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Thread: Manhattan Residential Development

  1. #1051
    Disgruntled Optimist lofter1's Avatar
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    Do you know what the rent was there ^^ ?

  2. #1052

    Default Is this a joke???

    Man ya have to shake your head when you see the cost of housing....SoHo Hideaway....$11,000,000....boggles the mind....

    Mary Ann

  3. #1053
    The Dude Abides
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    From the New York Post:

    Condo purchases may be slowing but investors are gobbling up large apartment buildings.

    Meyberry House, a 193-unit apartment building at 220 E. 63rd St., was sold for $100 million to Jeff Goldberger of Atlas Capital Group.

    The building includes 11 professional/medical suites, a 93-car public garage and a large rear yard that adds to its condo conversion pluses. Eastern Consolidated Properties' Martin Ezratty represented the seller, Michael Kerr of M & R Management, while Brian Ezratty - Martin's nephew - Vice Chairman and Principal of Eastern, procured Goldberger.

    Brian Ezratty and Scott Ellard also represented the Nagel family in the sale of 905 West End Avenue at 104th St. for $45.5 million to Arnold Goldstein's Samson Management.

    The 13-story building has courtyards and 53 units that overlook the Hudson River and Riverside Park. BlackRock Realty bought two buildings from the same long-time owners.

    One is the 115-unit The Wellington at 200 E. 62nd St. for $28 million plus $145 million for the assignment of the lease.

    It also purchased the 152-unit Westminster at 165 E. 66th St. for $30 million plus $124 million for its lease. The $327 million in deals were made on behalf of BlackRock's client believed to be pension fund giant CalPERS and marketed through Darcy Stacom and Bill Shanahan of CB Richard Ellis.

    Back in April, we told you BlackRock sold the Montrose at 308 E. 38th St. to a UBS Fund for $59.15 million.

    Now, Montrose's original developer, Veronica Hackett's Clarett Group, has purchased the tiny Carnegie Hotel at 229 W. 58th St. for $20 million from Carnegie Real Estate.

    It is a quick air rights hop to 220 Central Park South, which she plans to tear down and replace with a 41-story building.

    No plans have yet been filed for the new Cesar Pelli building and a sidewalk shed permit is merely for façade repair.


    lois.weiss@nypost.com

    Copyright 2006 NYP Holdings, Inc.

  4. #1054

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    Quote Originally Posted by lofter1 View Post
    Do you know what the rent was there ^^ ?
    No but let me ask my buddy and see...

  5. #1055
    Disgruntled Optimist lofter1's Avatar
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    Apartment Rentals Market Sizzles

    NY SUN
    BY MICHAEL STOLER
    August 10, 2006

    This has been an exciting year for the New York City real estate market, with office buildings for the first time selling for more than $1,000 a square foot and investors from around the world displaying a strong appetite to own and manage rental apartments.

    "Residential rental rates are on the rise throughout the city as condo-mania subsides," the managing director of Eastdil Secured, Douglas Harmon, who is probably the most active investment adviser in the country, said.

    "Investment in rental buildings continues as interest rate spirals have yet to materialize (we may be in extra innings with rates, as the 10-year treasury note is once again under 5%), and that keeps some insatiable hunger in the investment community.

    "New York has never been stronger from a rental housing perspective, and new rental developments have been limited over the last few years," he said.

    Rental buildings with a high percentage of regulated units are becoming harder to find, the chairman of Massey Knakal Realty Services, Robert Knakal, said. "These assets are no longer trading on economics, as buyers look at price per square foot to determine what they will pay. Thus, we are seeing miniscule cap rates, and some gross rent multiples are over 20 times rental income," he said.

    With the census projecting 1 million new residents moving into New York during the next 10 years, he added, "These people will have to live somewhere, and this dynamic is pushing rents up."

    Ofer Yardeni, the managing partner and co-founder of Stonehenge Partners, a company that owns and manages more than 2,000 rental apartments in Manhattan, agrees.

    "With vacancies hovering around 0%, demand for rental housing going through the roof, and rents being increased by over 25% in the last five months, owning a residential rental apartment building in Manhattan is a better investment than owning treasury bills," he said.

    With the decline in construction of new rental apartment buildings, the conversions of rental units into condos reducing the availability of rentals, and the costs to purchase in the condo market increasing, there has been a rise in demand for rental housing, the chairman of the national real estate practice at Greenberg Traurig, Robert Ivanhoe, said. However, the scarcity of and the high price for land in Manhattan, combined with high construction costs and higher interest rates, has made the production of rental units very expensive, such that the return on investment for developers and investors is not at palatable levels, he said.

    "The luxury residential condo market has started to settle down from its feverish pitch of the past 3–4 years and new construction units are spending a longer time on the market before they sell as buyers seem to have more of a choice picking their best options," the director at Eastern Consolidated Properties, Alan Miller, said by e-mail."These factors have led to a tightening of the NYC rental market which some landlords tell me is the best they have ever seen."

    Rental apartment buildings, many earmarked for conversion to condominiums, continue to sell at a record pace. A number of buildings built in the early 1900s have recently been sold.

    Last month, Ladera Partners purchased four five-story walk-up rental buildings with 81 units that were built in 1911 at 351–357 W. 45th St., between Eighth and Ninth avenues. It paid $11.5 million, or about $142,000 a unit, to the estate of Edith Bluttal.

    Two apartment buildings built in 1905 at 66–70 W. 109th St., between Columbus and Manhattan avenues recently sold for $8.04 million, or $167,500 a unit. The Paz family purchased the buildings from Arthur Lees and family.

    An Italian hotel company, Papmos Imobilre Sri, purchased a five-story, 14,965-square-foot office building built in 1900 at 214–216 E. 52nd St., between Second and Third avenues.The company paid $13.35 million, or about $892 a square foot, and plans to convert the building into high-end apartments.

    Apartment houses all over the city are selling at record prices. A few months ago, Tahl-Propp Equities purchased two six-story apartment buildings at 1321 and 1330 Fifth Ave. at 111th Street for $28 million, or about $155,000 a unit.

    The Continuum Health Partners next month is expected to sell the Elektra, a 32-story, 166-unit rental building in the heart of the Gramercy Park area on the west side of Third Avenue between 22nd and 23rd streets for close to $90 million. The building will be delivered vacant to the new owner.

    Earlier this year, Brack Capital purchased a 26-story, 348,386-square-foot rental building with 325 units and a 130-space garage at 463 Second Ave.for $158 million, or about $486,154 a unit.

    Massey Knakal Realty Services is marketing for sale three buildings with 69 units in the heart of the East Village, at 118 and 120–122 East 4th Street, for $13.9 million. It is also marketing a 47,000-square-foot loft building at 231 Bowery between Stanton and Rivington streets for $13 million, as well as a five-story site at 25 Park Place in TriBeCa for $10.5 million.

    The limited supply of available rentals "makes the business of owning rent-stabilized properties a very secure and profitable business," Mr. Yardeni said. "With rents for studios reaching $2,500 per month, one bedrooms renting for over $3,500 per month, rents in New York City are consistently breaking the $60 per square foot levels, something that we have never experienced before."

    A limited number of new rental buildings are scheduled for occupancy over the next 24 months. Those who want the opportunity to reside in a rental on the Lower East Side will be offered a new building directly adjacent to the famed Katz's Delicatessen.

    Edison Properties is building the residential and retail building at 188 Ludlow St. The development will include 242 apartments, 20% of which will be set aside for low-income residents and 5% of which will be earmarked for moderate-income tenants.

    Later this fall, the rental office is scheduled to open at an AvalonBay Communities rental building at Avalon Bowery Place on the north side of Houston Street. In Long Island City, Avalon-Bay Communities is in the process of constructing a rental building at Avalon Riverview North.

    This fall, the first tenants will be moving into Rockrose Development's first rental building, the East Coast Tower I, a 31-story building with 650 units. It is the first of seven new residential buildings on what was a 22-acre Pepsi plant site in the Queens West Development.

    A number of rental buildings are scheduled to open in Lower Manhattan. A 162-unit mixed-income residential rental building will be constructed adjacent to the site of Edward J. Minskoff's development at 270 Greenwich St., across from Battery Park City.

    Early next year, the first tenants will move into Leviev Boymelgreen's 88 Leonard St., on the southeast corner of the intersection where Leonard meets Broadway. The 23-story tower with 334 apartments received $112.5 million in Liberty Bond financing. In accordance with Liberty Bond eligibility, 5% of the units will be reserved for affordable housing.

    Boymelgreen is marketing for sale the leasehold interest in the 16-story, 172-unit Hudson Park Riverside rental building at 323 W. 96th St. Units rent for $42 to $55 a square foot, and the rents are stabilized with increases determined by the New York City Rent Guidelines Board. The stabilized rents expire in 2013. Industry leaders expect the leasehold to fetch $90 million, or $523,000 a unit.

    Next year, Glenwood Management will open its 57-story, 396-unit rental apartment building at 10 Barclay St., at the intersection of Vesey Street.

    Tenants are moving into the Lalezarian Brothers's conversion of 100 Maiden Lane, the former headquarters of Caldwalder Wickersham & Taft, which was purchased for $57 million. The 25-story former office building, which received $98 million in Liberty Bonds, was converted into 340 rental units.The Lalezarian Brothers have recently opened the rental office in Casa, a 17-story, 155-unit building on West 21st Street in Chelsea.

    The rental office is also open at the Verdesian, a rental apartment building at the northern end of Battery Park City.The 26-story building at 211 North End Ave. is a development of Albanese Organization and its joint venture partner, the Northwestern Mutual Life Insurance Company. A few years ago, the joint venture completed the Solaire in Battery Park City.

    The Related Companies, co-developers with Apollo Real Estate Advisors of the Time Warner Center, are leasing rental apartments in the lower portion of a 43-story residential tower, One Carnegie Hill, at 25 E. 96th St.

    Early next year, a joint venture of the Durst Organization and Sidney Fetner Associates will open a 58-story mixeduse complex, the Epic. The 80/20 rental will have 458 rental units beginning at the 14th floor. The property is located on West 31st Street between Sixth and Seventh avenues.

    I concur with Mr. Yardeni when he says, "As New York City remains the home for most major corporations in the world as well as being the most sought place to live for young professionals, there will be continued demand for rental units for the years to come. The growing trend of ‘reverse migration,' where suburbanites are moving back into the city, will also add fuel to the demand for rental units in the city."

    © 2006 The New York Sun

  6. #1056

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    Quote Originally Posted by lofter1 View Post
    Do you know what the rent was there ^^ ?
    Back in 2003 the rent for the top floor unit was in the $6,000-6,500 range...

    Also, big time shaking in the building due to the subway....

  7. #1057
    Forum Veteran krulltime's Avatar
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    Board of Standards & Appeals approves new SoHo building





    09-AUG-06

    The New York City Board of Standards & Appeals granted a variance yesterday to permit residential use at 100 Varick Street, which is located in a manufacturing zone.

    100 Varick Street LLC, of which Charles Friedman is a principal, wanted to demolish an existing three-story, 19th Century commercial building on the site, which is between Watts and Broome Streets in SoHo, and erect a 10-story residential apartment building.

    At a prior hearing, Fredrick A. Becker, the zoning lawyer representing the developer, told the board that the proposed building is across the street from buildings taller than 10 stories and would therefore not be altering the project’s context.

    An early plan for the project called for 27 apartments, but that number was increased to 79 at the previous hearing at the Board of Standards and Appeals.

    The zoning and land-use committee of Community Board 2 held a hearing on the proposal recently and had no problem with the zoning change but expressed concerns about the height of the building.

    David B. Reck, chairman of the zoning committee of Community Board 2, submitted to the board's prior hearing on the project its resolution last November that maintained that “the proposed residential occupancy is very appropriate for the site,” adding that “the sub-standard size of the lot creates difficulties in developing the site,” and “the additional costs of building next to the subway are significant for a project of this size.” The board’s resolution recommended approval of the project if it is built to a F.A.R. (floor-to-area ratio) of 8.

    Mr. Becker told CityRealty.com today that the plan approved by the board yesterday has been revised again and now calls an eight-story building with 61 rental apartments.

    Mr. Becker said that no new architectural renderings were available yet but that it will be a glass-clad, 80-foot-high structure. The rendering at the right is of the previously plan for a 10-story building with 79 apartments. Michael Even of the EM Design Group is the architect for the project.

    The American Red Cross leased space for a downtown headquarters after September 11, 2001 in a low-rise building on the site for five years but negotiated a termination after two years due to the “awkward layout” of the space.


    Copyright © 1994-2006 CITY REALTY.COM INC.

  8. #1058
    Disgruntled Optimist lofter1's Avatar
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    As usual this building is mis-labeled as being in "SoHo".

    100 Varick is actually in Hudson Square and is just two blocks south of the Trump "Condo-tel" project.

    However this one sits right on the entrance to the Holland Tunnel. Lots of nasty traffic there, moving north to south down Varick and east to west across Watts. Notorious honking at all intersections on weekend afternoons.

    Better do triple pane windows in this one

    Google MAP

  9. #1059
    Disgruntled Optimist lofter1's Avatar
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    Prior DISAPPROVED DOB Application from 12/09/2003 (applicant: Michael Even - E M Design Group) for this ^^ site:
    This application is filed to review zoning only. To enlarge existing 3 story commercial building to a 12 story with penthouse. Commercial and residential building.

  10. #1060
    Disgruntled Optimist lofter1's Avatar
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    NYU vs. BERMAN ...

    Quote Originally Posted by pianoman11686 View Post
    Developer of St. Ann's Church site on East 12th Street restudies plans 07-JUL-05

    The Hudson Companies Inc. has decided to review its plans for the development of 124 East 12th Street where the façade of the former St. Ann’s Church still stands.

    ... a residential tower it wanted to erect on the site of the partially demolished church ...

    Plans for the site are complicated by the city’s zoning, which may not permit the façade to remain in a new “as-or-right” development that avoids special permits.
    Quote Originally Posted by TonyO View Post
    City Faces Shortage of Student Housing
    6/1/06

    ... In 2007, NYU students are expected to move into a new dormitory ... Hudson Companies is developing a 26-story dormitory for the university at 120 E. 12th St. The dormitory will be built on the current site of St. Ann's Church, on East 12th Street between Third and Fourth avenues. Hudson purchased the site in December 2004 and acquired air rights from Cooper Station Post Office on Fourth Avenue at 11th Street.
    N.Y.U. lashes out at preservationist over dorm flap

    The Villager
    By Lincoln Anderson
    August 9 - 15, 2006

    After coming under criticism last week for filing plans for its new E. 12th St. dorm without first notifying the community or elected officials, as well as for not incorporating neighbors’ input into the design, New York University is firing back.

    In the crosshairs of the university’s spin counteroffensive is Andrew Berman, executive director of the Greenwich Village Society for Historic Preservation. The G.V.S.H.P. head has led the criticism of the university over the contentious building, which at 26 stories, will be the East Village’s tallest.

    In an e-mail statement to The Villager, Alicia Hurley, N.Y.U. associate vice president of government and community affairs, blasted Berman for claiming that the dorm will be more than 260 feet tall. In fact, it will only be 242 feet tall, she said.

    In addition, Hurley said that the community and elected officials were “notified.”

    “Andrew Berman’s claim that the community was not notified, is wrong,” she said. “Starting with Councilwoman Rosie Mendez’s office, the elected officials were notified; the St. Ann’s Committee and other residents in the immediate area were notified, as well as Community Board 3. All were notified that the university weighed the options that were presented by the community but that those options were cost prohibitive — costing $13 million, yet lowering the building by only 10 feet; that the project was going forward, construction would soon commence and — based on numerous presentations that had been shown to them all in the past — that the option of the 26-story building would be pursued. This outreach was done prior to July 17 when the Department of Buildings granted the permits for the construction.”

    Berman and neighbors contend the neighbors were only notified when the construction was about to begin, which is required under law.

    Furthermore, Hurley said, the design that was filed with D.O.B. — showing a rectangular building with a water tower on top with the old St. Ann’s Church tower incorporated into the plan — is just a zoning schematic, not a final rendering.

    “Andrew Berman is wrong to call the zoning drawings final building renderings, and assessing them as the actual design of the building,” Hurley stated. “This is naïve at best and duplicitous at worst. His likening of zoning drawings to ‘something out of a Japanese horror movie’ is like looking at someone’s X-rays and rendering [sic] them ugly because of their skeletal structure.”

    In an e-mail statement, John Beckman, N.Y.U.’s spokesperson, elaborated on Hurley’s X-ray analogy by saying, “The schematics tell you about the height and the size of the building, but the look and design of the building cannot be understood from these elevations. We will be producing renderings, and they’ll explain the look of the building much better.”

    Beckman declined to diverge from his prepared e-mail statement when asked if the actual shape of the building will differ from the zoning schematics. He refused, for example, to say if the building might resemble a triangle rather than a rectangle.

    Hurley also noted that it is “completely false” that N.Y.U. has decided on what color the building’s bricks will be.

    Ratcheting up the war of words, Beckman is demanding that Berman apologize to N.Y.U.

    “Andrew Berman’s public utterances are discouragingly full of falsehoods and willful misinformation,” Beckman said in an Aug. 2 statement, further accusing Berman of trying to “inflame neighborhood passion through carelessness and inaccuracies…. We publicly call on him to retract his false assertions.

    “The construction of this student residence is NOT an expansion of the university or its student housing system,” Beckman asserted. “It is a replacement for a property we currently lease to house students near the South St. Seaport, and an effort to move some of our undergraduates closer to campus.

    “We regret the poisonous tone that Mr. Berman has been trying to set for the neighborhood,” Beckman said.

    Last Wednesday, Berman, joined by State Senator Tom Duane and Mendez, led neighbors in a protest rally over N.Y.U. having filed the plans without notifying them or incorporating the community’s input.

    “We didn’t get informed [by N.Y.U.],” Duane told The Villager on Tuesday. “I don’t know of anyone who was informed. There wasn’t a follow-up meeting. So I fail to see how and when community input took place. And I think it’s wrong to attack Andrew on this. G.V.S.H.P has done a lot of wonderful work in the Village — that has enhanced it for N.Y.U.” As for the university accusing Berman of not acting in good faith, Duane said, “I think that maybe N.Y.U. should hold a mirror up — because whatever they say about Andrew is reflected back on them.”

    As for Hurley’s comment that the design is akin to an X-ray, Berman said, “Unless their design somehow is going to render their building invisible, I don’t think anything about their design is going to solve the basic problem. All they’re basically saying is that the color of the brick is yet to be determined — outrageous.”

    Of the attacks on him, Berman said, “This is to deflect attention away from their project, which is completely unwanted by the community, and their utter failure to respond to community concerns or keep their commitment to do so.”

    © 2006 Community Media, LLC

  11. #1061
    Disgruntled Optimist lofter1's Avatar
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    Default 110 3rd Avenue -Toll Bothers Tower

    Toll Bros Act Fast

    CURBED
    by Joey
    Friday, August 11, 2006



    An email about the Toll Brothers' One Ten 3rd reminds us—we haven't really mentioned the coming behemoth since our website insta-review back in April. So now we'll just say this: Damn they're building that sucka fast!

    · New Development Website Review: One Ten 3rd [Curbed]
    · Toll Brothers' Battle Plan Update: Renderings Revealed! [Curbed]
    · One Ten 3rd [onetenthird.com]




  12. #1062
    The Dude Abides
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    Alternating fenestration patterns are really becoming a fad these days.

  13. #1063
    Disgruntled Optimist lofter1's Avatar
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    I'm very confused by what is going on at this intersection of 3rd Avenue / 14th St.

    At the right above (and on the map below & HERE) you see the blank [butt] end of one of NYU's beautiful new dormitories (former Palladium site). At the left above you see the all-glass same-height north facade of the Toll Bros. rising 110 3rd. Avenue. Between them you see a one story commercial building.

    Am I wrong to think that at some point that one story building will be built up to similar heights of its new neighbors? If so that will -- thankfully -- take care of the bare wall-o-bricks.

    But where does that leave the folks in the Toll Bros. Tower in terms of all that great glass / north light? (OK, there does appear to be one teeny 3-story building just to the north of the TBT.)

    How depressing would / will it be to live in one of those north-facing all-glass places if and when something goes up a mere stones throw away?

    Or am I missing something here

    And who the fug is going to pay all the money for one of these Toll glass houses just to have those NYU dormies looking at you all the time?

    ***
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  14. #1064

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    Quote Originally Posted by pianoman11686 View Post
    Alternating fenestration patterns are really becoming a fad these days.
    Something that was first done some 50 years ago.

    Note the building to the left of this trio of Detroit towers. That was completed 1959. It was a cruddy design then, and it's cruddy now. Sigh..


  15. #1065
    The Dude Abides
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    ^Doesn't even hold a candle to its taller, older neighbor. As for the Ernst & Young thing: suburban office park, anyone?

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