Is this project dead? I sure wish they would build it in my back yard. It looks like it will be a great addition to the oldish "New Rockefeller Center" on Sixth Avenue in the 50's.
Trinity Real Estate has historically been so sensitive to the public good, and good architecture, that I am sure the project would be a success.
So you see my sarcasm. That reflects well on your ability to read and interpret.
I am not a nimby. I live in Hudson Square and have no problem with Trump's building or the proposed Home Depot at 345 Hudson. In fact I didn't have a problem with IKEA and Home Depot and all the other big box stores planned for Pier 40. I even don't have a problem with Trinity building their 4 Hudson Square. I just don't like the way they don't give anything back to the neighborhood, both within the last 35 years that I have lived here, and historically for the last 200 years.
They are landlords yes, and they deserve to get a return on their investment, but if they were out of Hudson Square the neighborhood would turn around in five years. Look at what happened to the little nook that was allowed to build residential below Spring Street when a zoning change occurred. I would prefer to see the whole area zoned that way.
Again I am not a nimby. I just want to see change that is not based on, and controlled by, a fiefdom created before the Revolutionary War.
Hudson Square Grabs Viacom
By John Koblin
1/29/2007 edition of The New York Observer
Media behemoth Viacom has a lease out for as much as 250,000 square feet at 345 Hudson Street, in the long-struggling commercial area of Soho’s Hudson Square.
Viacom, which counts MTV and Paramount Pictures among its many assets, is closing in on between 200,000 and 250,000 square feet, said Jason Pizer, the director of leasing at Trinity Real Estate, Hudson Square’s dominant landlord.
Although he said the lease has not been signed and that negotiations are still ongoing, he confirmed the lease-out and said a closed deal “is not far away.”
And just what does stand between a lease-out and a signed one? To Mr. Pizer, greedy owners.
“You know, with some owners, a better deal comes along and they’ll take that old lease and rip it up and start negotiating with a new party,” he said. “At Trinity, we like to think that once there’s a lease-out, we’re going to close the deal.”
Viacom has more than one million square feet in the Times Square area, including the painted glass façade splayed on shows like TRL every day. The company, with addresses sprawled all over Broadway, including 1515 Broadway, has been actively searching for new space, considering everything from renegotiating a deal in midtown to flocking to New Jersey.
If the Hudson Square deal is signed, it could be the first in a series of moves for Viacom, which has been looking for more breathable rents in a media-friendly submarket.
Meanwhile, an enormous lease with a powerhouse tenant could put the Hudson Square submarket more prominently on Manhattan’s commercial map. The vacancy rate for Class A space there is a staggeringly high 18 percent, according to a fourth-quarter 2006 report by brokerage Cushman & Wakefield. In the rest of Manhattan, vacancy rates are half that or less.
The Viacom deal would be the biggest under Carl Weisbrod’s watch as Trinity’s president, a watch that began in 2005.
One of the firm’s biggest deals came last month, when CBS Radio signed a lease for 75,000 square feet. (CBS Radio isn’t part of Viacom any longer, after a split between Viacom and the CBS Corporation.)
That deal came on the heels of WNYC Radio’s 2006 lease of 71,000 feet in 10 Hudson Square. And Clear Channel consolidated 121,000 square feet in a Rudin-controlled building just south of Canal Street, at 32 Avenue of the Americas, in December.
At a time when the media is shredding employees and redeploying space, cheap rents are a must.
When CBS Radio signed its 20-year deal for the 10th and 11th floors at 345 Hudson Street, the company agreed to pay rents of $34.50 a square foot for the first five years, $37.25 in the next five years, $40.75 for the next five, and $43.75 for the last five, according to a source familiar with that deal.
But not every deal has gone smoothly at 345 Hudson. Home Depot had been close to a lease there for 100,000 square feet, but the hardware chain got cold feet, and now that deal’s dead.
Representing Viacom in the deal is Michael Laginestra and Scott Gottlieb of CB Richard Ellis. They both declined to comment.
copyright © 2006 the new york observer, LLC
Happy days are here again. Although the loss of Home Depot is sad to hear. They had cold feet? Don't they sell space heaters?
Oh well just more on street parking for the natives I guess.
How can one post an article two days in advance of its published date? Isn't that illegal?
Vacancy rate in this area is over 20% about 23%. I would doubt any new development happens here until that rate is lowered
Viacom is in talks to anchor this building, a huge positive for Hudson Square!
4 Hudson Square is a nice 1930-ish 8-story building -- similar in style to other Hudson Square buildings, although not as large.
The street address at DOB is 137 - 141 Varick (aka 261 - 273 Spring Street).
No "New Building" Application filed for this site.
The most recent DOB action: 02/07/2007 104649267
HEREBY FILING DEMOLITION OF THE 7TH FLOOR TO INCLUDE REMOVAL OF PLUMBING FIXTURES AS PER PLANS. THIS JOB TO BE PROFESSIONALLY CERTIFIED. NO CHANGE IN USE EGRESS OR OCCUPANCY. SEE COMMENT #16.Trinity Real Estate Info (not much) : http://www.trinityrealestate.org/development/hudsonsquare_4/index.html
That's a nice building! I hope that this deal falls through and these greedy creeps at Trinity Church don't raze this building. I'd rather see Viacom move to JC.
It would be a particular loss since the proposed tower is utterly mundane.
That building at Spring / Varick covers the southern half of the blockfront along Varick. The northern half of that blockfront is the old "El Diario" building, a nice 2-story brick structure at 143 - 155 Varick (aka 42 - 48 Vandam).
The third building which completes this parcel is 50 - 60 Vandam, which was renovated in the early 1990's by architect Rafael Vinoly, whose office is located in that building. Pics of that renovation HERE
The buildings at the west end of the block along Hudson Street (and which cover ~ 1/3 of the full block) have previously NOT been included in the new building site.
One of the more interesting features of this block is the large interior courtyard formed by these buildings.
You can see it on the Google MAP
Thanks for the info, Lofter. I really hope that this deal does not occur. There is no need to raze these nice structures.
Last edited by kliq6; March 6th, 2007 at 02:12 PM.