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Old July 18th, 2011, 10:35 PM   #1
desertpunk
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NEW YORK | 111 Washington St. | 150m+ | 51 fl | Pro

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Quote:
54-story luxury rental planned for 111 Washington in FiDi
July 15, 2011 12:00PM

By Adam Pincus



The Midtown-based real estate development firm Pink Stone Capital expects to build a high-end residential rental tower with 54 floors at 111 Washington Street, two blocks south of the World Trade Center site in the Financial District.

The approximately 430,000-square-foot high-rise will have about 500 units in a mix of studios and one- and two-bedroom apartments, Meir Milgraum, director of acquisitions for the firm, said. One or two large penthouses may also be includedd, he added.

Pink Stone bought the defaulted $50 million note from New York Community Bank in March. The bank lent parking magnate Gerald Brauser and his company Term-Washington Street Garage the money in 2006 to develop the property.

On July 1, Pink Stone acquired title for the site through a deed in lieu of foreclosure, Milgraum said. Court records show the site includes the property at 105 Washington Street and 111 Washington Street, as well as air rights from four other properties. Milgraum would not disclose the price paid, if any, for the deed. The title transfer has not yet appeared on city property records.

In addition to the apartments, the tower at 111 Washington Street will have two floors of retail with about 30,000 square feet of space.

The firm is interviewing architects and plans to hire one by the end of next week.

"We hope to be in the ground by next summer and complete construction by 2014," Milgraum said.

The company plans to construct a one-story retail site at 105 Washington Street.

Pink Stone is an active note and property buyer over the past year. It bought the note for 174 Nassau Street in Downtown Brooklyn on June 22, which has development rights for approximately 100,000 square feet. In addition, the company is constructing a 73-unit residential building with 21 stories at 3 West 36th Street and a new, 21-story hotel with 108 rooms at 250 Fifth Avenue, at 28th Street.

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Old July 18th, 2011, 10:39 PM   #2
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This replaces a different proposal from a now-bankrupt developer:



New design and other details as they emerge...

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Old July 18th, 2011, 10:44 PM   #3
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Thanks for sharing
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Old April 1st, 2013, 06:19 PM   #4
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As per permit issued on 2/5/2013 via NYC DOB:
http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01


13 Building Characteristics


Occupancy Classification: R-2 - RESIDENTIAL: APARTMENT HOUSES
Construction Classification: I-B: 2 HOUR PROTECTED - NON-COMBUST
Multiple Dwelling Classification: HAEA

Building Height (ft.): 578
Building Stories: 52
Dwelling Units: 429

Mixed use building? Yes No



Image via: http://www.newyorkyimby.com/2013/02/...nnovative.html
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Old April 1st, 2013, 06:40 PM   #5
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I've seen that render before. It looks great next to 4wtc.
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Old April 1st, 2013, 07:52 PM   #6
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Originally Posted by tim1807 View Post
I've seen that render before. It looks great next to 4wtc.
yes, it's a wonderful design. i really love it
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Old April 1st, 2013, 10:56 PM   #7
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Slick Design!
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Old April 1st, 2013, 11:06 PM   #8
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Yeah, this building would compliment the area. Totally dig the design.
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Old July 17th, 2013, 07:53 PM   #9
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I'm afraid the rendering above will not be for this project. I believe that rendering is by Anna Selldorf. I was hoping for it here but it may be very different. The Architect for this project will be by Gary Handel from Handel Architects.

105-107 Washington St.
http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

Here's the architects website to get an idea what could be built here for this proposed residential rental high rise.
http://handelarch.com/projects/type/residential.html
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Old July 17th, 2013, 09:18 PM   #10
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Quote:
Originally Posted by Vertical_Gotham View Post
The Architect for this project will be by Gary Handel from Handel Architects.

http://handelarch.com/projects/type/residential.html
Well, they certainly run the gamut from bland to great. Millennium SF is pretty fantastic in person, one of my favorites in the city. But on the other hand, the SF Mexican Museum condo tower proposal and the old proposal for the Hollywood Millennium towers both border on hideous. Fingers crossed it's more of the former and less of the latter.

Handel does seem to have that subtle asymmetrical glass peak down to a science, so maybe whatever goes here will incorporate something like that? FiDi doesn't really have anything like that, huh?
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Old March 10th, 2014, 11:58 PM   #11
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111 Washington is in the market

Downtown lot hits market at a princely $260M
http://www.crainsnewyork.com/article...-princely-260m

Quote:
A father and son team that purchased an empty parking garage just south of the World Trade Center has put the site on the market for $260 million, five times what they paid for it just three years ago.

Fred Ohebshalom and his son Richard acquired 111 Washington St., three blocks south of the WTC site, three years ago by buying the distressed mortgage on the property from lender New York Community Bank. The price was a figure close to the $50 million loan’s face amount, according to reports. Eventually, the pair took control of the property when it was in foreclosure.

The pair then spent an undisclosed amount snapping up nearly 200,000 square feet of air rights from several surrounding properties, 102-104, 106 and 108 Greenwich Street and 105 and 109 Washington Street. All together with those extra air rights, about 362,000 square feet of residential or mixed use space can now be built on the site, which is at the corner of Washington and Carlisle streets.

Bob Knakal, chairman of the sales brokerage Massey Knakal Realty Service, has been hired by the Ohebshaloms to market the property and handle the sale.

“We certainly expect to set a pricing record for the neighborhood,” Mr. Knakal said. “We anticipate interest from around the city, around the country and around the world.”
If the property garners $260 million, it would translate into more than $700 per square foot, 17% more than a previous record for a residential development site in lower Manhattan set just eight months ago. That deal was for 101 Murray St., which developers Steven Witkoff, Howard Lorber and Fisher Brothers bought in July 2013, paying about $223 million. That site can accommodate slightly more space than 111 Washington St., 370,000 square feet, making its price per buildable square foot around $600.

“In the past six months to a year, the price of development sites has significantly appreciated all over the city,” Mr. Knakal said.

He noted that a developer could build either rental or condo space or a mix of both at the site along with retail in the property’s base. The development could also be home to a hotel, he said.
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Old March 11th, 2014, 12:21 AM   #12
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Render looks amazing.
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Old March 11th, 2014, 09:10 AM   #13
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Plans will definitely change. This will be a skyscraper.
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Old March 12th, 2014, 11:42 PM   #14
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110 Greenwich's Uncertain Future Could Include Condos, Hotel



Quote:
A former industrial printing building just south of the World Trade Center site at 110 Greenwich Street has come onto the market, and may become a much taller structure with its 30,000-square-feet of available air rights. The Post reports that the occupying 66,530-square-foot building that was converted into 60 rental apartments in 1997 by owner Jakobson Properties, the firm behind the mystifying NoFeeRentals.com, is seeking $65 million. The corner property has 6,000 square feet of retail frontage, which currently houses the longstanding institution, Trinity Boxing Club.

Upon its sale, the 30,000-square-feet of available air rights could either be incorporated into 110 Greenwich Street's upward development, or transferred to a neighboring lot for sale on Washington Street. 111 Washington, currently home of a defunct parking garage, is on the market seeking $260 million for its 362,000-developable-square-feet. Rather than a rehab, it seems more likely that the Greenwich Street site will be torn down en route to becoming more like the big developments familiar to the 'hood as of late.

[...]
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Old March 13th, 2014, 01:29 AM   #15
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That's great news. 111 Wash can get bigger.
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Old March 13th, 2014, 02:41 PM   #16
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30.000 isn't very much, but it helps.
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Old March 17th, 2014, 06:36 PM   #17
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image hosted on flickr


image hosted on flickr
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Old March 17th, 2014, 08:23 PM   #18
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So disgusting.. just hideous all around.
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Old March 19th, 2014, 01:57 AM   #19
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But that will be hidden from view soon.
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Old March 26th, 2014, 07:31 PM   #20
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Quote:
Originally Posted by Eric Offereins View Post
But that will be hidden from view soon.
And all that was hidden once upon a time!

@Yimby

Vertical Potential: 111 Washington Street – more in link
http://newyorkyimby.com/2014/03/vert...n-street.html#

Quote:
While 111 Washington Street has been a vacant lot for quite some time, the team at Massey Knakal has crafted new renderings of the site’s potential, which is enormous. The project has development rights of 362,301 square feet, which have been amassed by years of gradual acquisitions; the assemblage takes air rights from four adjacent lots, as well as 105 Washington Street.



111 Washington Street — image by Massey Knakal

Quote:
Ultimately, the delay in construction may result in a starchitect-quality design, especially given the lot’s $260 million asking price. The overriding trend in the Financial District — and really, across all of Manhattan — has been to build as tall as possible, with the recent reveal of Fisher Brothers’ 22 Thames Street likely heralding a taller eventuality at 111 Washington Street.

Indeed, the current plans for 22 Thames Street stretch approximately 360,000 square feet of air rights roughly 900 feet into the sky; 111 Washington has nearly the same square footage, and its location is equally prime to the Fisher Brothers project. While nothing formal has been revealed, the Massey Knakal rendering is likely shorter than what will eventually be built, if nearby projects are any indication of the site’s potential; given the sky-high price-tag for the assemblage, something that takes full advantage of the air rights and maximizes views would definitely be warranted.
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