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Thread: Manhattan Residential Development

  1. #811

    Default Yet Another 6th Ave/20s-30s Condo?

    A Curbed post notes that all the retail has been emptied in that ugly two-story parking garage that takes up the full block on the west side of 6th Ave from 29th to 30th st.

    New condo? While another bland condo is hardly what that stretch of 6th needs, it would be an improvement over that nasty parking garage.

  2. #812

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    It will be a 45 story, $500 million hotel and residential project developed by J.D. Carlisle Development Corp.

  3. #813
    Build the Tower Verre antinimby's Avatar
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    ...and to be managed by some Irish company.
    Yes, I remember that one now.
    Let's hope it looks good, for once.

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    Yeah, it is the folks that run the Fitzpatrick up on Lexington and 56th. I never stayed there, but I've knocked a few cocktails back at their bar.

  5. #815
    Forum Veteran krulltime's Avatar
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    This is an interesting article about rentals...


    Rentals Boom Amid Housing Gloom


    By DAN DORFMAN
    March 29, 2006

    It's the same story from one real estate broker to another. Demand for city apartment rentals is red hot in a slowing housing market, a sharp contrast from three years ago when rentals went begging in New York City as the overwhelming preference was to buy, not to rent.

    A senior vice president of Bellmarc Realty, Deanne Esses, sums it up. "Rentals are going like a bat out of hell," she says. "Anything decent is grabbed up right away. Maybe some last a week or two, but that's it."

    Describing rentals as the strongest they've been in five years, she expects them to remain hot, largely, she says, because apartment prices - despite a weaker housing market - are out of sight. They're even too expensive, she notes, for people earning $150,000 to $175,000 a year. More and more, she adds, entry-level buyers simply cannot afford to ante up the funds needed to buy.

    Despite all the bubble talk, rental prices remain high and restrictive in the city, Ms. Esses points out. This is especially the case, she says, with sales of condos, which, the broker notes, are enjoying sustained overseas demand, notably from the Chinese and Russians.

    Further, the trend in new construction - which is almost entirely aimed at buyers, not renters - is also thought to be heightening rental demand. "Builders overwhelmingly are building to sell, not to rent," Ms. Esses says.

    The vigor of the rental market, she says, can be seen in surging rental prices, many which are up by 30% to 50% over a year ago.

    For example, a year ago, a small one-bedroom apartment went for around $2,000 a month; now, if you can find one, that same type of apartment runs between $2,800 and $3,000. A studio, she notes, used to rent for between $1,200 and $1,500 a month; now, it costs between $1,800 and $2,500. And two-bedroom units have risen over the past year from about $3,500 to $4,500.

    As a result, she notes that a lot of real estate brokers who moved to sales from rentals in recent years are shifting back to rentals."They're going where the action is," she says.

    The tell-tale clue, Ms. Esses says, is to ask yourself "when was the last time you passed an apartment house and saw a 'for sale' sign for an apartment? The answer is you don't see them anymore because for now, they've gone the way of the rotary phone."

    Meanwhile, the inventory of apartments for sale - the lack of which was the main reason for the city's real estate boom - is mushrooming, she tells me. "A year ago, maybe I had two or three apartments for sale; today, I can show you 20," she says.

    Ms. Esses attributes the rising inventory largely to the rejuvenation of the stock market, what with key averages hovering around multi-year highs. "Stocks are doing well again, and now, instead of rushing into real estate as they've done the past few years, people are rushing back into the market," she says.


    © 2006 The New York Sun, One SL, LLC.

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    krulltime: Interesting. Logically, if the rental prices keep rising, that should positively affect the real estate prices. I don't see much reduction in condo prices for 1br and studio apartments in Manhattan. I bought mine in January and look at major real estate sites every week - the prices are at best the same if not higher. It almost seems like 1br apartments in Manhattan have been immune to the real estate slowdown.

  7. #817
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    Sales to start next month at 125 West 22nd Street





    24-MAR-06

    The Basile Builders Group, which is based in Brooklyn, is erecting a 13-story building at 125 West 22nd Street that will contain 33 condominium apartments and is known as Verde Chelsea.

    The project has been designed by H. Thomas O’Hara and sales are anticipated to begin next month with completion in about a year.

    The red-brick building has a couple of setbacks and features a 1,045-square-foot garden with a waterfall for the residents’ use.

    The building will have a doorman and apartments will range in size from 778 to 1,838 square feet and in price from about $695,000 to $2,850,000. The largest unit will also contain about 530 square feet of outdoor space.

    The developers are also involved in several other projects in Manhattan such as a 76-unit condominium tower at 47 East 34th Street and, in TriBeCa, 78 Laight Street and 55 Vestry Street.


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    Plans to enllarge mid-block building on Park Avenue





    27-MAR-06

    The Landmarks Preservation Commisson will hold a hearing April 11 on a proposal to enlarge the mid-block, five-story building at 591 Park Avenue between 63rd and 64th Street by four stories.

    The building presently has a red-brick façade with protruding window frames. A new façade designed by Barry Rice Architects would create four duplex apartments with large windows and a light-colored façade. Attempts by CityRealty.com to reach Mr. Rice were unsuccessful.

    The property is sandwiched between the Third Church of Christ, Scientist and the Central Presbyterian Church, two of the more attractive churches on Park Avenue.

    The former, which is at 585 Park Avenue on the northeast corner at 63rd Street, was designed by Delano & Aldrich and built in 1924 and is notable for its attractive lantern-topped dome.

    The latter, located at 593 Park Avenue on the southeast corner at 64th Street, was erected in 1922 as the Park Avenue Baptist Church. It was financed by John D. Rockefeller, Jr., and the neo-Gothic structure was designed by Allen & Collens. For many years, its minister was the Rev. Dr. Harry Emerson Fosdick and in 1929 Rockefeller built the Riverside Church on Riverside Drive and the Park Avenue building was acquired by the Central Presbyterian Church.

    Central Presbyterian Church was established in 1821 in a schoolroom, but opened its first church on Broome Street the next year. In 1869, a site was purchased for the congregation on 57th Street between Broadway and 7th Avenue, and when Fifth Avenue Presbyterian Church decided to move from 5th Avenue and 19th Street to its present location on 55th Street, they donated their 19th Street edifice to Central Church. Moved brick by brick and pew by pew to its new location, the old 5th Avenue structure became Central's new home.

    In 1915, an unusual transaction occurred in which the Madison Avenue Reformed Church on the northeast corner of Madison Avenue and 57th Street bought Central Church (the old 5th Avenue edifice), and in exchange, Central bought the Madison Avenue structure, moving the congregation to the Upper East Side where many of its members were then living.

    According to the landmarks commission, the property at 591 Park Avenue was originally a townhouse built in 1877-9 and altered by Robert W. Meagan circa 1959. The application is to construct a four-story addition and alter the façade.


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    Landmarks commission approves plans for 8 West 70th Street





    17-MAR-06

    The New York City Landmarks Preservation Commission approved an application for a certificate of appropriateness this week by the country’s oldest Jewish congregation, Shearith Israel, which is located at 8 West 70th Street, for a new 10-story, mid-block building immediately to the west of its landmark structure that faces Central Park West.

    About three years ago, the congregation proposed a 15-story building for the site that met with considerable opposition in the community and from civic groups like Landmark West. The plans were revised downward, but still did not quell opposition and the land-use, parks and preservation committees of Community Board 7 voted unanimously recently to oppose the granting of the certificate of appropriateness.

    The project still needs to get zoning variances from the city’s Board of Standards & Appeals for exemptions from height and setback requirements.

    Landmark West issued a statement following the commission’s decision that it remained opposed to the project, which, it said, will be “taller than any other building on the midblock, twice the height of what is allowed on this site.”

    “Is it a victory that the community was able to raise enough substantive issues to bring the building down from 15 to 10 (remember that 20 years ago the original proposal was 40+ stories cantilevered over the individual Landmark Spanish & Portuguese Synagogue)?,” Landmark West asked.

    “Yes and no,” it continued, adding that “On the positive side, this project brought preservationists and other concerned citizens together, with few exceptions, from across the city form a unified front against the (now sadly routine) practice of allowing overdevelopment-by-special-exemption in neighborhoods that everyone believed wee protected…..On the negative side, this overwhelming public support for upholding the landmark and zoning protections didn’t convince the LPC. So, although the building is smaller by a few stories, it will still set a precedent for overreaching development elsewhere in the Upper West Side/Central Park West historic District and throughout the city.”

    The congregation’s building facing Central Park West was completed in 1897 to designs by Brunner & Tryon. In his fine book, "Glory in Gotham, Manhattan’s Houses of Worship, a Guide to Their History, Architecture and Legacy" (A City & Company Guide, 2001), David W. Dunlap, a reporter for The New York Times, wrote that "Like towering architectural counterpoints to the oaks across the street, four great Corinthinian columns dominate the façade of this elaborate Orthodox synagogue."

    Mr. Dunlap observed that "the neo-Classicism is more than skin-deep," noting that "Even the Ark, carved in tawny Siena marble and framed by butter-yellow Tiffany windows, has the broad pediment and Corinthian columns of Greco-Roman architecture."

    The congregation originated with 23 Jews, mostly Spanish and Portuguese, who came to New York from Recife, Brazil, in 1654. Its earliest synagogue was erected in 1730 on Mill Street, which is now South William Street, and until 1825 it was the only one in the city, according to Mr. Dunlap. The congregation moved to Crosby Street in 1834 and to West 19th Street in 1860.

    The new design by Platt Byard Dovell White was considerably under the allowable bulk allowed under “average weighted zoning” for the site, which falls in two zoning districts. The site could sustain a 8.38 F.A.R. (floor-to-area ratio), but the design only creates a 6.98 F.A.R.

    The proposed new building would provide disabled access to the synagogue and various classrooms and offices for it on the second through the fourth floors.

    The 5th through the 8th floors would be full-floor condominium apartments. Including a duplex penthouse apartment, the building would have 5 residential units.


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    Related project on Third Avenue at 86th Street will be cantilevered





    16-MAR-06

    Preliminary designs for a 210-foot-high apartment building on the southeast corner of Third Avenue and 86th Street indicate that it will cantilever partially over a handsome low-rise building on the northeast corner of Third Avenue at 85th Street.

    Jerry Johnson of Wachtel & Masyr, which represents the developer, The Related Companies, made an informal presentation of the “as-of-right,” 20-story building last night to Community Board 8.

    He said that the building will include about 14,000 square feet of retail space and will also take advantage of an “inclusionary housing” bonus by providing some affordable housing units off-site within the boundaries of Community Board 8.

    Mr. Johnson said that designs were still being finalized for the project and indicated that construction is likely to start this summer and that the building will not have a loading dock and it will not have a garage.

    The buildings on Third Avenue were once owned by Henry Sturman, who died in 1973 and his daughter held on to the properties until 1998 when Philip Pilevsky got a controlling interest in the properties and he is the owner of the retail portion of this project. In 2002, Related bought the building on the northeast corner of Third Avenue and 86th Street, which houses a Gap Store and an Equinox gym.

    An February 1, 2006 article in The New York Times by Terry Pristin quoted the owner of a nearby property as stating that the architect for the Related project is Robert A. M. Stern, who has worked before for Related and is also designing 15 Central Park West for the Zeckendorfs.

    The 190-unit project has 128-foot frontage on Third Avenue and 85-foot-frontage on 86th Street. The building is expected to have an address of 200 East 86th Street.

    It is advancing at the same time as another, similar project by Extell Development is going ahead one block to the west on the southeast corner of 86th Street and Lexington Avenue.


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  11. #821
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    Extell is changing design of its project on 86th Street and Lexington


    16-MAR-06

    Gary Burnett, the head of Extell Development, one of the city’s most active developers, told Community Board 8 last night that the designs for a new building on the southeast corner of 86th Street and Lexington Avenue have “changed completely” since a rendering was published in The New York Times February 1.

    The 210-foot-high building will occupy the entire avenue frontage between 85th and 86th Streets and extend 190 feet eastward on 86th Street and 100 feet on 85th Street.

    Mr. Burnett said that the project will have “a substantial retail component” with one retail space leading down to two sub-levels and another leading up one level.

    The building, he said, will have some rental apartments beneath some residential condominiums and that the residential entrance will be in the middle of the Lexington Avenue frontage and it will also have a new subway entrance within its property lines.

    Mr. Burnett’s other current development projects include the Orion at 350 West 42nd Street, the Avery on Riverside Boulevard at 65th Street, the Arion East and West at Broadway and 99th Street, and Altair 18 and Altair 20 in Chelsea. He also recently acquired the air rights from the Art Students League on 57th Street between Seventh Avenue and Broadway.

    Mr. Burnett said that demolition for the Lexington Avenue project is likely to begin in “several months.” He said that the building will have a loading dock and when asked if the new design would be masonry he indicated it would be “probably” be “modern” and “glass.”

    Construction of the project will necessitate the closing of the subway entrance at its corner for about a year, he said, adding that his company was coordinating its plans with the Metropolitan Transportation Authority.

    In his “informal presentation” to the board, Mr. Burnett said the building will not have a garage. It is an as-of-right project that does not require public review.

    One board member said that the construction of this project and a similar one also advancing one block to east on 86th Street by The Related Companies presented a “wonderful opportunity” to improve 86th Street and stop its “rapidly becoming a suburban shopping mall.”


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    Schrager and RFR Holdings to convert One Madison Avenue





    20-MAR-06

    Ian Schrager and RFR Holding LLC, of which Aby Rosen and Michael Fuchs are partners, have entered an joint venture arrangement with SL Green Realty Corporation to convert the 700-foot-high office tower at One Madison Avenue to residential condominiums.

    One of the world’s greatest skyscrapers, it was the world’s tallest building when it was erected in 1909. It retained that title for four years until the erection in 1913 of the Woolworth Building at 233 Broadway.

    Designed by Pierre Le Brun of Napoleon Le Brun & Sons, it was modeled on the famous campanile in the Piazza San Marco in Venice, which is considerably shorter and has fewer windows.

    An announcement by SL Green issued Friday indicated that SL Green will retain a 30 percent interest in the tower, and the arrangement provides Mr. Schrager and RFR, according to the announcement, with “the ability to increase their ownership interest if certain incentive return thresholds are achieved.” “A timetable for the conversion and other project details will be announced at a later date,” the announcement stated.

    One Madison Avenue occupies the southeast corner at 24th Street and is part of a full-block property that SL Green acquired last year from MetLife for $918 million. The remainder of the block is a 14-story office building that SL Green, a real estate investment trust, is keeping. The announcement did not provide financial details of the arrangement with Mr. Schrager and RFR, nor whether it includes any unused air-rights from the low-rise portion of the block.

    An article in The New York Post has indicated that Mr. Schrager and RFR may create about 100 condominium apartments in the tower.

    The tower was originally clad in marble, which was replaced by limestone in 1964 in a renovation designed by Lloyd Morgan that stripped away much of the façade ornamentation. The tower, which is illuminated at night, has large clockfaces on each of its four sides.

    “One Madison Avenue,” Marc Holliday, president and chief executive officer of SL Green, said in the announcement, “is indicative of the type of opportunity that can be uncovered today in classic New York City office buildings. As soon as we were aware of its availability, we saw an opportunity to offer a world class address for both business and residential occupancy when we assumed ownership of The Clocktower as part of the acquisition. There is no one better than Ian Schrager at creating and defining cutting-edge lifestyle trends. He’s proven that over and over again.”

    Mr. Schrager and Aby Rosen are developing 40 Bond Street, which will have a stunning green glass façade designed by Herzog & Meuron and Mr. Schrager is also involved in the development of 50 Gramercy Park North, and he developed the Paramount and Morgan’s Hotels here and the Delano in Miami. He was a partner with Steve Rubell at Studio 54, the discotheque.

    Mr. Rosen is developeing a mixed-use skyscraper at 610 Lexington Avenue at the rear of the Seagram Building on Park Avenue, of which he is an owner. He is also an owner of Lever House, also on Park Avenue.

    The residential conversion of the clocktower building will be fourth major recent such conversion around Madison Square Park. The International Toy Center, comprising the buildings at 200 Fifth and 1107 Broadway, is underway as is the conversion of the large red-brick former Gift Building at 225 Fifth Avenue. The conversion and expansion of the small building on the northwest corner of Madison Avenue at 26th Street was completely recently.

    While One Madison Avenue is the tallest and most prominent landmark on Madison Square Park, it is not the most famous. That honor is still held by the Flatiron Building on 23rd Street at the intersection of Fifth Avenue and Broadway.

    Darcy Stacom of CB Richard Ellis was the exclusive agent for SL Green.


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    Another “contemporary” building for Bond Street in NoHo





    21-MAR-06

    Ignoring opposition from Community Board 2 and the Historic Districts Council, the Landmarks Preservation Commission approved with minor modifications an application for a certificate of appropriateness this morning for a new building in NoHo with an indented ground floor, a curved façade of perforated corrugated metal and another façade of hammered concrete.

    The project in question is a 6-story residential condominium building at 8-12 Bond Street on the northwest corner at Lafayette Street.

    The project, which will have 15 apartments, each with about 1,500 square feet, is being designed by TRA Studio, of which Robert Traboscia and Caterina Roiatti are the principles, for developers Fred Shehery and Ben Soleimani.

    This is the latest of several projects on Bond Street that are transforming it into one of the city’s most interesting. To the east, a 9-story new condo building is nearing completion at 25 Bond Street and Ian Schrager and Aby Rosen are developing a condo building at 40 Bond Street with a green-glass façade and a “graffiti-inspired” gate designed by Herzog & Meuron.

    Community Board 2 had voted against the granting of the certificate, noting that its “horizontality” was “too aggressive,” and the Historic Districts Council issued a statement at the hearing also in opposition, stating that while it found “the overall massing and the general modern language of this plan to be acceptable,” it was concerned about “the extraordinary amount of transparency in the design, which” its committee “found to be discontinuous and jarring in relation to this streetscape, and that the introduction of transparent metal finishes intensified this transparency. The Committee further objected to the cut out corners, which provide for balconies, and the cut out entrance at the corner on the ground floor….They also had great difficulty with the introduction of the curve to the design, which they felt was too assertive and would cause this building to compete with the architecture of this district. And on the Lafayette Street façade, the Committee objected to the ground floor set back, which makes the building appear to float above the storefronts.”

    The building, which is also known as 358-364 Lafayette Street, will have a rear light court and a light alley on its north façade.

    The architects have noted that the “neighborhood presents a complex texture, with extremely varied characteristics, typologies, materials and scale.”

    “This,’ they continued,” is very apparent on Bond Street, where classic cast-iron buildings co-exist with Greek Revival buildings and on Lafayette Street where some historical buildings present monumental facades, while others are actually not facades at all but building side walls with a few openings. In some way the characteristics of the area allow for a contemporary building to e inserted without have to mimic the surrounding buildings, or even without having to be totally contrasting just to accord different coupon. This particular block ‘kicks’ out from the grid, bending towards the east. This is a rare occurrence in the grid of Manhattan; thus it became the spring board to the design strategy. The building on Lafayette Streets is a 6-story structure, keeping with the surrounding building scale. The structure does not present a façade per se on Lafayette Street. It’s more a wall which peels off following the lot lines, opening to reveal the window wall behind. The Lafayette façade appears to slide over the structure. On Bond Street a small building appears in scale with the Greek Revival buildings. To accentuate the connection between the regularity of the grid on Bond Street and the geometry of the lot on Lafayette Streets, balconies or outlooks are inserted to link the facades and the recognize the structure’s habitability.”

    The project requires a use variance from the Board of Standards & Appeals.


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    Soma at 116 West 22nd Street due for occupancy this spring





    22-MAR-06

    The Soma at 116 West 22nd Street in Chelsea has sold out and occupancy is anticipated later this spring.

    The 11-story building has 10 condominium apartments and originally was a four-story industrial property. The conversion and enlargement has been designed by Patrick Han of HB2 Architects.

    The Bobker Group is the developer and it is also nearing completion of the Morgan Lofts at 11 East 36th Street.

    The mid-block building has a mostly glass façade with floor-to-ceiling windows and a lobby highlighted by a handsome slate wall, a reflecting pool and a bamboo grove.

    All apartments have central air-conditioning, washers and dryers, 9-foot-three-inch ceilings and private storage and there is a private fitness area. Kitchens have slate floors and countertops and the masterbaths have travertine marble walls and separate showers.

    The penthouses have gas fireplaces. In early 2005, one of the penthouses with 1,801 square feet, two bedrooms and two-and-a-half baths had an asking price of $2,700,000 while other two-bedroom units in the building ranging in size from 1,567 to 1,746 square feet of space had prices of about $1,630,000 to $1,795,000.

    The Bobker Group is headed by Ben Bobker and has been active in the New York metropolitan area and on the West Coast.

    Financing for the project was provided by the China Trust Bank.


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    Related will open sales office soon for condo building on High Line


    27-MAR-06

    The Related Companies and Taconic Investment Partners plan to open a sales office shortly for a 26-story apartment building known as The Caledonia that will have its own second-story entrance to the planned High Line park in Chelsea.

    The Caledonian is located at 450 West 17th Street at Tenth Avenue and it will have 190 condominium apartments that are expected to range in price from $595,000 for a studio to more than $4 million for a penthouse unit. The building will also have rental units but a spokesperson for Related told CityRealty.com that the precise number was not yet available and that the rental units will have a separate elevator bank.

    Gary Handell is the architect, but renderings are not yet available and are expected soon.

    The developers will build a separate staircase and elevator from the street to the planned park on the elevated rail line that runs from Ganesvoort to 30th Streets.

    Clodagh is designing the lobby that will include a waterfall, a bamboo grove, a library, a fireplace and a concierge stand illuminated by a pulsating light sculpture.

    The development will also have an internal courtyard, a meditation garden, a fitness club and some terraces.

    The High Line elevated rail line was erected between 1929 and 1934 and closed in 1980 and is now beginning to be converted to a park somewhat similar to one in Paris.

    The Related/Taconic project is on the former site of the Chelsea Garden Center and close to another large project planned by Edison Properties LLC and designed by Robert A. M. Stern Architects that will include 869 condominium apartments in two towers at 501 West 17th Street.


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