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  1. #1

    Default 307 - 311 w 37

    From Antinimby
    JV Plans $90M Hotel Development


    By Natalie Dolce
    Last updated: June 26, 2008 01:27pm

    NEW YORK CITY-HREC Investment Advisors successfully represented West 37th Street Owner LLC and Englewood, CO-based Stonebridge Realty Advisors Inc. in formulating a joint venture to develop a 220-room select service hotel on West 37th St., between 8th and 9th Avenue. Estimated project cost is $90 million and debt and equity placements are nearing completion, a testament to the strength of the project and the development team in a difficult capital market.

    The project is currently being contemplated as boutique hotel or a primary brand in the select service category. This will be Stonebridge’s first project in Manhattan. Kevin Mahoney, COO of Stonebridge, tells GlobeSt.com that the address of the site is 307-311 W. 37th St.

    Mahoney explains that they will begin construction "by year end," and expects to have construction completed in 2010. He tells GlobeSt.com that the total square footage of the hotel will be roughly 96,500 sf, noting that "the number of stories is still to be determined."

    Mahoney says that the financing is coming from a "well capitalized equity source and bank financing," but did not further detail specifics. Currently in the location is a three-story distribution center that "will be razed."
    Mahoney says that the firm has been looking in the New York City market for approximately two years.

    Navin Dimond, president and CEO of Stonebridge Cos. says in a prepared statement that "Stonebridge continues to grow and we have been looking at the New York market for some time, but felt this project had all the right ingredients in terms of location, concept and upside potential of the area."

    Dimond continues that Stonebridge plans to grow its platform on a national basis and looks forward to doing additional projects in New York. "HREC’s ability to bring us an off-market deal was a key factor in structuring an equitable deal for us and our JV partner."

    Geoff Davis, president of HREC Investment Advisors says in a prepared statement that, HREC has worked extensively with Stonebridge in other markets and "expect they will be very successful on the big stage of New York, they know how to get a project done on time and on budget." Davis was unavailable to answer further queries by deadline.

    Copyright © 2008 ALM Properties, Inc.


    From Lofter
    A few weeks back I noticed these old piles of brick were being emptied out and readied for the exterminator ...





  2. #2

    Default

    At 8:45pm I hear the loudest jack hammering so I go outside to investigate....
    I turn the corner on 37th street and get my answer- The above buildings are now GONE!
    They didn't even try to save any of the relief sculptures on the facade- just destroyed them with the
    rest of the building. And now, without any kind of posted variance, after 9pm they are still jack hammering into the night
    trying to remove the last of the buildings back foundation

  3. #3
    Disgruntled Optimist lofter1's Avatar
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    Default

    DOB shows a New Building Application processed 6.20.2011 for this site:

    Arch: Peter Poon

    27 Stories

    Schedule A shows 10 hotel rooms per floor up to #10, then 8 rooms per floor from #11-#27

    Here's a pdf describing the property when it was for sale.

    A google search indicates that it's being developed by Cornerstone and will be managed by Stonebridge Companies out of Colorado.

    It was stalled for awhile; from Cornerstone:

    Click image for larger version. 

Name:	307W37_Cornerstone1.jpg 
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ID:	13398

  4. #4

    Default

    guess I should feel lucky its a poon and not a kaufman...
    instead of just a setback turd we get a street wall keeping one.
    WOW- 27 stories
    What I really want to know is how much Bloomburg changed the zoneing
    in this area?
    When I moved here about 27 years ago, new buildings were only allowed to be about 12 stories tall.
    This one is gonna cut off the last of my direct sun from the east

  5. #5
    Disgruntled Optimist lofter1's Avatar
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    Some of the documents at DOB show that it's getting a FAR bonus by contributing $1,619,895 to the Hudson Yards District Improvement Fund; that bumps it up from FAR 10.0 to FAR 12.0

    The notches seen up top in the meager render above probably allow for two additional floors.

    This DOB document shows it's going to be a Marriott.

  6. #6

  7. #7
    Build the Tower Verre antinimby's Avatar
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    Seriously, how much money can it cost to save those two sculptures and incorporate them into the new building, as a nod to the history of the site and also give their otherwise cheap hotel some class and something interesting to look at?

    Several hundred dollars...maybe?

    The developers and hackitects in this city are such dumb philistines.

  8. #8

    Default

    They were very nice...






    GONE!

  9. #9

  10. #10

    Default 27 story building?

    It is amazing how they are permitted to demolish a 3 story building built in the late 1800's and construct a 27 story building. Basically 3 building will be severely affected in a negative way. Instead of having a view of a river or 8th Ave, there will be a view of a wall 6 ft or closer to the window. The building on the west side will basically totally lose their windows. They already did damage to the buildings that abutted that building by breaking through one of the wall and causing cracks in the interior. To my knowledge the building dept. was notified, but I do not know if anything came about. They were using a pneumatic jack 5 feet way from where someone was sitting in their office on the opposite side of a brick wall in an adjacent building. I am sure if it was next to city hall it would not be permitted. I will try and post more photos periodically. Am I off base in my thinking or as I was told this is what "happens all over the city".

  11. #11
    Fearless Photog RoldanTTLB's Avatar
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    All over the city. Don't build illegal lot line windows. That said, there are more respectful ways to build. They're not as profitable, though.

  12. #12

    Default

    Quote Originally Posted by gilky22 View Post
    It is amazing how they are permitted to demolish a 3 story building built in the late 1800's and construct a 27 story building.
    I find it amazing that you find this type of building activity objectionable.

    You are seriously amazed that a new building goes up in Midtown Manhattan, of all places?

    And 27 floors, for Midtown standards, is basically nothing. Certainly not out of scale. Given the extreme space shortages in this part of the city, an argument could be made for significantly greater height and bulk.

    As for lot-line windows, they're irrelevent. No one has a right to permanent, guaranteed views, especially not from lot-line windows.

    Perhaps years from now, one of the residents of this new building will be on WNY, complaining that a new, adjacent 37-floor building blocks their views of the Hudson. And maybe the new building should be built to a "neighborhood friendly" 27 floors, like its neighbor.

    Oh, well. It's a fact of life in a large, constantly changing city center.

  13. #13

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    No- what's amazing is that an entity can pay what amounts to a bribe to the mayor, and all zoning restrictions
    go out the window, allowing in what shouldn't be there in the first place.
    Also with the number of surface parking lots still available (on the same block), it's ridiculous to wantonly demolish when
    open space is right next door that could more easily be built on.

  14. #14

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    Quote Originally Posted by scumonkey View Post
    No- what's amazing is that an entity can pay what amounts to a bribe to the mayor, and all zoning restrictions
    go out the window, allowing in what shouldn't be there in the first place.
    I understand your reason to suspect that type of illicit activities; some building projects apparently proceed without the need to comply with all the bureaucratic policies, procedures and restrictions; while others seemingly get 'the book' thrown at them, and must follow the letter of law.

    So I do understand what you are getting at here: but, disagree non-the-less. The fact that this project is unfairly getting the 'Green Light' only 'seems' to be the case, from what little I know about the project. I personally do not believe there is any 'corruption' going on here: you (and your neighbors) just do not want it built - so you have decided to make a preemptive strike.

    If you know something 'illegal' is going on with this project please do post the the news here; if you can any way enlighten me on the matter I would consider it a favor.

    Also, take a good look at those terrific photos of the demolition; they are very illustrative of why this building needed to be demolished. A picture says a thousand word; as it is very difficult to write a clear, concise and complete description of what it means when a building is mechanically/functionally/structurally obsolete - those photos go a long way in getting that point across to a laymen.

    http://wirednewyork.com/forum/showth...l=1#post367080

  15. #15

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    I have no problem with building here... just with building taller than the zoning allows...see post #5

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