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Old July 22nd, 2013, 10:09 PM   #1
desertpunk
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NEW YORK | 111 Murray Street | 241m | 792ft | 58 fl | T/O






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Downtown development site fetches $223M

Price paid for St. John's University's 10-story building on Murray Street, slated to be replaced with a condo tower, is a near record for the area. Buyers include Steven Witkoff, one of the city's most prolific condo developers of the moment.



Quote:
July 22, 2013

Developers Steven Witkoff, Howard Lorber and Fisher Brothers have closed on one of the most expensive development sites ever purchased in lower Manhattan.

The trio acquired the 10-story building at 101 Murray St. for $223 million from St. John's University, which uses the property for its school of risk management, a division of its Peter J. Tobin College of Business. The deal was first reported in Crain's in May.

Mr. Witkoff, Mr. Lorber and Fisher Brothers plan to tear the building down and erect a residential condominium tower with as many as 370,000 square feet in its place. If the developers end up building that big, it would mean that they paid a little over $600 per buildable square foot for the land alone—one of the highest prices ever paid for dirt downtown.

The property has a number of things going for it, beginning with its location. It is just two blocks north of 1 World Trade Center, three blocks east of the Hudson River, and just south of ultra-chic neighborhood—not to mention pricey—TriBeCa. The site also has no height restrictions in its zoning, a factor that will allow the builders to potentially create apartments with towering ceilings.

[...]

St. John's University said it will remain at 101 Murray St. through the end of the academic year in 2014. The school is looking for locations in Manhattan and is rumored to be considering a deal at 51 Astor Place, a new office property across the street from Cooper Union built by Minskoff Equities.
Too early to call supertall on this one but....





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For a brief moment, this wild scheme by Coop Himmelblau took flight:




A different design will be in the works. Stats may change accordingly. Stay tuned...

Last edited by desertpunk; June 3rd, 2015 at 12:05 AM.
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Old July 22nd, 2013, 10:10 PM   #2
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sounds great
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Old July 22nd, 2013, 10:55 PM   #3
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No height restrictions? Hmmmmm.....?
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Old July 22nd, 2013, 11:00 PM   #4
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right behind 1 WTC eh? this could end up being pretty tall.
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Old July 22nd, 2013, 11:16 PM   #5
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No height restrictions? This sounds incredible. I wonder, does this mean no restrictions at all, or is the site still restricted to a certain ammount of square feet?
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Old July 23rd, 2013, 12:31 AM   #6
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Oh my goodness!!!
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Old July 23rd, 2013, 01:10 AM   #7
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Quote:
Originally Posted by Kanto View Post
No height restrictions? This sounds incredible. I wonder, does this mean no restrictions at all, or is the site still restricted to a certain ammount of square feet?
Article specifically said 370k sq ft.
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Old July 23rd, 2013, 01:30 AM   #8
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I forgot that this site is another candidate for the very tall tower that ShOP is designing downtown. If ShOP builds to 1,000 feet, maybe 22 Thames will match so that it's not outdone by this and by 11 Park Place.
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Old July 23rd, 2013, 01:41 AM   #9
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Let's hope so, Downtown needs more supertalls to keep up with Midtown and the Hudson Yards.
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Old July 23rd, 2013, 02:15 AM   #10
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Quote:
Originally Posted by RobertWalpole View Post
I forgot that this site is another candidate for the very tall tower that ShOP is designing downtown. If ShOP builds to 1,000 feet, maybe 22 Thames will match so that it's not outdone by this and by 11 Park Place.
As per today's Crains NY article posted above, this property will be developed by the Fisher Brothers and the Witkoff Group. I believe that this is the same team for 22 Thames!

P.S.: Here's another article from the 22nd of July, 2013 edition of the Observer:

http://commercialobserver.com/2013/0...r-223-million/
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Last edited by RobertWalpole; July 23rd, 2013 at 02:22 AM.
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Old July 23rd, 2013, 09:04 AM   #11
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Good to know they are not tearing down brownstones this time.
The crap they made to that pretty neo-romanesque building near Trinity Church is enough to stay 10 years without any demolition.
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Old July 23rd, 2013, 10:27 PM   #12
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Quote:
Originally Posted by Archaean View Post
Article specifically said 370k sq ft.
I know, but I'd like to know whether that is just the developer's choice, or whether he isn't allow to build something with more square feet?
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Old July 23rd, 2013, 10:58 PM   #13
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101 Murray street seems to have a decent sized footprint. Maybe the developer will build the condo tower narrower so they can have the space to build a public plaza to capitalize for additional floor area bonus if they want to maximize height.

The developer did say they plan to sell the condo units at a premium so what better way to do that than to go taller that would give the residents amazing views of the WTC, Hudson River and Uptown.

Also I wonder, with the new bill recently past that would allow Hudson River Park to sell air rights to nearby property owners would benefit 101 Murray? Because this is in close proximity that could benefit to purchase more air rights from the park.

Last edited by Vertical_Gotham; July 24th, 2013 at 12:09 AM.
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Old July 24th, 2013, 02:26 PM   #14
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Quote:
Originally Posted by RobertWalpole View Post
I forgot that this site is another candidate for the very tall tower that ShOP is designing downtown. If ShOP builds to 1,000 feet, maybe 22 Thames will match so that it's not outdone by this and by 11 Park Place.
What's going on at 11 Park Place? I only know of 30 Park Place, Silverstein's future 900 footer...
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Old July 24th, 2013, 02:33 PM   #15
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I meant 30 Park Place.
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Old July 24th, 2013, 06:40 PM   #16
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Another article:

C&W Reps St. John’s University in Sale of 101 Murray St in Lower Manhattan
http://www.cpexecutive.com/regions/n...wer-manhattan/

Quote:
The partnership plans a mixed-use residential building ranging from 310,028 to 373,336 square feet in the highly sought-after Tribeca neighborhood.
Quote:
The site provides a 31,028 square-foot footprint that will allow for maximum design flexibilities. There is no height restriction, allowing the developer to maximize ceiling heights and enhance the views from the residences. The partnership said it would demolish the current building and construct a mixed-use building with residential and commercial spaces. Design plans have not been announced.
Quote:
“We believe 101 Murray will be another highly sought-after destination,” he said in the partnership release.
Quote:
“We are in a market where high-class, scalable development sites are extremely rare, and in a neighborhood, Tribeca, that is not only the most desirable from a residential point-of-view, but where land parcels for new construction are almost non-existent,” she told CPE. “At the same time, we are witnessing unprecedented demand for residential space citywide, particularly for luxury residences that offer modern amenities and finishes, a market that is underserved.”
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Old July 24th, 2013, 06:55 PM   #17
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This tower will be a giant vacuum cleaner designed to suck in all those annual bonuses at Goldman Sachs!
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Old February 20th, 2014, 05:06 PM   #18
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101 Murray street Revealed
http://newyorkyimby.com/2014/02/reve...-street.html/0

Quote:
The planned residential re-development of 101 Murray Street has been revealed, and the design is a decided departure from typical new construction in Manhattan; soaring 860 feet, the tower’s architect is Coop Himmelb(l)au, and — per Crain’s — a partnership between the Witkoffs, Fisher Brothers, and Howard Lorber will be developing the site.

101 Murray Street will be the fourth Downtown residential tower set to rise over 800 feet, joining the ranks of 30 Park Place, 56 Leonard, and 22 Thames Street, which Fisher Brothers is also developing.
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Old February 20th, 2014, 05:40 PM   #19
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Yess! New York is truly lacking in glass cylinders! Noo wait.. What the hell is on top of this building.. Jabbas party barge?
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Old February 20th, 2014, 05:44 PM   #20
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Yess! New York is truly lacking in glass cylinders! Noo wait.. What the hell is on top of this building.. Jabbas party barge?

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