JLL announced that the real estate services firm has been retained by the New York Auto Museum (NYAM) initiative to open a 200,000-square-foot museum and entertainment complex in the heart of Manhattan that could serve over two million visitors a year.
The NYAM initiative is seeking a landlord partner to create what would be the nation’s first permanent facility dedicated to showcasing the past, present and future of the automobile.
JLL New York chairman Peter Riguardi and vice president Charles Gerace are leading the effort to secure a strategic partner with a prime location for a world-class entertainment destination featuring exclusive car collections, educational exhibits and technological innovations, along with unique shops, social gathering spaces and a restaurant.
“We are excited to partner with the New York Auto Museum initiative to find a home for their innovative new concept, which is already generating interest from several property owners,” said Riguardi. “New York is one of the world’s most exciting cities with attractions that draw millions here every year. This tremendous new venture promises to further elevate the city’s standing as a premier venue for spectacles that inspire and delight visitors and residents alike.”
NYAM is seeking a centrally located Manhattan property that could accommodate approximately 200,000 square feet of contiguous venue space. The initial plans include outdoor space and capacity to host original programmed events and gatherings, along with digital infrastructure to support a focus on culture, innovation, learning and research.
“The New York Auto Museum initiative is moving forward with a venture that will have a major impact not just on tourism, but on the overall New York City economy,” said David Senater, executive director of NYAM. “It will create jobs, bolster tourism and bring benefits to local households, businesses and state and local tax revenues. Our non-profit component also intends to offer low-cost tickets valued at $30 million-a-year to the Department of Education.”
Members of the board of the NYAM initiative include leading experts in the automobile, historic preservation and popular culture sectors, including National Corvette Museum founder Ray Battaglini, Formula 1 Club director Christian Ginet, pop artist and racing historian Bernd Luz, and Eric-Mark Huitema, the former director general of the European Automobile Manufacturers™ Association (ACEA).
Otto F. Wachs, former CEO of the famed Autostadt Volkswagon theme park that draws two million visitors annually to Wolfsburg, Germany, serves as chairman of the board of NYAM. Wachs commented, “New York is the ideal place to open an impressive and informative Auto Museum to tell the extraordinary history of the automobile’s contribution to global mobility and personal freedom and its significance in a dramatically evolving world. It is a great honour to support this magnificent venture to create an automotive super-destination.”
According to market and consumer data provider Statista, museums were the most popular immersive activity (digital or physical) across all age groups in 2021. Home to two of the world’s largest museums – the Metropolitan Museum of Art and the Brooklyn Museum – New York has seen a surge in experiential concepts as people emerge from the pandemic eager to see, feel and touch in person again.
In 2021, JLL’s Gerace arranged the 70,000-square-foot short term lease at Pier 36 for Lighthouse Immersive Inc. to stage the first large-format, fully immersive digital Van Gogh Exhibit. Gerace said, “As the global office market undergoes a transformational shift, the museum presents an opportunity to repurpose space. New York Auto Museum will offer the type of tangible enjoyment that has been enthusiastically embraced since the pandemic upended our lives. As a car enthusiast myself, it’s exciting to be involved in this new venture and I look forward to working with NYAM, the city’s landlords and the Administration to bring another great concept to New York.”
