Pier 17 Rooftop
The Pier 17 rooftop is an acre and a half (more than 60,000 square feet) including a restaurant with two outdoor patios, R17, along with a completely versatile venue that can hold approximately 3,400 people standing or 2,400 people seated. The venue is home to a concert series running from May to September and is also able to accommodate a wide range of uses from community open space to private events, fashion shows, movie premieres, product launches such as Car Shows…as well as a beach club, and even a tennis match or a basketball game with over 1,000 spectators. The rooftop is one of the only spaces in the city where you can see the Statue of Liberty, Brooklyn Bridge, and the Empire State Building from the same location.
As mentioned above, we hosted our inaugural concert series this past summer with our exclusive booking partner, Live Nation. Our lineup included a wide range of diverse talent from Amy Schumer, Kings of Leon, Diana Ross, Sting, acclaimed DJ Deadmau5, and a surprise performance by Carrie Underwood on July 4th. In early 2019, Pier 17 was named best new concert venue in North America at the prestigious Pollstar awards. We have also hosted a gamut of other activations such as cinema nights, fitness classes, and more. Content is becoming a critical part of success in the media sectors and the Seaport is well-positioned to benefit from this with its one-of-a-kind setting for television broadcasts and recordings. In late February, we announced our initial 2019 concert lineup, which will include performances from a wide range of artists including Billie Eilish, Ringo Starr, and the Steve Miller Band.
In the winter months, the rooftop is transformed into the Pier Winterland, an aspirational winter experience designed by David Rockwell that includes New York’s only rooftop ice rink, a column free private event space that can hold over 500 people, and additional food and beverage offerings. R17 transforms into a cocktail den with 60 seats. We opened the Winterland and R17 in mid-December and were pleased with the traffic to the rooftop given that the rest of the building is under construction.
Levels 3 and 4
The third and fourth floors of Pier 17 consist of approximately 147,000 square feet that will ultimately be a mix of creative office space, broadcast studio space, a catering kitchen to service the roof and other parts of the property for large-scale events, and a state-of-the-art green room that will also used as event space when we do not have a concert on the rooftop.
As mentioned earlier, ESPN opened their studios in early April and we signed Nike to a 23,000 square foot lease in the fall. We will deliver Nike the space this spring and expect them to move in later this year. In addition to the ESPN transaction being a great economic opportunity for the company, one of the benefits of having ESPN broadcast from the Seaport is that they announce they are “Live from the Seaport District” before each program and feature an aerial of the property while referencing our sponsors.
We have approximately 86,000 square feet of prime office space remaining. While it has taken us longer than we would have liked, we have had very robust demand from a number of potential users and have been in active negotiations with the same potential tenant for the majority of the remaining space for several quarters. In addition, we are not just looking to fill the space with any tenant, but rather are interested in finding the right tenant that is synergistic and aligns with our vision for the Seaport.
One other highlight of Pier 17 is that we wired the façade on levels three and four (as well as the stage) to light up in an infinite mix of colors –what we call the Pier 17 light band. The light band is used for key seasonal and philanthropic activations as well as for marketing and branding opportunities for our sponsors.
The Pier Village is an extension of the city grid system out on the water and will feature six two-story boxes that will house dining concepts from some of the world’s leading restaurateurs, including a seafood restaurant by Jean-Georges that will open late spring, the newest Momofuku concept by David Chang, the New York location of Malibu Farm, and a pop up waterfront lounge that will all open this summer, along with an Italian chophouse by award-winning chef Andrew Carmellini. Similar to the Jean Georges restaurant, which was ready at the end of last year, which we decided to open in the spring because we felt that would be best for the business due to the lower seasonal traffic at Seaport in the colder months until a critical mass is reached. Carmellini’s restaurant will be completed by year and, depending on what is best for the business, we will determine whether to open it before year end or in the spring of 2020.
The Pier Village totals approximately 62,000 square feet and has approximately 32,000 square feet of remaining space, which does not include the Pier Village lobby that we expect will become a vibrant central gathering place. The remaining space is primarily made up of one box opposite Jean Georges and the second floor of the box above Malibu Farm. The box opposite Jean Georges will likely be used as banquet space and an extension of the Pier Village Lobby, leaving the second floor of the other box available that we have decided to hold on to until we open the remaining restaurants in the Pier Village, at which point we will determine the best use for the box.
The Tin Building will encompass approximately 53,000 square feet, housing a food experience that we anticipate will rival the most extraordinary food markets in the world. Operated by Chef Jean-Georges , with the core and shell designed by acclaimed architect Greg Pasquarelli, Principal of Shop Architects and interiors designed by award winning designers Roman & Williams. The market will pay homage to the original Fulton Fish Market that opened at the Seaport in the early 1800’s. The existing building has been carefully deconstructed, removed from its deteriorated platform, and will be rebuilt 30 feet back from the FDR to restore its visibility and move it above the flood plain.
Given the historic nature of the building and its location on the water, the process has been extensive and time consuming. The food hall is fully leased and slated for completion late next year, assuming we receive all the necessary approvals.
The historic district consists of approximately 184,000 square feet of which approximately 139,000 is leased. We have strong demand among potential office users for the approximately 30,000 square foot space on the third floor of the Fulton Market Building.
Additionally, Abercrombie will be vacating their approximately 17,000 square foot space in the spring. While in the short term this will have an impact on our income, more importantly long term it will provide us with an opportunity to remerchandise that corner with tenants that are more in line with our vision for the district.
Our first cornerstone tenant to open in the revitalized district was iPic Theaters, which opened in October 2016 in the Fulton Market Building. The iPic at the Seaport is currently iPic’s only Manhattan location and consistently ranked as one of the top cinemas in the city. Despite the Seaport being under construction for most of its first two years of operation, the theater is the highest grossing location in iPic’s portfolio, generating per screen revenue comparable to some of the most successful theaters in the country.
In September 2018, we celebrated the opening of iconic retailer 10 Corso Como’s first US location in the Fulton Market Building. Founded in Milan in 1991 by style visionary and former fashion editor Carla Sozzani, 10 Corso Como is the world’s original concept store and emulates a living magazine with its experiential environment and wide range of offerings that include a restaurant, bar, art gallery, fashion, home goods, design objects, books and more (To learn more visit www.10corsocomo.com). 10 Corso Como’s opening generated significant press coverage and instantly transformed the Seaport into one of the top fashion and creative destinations in the city. One writer referred to the Seaport District as New York’s newest fashion hub. We also welcomed a host of other experience driven tenants, including Sarah Jessica Parker’s only permanent store in New York, Cynthia Rowley, By Chloe, Big Gay Ice Cream, Scotch and Soda, Dita, Cobble and Co, and Lobster Go Go.