Proposed: Shangri-La Hotel, New York - 610 Lexington Ave - by Norman Foster

[kliq6]

ROSEN BUYS Y SITE FOR CONDOS

January 13, 2005 -- Aby Rosen and Michael Fuchs are buying the YWCA site at 610 Lexington Ave. for $31.5 million, The Post has learned.
Sources say the duo intends to build a sky-high skyscraper of at least 50-stories that will likely become some kind of residential condominium with perhaps a hotel component.

Rosen could not be reached for comment but his company, RFR Holdings, became the likely buyers, as their Seagram Building shares the block.

Along with unused air rights from Seagram at 375 Park Ave., they can also transfer development rights across Park Ave. from their landmarked Lever House.

Additionally, they purchased other air rights from the London & Leeds developed Manhattan Tower at 101 E. 52nd St. also on the block due south of the Y.

The 1915 building is not landmarked and sits on a plot of nearly 10,000 square feet.

There is no height limitation on Park Avenue. The building is diagonally across the street from the Citigroup Center, which rises 915 feet to 59 stories.


The Y is holding a press conference this morning to announce its closing schedule and a special deal for members with a health club.

The YWCA offices will likely move to one of the United Federation of Teachers buildings at 50-52 Broadway, where it can continue to serve women, sources said.

Cushman & Wakefield's capital-markets team, led by Charles Kingsley, handled the sale.

The firm was preparing to help sell the property and relocate the Y in 2001 before Sept. 11. C&W declined comment.

"The Y has always been a challenge," said David Lebenstein of Time Equities who, with a partner, completed a similar deal for the McBurney YMCA.

That Y moved from 23rd Street to a new building on 14th Street.

"It is not because the real estate isn't extremely valuable," said Lebenstein, "but because relocating them to an affordable site with a gym, pool and other amenities is extremely expensive and difficult in Manhattan when you are competing with all these crazy residential deals."

[krulltime]

Interesting news... This is going to be a big tower by the looks of those air rights on Park Ave.

Funny I dont remember what the YWCA building looks like... I will have to go there to see it.

[londonlawyer]

I'm disappointed. It's nice to see a new tower, especially in that area which has a lot of junk. The Y is a decent building, however, and it would have been so much nicer if some of the really horrible, low-rise structures in that area had been the development site. With luck, this project will precipitate other construction within those horrible blocks on Lex.

[Just Rich]

Image showing the site.
It's already a very dense area.

[billyblancoNYC]

This could be the 1 NY Plaza that didn't happen! I think this is the same developer. Res plus hotel plus a couple floors of retail. C'mon, it could happen.

[Kolbster]

Height predictions anyone?

[Eugenius]

There has to be a huge amount of available air rights associated with the Lever House, since it only fills in 1/3 of its potential building envelope.

Plus, if the building is largely residential, that would encourage an increase in height. The highest apartments go at a premium. I am very excited.

[NoyokA]

This could be the 1 NY Plaza that didn't happen! I think this is the same developer. Res plus hotel plus a couple floors of retail. C'mon, it could happen.

It could happen. The developer is buying alot of air-rights, I did not know soo much existed at Seagram and Manhattan Tower. I do know that there is enough air-rights at Lever House alone, in theory, to permit a 100 storey building on this site.

According to Goldberg's book, On The Rise, at one time the Fisher brothers planned to demolish Lever and replace it with a 40 storey storey skyscraper on its site. Park Tower Realty who built Park Avenue tower nearby wanted to transfer air-rights and build a larger skyscraper there. Another design proposal opted to tear down Lever House and replace it with a 60 storey skyscraper.

[NoyokA]

Rich can you teleport your design proposal from a couple years back to this site, and maybe too send it to the developer.

[Deimos]

Let's keep in mind that this site is tiny. The footprint can't be much bigger than the millenium hilton downtown, so i think that any tower over 50 stories will look odd at best. We probably could get a 6-700 footer out of this construction however.. just nothing over the height of Citigroup.

[Just Rich]

Stern, are you talking about this thing?

[Deimos]

wow :shock: :shock: that is impressive looking! It's located 2 blocks too far north however in that picture.

Originally Posted by Just Rich

Stern, are you talking about this thing?

[NoyokA]

Stern, are you talking about this thing?

Yes.

[Alonzo-ny]

That would be amazing for the skyline!

[PHLguy]

If this is only 50 floors it cant be much bigger than city, BOA has 57 floors and is 945 feet, a 50 floor tower would be about as big as citicorp if it was office but more in the 600 range for residential, why all the excitment?