Page 29 of 79 FirstFirst ... 1925262728293031323339 ... LastLast
Results 421 to 435 of 1185

Thread: Times Square Plaza - 11 Times Square - 42nd St @ 8th Ave - by FX Fowle Architects

  1. #421

    Default

    Quote Originally Posted by pianoman11686
    You're assuming the developer thinks it doesn't make economic sense. Can't say I agree with you.



    That makes sense, but only if the user has really specific needs. How many new leases have been signed so far this year for more than 200,000 square feet? 10? These were all in existing buildings, some of which probably seem outdated when compared to new buildings like the Times tower.

    Thanks for the heads up on that. I'm disappointed that the retail portion will be so minimal, and that it will result in sacrifices for the lower floor offices. Do you know if this site was given any subsidies or economic incentives to offset the lost revenue because of the signage requirement?



    Easier said than done. I don't know anyone in the business, and I don't think I could just look up CBRE's phone number and give them a call, asking about how much space is left. However, I can give you published statistics, which may explain some discrepancy, but not as much as you claim.

    This article, printed on July 26th, says B of A is about 90% leased, which leaves at most, ~250,000 square feet left.

    And this article, printed on the 13th, says that Forest City's portion of the Times tower is 50% leased. That leaves around 350,000 square feet left.

    Combined, the two total 600,000 square feet - an unacceptably large discrepancy compared to "over 1.5 million". There are no other new office projects under construction in Midtown. And as for 7WT, I don't know how you can say that Silverstein's giving the space away, as he just recently rejected Vantone's bid for 200,000 square feet. If he was really that desperate for leases, he wouldn't have done so. And besides, comparing Lower Manhattan (especially a building across the street from the open construction pit) to a centrally located site in Midtown is like apples and oranges.


    Again, how do you explain the overwhelming success of 505 Fifth and 4 Times Square? They were both built to spec and have already been leased (both with anchor tenants).

    I do not know their case studies but I would be surprised if they were completely spec and didnt have an interest from some big boys before breaking ground. OR, they got huge incentives to be the first office buildings in rehab program.



    We haven't heard from him in a while. Is there any way you can send them either to me, or to lofter? Maybe one of the moderators? Or at least can you tell us what kind of file it is so we can help you upload it? You've been talking about this rendering for quite a long time now, and frankly, I think some of us are getting antsy. Thanks again.
    An anchor tenant will definitely want specifics needs, especially at a secondary building like "Milstein Tower" (ha.) In order to get a high rent, the developer, in this market, would definitely bend over backwards for them. Also, you can't get a good GMP until you have Construction Documents, which on a building like an office building, takes at least 6-9 months. Any changes past this point are a nightmare.

    The subsidies/economic incentive is an additional 150,000sf at the top of the building. Still doesnt get you there.

    Those reports are crap. Marketing people are constantly feeling pressure to make the project look better than it is. how many condo projects do you know that have been 90% sold out for the past year! either sales have slowed to 0 or they were more like 60% sold and said they were 90%. Call or ask a broker (off the record), I guarantee they will be singing a different tune

    Antinimby is going to post them.

  2. #422

    Default

    Is it official that Milstein has sold the site?

  3. #423
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

    According to the RKF website possession for the retail space is in Spring 2007... Here is the plan for the retail part...


  4. #424
    The Dude Abides
    Join Date
    Jan 2005
    Location
    NYC - Financial District
    Posts
    4,418

    Default

    I think that website hasn't been updated for several years.

  5. #425
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

    Quote Originally Posted by pianoman11686 View Post
    I think that website hasn't been updated for several years.
    The same can be said about the rendering.

  6. #426

    Default

    I was walking past this site today...and I swear I saw a construction guy with survey equipment walk out a little door at THIS SITE! Maybe a sign of activity to come soon?

  7. #427
    The Dude Abides
    Join Date
    Jan 2005
    Location
    NYC - Financial District
    Posts
    4,418

    Default

    Planned Tower Would Cap Off Revitalization of Times Square

    By CHARLES V. BAGLI

    Published: August 15, 2006

    A New Jersey developer plans to build a $1 billion office tower on the last parcel in the 13-acre Times Square redevelopment district, bringing an end to the 26-year effort to clean up an area that was known as the Deuce when it was a motley collection of movie houses, sex shops, T-shirt stores, pimps and drug dealers.

    If in the past many people feared strolling down 42nd Street, now the block between Seventh and Eighth Avenues, and Times Square itself, are safe for investment bankers, accountants, MTV fans and tourists alike. The theaters, skyscrapers, theme restaurants and nightclubs that have opened in recent years under pulsating neon signs and giant electronic billboards are often packed.

    But the decision by the developer, SJP Properties, to build a 40-story tower at the southeast corner of Eighth Avenue and 42nd Street is remarkable on several fronts. Not only would it complete a major public revitalization project, but urban planners and real estate executives say another first-class tower would also establish Eighth Avenue as a legitimate boulevard for corporate offices.

    “This is the last piece of the puzzle,” said Charles A. Gargano, the chairman of the 42nd Street Development Project and the state’s top economic development official.

    SJP’s 1 million-square-foot building would join two other major office towers on Eighth Avenue: the Worldwide Plaza tower at 49th Street and The New York Times headquarters under construction at 41st Street. Until now, few companies have been willing to locate west of Seventh Avenue or Broadway.

    If the project goes forward as planned, the SJP tower will also be the first major speculative office building — one built without an anchor tenant — in a decade and another sign of a resurgent commercial market in Midtown. Builders have erected apartment houses by the dozens over the past five years, but office developers have bemoaned that rents did not justify the cost of building a new tower.

    But commercial rents are now going up quickly, with some tenants paying as much as $150 a square foot per year in prime Midtown buildings, and large blocks of available space are hard to find.

    “This is the first time in 25 years that we’ve seen the Midtown market this strong for Class A office space,” said Steven J. Pozycki, SJP’s chairman. “We’re excited about both the opportunity and the timing.”

    SJP Properties has been largely known as a developer of suburban office parks in New Jersey and Pennsylvania. But the company has been eager to get into the Manhattan market. It has begun excavation for a 42-story apartment building at 46th Street and Eighth Avenue and plans to build a condominium tower on Park Avenue.

    Mr. Pozycki bought the 42nd Street property last month for $305 million from Howard and Edward Milstein. The Milstein family had acquired the property early in the redevelopment project, in 1983, for $5 million. The Milsteins announced in 2002 that they planned to build a 35-story tower there, but never got beyond erecting a blue construction fence.

    The 42nd Street Development Project gave tentative approval yesterday to SJP’s plan for a 40-story tower and a deal to buy additional development rights for $23.2 million. Mr. Pozycki, whose firm hired FX Fowle Architects to design the building, said the office tower would sit above two floors of stores at what would be known as 11 Times Square. Construction should begin in about 10 months, he said. Final approval is expected later this year.

    “It’s ironic that this site, which we thought might be the first one to be developed, ends up being the last one to complete the Times Square project,” said Carl Weisbrod, who worked on the redevelopment plan as both a state and city official from 1980 to 1995. “It’s turned out to be a highly successful venture, but I don’t think any of us thought it would take 26 years.”

    Despite a string of news conferences and much fanfare during the 1980’s, the redevelopment of 42nd Street and Times Square was hobbled by 47 lawsuits, opposition from civic groups and a deep recession in the early 1990’s. A merchandise mart was originally planned for the two blocks between 40th and 42nd Street, where the Times building is now under construction and SJP’s property sits. In 1980, the city had actually passed on an opportunity to buy the SJP property for a couple of million dollars.

    Mr. Gargano said there were two key breakthroughs, the first in late 1993, when the Walt Disney Company signed a tentative agreement to renovate the landmark New Amsterdam Theater on 42nd Street. Then in 1996, he said, the developer Douglas Durst began building a skyscraper at 4 Times Square, the first of what would eventually be four office towers in the middle of Times Square. As SJP is doing, the Durst family took the relatively rare step of starting construction without an anchor tenant.

    Ten years later, Mr. Pozycki says the time is right to build another speculative office tower, this time on Eighth Avenue. Oddly enough, his partner is Prudential, the giant insurer that was selected by the state in the 1980’s to buy 13 acres between Seventh and Eighth Avenues and develop four office towers in Times Square. But Prudential sold the land for the towers during the 1990’s recession.

    The market is hot now, Mr. Pozycki said. The average asking rent in Midtown has climbed to $58.26 a square foot, while the vacancy rate dropped to 8.7 percent last month from 13.1 percent in late 2003, according to Newmark Knight Frank, a real estate broker.

    And there is little new office space available. Mr. Durst, who is building the Bank of America Tower at 42nd Street and Avenue of the Americas, has signed leases for virtually the entire 2.1 million-square-foot building, including one for $100 a square foot.

    At The New York Times Building, across Eighth Avenue from the Port Authority Bus Terminal, the newspaper company plans to occupy half the tower next year, and its partner, Forest City Ratner, has leased much of the rest of the building to three law firms and a financial services company.

    Recently, Vornado Realty opened talks with the Port Authority about reviving plans to build an office tower over the bus terminal, across Eighth Avenue from the SJP project.

    Mr. Pozycki said his broker, Stephen B. Siegel of CB Richard Ellis, took him to Howard Milstein earlier this year to talk about a deal. He said Mr. Milstein responded, “This is my price, take it or leave it.” Despite the relatively high cost of the land, Mr. Pozycki said it should not be too risky to build without a tenant.

    “The market and confirmation of the Eighth Avenue neighborhood itself takes a lot of the ‘spec’ out of speculative,” Mr. Siegel said. “What’s going on in Midtown is fueled by real job growth and a lack of supply.”


    Copyright 2006 The New York Times Company

  8. #428
    Forum Veteran macreator's Avatar
    Join Date
    Feb 2005
    Location
    East Midtown
    Posts
    1,398

    Default

    Quote Originally Posted by NY Times
    Construction should begin in about 10 months
    Ugh. Another 10 months of empty corner. I'm surprised they can't start far quicker with a design already done up.

  9. #429

    Default

    If it's now 40 stories, and the previous one was to be 35, I hope that the building has been redesigned. It's not terrible....but could be much better.

    I also found it funny that the article stated in a few places that 8th was now a prime address for office. Yet, SJP decided on building a condo at 46th. Sort of contradicting.

  10. #430
    Crabby airline hostess - stache's Avatar
    Join Date
    Jun 2004
    Location
    Nairobi Hilton
    Posts
    8,511

    Default

    And they also pronounced 8th Ave as being totally cleaned up. It's still gamey.

  11. #431
    Forum Veteran
    Join Date
    Aug 2003
    Location
    Manhattan
    Posts
    2,636

    Default

    With the marketing being what it is in Midtown, this will fill up very quick if built on spec


    Residential or biz tower for last lot at Times Sq.



    BY BRIAN KATES
    DAILY NEWS STAFF WRITER

    The state gave the go-ahead yesterday to plans to develop the last remaining parcel of land in the Times Square redevelopment zone.
    New proposals are calling for either a 40-story office building or a 58-story residential tower to rise above what is now a gaping hole in the ground at 42nd St. and Eighth Ave., the Empire State Development Corp. said yesterday.

    "It's a critical element ... the last piece of the puzzle" in Times Square, said Charles Gargano, chairman of the ESDC.

    The land was sold by Howard and Edward Milstein to a Parsippany, N.J.-based developer, SJP Properties, in June for a reported $260 million.

    The ESDC yesterday approved an amendment to the Times Square redevelopment-project plans to allow the new owner to develop the property, which is across the street from the new headquarters of The New York Times, now under construction.

    The state would prefer that an office building be built on the site, but with residential development in the area booming, SJP has offered the apartment tower as an "alternative plan," ESDC Director Robin Stout said.

    Negotiations on which plan will go forward will be based on market trends, Stout said.

    Construction at the site would begin within a year of signing a lease agreement and would be completed in about 36 months, according to Stout.

    The property, which was formerly a parking lot, has a checkered history.

    In October 2002, Gov. Pataki presided over a ceremonial groundbreaking for a 35-story office tower at the site and touted it as "an important step in our highly successful effort to revitalize and rebuild the Times Square area."

    It was to be the first major construction project in the city after 9/11. But the tower never rose, and various other proposals - including a public aquarium - fell through.

    Shortly before the Milsteins sold the property, Gargano threatened to exact stiff penalties if work at the site did not begin within a year.

    The ESDC will announce public hearings on the terms of a proposed lease for the project, which is officially known as Site 8 North, an agency spokesman said.

    Originally published on August 15, 2006
    Last edited by kliq6; August 15th, 2006 at 08:29 AM. Reason: adding info

  12. #432

    Default

    There will be no redesign. Milstein had two office building's planned. One was 850,000 RSF and the other was 1.0mm RSF. SJP is developing the 1.0mm....that is the reason they are paying an additional $23m for the additional FAR.

    Has anyone really thought that through? SJP, a company that has neither built a high rise building nor built anything in NYC is not entering the market by paying $328mm or $329 per RSF? Hard costs are $400 per RSF, Soft Costs are $133 per RSF...so All in they are at $862 per RSF to develop. Even if they get $100 per RSF Gross ($65 net), they are developing that thing for a 7.5% ROC. Not to attactive.

    I seriously doubt SJP's ability to Execute...but let's see.

  13. #433
    Forum Veteran
    Join Date
    Feb 2003
    Location
    New York City
    Posts
    1,752

    Default

    ^ If they build it for $860 Million, lease it up to credit tenants for long leases and then sell at a 4 cap, they can double their money.

  14. #434
    Forum Veteran
    Join Date
    Aug 2003
    Location
    Manhattan
    Posts
    2,636

    Default

    Quote Originally Posted by TylerFC View Post
    There will be no redesign. Milstein had two office building's planned. One was 850,000 RSF and the other was 1.0mm RSF. SJP is developing the 1.0mm....that is the reason they are paying an additional $23m for the additional FAR.

    Has anyone really thought that through? SJP, a company that has neither built a high rise building nor built anything in NYC is not entering the market by paying $328mm or $329 per RSF? Hard costs are $400 per RSF, Soft Costs are $133 per RSF...so All in they are at $862 per RSF to develop. Even if they get $100 per RSF Gross ($65 net), they are developing that thing for a 7.5% ROC. Not to attactive.

    I seriously doubt SJP's ability to Execute...but let's see.

    SJP is building a project on 46th and eighth and are serious and commited to building. remember its Milstein that has not built anything in NYC or anywhere now since 1987, 20 years!!!!

  15. #435

    Default

    Yes...but SJP has never built anything close to this in terms of size and scope. Good chance it could turn into a crap storm.

    In 2009, no one will be buying office buildings on 4 caps, especially a fully lease building with new 10 year leases and no upside potential. Even an institutional guy wont buy it for that. Interest rates and the macroeconomic environment will be completely different than the last few years and cap rates will expand.

    Good thinking.

Similar Threads

  1. New Year in Times Square
    By Edward in forum New York City Guide For Visitors
    Replies: 33
    Last Post: November 16th, 2013, 05:29 AM
  2. Toys R Us Times Square
    By noharmony in forum New York City Guide For Visitors
    Replies: 2
    Last Post: December 2nd, 2008, 10:37 PM
  3. W New York - Times Square Hotel
    By hyperfine in forum New York City Guide For Visitors
    Replies: 9
    Last Post: January 18th, 2005, 08:55 PM
  4. Times Square 2002 Celebrations Part I
    By Edward in forum Photos and Videos of New York
    Replies: 0
    Last Post: December 31st, 2001, 11:39 PM
  5. Pictures of luxurious W Hotel - Times Square
    By Edward in forum New York City Guide For Visitors
    Replies: 0
    Last Post: December 29th, 2001, 12:36 AM

Tags for this Thread

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