Reading International Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia and New Zealand, and Newmark Knight Frank (NKF) today announced the unveiling of the newly redeveloped Tammany Hall as 44 Union Square in New York City. The completely upgraded landmarks-approved property is now a Class A commercial building with a restored historic street facade and a three-story glass and steel dome addition, offering up to 73,095 square feet that could be used as all office space or divided between office and retail. NKF’s President of New York Tri-State David Falk, Vice Chairman Peter Shimkin and Director Jonathan Franzel are overseeing the office leasing while Vice Chairman Jeffrey Roseman is managing the retail leasing on behalf of ownership.
Margaret Cotter, Executive Vice President - Real Estate Management and Development-NYC for Reading International, Inc. said, “We are thrilled to unveil the historic 44 Union Square and believe it is a perfect jewel box and a unique addition to the dynamic Union Square neighborhood of New York City. 44 Union Square is an identifiable and brandable space, built to state-of-the-art standards, and offers tenants, employees and customers a location surrounded by boundless and creative amenities.” - Margaret
Following the approval of New York City’s Landmark Preservation Commission, Reading International, through its affiliate, Reading Tammany Owner, LLC, developed this property to celebrate its historic significance while giving it new life as a spectacular modern office and retail building with new infrastructure and mechanical systems. Reading commissioned renowned architects BKSK to create an entirely new superstructure.
“The new 44 Union Square offers an amazing opportunity for today’s office user looking to make an impression in a modern and redesigned landmark asset,” said David Falk of NKF. “In addition to the soaring views from inside the iconic dome, the property is also self-contained with a dedicated lobby and private elevators that offer safe and secured access for tenants.”
The redeveloped asset was awarded AIA QUAD Design Award and Architizer A+ Awards, Typology Winner for its redesign that features unique and flexible retail and office spaces. The retail options offer up to 30,000 square feet which can be divided into smaller stores that include 14-foot ceiling heights and exceptional visibility. Retailers will also benefit from the high foot traffic that comes with being in the heart of Union Square.
“This is a once in a lifetime opportunity for a retailer to occupy one of the most spectacular and visible buildings in the country and create a world-class shopping experience with an incomparable branding opportunity,” said Mr. Roseman.
The most majestic and eye-opening part of this redevelopment is the futuristic glass dome crowning the building. The dome features 19-foot ceilings and creates a unique, light-filled space with soaring views overlooking Union Square and beyond. BKSK designed a stunning and effective space, taking inspiration for the dome’s design from the property’s historical association with the Tammany Society, which was named after Chief Tamanend- the respected leader of the Lenape People – who signed a treaty of peaceful coexistence with William Penn in 1680. The shell-like dome evokes the symbolic significance of a rising turtle shell in the Lenape creation story and is meant to pay homage to the building’s and Chief Tamanend’s place in New York history. Gartner of the Permasteelisa Group constructed the dome using more than 800 unique triangular glass panels shipped from Germany and enclosed by a lattice network of steel.
“Union Square is a true 24/7 mixed-use neighborhood with a robust network of transportation options, our world-class Greenmarket, and an existing retail and culinary mix that continues to drive foot traffic to the area,” said Jennifer Falk, executive director of Union Square Partnership. “44 Union Square’s spectacular new office and retail spaces are iconic new additions to our thriving community, showcasing the history and promise of the neighborhood.”
Tammany Hall has been an historic fixture of the Union Square neighborhood for centuries and its rebirth as 44 Union Square ensures its relevance for decades to come. The property is positioned at the northeast corner of Union Square Park located at 17th Street and Union Square East. Its convenient downtown location grants tenants access to everything the city has to offer either within walking distance or by public transportation from New York City’s fourth busiest transit hub. Union Square offers a wide variety of shopping, dining, and entertainment venues nearby. Every day nearly 383,000 people walk through Union Square and the annual ridership at the Union Square Station exceeds 35.3 million. The area is also home to 153,000 employees, 75,489 residents and 90,000 students attend area universities that include New York University, The New School and Pratt Institute.
Project Team for 44 Union Square:
• Owner - Reading International, Inc.
• Architect - BKSK Architects
• Dome Façade Construction - Garter of Permasteelisa Group
• Structural Engineering - Thornton Tomasetti
• MEP- Dagher Engineering
• Exterior Envelope Engineering - Buro Happold
• Energy and Commissioning Services - OLA Consulting Engineers
• Construction Management - CNY Group
• Owners Representative - Edifice Real Estate Partners
• Property Management - Avison Young
• ENR New York’s 2020, Safety Best Project, 2020
• ENR New York’s 2020, Renovation/Restoration Best Project, 2020
• AIA QUAD 2017 Design Award, Honor Award - Unbuilt, 2017
• Architizer A+ Awards, Typology Finalist, Commercial - Unbuilt, 2017
About Reading International, Inc.
Reading International Inc. (NASDAQ: RDI) is a leading entertainment and real estate company, engaging in the development, ownership and operation of multiplex cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.
The family of Reading brands includes cinema brands Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and City Cinemas; live theaters operated by Liberty Theatres in the United States; and signature property developments, including Newmarket Village, Auburn Red Yard and Cannon Park in Australia, Courtenay Central in New Zealand and 44 Union Square in New York City.
Additional information about Reading can be obtained from the Company’s website: http://www.readingrdi.com.
Reading International Inc. Forward-Looking Statements
Our statements in this press release contain a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995. Forward-looking statements reflect only our expectations regarding future events and operating performance and necessarily speak only as of the date the information was prepared. No guarantees can be given that our expectation will in fact be realized, in whole or in part. You can recognize these statements by our use of words such as, by way of example, “may,” “will,” “expect,” “believe,” and “anticipate” or other similar terminology.
These forward-looking statements reflect our expectation after having considered a variety of risks and uncertainties. However, they are necessarily the product of internal discussion and do not necessarily completely reflect the views of individual members of our Board of Directors or of our management team. Individual Board members and individual members of our management team may have different views as to the risks and uncertainties involved, and may have different views as to future events or our operating performance.
Among the factors that could cause actual results to differ materially from those expressed in or underlying our forward-looking statements are the following:
- with respect to our cinema operations:
- the number and attractiveness to movie goers of the films released in future periods;
- the amount of money spent by film distributors to promote their motion pictures;
- the licensing fees and terms required by film distributors from motion picture exhibitors in order to exhibit their films;
- the comparative attractiveness of motion pictures as a source of entertainment and willingness and/or ability of consumers (i) to spend their dollars on entertainment and (ii) to spend their entertainment dollars on movies in an outside the home environment;
- the extent to which we encounter competition from other cinema exhibitors, from other sources of outside-the-home entertainment, and from inside-the-home entertainment options, such as “home theaters” and competitive film product distribution technology such as, by way of example, cable, satellite broadcast and DVD rentals and sales, and online streaming;
- the cost and impact of improvements to our cinemas, such as improve seating, enhanced food and beverage offerings and other improvements;
- service disruption during theater improvements; and
- the extent to and the efficiency with which we are able to integrate acquisitions of cinema circuits with our existing operations.
- with respect to our real estate development and operation activities:
- the rental rates and capitalization rates applicable to the markets in which we operate and the quality of properties that we own;
- the extent to which we can obtain on a timely basis the various land use approvals and entitlements needed to develop our properties;
- the risks and uncertainties associated with real estate development;
- the availability and cost of labor and materials;
- the ability to obtain all permits to construct improvements;
- the ability to finance improvements;
- the disruptions from construction;
- the possibility of construction delays, work stoppage and material shortage;
- competition for development sites and tenants;
- environmental remediation issues;
- the extent to which our cinemas can continue to serve as an anchor tenant that will, in turn, be influenced by the same factors as will influence generally the results of our cinema operations;
- the ability to negotiate and execute joint venture opportunities and relationships; and
- certain of our activities are in geologically active areas, creating a risk of damage and/or disruption of real estate and/or cinema businesses from earthquakes.
- with respect to our operations generally as an international company involved in both the development and operation of cinemas and the development and operation of real estate; and previously engaged for many years in the railroad business in the United States:
- our ongoing access to borrowed funds and capital and the interest that must be paid on that debt and the returns that must be paid on such capital;
- expenses, management and Board distraction and other effects of the litigation efforts mounted by James Cotter, Jr. against the Company, including his efforts to cause a sale of voting control of the Company;
- the relative values of the currency used in the countries in which we operate;
- changes in government regulation, including by way of example, the costs resulting from the implementation of the requirements of Sarbanes-Oxley;
- our labor relations and costs of labor (including future government requirements with respect to pension liabilities, disability insurance and health coverage, and vacations and leave);
- our exposure from time to time to legal claims and to uninsurable risks such as those related to our historic railroad operations, including potential environmental claims and health-related claims relating to alleged exposure to asbestos or other substances now or in the future recognized as being possible causes of cancer or other health related problems;
- our exposure to cyber-security risks, including misappropriation of customer information or other breaches of information security;
- changes in future effective tax rates and the results of currently ongoing and future potential audits by taxing authorities having jurisdiction over our various companies; and
- changes in applicable accounting policies and practices.
The above list is not necessarily exhaustive, as business is by definition unpredictable and risky, and subject to influence by numerous factors outside of our control, such as changes in government regulation or policy, competition, interest rates, supply, technological innovation, changes in consumer taste and fancy, weather, and the extent to which consumers in our markets have the economic wherewithal to spend money on beyond-the-home entertainment.
Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results will undoubtedly vary and there is no guarantee as to how our securities will perform, either when considered in isolation or when compared to other securities or investment opportunities.
In addition to the forward-looking factors set forth above, we encourage you to review Item 1A. “Risk Factors,” from our Company’s Annual Report on SEC Form 10-K for the Year Ended December 31, 2018.
Finally, we undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak.
Additionally, certain of the presentations included in this press release may contain “pro forma” information or “non-U.S. GAAP financial measures.” In such case, a reconciliation of this information to our U.S. GAAP financial statements will be made available in connection with such statements.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.