Glasshouses, a Chelsea-based event space company, has signed a more than $200 million, 30-year lease for the 75,000 s/f property being built atop 660 12th Avenue.
Construction is underway on the new five-story space and is expected to be complete by summer 2019, according to Jay Cummings, the broker who represented Glasshouses in the lease negotiation with owner Bay Ridge Auto Group.
Glasshouses, which has a location at 545 West 25th Street, is paying $80 per square foot and will be utilizing the expansion for event space and catering, Cummings added.
The space will include outdoor terraces with views of New Jersey, the George Washington Bridge and the Statue of Liberty.
Bay Ridge Auto Group purchased the property’s air rights from TF Cornerstone a few years ago, he added.
The new space is being constructed on top of an existing two-floor building that houses FedEx. The Glasshouses will be taking the sixth floor and part of the fifth floor, with a Lexus showroom occupying the third and fourth floors.