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

  1. #1

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

    It would be my guess that development at 11 Times Square should begin before the new year. The parking lot which has remained open, has closed. Since Milstein is now losing money at the site, I take this action to foreshadow development. I would expect something more to take place before the end of the month.

  2. #2

    Default Promising sign at Milstein site

    I noticed it was closed also. *I bet the rats are still running freely though...

  3. #3

    Default Promising sign at Milstein site

    According to the security guard on site, and contacts I have in the development industry, Milstein is breaking ground this week. *He is going to begin his foundation work while he continues to search for a lead tenant. *

  4. #4

    Default Promising sign at Milstein site

    Thanks blanger.

    What contacts do you have, maybe you could help us with a couple other development hold-ups?

  5. #5

    Default Promising sign at Milstein site

    NY Post...

    LAST PIECE OF 42ND ST. PUZZLE

    By STEVE CUOZZO

    October 22, 2002 -- AT long last, ground will be broken today on Times Square Plaza, Howard and Edward Milstein's $400 million office and retail tower at the southeast corner of Eighth Avenue and 42nd Street.

    And - hallelujah! - the unsightly parking lot is gone.

    The tower designed by Fox & Fowle, first shown in these pages last spring, will fill in the last gaping hole on the dazzling block between Seventh and Eighth avenues - home to Ernst & Young, new theaters, and the Times Square Hilton.

    But with demand for new office space scarce, it's a long way from a ceremonial groundbreaking to an actual tower. Howard Milstein said, "We continue to hear all the worriers say that the market is too uncertain, we don't have anchor tenants, the financial world is nervous. We say now is the time to move ahead without fear."

    Gov. Pataki will wield a shovel for today's groundbreaking, to be attended by the Milstein brothers, Empire State Development Corp. Chairman Charles Gargano, and by Howard and Edward's father, patriarch Paul Milstein.

    "I'm pleased that we've come to this point," Gargano said. "It's the last piece of the puzzle on 42nd Street and the western gateway to the project - another exciting event for Times Square."

    The state agency and the Milstein family had bickered for years over the site - first over the Milsteins' delay in developing it, then over its size. The Milsteins wanted 1 million square feet. ESDC argued that zoning allowed only 660,000 feet and that bonus footage available in the 42nd Street area had been exhausted.

    A memo of understanding between ESDC and the Milsteins appeared to clarify things. Gargano said it calls for a 35-story tower of 720,000 square feet, including a 60,000 square-foot bonus for a new subway entrance.

    The Milsteins are marketing the tower as having 850,000 "rentable" square feet - a figure which includes common areas and is typically higher than actual floor area. The L-shaped tower boasts floor plates of up to 40,000 square feet.

    Times Square-watchers are keeping their fingers crossed.

    The animosity between ESDC and the Milsteins dates back to the years when the site was owned by a Milstein partnership that included Philip Milstein, a cousin of Howard and Edward, and two other families.

    Howard and Edward bought out the others' interests last year.

    Gargano said the plan is subject to final contract with the Milsteins, which will take several months to execute. After that, he said, the Milsteins have four years in which to begin work.

    The Milsteins face the daunting challenge of finding anchor tenants in a weak market. But Mary Ann Tighe, head of New York operations at CB Richard Ellis, observed: "It is typical of the old New York real estate families that they are contrarians.

    "They believe the time to go forward is when the market is down, because then they'll be among the first buildings to meet the upturn when it comes."

    Tighe helped put the deal together for the New York Times' new headquarters, to rise across the street from the Milstein site between 40th and 41st streets. "Given that the Milsteins' timing will to a great extent parallel that of the Times building, it's a tremendous validation for the Eighth Avenue location," she said.

  6. #6

    Default Promising sign at Milstein site

    NY Times...

    35-Story Tower Is Planned for Last Open Times Sq. Lot

    By CHARLES V. BAGLI

    Twenty-two years after the city and the state announced an ambitious project to transform a seedy and forlorn Times Square, a prominent real estate family is planning to build a 35-story tower on the last remaining parcel in the 13-acre redevelopment district.

    The family, Howard and Edward Milstein, plan to break ground today on the 850,000-square-foot building, which will combine office space, street-level stores and possibly apartments on a parking lot at the southeast corner of 42nd Street and Eighth Avenue.

    It is designed by Fox & Fowle, the same architects who designed the Condé Nast and Reuters buildings a block away on Times Square.

    The Milsteins' $500 million project will sit in an area that has already undergone a neon-glazed sea change as T-shirt shops and pornography stores gave way in the mid-1990's to new theaters, sleek glass office buildings, a World Wrestling Entertainment restaurant, the largest toy store in the world and, last week, a colorful 860-room Westin hotel.

    But, until now, the last piece on the Times Square checkerboard sat quietly.

    "Eddie and I are 100 percent committed to completing this building by 2004," Howard Milstein said yesterday. "Even in these times of uncertainty, New York City and Times Square remain the crossroads of the world."

    Former Gov. Mario M. Cuomo, who spent much of the 1980's and early 1990's trying to get the Times Square project off the ground, said it was a long time coming.

    "It's gratifying," Mr. Cuomo said yesterday. "It took longer than it should have and was more tortuous. But the energy and the power of the place is so formidable."

    Despite frequent news conferences and much fanfare, the redevelopment of Times Square was stymied for many years by community opposition, 47 lawsuits and a deep recession in the early 1990's.

    But companies and retailers flooded into the area beginning in the late 1990's, after Disney announced it would rehabilitate the New Amsterdam Theater, on 42nd Street near Seventh Avenue, and Douglas Durst, the developer, began building a new skyscraper in Times Square.

    State and city officials provided developers with hundreds of millions of dollars in subsidies to build in Times Square. They also granted tax breaks to tenants like Condé Nast Publications, Ernst & Young, Reuters, The New York Times and others.

    Even after the transformation was well under way, the subsidies got larger, not smaller. Mayor Rudolph W. Giuliani provided Condé Nast, for instance, with incentives worth about $10.7 million in 1996, while Ernst & Young got $20 million in 1999.

    Although the resurgence of Times Square is certain, the Milstein project is not without some risk for a family that has not erected a new office building in 19 years or a new residential building in a decade.

    The booming economy of the late 1990's, which brought tourists, new restaurants, stores, investment bankers and even accountants to once-forbidding Times Square, has faded a bit.

    Boston Properties is scouring the city for tenants for its tower under construction on the south side of 42nd Street between Seventh Avenue and Broadway, as is Forest City Ratner for space in the proposed headquarters for The Times on Eighth Avenue, between 40th and 41st Streets.

    Developers have also completed, or are building, eight apartment towers with more than 3,000 apartments on 42nd Street, west of Eighth Avenue, or nearby.

    But Mr. Milstein said he expected to complete his tower in 2004 after Boston Properties opens its building and before Forest City completes its project.

    If the office market remains soft, he said, he has the option of building apartments instead of a large block of office space. The Milstein building will also have a parking garage and retail space on three floors.

  7. #7

    Default Promising sign at Milstein site

    I think the name of the building will be Times Square Plaza (looking at a pic in the paper). *There will be TS Plaza and TS Tower under construction on the same street. *Not to confuse anyone...

  8. #8

    Default Promising sign at Milstein site

    Times Square Plaza should be 565 feet. Not bad.

  9. #9
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    Default Promising sign at Milstein site

    Times Square Plaza, Times Square Tower, New York Times Tower, ahh, the Times we live in

  10. #10

    Default Promising sign at Milstein site

    Rendering from \http://www.rkf.com

  11. #11

    Default Promising sign at Milstein site

    WOW great looking building.

    Anyone know why construction has not begun?

  12. #12

    Default Promising sign at Milstein site

    It will certainly have a home in Times Square. *I think the building will need an anchor tenant before construction begins, especially with the economy not looking so promising.

  13. #13

    Default Promising sign at Milstein site

    It might look alright on the corner and next to the Times building.

  14. #14

    Default Promising sign at Milstein site

    Does it have a translucent skin like the LVMH tower ? That would be nice.

  15. #15
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    Default Promising sign at Milstein site

    The lot has been fenced off with the blue plywood wall that signals construction...

    Finally!

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