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Thread: The High Line Building - 450 West 14th Street - by Morris Adjmi

  1. #16

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    Quote Originally Posted by antinimby View Post
    Yup, mixed use is always good.

    All residential means the area is dead during the day, all commercial means the area is dead at night.

    Therefore, you want a healthy mix of the two, as well as the all important, retail.
    I understand the concept it just that it would seem that the developer could make more money going residential.

  2. #17
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    What makes you think commercial won't make just as much, if not more money?

    The Chelsea Arts tower for example has been a huge success.

    Meanwhile, all over town, condo projects are getting changed to rentals and hotels so that should be a clue that residentials is not the sure bet that it was a year or two ago.

    Besides there is already plenty of other condo projects in area so commercial with less competition just makes smarter sense.

  3. #18

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    What is the office rent vs residential condo selling price?

    If net office net rent was $50 capitalized @ 5% = $1,000

  4. #19
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    There you go, you answered your own question.

    By the way, new Class A office rents in a boutique building in a hip location like MePa/Highline are AT LEAST two or three times that so that makes the case for building office even more compelling.

  5. #20

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    Gross rents in midtown are not $150 net, what are talking about?

  6. #21
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    ^ That is actually not even the most current figure.

    For example, rents at Durst's One Bryant Park is already beyond that and approaching $200. Read all about it here.

  7. #22

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    Those are gross rents, not net rent.

  8. #23
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    Why are you comparing apples to oranges? If you're going to be using net this and net that, then you're going to have to use the net price for your residential prices as well.

    Besides, the net of a $200 gross rent is still going to be high anyway. It's not like it'll all of sudden go down to $30.

    Ultimately, what you're going to find out is what I've been telling you all along: commercial is just as, if not more, viable as residential would be.

  9. #24

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    Finally started construction.


  10. #25

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    Thanks for the update Zippy.

  11. #26

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    And next door, another building goes meatless.


  12. #27
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    Default Taken 3/31/2009

    1.


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  13. #28

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    from the week before last...

  14. #29
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    I recently had the wonderful opportunity to take a hardhat tour of the former cudahy meatpacking warehouse in manhattan. It’s now called 450w14thst aka the Highline building. Like the brand new standard hotel nearby, this old warehouse straddles the highline. Some background info:

    The meatpacking district

    The meatpacking district, which sits between 15th and Horatio Streets on the West Side, originated in 1884, when the city set aside a two-acre parcel for food stalls. It was named the Gansevoort Market, for Gen. Peter Gansevoort, who was a Revolutionary War hero and grandfather of Herman Melville, according to the Meatpacking District Initiative, a nonprofit business development organization.

    The building

    Designed by the architect Morris Adjmi, a 10-story glass tower is under construction on top of a former meatpacking plant, a three-story buff brick building where cattle carcasses were delivered by rail and processed for consumption. The 22,000-square-foot plant sits atop the High Line, the former elevated train track that is being redeveloped as an urban park. The High Line runs 103 feet through the building, which will have a staircase and elevator for access to the track. “Morris combined the historic significance of the building and also captured the essence of history in the meatpacking district,” said Charles Blaichman, the principal developer of the project.

    When finished, Mr. Blaichman’s building will have 100,000 square feet of office space to lease for $100 to $125 a square foot annually as well as 8,000 square feet of retail space, Mr. Adjmi said. The project is expected to cost about $55 million.

    Two retail stores will occupy the ground floor of 450 West 14th Street.

    http://www.nytimes.com/2008/04/16/re...l/16tower.html

    The project is seeking LEEDGold for core and construction.

    http://www.greenbuildingsnyc.com/200...-morris-adjmi/

    Retail space is going for $300 psf, Gedinsky said.
    Blaichman is no stranger to the Metpacking area. He was behind 29-35 Ninth Avenue, the Theory building at 40 Gansevoort Street and 415 West 13th Street.

    http://www.allbusiness.com/real-esta...2300642-1.html

    more links

    15-story green office building tops out in New York's Meatpacking District
    http://www.bdcnetwork.com/article/CA6650375.html
    more + renders
    http://www.greenbuildingsnyc.com/200...reet-tops-out/
    morris adjimi
    http://www.ma.com/projects/450-west-...=1&type=office
    450w14
    http://www.450w14.com

    the building as seen from walking all around the block

    the northfacing side at the western end of w14th st. the developer owned the low building on the left, where the big sign is, then sold it, but not before he transferred air rights to 450!

    Given the economy, I wonder if the new owner, thor equities, has any serious bites on this neighbor?

    Here’s a wider view of the whole block, the standard hotel in the background


    West or Hudson river facing side & se side views


    The tour

    the line is growing for the hardhat tour :clap:

    Here we go!

    Inside and looking up at the underside of the highline

    Right away you see something unusual, there are still old wooden braces underneath



    This new concrete pillar is for the new tower – they kind of run thru the old warehouse & around the highline – not so easy to do!

    Heading up to the highline deck




    Northern view

    Southern view


    Let’s stop a few minutes to flashback exactly 25yrs ago to may 1984, the release date of the classic art of noise video ‘close to the edit’ - filmed right here on this spot in the old Cudahy warehouse on the highline! Rumor has it the wrecked piano was still up here for years afterward. :banger:
    http://www.youtube.com/watch?v=-sFK0-lcjGU

    Heading up to the floors above the highline


    Loving the highline park lighting in here




    Gray day, but great views up here – this is looking east across w14th street


    The porter house conversion & the mammoth port authority building in the background

    W14th st & 9th ave

    The green roof is diane von furstenburg’s apt above her store




    Looking southeast

    Trump’s soho building down there – sorry that’s all the zoom I have



    Looking downtown & down Washington street in the meatpacking neighborhood

    Looking south at the standard hotel



    This is west, the Hudson river & nj


    Look it’s the CSU Rhodes tower at Stevens college over there in NJ :laugh:

    southwest

    Northwest


    Here you can see the highline park deck under construction on the bottom right

    As good of shots as I could get of it



    An opening here down to the highline park deck



    Some final patina and just outside again are some new steps up to the park


    *** and that’s it from the openhouseny 450w14th highline building hardhat tour! ***


  15. #30
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    Excellent photo tour. Thanks!

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