Nobu Hotel and Residences - 45 Broad Street (62 Storeys)

[londonlawyer]

Swig Equities are demolishing what was a nice building at 45 Broad. Does anyone know what will rise there?

[lofter1]

DOB says this for 43 - 47 Broad Street -- PERMIT (http://a810-bisweb.nyc.gov/bisweb/JobDetailsServlet?requestid=2&allisn=0001289980&allboroughname=&allnumbhous=&allstrt=) issued 3.21.07 ...

INSTALLATION OF HEAVY DUTY SCAFFOLD 60 FEET LONG AND 80 FEET HIGH DURING FACADE REPAIR. SHED FILED SEPARATELY. NO CHANGE IN USE, EGRESS OR OCCUPANCY.

However there is also a DEMO PERMIT for a Fence (http://a810-bisweb.nyc.gov/bisweb/JobDetailsServlet?requestid=5&allisn=0001307302&allboroughname=&allnumbhous=&allstrt=) to be installed (Issued 3.21.07).


And another PERMIT (http://a810-bisweb.nyc.gov/bisweb/JobDetailsServlet?requestid=5&allisn=0001303029&allboroughname=&allnumbhous=&allstrt=) issued 3.21.07 for this:Filing herewith for use of bobcat equipment for demolition by mechanical means as indicated on plans filed herewith. Placement of bobcat equipment on floors durning demolition.
No NEW BUILDING Application has been filed for this site.

[londonlawyer]

I saw that, but the building that was there is gone and only a pile of rubbish remains.

[lofter1]

Wow -- that was fast -- DEMO permit issued 9 days ago and now just rubbish ...

[londonlawyer]

This building was there and is gone.

http://propertyshark.com/mason/components/photo/pic_view.html?size=1&imgname=1-00025-0007.KUPg6cF3.jpg

[antinimby]

This site has a FAR of 15 and zoned C5-5 (the same as the William-Beaver condo). The lot area is 8365.

I hope they're not doing condos.

[londonlawyer]

So a pretty tall tower can go there. It's a much smaller site than the Beaver's big hole.

[lofter1]

Interesting bit of history regarding a mural (http://www.altontobey.com/ships.html) that was inside 45 Broad Street, formerly the site of the American Bureau of Shipping (mural removed and moved to Texas):

[antinimby]

Yeah, the lot size is about 1/3 of WB's.

[londonlawyer]

So if they can build as much space as Beaver on a much smaller lot, this building could be pretty tall (e.g., 700-800 feet).

[posterboy]

What a coincidence! After watching the demolition for the last weeks (and having to listen to the pre-demo jackhammering for weeks beforehand), i finally decided to look up the address and permits on the dob site today, came to the forum to make sure nothing was posted on the topic yet and whadda ya know - you guys are already on the case.

Will keep a close eye on this one. buildings rising all around. very exciting.

[antinimby]

So if they can build as much space as Beaver on a much smaller lot, this building could be pretty tall (e.g., 700-800 feet).It won't have as much space as WB because of the fact that it's on a smaller lot.

My guess is that it will be in the 20-30 floor range.

[londonlawyer]

It won't have as much space as WB because of the fact that it's on a smaller lot.

My guess is that it will be in the 20-30 floor range.

Thanks. It sucks that they razed the nice old building there particularly since a Macklowe-esque box likely will rise there.

[antinimby]

^ Ya better believe it!

No one does glass boxes better (or more of them) than this city. :D

[londonlawyer]

But Macklowe's are particularly cheap and heinous. For example, the new condo on 74th and 2nd is way better than Macklowe's new tower on 53rd and Madison despite the fact that the former location is not nearly as prime as the latter.

http://www.cityrealty.com/graphics/uploads/1174945824_74e224s.jpg

versus
http://www.nycityscape.com/macklowe/p2.jpg

[Derek2k3]

The demolished building did seem nice, other cities, in fact the outer boroughs could only wish structures like this lined their streets. My guess is this will be a low design budget 34 story luxury rental tower...I hope I'm off.

Anyway, from the September 2006: Manhattan Commercial Real Estate Update

45 Broad Street, a 70,000 SF office building was acquired by Swig Equities for $34.5 million and includes 55,000 SF of air rights. The building went for $493 per SF while the air rights and building together were worth $276 per SF.

[krulltime]

versus
http://www.nycityscape.com/macklowe/p2.jpg

Never seen this rendering. Is this one under construction already?

[krulltime]

The demolished building did seem nice, other cities, in fact the outer boroughs could only wish structures like this lined their streets. My guess is this will be a low design budget 34 story luxury rental tower...I hope I'm off.

So sad about that old buildings indeed. I hope you guess wrong about what will rise there. :(

[londonlawyer]

Never seen this rendering. Is this one under construction already?

Yes. This is the POS that Macklowe is building one of the most prime sites in Manhattan, 53rd and Madison. He razed many nice buildings for this site.

Although most people were sad to see the Drake get razed, I think they found some comfort in the thought of an 800 foot masterpiece rising on its site. Since Macklowe is the "developer," I predict a 600 foot POS box will rise on the Drake's site.

[Derek2k3]

My guess is this will be a low design budget 34 story luxury rental tower...I hope I'm off.


If the landmark transfer doesn't proceed I would have been pretty close. Anyway, hopefully the 47 story tower goes through and with a spectacular design at that. How typical of the community board to be dismayed by 12 extra stories, as if you can tell the diference between walking next to a 35 story tower and 47 story one in the Financial District. If the developer tried to build this tower in a canyon-less area, we'd hear nothing but outrage.


Owner Asks to Demolish Part of Landmark

By Carl Glassman
POSTED MARCH 30, 2007


Among its many Downtown holdings, Swig Equities owns a city protected landmark, the massive 25
Broad Street. It’s “a magnificent property,” Kent Swig, the company’s president, says of the 105 year-old former office building. Most of it, that is.

Swig is seeking permission from the city’s Landmarks Preservation Commission to “decertify” the landmark status of a rear wing of the building, which would allow him to demolish it.

The owner is converting the 315-apartment rental building into condominiums. The elimination of the 20-story wing (only the first floor would remain) would allow Swig to create views for the new condos in that part of the building, and “transfer” that bulk by adding 12 stories to what otherwise would be a 35-story tower he plans to construct nearby, at 45 Broad Street.


In return, Swig would restore the building’s exterior.

Last month, he made his pitch to the Landmarks Committee of Community Board 1, which is advisory to the Landmarks Commission.

“Can we actually remove this section, place the bulk [on 45 Broad Street] and put in all the dollars that are necessary into a piece of the building that people will see and enjoy?” Swig asked.

Swig said the wing is only 16 percent of the entire building and, in any event, would be nearly hidden by other buildings going up around it. In addition, he argued, much of the exterior has been altered over the years.

“When one looks at the whole building, it’s pretty clear that [the wing] is a secondary feature,” Swig told the board.


Most members of the committee seemed to agree that the building section could come down, but they took exception to other alterations to the building and especially were not happy that the new tower, 45 Broad Street, would grow taller as a result.

“This is a canyon area and it will just become more so,” said committee member Marc Donnenfeld.

Roger Byrom, the committee’s co-chair, had a suggestion. “Are you prepared to consider [offering] something that the community would get a benefit from?”

“We’re very active Downtown,” said Swig, whose company, by his own reckoning, owns “eight or nine” buildings in the Financial District. “So I think we’re willing to look at anything that’s reasonable and makes sense to the community.”

Matters of bulk transfer are not the purview of the Landmarks Committee and in a telephone interview with the Trib, Swig made it clear that a public amenity could not be exchanged for approval of his plans. Byrom, too, said no tradeoff was on the table.

Nevertheless, Swig, who bought the building for a reported $200 million in 2005 from Crescent Heights—its principal, Bruce Menin, is the husband of CB1 chair Julie Menin—said he was prepared to offer a public amenity in another one of his buildings “just because it’s a nice thing.”

Having later met with several board members, Swig said he has an idea “which they are thrilled over.” Neither he nor Byrom would say what that is but Byrom called it “exciting.” Swig returns to the committee April 12 to again discuss proposed alterations to his building.

Menin said she will recuse herself for the board’s vote on Swig’s plan because she lives at 25 Broad Street.



http://www.tribecatrib.com/news/newsapr07/25Broad.htm
The Tribeca Trib · 401 Broadway, 5th Floor · New York, NY · 10013 ·

[ablarc]

Having later met with several board members, Swig said he has an idea “which they are thrilled over.” Neither he nor Byrom would say what that is but Byrom called it “exciting.” Swig returns to the committee April 12 to again discuss proposed alterations to his building.
Aw, let the cat out of the bag, already.

[pianoman11686]

But Macklowe's are particularly cheap and heinous. For example, the new condo on 74th and 2nd is way better than Macklowe's new tower on 53rd and Madison despite the fact that the former location is not nearly as prime as the latter.

http://www.cityrealty.com/graphics/uploads/1174945824_74e224s.jpg

versus
http://www.nycityscape.com/macklowe/p2.jpg

I've already asked londonlawyer to justify this comparison in another thread. Is no one else bothered by the hyperbole?

[londonlawyer]

I've already asked londonlawyer to justify this comparison in another thread. Is no one else bothered by the hyperbole?


I missed your request in the other thread. What is your inquiry?

[pianoman11686]

http://www.wirednewyork.com/forum/showpost.php?p=152960&postcount=92

[antinimby]

Plans filed for mixed-use tower at 45 Broad Street



07-SEP-07 (http://www.cityrealty.com/new_developments/news.cr?noteid=19902)

Swig Equities filed plans Wednesday with the Department of Buildings for a 53-story, mixed-use tower with 92 residential units at 45 Broad Street.

Phil Jones, director of development for Swig Equities, told Cityrealty.com today that its plans for the site are still in the "very early, conceptual stages."

It is south of the company's recent residential conversion of 25 Broad Street, where he obtained permission last April from the Landmarks Preservation Commission for permission to demolish a rear wing.

25 Broad Street was declared an individual landmark in 2000.

The demolition would cut off the top 20 stories of the 21-story wing, which would remove about 17 percent of the building's mass and 36 apartments.

The wing extends to the south from the middle of the building and extends into the middle of the block and is not very visible because of nearby high-rise buildings including a new residential tower under construction at 15 William Street.

Swig Equities hopes to use the cut-off mass, which would amount to about 80,000 square feet, at 45 Broad Street. The transfer would add about 12 stories to the 35-story building then planned for the site.

Kent Swig, a principal of Swig Equities, told CityRealty.com after the commission's meeting that details still had not been finalized for 45 Broad Street, but that it would contain retail space, a hotel and residential condominiums.

Mr. Jones today said those plans had not changed. James Davidson of SLCE is the architect of record for the new building and Mr. Jones said that Moed de Armas & Shannon will design the tower.

25 Broad Street is a 21-story building that was the world's largest building when it was completed in 1902. Located on the southeast corner of Broad Street and Exchange Place, it is one block south of the New York Stock Exchange. It was designed in 1899 by Robert Maynicke and his plans were revised the next year by Clinton & Russell.

The building is distinguished by its very handsome facade and entrance and its stunning and huge lobby. It has a three-story rusticated base with a five-step-up entrance.

In their wonderful book, "The A.I.A. Guide to New York City, Fourth Edition" (Three Rivers Press, 2000), Elliot Willensky and Norval White observed that the building is "worthy of the best on Park Avenue." In fact, the building predates most of the buildings on Park Avenue and its huge marble lobby with coffered ceiling is worthy of the world's most luxurious hotels.

According to the Skyscraper Museum, the building remained the world's largest building from 1902 to 1907 when it was surpassed in size by the City Investing Building. When it was completed, the "Broad Exchange Building," as it was known, was "the largest and most valuable office building in all of Manhattan" and, according to the Swig Equities's website, "was instantly recognized as one of the most desirable addresses for Wall Street's brokers and bankers, providing headquarter facilities for Paine, Webber and Company for nearly seventy years."

The building was converted from an office building in 1997 by Crescent Heights to 346 rental apartments. The building had been vacant for several years after the stock market crash of 1987. Mr. Swig acquired the building from Crescent Heights in 2005 for about $200 million.

John Cetra, the architect in charge of the conversion and renovation plans for 25 Broad Street, told the commission that the plans for the building would restore the rear wall of the building and replace an angled parapet wall with many small arches that had been removed in 1928.

The site at 45 Broad Street was once occupied by the firm of Joseph Meeks & Sons, one of American's most prominent furniture makers in the mid-18th Century, and more recently by an 8-story commercial building that Swig Equities demolished.

Copyright © 1994-2007 CITY REALTY.COM INC.

[sfenn1117]

^708 feet tall from the DOB, and it will still hardly make a skyline impact. Still bigger than I first thought though, plus the hotel component is good.

[Stern]

Moed de Armas & Shannon sucks.

[londonlawyer]

Moed de Armas & Shannon sucks.

I concur.

[Derek2k3]

Londonlawyer initially estimated the right height of the tower and posted a rendering of a tower done by same architects before info on this was even released. Is there something we should know lawyer?

708'+ will actually be an quite addition. The Beaver is only slightly over 500' and can be seen from both sides of the waterfront.

[Al_Frick1234]

Perhaps someone could give some advice?

My offer was accepted and I was reading the purchase agreement.

Swig appears to be attempting to cover their @ss at every turn. They say that the 10% deposit is not returned if the buyer cannot secure financing. Is this normal?

Other wacky things:

1) No mention whatsoever about all the fancy pants appliances, floors, fixtures the salesman promised.


2) If there's an existing tenant, buyer cannot evict him.


Wow, what's the point of buying a $900K condo if I can't live there?

[Templeton]

HEY THERE. INTERESTING QUESTIONS, BUT NOT TO WORRY. SEE BELOW.

They say that the 10% deposit is not returned if the buyer cannot secure financing. Is this normal? [VERY NORMAL. NO ONE IN NYC SELLS AN APARTMENT SUBJECT TO A BUYER RECEIVING FINANCING. THE DEVELOPER PROBABLY HAS A RELATIONSHIP WITH A MORTGAGE BANK WHO WILL GUARANTEE GOOD FINANCING OPTIONS]

1) No mention whatsoever about all the fancy pants appliances, floors, fixtures the salesman promised. [ALL IS CONTAINED IN THE OFFERING PLAN. THE PURCHASE CONTRACT REFERENCES THE PLAN WHICH LISTS THE APPLIANCES/FIXTURES, ETC.]


2) If there's an existing tenant, buyer cannot evict him. [VERY STANDARD. FIND OUT IF YOU APARTMENT IS OCCUPIED - IF IT IS NOT, THIS IS NOT AN ISSUE FOR YOU]

[Front_Porch]

Al Frick: Templeton below you has answered all your questions, but honestly, if you are spending $900,000 on an apartment, you should spend $1,500 on an attorney to read your contract. It is one thing to buy without a broker -- though I wouldn't advise it -- but I don't understand making a major financial decision without legal advice.

Templeton: at the bottom right of every post is a little blue button that says "Quote" -- if you want to answer someone's questions, just hit the quote button. What will pop up is a reply window for you, and the text you are responding to will appear between the tags "quote" and "/quote."

You can edit their text as long as you don't delete those beginning and ending tags.

ali r.
{downtown broker}

[Templeton]

Templeton: at the bottom right of every post is a little blue button that says "Quote" -- if you want to answer someone's questions, just hit the quote button. What will pop up is a reply window for you, and the text you are responding to will appear between the tags "quote" and "/quote."

You can edit their text as long as you don't delete those beginning and ending tags.

ali r.
{downtown broker}

Thank you, Ali R.

[Al_Frick1234]

HEY THERE. INTERESTING QUESTIONS, BUT NOT TO WORRY. SEE BELOW.

They say that the 10% deposit is not returned if the buyer cannot secure financing. Is this normal? [VERY NORMAL. NO ONE IN NYC SELLS AN APARTMENT SUBJECT TO A BUYER RECEIVING FINANCING. THE DEVELOPER PROBABLY HAS A RELATIONSHIP WITH A MORTGAGE BANK WHO WILL GUARANTEE GOOD FINANCING OPTIONS]

1) No mention whatsoever about all the fancy pants appliances, floors, fixtures the salesman promised. [ALL IS CONTAINED IN THE OFFERING PLAN. THE PURCHASE CONTRACT REFERENCES THE PLAN WHICH LISTS THE APPLIANCES/FIXTURES, ETC.]


2) If there's an existing tenant, buyer cannot evict him. [VERY STANDARD. FIND OUT IF YOU APARTMENT IS OCCUPIED - IF IT IS NOT, THIS IS NOT AN ISSUE FOR YOU]



Thanks a million for your response. I was stressing out because Swig's plan is about a mountain of paperwork. I did hire a lawyer, but I think he's really good for nothing and just wants to collect his fee.

Almost every line in the Plan and the Agreement are skewed towards their end.

By the way, you sound as if you've looked a little at the plan yourself. Are we perhaps going to be neighbors possibly? I'll owe you a drink if that is the case.

[Al_Frick1234]

Al Frick: Templeton below you has answered all your questions, but honestly, if you are spending $900,000 on an apartment, you should spend $1,500 on an attorney to read your contract. It is one thing to buy without a broker -- though I wouldn't advise it -- but I don't understand making a major financial decision without legal advice.

Templeton: at the bottom right of every post is a little blue button that says "Quote" -- if you want to answer someone's questions, just hit the quote button. What will pop up is a reply window for you, and the text you are responding to will appear between the tags "quote" and "/quote."

You can edit their text as long as you don't delete those beginning and ending tags.

ali r.
{downtown broker}

Ali, I did hire a lawyer. But as I mentioned to Templeton, I think he's good for nothing and wants to do the minimal work and collect his fee. I'm paying him $1300 but doing most of the work for him it seems.

This is my first home purchase so forgive a noob: How do people actually agree to these outrageous demands and sign over their lives? If I lose my job, no bank in the world will lend to me and I'll lose my 10% deposit.

[antinimby]

45 Broad St. is completely cleared (too bad because it was a nice classy building):

http://img208.imageshack.us/img208/839/img0063tb3.jpg http://img517.imageshack.us/img517/8194/img0060zy1.jpg



Here's the next door neighbor to its right (41 Broad St.):

http://img216.imageshack.us/img216/7132/img0059mv1.jpg



...and next to that is the landmarked 25 Broad St.:

http://img517.imageshack.us/img517/7293/img0061vs7.jpg http://img517.imageshack.us/img517/9994/img0062ku8.jpg



...where its rear wing has been approved for demolition. You can see the rear wing here with the underconstruction 15 William St. peaking through the top:

http://img296.imageshack.us/img296/2636/img0064hu9.jpg

[londonlawyer]

As per the DOB's website, this building will e slightly taller than 700 feet, and SLCE Architects are the architects of record.

[posterboy]

FYI, it looks to me like interior demolition of the rear wing of 25 broad is well under way. perhaps we'll see something rising at 45 broad by next year.

[brianac]

45 Broad Street
Deep in the heart of the Financial District, a new 56-story hotel and residential tower is on the rise. The building is located at 45 Broad Street, between Beaver Street and Exchange Place in the New York Stock Exchange security zone. The new tower will be home to a 160-room hotel with condominium units on its upper floors. Swig Equities is managing the project, with Tishman Construction building the tower. It is expected to open in summer 2010. Click here (http://www.lowermanhattan.info/flash/visualization/default.asp) for a tour of the rebuilding projects taking place in Lower Manhattan.
Locate this project on the Interactive Streetwork Map (http://www.lowermanhattan.info/flash/transportation/default.asp?layer=alerts).

Daily Activities

*The following information was last updated on March 7, 2008.

Demolition is taking place through June 2008
Foundation work including excavation will begin in July 2008 for approximately one year
Construction access is being coordinated with the city’s New York Stock Exchange streetscape improvements (http://www.lowermanhattan.info/construction/project_updates/new_york_stock_exchange_20651.aspx)
© 2007 Lower Manhattan Construction Command Center/LMDC

[Fahzee]

http://img517.imageshack.us/img517/9994/img0062ku8.jpg


...where its rear wing has been approved for demolition. You can see the rear wing here with the underconstruction 15 William St. peaking through the top:

http://img296.imageshack.us/img296/2636/img0064hu9.jpg

eek! please don't tell me that the above photo is the rear wing of 25 Bond - that would be a total travesty!!!

[londonlawyer]

The building seen in that photo is safe. The rear wing of the building that's coming down was not visible from any street until 45 Broad was razed. It's not a loss.

Hopefully, something nice will be built here, rather than a mediocre piece of junk.

[avngingandbright]

10 bucks to anyone that can find a picture of 45 broad pre-demolition.

[antinimby]

You owe me $10.

http://img389.imageshack.us/img389/5286/45broadnb1.jpg

[Fahzee]

45 Broad - RIP (found on Curbed)
Edit: whoa - AntiNimby - you posted the SAME EXACT PHOTO

[Stern]

I don't understand luxury development in this spot. If I was going to pay top dollar I certainly would not pay to live in a dark cavern, there is no light in this spot. Plus it's not yet a truly 24/7 community yet.

[londonlawyer]

From the May 8, 2008 edition of curbed.com:

Not bad!

http://curbed.com/uploads/2008_5_45broad.png

[Fahzee]

interesting design

[macreator]

I don't understand luxury development in this spot. If I was going to pay top dollar I certainly would not pay to live in a dark cavern, there is no light in this spot. Plus it's not yet a truly 24/7 community yet.

Here's more from the Curbed (http://curbed.com) blurb:

Now that the confusion regarding the location of the Nobu Hotel has been cleared up, Braden Keil has the reveal on what the Financial District's Robert De Niro-backed luxury hotel/condo will look like—and surprise, it's another huge all-glass tower for our little island. According to developer Kent Swig there will be 77 "super-luxury" condos on floors 41 through 62, and 128 hotel rooms and 13,000-square-feet of retail space below. The Nobu restaurant will be on the third floor of the six-story transparent base. Moed de Armas & Shannon designed the curvy exterior of 45 Broad Street, and the ubiquitous Rockwell Group will be handling the guts. So! The Nobu Hotel, the W Hotel & Residences, the Four Seasons—can the FiDi really handle all of these hotel hybrids?

While FiDi is still certainly not a 24/7 neighborhood, I can imagine that having a Nobu restaurant in the building will certainly sell units.

[macreator]

I think the design looks good from what I can tell. More curves is always good -- and the proportions seem fantastic.

[Stern]

The proportions fit very nicely with the cigar-shaped towers that defined lower-manhattan, especially 20 Exchange Place and 70 Pine Street. And its curved which is a nice touch and should look great among the canyons and at the upper-level in relation to New York harbor. It looks to be about 800 feet so it should have an impact on the skyline.

[antinimby]

I'm with both of you's on the curve thing. It's always preferred over the usual square corner.

I'm liking what I see so far although we might need to see the back and side views (to see if there are lots of blank walls.)

[antinimby]

JUST SAY NOBU

http://www.nypost.com/seven/05082008/photos/re049a.jpg
GLASSY CHASSIS: The Nobu tower will rise
at 45 Broad St.


http://www.nypost.com/img/cols/bradenkeil.jpg

May 8, 2008 (http://www.nypost.com/seven/05082008/realestate/just_say_nobu_109842.htm)-- Here is a first look at the planned Nobu Hotel and Residences in the Financial District, which will rise in a 62-story glass tower at 45 Broad St.

Kent Swig of Swig Equities has announced that the nearly 650-foot structure will include 77 "super-luxury" condos on floors 41 through 62, as well as a 128-room hotel and approximately 13,000 square feet of retail space on the ground level and second floor. There will be a Nobu restaurant on the third floor.

David Rockwell and the Rockwell Group have designed the interior, while the firm of Moed de Armas & Shannon designed the glass exterior with oblique curves. There will be a six-story base with a transparent glass facade.

The eco-friendly building will include a health club and spa, open to both residents and hotel guests, with an indoor pool and outdoor sun terrace.
Partners in the project include Robert De Niro, Nobu Matsuhisa, Richie Notar and Meir Teper. Drew Nieporent is also a partner in the restaurant.

Copyright 2008 NYP Holdings, Inc.

[ASchwarz]

I think it's 709 ft per DOB, but that doesn't include rooftop mechanicals and the like.

[Scraperfannyc]

Again this is downtown, where they do development right!

[BrooklynLove]

very nice. the view from bk just keeps on getting better.

[ramvid01]

I wouldn't say it does it right, I would say because of the tight spaces available in Lower Manhattan that architect's have to be creative.

[Scraperfannyc]

I wouldn't say it does it right, I would say because of the tight spaces available in Lower Manhattan that architect's have to be creative.

Well, lets see. There is:

8 spruce street, goldman sachs, new WTC buildings, 99 church street, 123 albany, visionare, Barclay apt. tower, and others (with the exception of the Beaver which may have been a nice try, but visually, it did not come out very well). There is less space to build in this area, and no real gems were destroyed by developers to build these. Best of all, these buildings are being built as planned without any scaling back. As a matter of fact, the new WTC was scaled up from the orginal selection. What other part of manhattan does this?

[Stern]

Unfortunately Lower Manhattan is just about built-out.

[antinimby]

Swig MXD Tower Has Industry Confidence


http://www.globest.com/newspics/nyc_kentswig.jpg
Swig

Last updated: May 9, 2008 (http://www.globest.com/news/1154_1154/newyork/170624-1.html) 08:37am

NEW YORK CITY-Some commercial real estate insiders have recently expressed nervousness in regards to the current economic state.
However, Kent Swig, president of locally-based Swig Equities LLC, who recently revealed plans to construct a 62-story, luxury, mixed-use development Downtown, tells GlobeSt.com that the real estate market is strong. "I would rather be building into a better market than one that is slipping."

Swig tells GlobeSt.com that construction on the all-glass tower development, which includes the US debut of the Nobu Hotel and Residences and a Nobu restaurant, will take anywhere from 20 to 24 months to build, "and I am assuming that we will be in a better market then, than we are today." Although Swig says he has construction cost numbers, he cannot provide them at this time. He did note that he anticipates ground-breaking in the third quarter of this year.

He explains that it is a great time to be Downtown. "There are more and more tenants heading there." The tower will be located in the heart of Lower Manhattan's Financial District neighborhood at 45 Broad St., across and down the street from the New York Stock Exchange.

Hotel experts note that there is a lot of confidence in Downtown at the moment. Sumner Baye, president and partner of International Hotel Network, tells GlobeSt.com, that "Downtown is a very interesting situation. A lot of success for projects, such as these, depends on who will remain downtown," he says referring to the importance of keeping tenants such as the banking/financial world downtown.

"Although we are in a tighter money market, I have no doubt in Swig's ability to get things done," he says, although he explains that as with any situation, there are always risks to consider. "We are talking about looking at the future and what it's going to look like two years from now," he says. "It's always a gamble, because you never know what things are going to be like a few years from now, however I believe that area will be very much alive."

Baye notes that the key to success, is to keep the people that are down there right now, down there. "Hopefully, these large companies will stay downtown. Do we need condo/hotels Downtown?" he queries, "yes. There is a demand and there will be a need for more hotel rooms as current projects such as the WTC get completed. I feel positive about the future here."

Daniel Lesser, senior managing director of CB Richard Ellis' Valuation & Advisory Services and Hospitality and Gaming Group, tells GlobeSt.com that Downtown continues to undergo major change and development with significant office, residential, tourist and transportation projects expected to be completed over the next five years. "The area is increasingly evolving into a 24/7 full service neighborhood with the addition of high-end high-rise residential apartments and condominiums as well as restaurants, retail and entertainment venues," he explains. "Diverse groups of office tenants have been migrating to lower Manhattan to take advantage of lower rents when compared to Midtown. Hotels are experiencing strong occupancy levels and increases in room rates that exceed underlying inflation rates."

Lesser continues that the World Trade Center site is the top visited downtown tourist destination, with more than five million visitors expected annually once the memorial and museum open. "Once completed, the World Trade Center Transportation hub and the Fulton Street Transit Center are anticipated to revolutionize commuting and travel patterns for the city of New York as a whole, and will position downtown as a world class neighborhood."

Lesser tells GlobeSt.com that similar to all of Manhattan, "Downtown is currently 'under-hoteled' with a variety of new lodging projects in various stages of development. Given the increased corporate and leisure/transient demand expected during the foreseeable future, occupancy levels should remain strong coupled with continued growth in room rates above inflationary levels."

(The state of Downtown as a whole, will be spotlighted on May 13 at RealShare Downtown New York. Both Swig and Lesser will participate as speakers at the event.)

Stuart Saft, a partner with Dewey & LeBoeuf LLP, tells GlobeSt.com that this is the perfect time to start working on a new development or rehab project "because of the time it takes to bring a new building to complete and bring it to market. A typical building beginning construction today will not be ready for occupancy until 2011, which is after the economy has recovered from its present tribulations. By that time the older buildings will have been absorbed and the new building will hit a marketplace that looks entirely different than today." Saft explains that this is particularly true of the New York City market, which is "still an international financial and tourist center where the shrinking dollar is a great lure for foreign buyers and renters."

This is an interesting time and an interesting project, explains Deborah Jackson, executive managing director of Weiser Realty Advisors LLC. "This area is one where many of the luxury retailers have gone, which is positive for the project--both as it enhances the area and probably makes leasing the retail space in the property a little easier."

One question has to be in the residential component, she says. "The market remains relatively strong in Manhattan but one might question the ease in marketing this number of units in this submarket. Still, we have seen a lot of interest in luxury residential units from foreigners--who find the weak dollar to their advantage."

Jackson agrees with Lesser in that tourism is strong in the City. She also notes that "while the press talks about a 'growing' recession, Manhattan remains relatively strong (in most areas). By the time this project opens, even Wall Street may be on stronger footing."

Jackson did express concern about the downtown location versus midtown, but she says that "hotels have worked before downtown, and with new office product over time, should work again."

The primary elements of the project at 45 Broad St. include approximately 13,000 sf of retail space located on the ground level and second floor; a Nobu restaurant on the third floor; a 128-room, five-star Nobu Hotel with a ground floor entrance; as well as 77 super-luxury condominium residences on floors 41 through 62, which Swig tells GlobeSt.com should have no trouble getting filled.

Swig Equities will serve as the exclusive sales and marketing agent for the project. According to the Alliance for Downtown New York, Lower Manhattan has one of the highest median household income rates, having increased 47% since 2004 to $162,700.

The building will be sustainable, meeting design and construction requirements for LEED Certification by the US Green Building Council for environmental responsibility and energy efficiency. Swig tells GlobeSt.com that the decision to go green was easy. "It is the right thing to do.

Buildings account for the most amount of greenhouse emissions. It was a pretty straight forward decision to "be responsible."

Copyright © 2008 ALM Properties, Inc.

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10 bucks to anyone that can find a picture of 45 broad pre-demolition.


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All photographs are copyright Dylan Stone http://digitalgallery.nypl.org/nypldigital/dgtitle_tree.cfm?level=1&title_id=288220

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