Real Estate Rumblings

Posted on January 10, 2007 by


There is speculation that the site located at 1800 Park Avenue, otherwise known as the forthcoming Courtyard by Marriott Harlem Hotel, is back in busines:

THERE are stirrings and rumblings that Harlem’s long-dormant 1800 Park Ave. site is springing to life.

Sources say Vornado Realty Trust – led by the dynamic Steve Roth and Michael Fascitelli – is in the middle of several tenancy agreements.

One would have Time Warner Cable relocate its headquarters from Stamford and take the office space in the base of the building.

The retail team, led in-house by Sendeep Mathrani, is also directly working with Nike Town and Bed Bath & Beyond to become the retail anchors of the proposed building.

No one from Vornado returned our calls.

As we advised last year, Vornado Realty Trust completed its agreements with previous developer Michael Caridi and his group, as well as agreements with the College of Podiatric Medicine, which owns the site and has leased it to the developers to 2051.

The 36,289-foot development site is on the west side of the Park Avenue block front from 124th to 125th Streets.

It can produce a 500,000-foot office building, and includes 126,281 feet of air rights from an adjacent property also owned by the college.

This will become the largest development in Harlem and could change the area’s dynamics.

Be aware, however, that no new building plans have yet been filed with the Department of Buildings.

Source: New York Post

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Posted in: Real Estate