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Thread: Upper West Side Development

  1. #1
    Forum Veteran krulltime's Avatar
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    Default Upper West Side Development

    According to the Coalition of Livable West Side:

  2. #2
    Forum Veteran krulltime's Avatar
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    Other Development:

    Touro Women's College and residential condominium apartments:

    Gruzen Samton was retained to design a mixed use building. The base contains a 40,000 gross square foot Touro Women's College is located in five levels between the cellar through third floors. The College includes a double height gym, library, cafeteria, 3 laboratories, 17 classrooms, administrative, faculty and student offices, and a terrace accessible from the second floor. Its liberal arts and sciences program will serve a student population of 425 students. The 115,000 gross square foot apartment building is located between the 4th and 19th floors. There is an exercise room and community room on the fourth floor with access to a common terrace. The 101 apartments include 18 studios, 59 one-bedroom units, and 24 two-bedroom units.

    John Jay College of Criminal Justice Expansion:

    John Jay College is a liberal arts based college dedicated to education, research and service in the fields of criminal justice, fire science and public safety. It is a singular academic institution whose goal is to promote an integrated liberal arts and professional education. Due to increased enrollment and demand for criminal justice education, the college is planning to expand its facilities adjacent to existing Haaren Hall. This 620,000 square foot project is not only a new building for expanded instructional space; it is actually an opportunity to integrate all functions into a unified urban campus, creating an academic city within the city.
    Last edited by krulltime; May 27th, 2005 at 02:06 PM.

  3. #3
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    So, will Freedom place be a deck over the Amtrak rails?

    This area will boom big-time, with limitless (virtually) potential. Amazing.

  4. #4
    Forum Veteran krulltime's Avatar
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    ^Yes i ask a worker there and he saids that is the plan.

    And yes this area is going to be a brand new area. While there are still problems with Downtown and Midtown west... This is indeed happening. Of coures there is Zoning Laws here so you cant get away with building really tall.

    Although I will want to hear more about that 70 story tower that is been talk about on 67 & 69 Streets & West Amsterdam Ave.

  5. #5

    Default Trump Group Selling West Side Parcel for $1.8 Billion

    From today's NYT....

    Published: June 1, 2005

    A consortium of Hong Kong investors and Donald J. Trump are selling a stretch of riverfront land and three buildings on the Upper West Side for about $1.8 billion in the largest residential sale in city history and in the latest example of a rocketing housing market.
    The Extell Development Corporation and the Carlyle Group have a tentative deal to buy a major swath of developable land at the onetime railroad yard between 59th and 72nd Streets, which has been turned into a luxury enclave known variously as Riverside South and Trump Place, according to real estate executives who have been briefed on the deal. The 77-acre property embraces what will be a 21-acre public park that slopes down to the Hudson River.

    The deal comes as the average condominium price in Manhattan has soared to more than $1.2 million and as developable land has become increasingly rare, even as some economists worry that a housing bubble will soon burst.

    Extell, which is building the 60-story Orion condo tower on 42nd Street and owns the W Hotel in Times Square, is buying the three rental buildings at the site, as well as lots to build eight more apartment houses and nearly 3,000 apartments.

    The deal also includes a five-acre parcel between 59th and 62nd Streets that real estate executives said could be rezoned for an additional 1,500 apartments. There are four condo buildings at the site that are not part of the deal.

    It is unclear whether any new buildings on the site will bear Mr. Trump's name in characteristic gold letters.

    Real estate executives said that the new buyers would have to pay the developer for using his name.

    "I think the potential for this site is huge, because in the aftermath of Time Warner Center at Columbus Circle, the redevelopment of the Far West Side is happening at an extremely rapid rate," said Nancy Packes, president of Feathered Nest, a residential broker.

    The sale price was a huge number, Ms. Packes added. "But at any given point in time, when land and buildings change hands, people always question the potential rise in value," she said.

    Allen Weisselberg, chief financial officer of the Trump Organization, declined to comment. Paul Davis, chief executive of Hudson Waterfront Associations, which represents the Hong Kong investors in New York, was unavailable for comment yesterday.

    Longtime critics of Mr. Trump and his project welcomed his departure yesterday.

    "Even though they're paying an exorbitant price in this overheated market, we hope the new owners will be more responsive to the community," Madeleine Polayes, a leader of the Coalition for a Livable West Side and a longtime opponent of Mr. Trump and his project, said through a spokeswoman. "Can we get the name changed from Trump Place to something else?"

    If it is completed, real estate executives said, the deal should be a windfall for the investors and Mr. Trump, who acquired the land for less than $100 million a decade ago during a real estate recession.

    There is little question that the market is hot once again. Last year, the 15-story Mayflower Hotel near Lincoln Center and a vacant lot next door sold for $401 million to a group with plans to build a large apartment tower. And in April, a group led by Kent Swig paid $418 million for the 50-story, 845-unit Sheffield apartment house on 57th Street between Eighth and Ninth Avenues.

    The former freight yard property has a long and tortured history as the largest parcel of undeveloped land in Manhattan. Mr. Trump first gained control of the defunct freight yard in 1974. Unable to build, he sold the property to another developer, who also made little progress. Mr. Trump regained control of the property in 1982 and later proposed building Television City, a wall of skyscrapers along the waterfront, including a 150-story tower, the tallest in the world.

    But that project came under intense criticism from city planners and civic and neighborhood groups and the proposal died in 1987.

    With the city in a deep recession in 1991 and Mr. Trump laboring under enormous debts, the developer redesigned the project with his onetime opponents, the Municipal Art Society and five other civic organizations, creating a 21-acre public park along the water and pulling the buildings back to a newly created extension of Riverside Drive.

    To solve his financial problems, Mr. Trump brought in a group of Hong Kong and Chinese investors in 1994, who bought a $300 million mortgage on the land for $82 million. The investors had hoped that construction would start within a year, but continuing opposition from community groups and some elected officials, including Representative Jerrold L. Nadler, delayed the project until 1997.

    But since the project started, the apartments have sold and leased well. Real estate executives said that two condo buildings nearing completion were already sold out. Earlier this year, the partners sold a small site to the Atlantic Development Corporation to build about 300 subsidized apartments.

  6. #6

    Default 2-10 West End Avenue

    Nice job Krulltime.

    2-10 West End Avenue
    557-563 West 59th Street
    31 stories 350 feet (DOB)
    SLCE Architects
    Dev-Ten West End Development
    Residential Condominium
    195 units 287,758 Sq. Ft.
    Under Construction 2005-2006

    Daily News
    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

  7. #7
    Forum Veteran krulltime's Avatar
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    Here is a new story about this area:

    Wave of Construction Hits West Side, Making It 'Hottest Neighborhood'

    BY JULIE SATOW - Staff Reporter of the Sun
    May 31, 2005

    A wave of construction is crashing onto the Upper West Side, bringing 12 planned or proposed developments to an 11-block stretch between 59th and 70th streets, according to the civic group Coalition for a Livable West Side.

    The new buildings include Fordham University's proposed 2.4-million square-foot expansion along Amsterdam and Columbus avenues and a 35-story glass tower on a one-acre parcel at 59th Street.

    "We can support this growth," the chairman of the land use committee for Community Board 7, Richard Asche, said. "Historically speaking, the Upper West Side has nowhere near the population it did in the 1970s and 1980s."

    "This could be the hottest neighborhood in New York right now," a community activist and head of Friends of West-Park, Tom Vitullo-Martin, said.

    "Those who oppose the developments are mostly neighbors who don't want their light and air blocked, but these neighbors are usually in tall buildings with lower buildings next door that are getting built up," Mr. Vitullo-Martin, who also serves on Board 7's land use committee, said. "It is important to remember that nobody has a right to a view."

    Some community members are concerned that the building boom will lead to increased traffic and construction noise.

    "There will be an awful lot of construction in a very small area," the vice president of the coalition, Batiya Lewton, said. "The traffic will also increase, and it is already backed up along West End Avenue."

    Developers are drawn to the neighborhood because of market conditions, not the rezoning of the far West Side passed by the City Council earlier this year, Mr. Asche said.

    "It has to do with the fact money is relatively cheap, so construction is doable, and apartments are scarce," he said. "... Zoning usually follows what is happening in the market, not the other way around."

    Some developments are more popular than others. Insiders said the redevelopment planned by Fordham, on a "super-block" between 60th and 62nd streets, could face heavy community opposition. One problem, according to a community leader who wished to remain anonymous, is that the school is asking for waivers for restrictions that were put in place to prevent "overbuilding" of the neighborhood.

    The university is planning at least 10 buildings, including a 60-story apartment tower, on the superblock. The expanded campus would accommodate more than 10,000 students.

    At the same time, community leaders express enthusiasm about a plan for redevelopment at Lincoln Center. Officials of the arts complex have proposed a new facade for Alice Tully Hall, a new restaurant, and the widening of the sidewalks along 65th Street.

    American Continental Properties is beginning construction this summer on two buildings between 69th and 70th streets on West End Avenue after a plan for a 70-story tower, which would have used the air rights from the nearby Lincoln Towers development, fell apart. The new buildings will have 26 stories and 15 stories. The developers are also proposing an "as-of-right" 21-story residential building between 67th and 69th streets.

    Two buildings are under construction at 61st Street between West End Avenue and a new street, known as Freedom Place South. The two buildings, which are part of Donald Trump's Riverside South development and are built by the Atlantic Development Group, will house 211 rental units and 120 studio apartments for senior citizens.

    The home for senior citizens, at 33 West End Ave., will be run by the Metropolitan New York Coordinating Council on Jewish Poverty and will be 100% "affordable." It will also include more than 8,000 square feet of retail space.

    Other developments include a 31-story tower with 300 market-rate condominiums at 59th Street, and a 20-story tower at 60th Street by Touro College for Women that will include student housing and 95 luxury residential units.

    At 245 W. 69th St., LHL Realty is hoping to build two residential buildings, one of 30 stories and one of 15 stories, which would have as many as 515 residential units and parking for 185 cars. The plan will need to go through the city's Uniform Land Use Review Process.

    Another developer, A&R Kalimian Realty, has proposed to rebuild the former American Red Cross building at 66th Street and Amsterdam Avenue. The developer is negotiating with the New York City Opera to be a tenant.

    Also, two hotels in the neighborhood are to be redeveloped: the Mayflower Hotel at Central Park West between 61st and 62nd streets, and the Radisson Empire Hotel at Columbus Avenue between 62nd and 63rd streets. Within the Lincoln Square special zoning district, the Mayflower Hotel can be built to a height of roughly 31 stories. It is eligible, however, for a 20% inclusionary housing bonus, which would allow additional stories in return for construction of some units of "affordable housing." While no plans have been released, a building at 210 W. 102nd St. is thought to be the site for the "affordable" units, according to the Coalition for a Livable West Side.

    © 2005 The New York Sun

  8. #8

    Default One West End Avenue/33 West End Avenue

    Haven't seen a rendering yet but I presume it's the same quality as the rest of Trump Place.

    One West End Avenue
    1 West End Avenue
    25 stories 293 feet (DOB)
    Costas Kondylis & Partners
    Dev-Atlantic Development Group (Senior Living Options,Inc.)
    Residential Rental
    331 units 284,074 Sq. Ft.
    Under Construction 2005-2006

    33 West End Avenue
    14 stories 135 feet
    Costas Kondylis & Partners
    Dev-Hudson Waterfront Associates (Trump Organization)
    Residential Rental
    234 units 238,315 Sq. Ft.
    Under Construction 2005-2006


    DONALD J. Trump and his partners, Hudson Waterfront Associates, have donated land to create two new, affordable apartment towers at 33 West End and One West End avenues.

    "They have a great plan" said Trump who declined to provide details. Developers Atlantic Development did not return a call for comment.

    The underlying land at 61st Street is now owned by a non-profit, a source said, so no real estate taxes are due, thus making the apartments more affordable.

    The 25-story project at 1 West End Ave. is using a relatively new Housing Development Corp. program so half of its 211 units will be rented to people with lower incomes.

    This so-called 50-30-20 program provides that half or 111 units — the 50 percent number — to be rented at market rents.

    But 30 percent or 57 apartments will be set aside for middle-income renters making no more than $103,600 for a family of four. Twenty percent or 43 apartments will be for families with up to $31,400. A single person can make up to $22,000.

    The project received $54 million towards construction financing from the state agency, for the project, which includes studio, one- and two-bedroom units.

    Meanwhile, the nearby 33 West End Ave. will become a 13-story project with 120 units geared to senior independent living for those 55 and up.

    The $30.8 million project is known as an "inclusionary" housing project because the units are set aside for those making not more than $26,376 per person.


    Nice construction photos.

  9. #9
    Forum Veteran krulltime's Avatar
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    Thumbs up

    September 2005

    Developers race to the skies with a dozen UWS projects
    Lincoln Center renovation to be ringed by at least fifteen new buildings

    By Steve Cutler

    Starting next year, you might want to take your hardhat if you're walking around the Upper West Side between 59th and 72nd streets.

    A huge construction boom is slated for the area between Lincoln Center and the Hudson River, with more than a dozen developments planned or proposed for the next two years. The slew of projects will include billions of dollars in new construction and thousands of new apartments, transforming the neighborhood skyline.

    Residents fear the change will be traumatic.

    "If you look at the limited area," says Betya Lewton, president of the Coalition for a Livable West Side, which is tracking the projects in the area, "even besides the Lincoln Center work starting in 2006, and look at all the projects that have already started and those scheduled to begin in 2006 – the traffic, the trucks, the noise and air pollution, the rats running wild – it's really terrible."

    To real estate professionals, on the other hand, it's a revelation.

    Mark Ripka, West Side brokerage manager for Sotheby's International Realty, says the far West Side "will become a neighborhood onto itself."

    "It builds on the momentum built up by the Time Warner Center," he says, adding that comparatively less expensive prices could draw families and empty nesters looking for a reasonable pied-a-terre near Lincoln Center.

    Klara Madlin, owner of Klara Madlin Real Estate, said she expects a mixture of condos and rentals. While heights of several buildings and details on adding new roads and transportation are unresolved at the government level, "It's inevitable these projects are going to be built," she says.

    Here is a sampling of some of the projects scheduled for the Upper West Side.

    1. West 69th-70th streets at West End Avenue
    Developer American Continental Properties is presenting plans before the local community board to construct two buildings at this site, one at 26 stories and the other at 15 stories.

    2. West 67th-69th streets at Amsterdam Avenue
    American Continental Properties is reportedly in negotiation with two synagogues to buy air rights that would enable them to build a tower as high as 70 stories. Without the rights, the building they propose for this site would be limited to 21 stories.

    3. Residential Tower/NYC Opera Hall, West 66th Street and Amsterdam Avenue
    Developer A. & R. Kalimian Realty is negotiating with the New York City Opera regarding a plan to create new quarters for the Opera in a residential tower near its present home at Lincoln Center. The builder bought the site, which contained the former Red Cross New York headquarters, a year ago for $70 million. While the site is not zoned for a tall building, air rights could be obtained from either Lincoln Center or the Martin Luther King Jr. High School. The project needs approval from the New York City Planning Commission and other city agencies.

    4. Senior Citizen Housing, 33 West End Avenue at West 61st Street
    Atlantic Development Group is building a 13-story subsidized senior citizen facility with an entrance on West 61st Street. Residents, 50 percent of whom will be from the area, will be chosen by lottery. The building is entirely inclusionary housing and will be managed by the Metropolitan New York Coordinating Council on Jewish Poverty. The project includes 8,400 square feet of retail space.

    5. Freedom Place South and West 61st Street
    A 211-unit rental building is under construction on a newly created street at Riverside South, west of West End Towers.

    6. 10 West End Avenue between West 59th and 60th streets
    Ten West End Avenue Development is building a 31-story tower with 300 condominium apartments.

    7. 1 West End Avenue, between 59th and 60th streets
    25-story project which will have half of its 211 units rented to people with lower incomes.

    8. John Jay College Expansion, 11th Avenue, between 58th and 59th streets
    The college is planning a 620,000-square-foot project to expand its campus adjacent to its existing Haaren Hall.

    9. West 59th-60th streets, between West End and Amsterdam avenues
    Moshe Dan Azogui's Brack Capital and Continental Equities are planning a 35-story residential tower on the 1-acre site. The ultra-luxury building would contain indoor and outdoor swimming pools, basketball and tennis courts.

    10. 245 West 60th Street, between Amsterdam and West End avenues
    Laurence Ginsberg's LHL Realty Co. plans to build two residential towers with 30 and 15 stories, containing up to 515 units, pending rezoning permits and an environmental impact statement. The project would include parking for 185 cars and might be eligible for a 20 percent inclusionary housing bonus.

    11. 225 West 60th Street between West End and Amsterdam avenues
    The Touro College for Women will occupy five floors, from the cellar to the third floor, at the base of a 20-story tower. The remainder of the building will contain 80 apartments, including 59 one-bedrooms, 24 two-bedrooms and a mix of three-bedrooms. The college will include a double-height gym, library, cafeteria, three laboratories, 17 classrooms, administrative, faculty and student offices, and a terrace accessible from the second floor.

    12. Fordham University Expansion, West 60th-62nd streets, between Amsterdam and Columbus avenues
    As part of an expansion that would more than double the size of its Lincoln Center campus and reshape that section of the Upper West Side, Fordham University has submitted plans that include a 47-story apartment building and a 26-story dormitory at 60th Street and a 57-story apartment building at 62nd Street. In the $300 million first phase of construction, over the next six years or so, the university would build a 16-story law school and five-story campus center and expand its library to eight stories. The second phase, which would roll out through 2025, includes a 21-story dormitory and two buildings of 35 and 36 stories on Columbus Avenue to accommodate university programs.

    13. Fifteen Central Park West, West 61st-62nd streets, between Broadway and CPW
    Plans were announced last month for the nearly 60,000-square-foot vacant lot left by the demolition of the Mayflower Hotel. Zeckendorf Development will construct a luxury condominium consisting of two wings – The House, at 20 stories and The Tower, at 43 stories. Designed in a neo-classical style by Robert A.M. Stern and clad in Indiana limestone, the project will offer 202 apartments, including terraced duplexes and full-floor penthouses, plus 29 private suites that may be purchased by residents for their guests or staff. Ninety percent of the units will have direct Central Park views. The building is scheduled for occupancy in spring 2007.

    14. Radisson / Empire Hotel, West 62nd-63rd streets, between Broadway and Columbus
    While no plans have been submitted, the hotel reportedly will be demolished when the last rent stabilized tenant vacates. A new residential project will be built on the site. Special Lincoln Square zoning limits the height to about 31 stories. The new building could qualify for a 20-percent inclusionary housing bonus, which permits the developer to build bigger than zoning allows in exchange for the inclusion of a number of affordable units.

    15. Lincoln Center Redevelopment
    Lincoln Center's $325 million revitalization will transform the look and feel of the cultural center and its surrounding area. The construction plan includes new street-level entrances and facades, dramatic lighting and modernist theater marquees; expansion and landscaping of the North Plaza; expansion of the Julliard School; an upgrade of Alice Tully Hall; a new Film Society complex with two screening rooms and a lecture hall; a new entrance to the Vivian Beaumont and Mitzi Newhouse theatres; and new pedestrian walkways and escalators connecting the Rose Building and Julliard.

    Copyright © 2003-2005 The Real Deal.

  10. #10
    Forum Veteran krulltime's Avatar
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    Fifteen Central Park West
    West 61st-62nd streets
    between Broadway and CPW

    Last edited by krulltime; September 10th, 2005 at 11:57 AM.

  11. #11
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    Extell's billion-dollar baby
    Developer seeks bids to flip Riverside South parcels at top dollar; condos are king

    By Julie Satow
    September 12, 2005

    Extell Development Corp. is quietly shopping a huge swath of land at Riverside South, the valuable West Side development that it agreed to purchase from Donald Trump and a consortium of investors only months ago, real estate sources say. The price tag could reach as high as $1 billion.

    The move has caught industry insiders by surprise. Extell and its partner--Washington, D.C.-based investment fund The Carlyle Group--are planning to build condominium towers in another section of Riverside South and had been expected to develop the rest of the available property.

    In June, Extell and Carlyle agreed to pay $1.76 billion for a chunk of Riverside South, in the city's largest residential property sale ever. Extell and Carlyle already have deals to sell three rental buildings for $816 million. Now, if they can get the right price to flip as much as 2.4 million square feet of vacant land, they could recoup their entire outlay.

    At least two bidders have submitted offers on the property, which is between West 59th and West 61st streets, say lawyers and brokers who represent them. The names of the bidders could not be determined. Extell and Carlyle declined to comment.

    The bids illustrate the persistent strength of the residential real estate market in Manhattan. While the flip is an opportunity for Extell and Carlyle to grab some immediate cash, bidders are betting on a longer-term payoff. Any buyer of the Riverside South parcels will likely use the property to develop its own condominium towers, with pricey luxury units that would not come on line for several years at least.

    "The market continues to be very strong; buyers have been aggressive, and prices continue to move upward," says Nat Rockett, a senior vice president at Jones Lang LaSalle. "There is a lot of money out there on both the equity and lending sides."

    The property in play includes 1.8 million square feet of developable land that is zoned for commercial use; a buyer would likely seek city approval to rezone it for residential use. The land being marketed also includes more than 570,000 square feet zoned for residential use.

    Aiming high

    The asking price--approximately $425 a square foot--is near the top of the market. Last month, New York Law School sold 57 Worth St. for $500 per developable square foot.

    "At the right number, everything is for sale," says a real estate insider familiar with the Riverside South negotiations. "Extell and Carlyle are sellers, and the deals are price-driven."

    Donald Trump purchased Riverside South, a 77-acre enclave that extends from West 59th Street to West 72nd Street, for $100 million in 1985. He proposed the construction of Television City, a 16.5 million-square-foot development for NBC that would have included the world's tallest building, at 152 stories. His plan was shelved after NBC backed out amid stiff community opposition.

    Mr. Trump didn't give up. As he moved ahead on a new plan--including 16 residential buildings, commercial space and a waterfront public park--he found his empire in financial turmoil. He sold 70% of his interest in Riverside South in 1994 in order to finance his development there.

    The pending sale to Extell and Carlyle helped raise the profile of Extell President Gary Barnett. He soon made a bid to develop a Brooklyn site, going up against real estate heavyweight Bruce Ratner--who was awarded the site, as most observers expected. A major resource enabling Mr. Barnett to aim so high is The Carlyle Group, which has invested in several of his properties, including the 60-story Orion condominium tower on West 42nd Street.

    Extell and Carlyle's Riverside South purchase is expected to close by the end of this month. Mr. Trump is taking legal action against his partners, claiming that the sale is below market value.

    Barring complications, Extell intends to build condos on vacant plots between West 61st and West 65th streets; it has already begun construction on part of that property, according to a real estate expert familiar with the strategy.

    "Their business plan is to build condominiums on the vacant land," says a broker who is familiar with Extell and Carlyle. "But if the right price is put on the table, they will sell."

    ©2005 Crain Communications Inc.

  12. #12
    Forum Veteran krulltime's Avatar
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    Here is the Extell plan:

    Last edited by krulltime; April 15th, 2007 at 04:05 PM.

  13. #13
    Forum Veteran krulltime's Avatar
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    Vornado buys on Upper West Side

    Published on September 19, 2005

    Vornado Realty Trust has acquired a one-story building on the Upper West Side for $24.2 million. The property, at 211-217 Columbus Ave., between West 69th and West 70th streets, is zoned for residential and retail space.

    "This is a great holding for Vornado's retail portfolio, and it offers them the opportunity to redevelop it into a mixed-use building," says Tom Duke, a senior director at Lansco Corp., the brokerage firm that represented the sellers. Because the building is in a historic district, the Landmarks Preservation Commission must approve any changes

    The 5,600 square feet of ground-floor retail space is occupied by Banana Republic, which will relocate to 1960 Broadway, at West 67th Street. The lease expires in January 2007, and the retailer will probably vacate next summer, Mr. Duke says.

    The seller, John Halleron of Brightwaters, L.I., had a long-term lease with a food market that subleased to Banana Republic.

    Asking rents in the area range from $250 to $300 a square foot. Vornado, which represented itself, has been snatching up retail properties, including a 17,000-square-foot space at the former Westbury Hotel, on Madison Avenue between East 69th and East 70th streets, which it bought in June for $113 million.

    --Julie Satow

  14. #14
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    European Investment Firm Takes School Site for $31M

    By Barbara Jarvie
    Last updated: September 26, 2005 11:17am

    NEW YORK CITY-European Investment firm Cofinance Inc. has acquired a site at 227 West 61st St. in a $31.2-million deal with Maxim Properties. The 73,500-sf, four-story building is leased until 2010 to the New York City Board of Education for Beacon High School.

    “The buyer acquired the property at a low initial return, but will have the opportunity to construct a new luxury residential building when the Board of Education’s lease is up,” says Noonan, a principal of Newmark’s Capital Group, which represented the seller. The site was on the market for approximately six months and it is already zoned residential.

    Noonan, Howard Kesseler and Jennifer Schwartzman of Newmark represented Maxim. Cofinance was represented by Audrey Novoa and Pamela Title of Murray Hill Properties.

    Copyright © 2005 Real Estate Media.

  15. #15

    Default The Melar

    The Melar
    2491-2495 Broadway/250-252 West 93rd Street
    20 stories 210 feet
    Costas Kondylis & Partners
    Dev-Friedland Properties
    Residential Rentals
    143 units 164,714 Sq. Ft.
    Under Construction 2005-2006

    UWS High-Rise: 'War Zone' Today, 20 Floors Tomorrow
    Last edited by Derek2k3; December 30th, 2005 at 12:39 PM.

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