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Old July 17th, 2014, 03:32 AM   #1
Ghostface79
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NEW YORK | 435 West 33rd Street | 200m+ | 656ft+ | Pro

Dermot to put up resi tower on Hudson Yards site
Firm snagged property with $115M bid in Port Authority auction



Quote:
The Dermot Company is planning a high-rise residential tower for the Hudson Yards development site it won in a Port Authority auction announced in February. And the developer, which snagged the site with a bid of $115 million, has chosen the firm that drew up the master plan for the West Side rail yards development to design the building.
Dermot beat out ten other developers who responded to a Request for Proposal issued by the Port Authority for purchase and development of the site. The property is located on 33rd Street between Ninth and Tenth avenues opposite Brookfield’s Manhattan West project.
Late last month the agency’s board authorized the sale at the price of $115.3 million for two lots on the block and more than 90,000 square feet of development rights, bringing the total buildable area north of 540,000 square feet.
Dermot also has the option to purchase an additional 85,225 square feet of air rights within the next two years at a price of approximately $60 million. The deal is expected to close this year.
“With the transformative development of the Hudson Yards area already underway, winning this competitive Port Authority RFP presents a tremendous opportunity for the Dermot Company to expand our New York City portfolio,” Dermot said in an e-mail.
To design the residential tower planned for the site, Dermot has selected FXFOWLE, the architecture firm commissioned by the Hudson Yards Development Corporation and the Metropolitan Transportation Agency to draw up the master plan and development guidelines for the 28-acre Hudson Yards site in 2007.
“Expected to break ground in early 2016, we are designing a beautiful high-rise residential building with FXFOWLE Architects and look forward to working with the community on designing the public space to further enhance this evolving neighborhood,” Dermot said.
As part of the deal, Dermot has agreed to develop and maintain a public space running through the block to 34th Street along Dyer Avenue, the submersed roadway that heads north from 30th Street to the mouth of the Lincoln Tunnel.
The Port Authority acquired the land in 1952 as part of a planned third tube for the Lincoln Tunnel. Proceeds from the sale will be used on infrastructure improvements to the Port Authority Bus Terminal. The agency is considering selling off a number of its properties in the rapidly developing Hudson Yards district.
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Old July 17th, 2014, 03:36 AM   #2
Hudson11
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at north of 500k sqft, a sizable tower could rise here. At least 250m.
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Old July 17th, 2014, 04:27 AM   #3
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This can be a pretty tall residential. With the option to buy the other piece the total development size could be 625,000 sf. Nice to know they already selected the architects in FXFOWLE. I'm thinking 850 ft + here easily.

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Old July 17th, 2014, 04:41 AM   #4
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You guys might be right. This is a fairly small site, and for around 600,000 sf, it could very well end up a supertall considering how easy it is to build them these days.
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Old July 17th, 2014, 11:13 AM   #5
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Yep... for 600,000 sq ft. we may be seeing another supertall rising up in the Hudson Yards/ Manhattan West area! If I'm reading V_G's trusty area map right, there's developmental room for a few more sizable towers bordering that area... yay!!!!!!!!!!!!!!
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Old October 31st, 2014, 10:59 PM   #6
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Dermot drops plans for 500K sf Hudson Yards resi tower
http://therealdeal.com/blog/2014/10/...ds-resi-tower/

Quote:
Dermot’s William Dickey and the development site at 33rd Street and Dyers Avenue on the far West Side

The Dermot Company scrapped plans to construct a 500,000-square-foot residential tower at Hudson Yards after signing a contract in June to pay up to $175 million for the site.

The Port Authority of New York & New Jersey selected Dermot to develop the 25,000-square-foot site at West 33rd Street and Dyer Avenue in a February auction. Dermot bid $115 million at the time, as The Real Deal reported. Extra development rights cost about $60 million.

The tower would have had to cantilever over part of Dyer Avenue, making the project even more costly than expected, sources told Crain’s. Dermot was among 11 developers to respond to a Request for Proposal issued by the Port Authority for purchase and development, but it is unknown if the agency will move forward with another one. The Port Authority has owned the land since 1952. [Crain's] — Mark Maurer
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Old October 31st, 2014, 11:56 PM   #7
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Ah well, with all the hot news about that area in terms of building potential, it's a setback but someone is going to pony up to build something big there. I wonder with the cantilevering required, would they have to go higher end luxury though to justify the investment?
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Old October 31st, 2014, 11:57 PM   #8
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Well that blew up quickly. PANYNJ still needs all the money they can get so I expect a new deal to come shortly.
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Old November 1st, 2014, 04:54 AM   #9
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This area is a dump. It will be a few years before there's demand for an expensive tower here.
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Old November 1st, 2014, 05:25 PM   #10
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Dermot backed out

Quote:
The Dermot Co. has decided to drop its plans to build a soaring residential tower at Hudson Yards in a deal that was supposed to net the Port Authority of New York & New Jersey as much as $175 million.
Dermot, a large development firm that has completed several high-rise residential projects in the city, had been selected by the Port Authority during the summer to develop the site, a 25,000-square-foot parcel on West 33rd Street next to Dyer Avenue. The company agreed to pay about $115 million for the right to build a 500,000-square-foot-plus residential tower and potentially $60 million more for additional development rights.
http://www.crainsnewyork.com/article...rds-tower-deal
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Old November 2nd, 2014, 04:24 AM   #11
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This is the future of NYC, any firm would be idiotic for missing an opportunity to invest in this area. long term this place could be extremely desirable with all the stuff going on around.
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Old December 2nd, 2014, 11:50 PM   #12
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Port Authority seeks new developer for Hudson Yard parcels Dermot Company scrapped plans for tower amid concerns about costs
http://therealdeal.com/blog/2014/12/....cI7zmXyE.dpuf



Quote:
The Port Authority of New York & New Jersey is on the lookout for a new developer for two Hudson Yards parcels — about a month after the Dermot Company backed out.

The properties at 431 West 33d Street and 448 West 34th Street collectively offer 490,037 buildable square feet. The bus parking lot and vacant land on the sites currently span 37,695 square feet.

The agency released a request for proposals last month with a deadline of Dec. 16.

In late October, the Dermot Company scrapped plans to construct a 500,000-square-foot residential tower at Hudson Yards. The move came after Dermot signed a contract in June to pay up to $175 million for the site, as reported. Dermot’s building would have to cantilever over part of Dyer Avenue, however, making the project more costly than expected.

The Port Authority had picked Dermot to develop the parcels in an auction held in February
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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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