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Thread: Manhattan Residential Development

  1. #76

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    Quote Originally Posted by Gulcrapek
    Vesta 24 (I really think there's something about this here, but the search didn't turn up anything)

    http://www.corcoran.com/property/nd/index.asp?BDD=Y

    It's on the residential development map. Or maybe your thinking of the recently completed project Vesta 17.

  2. #77
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    NYObserver

    Blue Brick’ Building Brawl: Lovely Eyesore in Makeover



    by Gabriel Sherman



    Along an expensive and fashionable block on the northeast corner of Madison Avenue and 65th Street, a piece of New York real-estate history will soon become just that—history.

    For more than four decades, the co-op at 27 East 65th Street—clad in its distinctive aqua-blue brick façade and affably known across Manhattan as the "Blue Brick Building"—cast a loud glow over the couture boutiques, storefronts and ladies lunching at outdoor cafés like La Goulue. But now, a nearly three-year-long renovation to the 17-story building to replace the glazed blue bricks with traditional red bricks is nearing completion. In a city that watches real estate with a laser-like intensity, the transformation of the blue brick building has unfolded as a uniquely New York saga shaped as much by market pressures and evolving aesthetics as by power struggles, bitter acrimony and legal wrangling. As the chromatic splash that long stood side-by-side among the 19th-century limestone façades of the Upper East Side soon disappears, real-estate watchers are now weighing in on a fading symbol of Manhattan’s 1960’s architecture.

    "There’s something innately inappropriate about a bright blue building in a neighborhood of brick and limestone," said Seri Worden, executive director of the Friends of the Upper East Side Historic Districts. "But it had a lot of character. It’s a building we sort of loved and hated."

    "It did have some distinctiveness—I always appreciate buildings that are distinctive. We have a lot of homogenization in the neighborhood, and I would like to see the distinctiveness remain," said Charles Warren, the chair of Community Board 8. Although the blue brick building falls within the Upper East Side Historic District, the Landmarks Preservation Commission classifies the colored façade as "no style," lending no protection against its alteration.

    "The board didn’t have problems with the proposal to change the façade," Mr. Warren said of the board’s unanimous 32-0 vote in support of the co-op’s renovation in June 2002.

    The blue brick building was born out of the reductionist architecture of the 1950’s, when glazed white brick buildings came into vogue among the city’s developers seeking to lure tenants with a signature look and cachet. As the architect J. Stanley Sharp put it at the time to The New York Times: "Color and beauty are desperately needed in our communities." In 1959, the developers Thomas Frouge and John Frouge commissioned the architect Anthony M. Pavia to build a $3 million apartment building on the northeast corner of 65th Street and Madison Avenue. His proposed design featured a blocky structure sheathed from top-to-bottom in glazed blue bricks.

    "It was thought at the time that the blue represented a regal feeling, an uplifting feeling, opposed to traditional colors," said Anthony Pavia Jr., a retired real-estate developer in Stamford, Conn., and the son of the building’s architect, who passed away in 2001. "At the time, there was a lot of white glazed brick around. Blue was selected to make it more distinctive."

    The Brick Thrower

    The building was completed in 1962 and joined a select group of blue brick buildings scattered across Manhattan’s streetscape, from the apartment house designed by Yeshayahu Eshkar at 69 West 85th Street to the Carlton at 220 East 57th built in 1964 by the architect Joseph Riggio.

    But in recent years, Pavia’s glazed brick design became a flash point between the co-op’s board and the building’s commercial tenant, Elliot Sutton, when the two parties sparred over dueling lawsuits for the past two years during the renovation. In 2002, after the city cited the building for safety violations for failing to shore up the crumbling glazed brick façade (which had been weakened by rain water), the co-op board hired contractors to erect a scaffolding over the outside of the building and sought to finance the project with a $6.8 million mortgage. The building is operated as a 99-year land-lease, with Mr. Sutton controlling the 25,000-square-foot ground-floor commercial space that was the home of his restaurant Ferrier, and currently houses a 2,500 square-foot Fendi boutique, an Oliver Peoples eyewear store, a Citibank branch and a parking garage. Mr. Sutton objected to the proposed renovation, and as the parties jousted over the terms of the mortgage, the building languished behind scaffolding. Mr. Sutton said the prolonged construction forced him to shutter the doors of Ferrier in July; the restaurant had been open for 15 years.

    "They never should have done the work. They could have repainted the bricks and spent $400,000 and not millions," Mr. Sutton said. "The blue never bothered me. I own the retail—I don’t look up. But Oliver Peoples wanted to be in the building because of the blue bricks. I don’t like the orangey brick they’re putting up."

    In late October, Mr. Sutton and attorneys representing the 55 co-op owners appeared at Manhattan Supreme Court on Centre Street before Judge Sherry Klein Heitler in the latest round of legal hearings over how long the scaffolding should remain.

    "We’re waiting for Mr. Sutton to stop with his lawsuits. The Department of Buildings has ordered that scaffolding put up for safety. It’s up to the contractor to remove the scaffolding. They say December 2005; we won’t agree to do it any sooner than that," said Gil Feder, an attorney at Reed Smith who is representing the co-op board.

    Mr. Sutton said the scaffolding was sapping his ability to operate the retail space.

    "We had to close Ferrier because no one could find the restaurant. If you make it 10 years in the restaurant business, you’re an institution—and now it’s over," he said. Mr. Sutton added that he now stands to lose $400,000 a year since the restaurant went under, and another $2 million a year in rent revenues after the Veritgo boutique closed earlier this year. "It’s very difficult to rent the space with scaffolding blocking the street. It took them two and a half years thus far. How can you operate like that? It’s a disaster. What kind of business can operate like that for years?"

    Still, while white brick buildings today retain a patina of 1960’s style, if not period character, the blue brick building on Madison Avenue never seemed at home among its monochromatic neighbors. Real-estate brokers, mindful of resale values, have championed the renovation.

    "Blue was horrifying! That building, honestly, was an eyesore. Even from surrounding buildings, it wasn’t pleasant to look at," said Michele Kleier, the president of Gumley Haft Kleier, who specializes in high-end Upper East Side properties. Several years ago, Ms. Kleier recalled, she had an exclusive on a three-bedroom apartment in the building that listed for $2 million, but couldn’t find a buyer because of the blue brick façade.

    "The apartment was completely renovated, but every person I showed it to said if it was in any other building, the space would sell right away. With the building changing color, the owners could now sell that same apartment for $3.5 million right away, or more.

    "Replacing the façade with red brick is going to make everything in the building more sellable. When you get out of a car, there’s a certain ambiance created immediately by the blue bricks. The whole feeling of Fifth Avenue and Park Avenue is prewar. The blue bricks were always out of place," Ms. Kleier said. "The truth is, it’s a huge improvement not only for the building, but for the neighbors."

    "I would say resale values will go up 10 percent now that they’re changing colors," said Kirk Henckels, a senior vice president and director of Stribling Private Brokerage. "Prospective buyers didn’t like the fact that it was blue. Everybody’s happy it’s changing colors. I think there’s a blue brick building somewhere across the Henry Hudson Bridge—let it stay there."

    And yet, the unflinching march of development that has buffed the city to a fine sheen has galvanized the guardians of the unique—albeit kitschy—buildings that once buoyed neighborhoods with their distinctive presence. From preservationists’ pitched battles over Edward Durell Stone’s modernist cube at 2 Columbus Circle to Greenwich Village residents resisting N.Y.U.’s concentric expansion out from Washington Square Park, some feel the passing of the blue brick building on Madison Avenue is just one more piece of New York’s architecture fabric forever lost to the city’s upscaling economic engine.

    "I think the building was distinctive enough not to be garish; it was distinctive in that it set itself apart from the streetscape that you had in the neighborhood, and that is being lost," Mr. Pavia said of his father’s design. "It’ll be like any other building. But it’s really inevitable—nothing lasts forever. The streetscape used to be unique, and now the block will be like anyplace else."

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    The Real Deal

    Morton Square developer goes to UES

    October 28, 9:43 am

    Cielo condos JD Carlisle, the developer of Morton Square in the West Village, is currently completing a 28-story condo at 83rd Street and York Avenue.
    The project, named Cielo, will have 128 studio, one-, two- and three-bedroom units. Expected to be ready for occupancy in early 2006, apartments will range from 626 to 3,221 square feet and be priced from $700,000 to $5 million. The project is being marketed by The Marketing Directors.



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    The marketing office for the Cielo is actually in my parents' apartment building.

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    Globest.com

    Boymelgreen Closes on $150M Acquisition

    By Barbara Jarvie
    Last updated: December 15, 2004 08:55am

    NEW YORK CITY-Brooklyn-based developer Leviev Boymelgreen completed the purchase of the 35-story 20 Pine St. here with help from a $150-million mortgage loan from Barclays Capital Real Estate Inc., a subsidiary of Barclays Bank. The financial district site will be converted to a mixed-used development with luxury condominiums and ground-floor retail and commercial space. The law firm of Herrick, Feinstein, which represented Boymelgreen, tells GlobeSt.com that in the next few months, “there will be a separate construction loan for the conversion.”


    Last year, Boymelgreen in a joint venture with Africa Israel Investments, purchased the JP Morgan complex at 15 Broad St. and the adjacent 23 Wall St. for $110 million. It was also earmarked for residential conversion. And Boymelgreen is not just busy in the New York area. For information about a Miami project, go to Meridian Center Offices Go Condo at $290 Per SF .


    The developer acquired the 700,000-sf office built in 1928 from the Resnick and Reuben families. It served as the headquarters of Morgan Guaranty Trust and has been occupied by longtime tenant JP Morgan Chase. “Shaya Boymelgreen has been doing remarkable deals in Manhattan. These exciting transactions are truly changing the landscape of New York City,” remarks Richard Weidman of Herrick, Feinstein. The pair have worked together previously on developments here and in Miami and Las Vegas. Dick Weidman, Sheldon Chanales, Jeffrey Kaufman, Maureen O’Connor and associates Joseph Murphy, Efram Friedman and Anna Stoessinger of Herrick’s real estate department represented Leviev Boymelgreen.


    Though no price has been set for the conversion process, which is expected to take approximately 15 to 18 months, $135 million has been set to transform 15 Broad St. The JV hired noted architect and designer Philippe Starck to transform the 42-story property into a luxury residence called Downtown. It will feature 326 residential condominiums that are expected to list from approximately $335,000 to $3.5 million and will house a combination of studio, one-, two- and three-bedroom units. Amenities include a lap pool, squash court, basketball court, yoga and Pilates studio and weight training room, steam room as well as a business center and children’s playroom. There will also be a screening area and the only private bowling alley in Manhattan.

    The Brooklyn-based Boymelgreen was founded more than a decade ago by Shaya Boymelgreen. He teamed with Lev Leviev and Africa Israel Investments to form AI & Boymelgreen. Today, the firm controls an estimated $1.5-billion portfolio. Africa Israel Investments Ltd. is an international holding and investment company that is active, among others, in the spheres of residential and business construction, construction and management of shopping malls and building of infrastructure.


    Link

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    Newsday

    Harlem to get affordable housing

    BY BRYAN VIRASAMI
    STAFF WRITER

    December 20, 2004, 6:36 PM EST

    Harlem residents will see 3,000 new affordable co-op apartments come to the the communityunder a plan between the city and a major bank, Mayor Michael Bloomberg said Monday.

    At least 50 percent of the apartments will be made available for purchase to Harlem residents and prices will be kept below market price, officials said.

    The deal between the city's Housing Development Corporation and Bank of America will provide up to $100 million in low interest loans for developers to build the apartments in Harlem.

    The transactions will help keep apartment prices and montly maintenance cost low for a typical family of four, officials said.

    Bloomberg made the announcement during a news conference with bank officials and Lucille McEwen, president and CEO for Harlem Congregations for Community Improvement Inc.

    "This is a great opportunity for Harlemites to stave off gentrification," said McEwen.

    She and others hailed the project as a good way to expand home ownership to average residents.

    The average price for the one to three bedroom apartments will be between $120,000 and $250,000 and will be available to low income families.

    Bloomberg said Harlem has become a "hot" market for real estate and prices are soaring as a result but he felt residents some residents may not afford to stay in Harlem without affordable homes.

    "This is without a doubt one of the hottest residential neighborhoods in the city," the mayor said. "The future of Harlem is really bright."

    The low cost financing allows developers to translate that into low prices for buyers but still make profits, officials said. Bloomberg said the arrangement is part of his goal to create 65,000 affordable apartments.

    The proposed construction, the Sutton, will be at West 147th Street between Bradhurst Avenue and Frederick Douglass Boulevard, city officials said.

  7. #82
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    December 2004

    Apartments to light up Times Square
    Planned 25-story Sherwood tower first of high-end developments in area

    By Alison Gregor

    The renewed residential development that has perked up the Midtown stretch of Eighth Avenue over the last several years may soon be wheeling east to march toward the heart of Times Square.

    Sherwood Equities recently filed plans with the city Buildings Department to construct a 25-story, 136-unit apartment tower at 1600 Broadway, just north of Times Square’s world-renowned bow tie intersection.

    That’s in the opposite direction of the residential development that traveled along 48th Street into Hell’s Kitchen, reviving the once hard-luck neighborhood. Brokers now sell it as Midtown West or Clinton, and the area from Eighth Avenue to the Hudson River is now a hot destination for 25- to 35-year-old renters.

    About 6,500 new apartments have been built in the Times Square and Midtown West/Clinton neighborhoods since 2000, according to Times Square Alliance president Tim Tompkins.

    "High-end residential has been essentially sort of creeping down Eighth Avenue," he said.

    Carol Allen, a broker with Turfnyc LLC, said new residential towers, such as The Biltmore at 271 West 47th Street, have far more amenities than those of previous decades, including private residence clubs, lounges with fireplaces, screening rooms, billiard rooms, on-site parking and sun terraces, among other perks.

    This is creating a sense of community that is luring young, single renters willing to consider prices such as $4,295 a month for a furnished 1,000-square-foot two-bedroom apartment, she said. Renters are often offered deals like one month rent-free, or building owners will pay the broker’s commission, rather than the tenant footing the bill.

    The neighborhood upgrade includes a 42-story apartment tower being developed by Elad Properties, located just west of Eighth Avenue at 310 West 52nd Street.

    Recently proposed residential development in Times Square may be part of the trend to serve more young renters, especially during a time when the office space market is still somewhat soft.

    But it may also be geared toward another burgeoning market: clients seeking short-term furnished rental spaces as an alternative to hotels, or condominiums to serve as family pieds-à-terre.

    "There has been a lot of new development there, mostly rental housing until recently," said Bellmarc Realty principal Neil Binder. "Now the big thing that’s going on is the concept of suites."

    Binder believes that much of the residential space in the Times Square area, which is bounded by Sixth Avenue and Eighth Avenue from 40th Street to 53rd Street, will provide condos to investors or companies that deal with short- and long-term furnished apartment rentals.

    "The area has a very high demand for hotels, and there are five or six hotels in the immediate proximity [of the bow tie], but they’re all oriented toward the conventional form of hotel rooms," Binder said. "There are very few around that are oriented toward renting a condominium for a short duration of time."

    He said these types of hotel alternatives might garner $1,000 to $2,000 a night. Another option for developers is to produce condominiums to serve as pieds-à-terre for suburbanites or Europeans. One emerging trend is multiple generations of a suburban family getting a Manhattan apartment as an urban getaway.

    Many agents are foregoing finicky co-op boards and directing these clients toward condominiums. But this is difficult with 85 percent of Manhattan residential real estate comprising co-ops.

    "There is a huge market for [pieds-à-terre] in the heart of the city and even the Times Square area, now that Times Square is considered a vibrant center of the city more than ever," Binder said.

    It’s a departure from the area’s recent past, when Times Square meant a collection of rickety tenements, parking garages and lurid peep shows. City initiatives, the economic boom of the 1990s and increased national corporate interest have transformed the area into a shopping and tourist destination with attractions that are all legal and aboveboard. Brokers hope this will make it a residential draw as well.

    Worldwide Plaza, on Ninth Avenue between 49th and 50th Streets, is an example of this hybrid between investment properties and pieds-à-terre, Binder said.

    But that vision may not yet have captured developers’ imaginations. Jeffrey Katz, the chief executive of Sherwood, said he believes the primary demographic for the Times Square area is still the 25- to 35-year-old renter.

    "In my opinion, I think that’s who’s there now, I think that’s who’s been coming, and I think that’s who will continue to come," he said.

    Since the six blocks surrounding the Times Square bow tie feature perhaps the world’s highest concentration of corporate headquarters, office workers may mean further potential for more renters.

    "It’s all new, without housing options or with very few housing options," Katz said.

    He believes the short-term rental and pied-à-terre market is a third and lesser component of the Times Square residential real estate market, as does Miki Naftali of Elad Properties.

    Naftali said he has no intention of marketing his 42-story apartment tower primarily to investors.

    "We are really marketing to the end user," he said. "All of them live happily in our projects."

    Naftali said he believes that people seeking short-term rentals or pieds-à-terre account for only 10 to 15 percent of the market, and thinks of Times Square as a place for the long haul.

    "It’s a really good place to live," Allen said. "It’s unbelievably convenient, and I think it will become very popular."


    Copyright 2003-2004 The Real Deal.

  8. #83
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    Fertile ground on W. Side
    Housing boom in the works



    Some of the signs are subtle - like the note in the window of the dry cleaner at Broadway and W. 93rd Street that announced its closing "due to the construction of a new building." Other signs are obvious - like the huge hole in the ground at West End Avenue and W. 59th Street.

    They signal the start of a new series of apartment construction on the upper west side.

    Eager to capitalize on strong demand for housing there - especially from families seeking good schools - builders are managing to find sites, though it's one of the city's most highly developed residential nabes.

    "The Upper West Side's on fire," said Paul Steenson of Kreisler Borg Florman, construction manager for the rental-apartment high-rise that's replacing the dry cleaner at 250 W. 93rd St.

    Architect Costas Kondylis needs to amend the design, which the city rejected, so it's unclear how closely the final plan will resemble the original.

    Whatever form it takes, it'll be a first-ever residential project for the Friedland family, which owns lots of retail properties. Some of the neighborhood's most glamorous projects are shaping up around West End Avenue and W. 59th Street, an industrial enclave that's about to get a makeover.

    On that corner, work is starting on a 31-story condo tower.

    Directly east, a 35-story glass tower is planned on an acre of land, with indoor and outdoor swimming pools and basketball and tennis courts.

    Moshe Dan Azogui's Brack Capital is developing this site with Continental Equities - whose co-founder Jane Gol is a city planning commissioner.

    North of these locations, two projects are gearing up between W. 60th and W. 61st streets, just east of West End Avenue.

    At 245 W. 60th St., Larry Ginzberg is planning a complex with 380,000 square feet of apartments. The proposed design has a 29-story tower and shorter companion buildings.

    East of that, behind a blue construction fence, developer Stan Listokin is starting an 18-story apartment tower with a twist. The base of the building will serve as a new campus for Lander College for Women, which is part of Touro College.

    Further north, West End Avenue is a solid double row of apartment houses - or almost solid. On one of the only spots with a single-story retail building - the corner of W. 70th Street - a 26-story residential tower is planned.

    The developer is American Continental Properties.

    A few blocks away, Donald Trump is finishing work on the seventh tower at Trump Place. This rental-apartment building's address is 120 Riverside Blvd., at W. 66th Street.

    Neighborhood enthusiasm for the upcoming projects is tempered.

    "We could be in danger of losing the mix of housing we have," said Community Board 7 chairwoman Hope Cohen.


    Originally published on December 28, 2004
    All contents © 2004 Daily News, L.P

  9. #84

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    There's also a 25 story two building complex at 33 West End Avenue and 61st Street by the Atlantic Development Group about to begin.

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    More Rental Housing Is on the Horizon

    By Barbara Jarvie
    Last updated: December 30, 2004 10:55am

    NEW YORK CITY-“The appetite of institutional investors for housing product has been growing at an extraordinary rate,” notes Richard Bassuk, president of the Singer & Bassuk Organization, which handled a number of Liberty Bond transactions for Lower Manhattan condominium conversions including 63 Wall St. and 17 Battery Pl. “It’s been a year of rapidly escalating land prices and rapidly escalating construction prices. The situation has lead to an acceleration of condo conversions in Manhattan because of the economics and a reduction in the amount of rental housing.”

    However, in the last 30 days a number of developers have approached SBO about potential rental housing projects “West of Sixth Avenue,” Bassuk says. “It’s a supply-and-demand issue.” And various incentive programs will go toward increasing the city’s affordable housing product. Earlier in the year, the city introduced the New Ventures Incentive Program Over a five-year period, New VIP will provide up to $200 million for acquisition and pre-development costs to encourage residential development in derelict manufacturing areas, particularly brownfields, appropriate for rezoning for residential use.

    According to the latest figures from Marcus & Millichap, Manhattan apartment vacancies were expected to fall to 3.9% by year end, from 4.7% in 2003. Asking rents increased 1.7% to $2,900 per month this year, while the median price of Manhattan apartments rose to approximately $126,000.

    Infrastructure improvements are fueling neighborhood revitalization in various parts of the borough including Jamaica. The introduction of the Air Train--a transport system connecting the Jamaica station with John F. Kennedy Airport--is a impacting the Downtown Jamaica market, according to John D. Markunas of JFK Corporate Square. “The options in Jamaica are increasing.” Adding retail space is and community efforts are key in this revitalization effort.

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    Thanks for the link, Tonyo. The first page was not very inviting for further reading (total 4pp) but the assessment of the various micro-centers on Bleeker Street was very interesting.

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    The corner of W. 70th Street - a 26-story residential tower is planned.
    I went to the A&P (Food Emprium) on West End Avenue and 70th street the other day. Then I heard at the register that the store was closing. I then ask the manager about it and he said that they were closing because of development that is going to happen at the site. I ask if it was a new residential building going up there but he wasnt sure. I think is going to happen... I have my fingers crossed.

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    325 Fifth Avenue, probably mentioned before: now with renderings

    http://www.sbjgroup.com/325fifthave.html

    They seem to be inspired by Fox&Fowle...

  15. #90

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    You weren't kidding Gul. They should've continued the curve as a "crown" to give the tower some distinction.

    Then they'd be bordering on infringement, bah, whatever.

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