Youngwoo & Associates (YWA) together with its special and committed partner Beijing Construction and Engineering Group International (BCEGI) commemorated the groundbreaking of “The Radio Tower & Hotel,” a transformative ground-up development project in Washington Heights. The property is located in a Qualified Opportunity Zone and is one of the first development projects in an Opportunity Zone commencing construction in the country.
The 22-story, 295-foot building, on Amsterdam Avenue between 180th and 181st Streets includes a 155,000 square foot Class-A office tower with sweeping views of Upper Manhattan, a 221-key boutique hotel, and 8,000 square feet of ground floor retail space. Principal Young Woo said the concept for the tower was inspired by the local community and a desire to build a structure which paid homage to the local residents. Mr. Woo stated, “My hope is that this building will become a great source of pride for the Washington Heights community and a gathering place for local residents and their guests. Washington Heights has long been overdue for such a project both in terms of design aesthetics and the creation of new and vibrant space. We believe this project will be a catalyst for positive change to encourage further contextual development.”
YWA acquired the site, which was formerly a gas station, in 2013, and since the acquisition, has watched the area and the community experience growth and interest from commercial tenants. Principal Margarette Lee noted how she has “witnessed the 181st Street corridor and the surrounding area emerge as an important hub of Upper Manhattan and is excited to contribute to the vibrancy of the neighborhood with our project. “
The project has attracted attention from the design community as it is internationally-acclaimed Dutch architect, MVRDV’s first major project in the United States. The building’s colorful design which is drawn from the color buildings in the community as well as the building’s unique massing result in a highly-visible and defining structure that will become a landmark for Upper Manhattan. MVRDV is collaborating with local architect firm Stonehill & Taylor and interior designer Workshop APD. The Lee & Associates team of John Cannon, Steve Lorenzo, Mitchell Salmon, Christopher Ventura, and Sergio Turaev has been retained as exclusive leasing agent for the project’s office and retail spaces.
“In light of YWA’s commitment to the upper Manhattan community, this development will provide exceptional, state-of-the-art office and retail opportunities for new tenants,” explains Mr. Salmon. “The project is also a much anticipated ‘first’ for the area, seeing as it will be the first high-rise office tower north of 125th Street. We couldn’t be more excited to work with Youngwoo at this pivotal time in the history of upper Manhattan.”
The Washington Height’s project is a continuation of Youngwoo & Associate’s legacy of creating mixed-use “destination” projects including Pier 57 and The Bronx Post Place in New York along with 1611 Ellsworth Industrial in Atlanta, Georgia. The firm also recently announced its plans to raise a $500m opportunity fund to focus on similar projects in these and other emerging neighborhoods in federally designated Opportunity Zones.
About Youngwoo & Associates
Founded in 1979, the Manhattan based YOUNGWOO & ASSOCIATES ("YWA") has identified and developed a variety of specialized projects in the NY Metro Area and throughout the United States. YWA prides itself on innovative thinking and the ability to anticipate changes in the real estate market. The success of YWA has been the result of pioneering in emerging markets, implementing bold initiatives with new technology and developmental strategies, and most importantly, the ability to recognize shifting real estate trends.
Throughout the years, YWA's solid reputation has attracted prominent investment firms such as Angelo Gordon & Co., HSBC, Starwood Capital Group, ADCO Group, BRT Realty Trust and the Bristol Group. These partnerships have given YWA a strong financial base to explore a wide variety of real estate opportunities without geographic limitations.
About BCEGI
BCEG International Investment – US, Inc. (“BCEGI”), a Woodland Hills, California based real estate investment and development firm is a wholly-owned subsidiary of Beijing Construction Engineering Group Co., Ltd. (“BCEG” or “Group”) located in Beijing, China, a constant leader in the construction industry, and Top 225 ENR International Contractors. The Group specializes in project construction and management, real estate development, environment and energy conservation, property management, and consulting.
Served as an investment arm of BCEG in the U.S. market, BCEGI has identified and developed a portfolio of well-designed properties in Southern California and throughout the United States. The firm is involved in managing investments at all levels, from equity to debt, to create high quality products that maximize returns and minimize risks.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link our company blog.
About MVRDV
MVRDV was founded in 1993 by Winy Maas, Jacob van Rijs and Nathalie de Vries in Rotterdam, the Netherlands. The practice engages globally in providing solutions to contemporary architectural and urban issues. A highly collaborative, research-based design method involves clients, stakeholders and experts from a wide range of fields from early on in the creative process. The results are exemplary, outspoken projects, which enable cities and landscapes to develop towards a better future.
The work of MVRDV is exhibited and published worldwide and has received numerous international awards.
