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Old June 24th, 2014, 06:49 PM   #1
Vertical_Gotham
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NEW YORK | 540 West 38th Street | +200m | +656ft | 50 fl | Pro

It looks like Chetrit Group has decided to put this site in the market to cash in with increased land values & has retained the power house brokerage firm, Massey Knakal to market it. This site is a through block site sitting between what will be the Hudson Boulevard and 11th Ave between West 37th and 38th Street.

It had been reported that Chetrit was aiming to buy air rights to increase development sq footage to 573,000 sf from 373,000 sf and that option should remain for new buyer. Chetrit’s plan was to build a Hotel/Residential.

Nonetheless, the trend for secondary HY proposals seems to be ~ 700ft range like its 720 ft adjacent neighbor located at 470 11th Avenue by Black House Development and a 700 ft proposal nearby at 451 10th Avenue by Maddd Equities. This is expected to be taller.

Recently, there had been a lobbying effort to oust a couple of the Horse Carriage stables out of the area which one would sit between 540 West 38th and the future Hudson Boulevard. Imo, not a big deal but aesthetically on the 38th street side, it would have been more beneficial for this development if the carriage house were evicted to allow complete unimpeded frontage of the future Hudson Boulevard.

Note:
Permits are in place for Demolition as per Bloomberg Article dated Feb 27, 2014:
http://www.bloomberg.com/news/2014-0...son-yards.html

Site Description:
541-545 West 37thStreet & 540-548 West 38thStreet
http://www.masseyknakal.com/listingi...et_-_Setup.pdf



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Old June 24th, 2014, 10:27 PM   #2
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This could easily be a supertall with the current trends then!

Is this on the same 'block' where that other building has been proposed where it backs straight up on a few other yet to be revealed proposals?
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Old June 25th, 2014, 12:20 AM   #3
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Another 700ft addition to the Hudson Yards.
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Old June 25th, 2014, 12:46 AM   #4
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That plot looks super tiny. I don't think it will be a supertall. It will probably be 200-225m. The shape of the lot is also a bit funky so I'm not expecting anything super tall.
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Old June 25th, 2014, 10:49 PM   #5
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I'd like to see a slender but tall tower slanting towards the park. But hey, anything is better than the current junk.
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Old June 28th, 2014, 11:50 PM   #6
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I guess pretty much all of that junk will be gone in 20 years.
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Old June 29th, 2014, 04:29 AM   #7
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Quote:
Originally Posted by iamtheSTIG View Post
This could easily be a supertall with the current trends then!

Is this on the same 'block' where that other building has been proposed where it backs straight up on a few other yet to be revealed proposals?
I think it has the possibility of exceeding 800ft, but I doubt that it will be a supertall.
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Old June 30th, 2014, 09:39 AM   #8
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Quote:
Originally Posted by tim1807 View Post
I'd like to see a slender but tall tower slanting towards the park. But hey, anything is better than the current junk.
THere is so much junk in the area. It's going to be one of the biggest transforations outside of China. It's like a rags to riches story, mindboggling.
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Old September 17th, 2014, 07:35 PM   #9
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First Look: 540 West 38th Street
http://newyorkyimby.com/2014/09/firs...th-street.html

Quote:
major site in the Hudson Yards, spanning from 541-545 West 37th Street to 540-544 West 38th Street, has been put back on the market, per a fresh PDF by Massey Knakal. But before developer Joseph Chetrit re-listed the property, he hired Oppenheim Architecture + Design to create a plan for the lot, which is located in the Hudson Yards redevelopment area.
Quote:
Thanks to a tipster, YIMBY has the reveal for what could have been, which is quite impressive; the site’s air rights total just under 400,000 square feet, allowing for something of significance. In this case, a 50-story mixed-use program was planned, splitting the available FAR rights between 100 residences, 350 hotel rooms, as well as ample amenity space.
Quote:
While the configuration of Chetrit’s assemblage is somewhat oddly shaped, this presents an opportunity for innovation and creativity. If the current neighborhood trend towards consolidation continues, it would not be surprising to see Related or another major company acquire and integrate the parcels into an even larger assemblage.

For now, plans are pending resale. (Read more in link)


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Old September 17th, 2014, 07:47 PM   #10
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Some boxes with some interesting lighting. 7/10.
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Old September 17th, 2014, 08:00 PM   #11
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Very interesting potential but you get the increase in air rights and you can probably get it up to somewhere in the 800-900 Ft. area. I don't see why every development outside the Hudson Yards has to defer to roughly 700 ft... Silverman's will be at least 1,100 ft and that will be near the tunnel. I don't see the 700 ft range as gospel then though I do think these particular designs need a less boxy tweak. I certainly don't think what is put here now is necessarily meant to signify anything near the finished product, especially if the new owners can add air rights.
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Old September 17th, 2014, 08:01 PM   #12
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I'm glad this design won't get built. It's kinda cool in a way but there's much better out there...
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Old September 17th, 2014, 08:03 PM   #13
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If that taller building in black is estimated to be ~600 ft tall, then it would have been completely blocked by Black House's 470 11th Avenue project set to rise at 720 feet.

A new proposal imo, will need to be way taller than 470 11th, to offer some good views of the Hudson River.

That 470 11th Ave proposal, along with those carriage houses probably made the decision for Chetrit to put it in the market is my guess.
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Old September 17th, 2014, 08:07 PM   #14
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Quote:
Originally Posted by Vertical_Gotham View Post
If that taller building in black is estimated to be ~600 ft tall, then it would have been completely blocked by Black House's 470 11th Avenue project set to rise at 720 feet.

A new proposal imo, will need to be taller than 470 11th, to offer some good views of the Hudson River.
It reminds me of the Richard Meier designs for the Con Ed site. Very 2005.

And naturally, taller is always better!
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Old February 18th, 2015, 05:57 PM   #15
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While this site is being Marketed, Chetrit is looking to double the square footage for development.

Chetrit to pay $29M to double size of Hudson Yards site Developer is looking to sell block-through property
http://therealdeal.com/blog/2015/02/....XmluOElk.dpuf



Quote:
The Chetrit Group is on the prowl for a buyer for its Hudson Yards development site, but in the meantime, the firm is planning on spending $29 million to more than double the buildable square footage the property allows as-of-right.

Joseph and Meyer Chetrit’s development firm is looking to tap into a pair of building bonuses available in the Hudson Yards neighborhood that will add roughly 200,000 buildable square feet to the block-through development site between 37th and 38th Streets east of 11th Avenue, according to an application filed with the Department of City Planning. The site (known as both 541-545 West 37th Street and 540-548 West 38th Street) currently allows for about 173,000 square feet as-of-right.

Quote:
The bonuses come with certain restrictions on how the additional FAR can be distributed, and Chetrit reckons the total 373,068 square feet could be split between two buildings: a 28-story, 131-unit residential building facing 37th Street and a 43-story, 315-key hotel fronting 38th Street.
The Chetrit Group was looking for a buyer for the property when a state appellate court ruled last month against former owner Baruch Singer, who claimed his creditors should have paid more than $2.5 million to acquire the site through foreclosure in 2011.

Neither Chetrit nor Cushman and Wakefield’s Bob Knakal, who has the listing, could be reached for comment.

Chetrit paid $26.5 million in 2012 to buy the site from Baruch’s mortgagor, Fortress Investment Group. While the Cushman listing does not have an asking price, industry experts estimated it could fetch between $75 million and $80 million.

The application pegs the total cost of the building bonuses at $29 million. Roughly 70 percent of the 200,453 square feet will cost Chetrit $125.36 per square foot, a figure tied to the Consumer Price Index.

The approximately 62,000 square feet that remain will cost $188.50 per square foot, a price determined based on an appraisal of the receiving site. That figure compares to roughly $225 per square foot for bonuses that will go to The Moinian Group’s 3 Hudson Boulevard office tower a few blocks south on 34th Street.

Chetrit is also converting the Sony Building at 550 Madison Avenue into luxury condominiums, and as TRD reported yesterday, is looking to score a record $150 million for the project’s triplex penthouse.
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Old February 19th, 2015, 02:10 AM   #16
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I hope that this is combined with the site adjacent to 11th.
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Old August 5th, 2015, 10:11 PM   #17
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seems this is going ahead:

Chetrit Group to Develop 540 West 38th Street After Receiving Acquisition Load, Midtown West



Quote:

Ultimate plans could evolve pending the next owner’s additional acquisitions, as the site is located adjacent to the future Hudson Park & Boulevard, in an area where properties are quickly trading hands. Frontage on the future mid-block park will guarantee 540 West 38th Street some prominence, even though the towers to the south will be far larger, with many standing over 1,000 feet tall.

Oppenheim’s concept for the site is nevertheless exciting, presenting the potential for significant improvements compared to the lot’s current occupants, or lack thereof. The massing for the hotel and residential components would split apart as the building rises, ending in two separate parapets, the taller of which would stand 600 feet above the sidewalks below.

While the configuration of Chetrit’s assemblage is somewhat oddly shaped, this presents an opportunity for innovation and creativity. If the current neighborhood trend towards consolidation continues, it would not be surprising to see Related or another major company acquire and integrate the parcels into an even larger assemblage.

For now, plans are pending resale.
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Old October 1st, 2016, 06:00 AM   #18
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maybe this will reach our skyscraper height standard. The highest occupied space is at 622'.

TRD: Chetrit Group files plans for 46-story apartment-hotel project in Hudson Yards

Quote:
[...]
The Chetrit Group filed plans Friday to build a 622-foot-tall, 373,275 square-foot tower at 545 West 37th Street, just east of 11th Avenue, according to permits filed with the city’s Department of Buildings.

Floors nine through 27 will contain a hotel with 358 rooms, a business lounge and a premium lounge for guests, permits show. Above, floors 32 through 46 will boast 131 residential units spanning 269,688 square feet.

The first floor will hold the lobby, an event space and restaurant, with another eating and drinking establishment ton the second floor. Floors three through five will have event and pre-function areas.
[...]
Cetra Rudy is the architect of record.
[...]
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Old October 4th, 2016, 04:13 AM   #19
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I really hope they keep this design.

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Originally Posted by Vertical_Gotham View Post

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Old October 4th, 2016, 04:44 AM   #20
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that was a placeholder. What will rise here will be taller. I expect a new design.
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