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Thread: 855 Sixth Ave. (W. 30 St.) - commercial/residential mixed-use

  1. #76
    Disgruntled Optimist lofter1's Avatar
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    Two years since the last post here ^

    This fallow parcel is changing hands, so maybe something will finally start happening:

    Durst Fetner closes on foreclosed Herald Square parcel

    THE REAL DEAL
    By Adam Pincus
    December 27, 2010 07:15PM

    The development partnership Durst Fetner Residential took title to the mostly-vacant development parcel at 855 Sixth Avenue where real estate investors Yitzchak Tessler, Meyer Chetrit and Jacob Chetrit sought to build a 355,000-square-foot tower before the economic downturn disrupted their plans.

    Durst Fetner, a partnership between the Durst Organization and Hal Fetner, acquired the seven-parcel site that according to PropertyShark.com has 378,370 square feet of development rights, after lender iStar Financial initiated foreclosure proceedings in November 2008 against property owner 855 Realty Owner, as well as Tessler and the Chetrits individually.

    Durst Fetner now controls seven of eight parcels of the large site on the west side of Sixth Avenue between 31st and 32nd streets.

    It was reported in July that Durst Fetner bought the note with a face value of $104 million for an undisclosed amount. The deed transfer occurred Dec. 21, according to city property records published last Friday. A spokesperson for Durst Fetner said no one was available today to comment on the title transfer. Tessler Development was not immediately available for comment and an attorney representing Tessler and the Chetrits did not respond to a request for comment.

    The parcel has been the subject of complex litigation going back at least four years, court records show. And the large site is between two newly constructed high-rises on Sixth Avenue that are part of a transformation of the area immediately south of Herald Square. The two projects are a 54-story tower that includes the residential Beatrice as well as Eventi hotel on 29th Street; and a 47-story mixed-use building at 885 Sixth Avenue.

    The litigation began after owner and developer Baruch Singer and a group of real estate investors bought six of the seven parcels on the site for $117 million in February 2006, from two different owners. Almost immediately, several investors who claimed they had agreed to partner with Singer and others to buy the site, accused him and his other partners in an April 2006 lawsuit filed in New York State Supreme Court of improperly shutting them out of an opportunity to buy the property. An agreement related to this case was filed Dec. 21 with the court, but since it was sealed the contents were not known, court records show.

    Just over a year later, in March 2007, Singer's group sold the assembled plot to Tessler and the Chetrits for $140 million, city records show. At the same time, to enlarge the footprint and bulk of the development, Tessler Development signed a contract to buy 112 West 31st Street and in October 2007 a contract to buy 110 West 31st Street, from separate owners.

    In January 2008, Tessler and partners closed on the acquisition of 112 West 31st Street for $12.3 million. However, Tessler and the Chetrits never closed on the purchase of 110 West 31st Street, a narrow 25-foot wide, four-story commercial building. Both buildings remain standing today.

    In January, 2010, Tessler and the Chetrits brought a lawsuit in Manhattan against the Brooklyn-based owner of 110 West 31st Street, identified as 110 West 31st Street Realty. They claimed the owner defaulted on the purchase contract, and they wanted their $400,000 down payment back. It was unclear what the result of the suit was. There are no city property records indicating a sale, and there was no answer at the phone number listed for the owner in city records.

    2010 The Real Deal is a registered Trademark of Korangy Publishing Inc.

  2. #77
    NYC Aficionado from Oz Merry's Avatar
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    New Skyscraper Ignites Growth Below 34th Street

    By DANA RUBINSTEIN

    A real-estate group led by developer Douglas Durst plans to break ground within the year on a $350 million skyscraper just south of Herald Square, in one of the first major private construction projects to move forward in the wake of the downturn.

    The development of the 40-story apartment tower also signals the transformation of Sixth Avenue south of 34th Street, from a wholesale and flower district into a high-end residential and retail corridor.



    Mr. Durst and has partner Harold Fetner closed on the purchase of the site on Dec. 21, six years after they first considered buying the site. They are finalizing negotiations with Pelli Clarke Pelli Architects to design the glass facade of the 500,000-square-foot building that will include at least 300,000 square feet of rental apartments, 80% of them luxury, 20% "affordable."

    The developers haven't decided what to put in the tower's base. "Right now, we're leaning towards retail, though we are talking with hotel developers too," Mr. Durst said in an interview last week.
    The project is moving forward at a time when the private construction market is struggling to come back to life after one of the worst real-estate markets in a generation. Financing is still difficult to obtain and clouds of uncertainty are still lingering over the city's economy.

    Demand in the apartment residential market, though, has been relatively strong compared with other sectors. Effective rents, which take into account landlord concessions, grew 5.25% in 2010 after suffering a record 5.9% drop in 2009, according to market research firm Reis Inc.

    Also, Mr. Durst has a reputation for taking advantage of down markets to move forward with development plans. The grandson of the late Joseph Durst, the family patriarch, Douglas Durst, also helped lead the industry out of the recession of the early 1990s with the Conde Nast Building in Times Square.

    The neighborhood south of Herald Square has changed dramatically since the 1995 rezoning of Sixth Avenue, which ushered in higher-density development. In 2000, the Albanese Organization completed the Vanguard Chelsea at 24th Street and Sixth Avenue, the first residential development there of note.

    Now, as the Flatiron district moves west and Chelsea extends north, Sixth Avenue south of 28th street is crowded with mammoth luxury rental towers, such as the Archstone Chelsea and the Chelsea Landmark.

    The area between 28th Street and Herald Square is just now taking off, with the recent opening of the Beatrice, a hotel and residential development, at 30th Street and Sixth Avenue. The avenue's retail remains a mix of wholesale garment stores, and the occasional psychic and flower shop.



    The developers don't see that lasting for much longer. "Everyone's going to go running to it when they see we're building something," Mr. Fetner said.

    While Mr. Durst's family is mostly known for office buildings, he has ramped up his residential developments in recent years. Since 2007, all of his major residential projects have been done in partnership with Mr. Fetner, a longtime family friend. Their other projects include the Epic, a luxury rental building on 31st street between Sixth and Seventh avenues.

    Like many real-estate investors, Messrs. Durst and Fetner have been looking for opportunity in the economic downturn, creating a $300 million fund to purchase distressed assets. So far they, and others, have found it difficult to do that because lenders have been reluctant to foreclose and sell troubled assets.

    But the Sixth Avenue site provided them one of those opportunities.

    Mr. Fetner and Mr. Durst first developed an interest in the site, which encompasses the west side of Sixth Avenue, between 30th and 31st Streets, while they were developing the Epic, their first project together. "A lot of people thought we were nuts for building midblock, off the avenue," Mr. Fetner said.

    Initially underwriting the Epic at $49 a square foot, the developers were ultimately able to achieve an average rent of $70 a square foot, making the apartment building the most lucrative in their portfolio. That means a 1,000-square-foot two-bedroom apartment would rent for more than $5,800 a month.

    "So, in terms of being bullish on the market, we love this marketplace," Mr. Fetner said.

    As they were developing the Epic, the site at 855 Sixth Avenue became available. At the time, the development parcel was occupied by tenanted commercial office buildings, and the price, at about $260 a square foot, was too expensive for their taste. "I was really disappointed and said, call me when you get a little bit more realistic," Mr. Fetner said.

    The site went through a number of owners ending up with a venture of Yitzchak Tessler, of Tessler Developments, and Jacob and Meyer Chetrit, of the Chetrit Group. In 2007, they purchased the land for $140 million, using $105.3 million in debt from Fremont Investment & Loan, whose real-estate business was later acquired by iStar Financial. The following year, they added a seventh parcel for an additional $12.3 million.

    Messrs. Chetrit and Tessler announced they would build a residential tower atop a retail base there. They cleared all but one building from the site. But their plans were upended when the real-estate market collapsed. In 2008, Messrs. Chetrit and Tessler defaulted on their iStar loan, according to court documents. Messrs. Tessler and Chetrit didn't return calls requesting comment.

    Their problems gave Messrs. Durst and Fetner another opportunity to go after the site. Last July, the distressed fund they had created bought the iStar debt, paying the full face value, then $101.5 million. By that time iStar had commenced a foreclosure process.

    The developers figured that either they would eventually take over the site or Messrs. Chetrit and Tessler would repay the debt, plus interest.

    "If we lost, we won," said Damon Pazzaglini, chief operating officer for Durst Fetner Residential. "If we didn't get the property we wanted, we would have made 40% in six months."

    Ultimately, Messrs. Durst and Fetner succeeded in convincing Messrs. Chetrit and Tessler to turn over the site. That happened late last month.

    "Now," Mr. Fetner said, "the fun starts."

    "We're very anxious to start building again," said Mr. Durst.

    http://online.wsj.com/article/SB1000...rk_real_estate

  3. #78

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    Demo permit was filed for 112 West 30th Street.
    http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

  4. #79

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    Interesting. It seems that Durst is adding to the site. Durst is committed to nice projects, so I look forward to this one.

  5. #80
    Disgruntled Optimist lofter1's Avatar
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    That demo is happening at 112 W 31st, and there's a little thing between it and the big empty site: 110 W 31st. According to DOF it's owned by a corporation out of Brooklyn, with no apparent connection to Durst. Maybe the owner there is holding out for more.

    Durst bought 112 W 31 last year as part of a package of lots for $110,000,000 from the Chetrit Group (DEED).

  6. #81

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    Right, I meant 31st.


    Quote Originally Posted by lofter1 View Post
    Durst Fetner closes on foreclosed Herald Square parcel

    THE REAL DEAL
    By Adam Pincus
    December 27, 2010 07:15PM

    Just over a year later, in March 2007, Singer's group sold the assembled plot to Tessler and the Chetrits for $140 million, city records show. At the same time, to enlarge the footprint and bulk of the development, Tessler Development signed a contract to buy 112 West 31st Street and in October 2007 a contract to buy 110 West 31st Street, from separate owners.

    In January 2008, Tessler and partners closed on the acquisition of 112 West 31st Street for $12.3 million. However, Tessler and the Chetrits never closed on the purchase of 110 West 31st Street, a narrow 25-foot wide, four-story commercial building. Both buildings remain standing today.

    2010 The Real Deal is a registered Trademark of Korangy Publishing Inc.

  7. #82

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    I hope that the nearby stretch of B'Way gets redeveloped. There are some utterly stunning buildings there in need of some TLC and some pieces of crap that should be razed. This stretch has the potential to be truly beautiful.

  8. #83
    Forum Veteran MidtownGuy's Avatar
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    The development of the 40-story apartment tower also signals the transformation of Sixth Avenue south of 34th Street, from a wholesale and flower district into a high-end residential and retail corridor.
    Signals a transformation? Oh please. The flower district is long gone, and this stretch hardly feels high-end in any way, neither for the ugly and cheap looking residential towers nor for any kind of high-end retail.

    I now consider it one of the most soulless and boring stretches in all of Manhattan. The flea markets and sidewalks lined with flower shops that once made it a lively, interesting place are only a memory.

  9. #84
    Forum Veteran Tectonic's Avatar
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    Can't wait to see what Pelli will come up with here.

  10. #85
    Disgruntled Optimist lofter1's Avatar
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    Changes on the way for this fetid hole ...

    Hotel Pioneer Returns to N.Y.

    WALL STREET JOURNAL
    BY CRAIG KARMIN
    November 14, 2011

    Hotelier-to-the-stars Ian Schrager, who recently cashed out of his New York holdings, is returning to Manhattan by teaming up with developer Douglas Durst on a new construction project.

    A 250-room hotel operated by Mr. Schrager will anchor the lower 16 floors of a 56-story residential tower that's being planned by Durst Fetner Residential just south of Herald Square. The developers expect to break ground on the project, designed by Cook + Fox Architects, this spring.

    The hotel, which will be named Public New York, is part of a new line of stylish but stripped-down hotels that Mr. Schrager hopes will ...

  11. #86

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    This might turn out to be really nice.

  12. #87
    Disgruntled Optimist lofter1's Avatar
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    Nothing yet on the Cook + Fox website.

    From The Real Deal today ...

    Schrager to bring NYCs first Public Hotel to Durst Fetner site

    November 14, 2011 09:00AM


    From left: Ian Schrager, the lobby of his Public hotel in Chicago and 855 Sixth Avenue

    Ian Schrager will bring his first Public Hotel to New York at a Herald Square site being developed by Durst Fetner Residential, the Wall Street Journal reported. The plan calls for a 250-room hotel on the 16 lower floors of a Cook + Fox Architects-designed 56-story residential building at 855 Sixth Avenue near 30th Street.

    Schrager is famous for pioneering the boutique hotel concept, but with the Public line, one of which recently opened in Chicago, the hotelier plans to build more value-oriented hotels.

    "The boutique is overcrowded now and very competitive," Schrager said. "People are now just replicating someone else's idea, only in a different color."

    Public New York will charge about $300 per night and have a 10,000-square-foot restaurant, nightclub and bar, a gym and an outdoor garden. Tenants of the 40 stories of rental apartments above the hotel will have access to those amenities. Durst Fetner expects the one-bedroom and two-bedroom units to rent for $4,500 and $6,500, respectively.

    In the meantime, Marriott was recently revealed as the buyer of the Madison Square Park Clocktower and it announced it will work with Schrager to bring an Edition Hotel to the property. [WSJ]

    *
    **

    From Schrager's PUBLIC Chicago website ...

    PUBLIC, conceived by Ian Schrager, is an entirely new class of hotel. Its fundamental attributes are innovative, sophisticated, authentic style; spot-on, personalized, empathic "essential" service; lasting comfort with complete functionality, all at an affordable price and offering tremendous value. For the first time, this type of hotel experience will be available for everyone and anyone who wants it.

    Ian Schrager has taken the best from the luxury segment, boutique hotels and select service to create a new genre of hotel where everything has been rethought and every original idea updated.

    At PUBLIC, service matters most. But the key point of differentiation is in the kind and quality of services it offers. The brand will only offer services that matter, those that guests really want and need rather than an array of superfluous services they do not use.

    PUBLIC Chicago is a complete transformation of the Gold Coast's famed Ambassador East Hotel and its historic Pump Room restaurant. Rich with a cultural heritage that spans decades, the hotel and the Pump Room was a place to see and be seen and played host to a multitude of celebrities and people from all over the world and all walks of life.

    A reinvented and reimagined hotel and Pump Room with a new food concept by James Beard award winning chef Jean-Georges Vongerichten, will continue to be the fashionable spot it was originally envisioned to be, for an eclectic mix of people who come together to socialize and dine as they have for past decades. It will still be the hotel and Pump Room, but better.

    PUBLIC Chicago's 285 spacious and oversized guest rooms and suites are individually furnished with integrity, taste and superb functionality. Decorated in a soothing, "no color" color palette, the interiors evoke a sense of ease and comfort and the character of a home away from home.

  13. #88

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    This sounds promising.

  14. #89
    Fearless Photog RoldanTTLB's Avatar
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    This is quite a bit taller than the old filings for a 30 story/465ft tower that were originally filed for here. I think this plan will be taller than either the Epic or the Continental (which is 53 stories...).

  15. #90
    Crabby airline hostess - stache's Avatar
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    Default I'm confused (again).

    Quote Originally Posted by Merry View Post


    The development of the 40-story apartment tower also signals the transformation of Sixth Avenue.
    Epic is 58 floors.

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