June 4, 2018 Deals In the News
New 20-Story Office Building Planned in NoMad

new-20-story-office-building-nomad

The NoMad area is soon to see a fresh development on one of its few vacant lots. As The Real Deal reported last month, Tribeca-based development group GDS Development, along with an unnamed European partner, recently signed a 99-year ground lease with plans to build a 20-story office building at 1241 Broadway.

The lot, formerly occupied by a parking vendor, sits at the corner of Broadway and W. 31st, adjacent to O’Reilly’s Pub, just four blocks from Herald Square and Macy’s. The new building is slated at 170,000 square feet and will reportedly provide ample room for new retail stores on its first floor. Even so, don’t expect to see the characteristic green boards and scaffolding anytime soon. According to reports, the developers don’t plan to start breaking ground on the new complex until 2019.

The new development will fill in one of the few vacant spaces left in NoMad, leaving only one above-ground parking lot in the area. (Garages comprise most of the off-street parking in the neighborhood.) At the same time, the new office building promises to continue the trend of revitalization in one of NYC’s most historic and beloved neighborhoods, providing even more opportunities for incoming businesses to thrive.

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