MAJOR PROJECTS UPDATE

World Trade Center

The Ronald O. Perelman Performing Arts Center (The Perelman Center)

Construction on the Ronald O. Perelman Performing Arts Center topped out in the spring of 2021. Exterior facade work of the 4,900 marble panels wrapped in early 2022. The approximately 110,000 sq. ft. cube-shaped building will feature three theaters of varying sizes which can be combined in different seating configurations and formats for an array of unique performance environments. The project is anticipated to open later in 2023.

St. Nicholas Greek Orthodox Church and National Shrine

The Santiago Calatrava-designed St. Nicholas Greek Orthodox Church and National Shrine opened to the public in early December. The original church was destroyed on September 11, 2001 and construction lasted for more than 20 years as a result of funding delays. The $95 million structure also includes office space on the second and third floors and several community rooms.

Site 5

A partnership between Brookfield and Silverstein Properties received approval from the Port Authority and Lower Manhattan Development Corporation (LMDC) to develop Site 5 at the World Trade Center, also known as 130 Liberty Street. The site recently served as a Port Authority police depot and the southernmost area continues to serve as a temporary public plaza.

The proposed 1.56 million-sq.-ft. tower is expected to include approximately 1,300 rental apartments, of which at least 25% will be affordable. LMDC approved an override to city zoning rules in order to build a tower larger than local regulations allow. Construction may commence later in the year.

9/11 Tribute Museum Closes

The 9/11 Tribute Museum closed at 92 Greenwich Street in mid-August due to low visitation following the pandemic. The Museum, which originally opened in 2006, will continue to offer educational programming online, and artifacts will be transferred to the New York State Museum in Albany.

Pace University

In December Pace announced plans to renovate One Pace Plaza, adding new academic spaces, a modernized residence hall and a new performing arts center. The renovation will include the reconstruction of the lower floors of One Pace Plaza East and upgrades to the dormitory building at 182 Broadway. Construction is expected to start in the fall of 2023 and be completed in early 2026.

Construction continues on Pace’s new, 215,000 sq. ft. tower (which will be known as 15 Beekman Street) that will house a residence hall, dining facility, library and academic and classroom spaces. Construction on the new tower began in early 2021, with occupancy planned for fall 2023. The new tower replaces two buildings at 126-132 Nassau Street and 15 Beekman Street that are now demolished. The new building will serve as a replacement for Pace’s 50-year-old tower at One Pace Plaza East. 15 Beekman Street will be the third property SL Green has built for Pace in the neighborhood. The developer previously built dorm buildings at 33 Beekman Street in 2015 and 180 Broadway in 2013.

Infrastructure NYC Ferry Adds Capacity

In early 2022, the NYC Ferry began daily service to Governors Island via the South Brooklyn Route, expanding direct access from Pier 11/Wall Street. Daily ferry service to Governors Island also continues via the Battery Maritime Building. The added ferry service to Governors Island coincided with the Island announcing it will be open year round. Previous plans to add a new Coney Island route connecting southern Brooklyn to Pier 11/Wall Street have been halted as the NYC Economic Development Corporation, which oversees the NYC Ferry, reassess environmental concerns related to the location of the dock.

Expanding Ferry Service to New Jersey

In the fall NY Waterway announced the upcoming opening of a new passenger ferry route along the Raritan Bay connecting South Amboy, NJ to Brookfield Place. An official launch date has not yet been determined.