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Old March 2nd, 2011, 04:32 AM   #1
RobertWalpole
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Old March 2nd, 2011, 04:33 AM   #2
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NY REAL ESTATE COMMERCIALMARCH 2, 2011.Trading Places: Old Exchange To Go Retail

BY CRAIG KARMIN

Investor and philanthropist Michael Steinhardt and a partner have acquired two former American Stock Exchange buildings for $65 million and plan to build a retail complex, hotel and a residential tower at the site.The two properties are a block south of the World Trade Center site in the Financial District, an area that was hit hard during the economic downturn but recently has shown signs of snapping back.

Mr. Steinhardt and his investment partner Allan Fried closed the deal in the middle of last month, Mr. Fried said in an interview Tuesday. They acquired the former American Stock Exchange ...

http://online.wsj.com/article/SB1000...E_Video_second
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Old March 2nd, 2011, 05:33 AM   #3
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I think we'll need more details about redevelopment plans for this site before declaring a new skyscraper.

Edit: looks like a portion of this development will include a 60 story residential tower. We'll see if its design takes it to 200m....
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Old March 2nd, 2011, 05:38 AM   #4
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They want to tear that down?
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Old March 2nd, 2011, 07:27 AM   #5
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New skyscraper IS planned for Amex site

Perhaps you didn't read the full WSJ story. A new residential skyscraper is planned for the Amex annex on Thames; the old exchange building on Trinity will be converted into retail and a hotel:

"The partners plan to turn the Trinity Place building into a retail complex with a handful of shops and at least one high-end anchor tenant. Above the retail complex, they are planning a 174-room boutique hotel. The partners plan to renovate and convert that building, which includes a former trading floor, 60-foot ceilings and a 15-story tower that they say is suitable for hotel development.

They plan to tear down the 10-story building on Thames Street and construct a 60-story residential building that is likely to be luxury rentals, Mr. Fried said. The new owners have the right to build 400,000 square feet of residential property."
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Old March 2nd, 2011, 07:32 AM   #6
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Wall Street Journal story on plans for AMEX site

Old Exchange To Go Retail

By CRAIG KARMIN

Investor and philanthropist Michael Steinhardt and a partner have acquired two former American Stock Exchange buildings for $65 million and plan to build a retail complex, hotel and a residential tower at the site.

The two properties are a block south of the World Trade Center site in the Financial District, an area that was hit hard during the economic downturn but recently has shown signs of snapping back.

Mr. Steinhardt and his investment partner Allan Fried closed the deal in the middle of last month, Mr. Fried said in an interview Tuesday. They acquired the former American Stock Exchange building at 86 Trinity Place, which has been mostly vacant since the exchange merged with the New York Stock Exchange in 2008.

"We're thrilled about this acquisition of such a historic building, which demonstrates our belief in the future of downtown and the growth of New York City," Mr. Steinhardt said in a statement.

They also acquired an adjacent building at 22 Thames Street that had been used for back office work.

The partners plan to turn the Trinity Place building into a retail complex with a handful of shops and at least one high-end anchor tenant. Above the retail complex, they are planning a 174-room boutique hotel. The partners plan to renovate and convert that building, which includes a former trading floor, 60-foot ceilings and a 15-story tower that they say is suitable for hotel development.

They plan to tear down the 10-story building on Thames Street and construct a 60-story residential building that is likely to be luxury rentals, Mr. Fried said. The new owners have the right to build 400,000 square feet of residential property.

The investors paid all cash for the properties, though Mr. Fried said they may seek financing in the future. They expect to start construction within a year and complete the project within two years after that. They declined to say how much they expect to spend on the construction work.

Mr. Steinhardt has had a long and mostly successful investing career. He scored big profits in the 1960s by betting against over-priced stocks. Then in the 1990s, along with people like George Soros and Julian Robertson, he helped popularize hedge funds. More recently, he's pursued art collection and philanthropy, especially for Jewish causes.

His bet on the financial district comes as developer interest in the area is showing signs of turning around after a brutal period when a number of residential projects halted construction or never got going.

Since the mid 1990s, when the city began offering tax incentives to developers who converted obsolete office property into apartment buildings, the area's population has exploded. Even after the tax credits expired, building continued rapidly until there was a glut of supply during the downturn.

In recent months, however, lenders and developers have taken steps to get stalled projects rolling again. The new owners of William Beaver House are trying to rent out units after the previous developer struggled to sell condos there, and developer Ziel Feldman bought a defaulted construction loan for the Setai Wall Street condominium and spa from Anglo Irish Bank Corp.

Write to Craig Karmin at [email protected]
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Old March 2nd, 2011, 11:43 AM   #7
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Quote:
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They want to tear that down?
Amazing, isn't it? And to think a couple townhouses off Park Ave. sold for as much. While the old AMEX Exchange won't be demoed, I really hope that any redevelopment would only allow for a sliver tower built atop this Art Deco icon.
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Old March 2nd, 2011, 02:38 PM   #8
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Lois Weiss suggests that the Amex building won't come down. I hope that she's right.

March 2, 2011

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Read more: http://www.nypost.com/p/news/busines...zz1FRVWR0SaTwo buildings owned by affiliates of the NYSE Euronext were sold to hedge fund guru and commodity trader Michael Steinhardt of Steinhardt Management for a total of $65 million.

The old American Stock Exchange Building at 86 Trinity Place was sold for $17 million.

The 14-story former Curb Exchange building, built in 1931, also has the address of 125 Greenwich.

At the same time, the building next door -- at 22 Thames St., aka 123 Greenwich -- was sold for $48 million to the same entity.

The Curb Exchange building was closed at the end of 2008, when trading for the Amex was moved to the floor of the NYSE.

The new owners hope to turn the Trinity Place building into a retail complex, according to The Wall Street Journal, along with a 174-room boutique hotel. Meanwhile, they will tear down the 10-story Thames Street building and build a 60-story building that is likely to be luxury rentals, the newspaper reported on its Web site yesterday.



Read more: http://www.nypost.com/p/news/busines...#ixzz1FRV6BgSc
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Old March 2nd, 2011, 05:36 PM   #9
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A 400,000 sf residential tower should be at least 250m, particularly since the footprint will be quite small.
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Old March 2nd, 2011, 07:15 PM   #10
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WOW, this area is getting pretty damn dense.

I just hope that this tower won't have a negative effect on the trade centers spiral tappering design.
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Old March 2nd, 2011, 07:41 PM   #11
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Wow, how much information to a single day. I do not know, I have misgivings against the demolition of this building. I'm afraid they destroy the building to build something inappropriate to that location.

I think to build in Downton, even at that location (near the WTC) has to be built something that has "honor" to that location so important to New York.

If it is to destroy an old building and build something now, has to be a tall building, and that suits the site. I would like to see a luxury hotel with an art deco look.

If confirmed the 400 thousand square meters, giving the place where the space is too small, we can imagine a skyscraper. So expect to see something really good for the site.
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Old March 2nd, 2011, 08:10 PM   #12
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This is not prep. Rwalpole, can you please pay attention to the status next time? Thanks.
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Old March 3rd, 2011, 02:11 PM   #13
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Quote:
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This is not prep. Rwalpole, can you please pay attention to the status next time? Thanks.
Thanks for fixing the title!
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Old March 5th, 2011, 12:16 PM   #14
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Quote:
Originally Posted by desertpunk View Post
Amazing, isn't it? And to think a couple townhouses off Park Ave. sold for as much. While the old AMEX Exchange won't be demoed, I really hope that any redevelopment would only allow for a sliver tower built atop this Art Deco icon.
That would be a much better idea, just like Hearst for example.
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Old March 6th, 2011, 03:15 AM   #15
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They really shouldn't tear that down but, if they do decide to go along with the redevelopment plans the design of the new tower better be good.
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Old March 7th, 2011, 10:31 PM   #16
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What's the reasoning behind wanting to save that building. Saving it because it's old, isn't a good enough reason for me.
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Old March 7th, 2011, 11:22 PM   #17
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Quote:
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What's the reasoning behind wanting to save that building. Saving it because it's old, isn't a good enough reason for me.
They couldn't possibly get a demo past the community boards down there not to mention the drive to get the Amex landmarked that will now take place. You can't replace all that stonemasonry and the developers already recognized that. It will be retail (Whole Foods?) surmounted by bougie apartments.
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Old March 8th, 2011, 01:45 AM   #18
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What's the reasoning behind wanting to save that building. Saving it because it's old, isn't a good enough reason for me.
Who are you? No one needs to give you a reason.
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Old March 9th, 2011, 04:58 AM   #19
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Who are you? No one needs to give you a reason.
I'm a tax paying citizen, the same as you. If this project helps create more jobs in the city, then I'm all for it.
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Old March 16th, 2011, 02:55 AM   #20
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This building is about 2 blocks away from the WTC. And it's empty hell and has been that way for a long time. Here some pics in took





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