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Old December 27th, 2013, 02:38 PM   #21
Vertical_Gotham
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The Luv Gov buys site for $88 Million
http://therealdeal.com/blog/2013/12/...medium=twitter

Quote:
UPDATED, 6:16p.m., Dec. 26: Dealing with divorce doesn’t seem to be slowing Eliot Spitzer down. The former New York governor’s family-run development firm Spitzer Enterprises has bought a block-long development site at Hudson Yards from Alloy Development for $88 million, according to city records filed today.

The 17,281-square-foot site is located at 511 West 35th Street between 10th and 11th avenues and runs through to West 36th Street, according to an offering memorandum from Massey Knakal Realty Services. It offers 75 feet of frontage on West 35th Street and 100 feet on West 36th Street. The site is currently leased to a trucking company, but the lease contains a termination clause provided the tenant is given six months notice, according to the memorandum.

Spitzer Enterprises could build up to 172,000 square feet as of right, but with the purchase of additional air rights through the Eastern Rail Yard and a district improvement bonus, the company could go as big as 415,000 square feet, said Massey Knakal’s Bob Knakal, who represented both sides of the deal with his colleague, Stephen Palmese. Just under 104,000 square feet are zoned for residential use. The sale closed Dec. 19.

“It’s one of the great growth opportunities in Manhattan,” Spitzer told The Real Deal, referring to Hudson Yards. He is still brainstorming the best possible use for the site, whether “mixed-use, fully commercial, or hotel,” he said, declining to comment further.
AJ Pires, who manages acquisitions and dispositions for Alloy, didn’t immediately respond to requests for comment.

‪The site was expected to fetch about $75 million, as previously reported.‬
“This transaction reflects the tremendous demand of the Hudson Yards district, sure to become the most dynamic neighborhood in the city in years to come,” Knakal said.
The Related Companies, which is spearheading the Hudson Yards development along with Oxford Properties, was thought to be one of the potential bidders on the site. Related owns the property next door at 517 West 35th Street, and a deal for 511 West 35th Street would have allowed them to build a tower just shy of a million square feet.

Since leaving Albany in disgrace following a prostitution scandal, Spitzer has been instrumental in several high-profile deals for Spitzer Enterprises’ roughly $1 billion property portfolio. He worked on the $25.5 million acquisition of the retail condominium at 350 West Broadway in Soho in February, and recently met with Eastern Consolidated chief Peter Hauspurg to discuss the acquisition of development sites.

Indeed, real estate and media obligations – including stints as a talk show host at Current TV and CNN – have taken up the lion’s share of his time since leaving office, a Spitzer spokesperson told The Real Deal in August. Spitzer has also been in the news for rumors that he is dating a spokesperson for mayor-elect Bill de Blasio and for the end of his marriage to Silda Wall Spitzer.
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Old December 27th, 2013, 08:55 PM   #22
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I guarantee that he will partner with Related or sell it to them altogether. He basically said that in another article where he called Related the 800 pound gorilla in the HY.
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Old December 27th, 2013, 09:06 PM   #23
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Originally Posted by RobertWalpole View Post
I guarantee that he will partner with Related or sell it to them altogether. He basically said that in another article where he called Related the 800 pound gorilla in the HY.
Yea I just read that article on the WSJ & Related is currently buying another plot adjacent to this on top of the one they already own...
http://m.us.wsj.com/articles/SB10001...?mg=reno64-wsj

Below is an excerpt:

"One potential obstacle: the area's most active developer, Related, has a deal to buy the property just to the west of Mr. Spitzer's site.

"Related is a good company, so we'll see what happens," Mr. Spitzer said, adding he could build without expanding the property. "They obviously are the 800-pound gorilla."

Your theory is quite possible & hope that it plays out like this. The luv Gov would benefit with Related's know how & expertise.
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Old April 14th, 2014, 10:26 PM   #24
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The header of this thread should be changed to 511 W 35.

Spitzer looking to expand Hudson Yards footprint.
http://www.crainsnewyork.com/article...-for-100m-plus

Quote:
late last year, former New York Gov. Eliot Spitzer, bought 511 W. 35th St., a development site that Crain’s has learned he is now trying to expand by acquiring the neighboring parcel on the southwest corner of West 36th Street and 10th Avenue.
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Old April 14th, 2014, 10:31 PM   #25
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...Keep your socks on!




Looking back, it seems the 450 Hudson Park proposal is a goner. Change made.
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Last edited by desertpunk; April 14th, 2014 at 11:02 PM.
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Old April 15th, 2014, 11:05 AM   #26
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Originally Posted by desertpunk View Post
...Keep your socks on!




Looking back, it seems the 450 Hudson Park proposal is a goner. Change made.
Good news? DO tell more!
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Old August 12th, 2014, 06:18 PM   #27
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Spitzer to put up hotel on West 35th Street site Documents reveal former governor's project is expanding substantially
http://therealdeal.com/blog/2014/08/....UWZOBYUm.dpuf



Quote:
Eliot Spitzer is planning to build a hotel with a retail component on the Hudson Yards development site his firm snapped up last year for $88 million.

And the former New York governor is apparently willing to shell out millions more for a bigger building. Spitzer disclosed his plans in an application the company filed recently to purchase an additional 138,250 square feet of bonus development rights from the city for his property at 511 West 35th Street, which runs block-through to 36th Street between 10th and 11th Avenues.

The firm will now pay $125.36 per buildable square foot – totaling $17.33 million – to the Hudson Yards District Improvement Fund.

That fund finances improvements such as the No. 7 train extension to the west side, as well as Hudson Park & Boulevard – the park running mid-block between 10th and 11th Avenues from the Related Companies’ Hudson Yards project to 42nd Street.

Spitzer declined to comment, but if approved he would have the option of purchasing another 103,688 square feet of bonus rights from the Eastern Rail Yards. That would bring the total buildable area to 414,750 square feet, a little more than 100,000 square feet of which would have to be used for residential.

While the price of the rights bought from the rail yard is determined by an appraisal of their value at the time of application, the cost of the additional square footage purchased through the improvement is fixed each year. The city set the original price at $100 per square foot back in 2005, and that figure rises each year along with the consumer price index. The price climbed from $122.78 per square foot August 1. As of 2012, the Hudson Yards Infrastructure Corporation had collected $88.1 million from the sale of bonus rights in the district.
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Old August 13th, 2014, 06:51 PM   #28
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http://newyorkyimby.com/2014/08/chan...th-street.html
Change of Plans: 511 West 35th Street


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Old August 13th, 2014, 07:51 PM   #29
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Interesting. I liked the old stacked cube design (middle photo), but I think I prefer the sleeker, more monolithic two towers format that followed. They remind me a lot of the United Nations building on the other side of the island.

Still, Yimby makes it sound like the issue is hardly settled -- Spitzer may modify these designs to fit their plans, or could start from scratch with a new architect.
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Old August 13th, 2014, 10:08 PM   #30
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Quote:
Originally Posted by MarshallKnight View Post
Spitzer may modify these designs to fit their plans, or could start from scratch with a new architect.

I agree! Spitz would mostly use his own architects, although I wouldn’t mind the exact multi towered scheme which is realistic if he finalized the extra rights.

Just keep in mind Related Cos project with 550k sf for development would be fronting the boulevard and would rise in front of Spitzer Development.




The design below absolutely will not happen unless Spitzer partners up with Related. Still if a partnerships forms, I think a much much taller tower can rise in that site.

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Old August 14th, 2014, 01:33 AM   #31
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Hint..Hint.. partner up!
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Old December 3rd, 2014, 12:15 AM   #32
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Spitzer takes reins following father’s death

Former governor secures second development site on Far West Side and nabs distressed Williamsburg plot as firm ramps up activity

http://therealdeal.com/issues_articl...athers-shadow/

Quote:
“The Eliot Show,” the company is getting back into large-scale development
Quote:
Spitzer recently made a second move on his most visible project, which is planned for the Hudson Yards area, The Real Deal has learned.

A year ago, he paid $88 million to buy a development site at 511 West 35th Street. Then several months ago, he quietly acquired control of a land lease on a plot adjacent to the development site, a move that doubles the project’s development potential.

The second plot, at the northwest corner of 35th Street and 10th Avenue, allows for 172,000 square feet of buildable space as of right. Through a pair of building bonuses available to projects in the neighborhood, that total can be increased to 414,600 square feet.

Spitzer plans to build a hotel with retail and possibly a residential component on the site he owns next door, which holds 414,744 buildable square feet. If combined, the two sites could allow for a large building holding nearly 830,000 square feet — a project that would plant the Spitzer name in one of the city’s hottest new neighborhoods.

An active developer in the area, Jorge Madruga of Maddd Equities, purchased a 99-year-lease on the corner property earlier this year for $62 million. Neither Spitzer nor Madruga would comment, but a source unconnected to either said Spitzer now controls the site.

Spitzer also hired the law firm Sheldon Lobel, which specializes in land-use and zoning matters, to lobby the Department of City Planning regarding the portion of the site he owns outright.

The project is a complicated one with lots of moving parts, and something that may be difficult for a first-time developer, but observers say Spitzer has surrounded himself with industry professionals who can pull these kinds of deals off.

Those people include Charles Morisi, the man who served as Bernard Spitzer’s right-hand man for more than 25 years, and Jeffrey Moerdler, an attorney at the firm Mintz Levin who has advised Spitzer Engineering for a similar period of time.

He’s also working with Bob Knakal, the Massey Knakal chairman who brought Spitzer the deal for 511 West 35th Street. Knakal said he’s “always looking for sites for Eliot.”
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Old December 3rd, 2014, 02:34 AM   #33
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Wow! That should be another supertall!
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Old December 3rd, 2014, 02:47 AM   #34
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This project has supertall written all over it. I would be surprised if it ends up <900'.
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Old December 3rd, 2014, 05:10 AM   #35
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I agree, Hunser.
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Old December 4th, 2014, 01:29 AM   #36
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sounds like we might end up having a spritzer for Spitzer.
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Old December 6th, 2014, 12:19 AM   #37
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Amazing, where does the madness end....
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Old January 13th, 2015, 07:14 PM   #38
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Chinese private equity shop Kuafu seeks $32M in Hudson Yards bonus rights.
- Moinian and Spitzer have already tapped into added-density program

http://therealdeal.com/blog/2015/01/....a4ZvhFdT.dpuf


Quote:
Fellow developers, including Eliot Spitzer’s Spitzer Engineering and the Moinian Group, have already tapped into these two pools of bonus rights.

Spitzer is building a hotel of more than 400,000 square feet on West 35th Street, while Moinian is building a 1.8 million square-foot office tower known as 3 Hudson Boulevard.
Quote:
Moinian has already received the assessment for its office property, which priced the bonuses at roughly $350 per foot.
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Old February 2nd, 2017, 01:40 AM   #39
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Spitzer, Related team up to develop 1.4M sf Hudson Yards sites
Project would include residential and large office component
https://therealdeal.com/2017/02/01/s...n-yards-sites/



Quote:
Eliot Spitzer and the Related Companies are joining forces to build a 1.4 million-square-foot apartment-and-office development on a pair of adjacent sites they own in Hudson Yards, The Real Deal has learned.

The partnership doesn’t simply place the former governor and top executives from Related TRData LogoTINY back at the negotiating table – Spitzer’s administration in Albany worked with the firm and Vornado Realty Trust a decade ago on the Moynihan Station project – it also helps them potentially front-load the development’s residential portion at a time when there’s still heaps of competition for office tenants on the Far West Side.
Representatives for Spitzer declined to comment on the partnership, while Related did not immediately return a request for comment.

Related signed a contract in September 2013 to buy its site at 517 West 34th Street for an undisclosed price, while Spitzer paid $123 million to assemble his site next door, records show.

The partners have asked the city for permission to split the project into two phases. In addition, they’re asking the city for special permission to build all 341,000-square-feet of residential space in the first phase. Under existing zoning conditions, they would only be able to build up to 100,000 square feet of residential space in the first phase.
Phase one would start with what the developers are calling the “Tenth Avenue Parcel between West 35th and West 36th Streets,” where they wish to build a 415,000-square foot, mixed-use building with 400 apartments set atop nearly 75,000 square feet of office and retail space.

Phase two, which would rise directly next door on the “Hudson Boulevard Parcel,” would see the construction of a roughly 950,000-square-foot office tower overlooking Hudson Boulevard Park.

Their proposed development sits in an area of the Far West Side that the city rezoned in 2005 when it paved the way for Related’s Hudson Yards megaproject, which is now rising a few blocks south over the Metropolitan Transportation Authority’s rail yards.
City planners zoned the blocks north of 34th Street where the Spitzer and Related properties sit to encourage developers to build large, mixed-use projects. But the city officials wanted to keep an emphasis on commercial use in that stretch of the Far West Side, so they included a stipulation that a developer could only build residential units once all of the floor-to-area ratio designated for commercial space on a site was exhausted.
But the city left open a back door in case the market became oversaturated with office space. It allowed developers with large sites – those with a lot area of at least 69,000 square feet – to build their residential portions first, so long as the final project met the required ratio for residential-to-commercial square footage.

Spitzer and Related’s combined sites, however, don’t meet the mark. The sites combine for a lot area of just 56,793 square feet. Under the current zoning rules for lots that size, even if the developers phased their projects they would have to stick to the site’s residential-to-commercial ratio. Under that guideline, their 415,000-square-foot building would be allowed to have only about 100,000 square feet of residential in phase one, not the full 341,000 square feet they’re asking the city to green-light.
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