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.
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.
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.
The Tribeca Trib · 401 Broadway, 5th Floor · New York, NY · 10013 ·
Last edited by Derek2k3; April 1st, 2007 at 11:09 AM.
Plans filed for mixed-use tower at 45 Broad Street
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.
^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.
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.
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?