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Old May 20th, 2013, 05:52 AM   #1
RobertWalpole
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NEW YORK | 740 8th Ave | Pro

The portion of this site that BP and Related are selling Extell has 1m sf of air rights. I don't know how much more sf Extell has on its adjacent parcels, but a 1m sf+ residential/hotel tower should be very tall. I'm guessing around 280m. (If this were a nicer area, it would be much taller than that.)

I speculate that this tower will house retail, a hotel of about 500 rooms, high-end rentals, and condos at the top.
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Old May 20th, 2013, 06:42 AM   #2
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This sure is a skimpy thread... Sources?
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Old May 20th, 2013, 06:46 AM   #3
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The NYT reported over the weekend that Related is selling Extell its site at 740 8th and that Extell owns adjacent parcels. Related had planned a 1m sf tower at that site before the crash. Google 740 8th.
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Old June 6th, 2013, 02:44 AM   #4
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One Hudson Yards property swap deal between Related and Extell in contract

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A property swap deal between the Related Companies and Extell Development on Manhattan’s West Side is now in contract, the New York Post reported.

As part of the deal, Related will give Extell a site it owns with Boston Properties on Eighth Avenue and West 45th Street and some cash on top in exchange for Gary Barnett’s 56-story, 1.7 million-square-foot office tower 1 Hudson Yards, located on 11th Avenue at 34th Street. The deal will allow Related to move forward on construction of its towers and retail podium at the Hudson Yards megaproject .
Expect this development proposal to be enlarged by new owner Extell.
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Old June 6th, 2013, 03:19 AM   #5
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That's true Related's site, in and of itself, has 1m square feet. That's enough to build a very tall hotel/condo. This should be at least 260m and could be well over 300. The area is subpar, which would detract from building a mega tower.
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Old June 6th, 2013, 07:26 PM   #6
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Quote:
Originally Posted by RobertWalpole View Post
The area is subpar, which would detract from building a mega tower.
Agreed. Area not the greatest but this site should hopefully be a nice little game changer in the area. Not sure what is the fascintation for Gary really wanting this site instead of one hudson yards but i'm sure it will be nice.
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Old June 6th, 2013, 07:32 PM   #7
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Quote:
Originally Posted by RobertWalpole View Post
That's true Related's site, in and of itself, has 1m square feet. That's enough to build a very tall hotel/condo. This should be at least 260m and could be well over 300. The area is subpar, which would detract from building a mega tower.
very cool news
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Old June 6th, 2013, 11:29 PM   #8
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Agreed, sounds good
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Old June 6th, 2013, 11:40 PM   #9
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Hopefully Extell is not just going to sit on it for a while. I guess the whole project still has to start from scratch?
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Old June 8th, 2013, 06:53 AM   #10
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The empty lot is the portion of the site that Extell just acquired from Related. I assume that at a minimum, Extell also owns the small buildings to the south and probably the parking garage to the east.


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Old May 5th, 2014, 08:27 PM   #11
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Record air-rights sale in theater district just the beginning
http://www.capitalnewyork.com/articl...just-beginning

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A major potential project in the theater district that needs to rely on air rights is at 740 Eighth Avenue. It was being put together years ago by Boston Properties and Related Companies before stalling out during the recession. But it is now in the hands of Extell Development. Boston and Related had plans to by air rights from from several theaters, and Extell is likely working to finish those deals.
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Old August 27th, 2014, 04:19 AM   #12
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The Plot Thickens: Will A ‘New’ Shubert Theater Tower Over Broadway?
http://deadline.com/2014/08/the-plot...oadway-825192/



Quote:
Since everyone is dousing everyone else these dog days with buckets of ice to raise money for ALS research, I offer a challenge of my own to The New York Post‘s Michael Riedel: Meet me at Bar Centrale the day after Labor Day 2019. If, five years from now, there’s a new, 1,500-seat Broadway theater around the corner on Eighth Avenue between 45th and 46th streets, you can douse me with a bucket of ice and I’ll write a $100 check to the Shubert Foundation. And if it’s a Shubert theater, I’ll make it $200.


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If, however, there’s no theater in the luxury apartment tower Gary “One57″ Barnett’s Extell Corp is planning for that site, you have to write a check for $200 to my favorite charity, Greater Education, Rehabilitation And Recreation for Dropouts (you can just use the initials).

Shubert, as we know, owns valuable land and even more valuable air rights in the Theater District, and Broadway’s biggest landlord has been doing some heavy horse trading recently, exchanging oxygen for dollars and planning a takeover of a five-theater off-Broadway complex on 50th Street west of Eighth Avenue. But a new Broadway theater, at a cost of $150 million? Ehhhh, I don’t think so. Neither does the powerful Community Board 5, which controls building plans in the area and has received no paperwork for any such project at 740 Eighth Ave.


Quote:
The site we’re talking about, which currently hosts a crafts market and a parking lot, originally was put together by real estate giant Related Companies, owned by Stephen Ross. But Barnett held the rights to a key chunk of the land where Related is building the Hudson Yards mixed-use development site that’s roughly the size of Rhode Island. So Related and Extell negotiated a land swap. Now Barnett reputedly is planning another super-skyscraper along the lines of One57, the billionaires-only tower that casts a sunrise shadow from 57th and 7th to the Delaware Water Gap.

I can pretty much guarantee there will be no free-standing new theater on that site. So, will Barnett’s 740 Eighth Avenue project include a Broadway theater? He didn’t respond to several requests for confirmation. When I asked Shubert Chairman Philip J. Smith, he laughed and said, “No comment.” But there are a number of obstacles besides common sense that make a new theater seem unlikely. The site has one piece that, so far, neither Barnett nor the Shuberts has gotten hold of: the ancient, family-owned bistro Pergola Des Artistes, whose proprietors have shown no inclination to sell. A new Broadway theater would be saddled with the same insane operating costs as the rest of the Street.

Perhaps most important is Broadway economics, which since time immemorial have favored landlords over producers. Producers might wail over the fact that they have to wait in lines three deep for theaters to open up for their shows, but the Big Three landlords — Shubert has 17 houses, Nederlander nine and Jujamcyn five — couldn’t be happier. Their theaters are guaranteed paying tenants even as the Broadway audience shrinks, Broadway ticket prices rise and Hollywood stars leave town in a huff when they don’t get Tony nominations. Hudson Yards already is planning a giant theatrical space to compete with Broadway’s biggest houses. A 1,500-seat theater in the Broadway mix is a very rocky proposition. I’ll believe it when I see it.

So stock up on ice, meet us at Bar Centrale on Tuesday, September 3, 2019 — and please, bring a couple of towels.
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

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Old August 27th, 2014, 04:21 AM   #13
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thats some important information out here
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Old August 28th, 2014, 03:18 PM   #14
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Only in NY! Another supertall!!
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Old August 28th, 2014, 08:06 PM   #15
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Passed by it this am. Right now its just a flea market in its place. This actually has a really nice sized lot for a supertall residential.
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)
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Old August 28th, 2014, 08:13 PM   #16
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Perhaps there will be a large podium with a sleek tower above? Or perhaps set backs and a design language much like One57 also?

I can imagine with this being near Times Square, that they'd definitely want to have the title of being the tallest in that area
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Old August 28th, 2014, 08:27 PM   #17
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This is exciting (potential) news! The Times Square area has been defined for the last decade or so by that cool trio of LED-lit spires, but I'd heartily welcome a roof height supertall to the area to balance things out.

One question though: I realize the area around Times Square is very valuable, but is it actually all that desirable, particularly for ultraluxury buyers? I dare say it isn't (although the chaos around Times Square is probably less aggravating from a thousand feet up). Is the assumption that buyers aren't likely to spend much time in these homes?
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Old August 28th, 2014, 08:50 PM   #18
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The Site
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

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Old August 29th, 2014, 04:50 AM   #19
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Well, if this is indeed going to be anything like One57 then half the units will be vacant investment properties owned by sketchy LLC's.

But hey, for those that will end up actually living there, there is something to be said for living mere feet away from broadway theatres.
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Old August 29th, 2014, 07:28 AM   #20
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Let's face it. IMO If you can afford to live in a luxury tower like One57, you're über wealthy. The super rich have the means to have multiple residences to call home all depending what their mood is in that particular month.You are not going to have a good portion of full time residents living in these types of buildings to begin with.

In fact, You don't even have to live on these types of buildings to have neighbors that you may see once in a blue moon. Where I live in the UES it's the same way. A large swath of this neighborhood can seem like a ghost town at certain times of the year. I have neighbors I don't see for weeks at a time or even sometime for months in my building. So if it happens in the Upper East Side, you can be sure it will happen in billionaires row. People with that kind of wealth can choose to be in NY for the summer and holidays & be in LA, Miami or wherever for the rest of the year. I so wish I could do this and in fact I'm going to a bodega and I'm buying me some lotto tickets!! You gotta play to win.

Also, if you are earning your money here in NY, tax wise it would be beneficial to spend the majority of your time to call home in a low/ no income tax state like Florida so you don't have to donate a good chunk of your hard earned dollars to Uncle Sam. Now you can buy your lambo or whatever with the money you just saved!!!!

Many uber wealthy New Yorkers who earns their dollars in NY, makes Florida their primary residence. Remember, to have a primary residence you must prove that you physically live there for more than 6 mo of the year. (All depending in what state you live)

If you're über wealthy from out of state or from another country wanting a home in NYC, it's probably best that you keep cont making your gazillions wherever you made it and keep your primary home wherever it is than making NYC your primary residence.

But whatever the case... When the uber wealthy is in town, they employ people & spend their dollars and contribute to the local economy so bring them on.
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

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Last edited by Vertical_Gotham; August 29th, 2014 at 09:01 AM.
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