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Old February 11th, 2015, 09:54 PM   #1
LondoniumLex
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NEW YORK | 1656 Broadway | ~200m | 650ft | Pro

Great news!

From TheRealDeal:

Qatari group closes on $535M Times Square hotel buy With city approval, site could accommodate a 900,000-square-foot tower
February 11, 2015 02:47PM
By Adam Pincus



Qatari investment firm Al Rayyan Tourism and Investment is closing in the next few days on the acquisition of the 689-room Manhattan at Times Square Hotel for $535 million, industry sources said. The buyer, known as ARTIC, is a subsidiary of Al Faisal Holdings, which is controlled by Qatar’s ruling Al Thani family. ARTIC is buying a 97 percent stake in the building, owned by Rockpoint Group, Highgate Hotels and a Goldman Sachs fund. The 22-story, 500,000-square-foot tower, which has an address of 790 Seventh Avenue or 1656 Broadway, covers a full city block bounded by Seventh Avenue, Broadway, and 51st and 52nd streets. Rockpoint, Highgate and Goldman Sachs purchased the building from Starwood Hotels & Resorts in 2012 for $275 million. Insiders said the new owners are eyeing options including constructing a new building on a portion of the parcel where there is now a swimming pool, or demolishing the entire structure and erecting a 900,000-square-foot tower. The buyers inked the contract last year to purchase the hotel. The new owner could develop about 600,000 square feet as-of-right, but if the site were put through the city’s uniform land use review process, known as ULURP, the building could grow to as much as 900,000 square feet, a person familiar with the site said. The retail could be renovated, in an area where rents are about $500 to $600 per square foot on the ground floor facing Broadway. The building traded at a capitalization rate of between 3 percent and 4 percent, the source said. Eastdil Secured’s Doug Harmon, Adam Spies and Mark Schoenholtz brokered the deal, which is the third large Manhattan hotel transaction brokered by Eastdil over the past few months that involved foreign buyers. Hilton Worldwide Holdings announced today that it closed on the $1.95 billion sale of the Waldorf Astoria hotel at 301 Park Avenue to the Chinese insurance firm, Anbang Insurance Group. And earlier this month, another Chinese insurance firm, Sunshine Insurance Group, inked a deal to purchase the Baccarat Hotel from Barry Sternlicht’s Starwood Hotels & Resorts Worldwide for upwards of $230 million, or a record $2 million per room. - See more at: http://therealdeal.com/blog/2015/02/....wUP5x3KL.dpuf
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Old February 11th, 2015, 09:59 PM   #2
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Wow! That is great news!
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Old February 11th, 2015, 10:01 PM   #3
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I agree, VG. At either 600k or 900k sf, this will be very tall!

I've been waiting a long time for this PoS to come down!

This would also be a great place for an Al-Jazeera broadcast center.
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Old February 11th, 2015, 10:03 PM   #4
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would the building be taller if they went with the 600,000 sqft option as opposed to the more massive 900,000 sqft ULURP option?
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Old February 11th, 2015, 10:18 PM   #5
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It's hard to say. This site has a decent sized foot print. It's a block long between 51st & 53rd and I believe the site is also a block long between 7th Ave & Broadway. (It's a short ave block tho)

I would prefer 900k SF for this sucker to be taller imo.
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Old February 11th, 2015, 11:16 PM   #6
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Great news! Any chance this could become a supertall ?
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Old February 11th, 2015, 11:31 PM   #7
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It easily could!
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Old February 11th, 2015, 11:52 PM   #8
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New York, New York!

The crown jewel of the world!
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Old February 11th, 2015, 11:52 PM   #9
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Hi, Lion.

Where have you been?
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Old February 11th, 2015, 11:59 PM   #10
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Quote:
Originally Posted by LondoniumLex View Post
Hi, Lion.

Where have you been?
I have been very busy with school, my man. How are you doing, good sir?
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Old February 12th, 2015, 06:16 AM   #11
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Good to see you back, Lion.

I am glad to see this PoS go!

http://www.realestatesalesnyc.com/wp...nth-Ave-NY.jpg
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Old February 12th, 2015, 09:54 PM   #12
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Oh good lord Robert, I appreciate your contribution to this board but really?


Anyway, great news great location
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Old February 12th, 2015, 09:58 PM   #13
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You know the market is hot when they're tearing down buildings this size for new ones.
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Old February 12th, 2015, 10:18 PM   #14
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Especially considering that this junky building on that small plot of land cost $535m!

Expect some amazing signs here too!!

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Old February 13th, 2015, 07:14 PM   #15
LondoniumLex
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GooglescreenshotbyNYGuy


Id.

Last edited by LondoniumLex; February 14th, 2015 at 06:32 AM.
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Old February 19th, 2015, 04:29 AM   #16
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I will celebrate when this POS comes down!



This POS does not deserve to be across the street from the formidable Axa
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Old February 20th, 2015, 02:28 AM   #17
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AXA should be demolished too. A truly grotesque building. Another supertall there would be nice!
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Old February 20th, 2015, 02:36 AM   #18
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You've got to be kidding!
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Old February 20th, 2015, 04:06 AM   #19
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Quote:
Originally Posted by Manitopiaaa View Post
AXA should be demolished too. A truly grotesque building. Another supertall there would be nice!
oh man i agree,or a re-clad or something,whoever came up with the concept of a paste and brown color for a relatively shaped building needs to be smacked
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Old February 20th, 2015, 04:14 AM   #20
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Have you guys seen this in person? Its facade is granite and limestone.
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