New York City Development News

[desertpunk]

From Curbed: http://ny.curbed.com/archives/2010/0...tates_toes.php

15 Penn Plaza Stepping on Empire State's Toes
Sunday, August 15, 2010, by Bilal Khan



A skyscraper showdown between the Empire State Building and the proposed 15 Penn Plaza is underway. Team ESB is claiming that the 1,150 foot high tower will be a significant detriment to both the city and the iconic Empire State Building. The location of the 15 Penn Plaza is only two blocks from the ESB, which isn't going to give the skyscraper a lot of room to breathe and majestically loom above the much smaller neighboring buildings. They're also claiming that 15 Penn Plaza would block ESB views from the areas west of the proposed tower. Nonetheless, the building has cleared most hurdles and seems to be on it's way to being built (given they find a tenant) with not more than a handful of modifications. However, the folks from the Empire State Building aren't the only detractors for the project.

The City Planning Commission has some choice words for 15 Penn Plaza
The City Council appears to have no qualms with the new construction and Borough President Scott Stringer approved of it, although the City Planning Commission had a few scathing things to say, drawing parallels between 15 Penn Plaza and Jean Nouvel's MOMA tower which got cut down 200 feet in height. A letter from the community board says

"the 15 Penn Plaza application wholly lacks the MoMA project's distinguished architectural features, produces no benefits for landmark preservation or cultural access, would have similarly detrimental impacts on neighborhood density and traffic, and would notably diminish, not enhance, the skyline position of its iconic neighbor, the Empire State Building. Indeed, the proposed buildings would directly obstruct the view of the Empire State Building from the west, thereby fundamentally altering and diminishing New York City's skyline in a way few projects have in decades. Should 15 Penn Plaza not be held to the same standards and criteria as Nouvel/MoMA?

[LoveMyNYC]

Seems like NYC is always under some sort of construction. Talk about the city that literally never sleeps. Ha ha! Now, I don't mind the constant construction in the city, but one thing I don't miss (since moving away) is the CONSTANT MTA construction. I understand that they were trying to improve aspects of the subway, but why did they do that when I had to go to work? LOL. =P

[desertpunk]

From: http://www.crainsnewyork.com/article...TATE/100819777

Published: August 19, 2010 10:49 AM
Modified: August 19, 2010 11:27 AM
Talks on Moynihan Station air rights begin

State, city re-enter negotiations with Vornado Realty Trust and The Related Cos.; after approval of Phase 1 contracts, attention turns to funding the $1 billion second phase.


A rendering of Moynihan Station proposal.

The state and the city have re-entered negotiations with Vornado Realty Trust and The Related Cos. over the sale of 1 million square feet of air rights associated with the new Moynihan Station, said Tim Gilchrist, the new president of the Moynihan Station Development Corp. in a recent interview with Crain's.

The developers entered into a memorandum of understanding with the state in 2006 to develop the Farley Post Office into a new train station and to use the air rights to build an adjacent mixed-use development topped by a 67-story tower. But the plan, including $110 million from the sale of the air rights, was never approved by the Public Authorities Control Board.

Instead, the recession forced the state to split the development into two phases. Eventually, federal stimulus funding provided the final $83 million needed to build the $267 million first phase, which entails linking the Farley building to expanded Penn Station platforms to give passengers another exit.

The initial construction contracts were approved Monday, and now attention is turning to funding the $1 billion second phase.

That's where the sale of air rights comes in. The Farley building—which occupies the square block between West 31st and West 33rd streets and Eighth and Ninth avenues—comes with 2.5 million square feet of transferable air rights. While Related and Vornado have dibs on the first 1 million, the remaining 1.5 million square feet are up for grabs.

If an air-rights agreement with the two developers is reached, the 1 million-square-foot “Penn West” could begin rising before construction on the station's first phase is completed in the next three to four years.

“We have a way to move forward, we just have to negotiate the pieces,” Mr. Gilchrist said. “I'd love to get money to build [the station].”

[desertpunk]

From Curbed: http://ny.curbed.com/archives/2010/0...ter_campus.php

Fordham Gets Go-Ahead to Expand Lincoln Center Campus

Friday, August 20, 2010, by Sara



The City Council had no problems with Fordham's 25-year expansion plan, which pales in comparison to what's on NYU's and Columbia's dockets. But the neighbors weren't quite as willing to let Fordham's new dorms, library space, law school (right), and other buildings go up unchallenged. The residents of West 61st Street luxury condo the Alfred, whose shortcut to Lincoln Center will be lost in the expansion, filed suit against Fordham. They argued that the school's plan to build two 600-foot residential towers violated an agreement to use the land for academic uses for 40 years after the campus was built and to cap building heights at 200 feet. A state judge has now ruled in the case, the Journal reports, and Fordham will be allowed to go ahead with its 600-foot towers. The judge said the city's original land-use agreement with Fordham has been changed several times since it was created, and the neighbors can only challenge the most recent version. We have a feeling they'll get right on that.

Endless spats, and reworkings. What's new? How much of this will finally happen???

[desertpunk]

From the NY Post: http://www.nypost.com/p/news/local/m...-rss&FEEDNAME=

Why landmark's team is getting all high & mighty

Posted: 12:51 AM, August 20, 2010

Steve Cuozzo
The Empire State Building's owners sure have chutzpah. The guys who won't light up their landmark for Mother Teresa want a holy dispensation to prevent a new nearby skyscraper from cramping its style. They're seething because a new tower to be built by Vornado Realty Trust two blocks away will mess up views of, and from, the Empire State.

But there's nothing sacrosanct about office workers' window views. The Empire State has a slightly stronger case when it comes to the way the beloved landmark is perceived from the outside. It's always enjoyed an unchallenged skyline profile thanks to the fact that no building south of 42nd Street is remotely as tall.

The Vornado project would change that. The Empire State's Hail Mary play is a plea to the City Council, which will probably bless the scheme anyway. You can't blame Tony Malkin & Co. for trying. They've spent more than a half-billion bucks recently to bring the Empire State into the modern age.

Why, now that the iconic edifice is finally on sound commercial footing, should it have to share the sky with a bulkier but lesser neighbor two blocks away and nearly as tall? Well, Manhattan's a genetically high-rise place. New office towers sometimes spoil iconic parts of the skyline. It's sad but unavoidable on a narrow island where the world's most important business district is scrunched into a few square miles. Boxy structures long ago smothered downtown's "wedding cake" profile. The Pan Am Building (now MetLife) eclipsed the great Helmsley Building at its foot.

Maybe 15 Penn Plaza could use a little pruning -- which Vornado boss Steve Roth is unlikely to accept, since he's pledged $100 million in subway-station improvements in exchange for his brainchild's height and bulk. But Vornado can't build it without a big tenant like a bank -- meaning it would bring oodles of tax revenue and high-paying jobs to a rundown, underutilized Midtown precinct.

The price might well be the loss of the Empire State's solitary splendor. But it will still be as magnificent and unique as ever. Just choose your view of it a little more carefully



Read more: http://www.nypost.com/p/news/local/m...#ixzz0xAUyuxCU

[desertpunk]

From Crain's NY: http://www.crainsnewyork.com/article...TATE/100829945

August 23, 2010 1:26 PM

SL Green takes home 2nd prize of $50M

Sale of tower to Boston Properties for $317 million means that SL Green Realty Corp. won't get the brand new Plaza district tower it aimed for, but the consolation prize is rich.
By Theresa Agovino


A rendering of 510 Madison Ave.

SL Green Realty Corp. failed to carry the day at 510 Madison Ave., but the company will receive an estimated $50 million consolation prize for its unsuccessful fight to win control of the new midtown tower.

SL Green purchased two discounted loans on the property last year and had been trying to use that position to foreclose on owner Macklowe Properties. However, last week Boston Properties announced it reached a deal to buy the building for about $317 million, or $900 a square foot—essentially the amount of debt on the building.

If Boston Properties closes on the deal, SL Green stands to reap a profit of nearly $50 million when its loans are repaid. That would constitute a 50% return on its investment from buying discounted debt on the still-vacant tower, according to a report by J.P. Morgan Chase & Co.

The building is in the tony Plaza District and is loaded with amenities to attract hedge funds and financial firms that two years ago were routinely paying over $100 a square foot for rent. But the combination of the recession and Macklowe's financial problems squelched demand for the space. Macklowe is in a legal battle with the one tenant it had signed. The tenant is trying to break its lease.

The battle for control between SL Green and Macklowe broke out earlier this year, but in June the two sides reached an accord that gave Macklowe eight months to repay the loans. “We believe SLG almost certainly wanted to own 510 Madison given its location and quality, but we think the sale of the asset and the ultimate pay-off of the debts owned to SLG is a nonetheless a lucrative outcome for the company,” said J.P. Morgan analyst Anthony Paolone, in the report.

The report went on to say that SL Green bought a construction loan on the property for $168 million or about 89 cents on the dollar. It also paid between $10 million and $15 million for a junior mezzanine loan. That represents a total investment of about $183 million. The report said that Macklowe owed $253.1 million on those loans.

Mr. Paolone's report also said that Boston Properties paid “a full price” for the building. It said that, assuming Boston Properties finds tenants who will pay average rents between $80 and $90 a square foot and that its expenses are near $25 a square foot, the building should yield about 6.7%. Mr. Paolone said in an interview that he thought Boston Properties would want a higher yield given the risk in leasing the empty building.

He added that Boston Properties would have likely have to spend $100 a square foot in leasing commission and tenant build-outs, bringing the purchase price up to about $1,000 a square foot.

The healthy price tag is a good sign for the commercial real estate market, he said.
“Six months ago, 12 months ago, no one thought we'd be seeing $1,000 a foot prices for quite some time,” said Mr. Paolone. “Now you are also starting to see buyers take leasing risk.

SL Green declined to comment, and a Boston Properties spokeswoman didn't immediately return a call.

This is the second time in two years that Boston Properties is capitalizing on Macklowe Properties' struggles. In 2008, it purchased four towers, including the General Motors Building, from Harry Mackowe when he needed to raise cash to pay off $7 billion in loans he took out to buy seven buildings at the top of the market in 2007.

[desertpunk]

From Crain's NY: http://www.crainsnewyork.com/article...TATE/100829944

August 23, 2010 1:32 PM

$100M transit upgrades planned near Penn


Vornado's investment is tied to proposed tower at 15 Penn Plaza that is strongly opposed by Empire State Building owners.

By Bloomberg News (Bloomberg) -- Vornado Realty Trust will spend about $100 million on transit improvements around Manhattan's Penn Station under its plan to build a tower at 15 Penn Plaza, said David Greenbaum, president of the company's New York office division.

The spending is dependent on approval of the project, Greenbaum said at a city council hearing today.

The 15 Penn Plaza tower is opposed by the company that controls the nearby Empire State Building

[desertpunk]

From the NY Times: http://www.nytimes.com/2010/08/24/ny...l?ref=nyregion

Will a Tower Block the Empire State Building? A Fight on New York’s Skyline


Pelli Clarke Pelli Architects The developer's rendering of 15 Penn Plaza, as seen from the north, shows it and the Empire State building in unimpeded spots on the skyline at sunset.
By CHARLES V. BAGLI
Published: August 23, 2010

To hear the two sides in the skyscraper war tell it, never has so much been at stake.

The owners of the Empire State Building and their supporters say their tower’s international status and New York City’s skyline are in mortal danger of an assault from a “monstrosity.”

Their rival: a proposed tower on 34th Street two avenues to the west that, according to its developers, will help the city grow and prosper, provide thousands of jobs and improve the quality of life for tens of thousands of New Yorkers.

What irks the former is that the latter would rise to be 1,216 feet, almost as tall as the Empire State Building, and would be just 900 feet away, a little too close for a building that has stood apart in the skyline for its entire 79-year life.

“The question here is: How close is too close to one of New York’s iconic landmarks,” Councilman Daniel R. Garodnick said Monday, after a hearing in which the owners of both properties made their cases, in advance of a City Council vote on Wednesday.

“Is this going to swallow up the Empire State Building,” Mr. Garodnick asked, “or are we just talking about another big building a couple of avenues away?”

The owners of the Empire State Building, Anthony E. and Peter L. Malkin, even want a 17-block no-go zone surrounding their 1,250-foot tall tower. This would prevent Vornado Realty Trust, which wants to erect the new building on Seventh Avenue, or any other developer, from putting up a similarly oversize building in the zone.

The City Planning Commission has already approved Vornado’s plan for a tower, called 15 Penn Plaza, opposite Pennsylvania Station. It would be 56 percent larger than what would ordinarily be allowed, in keeping with the city’s desire to promote high-density development close to transit hubs. But Community Board 5, whose district includes the area, did not approve. A committee at the board said the developer had not provided a rationale for such a large zoning bonus, especially since it did not have a tenant and might not build for years.

The vote on Wednesday by the Council would be the project’s final regulatory hurdle.

Vornado has long wanted to demolish the building that stands there now, the Hotel Pennsylvania, and build a major office tower. In addition to the hotel, a sagging presence across Seventh Avenue from Madison Square Garden, the company owns 10 other buildings in the area, with a total of 11 million square feet.

“The fact is that New York’s skyline has never stopped changing, and one hopes it never will,” said David R. Greenbaum, president of the New York office division of Vornado Realty Trust.

Vornado would undertake a package of transit improvements for Penn Station, the busiest rail hub in North America and a confusing maze for many commuters, worth more than $100 million, he added.

Each side has produced renderings that it says put the new building in perspective. Vornado prefers a view from the north, which shows 15 Penn Plaza and the Empire State Building carving out their own unimpeded spots on the skyline at sunset.

In a full page advertisement in The New York Times on Monday, the Malkins showed a view of Midtown from New Jersey in which a bulky 15 Penn Plaza nearly muscles the sleeker Empire State Building out of view.

At the hearing on Monday, the Malkins produced a poll they had commissioned showing that two-thirds of the respondents felt that 15 Penn Plaza should be rejected as proposed.

“It’s all about the iconography of the New York skyline and whether it matters to people or not,” said Anthony Malkin, president of Malkin Properties. He suggested that 15 Penn Plaza be reduced to 825 feet and that developers should be prohibited from building anything comparable nearby.

George Kaufman, another real estate owner and a friend of the Malkins, submitted a letter saying that 15 Penn Plaza “would be an assault on the Empire State Building and the New York City skyline.” Henry Stern, a former parks commissioner, testified that the proposed tower “could do irreparable harm” to the city.

But various construction union officials spoke in favor of Vornado’s tower, as did Daniel A. Biederman, president of the 34th Street Partnership, a business group that includes his longtime mentor, Peter Malkin, and the biggest property owner, Vornado Realty.

“If there’s anywhere a building of this size and bulk should be built, it’s at Penn Station,” said Mr. Biederman, who also went out of this way to praise “people the quality” of the Malkins.

Completed in 1931, the 102-story Empire State Building was the winner of a fierce three-way race to be the tallest skyscraper in the city. The 927-foot tall tower at 40 Wall Street briefly held the title when it opened in 1930. But it quickly fell to No. 2 when workers raised a spire atop the 1,047-foot tall Chrysler Building. Months later, the Empire State Building topped it at 1,250 feet. It was overtaken by the first World Trade Center, and will again be relegated to No. 2 when the new, 1,776-foot 1 World Trade Center is finished.

Councilman Leroy Comrie posed a final question at the meeting on Monday that seemed to foretell how he would vote: “Is New York City a snapshot taken in 2010 to be held in perpetuity, or is New York City an evolving, dynamic entity?”

.

[Aceventura]

Empire State NIMBYs! This is too funny.

[desertpunk]

From Bloomberg: http://www.bloomberg.com/news/2010-0...-new-york.html

Bank of America Said to Seek 1 Million Square Feet in New York

By David M. Levitt and David Mildenberg - Aug 24, 2010 1:58 PM MT

Bank of America Corp., the biggest U.S. lender by assets, is seeking about 1 million square feet of office space in New York City and may consider 1 World Trade Center, according to people with direct knowledge of the matter.

The bank put out requests to landlords in lower and midtown Manhattan, said two people, who declined to be identified because the discussions are private. The Port Authority of New York and New Jersey, whose 1 World Trade Center will replace the towers destroyed in the 2001 terror attack, was asked for a proposal, the people said.

Bank of America’s request adds to signs that the project is overcoming slack demand for office space and concern that the site might become a target for future attacks. Conde Nast Publications Inc. agreed this month to take more than a third of the 2.6 million-square-foot tower, while federal and state agencies have committed to about 1.1 million square feet.

“We will continue to have a presence in both Downtown and Midtown, but the current footprint in each may change depending on business needs and market opportunities,” Bank of America spokeswoman Kelli Cishek said in a statement. The bank regularly reviews space needs “while providing productive and safe work environments for our associates,” she said.

The New York Post reported on the Charlotte, North Carolina-based bank’s search earlier today. Stephen Sigmund, a Port Authority spokesman, declined to comment.

World Financial Center

The bank will also consider space in the neighboring World Financial Center complex that it inherited in 2009, when the company bought Merrill Lynch & Co., the people said. The 4.6 million square feet the bank leases remains attractive, the people said, because rents downtown are cheaper and Bank of America has a 49 percent ownership interest in the 2-million- square-foot 4 World Financial Center.

Bank of America already occupies a new building at 1 Bryant Park in Midtown with more than 2 million square feet. The bank wants the efficiencies and state of the art technologies available in new buildings, the people said.

The Merrill lease expires in 2013, the same year that the bank says it wants to be moved into its new space, the people said.

In June, Bank of America hired real estate brokers Cushman & Wakefield Inc. and Jones Lang LaSalle Inc. to review its New York space needs. Cushman was assigned Midtown, and Jones Lang downtown, spokesman T.J. Crawford said at that time.

Bank of America also has offices at 114 West 47th St., the former US Trust Building in Midtown, and 100 West 33rd St., an office and retail building owned by Vornado Realty Trust, Crawford said.

[desertpunk]

The Con Ed site where plans have been approved for several 600 ft. towers.

[Turbosnail]

Originally Posted by Aceventura

Empire State NIMBYs! This is too funny.

Indeed, I had to blog on the irony -

http://thecityandwallstreet.blogspot...-new-york.html

[desertpunk]

From Curbed: http://ny.curbed.com/archives/2010/0..._key_votes.php

Empire State of Mind

Midtown Skyline Hogger Wins Key Votes

Wednesday, August 25, 2010, by Joey


A pair of City Council committees gave the go-ahead to Vornado's 15 Penn Plaza skyscraper today, paving the way for an approval by the full Council and sticking it to those who dare anger the spirit of Mother Teresa. In the end neither vote was close, and there was barely any talk about the 1,200-foot tower's impact on the Empire State Building's postcard sales. In fact, the real debate centered around Vornado's plan—or lack thereof—of ensuring the involvement of women- and minority-owned enterprises in the project, the Archpaper reports.

It's lights out for a classic building, eventually. >>
The City Planning Commission already approved the office tower, and Mayor Bloomberg pretty much announced his intention to do the same, so it looks like the Hotel Pennsylvania's days are numbered. Then again, Vornado has said it won't tear down the once glorious Hotel Pennsylvania and build 15 Penn Plaza until an anchor tenant signs up, so the pisspot's stay on death row might be a long one.

.

[rencharles]

A new 67-storey skyscraper has won the approval of the New York authorities despite efforts to stop the construction by the owner of the Empire State Building.

The full city council backed the 15 Penn Plaza by a 47-1 vote.

The office building will stand nearly as tall as the 102-storey Empire State Building (ESB), two blocks away.

ESB owner Anthony Malkin had argued the new building would ruin the "uniqueness" of the city's skyline.

But New York Mayor Michael Bloomberg said Manhattan should embrace new investments, adding: "Anybody that builds a building in New York City changes its skyline.

"We don't have to run around to every other owner and apologize," Mr Bloomberg told a news conference.

"One guy owns a building, and he'd like to have it be the only tall building. I'm sorry that's not the real world," he added.

A spokesman for the building's developer said the building would be an "an outstanding addition to New York's skyline".

In a statement, Mr Malkin said: "This is not about banning tall buildings, but about preserving the very uniqueness of the New York City skyline."

The Empire State Building, which stands 1,250ft (381m), was the tallest building in New York City until the construction of the World Trade Center in Manhattan's Financial District in 1970.

The building, built in 1931, once again held the title following the 9/11 attacks.

The new skyscraper will stand 1,190ft-tall (363m). Its development is still in the planning stages.

By: BBC News

[rencharles]

And the news already run the world:

Globo.com (Brazil):
http://g1.globo.com/mundo/noticia/20...-building.html

[Teslatron]

Im glad it got approved with the original height. I think it is more than just about this building. What it does is set a precedent for supertall construction in midtown near ESB, which was long overdue. I just hope maybe they can rework the design a little.

[Turbosnail]

Victory for common sense here although I'm not sure about the way it was all fluffed over by talk of this tower helping New York out of recession - it's plain and simple, you can't have your cake and eat it.

From Architecture News -

Although both sides spent this past week lobbying their views, the City Council ultimately found that the new tower would help New York get out of our economic slump. Christine C. Quinn, the Council speaker, told the New York Times that the project was about jobs and signaled that “New York City is moving forward and moving out of this recession.”

[HK999]

NYC construction status

(updated list, includes U/C, App, Prep, Pro) -- 29.08.2010 --

SUPERTALLS

U/C:

- 1WTC (417m roof, 541m spire, currently working on the 36th floor)
- 2WTC (390m roof, 414m spire, foundation work / piling)
- 3WTC (349m roof, 378m spire, foundation work / piling)
- Carnegie 57 (306m roof, formerly known as 157 W. 57th St., tower has reached street level)

Approved:

- 15 Penn Plaza (371m roof, recently approved by the city council)
- Tower Verre (320m roof - needs a redesign, will be built)
- The Gira Sole (305m roof- when they finish the subway tunnel (soon) this will be U/C, Prep)
- Tishman Speyer Towers (336m x 2, on hold, Prep)

Proposed:

- Midtown Towers (371m roof - aka One Manhattan West)
- Brookfield Properties Towers (370m roof, they need to build the platform first)
- New York Tower (305m roof)
- Edgar Towers Skyvoid (396m roof, newest supertall proposal)

SKYSCRAPERS

U/C:

- 4WTC (297m roof, 7 floors already done, tower is fully funded - construction speed is catching up)
- 440 West 42nd street (204m roof, main roof (188m) has T/O, final build- out still to be constructed)
- 99 Church Street (278m roof, construction started, currently on hold)
- 56 Leonard Street (253m roof, construction started, currently on hold)
- Beekman Tower (267m roof, already T/O, cladding almost done)


Approved:

- 250 East 57th Street (218m roof, Phase I already U/C, Phase II following)
- 366 10th Avenue (236m roof)
- 50 West Street (213m roof, on hold)
- 610 Lexington Avenue (215m roof, on hold)
- 5WTC (228m roof)

Proposed:

- 1 Madison Avenue Addition (285m roof)
- PANYNJ Tower (261m roof)
- 260 12th Avenue Hotel (252m)
- Two Manhattan West (285m roof)
- 45 Broad Street (216m roof)
- 1715 Broadway (newest proposal, 229m roof, demolition has started)
- 440 Park Avenue (likely to rise up to 70 floors)
- 225 West 57th Street (200m+, demolition)
- 1 Dekalb Avenue (200m+, 65 floors, located in downtown brooklyn)

HIGHRISES

U/C:

(counting only 100m+ buildings)

--- upcoming --- (there are at least 60 100m+ towers U/C, App, Prep or Pro in NYC)

[HK999]

Originally Posted by Teslatron

I was just near 1 DeKalb avenue in downtown Brooklyn this morning, and the CityPoint site was busy with workers. So I guess the Phase 1 of this development is U/C. Don't know when they gonna start with the CityPoint tower though and how high its supposed to be. I checked Emporis and it lists it as a 65 storey tower.

nice find, it says on emporis that it will be completed in 2011!

i'm going to do some research, maybe this proposal is worth of having its own thread.

[yankeesfan1000]

HK999, can not thank you enough, love your updates, it's so hard to keep a pulse on all of these projects and your lists really help.

One quick question though, what exactly are the Tishman Speyer Towers? I can't find any info on them.

And I was ecstatic when I saw that the Skyvoid is now an official proposal, it is truly stunning but likely 8-10 years away at least, hopefully the NIMBY's won't butcher the height.