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Old February 2nd, 2016, 09:50 PM   #1
desertpunk
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NEW YORK | 106 W. 56th St. | ~100m+ | 300ft+ | ? fl | Demo

A valuable Billionaire's Row site is to be cleared for a new tower. if enough air rights can be amassed, it could go quite high.

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Savanna Fund Files Permits to Demolish Billionaires’ Row Building



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New York City-based real estate private equity firm Savanna Fund has filed permits with the Department of Buildings to demolish a 12-story, 36,000-square-foot office building at 106 West 56th Street. No plans for the 5,000-square-foot lot have been announced, but its location along Billionaires’ Row and three blocks south of Central Park makes it well suited for another slender residential or hotel tower. The 50-foot by 100-foot lot is zoned at one of the city’s highest as-of-right densities and could therefore yield a building of roughly 80,000 square feet of zoning area without any development rights transfers. Above 350 feet in height, north facing spaces would have partial views of Central Park.


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The nine-story, red-brick building was built in 1927 for the fraternity Phi Gamma Delta Club. A limestone carving of their coat of arms still hangs above the center, second-story window. According to the club’s website, the building originally held 106 hotel rooms, a dining room, two lounges, a men’s bar, exercise facilities, and a library. It was sold in 1962 and has since served as the offices of America Magazine, a weekly Jesuit publication. The building sits across from the Le Parker Meridien Hotel and West 57th Street by Hilton Club.
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Old February 3rd, 2016, 07:02 PM   #2
bodegavendetta
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But it's 56th street. And the market is softening. Skeptical of this.
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Old February 18th, 2016, 07:46 PM   #3
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It's gonna be an office building no worries there.

Savanna unveils 106 West 56th Street high-rise office plan
http://rew-online.com/2016/02/17/sav...e-office-plan/



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Savanna, the New York-based real estate private equity and asset management firm, has closed on the acquisition of 106 West 56th Street in a joint venture with Atom Assets, a Hong Kong-based real estate investment platform.

106 West 56th Street is located just off of Sixth Avenue on West 56th Street in the heart of Manhattan’s Plaza District, three blocks south of Central Park. The seller will remain in the existing building for up to 12 months.

Savanna will develop a trophy quality, approximately 90,000 s/f 26-story, Class A boutique office building, catering to high net worth individuals, family offices, small financial services companies and private equity firms seeking a high-end, full floor Midtown location.

Designed by Perkins Eastman, the property will feature boutique floor plates ranging from 2,000-5,000 square feet and superior amenities including terrace setbacks, views of Central Park and a state-of-the-art conference center.

Savanna is working with the leasing team of Peter Turchin, Christie Harle, Caroline Merck and Brad Auerbach at CBRE.

“106 West 56th Street is going to be one of its kind as it will offer an opportunity for a full floor presence to boutique, high-end tenants right in the heart of the Plaza District,” said Andrew Kurd, Vice President at Savanna.

“The building’s small floor plates and attractive amenities will make it a standout property in Midtown, where this type of Class A trophy quality boutique office space is in high demand with very little supply.”

“We are excited to be partnering with Savanna on this fantastic project. New York continues to represent an attractive market for real estate investors from Asia. 106 W 56th meets all of our investment criteria: partner, location and strategy,” said Allen Lin, Managing Director at Atom Assets.

The west fifties neighborhood of Manhattan is a highly trafficked area that is home to numerous well-known companies, hotels, performing art centers, and museums.

In addition, the neighborhood has seen an influx of residential development, particularly on 57th Street, which has been dubbed “billionaire’s row” as luxury residential buildings such as One57 and the Nordstrom Tower have transformed the area landscape.

United Overseas Bank, Ltd, a Singapore-based bank, provided financing for the acquisition. Kellogg Gaines and Aaron Niedermayer of JLL represented Savanna in securing the financing.

Leo Leyva, Chris Caslin, Alan Rubin and Elizabeth Navatto of Cole Schotz P.C. served as legal counsel for Savanna in the transaction. Tim Sheehan, Dan Kaplan, Ned Midgley and Stuart Eisenkraft of CBRE represented the seller, America Press, Inc. in the sale.

Savanna’s development of 106 West 56th Street is slated to be complete in 2019.
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