daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > Highrises > Proposed Highrises



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old November 5th, 2015, 08:15 PM   #1
Chris08876
Organischer Chemiker!
 
Chris08876's Avatar
 
Join Date: Oct 2015
Location: Somerset County, NJ :: NYC :: Miami
Posts: 386
Likes (Received): 1020

NEW YORK | 615 10th Avenue | Pro

Xinyuan to make Manhattan debut with Hell’s Kitchen condo project



Site:



Quote:
Xinyuan Real Estate is in contract to buy a Hell’s Kitchen development site for nearly $60 million, with the Chinese firm planning its first Manhattan condominium project, according to sources familiar with the transaction.

The site, located at 615 10th Avenue, is home to a Hess Express gas station. Also known as 501-505 West 44th Street, the site offers more than 100,000 buildable square feet.

Beijing-based Xinyuan, a publicly-traded development firm which operates in the U.S. through its subsidiary XIN Development, is close to signing a hard contract for the lot, according to deal insiders. Following the success of its 216-unit Williamsburg condo project known as the Oosten, the firm had been scouting for a new site.

Ohio-based gasoline chain Speedway LLC, a subsidiary of Marathon Petroleum Corporation, has owned the site for little more than a year, having paid $31.3 million to the Hess Corporation in September 2014. The deal was part of Speedway’s purchase of Hess’ 1,300 gas and convenience stores in the U.S.

Representatives for Xinyuan declined to comment.

The site is just a block away from the Gotham Organization’s 1,238-unit rental complex Gotham West, which opened in 2013. The average price for condos in Hell’s Kitchen is $1,573 per square foot, according to Miller Samuel data.

John Liang, Xinyuan Real Estate’s managing director of U.S. operations, told TRD in August that “in New York, it’s more and more challenging to buy land and it’s getting more expensive.”

“It’s a very fast-paced acquisition environment,” Liang continued. “Our project pipeline keeps changing. You spend two months negotiating on a deal. You spend a lot of money hiring lawyers to draft out the contract and before you sign the contract, someone could come in and snatch your deal, which happened to us a few times.”

Xinyuan invested $270 million in the Oosten project, which is slated for completion by mid-2016. A penthouse is under contract there for a Williamsburg record of $6.5 million.
=====================
http://therealdeal.com/blog/2015/11/....2zmvIDz9.dpuf
Chris08876 no está en línea   Reply With Quote

Sponsored Links
Old November 5th, 2015, 09:39 PM   #2
Skylimitone
Tectonic
 
Skylimitone's Avatar
 
Join Date: Mar 2007
Posts: 957
Likes (Received): 3324

Was in the area Friday and wondered how long that gas station would last. Insane.
Skylimitone no está en línea   Reply With Quote
Old November 6th, 2015, 12:03 AM   #3
tim1807
faster than buildings
 
tim1807's Avatar
 
Join Date: May 2011
Location: Den Helder
Posts: 10,325
Likes (Received): 5334

It's not a small plot, but not big either. I guess they might fill it up to the sidewalk.
I wonder what they have in mind for the design, but everything around here is brick.
tim1807 no está en línea   Reply With Quote
Old November 6th, 2015, 01:08 AM   #4
Fabio1976
Registered User
 
Join Date: Nov 2007
Posts: 674
Likes (Received): 165

Finally skyscrapers also in this zone of Manhattan !!!
Fabio1976 no está en línea   Reply With Quote
Old November 6th, 2015, 07:29 PM   #5
Torch
Registered User
 
Torch's Avatar
 
Join Date: Mar 2005
Posts: 485
Likes (Received): 1014

Ok it's more or less on the edge of lowrise Hell's Kitchen and there is already a highrise on it's block, but there is a sense that skyscrapers slowly sneaking in to this area. Not sure what to think of it, cause I kinda like this skyscraper free island. But I will wait for the renderings before I judge.
Torch no está en línea   Reply With Quote
Old November 7th, 2015, 02:14 AM   #6
Fabio1976
Registered User
 
Join Date: Nov 2007
Posts: 674
Likes (Received): 165

What will be the height and the number of floors ?
Fabio1976 no está en línea   Reply With Quote
Old November 8th, 2015, 12:44 AM   #7
Chris08876
Organischer Chemiker!
 
Chris08876's Avatar
 
Join Date: Oct 2015
Location: Somerset County, NJ :: NYC :: Miami
Posts: 386
Likes (Received): 1020

Quote:
Originally Posted by Fabio1976 View Post
What will be the height and the number of floors ?
For now its unknown as the developer is stating the long term goals. Keyword is 100,000 + sq ft of rights. Given other Chinese developers that in the past 2 years debuted into the real estate scene here, they will take advantage of the market, and make a tower that can attract most likely Asian buyers. This tends to be the trend among Chinese developers. Even in the gold coast, nj, mid rises that are funded through far east capital are targeted towards that demographic.

I'm hoping for something in the 450-500 foot range.
Chris08876 no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 03:51 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu