 

The Mayor said that Pearson Plc will also be the recipient of at least $13.5m in state tax credits and electricity bills discounted by the city, over the length of a decade, starting in three years’ from now when it moves into 25,000 sq m. of space at 330 Hudson Street.  Of this figure, $4.5m is an energy savings plan called ‘Business Incentive Rate,’ $9m from the Empire State Development Corp.  Along with this, other financial incentives could be available to the company too.  As Bloomberg commented in a statement, “Pearson’s relocation to and expansion at Hudson Square and its long-term investment in New York City is the latest example of the private sector’s confidence in the direction of our city and future growth of our local economy.”

‘CSI: The Experience’ at Times Square

On October 1, at Discovery Times Square, NYC, individuals will be able to undertake the challenge of being a crime scene investigator and try to solve a real true-to-life mystery.  Tickets are now on sale for the event at the box office on 226 West 44^th Street.  The experience lasts for between 60 and 90 minutes and will be open Sunday to Wednesday from 9am to 8pm and Thursday to Saturday from 9am to 9pm at a cost of $25 ($21.50 for seniors and $19.50 for kids).

The Experience

The ‘experience’ stands at 12,000 square feet and was created with the help of 175 forensic science experts so that a true scientific-based experience could be incorporated into the TV show’s entertainment aspect.  The guests become investigators and undergo one of three crime scenes and 15 forensic lab stations as well as video messages from Anthony E. Zuiker, creator of ‘CSI: Crime Scene Investigation,’ cast members (past and current) and forensic experts.  It is as close to a real investigative experience as could be, with real “DNA, blood spatter and fingerprint analyses, to forensic anthropology and toxicology to immerse exhibit goers deep into the science of solving crimes.”  Guests on the show need to be at least 12-years-old.