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Thread: Manhattan Residential Development

  1. #1156
    Disgruntled Optimist lofter1's Avatar
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    Quote Originally Posted by krulltime View Post
    Excavation work proceeding at 100 West 18th Street



    26-APR-06

    Excavation work is proceeding at 611 Avenue of the Americas on the southwest corner at 18th Street where Gerald Brauser is building 10-story residential condominium apartment building with 41 units ...
    Six months later and they just keep digging here ...

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  2. #1157
    Disgruntled Optimist lofter1's Avatar
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    Meanhwile, up the block at 21st and 6th somebody's least favorite POS is being transformed into yet another bank ...

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  3. #1158
    Build the Tower Verre antinimby's Avatar
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    Here's a little tidbit from an article on GlobeSt.com:

    ...The $28.3 million Sleepy Hollow received will be used to acquire two adjacent parcels of land totaling 7,500 sf in Tribeca. The land is located on Broadway between White and Franklin streets. Sleepy Hudson plans to build a 21-story structure which will include luxury condominiums and retail space. Pantheon Financial partnered with Canyon Capital...

  4. #1159
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    lofter, since you live relatively nearby, can you go check out what the buildings on that site look like. Thanks.

  5. #1160
    Disgruntled Optimist lofter1's Avatar
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    aye, aye ...

  6. #1161

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    Quote Originally Posted by pianoman11686 View Post
    80 Tenants Face Eviction for a Teardown in Midtown

    By JOSH BARBANEL

    Published: May 19, 2006

    In a sign that the real estate boom may be far from over, 80 tenants in a postwar high-rise building on Central Park South, many with spectacular park views, were notified yesterday that they could face eviction proceedings so a developer can tear the building down.

    The developer intends to replace the 20-story white brick building at 220 Central Park South with a 41-story glass condominium tower.

    The announcement set off a wave of anger, defiance and sadness among tenants, many of whom have enjoyed below-market rents for many years under the state's system of rent stabilization and were unaware that they were in jeopardy.

    State officials said the demolition plan, if approved, would displace more rent-regulated tenants than any other demolition in recent memory. And real estate executives said the plan to demolish one postwar high-rise for a bigger one was extraordinary, if not unique, in the annals of New York real estate.

    "Why should they tear up a beautiful building like this?" said Marjorie Cantor, a retired professor of gerontology at Fordham University, who has lived in a one-bedroom apartment with a terrace at 220 Central Park South for 27 years. When the building, constructed in 1954, was sold last year, she said she assumed that it would be converted into condominiums, but was shocked to learn of the planned demolition. She said she was ready to fight.

    But Veronica W. Hackett, the managing partner of the Clarett Group, one of the development partners, said the existing building, just west of Seventh Avenue, was obsolete and had many maintenance problems. She said it would be replaced with a tower that was twice the height and 25 percent larger, with two glass-walled apartments on most floors, almost all with park views. The building was designed by the Pelli Clarke Pelli architectural firm to compete with some of the most expensive condominiums in Manhattan.

    "The bigger issue," Ms. Hackett said, "is how to deal with obsolete buildings in the city."

    Steven Spinola, president of the Real Estate Board of New York, an industry group, said the plans reflected the increases in prices and values that make even large buildings more valuable demolished than standing.

    "All over the suburbs people are busy buying a house, demolishing and building another," he said. "This is the same thing on a bigger scale. We have reached a critical point."

    William Gibben, a tenant lawyer who is handling several demolition challenges in New York City, said: "This is new territory. It's a scorched-earth policy. If this gets done, it is open season on every building in the city."

    Under state law, developers can evict even rent-stabilized tenants when their leases expire from buildings they plan to demolish if they demonstrate that they are acting in "good faith" to carry out their plans, typically by showing that they have approved building plans and financing in place. The eviction of the small number of tenants in the city protected by the older rent-control system is more difficult.

    But David Rosenholc, a lawyer who has represented many tenants who have fought eviction over the years, said that tenants can delay projects, sometimes for years, by questioning whether a developer is acting in good faith. He said tenants in one Upper East Side building delayed a project for 10 years before they settled.

    But Ms. Hackett said the project owners were committed to acting in good faith with the tenants, and were prepared to offer "six-figure" settlements with the 47 rent-stabilized tenants who occupy a total of 50 apartments. She said the remaining 34 or so market-rate tenants would be asked to leave when their leases expire or possibly to remain on month to month until the plan is completed. No tenants in the building are protected by the stricter rent-control laws. The remainder of the 123 apartments in the building, roughly 40 units, are vacant.

    Yesterday the process began, when the state's Division for Housing and Community Renewal received the developer's application for permission not to renew the leases of rent-stabilized tenants, and the developers sent letters to each tenant informing them of the plan.

    The application cannot be processed until the building plans are submitted and approved by the city's Buildings Department, and Ms. Hackett said those plans would be filed soon.

    Many tenants, however, were skeptical of the notices that went out yesterday, and viewed them as a scare tactic, intended to persuade some tenants to move. Don Glasgall, a semiretired fabric broker who has also lived in the building for 27 years, said the demolition plan was "a way to vacate the people."

    "When people move into this building, they don't want to leave," he said.


    The 20-story building at 220 Central Park South, second from left, would be replaced with a 41-story tower of condominiums.

    Copyright 2006 The New York Times Company
    Plans for a new tower were issued on the DOB site. Hopefully Pelli is still the architect here, SLCE is the architect of record.

    http://a810-bisweb.nyc.gov/bisweb/Jo...bhous=&allstrt=

    Decent sized tower, and certainly one for the skyline as seen from Central Park. 41 stories/507 feet. Hopefully it's stunning....I wonder when we can expect renderings. Still no demolition plans at the moment.

  7. #1162
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    Yeah, SLCE has been the architect of record for a few of Pelli's buildings, I think. I'd be interested in seeing what approach Pelli takes in this design. He's done some good contextual architecture in the past, which is what I think would be appropriate for this location.

  8. #1163
    Forum Veteran krulltime's Avatar
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    Manhattan Housing Cycle Turns Toward Rentals


    BY MICHAEL STOLER
    November 30, 2006

    With the vacancy rate for rental apartments at less than 1% in Manhattan and sales of condominiums slowing, a number of developers have turned their focus to construction of residential rental apartments.

    "Developers today are increasingly looking to build rental units for two main supply side reasons and one demand side reason," the chairman of Massey Knakal Realty Services, Robert Knakal, said via e-mail."On the supply side, the number of condominium units is increasing rapidly while … the velocity of sales in this segment is slowing," meaning there is no reason to add to the inventory unless a project has significant, unique characteristics, he said."That being said, the inventory of available units is minimal and rents … now approach … $80 per square foot for well-located new construction. Trends in demand are exacerbating these supply side issues as the number of people looking to move into New York continues to increase."

    A 34-story, 370-unit 80/20 residential tower is to be constructed at 316 Eleventh Ave. in Chelsea. The developer is Douglaston Development LLC and Jeffrey Levine. Earlier this month, the New York State Housing Finance Agency approved the issuance of $191.5 million in bonds for the tower.

    Twenty percent of the units will be available to families earning no more than 50% of the New York City area median income (approximately $70,000), and 15% of the units will be reserved for families earning no more than 40% of the area median income.

    "Developers are really investment bankers, since we take 24 to 36 months to begin a project," the chairman of Douglaston Development, Jeffrey Levine, said."We are making a bet that the world is going to be in a better place when we conclude a development. Today, developers are more motivated to acquire a site, and get into the ground sooner."

    The parking garage across from the famous Katz's Delicatessen at 205 E. Houston St. will become a 23-story residential tower with 242 units, of which 20%, or 49, will be reserved for affordable housing. In addition, households whose gross income does not exceed 150% of the area median income will occupy 5% of the units. Edison Properties is the owner of the former parking lot. It entered into a 99-year land lease for the site at 188 Ludlow St., at the corner of Ludlow and East Houston streets.

    More than 50% of the rental units have been leased at Avalon Bowery Place, the second AvalonBay Communities building between Houston and East 1st streets. A total of 25% of the units in this building is reserved for tenants whose income is less than 50% of the area median income. Construction is under way for a third AvalonBay Communities building in the area, which is expected to be ready for occupancy in the second half of 2007.

    Across the river in Long Island City, Avalon Riverview North, a rental tower, will be ready for occupancy in 2007. The company is also building a 39-story rental tower with 588 rental units in New Rochelle.

    The Housing Finance Agency next month is expected to approve $204 million in bond financing for the Witkoff Organization's 34-story, 309-unit 80/20 rental tower on the southwest corner of 44th Street and Eighth Avenue. The mixed-use building will also have retail and a garage with 458 parking spaces.

    "There are several compelling reasons why we elected to build a rental versus a condominium on the site," the CEO of the Witkoff Organization, Steven Witkoff, said. "We purchased the site years ago at a number that rental makes logical sense. There are substantial after-tax benefits" of owning rental apartment buildings.

    "I like owning rental much more than I like selling condominiums," Mr. Witkoff said. "Selling condominiums is not just one trade: It can be hundreds, and each sale is its own transaction. There will not be a lot of rental built in this neighborhood on a going-forward basis, because the land cost is too expensive, and therefore I will have very little competition." Furthermore, he said, rents are up substantially, making the after-tax analysis of rentals versus condominiums more compelling and profitable over the long term.

    Construction is expected to begin within 12 months on Glenwood Management's new rental tower at 331–339 W. 37th St. and Silverstein Properties' second mixed-use 57-story rental tower with 1,157 units at 600 W. 42nd St.

    Meanwhile, the rental office will open in February at the Epic, a 400-unit 80/20 rental tower developed by the Durst Organization and Sidney Fetner Associates at 125–135 W. 31st St. Occupants will arrive starting in April. "We reviewed the condominium option as we finalized plans for the building in February 2005 and determined that the planned rental scenario would both maximize the true value of the site and provide the best fit to our long term hold strategy," the co-president of the Durst Organization, Douglas Durst, said via e-mail."The availability of the New York State Housing Finance Agency Bonds, and the corresponding 421-a tax benefits made this approach economically viable, and in turn, the project contributes to the City's tremendous need for affordable housing."

    Owning a condominium "is a pain, while owning a rental building is easy," the principal at the LeFrak Organization, Jaime LeFrak, said. In a rental building, he said, unhappy renters move out, while in a condominium, the buyers "sue the developer for not completing the construction in a manner that the purchaser expects. Condominium construction requires perfection, while a rental building requires functionality. Construction projects are always painful; at least with a rental you keep the fruits of your labor. Don't give a perfectly healthy baby up for adoption, unless you can't afford to raise it."

    "With land and construction costs at record levels, a number of developers are taking the strategy to build condominiums on the upper floors for sale and have the profit in the condominium sales applied to lower the basis in the land for the 80/20 rental portion of the project," the chairman of the national real estate practice at Greenberg Traurig, Robert Ivanhoe, said. These projects include Clinton Green, a joint venture of the Dermot Organization and Archstone Smith. The multifamily mixed-use apartment complex will have rental apartments, condominiums, a parking garage, and live performance theaters on the west side of Tenth Avenue at West 51st through West 53rd streets. There will be 687 rental units, of which 20% will be affordable housing.

    In Chelsea, the Related Companies and Taconic Investment Partners are constructing a mixed-use building in a continuous structure on the block bounded by Ninth and Tenth avenues and 16th and 17th streets. A total of 288 rental units will be built, 20% of which will be reserved for affordable housing at 50% of the area median income. The top portion of the tower will have residential condominiums.

    On the Upper West Side, a new mixed-use residential rental tower will be available for occupancy in 2008. The site, at 808 Columbus Ave., is a development of Stellar Management and will include 220,000 square feet of retail. The site covers 97th to 100th streets on three contiguous blocks.

    In Lower Manhattan, construction is in various stages of progress for rental apartments financed by Liberty Bonds and tax-exempt bonds financed by the New York City Housing Development Corporation and the state Housing Finance Agency.

    Earlier this month, the New York City Housing Development Corporation approved $90 million in Liberty Bonds to finance construction of the Rockrose Organization's mixed-use building at 201 Pearl St., a 29-story, mixed-use building with 189 rental apartments.

    Another project is an Edward J. Minskoff rental apartment building at 89 Murray St. This building is adjacent to the 101 Warren St. condominium tower and mixed-use site that will house Lower Manhattan's first Whole Foods outlet. The rental building will have 288 units, of which 163 will be reserved for an affordable component.

    I concur with Mr. Knakal when he says: "We are seeing the quintessentially cyclical nature of the residential market. As rents increased in 2002 and 2003, everyone wanted to purchase a unit. As consumer condominium prices rose, more consumers wanted to rent and as more people want to rent, rents increased again and are continuing to do so presently. When residential rents hit $80 per square foot, purchasing will seem relatively attractive again and sale prices will once again rise."


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

  9. #1164
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    SWEET 14

    FROM EAST TO WEST, 14TH STREET GETS COMPLETELY MADE OVER WITH NEW DIGS


    By KATHERINE DYKSTRA

    November 30, 2006 -- A decade ago, 14th Street was a jumble of discount electronics stores, wholesale shoe shops, warehouses and low-rise rentals. Though much of the grit still exists, it's become clear that it's only a matter of time before the entire street - we're talking Avenue C all the way to the West Side Highway - will be completely scrubbed down and coated with a SoHo-like sheen.

    Stroll 14th Street today and you'll notice scaffolding galore. In fact, you can't walk a block without running into a construction site: There are nearly a dozen residential projects in the works.

    They include boutique developments like the four condos that make up Brownstone East Village; mid-size projects like 8 Union Square South's 20 residences with two to a floor; and high-rises like the 21-story, 77-unit One Ten Third, developer Toll Brothers' first foray into Manhattan. All are poised to bring new price points to their respective blocks. The above are $1,100 to $1,395 per square foot, $1,400 to $1,500 per square foot and an average of $1,250 per square foot, respectively.

    Add to that the slew of high-end retail outlets that have opened amid the 99-cent stores over the course of the last few years, all of which were foreshadowed by a small but significant sign of gentrification: the "For Rent" one.

    "Over the past seven years, from Third Avenue to Eighth Avenue [on 14th Street] there have been a ton of 'For Rent' signs," says Darren Sukenik, executive vice president of luxury sales at Prudential Douglas Elliman. "What they're doing is warehousing those spaces, leaving them empty until they find the right people."

    The "right people" have included Stella McCartney, Urban Outfitters and Starbucks, to name just a few of the first to move in.

    "Trader Joe's, Circuit City, Virgin ... Forever 21, Levi's, Urban Outfitters. The street has changed dramatically," says Robert Futterman, who is currently leasing retail space at 401 W. 14th St., the 52,000-plus-square-foot commercial project at Ninth Avenue set to open next summer. Futterman is marketing the building to "fashion tenants, luxury brands and small department stores."

    "[Development] really took quite a while, a lot of it was because Union Square Park wasn't where people wanted to hang out," says David Von Spreckelsen, vice president of Toll Brothers.

    But now the greenmarket and the stores around it, including Whole Foods, make it a destination.

    "There's been a big resurgence in the area," says Von Spreckelsen, who attributes it in large part to Danny Meyer opening Union Square Café in 1985.

    The emergence of lower Fifth Avenue, Alphabet City and the Meatpacking District have also led to numerous new residences. Add to the buildings mentioned earlier, from east to west, A Building NYC, between Avenue A and First Avenue; Union Square Lofts and Flats, between Broadway and Fifth Avenue; 133 W. 14th St. and Loft 14, both between Sixth and Seventh avenues; and The Prime, between Eighth and Ninth avenues. That doesn't even include the redevelopment of Stuyvesant Town, which MetLife sold to Tishman Speyer and could result in more than 10,000 units.

    In fact, it's somewhat surprising that it took as long as it did for 14th Street to become a hotbed of residential construction.

    "No one really wanted to live in that area [in the past]; 14th Street was considered a discount street with 99-cent stores, not $4 million condos," Sukenik explains. "But the access there is huge. You have every major subway; it's the epicenter of Chelsea, the West Village, Flatiron, Union Square ... it's a major artery."

    And while the entire street will have a new gloss, each block offers buildings marketed to very different buyers.

    "I found that most neighborhoods in Manhattan had Gaps and Banana Republics, and the thing I liked about the East Village was that it still had that classic old feel of typical Manhattan. Not too contrived, interesting shops, unique restaurants," says Rob Kaliner, president of the Ascend Group, about what drew him to the site for A Building NYC.

    His eight-floor, 87-unit condo building boasts a 24-hour concierge, health club, pool, roof terrace and a $2.975 million three-bedroom penthouse with 1,900 square feet inside and 400 square feet outside. The building is six months away from completion.

    A Building NYC's locale has a different vibe than the Union Square circus, with its vegetable stands, protesters and street acts. The developer of 8 Union Square South hopes that area will attract young professionals who will pay a premium for a prime location. The building's 3,100-square-foot duplex penthouse is listed for $8.9 million.

    Farther west, near the velvet ropes and high fashion of the Meatpacking District, The Prime is looking to attract scenesters with buying power. All nine lofts, which start at $3 million and went on the market in September, are still up for grabs.

    And while all of these developments are already dramatically changing the thoroughfare, 14th Street, unlike much of the city, still has a lot of room for development.

    "I think what's going to happen is eventually, every single-story or two-story retail space, 50 feet or wider, will be knocked down, and high-end luxury residential developments and high-end retailers will move in," says Sukenik. "All the signs are there, the big telltale ones and the little paper ones that say 'For Rent.'"



    Copyright 2006 NYP Holdings, Inc.

  10. #1165

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    A 34-story, 370-unit 80/20 residential tower is to be constructed at 316 Eleventh Ave. in Chelsea.

    The Housing Finance Agency next month is expected to approve $204 million in bond financing for the Witkoff Organization's 34-story, 309-unit 80/20 rental tower on the southwest corner of 44th Street and Eighth Avenue

    Construction is expected to begin within 12 months on Glenwood Management's new rental tower at 331–339 W. 37th St.

    In Chelsea, the Related Companies and Taconic Investment Partners are constructing a mixed-use building in a continuous structure on the block bounded by Ninth and Tenth avenues and 16th and 17th streets.


    ^ These are all news to me. Any other details?

  11. #1166
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    That last one is the Caledonia. Not sure if it has its own thread, but there has definitely been news on that one for a while.

    The location of the Witkoff development on 8th seems a little off. I thought it was on 46th street.

  12. #1167
    Build the Tower Verre antinimby's Avatar
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    Quote Originally Posted by krulltime View Post
    Trends in demand are exacerbating these supply side issues as the number of people looking to move into New York continues to increase."
    This single statement alone explains why the cost of housing in New York is so high.

  13. #1168
    Disgruntled Optimist lofter1's Avatar
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    Quote Originally Posted by pianoman11686 View Post

    The location of the Witkoff development on 8th seems a little off. I thought it was on 46th street.
    The article says the Witkoff project is at South West corner of 44th -- that is a site that has NOT been brought up as something with a specific plan in mind (although a few have mentioned it as worthy of development).

    If this is true then that would mean ...

    SIX new towers going up along 8th Avenue between 44th <> 48th (see this POST ).

  14. #1169
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    I have a feeling that a few camera phone shots of the site won't be too far away.

    We appreciate it all the same.

  15. #1170
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    My mistake, lofter. Obviously, there's just too much development going on to keep up with.

    There is in fact a development that's been planned for that corner for a while now. More info here and here.

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