http://www.pacoletmilliken.com/images/pacolets-bryant-park-nyc.jpg

http://www.nypost.com/p/news/busines...AHMzBqr3RsjEcP

CommentBreakthrough at Bryant Park
Last Updated: 12:57 AM, February 9, 2011

Posted: 12:39 AM, February 9, 2011

Lois Weiss

BETWEEN THE BRICKS
Now that a prominent development partner and architects are on board, a key site catty-corner to Bryant Park is moving closer to a resolution.

The Post has learned that Hines Interests is now working with Pacolet Milliken Enterprises, the owner of 1045 Ave. of the Americas, which takes up a full block front between West 39th and West 40th streets. The now-vacant site previously hosted the headquarters of Milliken & Co. and was recently demolished.

Additionally, the architecture firm Pei Cobb Freed has now completed conceptual designs that do not need discretionary approvals, the owners advise.

Richard Webel, president of Pacolet Milliken, said, "Together with Hines Interests, one of the leading real estate development entities, Pacolet Milliken has been working for the last several years to formulate a project that can satisfy the demands of both users and investors for the highest quality office space on this unique site. Offering in excess of 400,000 square feet of rentable area, the project is potentially positioned to be at the leading edge of the next development cycle."

Paul Amrich of CB Richard Ellis, who may or may not be the agent for the future tower, declined comment through a spokesman.

In December, the owners of the adjacent and recently landmarked Springs Mills Building, at 104 W. 40th St., sold 65,085 square feet of transferrable air rights to Pacolet Milliken Enterprises for about $12.2 million, or just under $200 a square foot. A spokesman for Savanna Partners, the owner of Springs Mills, declined comment.

Back in March 2009 we warned you that Milliken was tearing down its former showroom building and planning a new, as-of-right development.

No matter what is constructed, both the city and the Bryant Park Business Improvement District would be beneficiaries of enhanced payments and an improvement in the landscape.

Ths is not a supertower of NY. :sleepy:
More renders?

Hines unveils new Bryant Park tower
August 08, 2011 11:00AM

http://www.observer.com/files/2011/08/HinesBryantPark.jpg

Rendering of 1045 Sixth Avenue Houston-based real estate firm Hines revealed the Pei Cobb Freed & Partners design for its forthcoming Bryant Park office tower. The Wall Street Journal reported the 28-story, 450,000-square-foot structure at 1045 Sixth Avenue will feature concave detailing on its hourglass-shaped, glassy exterior and a large stainless steel disc suspended over the entrance at the corner of 40th Street. "The building was conceived in response to the extraordinary circumstance of its location at the corner of Bryant Park," said architect Henry Cobb.

The tower is being built in partnership with Pacolet Milliken Enterprises, which has owned the land since 1954. Hines will wait until it signs some tenants and obtains construction financing before beginning work on the tower, according to the Wall Street Journal. Demolition of the previous structure is already complete, so construction could begin as early as 2012, and occupancy may be ready by 2014. Hines will seek LEED certification for the office tower.

Hines recently sold 750 Seventh Avenue for more than $800 per square foot, or $485 million, and announced a $1 billion medical property venture with New York State Retirement Fund earlier this month. [WSJ]

Isn't there a thread for this in highrise section?

Ok this the older thread. somebody need to look the other one.

Only 28 floors? Can only be kidding. The terrain was great to have a skyscraper of 220 meters or more.

So this one is probably just above 100 meter? :(

It's over 100m. Anyway, it's being built as high as the air rights for that parcel permit.

This part of midtown was very shoddy until not long ago. A lot of development is underway, and it's now very nice. Here's a photo of the decrepit buildings that were on the site.

http://wirednewyork.com/forum/attachment.php?attachmentid=6240&d=1219426112

Hopefully, Hines will choose its equity partner soon. With all of the volatility in the world, one would think that financing from China or the Gulf will be easy to procure for a blue-chip project like Torre Verre.

http://www.nytimes.com/2011/09/07/realestate/commercial/new-york-construction-rebounding-despite-tight-financing.html?_r=1&ref=business

Square Feet
With Financing Still Rare, New York Developments Start to ReboundBy JOTHAM SEDERSTROM
Published: September 6, 2011
http://graphics8.nytimes.com/images/2011/09/07/business/SUB-HINES-1/SUB-HINES-1-popup.jpg
When the development firm Hines began exploring plans for a state-of-the-art, ground-up office tower overlooking Bryant Park in April 2009, the notion seemed far-fetched at best, given the economic mood.

Construction is expected to begin next year for a 28-story tower at 1045 Avenue of the Americas in Manhattan. The tower will serve as something of a gateway to neighboring Bryant Park.

Demolition at 1045 Avenue of the Americas began in 2009, and the project has avoided pitfalls.
After all, Lehman Brothers had collapsed seven months earlier and Bernard L. Madoff had just pleaded guilty to federal felony charges in his vast financial Ponzi scheme. By the end of 2009, construction had frozen at development sites all across Manhattan. But in the nearly 30 months since those discussions, Hines’s plan to build a 28-story, glass-and-...stainless steel tower at 1045 Avenue of the Americas has withstood many of the obstacles that have thwarted other real estate developers.

“In no point in the last 30 years across all the cycle changes have we ever not been active,” said Tommy Craig, a senior vice president and head of Hines’s regional office in New York. “Resilience is one of the defining virtues of our firm.”

With a search for equity partners and a marketing campaign set to begin this week, the 450,000-square-foot building is one of two Manhattan projects now in the works for Hines. The other, a 72-story mixed-use building at 53 West 53rd Street, is set to rise adjacent to the Museum of Modern Art once an equity source is chosen. The project, designed by Jean Nouvel, was scaled down recently from its original height of 82 stories.....

^^

Libor is rising again and suddenly the market for CMBS paper is in retreat...again. :ohno:

If anyone can get financed it's Hines. They are blue chip.

Sovereign wealth funds and foreign companies in Asia and the Middle East are looking for safe havens which is why demand for US Treasuries and gold are at peak demand. Another safe haven is blue-chip property in places like NY and London.

Why is this one in the skyscraper section, allthough it wont almost certainly be over 200m tall?

it doesn't look over 200m to sorry.

http://www.nytimes.com/2011/11/13/realestate/tommy-craig.html?_r=1&ref=realestate

Square Feet | The 30-Minute Interview
Tommy CraigPublished: November 10, 2011

http://graphics8.nytimes.com/images/2011/11/13/realestate/13SQFT/13SQFT-articleInline.jpg

Interview conducted and condensed by

VIVIAN MARINO

Q What does your job at Hines entail?

A My principal role is to think about value-creation opportunities, to manage risk, and to really advance the firm’s reputation in New York.
...

Q How many projects are you working on now? A We’re just finishing a project in the village, One Jackson Square. We’re working on 1045 Sixth, our Bryant Park project. We’re working on the MoMA mixed-use project; and for that project we just secured a special permit and are now actively engaged with prospective equity partners. We have a fourth project that we’ve just been selected on in Lower Manhattan for a residential project — 56 Leonard.

Q How would you say the New York market was faring?

A The New York market on a comparative basis has the strongest fundamentals of any market in the country. The strength in the capital markets would be hard to overstate. There’s been very positive job growth this year. A long-term outlook of New York continues to favor it in ways that very few other cities can compare, mostly because it is really a destination for talent around the globe. We haven’t seen a major user leave New York for over 15 years....

The following New Building permit was filed. The tower will be 29 stories and 441 feet to the highest occupied floor -- probably 500 feet to the top.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

^^ Better than nothing.

Well I like the cladding even though this wont be that tall.

Since this is such a small building (i.e., 450k sf), it seems that it's being built on spec. like Minskoff's 51 Astor Place, which is 500k sf. I guess with a tower this small, a developer doesn't need a pre-construction lease to secure financing, as this likely will be filled with a bunch of small users of 10,000 to 200,000 sf.

http://www.nypost.com/p/news/business/reborn_helmsley_site_window_into_TFHZ8OFnLr3B4rqWEcx0UK

NY Post"Reality Check"
Steve Cuozzo

15 Feb 2011


There’s a new name for 1045 Sixth Ave. — oops, Avenue of the Americas — the 28-story office tower to be built by Hines and partner Pacolet Milliken Enterprises on the west blockfront between 39th and 40th streets.

It will be 7 Bryant Park, an “address” just approved by the Manhattan borough president’s office. It’s the second project to enjoy the association after 1 Bryant Park, the Durst Organization/Bank of America’s tower at 42nd Street.

The tower designed by Pei Cobb Freed & Partners boasts triangular notches at its northeast corner that offer park views to tenants and seem to gracefully nod to the park from the outside.

CB Richard Ellis titan Mary Ann Tighe, who heads up the leasing team, said, “We believe Bryant Park has become a high-end district in its own right, like the Plaza District.”



Read more: http://www.nypost.com/p/news/business/reborn_helmsley_site_window_into_TFHZ8OFnLr3B4rqWEcx0UK#ixzz1dm8Uk8fm

Hines recently posted a new website for this tower, which has a nice video too.

http://www.7bryantpark.com

Being 500 feet tall on Bryant Park, I don't even think this can be considered "filler" haha you probably won't be able to see almost any of it from either Brooklyn or Jersey. Oh well, at least it is replacing those old nasty buildings...