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Old December 14th, 2012, 12:48 AM   #1
RobertWalpole
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NEW YORK | 520 Park Avenue | 238m | 781ft | 54 fl | T/O



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Zeckendorf, the developer of 15 CPW and of the upcoming UN Plaza (by Foster) has been planning for quite some time, a new tower on a pretty small plot between Park and Madison on E 60th St.

The NB application was filed on 12 Dec. 2012.

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

From The NY Times 8 Feb. 2006 edition:

"Bibliophiles Disagree Over Price of Air Above"





By STEPHANIE STROM
Published: February 8, 2006
So rich was the price negotiated for some 86,000 square feet of air over the Grolier Club and Christ Church at Park Avenue and East 60th Street — $430 a square foot — that the magazine Business 2.0 listed the sale as one of "the 101 dumbest moments in business" last year.

But several members of the Grolier, an elite society of bibliophiles, now say the price for their portion, at least — about $6.9 million — was too low.

The club stands between the church, at 520 Park Avenue, and two tenement buildings owned by the sibling developers Arthur W. and William L. Zeckendorf. The developers plan to knock down the tenements and, using the air rights, put up a 35-story apartment building whose top floors will have views of Central Park.

Some Grolier members say their club deserves a higher price for its ether than the church is receiving because its 16,000 feet remain pivotal to the deal. So now they want the club to pull out. It is a dispute that has split the normally docile precincts of the club, even bringing tears amid heated accusations of conflicts of interest at one uncharacteristically raucous meeting.

Without the club's air rights, the Zeckendorfs and their partners would almost certainly have to scale back their plans for a luxury high-rise building next door.

Carolyn L. Smith, the club's president, confirmed the controversy but said she was not sure how widespread the opposition is. "Fewer than dozens, I think," she said. "We have almost 800 members, and I'd be surprised if there wasn't someone unhappy about it."

Ms. Smith said that the sale had been discussed for more than a year before Grolier's council, the oversight body equivalent to a board, approved it, and that 14 of the 21 council members had voted in favor.

Six voted against, however, and some have continued to press their case, seeking legal counsel in hopes of finding a way to break the contract signed by the club. Ms. Smith, the one abstaining vote, said she had recused herself to avoid any appearance of conflict of interest because she is a member of Christ Church, which stands to receive $30 million for its air rights if the deal stands.

Getting the opponents of the sale to voice their concerns for the record has proved challenging. "I have very strong feelings about this thing, and while I'd love to tell you things, I'm in a position where I really can't," explained one club member who is opposed to the sale, echoing three others who offered similar reasons for speaking on the condition of anonymity. "I've been involved with this club for years. I know the people there, and I don't want to damage those friendships, which are very dear to me."

The space above the Grolier is crucial to the project because the Zeckendorfs can transfer only the air rights contiguous to the site where they plan to build. They cannot transfer the church's air space to their site without also having the club's.

Arthur Zeckendorf said he and his brother and partners, who consider the deal done, were paying a premium price.

"Also, there's really only one buyer for those air rights, us, because we own the buildings directly west of the club," he said. "It's not like they can go sell them to Donald Trump or somebody else for more."

Opponents on the council and other club members charge that the decision to sell was tainted by conflicts of interest, like the one Ms. Smith cited in recusing herself, and a failure to follow state legal restrictions governing the sale of major assets by nonprofit organizations.

They pointed to the vote of David Alan Richards, a real estate lawyer who is a member of the council and who served as an adviser to the club on the deal. Ms. Smith said the council had voted to allow him to continue to participate in the club's governance while serving as its business representative.

Some opponents are also concerned about the impact of the planned high-rise on their neighborhood and on the structural soundness of the 1917 town house cum clubhouse.

Their objections were aired at a meeting on Dec. 12, after Ms. Smith sent a letter to the membership about the council's plan to approve a sale. Two of the club's former presidents, William B. Warren and Robert D. Graff, rose to denounce the plan, according to members who attended.
And Leonard L. Milberg, chairman of Milberg Factors, vigorously opposed the sale and criticized Ms. Smith for having any part in it because of her membership in the church, according to four members who attended. The outburst by Mr. Milberg, who declined to comment, reduced Ms. Smith to tears and shocked the 40 to 50 Grolier members at the meeting.

"Several people expressed sort of regrets, and one member was violently opposed," recalled Stephen C. Massey, a book and manuscript appraiser and consultant who has appeared on Antiques Roadshow, though he did not name any members in particular.

Mr. Massey, who served on the council from 1993 until last spring, said he thought the deal to sell the air rights was "magnificent," though he would have preferred slightly different terms. "My rapture is heavily modified by the fact that I'd rather we had some real estate space in the new building and less money," he said.

Martin Hutner, another longtime member, said that Charles Tanenbaum, a well-known collector of 18th century books, maps and other documents, had proposed that the opponents raise an equivalent amount through donations. "Because he didn't like the idea of selling the air rights, Mr. Tanenbaum courageously offered $250,000," Mr. Hutner said. "But no one else in the room came forward."

Ms. Smith said the bulk of the $6.9 million the club will receive from the deal will go into its endowment, more than doubling it.

New York State law requires that certain types of nonprofit corporations, like the Grolier, seek court approval for major asset sales, that they notify the attorney general's office of their plans and that they obtain approval of the sale from a majority of their members.

Ms. Smith said that law applied only to the sale of what it calls "all or substantially all" of an organization's assets. "Our clubhouse itself is probably worth a minimum of $15 million, our endowment is about $5 million and our collection of books is worth at least $10 million," Ms. Smith said. "This is not a substantial asset for us."

A guide from the New York State attorney general's office on the sale of significant assets by nonprofit groups notes that there is no set standard for determining what constitutes a substantial asset. "Court approval is required where the asset to be sold represents a large portion of the corporation's assets," the guide states.

At the agreed-upon price, the Grolier's air represents roughly 20 percent of its assets. In the profit-making world, anything with a value of 5 percent or more of total assets is considered substantial.

M. Myers Mermel, a real estate broker who is working pro bono on the deal for Christ Church, said the church planned to sign its contract this week. It and the club will then seek court approval, he said.

The opposition from some Grolier members is unsettling to the church, which hopes to use the $30 million from its part of the deal on various missions to help the poor, Mr. Mermel said.

"Their case has no merit, but I've been surprised at the lengths to which they've gone to snatch defeat from the jaws of victory and put at risk the opportunity for this money to help so many needy people through the church," he said.
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Old December 14th, 2012, 01:19 AM   #2
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Excellent news! I love the fact that Midtown is moving farther to the North.
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Old December 19th, 2012, 09:10 PM   #3
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Robert A.M. Stern will design it.
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Old December 19th, 2012, 10:41 PM   #4
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Seen from Midtown it's behind the General Motors Building.
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Old February 26th, 2013, 07:07 AM   #5
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There's an article in the 26 Feb 2013 NYT about the developers' acquisition of more air rights. They're seeking $8,000/sf for these condos which seems like a lot because there are some dilapidated structures to the west of this site. I would not be surprised if the Zeckendorfs try to acquire them in order to build higher.



$40 Million in Air Rights Will Let East Side Tower Soar Ozier Muhammad/The New York Times
Christ Church, at Park Avenue and 60th Street, is selling air rights that will let developers erect a taller building behind it.

By CHARLES V. BAGLI
Published: February 25, 2013


The Great Air Race (February 24, 2013)

The developers William L. and Arthur W. Zeckendorf are paying a record $600 per square foot this week for unused development rights, sometimes called air rights, so that they can add floors to a planned ultraluxury tower on 60th Street in the old Silk Stocking District, according to real estate executives.

The prior record for the cost of air rights was set only last fall when another developer snapped up rights from an adjacent parcel in Chelsea for $500 a square foot for a planned tower at 21st Street and 11th Avenue.

Now the Zeckendorf brothers are topping that number by paying more than $40 million for 70,000 square feet of air rights from Christ Church, at the northwest corner of Park Avenue and 60th Street. Prices for the 30 apartments in the new 51-story building are expected to fetch upward of $8,000 a square foot, which would be $48 million for a 6,000-square-foot apartment.

“They’re building what I call a Viagra building: a tall slender tower with great views at a great location,” said Robert I. Shapiro, a real estate broker who specializes in these kind of deals. “What difference does it make if you pay $100 more per square foot if you’re selling condos at over $4,000 a square foot? But there aren’t many sites where you can do this.”

Height matters, especially in an era when Russian oligarchs, Arab princes and South American billionaires are snapping up apartments for tens of millions of dollars in New York, which is considered a relatively safe haven for their capital.

So developers are willing to pay a premium for development rights that will allow them to add more floors, building higher than they otherwise could.

Under the city’s zoning code, a taller building could sit on the land occupied by the church. Air-rights rules allow the property owner to transfer the unused development rights — the difference between the existing building and what is allowed under the zoning code — to an adjoining property owner.

Some other cities allow similar transfers, but only in Manhattan do the prices reach eye-popping levels.

The Zeckendorf brothers built 15 Central Park West, one of the city’s most successful condominium buildings, which was designed by the architect Robert A. M. Stern, who will also design the new tower.

New York is currently in the midst of a frenzied contest between two developers, Gary Barnett and Harry Macklowe, to build the tallest, most expensive residential building in North America, on 57th Street.

“Height is where the profit is,” said Jonathan Miller, an appraiser. “There’s a premium for views and floor levels. The higher you go in a building, the higher the price you can get....”
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Old February 27th, 2013, 11:51 PM   #6
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Quote:
“They’re building what I call a Viagra building: a tall slender tower with great views at a great location,”

Quote:
Russian oligarchs, Arab princes and South American billionaires are snapping up apartments for tens of millions of dollars in New York, which is considered a relatively safe haven for their capital



All in all it seems like a promising message.
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Old February 28th, 2013, 12:04 AM   #7
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lol

$8,000/sf is a lot.
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Old March 1st, 2013, 06:59 PM   #8
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Quote:
Originally Posted by L.A.F.2. View Post
Excellent news! I love the fact that Midtown is moving farther to the North.
Did you really say that? Disgusting... You must live in Albany.

I live on the Upper East Side, and the last thing I want is the homeless people, huge business buildings, etc. coming to my block. That's what the area below Midtown is for! Midtown needs to spread south, not north, the north is fine being completely residential and low-key.
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Old March 2nd, 2013, 05:44 PM   #9
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Quote:
Originally Posted by royal rose1 View Post
Did you really say that? Disgusting... You must live in Albany.

I live on the Upper East Side, and the last thing I want is the homeless people, huge business buildings, etc. coming to my block. That's what the area below Midtown is for! Midtown needs to spread south, not north, the north is fine being completely residential and low-key.
calm down, people which don't live in NYC and espeically people which don't even live in the USA don't know such things...and that's nothing bad.
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Old March 2nd, 2013, 06:41 PM   #10
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Midtown is expanding to the south too, there is very much development below 38th Street.
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Old March 3rd, 2013, 10:00 AM   #11
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Quote:
Originally Posted by royal rose1 View Post
Did you really say that? Disgusting... You must live in Albany.

I live on the Upper East Side, and the last thing I want is the homeless people, huge business buildings, etc. coming to my block. That's what the area below Midtown is for! Midtown needs to spread south, not north, the north is fine being completely residential and low-key.
Sorry, get used to it or go move to Seattle. The city needs to grow where ever it can. The outer boroughs continue to stagnate because of similar views you hold.
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Old March 5th, 2013, 07:16 PM   #12
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Quote:
Originally Posted by royal rose1 View Post
Did you really say that? Disgusting... You must live in Albany.

I live on the Upper East Side, and the last thing I want is the homeless people, huge business buildings, etc. coming to my block. That's what the area below Midtown is for! Midtown needs to spread south, not north, the north is fine being completely residential and low-key.
So do i. I had lived on 60th for a long time 1 block from this site. Now i'm in the 80's. Technically East 59th is where the UES starts but some stretches on East 60th west of Third Ave is pretty commercial almost midtown like. So one can argue this site is still in Midtown.

--- With the additional air rights being purchased i would not be supprised to see Zeck build this thing close to 250 meters to really take advantage of the views of the park and sell at premium prices.
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Old March 6th, 2013, 02:36 AM   #13
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Quote:
Originally Posted by royal rose1 View Post
Did you really say that? Disgusting... You must live in Albany.

I live on the Upper East Side, and the last thing I want is the homeless people, huge business buildings, etc. coming to my block. That's what the area below Midtown is for! Midtown needs to spread south, not north, the north is fine being completely residential and low-key.
Albany Georgia, not New York. Calm down, man, it's just my preference. Plenty of great neighborhoods to the South as well. Developments there shouldn't get all the attention.
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Old March 6th, 2013, 03:03 AM   #14
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Quote:
Originally Posted by Vertical_Gotham View Post
So do i. I had lived on 60th for a long time 1 block from this site. Now i'm in the 80's. Technically East 59th is where the UES starts but some stretches on East 60th west of Third Ave is pretty commercial almost midtown like. So one can argue this site is still in Midtown.

--- With the additional air rights being purchased i would not be supprised to see Zeck build this thing close to 250 meters to really take advantage of the views of the park and sell at premium prices.
I wouldn't' be surprised to see Zeckendorf buy the three, rundown buildings to the west. They are eyesores on an otherwise nice block and their acquisition would enable him to build higher.
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Old March 7th, 2013, 03:43 AM   #15
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Quote:
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Albany Georgia, not New York. Calm down, man, it's just my preference. Plenty of great neighborhoods to the South as well. Developments there shouldn't get all the attention.
lol, I was fooled. I thought Albany, New York.
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Old May 9th, 2013, 01:53 PM   #16
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Looks like Robert A.M. Stern will design this baby.
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Old May 9th, 2013, 02:17 PM   #17
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funny, he's against the midtown east rezoning. Hopefully he will choose limestone for cladding like his other projects 15 CPW and the upcoming 99 Church. Limestone IMO will fit here perfectly.
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Old May 11th, 2013, 04:31 AM   #18
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For those not from NY, adjacent to this site are four, run down structures. Hopefully, the developer will acquire them.
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Old May 31st, 2013, 07:53 PM   #19
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As per building permits filed with the DOB, this will be 251 meters, or 824 ft, tall. Can a mod please change the title?
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Old May 31st, 2013, 07:57 PM   #20
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Screenshots of 45 East 60th Street from the DOB permits have posted by NYguy at SSP.


Quote:
Originally Posted by NYguy View Post
http://a810-bisweb.nyc.gov/bisweb/Jo...0&allstrt=EAST 60 STREET&allnumbhous=45


A peek at some detailing shows a high quality building...

























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