New tower on NW Corner of 42nd and 8th?

[londonlawyer]

The following was reported in the 3-9-05 edition:

The Duane Reade building on the northwest corner of 42nd St. and Eighth Ave. is under contract to be sold to a group led by Jeff Sutton and Joe Cayre, sources said.

This site is such an eyesore. Hopefully, it will spark much needed development on a hideous stretch of 8th Avenue.

[Wrightfan]

I know for a fact there will be but am not at liberty to divulge the details. (yet)

[BrooklynRider]

Hmmm. The Duane Reade is locked in by the L shaped building around it. Wonder if that buildin is in the mix? The Laugh Factory recently opened there. Would they sign a lease in a building up for sale? Also, there is the large parking lot to the west of that building. It could be a big foot print if all of those lots come into play.

In the meantime, Time Square Plaza site lays dormant and puddle-filled.

[londonlawyer]

I know for a fact there will be but am not at liberty to divulge the details. (yet)

Do you work for a developer or architect?

[londonlawyer]

Hmmm. The Duane Reade is locked in by the L shaped building around it. Wonder if that buildin is in the mix?...

I was thinking the same thing.

[Wrightfan]

n/t

[londonlawyer]

n/t

Does that mean that you're neither?

[Derek2k3]

I know for a fact there will be but am not at liberty to divulge the details. (yet)

hmm...now I'm excited.

[arbeiter]

There are two Duane Reades next to eachother: one at 40th in PABT and then the one at 42nd.

[BrooklynRider]

Let's assume this site gets developed and Milsteins move on Times Square Plaza. With NYTT in construction, how long before the PA Tower gets new life?

Ok, ok, I'm jumping ahead.

[alex ballard]

Let's assume this site gets developed and Milsteins move on Times Square Plaza. With NYTT in construction, how long before the PA Tower gets new life?

Ok, ok, I'm jumping ahead.

Ok, what is this "PA tower"? I mean, doesn't the Port Authority have the space at Journal Sq? Of course, those jobs coming to NY would be a very good thing...

[londonlawyer]

Let's assume this site gets developed and Milsteins move on Times Square Plaza. With NYTT in construction, how long before the PA Tower gets new life?

Ok, ok, I'm jumping ahead.

Milstein should do a residential tower w/ a hotel. There was an article in the Times this week which stated that NY desparately needs more hotel space. According to the article, NYC has the highest hotel occupancy rates in America by far (despite the fact that its prices are the highest by far).

[AJphx]

londonlawyer - Wrightfan said architect in the subject line.

[londonlawyer]

londonlawyer - Wrightfan said architect in the subject line.

Thanks. Who's N/T? Do they have a website?

[kliq6]

anything on this one, its a great location

[antinimby]

I think NT stands for "not telling."

[londonlawyer]

Hi, amigos.

Is there any news about this development? I walked by yesterday and saw that scaffolding is being erected.

[kliq6]

As part of there West SIde plan the city has marked that lot as a office tower or a hotel, so i have no tidea why he is saying he cant tell. Its not going to be starting anytime soon with the Milstein lot still vacant, they have to get that one going before a new one

[londonlawyer]

As part of there West SIde plan the city has marked that lot as a office tower or a hotel, so i have no tidea why he is saying he cant tell. Its not going to be starting anytime soon with the Milstein lot still vacant, they have to get that one going before a new one

I thought that the guys who bought the Duane Read site bought the rest of the buildings also and were going to make a residential tower.

[kliq6]

The city and state tranfered this site as part of the TS redevelopment project, it will be office or mixed-use. It may include residential but only as a portion of it

[londonlawyer]

when did that happen? The Duane Read sale was recent?

[Stern]

The city and state tranfered this site as part of the TS redevelopment project, it will be office or mixed-use. It may include residential but only as a portion of it

This site needs to be considered in the long term and office or mixed-use is the right zoning.

[kliq6]

Your right Stern however there have been a few sites used for residential that should have been office, i truly hope that that site on lexington and i believe 51st is a office developmen, that location could attract so many good hedge funds its not even funny. Thats an area that NYC must go after as all these Hedges are basing in fairfield county

[kliq6]

I stopped by one of the stores on this site and asked if they were going out of business, they said they were not so I have to assume that no demolition is happening anytime soon.

[Stern]

Here's a concept design for the site:

Large Rendering:

http://img168.imageshack.us/img168/1919/tower7ru.jpg

[GVNY]

Here you are:

http://img269.imageshack.us/img269/5445/c7hp.jpg

[krulltime]

^ so is this the rendering for the NW Corner of 42nd and 8th?

[Stern]

^ so is this the rendering for the NW Corner of 42nd and 8th?

Yes.

[krulltime]

WOW... My jaw is open... I did not expect something as beautiful as this! I love it!

But where are all the signs?

[lofter1]

Is this a developer's plan or someone's dream building?

[sfenn1117]

I don't like it....it looks really imposing for some reason. Doesn't look that tall either, look at the building next to it. I thought that building was coming down with this project.

I hope it isn't the final plan for the site.

[londonlawyer]

WOW... My jaw is open... I did not expect something as beautiful as this! I love it!...

I agree. This is FUC****KING AWESOME!!!! I love it. I hope that this is really what the project will look like.

Stern, where did you get this rendering?

[hella good]

Oh my god i LOVE it!!!!!! its fantastic! this has to get built or ill cry...

[Fabrizio]

Awful...totally wrong for that corner.

This looks like something that would work at say... 57th and Madison.... in the spirit of the Sony building (complete with cantalievered entrance)...or on 6th avenue along a row of cold steely corporate sky-scrapers.

This corner calls out for something that has a cornice line that relates to other structures (note the base of the Westin or the new Times tower).... this is an entertainment district with heavy foot traffic.... we want signs and lights or at least some touch of playfullnes...warmth... here it looks like the black glass is carried straight down to the street. Notice how the Times tower makes a big effort to integrate its self into the street fabric.... it is ultra modern ... yet very traditional and right for such an historic area.

This is just dreadful.

[londonlawyer]

I think that this building would be totally out of place on Madison. It's too modern and outrageous for that site. To me, it fits in well with the ultra-modern towers in Times Square. By contrast, Bear Strearns is magnificent, but it works on Madison. I don't think it would be a good design for Times Square.

PS: If this get built, it will be plastered with signs at street level. Signs generate enormous advertising revenue and no developer would forego that income. Also, this building may be within the part of Times Square in which signage is mandatory for new buildings.

[sfenn1117]

What Fabrizio said.....I completely agree. It's an ok tower alone but doesn't belong at that site.

[lofter1]

Is this a developer's plan or someone's dream building?
Anyone have the answer to this?

[krulltime]

^ I think Stern knows more... since he is the one that found the rendering somewhere.

[Stern]

^ I think Stern knows more... since he is the one that found the rendering somewhere.

Its just a concept. Its not a proposal. The building that is eventually built will not look like this but who knows how type of stuff can develop?

[krulltime]

^ Oh in that case, then I am not TOO excited anymore.

[Fabrizio]

Londonlawyer:

I did not say on Madison. I said at 57th ....and Madison.

On the southwest corner of 57th and Madison is in fact the big shiney black IBM building (I called the Sony sorry...it´s the IBM) with a cantalievered entrance..... and the spirit of it is simiar to what I see in that rendering. There is nothing "outrageous" about what we see here. Quite the contrary.

Furthermore, you say: "If this get built, it will be plastered with signs at street level".

That´s not we see in the rendering. And every rendering that I´ve ever seen of new buildings for the Times Square area indicate signs and lights if they are to be.

I am basing my opinions on the rendering shown and that rendering shows black glass at street level and a big black cavern of an entrance.

[ablarc]

Freedom Tower, Jr.?

[kliq6]

Office or Condo?

[BrooklynRider]

This is another dry jack-off like Times Square Plaza. A bit of excitement then a lot of nothing.

[londonlawyer]

Londonlawyer:

I did not say on Madison. I said at 57th ....and Madison....

Fabrizio,

The IBM building on 57th and Madison is much more restrained than this, as its facade is granite. A 40 story glass building like this one would not look good there in my opinion. Moreover, notwithstanding the absence of signage in the rendering, no developer would forego revenue generated by signs.

At any rate, I guarantee that a nondescript brick box will be built on this corner.

[lofter1]

^ Gentlemen, place your bets ...

[eddiebyrd]

Is anyone else disgusted by this?


http--www.lethalwrestling.com-upload-saltinetowers.gif :mad:

[sfenn1117]

At any rate, I guarantee that a nondescript brick box will be built on this corner.

I know you hate your crap buildings, but would you rather see a boring condo tower or the crap buildings? Take the Biltmore. Before it was abandoned tenements, now its a 50 story tower. The design is deathly boring, yet, in person, I think it looks decent.

It's a serious question....

[krulltime]

Is anyone else disgusted by this?


http--www.lethalwrestling.com-upload-saltinetowers.gif :mad:

What is it?

[londonlawyer]

I know you hate your crap buildings, but would you rather see a boring condo tower or the crap buildings? Take the Biltmore. Before it was abandoned tenements, now its a 50 story tower. The design is deathly boring, yet, in person, I think it looks decent.

It's a serious question....

I'd take a brick box over crap any day.

[sfenn1117]

Good to hear. Like it has been mentioned I don't think it'll be a brick box here, could be a cool design, Times Square Plaza's design was decent I just want to see it moving. I'm sure it'll have all the signs and paraphenalia of txsq. I think it's great that the area has made it all the way to 8th.

[pianoman11686]

From a New York Post article (scroll down to the bold):

TISHMAN EYES 666 CO-OWNER

by Lois Weiss

October 18, 2006 -- LONG before they knew they would prevail in the bidding for Stuyvesant Town and Peter Cooper Village, Tishman Speyer Properties started the process to hire a marketing firm to replace venture partner TMW in its magnificent 666 Fifth Ave. office building.

The 1.5 million-foot stainless steel tower, home to the NBA store, is expected to soon be marketed by Cushman & Wakefield Capital Markets teammates Ron Cohen, Richard Baxter, Scott Latham and Jon Caplan.

No one would discuss the possible sale of TMW's interest that could recapitalize the deal at well over $1 billion.

The C&W group just took Macklowe Properties' redeveloped 340 Madison Ave. into contract with Scott Lawlor's Broadway Partners for $550 million.

Sources say the very same C&W team is pitching the offering for 310 W. 43rd St. that is essentially a redeveloment site with frontage on the Deuce.

Owned by Dennis Rivera's powerful 1199 union local, they apparently want to sell their Times Square headquarters building and adjacent site for a chance to move back into 100,000 feet within a new, larger skyscraper of 300,000 feet or more.

Retail, commercial, residential and hotel are all viable uses for the next project.

But the union's wish list includes a new auditorium that could host lots more than the current 550.

Of course, a theater could be added to the site through the inclusionary bonus program, and then perhaps the union could borrow it when they really need it.

Copyright 2006 NYP Holdings, Inc. All rights reserved.

[lofter1]

This plan ^^^ would include the parking lot that runs through to 43rd St. to the west of the Duane Reade on 42nd / 8th.



... a theater could be added to the site through the inclusionary bonus program, and then perhaps the union could borrow it when they really need it.

That might work ... but the union could run into some trouble if they needed the space for spur-of-the-moment meetings.

[londonlawyer]

This plan ^^^ would include the parking lot that runs through to 43rd St. to the west of the Duane Reade on 42nd / 8th....

This is good news. That parking lot is horrible, as is 310 W 43rd.

[stache]

I think the article is talking about a theater as well as an auditorium.

[antinimby]

Theatre / auditorium, it's all good news to me as long as the parking lot will be gone.

[pianoman11686]

This plan ^^^ would include the parking lot that runs through to 43rd St. to the west of the Duane Reade on 42nd / 8th.

So presumably, they would have to build around the existing Duane Reade building? That would be kind of awkward: an L-Shaped building surrounded by an even larger L-shaped building, with that crappy two-story Duane Reade still on the corner. I wish they would just assemble the entire full-block site and put up an office tower.

[lofter1]

It's not clear from that article what the actual building parcel at the NW corner of 8th / 42nd would be.

The 1199 Union building has the address of 310 W. 43rd, but DOB says that building actually covers the range from 308-312 W. 43rd & 305-313 W. 42nd.

Seemingly that lot doesn't include any of the buildings that front onto 8th Avenue -- or the D/R site.

It makes more sense (to me, at least) that the parcel for the new skyscraper in question would include 8th Avenue frontage from 42 > 43 (including the D/R site) and then west to include the 1199 Union building.

DOB C/O for the 1199 Union building shows a 67' frontage along W 43rd starting ~ 125' west of the corner of 8th / 43rd.

So, if all the plots from 8th > 43rd > 42nd were put together to form one buildable parcel then that would mean ~ 190' along W. 43rd -- giving a total parcel measuring ~ 190' x 200'.

Seems like that is a good sized site that could go bigger than "a new, larger skyscraper of 300,000 feet or more" as described in the article.

The "or more" seem to be the key words.

[kliq6]

based on need for space and location, this site should be deemed commercial

[lofter1]

...Sources say the very same C&W team is pitching the offering for 310 W. 43rd St. that is essentially a redeveloment site with frontage on the Deuce.

I did some more digging to try and figure out this site and what might happen here (map attached below) ...

310 W. 43rd is shown at DOB (http://a810-bisweb.nyc.gov/bisweb/PropertyProfileOverviewServlet?requestid=3&bin=1024945&restore=1) as 308-312 W. 43rd and includes the parking lot at 305-313 W. 42nd. Pics below show 310 and it's relationship to the buildings along 8th Avenue.

The parking lot at 315-317 W. 42nd / 314-322 W.43rd is under separate ownership.

The Duane Reade building is a plot by itself: 301 W. 42nd / 661-667 8th Avenue.

The L-Shaped building that surrounds the D/R building, according to DOB (http://a810-cofo.nyc.gov/cofo/M/102/447000/102447504T009.PDF), appears to be part of a compilation of a number of lots that include that 12-story building (303 W. 42nd / 669 8th Avenue) and the 6-story building at the SW corner of 8th Avenue / 43rd (671-677 8th Avenue / 300 - 306 W. 43rd).

If the 310 W. 43rd site is developed as described in the article then it would be a plot about 67' x 200' (13,400 sf) sitting ~ 100' west of 8th Avenue. Using the given figure of 300,000 gsf that would lead to ~ 22 stories if built out as a solid structure without setbacks. That could also mean a huge blank wall (if built to the lot line) facing to the east towards Times Square (ala The Ivy just down the same block on 42nd) :eek: .

Excuse me if I repeat myself ;) : The far better prospect would be to combine the 310 site with the lots along 8th Avenue (including the D/R building), which would result in one large site measuring ~ 167' x 200'. It would sit on a very high-profile site and could command some terrific architecture and height.

However my understanding is that the owner of the buildings along 8th Avenue (excluding the D/R site) is something of a maverick and might not play well with others :( .

***

(1) Map
(2) SW corner 43rd / 8th with the blank east-facing wall of 310 W. 43rd at the right
(3) The property line between 300-306 W 43rd / 308-312 W 43rd

***

[lofter1]

NYC records show that 303 W. 42nd (once the site of famed porn palace called "Show World" - but now the home to many small theatres, show-biz related companys and various performance groups) is owned by the "303 W. 42nd St. Corp" and lists Richard Basciano as the owner ...

From a wny thread (http://www.wirednewyork.com/forum/showpost.php?p=29526&postcount=11):
1977 Richard Basciano opens the Show World Center (23), a clean, well-lighted supermarket of pornography. At 22,000 square feet, it is the city's largest sex emporium. From Day 1, Mr. Basciano will prove to be remarkably adept at dodging anti-porn laws.

Some background (http://www.lukeisback.com/archives/archives/updates/980916.html) from 1998 on Basciano and Show World ...

The curtain is falling on New York City’s largest and glitziest porn palace: Show World, the four-level, Times Square-vicinity, peep emporium that has operated non-stop since 1975.

Screw once described the 20,000 foot establishment as America’s “most enduring monument to the masturbatory arts”.

Tonight, “l-keford.com” learned exclusively, that Show World executives publicly declared their intent to take the business non-adult -- as a coin-operated, interactive entertainment arcade with a snack bar.


In a presentation before Manhattan's Community Board 4's Land Use Committee, Show World controller Scott Wexler, its site manager Tom Simmons, and attorney Fred Becker admitted to the near-impossibility of conducting a peep-show business in today’s “Disneyfied” 42nd Street milieu.

A decade ago, Show World attracted up to 4000 patrons a day, according to Crain’s New York Business.

The beginning of the end came with New York City’s updated, porn-averse zoning code -- which Show World violates because it is within 500 feet of a church.

In attempting to comply, Show World first eliminated its contingent of live-peep performers, known as “booth babies.” To further meet the requirement that 60% of its establishment's merchandise be non-"adult", Show World filled its display windows and retail spaces with a miscellany of goods including luggage, family-oriented videocassettes and beepers.

Not present tonight was Show World’s owner -- Gambino associate Richard Basciano. According to the Village Voice, the seventysomething convicted felon has earned approximately $12 million by selling much of his peep-show empire to the 42nd Street redevelopment effort.

At least two other Basciano-owned scumatoria in the Times Square vicinity -- unaffected by the zoning regs -- will continue to pump cash into the peep tycoon’s coffers.

Reclusive former prizefighter Basciano -- known to have maintained a fully-equipped gym and boxing ring upstairs from Show World -- has not appeared publicly or been photographed by media since the 1982 interview in which he characterized his operation as “a deterrent to rape.”


More on Basciano (http://www.raids.org/eabelson.htm) ...

... After DiBi's 1986 death, Richard Basciano, who had nothing to do with the assassination, ran the Mafia's New York-based porn businesses. Richard based his empire on his $15 million real-estate holdings, wrote Newsday 4/18/93. He owned Show World, New York's largest porn operation.

Public records filed since DiBi's death show that Basciano bought increased shares in 16 separate DiBernardo partnerships and corporations that make money from porn and real estate.

Video's emergence in the '80s changed the Mafia's porn role. No longer could the mob dominate distribution by simply running adult theaters and peep shows. Gotti and Basciano allowed businessmen without ties to the Mafia to move into retail stores. Immigrant entrepreneurs, particularly from Israel and Sri Lanka, multiplied X-rated video shops in New York neighborhoods from Greenwhich Village to Queens.

"It used to be if you wanted to open a sex shop you'd have to get permission," said William Daly of the Mayor's Office of Midtown Enforcement. "Now that the mob has lost muscle, they don't have control of the industry like they used to."

Daly estimates that New York City's mobbed up porn industry earned $160 million in 1992.

To increase his profits, Basciano leased his Times Square buildings to separate corporations under his control to carry the retail sale of X-rated tapes and toys. Richard's partners are veterans Theodore Rothstein and Nathan Grama, both of whom were convicted for Interstate Transportation of Obscenity in MIPORN. In 1986, Basciano was convicted of mail fraud.

In 1994, an Israeli porn shop owner told the New York Daily News:"Everything used to be owned by the Mafia. But in 1986 John Gotti let everybody in."

"The days of Mob influence are gone," claimed a Sri Lankan businessman.

"There's no money in the business for them. Tapes used to be $100 each. Now they're selling for $3:99."

Father Dale Hansen, whose St. Luke's Lutheran Church on 46th Street in New York made the presence of several sex shops illegal thanks to new city zoning laws, will not be sorry to see pornographers leave his area. "They should go back to Sri Lanka and rape that country if they are going to do this [porn]."

Sri Lankans worked for the Mafia through the 1980s and moved into ownership when the Mafia left.

Already in wholesale electronics, porn enabled Israelis to diversify.

Many shop owners pay a direct tax to the mob and all of them buy their product from mobbed-up porn distributors such as General Video of America.

New York zoning law changes closed most of Times Square's sex shops in the mid '90s, but Basciano profited as always, selling many of his buildings to the City. Back in 1977, Show World received a $65,000 loan from the federal Small Business Administration. In 1989, officials with David Dinkins' mayoral campaign paid tens of thousands of dollars to rent office space from Richard.

----

[Derek2k3]

Excuse me if I repeat myself ;) : The far better prospect would be to combine the 310 site with the lots along 8th Avenue (including the D/R building), which would result in one large site measuring ~ 167' x 200'. It would sit on a very high-profile site and could command some terrific architecture and height.


The best aesthetic prospect would be to leave the old buildings intact since they have far more character than any office box would have. Buy the air rights and build on the parking lots and the Duane Reade. You'd have taller more slender buildings, most likely residential and the blank wall at 310 would be blocked from the east by the Duane Reade site tower.

[lofter1]

That ^^^ idea could be good.

The Duane Reade site is ~ 75' x 80' (6000 sf).

The remaining plot of buildings that fronts onto 8th Avenue meaures approximately 14,000 sf -- and currently contain a little less than 100,000 gsf (L-shaped building @ 12-stories = ~ 52,500 gsf; 6-story building at SW corner 8th / 43rd = ~ 45,000 gsf).

If they can go 40 stories / 566' / ~ 131,000 gsf on a small site like the one at 785 (http://www.wirednewyork.com/forum/showpost.php?p=98932&postcount=30) 8th Avenue (lot there is ~ 5200 sf, so the FAR for that project after the transfer of air rights = ~ 25 [!!!] ) then it would seem that a fairly tall building is definitely possible on the D/R site. I'm not sure how tall a building could go up there, but I agree that something tall and slim on that corner -- residential -- could be a terrific addition to the nabe.

[lofter1]

After all the new talk in regards to the now on-again plan for a new tower atop the Port Authority Bus Terminal across 42nd Street I did some more digging around in the Department of Finance documents regarding the so-called "Duane Reade" site ...

This site actually consists of FIVE LOTS:

Number 1 is the Duane Reade site at the corner. It is owned by "42nd & 8th Owner, LLC".

Number 2 (the "L" shaped 12-story building surround D/R) and Number 3 (the building at the corner of Eighth / W 43rd). BOTH 2 & 3 are owned by Richard Basciano (he has owned both since the late 70s / early 80s -- and if this tower goes up he could become one very rich man, if he isn't one already (http://www.secinfo.com/d13A5v.4f892.htm)). Basciano is apparently a very generous man (as attested to by comedian Joe Franklin in this Show World / Laugh Factory vid (http://blip.tv/file/502190?utm_source=aolvideo&utm_medium=aolvideo) from Thanksgiving 2007) who certainly seems to get around (http://64.233.169.104/search?q=cache:lTjBExIkktsJ:www.floridasupremecour t.org/clerk/briefs/2007/1401-1600/07-1549_JurisAns.pdf+%22Richard+Basciano%22&hl=en&ct=clnk&cd=12&gl=us).

Number 4 includes a building (the health care workers union building along the south side W. 43rd) and a parking lot (1/2 of the lot fronting onto W 42nd directly south of the union building). Number 5 is the remainder of the parking lot -- an "L" shaped plot which goes through the block from 42nd <> 43rd. Both 4 & 5 are owned by "ARDEON REALTY (http://www.taxexemptworld.com/organization.asp?tn=147533)" -- which is some RE corporate entity linked to the health care union.

This parcel measures ~ 300 ' (along W 43rd) x 200' (8th Avenue) x 250' (W. 42nd) -- minus a 50' x 100' notch at the SW corner -- equals ~ 55,000 SF. It sits on the crossroads of various zoning districts, which will effect FAR, massing, etc.

***

[investordude]

My read on the NYT article is Bagli is teasing us into believing this union building is on the verge of announcing some sort of real estate deal. Given they don't seem to own the other buildings, I'm predicting some sort of slender tower - or alternatively, maybe there is a joint deal with all the landowners, which would obviously the best thing.

[pianoman11686]

STRIPPED OF HIS CROWN

By STEVE CUOZZO

April 29, 2008 -- THE Times Square area's once-raunchiest location is up for lease or sale, possibly spelling an end to what's left of porn king Richard Basciano's Show World Center at Eighth Avenue and 42nd Street.

The landowners are seeking development proposals for 303 W. 42nd St. - an L-shaped, 16,700 square-foot site on the west side of the avenue between 42nd and 43rd streets. It includes a 12-story apartment/office building and smaller buildings that are home to stores and the New York Arts Center theaters.

They also house Show World - a shrunken version of the huge porn emporium that once boasted "live girls" before it was reduced to an X-rated video arcade during the Giuliani-era crackdown.

Proposals are due in by tomorrow, although property manager Thomas Simmonds says the deadline "is not set in stone."

The owners are open to a ground-lease arrangement with a developer, a partnership or an outright sale, which he termed "the least interesting scenario."

Simmonds said the linked properties are not owned by Basciano, but by a trust. However, real estate executives familiar with the offering all referred to it as Basciano's.

The land is diagonally across from SJP Properties' 11 Times Square, the spectacular office tower now under construction next door to the New York Times headquarters.

The Show World site wraps around, but does not include, the northwest corner of Eighth and 42nd - home to a Duane Reade on land owned by a partnership led by Jeff Sutton, and not for sale.

Sources said the 303 W. 42nd St. site - with most of its frontage actually on Eighth Avenue and West 43rd Street - can support about 166,000 square feet of floor area, but theater-district air-rights bonuses could bring the total to 238,000 square feet.

Sources valued an outright sale of the land at between $300-$400 a buildable square foot. But Studley's Woody Heller cautioned, "Anybody who claims to know what things are worth in this market is getting ahead of himself."

Basciano, who once owned 17 buildings in the area, launched Show World in the 1970s as a "sex superstore."

Copyright 2008 The New York Post (http://www.nypost.com/php/pfriendly/print.php?url=http://www.nypost.com/seven/04292008/business/stripped_of_his_crown_108627.htm)

[antinimby]

Bidding Deadline Extended for Prime Times Square Site: 'Every Major Developer in New York Has Expressed Interest'


http://origin.observer.com/files/imagecache/vertical/files/Breaks4-303W42St.jpg
303 West 42nd Street.


by Dana Rubinstein | April 29, 2008 (http://www.observer.com/2008/bidding-deadline-extended-prime-times-square-site-every-major-developer-new-york-has-expressed-)

Developers now have an extra month to prepare their bids for one of the last soft sites in Times Square—303 West 42nd Street.

Thomas Simmonds, the project manager of the site, said the sellers pushed the deadline back from April 30 to May 30 “unofficially,” thanks to the enormous interest in the space.

But would-be bidders, beware: no cheapskates allowed. The sellers, we’re told, are not interested in bids of less than $400 a buildable square foot.

“We would not even consider $300 to $400 a square foot,” said Mr. Simmonds. “We’ve been offered a lot more.”

Mr. Simmonds estimated the lot has nearly 300,000 buildable square feet, which means the owners don’t plan on turning it over for less than $120 million.

He’s confident the owners, identified as 303 West 42nd Street LLC and 300 West 43rd Street LLC, will get that which they seek, since, as Mr. Simmonds put it, “Every major real estate developer in New York has expressed an interest in doing something with this property.”

But Eric Michael Anton, executive managing director of Eastern Consolidated, was dubious.

“It’s probably worth $400 a foot, if you are a superstrong developer with a plan and a flag, and you have the money,” Mr. Anton said. “But in the market right now, land may still be very expensive, but the reality is nobody is selling, because no one has the financing [to buy].”

Mr. Anton also pointed out that the site is “an awkward development project” because the sellers don’t own the Duane Reade drug store bordered by two wings of the property. That segment is owned by a Jeff Sutton partnership.

“I think it will be tough to sell, and I don’t think it will happen so fast,” Mr. Anton said.

The site is actually a combination of two properties—303 West 42nd, a 12-story apartment and office building; and 300 West 43rd Street, the Times Square Arts Center.

It’s also home to Show World, a miniature version of onetime porn impresario Richard Basciano’s legendarily spic-and-span smut shop, once described as “the McDonald’s of the sex industry,” complete with a stripper carousel.

Mr. Simmonds declined to link the trust selling the site to Mr. Basciano, but PropertyShark did it for him, listing Mr. Basciano’s name on top of the location’s “billing address.”

© 2008 Observer Media Group