What's New in New York and New Jersey:
From Hell's Kitchen to Jersey City, real estate developers are hard at work on exciting projects this summer. Upcoming developments include Manhattan's first film and TV production studio, a new 51-story Aloft hotel along the Hudson River waterfront, and a rental tower coming to Jersey City. Here are the latest development updates.
Renderings Revealed for New Hell's Kitchen Production Studio
New York-based real estate investment trust - Vornado Realty Trust - is leading the development of Manhattan's first film and TV production studio. Located along the Hudson River waterfront in Hell's Kitchen, Sunset Pier 94 Studios is the product of a public-private partnership between Vornado Realty Trust, Hudson Pacific Properties, the New York City Economic Development Corporation, and Blackstone.
Renderings of the 266,000 sq. ft. structure were recently released, unveiling plans for six sound stages and 145,000 sq. ft. of production suites, including executive offices, communal workspaces, conference rooms, writer and storyboard offices, and amenity space. The project will include safety improvements to nearby bike paths and brand-new public restroom access for Hudson River Park visitors.
Marx Development Group Makes Progress on Aloft Hotel
Facade installation is now halfway complete at Marx Development Group's 51-story Aloft hotel. The hotel, located at 450 Eleventh Avenue, stands 642 ft tall and will include 379 rooms alongside various amenities. Despite the controversy surrounding potentially faked oversight on some of Marx Development Group's largest projects, the skyscraper has an estimated completion date in mid-2024.
Panepinto Properties Closes Construction Loan for Rental Tower
Real estate developer Panepinto Properties recently closed on a $193 million construction loan to complete the development of its upcoming 53-story rental building in Jersey City. The Pathside building will house 605 rental units and stand about 566 ft tall. Recent renderings show that the building will include amenities such as a rooftop terrace, outdoor lounge space, and a small retail component on the ground floor. The building will be completed in mid-2026.
