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Thread: 51 Astor Place - Cooper Union - by Fumihiko Maki

  1. #1
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    Default 51 Astor Place - Cooper Union - by Fumihiko Maki

    Couldn't find a thread for this. It might be in the Cooper Square Development thread. Anyway, here's a new thread for this proposal.
    ************************************************** **

    Maki designed tower planned for Cooper Square

    Developer Edward J. Minskoff Equities has made a deal with Cooper Union to purchase 51 Astor place and raze the engineering building there for a new 13-storey mixed-use tower designed by Fumihiko Maki. The new building, which is being designed in Joint Venture with Adamson Associates Architects and which will house 430,000 square feet of space for office and retail use, will be located near a recently completed 21 storey Gwathmey Siegel designed residential tower and Cooper’s new academic building designed by Morphosis. The exterior of the building will be black granite with clear glass and a ribbed material. The building will rise 145 feet, with one section reaching 13 stories and a shorter part going up to 11 stories. Minskoff said the building will aim for LEED gold status. Completion of the building is slated for late 2010 early 2011.






    http://www.worldarchitecturenews.com/index.php?fuseaction=wanappln.projectview&upload_i d=2044

  2. #2

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    Me likey!

  3. #3

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    While I am disppointed that the rank piece of feces at 250 W 55th St may rise sooner than expected, I am pleased to hear that Minskoff's project at 51 Astor will start soon.

    Here's an article from Real Estate Weekly in June which JQ Public posted:

    250 West 55th Street could begin sooner rather than later sources say
    Daniel Geiger
    6/7/2010

    Even though office market is still far from peak, a rationle for new speculative is beginning to emerge
    Three years ago, Boston Properties was busily planning to construct a brand new office tower at 250 West 55th Street.... Already Edward Minskoff, a real estate owner and developer in Manhattan, told Real Estate Weekly in recent weeks that he is planning to begin building a roughly 400,000 square foot speculative office building in Cooper Square next year because he believes there will be demand for the space by the time he is finished constructing the project.

    Most real estate experts feel that the market has bottomed and will approach, or even eclipse, the lofty rental and occupancy peaks of the last boom as the economy regains its health over the next few years. There are also suggestions that because so few new buildings have been added to Manhattan’s stock of square footage and the majority of office towers in the city are decades old, new tower development will be necessary when the leasing market rebounds.

    To construct a strategy within this rationale, Boston Properties could bow to the current anemic market conditions and accept a moderately priced lease in order to get the development started and then hopefully cash in when leasing improves and better deals can be arranged.

    While a developer strictly in the planning phase of an office tower might postpone such decision making until market factors became clearer, Boston Properties already has poured significant funds into the roughly billion-dollar project. Its investment comes with carrying costs, such as taxes on the land where the tower will rise and debt service on the mortgage it took to finance the parcel’s purchase. These charges have provided further motivation for the company to move ahead with the development sooner rather than later, sources say.

  4. #4
    NYC Aficionado from Oz Merry's Avatar
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    Developers Eye City Office Buildings

    By DANA RUBINSTEIN

    Edward Minskoff, a member of one of New York's storied real-estate families, is hoping to begin construction in July on what would be the city's first large "speculative" new office building since the collapse of Lehman Brothers in 2008.

    Mr. Minskoff says he will begin construction without any pre-leasing on a Maki and Associates-designed, 430,000-square-foot tower on a site overlooking Astor Place that he acquired in late 2007. Just outside the trendy East Village, it's an unorthodox location for an office building. Most of the city's modern office space is in Midtown and the Financial District.



    But in a recent interview, Mr. Minskoff predicted that the building would attract high-tech companies, investment banks, insurance and advertising firms. "It's an area that a lot of young people want to work in," he said. He plans to charge about $65 a square foot per year, a modest amount for new space.

    Speculative office development has ground to a halt in recent years as rents and demand have plummeted and financing for such risky projects has become difficult to obtain. But in the past year, occupancy rates and rents have improved somewhat as the city's economy has expanded.

    If Mr. Minskoff is able to break ground, it would be the first sign so far that the financing spigot has reopened. He said that he is working with a construction lender whom he declined to identify. Of the financing, he said he is "processing it at the present time."

    Mr. Minskoff declined to put a price tag on the project, to be called 51 Astor Place. He bought a 99-year lease on the site in 2007 from The Cooper Union for the Advancement of Science and Art in a deal valued at $90 million. In 2008, the New York Building Congress reported that office tower construction in New York City sometimes cost more than $400 a square foot. But costs have fallen since the recession. Some people believe 51 Astor Place could be built for less than $300 a square foot, or less than $130 million in hard construction costs.



    Mr. Minskoff isn't alone in eyeing office projects. A joint venture of Pacolet Milliken Enterprises and Hines recently confirmed plans to build a more-than-400,000-square-foot skyscraper at 1045 Avenue of the Americas, to be designed by Pei Cobb Freed & Partners, though it's unclear when construction will begin. A spokesman for Hines said the developers were still deciding whether to have a pre-leasing requirement.

    Meanwhile, Brookfield Properties is optimistic that it will start construction within a year on a long-planned, two-tower office development to be built on a platform over the railyards at Ninth Avenue and 33rd Street. "We are actively wrapping up our planning and will be in a position to begin deck construction late this year or early next," Ric Clark, Brookfield's chief executive, said in an email.

    Mort Zuckerman's Boston Properties has also declared its intention to begin construction this year on a $1 billion skyscraper at Eighth Avenue and 55th Street. The firm completed the tower's foundation, and then halted construction on the project in 2009. The firm's president, Doug Linde, recently told The Wall Street Journal that he might consider moving forward without an anchor tenant.

    Speculative projects can be enormously lucrative for developers if they hit the market right. For example, Douglas Durst made a fortune by moving forward with a Times Square development shortly after the recession of the early 1990s. By the time it was completed it was near 100% leased.

    Mr. Minskoff believes the stars are now lining up for 51 Astor Place. "The development will be ready for occupancy the first quarter of 2013," he wrote in an email.

    Known as a hard-knuckled negotiator of the old school, Mr. Minskoff's grandfather was Sam Minskoff, whose firm built 1350 Avenue of the Americas, 575 Lexington Avenue and One Astor Place, which houses the Minskoff Theatre. Edward Minskoff took pride in his independence from the family firm, instead securing his stature in the real-estate world by brokering the mid-1970s sale of eight Manhattan skyscrapers tied to the Uris family to Olympia & York's Reichmann family for $338 million.

    Mr. Minskoff, who also built 101 Sixth Ave. and 1325 Sixth Ave., is the president of Edward J. Minskoff Equities Inc., an acquisition and development company that controls 4 million square feet of mostly commercial space nationwide.

    "If you believe that rents are going to be higher to the point where they can support new construction two to three years from now, and the indicators are that's the trend line, then you're trying to catch the curve as the cycle is on the up," says Mary Ann Tighe, of CB Richard Ellis.

    Indeed, Eastern Consolidated chairman Peter Hauspurg, who has been marketing a site at 20 W. 40th St., said he has gotten increased inquiries from office building developers. "There hasn't been much of it at all recently," he said.

    http://online.wsj.com/article/SB1000...737840000.html




    http://ny.curbed.com/archives/2011/0...en_in_2013.php

  5. #5

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    Great news!

  6. #6
    Disgruntled Optimist lofter1's Avatar
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    Mods: Could the title of this thread be adjusted? This project is no longer just "proposed" but is now underway. The old CU building is half way through Demolition.

    Four New Building Applications were FILED at DOB in July 2011. All four remain "Disapproved" per plan exam review @ 11.04.2011 with zoning decisions "PENDING" and no Permits have yet been issued.

    BIG IMAGES:

    From Above

    From the SE

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    Build the Tower Verre antinimby's Avatar
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    Is it just me or are all these geometric, block-ish, modernist buildings getting really tired?

    I mean, who's really impressed with something like that anymore?

  8. #8

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    I'm elated that this tired, old POS is being redeveloped.

  9. #9

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    Replacing one tired design with a new tired design. Why is Astor Pl getting shit upon with these new glass turds?

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    Quote Originally Posted by antinimby View Post
    Is it just me or are all these geometric, block-ish, modernist buildings getting really tired?

    I mean, who's really impressed with something like that anymore?
    What would you like to see instead?

  11. #11
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    The Tower Verre.

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    The UN, WTC and now Cooper Union: Maki is on a roll. In all due respect to the detractors, this guy does brilliant work.

    http://therealdeal.com/newyork/artic...maki-on-a-roll

  13. #13

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    Quote Originally Posted by infoshare View Post
    Maki is on a roll. In all due respect to the detractors, this guy does brilliant work.
    He does the same glass boxes all over the place. Tower 4 is the most boring of the new WTC. Developers like him because his buildings are cheaper than other flashy starchitects. All this is going to look like is a poor man's 41 Cooper Sq.

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    Quote Originally Posted by antinimby View Post
    The Tower Verre.
    Gee, I thought you would have preferred something more like this:

    Click image for larger version. 

Name:	Koollhaas Astor Place Hotel Scheme.jpg 
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ID:	14657

  15. #15
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    Throw some frosting and sprinkles on that and we'll be good to go.

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