NYCEDC Selects Developer for Historic Battery Maritime Building
Project Will Bring Boutique Hotel, Specialty Foods Market, and Restaurant to Lower Manhattan, Creating More than 700 Jobs.
New York City Economic Development Corporation (NYCEDC) has selected the development team of The Dermot Company and the Poulakakos family to develop the historic Battery Maritime Building (BMB) located next to the Whitehall Ferry Terminal at the southern tip of Lower Manhattan. The approximately $110 million project will feature a specialty foods marketplace and education center, a boutique hotel, and roof top restaurant and bar. Under the terms of the agreement, the developer will lease the property for 49 years, with five 10-year renewals. The project will create approximately 560 construction jobs and more than 150 permanent jobs and result in over $75 million in revenue for the City over 30 years. In addition to The Dermot Company and the Poulakakos family, the development team consists of Rogers Marvel Architects, Jones Lang LaSalle Hotels (hotel advisory services), and Market Ventures Inc. (specialty foods marketplace consultants).
“The proposal by The Dermot Company and Poulakakos family provides an excellent project for this unique building,” said NYCEDC President Robert C. Lieber. “It will preserve the historic features of the building, bring the grandeur of the second floor Great Hall back into the public domain, and create a wonderful waterfront destination for all New Yorkers and visitors to enjoy. The redeveloped Battery Maritime Building will be a great catalyst for the continuing revitalization of Lower Manhattan and the evolving New York Harbor District.”
The restored Great Hall on the second floor will be open to the public and is envisioned to become one of New York City’s great public spaces. During the day, the Great Hall will be enlivened by a specialty foods marketplace and education center, which will be dedicated to furthering the development of locally-based specialty foods businesses. At night, the Great Hall will be available on a limited basis as one of New York City’s premier destination event spaces. The existing non-historic addition to the building will be replaced with a modern addition featuring an approximately 135-room boutique hotel and roof top indoor/outdoor restaurant and bar that will provide spectacular views of the New York Harbor and Lower Manhattan.
“Our team is proud to have the opportunity to bring this one-of-a-kind property back to active use,” said Stephen Benjamin, Vice President, Development, The Dermot Company. “Properly executed, this project will become both an amenity to local residents and businesses, and a destination for visitors from around the country and around the world. We believe that the future of Lower Manhattan is very bright, and Dermot is excited about working with local stakeholders and NYCEDC to move this exciting project forward.”
The Battery Maritime Building is the gateway to Governors Island. Governors Island Preservation and Education Corporation (GIPEC) currently uses Slips 6 and 7 for its ferry operations to the Island. Slip 5 will be operated by the City’s Department of Transportation for use by private ferry operators as part of the City’s East River Ferry Service. Commuter service from Slip 5 is expected to begin this summer. The plans for the first floor also call for the creation of attractive waiting rooms for ferry passengers. The architect for this phase of work will be Jan Hird Pokorny Associates Inc., architect, and Tishman Construction Corporation will act as construction manager, the same team that, under the supervision of NYCEDC, recently completed $60 million in restoration and stabilization work on the 99-year-old industrial Beaux Arts-style building. The Municipal Art Society of New York awarded NYCEDC its 2007 MASterwork award for the BMB as Best Commercial Restoration.
"This year's MASterwork Award jury was impressed by the thorough and exacting restoration of the building's façade," said Municipal Art Society Chairman Philip Howard. "It is noteworthy because so much effort was taken to replicate items that had been destroyed and because the paint scheme used is an exact recreation of the building's original 1908 colors. The overall project is a fine example of adaptive reuse that all New Yorkers can be proud of."
Designed by Walker & Morris, the BMB is constructed of cast and wrought iron. Its elaborate exterior materials include structural steel, cast iron, copper, stucco and ceramic tiles in vibrant colors. The former passenger waiting hall on the second floor features unique plaster finishes, large cast iron columns, and dramatic lead-patterned glass windows. It is 30 feet high and encircled by 21,775 square feet of support space.
Its many unique architectural assets include nearly 8,800 elements of cast iron, riveted rolled steel plates and angles, sheet copper ornamentations, ceramic tile and stucco paneled walls, and a copper panel mansard roof system. During the previous restoration work, a new 2,800-square foot skylight was added, and the Guastavino tile vault on the ceiling of the second floor loggia deck at the front of the building was restored.
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.
About The Dermot Company
The Dermot Company Inc. was formed in 1991 as a real estate investment and management company focused on multi-family sector opportunities. The Dermot Company and its affiliates have evolved into a fully integrated real estate company with $1.1 billion in assets under management and under development.
About the Poulakakos Family
Harry Poulakakos and son Peter are at the heart of a number of very successful restaurants in New York City’s financial district. Harry first opened Harry’s at Hanover Square, followed by two similar restaurants, one in the lobby of the American Stock Exchange, and the third in the Woolworth Building. He and Peter created the acclaimed Bayard’s in the historic India House above Harry’s at Hanover Square. Peter operates three French style pastry and espresso bars called Financier Patisserie, and with various partners, he opened Ulysses, an Irish Folk House, and Adrienne’s Pizza Bar, both on Stone Street in Lower Manhattan. -30-