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Thread: The Laureate - 2150 Broadway

  1. #1

    Default The Laureate - 2150 Broadway

    210 West 76th Street and 216 West 76th Street (at Broadway)

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    A new thread due to the possible pending development of 210 and 216 W 76.

    Also known as 2148 Broadway. Also known as 2150 Broadway
    Last edited by LabradorLove; May 20th, 2009 at 05:23 PM. Reason: added 2148/2150 broadway for search

  2. #2

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    Thanks for the photographs LabradorLove.

    It was the right decision to separate this from the other thread.

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    Looks like the Duane Reade is moving out. Any news about what's going to happen with this project? It is going to be razed or condo conversions?

  4. #4

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    I don't think they will convert. The space isn't suitable and the FAR is 10 on residential so lots of unused airspace.

    Look for a total raze -- along with the Beacon Garage to the east creating a fairly large footprint. 22k square feet, I believe.

    Net residential square footage could be larger than the Harrison.

    p.s. the duane reade has already moved to the north east corner of Broadway and 78th as a Duane Reade Express. Opened last week and sign says it has all the rx info from the 76th store.

  5. #5
    Disgruntled Optimist lofter1's Avatar
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    It seems the two buildings are not owned by the same entity.

    216 W. 76th (aka 214 - 220 W. 76th / 2148 - 2158 Broadway) shows no actions at DOF since 1996 when a Deed was recorded. This building is owned by "Rebak Realty" out of Harrison, NY. DOB shows a recent Permit dated 5.29.2008:

    REMOVE (1) UNDERGROUND STORAGE TANK AND PROVIDE OBSERVATION TEST PITS AT BASE OF WALL.
    NO CHANGE TO USE, EGRESS, OR OCCUPANCY.
    210 W. 76th (aka 208 -212 W. 76th) looks like it is changing ownership due to some estate issues. DOF shows a document titled "BOTH RPTT AND RETT" dated 6.06.2008 for the estate of Pearl Feig of Rhinebeck, NY. The most recent DOB filing here is from 2001.

  6. #6

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    So I went to an open house next door and the real estate agent said that this building is slated to be demolished in the next several months but the developer has been unable to get financing to build. So potentially this could be a hold in the ground for years because the credit market is in quite a bind right now. Any truth to this rumor?

  7. #7

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    Continental Ventures' $75 million deal for the corner of Broadway and West 76th Street is closing today.

    The developers, principals Amir Chaluts and Jane Gol, already have a track record with buildings like Mercer Greene, 57 Reade St. and the Element condominium at 555 W. 59th St.
    Sources say Continental is adding to the Avis garage site at 2148 Broadway with air rights and adjacent parcels, including one next to the Jewish Community Center.

    The new high-end development will be approximately 300,000 feet and 24 stories tall.

    A call to Gol was not returned prior to press time.

    The family sellers of Rebak Realty have owned the site for more than 60 years.
    The Cushman & Wakefield capital markets group of Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan handled the deal and declined comment.

    lois.weiss@nypost.com

    http://www.nypost.com/seven/09102008...ace_128342.htm

    Copyright 2008 NYP Holdings, Inc

  8. #8

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    Brilliant! Thanks.

  9. #9
    Disgruntled Optimist lofter1's Avatar
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    Quote Originally Posted by brianac View Post

    The developers, principals Amir Chaluts and Jane Gol, already have a track record
    with buildings like Mercer Greene, 57 Reade St. ...
    Surprising that the principals include 57 Reade Street in their PR material.

    That one has been nothing but trouble so far -- and the bad times there seem to have no end, despite numerous efforts to solve the problems.

    (And Mercer Greene -- their new "loft" condo building in SoHo near Spring -- has a tinny faux cast iron facade that looks cheap).

  10. #10

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    2148 Broadway is 127' x 107' so a 13,600 sq ft footprint lot

    The Beacon Garage to the east at 210 west 76th is 75' x 97' so that's a 7,300 sq ft footprint

    both are FAR 10 so the combined footprint is about 21,000 square feet giving a total construction of 210,000 square feet.

    From the Post article, it says 300,000 square feet so some air rights are being added. I would guess to the building just south on Broadway or from 207 West 75th which is behind (south) of the Beacon Garage.

    Regardless, it is a massive project that will take years.

    With a decent base height, it seems many of the apartments in the Harrison South Tower (the one on 76th where the entrance is) will suddenly lose not only light but southern views. The Beacon Garage currently just to the South is only five stories.

    Lots of construction for a few years right there. Lofter's links do give pause but I'm going to be hopeful that the developer does it right.

    With an acquisition cost of about $550/build able foot, add another $500 in hard construction plus soft construction costs plus financing, my WAG is they'll need to average over $2,000/foot to break even.

    Not that averaging $2,000/foot isn't possible in the area. Especially as sales really wouldn't start until what? 2010?

    I am glad to hear they will be putting an underground garage in. Losing too many spots in the area just makes the remaining garages raise prices even further and makes on street parking that much harder.

    Will be an interesting one to watch.

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    West 75th.






  12. #12

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    Yup. That's probably the seller of the air rights.

  13. #13
    Disgruntled Optimist lofter1's Avatar
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    brianac: How did you get those very local pics all the way over in Dudley

  14. #14

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    Lofter.

    Hotel Beacon, 6th floor, June 2007. vacation.

    Of course i had no idea about the proposed development but it did cross my mind, "how does this small building survive when land is so valuable around here". And so I took the photographs.

    Mind, I was also interested in the old advertising on the wall of the parking garage.

  15. #15

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    Upper West Side Buildings Trade for $111.5 M.

    by Dana Rubinstein | September 18, 2008

    PropertyShark.
    210 West 76th Street.

    In the halcyon days before the financial world began crumbling around us, two innocent little buildings on the Upper West Side traded for $111.5 million, according to city records.

    On Sept. 11, Downtown Realty Associates sold a six-story building, at 210 West 76th Street, for $36.5 million to an entity calling itself 76th and Broadway Owner LLC. The deed was uploaded to the city's Web site today.

    Interestingly, the building falls near 2148 Broadway, which Rebak Realty sold on Sept. 11 to 76th and Broadway Owner LLC, in this case for $75 million. According to a recent New York Post article, Continental Ventures plans to build a 24-story luxury development there.

    A call to the developer about whether 210 West 76th Street would be used in that 2148 Broadway development was not immediately returned.

    http://www.observer.com/2008/real-es...s-36-5-million

    © 2008 Observer Media Group,

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