Willets Point (known locally as the “Iron Triangle”) has a long and gritty past. It is the infamous “valley of ashes” from F. Scott Fitzgerald’s The Great Gatsby, “a fantastic farm where ashes grow like wheat into ridges and hills and grotesque gardens; where ashes take the forms of houses and chimneys and rising smoke and, finally, with a transcendent effort, of men who move dimly and already crumbling through the powdery air.” And now it is becoming a mall.

Last week, the Bloomberg administration struck a deal with the Related Cos. and Sterling Equities, a real estate firm affiliated with the New York Mets, to construct a one-million-square-foot retail and entertainment complex west of Citi Field. Called “Willets West,” city officials announced that an old parking lot adjacent to the stadium will be converted into a vertical shopping complex comprised of 200 stores, a movie theater, restaurants, entertainment venues and a 2,500-space parking garage. In addition, the developers are also planning to construct 4.5 million square feet of mixed-use development, including 2,500 housing units, 35% of which will be affordable; 900,000 square feet of street level retail; and 500,000 square feet of office space serving Queens-based businesses. A 280-room hotel and five acres of public space along 126th Street is also in the works.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.