4 New York Plaza, badly damaged by Hurricane Sandy in October 2012, will be redeveloped by the New York office of Hines, building owner Edge Fund Advisors LLC announced on Thursday.
The 22-story, 1.1 million-square-foot office tower at the edge of lower Manhattan will also be managed by Hines.
“We chose Hines to manage 4 New York Plaza because of their proven capabilities with complex redevelopment assignments,” said Mark Keller, chief executive officer of Edge Fund Advisors LLC.
Hines will oversee the restoration of the basic building infrastructure and critical systems support provisions which will involve the moving of many of them above anticipated storm surges. The restoration is anticipated to be completed by October of this year.
“With our long history of working with mission critical systems and facilities, we are quite confident in the timely restoration of these functions and the reinstatement of the tenants,” said Jim Lacancellera, managing director with Hines.
4 New York Plaza, which was designed by Carson Lundin & Shaw and was completed in 1968, was one of the main casualties during the October “superstorm.” The buildings emergency and critical systems support infrastructure was partially destroyed. Incoming electrical service, steam and the city infrastructure were disabled, and several amenity spaces, including the cafeteria, were rendered unusable.
The cafeteria will be rebuilt and additional amenities added. Much of the replacement equipment will be state-of-the-art for energy efficiency, to improve the building’s overall energy performance.
Both firms said they were happy with the agreement.
“We are pleased to have formed this important relationship with Edge Fund Advisors,” Tommy Craig, Hines’ senior managing director for the New York Tri-State Region, said. “Hines will bring a seasoned team with unique redevelopment expertise to this complex project.”