Page 2 of 2 FirstFirst 12
Results 16 to 30 of 30

Thread: 57th Street Rising: Development Boom

  1. #16

    Default

    Quote Originally Posted by EastMillinocket View Post
    southwest corner, too
    Good point. Is the crappy building on the SW corner a rental too? If so, is it rent-regulated, free market, or a mix? I know that the one on the SE corner is partially, if not fully, free market, and therefore, it would be easy to empty.

    It would be nice if the crappy Hilton timeshare and Directors Guild are redeveloped.

  2. #17
    NYC Aficionado from Oz Merry's Avatar
    Join Date
    Oct 2002
    Location
    Australia
    Posts
    7,476

    Default

    Why 57th Street Is the Supertall Tower Mecca of New York


    Rendering of 57th Street's future skyline by Armand Boudreaux for NY YIMBY

    It's clear that 57th Street is where it's at for really tall and skinny new buildings that are reshaping the Manhattan skyline. One57 and 432 Park Avenue are the most visible examples so far, SHoP's 111 West 57th and Extell's Nordstrom tower will follow, and they are all within four blocks. Part of the trend along this specific corridor has to do with floor area ratio (FAR), the formula that equates to maximum developable floor space allowed at a property. FAR can be stretched really tall with a few tricks and trades, and it underlines the debate over how liberal or restrictive the city should be with height limits and the air rights market. Just how easy it was for developers to stretch FAR on 57th Street is made clear in a 2010 report by architecture students at Columbia University's graduate school.

    Before we dive into the study, a brief explainer on FAR, from the report:

    FAR is the ratio of the building's floor area to the area of its zoning lot. Each zoning district is given a maximum allowable FAR that when multiplied by the lot area produces the maximum amount of floor area allowed. For example, on a 10,000-square-foot zoning lot with a maximum FAR of 1.0, the maximum square footage of the entire building can only be 10,000 square feet. This 10,000 square feet can be molded different ways - one could use the whole zoning lot and construct a 1 story building, use half the site and construct a 2 story building, or use a quarter of the site and construct a 4 story building, all of which would add up to the maximum 10,000 square feet, dictated by the lot size and FAR.

    The report, conducted by students in a 2010 architecture class at Columbia University, profiles Midtown North from 53rd Street to 59th Street between Broadway and Fifth Avenue, leaving 432 Park just outside of the study area. The students, setting out to make recommendations for preservation, considered as a variable the unused floor space allowed for each lot. In a set of graphics, 57th Street comes out looking like a FAR mecca. One graphic shows that the streets in the study area had different combinations of 8, 10, 12, and 15 FAR, but 57th Street was the only street with all 15 FAR and in stark contrast to 58th and 59th Streets that have mostly only 10 FAR.



    The report also shows that compared to other streets in the study area, the percentage of actual used FAR on 57th Street was very low. Many of the lots in the whole study area also have low percentages of used FAR with some exceptions, such as most of 53rd Street between Sixth and Seventh avenues.



    Another graphic shows two examples of how the FAR could be used pre-One57 (in 2010, One57 was just starting to be built). The first example shows how the FAR could be built as-of-right, while the second shows how the FAR could be stretched vertically with skinny buildings. In the second example, a building that looks like it could be the Nordstrom Tower, stands at about 900 feet. The Nordstrom tower itself will be 1,490 feet at its roof and 1,775 at spire height.



    Since 57th Street has the highest amount of FAR and the least used FAR, it's the ideal location for developers to combine tax lots to allow for sites with zoning that allows bigger buildings. And when air rights are thrown into the mix, buildings can grow even larger. The area has a number of landmarks and lower-rise buildings that have unused air rights that can be sold and transferred to neighboring lots (example: Extell buying up rights from the Art Students League for the Nordstrom Tower). Katherine Malishewsky, a restoration architect at Kamen Tall Architects and one of the former students who compiled the report, says that landmarking in the area plays an interesting role. The selling of unused air rights allows for larger buildings nearby, but it also keeps landmarks as they are since they rid themselves of their additional FAR. "Even though nobody likes really tall buildings blocking their views, all the buildings next to it are going to stay low," she said. "It's a developer's tool, but it could be a tool for preservation as well."



    The students recommended 35 buildings to be landmarked, including the Solow Building on 57th Street, MoMA at 11 and 9 West 53rd Street, and Tiffany's & Co on Fifth Avenue. They also recommended that West 57th Street and Fifth Avenue be designated a historic district.

    Malishewski said she isn't surprised to see that the study area is now being developed with super-scrapers. "It wasn't a shock. That's what that area is known for. Historically, in the 1800s, they hired the most innovative architects." She said that though now the buildings are very skinny, "it's in the same spirit as it always has been."

    The students, led by advisor Kate Wood, were Ashley Albahary, Katherine Malishewsky, Sarah Modiano, Lauren Racusin, Sarah Sher, and Amy Swift.

    —Shannon Ayala

    http://ny.curbed.com/archives/2014/0...f_new_york.php

  3. #18
    NYC Aficionado from Oz Merry's Avatar
    Join Date
    Oct 2002
    Location
    Australia
    Posts
    7,476

    Default

    MADE IN THE SHADE?: As the W. 57th St. area sprouts superdeluxe towers, long-term residents face a choice

    Resales of existing condo and co-op units along the 57th St. corridor have ticked up in recent months

    by Katherine Clarke


    Bryan Smith/Bryan Smith The 57th St. corridor has become known as billionaires' row

    Call them the humble millionaires of Billionaires’ Row.

    Apartment owners living just south of Central Park are seeing their neighborhood altered by a stream of uber-pricey skyscrapers debuting along the short corridor between Sixth and Eighth Aves. from W. 57th to W. 59th Sts. The question on some of their lips: Should we stay or should we go?

    Resales of existing condo and co-op units along the 57th St. corridor have ticked up in recent months as owners opt to sell their pads amid the development boom. There was an 83.9% increase in resales in the area in the second quarter, according to listings website StreetEasy, an early indication that some long-term owners in older buildings may be starting to get itchy feet.

    “This is a case of a rising tide lifting all boats,” said Alan Lightfeldt, a data scientist at StreetEasy. “There’s certainly more interest in properties on the 57th St. corridor, which used to melt into the rest of Midtown. Now, it’s quite a powerful address.”


    Jeff Bachner/for New York Daily News
    Errol Rappaport and his mother Frances are staying put in their Central Park South apartment with breathtaking views of the park


    Long-term residents of the newly anointed Billionaires’ Row typically fall into two camps: There are those looking to flee as the area becomes increasingly congested with towers and those who welcome the changes and predict they will result in the values of their own homes increasing.

    “Some clients are watching the views they paid a premium for disappearing one monolith at a time, and diminished values of those apartments is inevitable,” said Tom Postilio of brokerage company CORE, who has worked on several recent transactions in the area. “While many have complained about the noise, dust and congestion that comes along with this scale of development, most are willing to grin and bear it because of the value these completed developments will bring to their own backyard.”

    The 57th St. corridor has become a tale of two cities. New towers, such as the gleaming One57 at 157 W. 57th St., have asking prices topping $90 million, or $6,000 a foot, and new towers at 111 W. 57th St., 227 W. 57th St. and 220 Central Park South are slated to be just as exorbitantly priced.

    Meanwhile, units in older buildings on the same strip trade for a lot less. The average asking price for a unit at the Osborne and Alwyn co-op buildings, at 205 W. 57th St. and 911 Seventh Ave., respectively, is well below $2 million, for instance. That’s hardly chump change, but it’s a tiny fraction of the show-stopping prices being paid for luxury pieds- à -terre by foreign billionaires, some of whom will only use their properties for a few days a year.

    “People actually live in these buildings. The lights are on,” said broker Jesse Shafer of Urban Compass, who is listing a unit in an older co-op building at 100 W. 57th St. with colleague Greg McHale. “This is known as Billionaires’ Row, but the truth of the matter is that, for some, it’s still a real neighborhood where New Yorkers get up, grab a coffee and walk their dogs.”

    Long-term owners are reacting to the changes in the neighborhood in different ways. Errol Rappaport, a resident of a co-op at 200 Central Park South, said the board there is thinking of upgrading some of the property’s common spaces, air-conditioning units and even its windows in an effort to draw buyers who’ve been lured to the area by the dazzling new towers but can’t quite afford the price tags.


    Bryan Smith/Bryan Smith One57, at 157 W. 57th St., has blocked the views of residents of the Metropolitan Tower

    Rappaport’s building would provide a more affordable alternative with the same remarkable views and, if the building moves ahead with the changes, he predicts that the value of his home will skyrocket.

    “I don’t plan on going anywhere,” he said. “I think it would be a big mistake to sell this apartment.”

    Owners at the Metropolitan Tower condominium at 146 W. 57th St., many of whom have had their views of Central Park blocked by One57, are getting crafty in the face of the explosion of new development. Some are reconfiguring their apartments so that their living rooms will get park views and their bedrooms will stare at the stripy blue face of the neighboring tower.

    “It’s a total restructuring of the interior architecture of some of these buildings in order to get that sliver of green,” said Ben Benalloul, co-founder of brokerage RLTY NYC, who just sold a unit at the building on behalf of Florida-based hedge fund manager Harvey Sandler and his wife, Phyllis.

    The Sandlers had a slightly different strategy for dealing with One57. In an amusing case of “if you can’t beat ’em, join ’em,” they traded up to palatial apartment at the luxury tower for $34 million.

    Shafer’s client Sandor Krauss, a lawyer who is moving to be closer to his daughter’s school, thinks the redevelopment of the 57th St. corridor will help him get top dollar for his three-bedroom apartment, which he bought for a total of $1.2 million in two separate deals and is now listing for $1.7 million. The construction of the mega-towers may not affect his sale directly, he said, but it’s already resulted in a fledgling retail renaissance, which is driving interest from prospective buyers who want to live in the neighborhood.


    Bryan Smith/Bryan Smith Sandor Krauss's apartment is on the market for $1.7 million

    “When we moved in, there was absolutely nothing here,” Krauss said, noting the recent openings of two hotels on his street, the Quinn and the Viceroy, and the impending arrival of a Nordstrom department store. “But all this development brings new things. Hotels bring bars and bars bring restaurants and those bring people. All these residential developments bring intangible value.”

    International buyers aren’t just interested in the monoliths, either. Postilio said he’s seeing foreign buyers eagerly monitoring the changes on 57th St. and investing in surrounding condominiums such as the Windsor Park on 58th St., where there has recently been a flurry of sales.

    “As palatial new offerings tantalize the world’s wealthiest buyers, savvy investors are staking their claims next door,” Postilio said. “Howdy, neighbor!”

    http://www.nydailynews.com/life-styl...icle-1.1975604

  4. #19

    Default

    I just got a flyer in the mail by some nutty NIMBY folks who presumably live in the neighborhood, with the words "DOWN ZONE" in huge letters across the front. The flyer was a diatribe against all the super-tall buildings being built along 57th Street, with the usual shadows / wind / congestion / noise arguments. It all seems very strange to me as if this was Chelsea, the West Village or parts of the Upper West Side, I would agree, but the area is already packed with 50-70 story buildings. It is already dense, congested, noisy, shadowy, etc. Why would you live in that part of town if that was such a problem?

  5. #20
    Fearless Photog RoldanTTLB's Avatar
    Join Date
    May 2009
    Location
    Broomfield, CO
    Posts
    2,910

    Default

    It's not about those things. It's about the chance your pre-existing property values could be pressed by the new supply of fancier better apartments, but if the area is desirably but new things cannot be built, then hooray. This clearly worked in the other placed you mention (which are plenty dense congested, and noisy already), and so why not try it here?

  6. #21
    Crabby airline hostess - stache's Avatar
    Join Date
    Jun 2004
    Location
    Nairobi Hilton
    Posts
    8,511

    Default

    I think by association, all apartments in this area will appreciate in value, unless their views are blocked.

  7. #22
    Fearless Photog RoldanTTLB's Avatar
    Join Date
    May 2009
    Location
    Broomfield, CO
    Posts
    2,910

    Default

    Well, that's certainly a major problem for a ton of apartments. Even more so, though, there's appreciating, and then there's the additional appreciation that comes from limited supply.

  8. #23
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    Location
    in Limbo
    Posts
    8,976

    Default

    I hope they don't downzone but I would like to see most of the 57th Street corridor and the stretch of Fifth Ave from Grand Army down to Washington Square get landmarked.

  9. #24

    Default

    I agree.

  10. #25

    Default

    Happening nearby:

    118 East 59th Street: Boutique Skyscraper to Rise in Hybrid Area Between Midtown and the UES

    Click image for larger version. 

Name:	118East59thStreet-6sqft.jpg 
Views:	708 
Size:	114.0 KB 
ID:	18049

    The mid-block tower will soar 38 stories yet contain only 29 units – another example of the city’s new and somewhat oxymoronic building type: the boutique skyscraper, which typically contains fewer units than a standard six-story co-op building, along with even fewer inhabitants. This 59th Street project will join the ranks of 432 Park Avenue (1,398 feet/104 units), 520 Park Avenue ( 781 feet/31 units), and 125 Greenwich Street(1,375 feet/128 units) as buildings with the greatest height-to-unit-count disparity.

  11. #26

    Default

    Back to 57th St.

    I'm perplexed why two blocks located in the dense region of high rises around 2nd Avenue and 57th Street can remain so under developed. Specifically, 2nd Ave between 57th and 58th streets and again on Second between 60th and 61th streets. Any ideas why? Could these locations be set asides for a future extension of the 2nd Ave. subway?

  12. #27
    Crabby airline hostess - stache's Avatar
    Join Date
    Jun 2004
    Location
    Nairobi Hilton
    Posts
    8,511

    Default

    Anything east of Third Ave on the UES is not considered chic.

  13. #28

  14. #29
    NYC Aficionado from Oz Merry's Avatar
    Join Date
    Oct 2002
    Location
    Australia
    Posts
    7,476

    Default

    “Everyone wants to live where thebillionaires live!” exclaimed Halstead broker Barak Dunayer
    “People love to say they live near celebrities. It’s the same with billionaires,” he opined. “If you can brag to your friends that you bought on the same block, if not the same building, as someone who paid $50 million or $60 million for their apartment, well…”
    ^ Really??!! Obviously seeing "life" from a very narrow perspective.

    Rising Tide: 57th Street Residents May Lose a View, But At Least Resale Values Soar

    ^ "at least resale values soar" - well that's all right, then...for the billionaires...at least.

  15. #30

    Default

    ^
    When I bought my apartment (back in the late 90's) there were already a few condos/coops in Midtown north. You could buy one pretty easily back then in the few hundred thousand range (meaning you didn't have to be a billionaire.) Anyone who did, is now sitting on a gold mine.

Page 2 of 2 FirstFirst 12

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software