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 > City/Metro Compilations

City/Metro Compilations Help report active highrise/urban developments occurring in your city to the global SSC community.



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 September 1st, 2006, 07:04 PM   #421
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

Coney Island: Revival For the ‘People’s Playground’
Historian Michael Immerso Calls Redevelopment ‘Long Overdue’



by Brooklyn Eagle
published online 09-01-2006

CONEY ISLAND — America’s most famous seaside amusement resort is preparing for a billion-dollar makeover.

“A century ago Coney Island was the epicenter of America’s mass amusement industry,” according to Michael Immerso, author of Coney Island, The People’s Playground. “It was the home of Luna Park, Dreamland, and Steeplechase Park, the birthplace of the hot dog and the roller coaster. But it long ago fell into decline. After decades of neglect New York has at long last committed itself to Coney’s revival.” This past year, the City of New York unveiled plans for a billion-dollar revitalization of Coney Island’s amusement district and surrounding neighborhoods. The city wants to transform Coney Island into a “year-round visitor destination.”

The plan outlined by the Coney Island Development Corporation (CIDC) anticipates a billion dollars in private investment over the next ten years that is expected to generate 2,000 permanent jobs and 10,000 construction jobs over the next 20 years. The redevelopment envisions new amusement and entertainment venues along Surf Avenue, an amusement park midway on Stillwell Avenue, and an expansion of the New York Aquarium.

The focal point of the redevelopment is Coney Island’s historic amusement district. As the Eagle has mentioned in the past, Thor Equities has acquired $100 million in property in the heart of the amusement zone. Its chairman, Brooklyn native Joe Sitt, wants to build a year-round resort and amusement complex with a luxury hotel, a water park and other rides and attractions. Sitt envisions a 100-foot-tall waterslide, a giant carousel, amusement arcades and a landing pad for blimps atop the complex. Another developer, Taconic Investment Partners, has acquired property along Surf Avenue and hopes to spearhead redevelopment beyond the amusement district. Both developers must conform to the city’s redevelopment master plan.


Ferry Service a Possibility


One of many ambitious ideas under consideration is a proposal advanced by the New York Aquarium to rebuild the historic Iron Pier and initiate ferry service to Coney Island. At one time Coney Island had two piers extending 1,200 feet out into the ocean where steamboats docked bringing tourists to the beach.

“Coney’s piers were engineering marvels and were attractions in their own right,” according to Immerso. “The new Coney Island will require additional means of transportation for the many new visitors the city hopes to lure. A state-of-the-art amusement pier at Coney makes perfect sense.” The CIDC is presently conducting a feasibility study to determine whether ferry service to the resort is viable from an engineering and marketing standpoint.

The city’s redevelopment plan marks the third time Coney Island has undergone a nearly complete makeover. Coney Island was first transformed in 1875 and in the years immediately thereafter when Manhattan Beach and Brighton Beach opened, and the Iron Piers, Ocean Parkway and Coney Island Concourse were built.

Two decades later (1903-1904), it underwent another transformation when Luna Park and Dreamland opened, prompting many to dub it the New Coney.

“The Coney Island landmarks most of us are familiar with — the Boardwalk, the Cyclone roller coaster, the Wonder Wheel and Parachute Jump — are in fact vestiges of the Coney Island that existed between the two World Wars when the resort had already begun to fall upon hard times,” Immerso explains.

Despite years of decline, Coney Island continues to attract large crowds that come to walk its beach, ride the historic Cyclone roller coaster, and dine on a hot dog at Nathan’s. As many as ten million people visit each year, and the city hopes that the redevelopment will greatly increase that number.

Others worry that redevelopment threatens to trade away the honky-tonk that has long defined Coney Island for a flashy new resort.

“Redevelopment is long overdue,” according to Immerso, “but it must respect Coney Island’s legacy as the people’s resort and preserve some of the features that made it so unique.”


© Brooklyn Daily Eagle 2006
krull no está en línea   Reply With Quote

Sponsored Links
Old September 2nd, 2006, 06:43 PM   #422
Travis007
Registered User
 
Travis007's Avatar
 
Join Date: Jul 2004
Location: Toronto
Posts: 4,064
Likes (Received): 63

Quote:
Originally Posted by Spooky873
(emporis) buildings proposed/approved over 500ft:

NYC - 23
Chicago - 23
Shanghai - 13
Dubai - 12
Hong Kong - 5
Emporis' numbers are always misleading and most of the time not as up to date as they usually claim. Outside of North American cities, the editors do not keep that good of a track record of all buildings in the city, thus accounting for such unexact numbers. Especially for Asian cities such as Shanghai which they say has only about 800 buildings but they also claim that "At the end of 2004, Shanghai had 6,704 buildings of 11 or more stories which were completed since 1990, according to reports by the city of Shanghai."

Dubai is another city that is also going through a huge construction boom but the editors at Emporis are not keeping up to date with every exact project available because there is simply too much going on and not every project has the height number available.

A reason for the "low" number for Hong Kong is that most residential projects go through the process of Propposed>Approved to Construction pretty fast due to the market demand of housing. THus explaining the high number of constructions but the uneven number of Approved/Proposed buildings.
Travis007 no está en línea   Reply With Quote
Old September 2nd, 2006, 09:57 PM   #423
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,509
Likes (Received): 6533

some infos about the "80 South Street" Tower? Construction Start or other details??

http://www.emporis.com/ge/il/im/?id=338838
ZZ-II no está en línea   Reply With Quote
Old September 3rd, 2006, 09:24 PM   #424
Spooky873
BANNED
 
Join Date: Mar 2005
Posts: 1,385
Likes (Received): 64



I figured I make a diagram so its easier for ppl to understand. It shows the locations and details of certain development areas.

The Zebra type building (Verizon) to the south of the BoA is being reclad, and is in progress I believe:



West Side Expansion is a hot real estate market. There are tons of new condos and residentials going up pushing to the Hudson.

The Con Edison Redevelopment site is currently ongoing, with plans of 6 mix used towers all ranging 500 to 800 feet in height. Its being delayed over NIMBY bullshit.

Last edited by Spooky873; September 3rd, 2006 at 09:34 PM.
Spooky873 no está en línea   Reply With Quote
Old September 3rd, 2006, 09:36 PM   #425
Spooky873
BANNED
 
Join Date: Mar 2005
Posts: 1,385
Likes (Received): 64

theres a bunch of new towers that are proposed like 610 Lexington, which is around 700ft. I believe but im just too lazy to include them.
Spooky873 no está en línea   Reply With Quote
Old September 4th, 2006, 04:00 AM   #426
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

- edit
krull no está en línea   Reply With Quote
Old September 4th, 2006, 04:08 AM   #427
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

- edit
krull no está en línea   Reply With Quote
Old September 4th, 2006, 04:17 AM   #428
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

- edit
krull no está en línea   Reply With Quote
Old September 4th, 2006, 04:23 AM   #429
SaRaJeVo-City
BANNED
 
Join Date: Dec 2004
Location: Saraybosna, BH
Posts: 3,731
Likes (Received): 17

I love the west side expansion will improve the look of the area, since now it isnt that great.
SaRaJeVo-City no está en línea   Reply With Quote
Old September 5th, 2006, 02:51 AM   #430
TalB
Refugee
 
TalB's Avatar
 
Join Date: Jun 2005
Location: Pleasantville, NY
Posts: 7,537
Likes (Received): 78

Just like how I was against the recladding of 2 Columbus Circle, I also feel that midtown Switching Ctr shouldn't be recladded either.

__________________
I respected your views, so I expect you do to the same.
TalB no está en línea   Reply With Quote
Old September 5th, 2006, 03:39 AM   #431
Spooky873
BANNED
 
Join Date: Mar 2005
Posts: 1,385
Likes (Received): 64

idk, i think its better than the current zebra look.
Spooky873 no está en línea   Reply With Quote
Old September 5th, 2006, 04:37 AM   #432
ggmm
Registered User
 
Join Date: Jan 2006
Location: Guadalajara
Posts: 251
Likes (Received): 2

That's way much better than the current one..
__________________
QUE NUNCA LLEGUE EL RUMOR DE LA DISCORDIA
ggmm no está en línea   Reply With Quote
Old September 5th, 2006, 06:42 AM   #433
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

Developer Is Expected to Snip Away at High-Rise Project in Brooklyn


By CHARLES V. BAGLI and DIANE CARDWELL
September 5, 2006

Facing mounting criticism of its $4.2 billion Atlantic Yards project, the developer Forest City Ratner plans to reduce the size of the complex by 6 to 8 percent, eliminating hundreds of apartments from the largest development proposal in the city, according to government officials and executives working with the developer.

Forest City is also considering reducing the height of the project’s tallest tower, which is known as Miss Brooklyn, to get it under the height of the borough’s tallest building, the nearby Williamsburgh Savings Bank, according to real estate executives.

The Atlantic Yards project, which includes a Frank Gehry-designed arena for the New Jersey Nets basketball team, more than 6,000 apartments, high-rise towers and a hotel on 22 acres near Downtown Brooklyn, has drawn a torrent of criticism as it nears the end of its public approval process. Critics fear that it would overwhelm the nearby brownstone neighborhoods and clog an already congested area with traffic.

The development, anchored at Atlantic and Flatbush Avenues, has a number of powerful supporters, including Gov. George E. Pataki, Mayor Michael R. Bloomberg, some local politicians and advocates for subsidized housing. And a recent Crain’s New York Business poll shows that most New Yorkers approve of the project, although opposition is strongest in Brooklyn.

But both supporters and critics have expected Forest City to reduce the size and density of Atlantic Yards, which has been the focus of a series of raucous, standing-room-only public hearings, most recently on Aug. 24. The stage appeared to be set when the Brooklyn borough president, Marty Markowitz, the project’s chief cheerleader, proclaimed at that hearing that no tower at Atlantic Yards should be taller than the 512-foot Williamsburgh Savings Bank building.

Forest City has been working with city officials on a revised plan after some officials raised questions about the project’s overall density and the design of Miss Brooklyn, which was supposed to rise 620 feet. Officials say the developer will announce the reduction later this month.

“I’ve been told they will modify the project in order to address some of the concerns about the development,” said Assembly Speaker Sheldon Silver, who has supported the project. “I’m not sure all the criticisms will be addressed or that all the critics will be happy. But I understand there will be modifications.”

Officials say that Forest City has not settled on the final numbers for the project, but that it plans to reduce the size by 500,000 to 700,000 square feet by eliminating hundreds of market-rate apartments. That would enable the developer to cut the height of some of the towers, including a 350-foot building on what is known as Site 5, on the west side of Flatbush Avenue, and possibly at Miss Brooklyn.

But according to executives briefed by the developer, Mr. Gehry has objected to any changes in his design for Miss Brooklyn. Forest City, they say, will continue to set aside 2,250 apartments for low, moderate and middle-income tenants, even as it seeks additional subsidies for that part of the development.

A spokesman for Bruce Ratner, the president of Forest City Ratner, declined to comment. Forest City is also The New York Times Company’s development partner on its new headquarters in Midtown Manhattan.

“I’m sure the developer is looking at ways to reduce the size of the project,” said Charles A. Gargano, chairman of the Empire State Development Corporation, which has granted initial approval of Atlantic Yards. “It would be a good thing for everyone. It’s an important project for Downtown Brooklyn.”

Whatever happens, the planned cutbacks are unlikely to satisfy the most severe critics.

“I don’t think the bottom-line community concern is really about aesthetics, which is what shaving a few stories off the heights of the buildings is about,” said James F. Brennan, a Brooklyn assemblyman. “I don’t think this flies.”

Daniel Goldstein, a spokesman for Develop Don’t Destroy Brooklyn, added, “They could chop Miss Brooklyn in half in terms of the height and that won’t change our position.” Mr. Goldstein’s group opposes the arena, the project’s density and the state’s use of eminent domain to acquire some of the property.

Mr. Goldstein said he suspects that the developer has had this proposal “in their closet for a long time.”

Mr. Ratner and his supporters are hoping that the changes will appease residents of the surrounding areas concerned about the impact of such a large-scale project and take the heat off the politicians who represent them.

“A lot of us who support it believe that it should be scaled back,” said City Councilman Bill de Blasio, who represents Park Slope. “But the amount of affordable housing has go to remain the same.”

A small portion of the project, Site 5, dips into the district of Assemblywoman Joan Millman, who has been critical of the project’s height and density, as well as its effect on traffic at the busy intersection of Atlantic and Flatbush Avenues. But she favors the arena, the large block of lower-priced housing and the developer’s commitment to union jobs.

“I’ve always praised Ratner,” she said. “He’s one of the few, if not the only one, who uses union labor. I’m just very concerned about the overall impact.”

Mr. Ratner’s project won widespread support in December 2003, when he first announced plans to build a glass-walled arena for the Nets and to erect 4,500 apartments, half of them subsidized. For the romantics, there was the appeal of the borough having its first major professional sports team since the agonizing departure of the Brooklyn Dodgers in 1957.

But over the following two years, the size of the project swelled to 7,300 apartments and the high-rise towers — 19 to 58 stories — took shape, looming over the four- to six-story buildings in the adjoining neighborhoods. In March, Forest City reduced the project by 475,000 square feet by cutting 440 market-rate condominiums, but that went largely unnoticed.

The reduction in the project’s scope comes as the Empire State Development Corporation prepares to hold two more public hearings later this month before voting on the project in October. Officials say the developer is likely to unveil the changes around Sept. 25, when the City Planning Commission is expected to issue design guidelines for the project and recommend changes, including a reduction in density.

At that point, there could be a long line of politicians and activists hoping to take credit, including the Bloomberg administration, Mr. Silver, Ms. Millman and Mr. Markowitz.

“Everyone’s going to take credit for something that everyone knew would happen,” said an executive who works with Forest City. “For these guys, it’s very important.”


Copyright 2006 The New York Times Company
krull no está en línea   Reply With Quote
Old September 5th, 2006, 08:18 PM   #434
TalB
Refugee
 
TalB's Avatar
 
Join Date: Jun 2005
Location: Pleasantville, NY
Posts: 7,537
Likes (Received): 78

Quote:
Daniel Goldstein, a spokesman for Develop Don’t Destroy Brooklyn, added, “They could chop Miss Brooklyn in half in terms of the height and that won’t change our position.” Mr. Goldstein’s group opposes the arena, the project’s density and the state’s use of eminent domain to acquire some of the property.
I agree with Daniel Goldstein on saying that the Atlantic Yds shouldn't be amended but ended.
__________________
I respected your views, so I expect you do to the same.
TalB no está en línea   Reply With Quote
Old September 6th, 2006, 02:34 AM   #435
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

From rental to condo and back again
Condo owners renting out units in tight market; some conversion projects returning to rentals



By Lauren Elkies
September 2006

A cooling condo market and a dwindling number of available rental properties in New York City are prompting developers and owners of newly built apartments to rent out their units.

"New condos are being rented out because they're taking the place of rental properties," said Daniel Baum, chief operating officer at brokerage the Real Estate Group. "They're in lieu of traditional rental properties."

In the burgeoning rental market in which demand exceeds supply, condo buyers are finding a good source of income in renting their apartments. And the competition for those apartments has become tight.

For every unit available on the market, Baum has at least three interested and qualified prospective renters. "We have a lot of clients offering more per month to secure the lease. If the rent is $4,000 to start, prospective tenants will offer $4,200 and as high as $4,500," he said.

Andrew Heiberger, who founded the rental firm Citi Habitats and now heads development company Buttonwood Real Estate, said he is seeing about 20 clients for each available rental property.

"It's an absolutely desperate situation, especially for studios and one-bedrooms," Heiberger said. "I predict in the next two years a 20 percent [rent] increase per year."

Still, rental income in most cases is not yet covering the expenditures required to own a condo.

"We are not at a point now where you could just walk in to buy a condo with 10 percent down and see positive cash flow right off the bat," Baum said. "Rentals have not caught up with sales where that makes sense."

Besides the shrinking number of rentals, owners of new condos can command top dollar from renters because the services and finishes are top of the line.

Heiberger purchased an investment property at 260 Park Avenue South, close to 20th Street, for $820,000. He received offers to sell the brand-new 850-square-foot condo in the new luxury doorman building for more than $1 million, he said. He also got a bid from an investment banker to pay $5,000 a month in rent. Since it only cost $3,500 to carry, Heiberger opted to rent out the apartment, netting $1,500 per month. The leaseholder signed a two-year lease with a no kick-out clause.

The scarcity of rentals is an unsurprising consequence of a hot condo market. New York isn't a magnet for speculative investors, but many developers have converted rentals to condos, then found it's more profitable to rent them out once again.

If new condo projects get into trouble, they could go temporarily rental if they wind up in the hands of lenders.

Ofer Yardeni, managing partner of Stonehenge Partners, a company that owns and manages multifamily buildings in Manhattan, says high-profile rental properties acquired for conversion to condos will end up in the hands of lenders "as the banks begin to realize that the condo exit strategy will not be able repay the original debt."

Lenders will then have to write off underperforming loans and sell the properties at a reduced price, Yardeni said. "The new owners will then be able to operate the properties as rentals for the time being until the condo market picks up again and the exit strategy of condos becomes practical again."

In order to hold on to their condo developments, some developers are selling enough of the building to pay off the financing, then renting out the remaining units.

"A new thing that's happening right now because of the tight rental market, [is that] sponsors are not in such a rush to unload all of their apartments when some of them make sense as rentals," Heiberger said.

While some developers are planning mixed-use developments, once condo projects are already under way, developers do not appear to be scrapping their plans midway to build rental buildings. "The cost inherent in building a condo makes it cost prohibitive to turn it into a rental," said Jeffrey Levine, president of Levine Builders.

One can always take a rental -- which lacks the pricey finishes of a sale unit -- and dress it up by changing, among other things, the appliances and then deliver it for sale. But, Levine added, "a condo costs more to create, so the costs work against your turning it into a viable rental." In some cases, however, developers who shelled out too much money for land are tabling condo plans and/or are assessing a rental option, Levine noted.

But because of the way financing arrangements work, the bank requires the sponsor to actually follow through with the condominium offering plan for a building conceived as a condominium, Heiberger said. "So it's very difficult to abort a condominium plan when you have condominium financing," he said.

Baum from the Real Estate Group said constructing a rental building in Manhattan would make more sense than a condominium in the current market. "There really isn't a downside," he said. "You can always sell the units as condominiums later."

Yardeni of Stonehenge Partners agrees.

"With residential rents rising over 25 percent in the last six months -- reaching over $60 per square foot in many cases -- and vacancy rates approaching 0 percent," Yardeni said, rental properties "are becoming safer and better investments than owning Treasury bills."


Copyright © 2003-2005 The Real Deal.
krull no está en línea   Reply With Quote
Old September 6th, 2006, 02:35 AM   #436
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

Rentals are back -- if you're a Durst
Only longtime landowners able to make rental development work



By Steve Cutler
September 2006

Rental development pencils out in New York in the current market -- if you are a member of a real estate dynasty.

Developers say it doesn't make economic sense to start a project from scratch today, but many rental projects can be found on sites owned for decades by well-established and legendary outfits such as Rose Associates, Silverstein Properties, the Durst Organization and Skyline Developers. The hot rental market, marked by plummeting vacancy rates and higher rents, is putting long-term plans into action.

"The numbers still don't work for rentals if somebody's purchasing land at today's prices," says Cliff Finn, director of new development marketing for Citi Habitats. Most large-scale rental projects are the domain of "real estate entities, families that have been around a long time and own land at prices from five and 10 years ago."

At 37 Wall Street, Skyline Developers is undertaking the conversion of the 26-story building to more than 370 studios and one and two-bedroom apartments.

The project made sense because of the low acquisition cost of the property. "We've owned that building for about 20 years," says Orin Wilf, chairman of Skyline Developers.

Garden Homes, Skyline's parent company based in New Jersey, owns and manages 50,000 apartments across the country and was founded in 1954.

"It was part of the package the stock exchange was going to acquire a few years back. After quite a few years of negotiations, September 11 occurred, and the deal fell through," says Wilf. The long-term lease JP Morgan had on the property ran out and "we were left with a beautiful building to convert to rentals."

The building, designed by architect Costas Kondylis, is slated for fall occupancy, and is shooting for high-end finishes, with a Tiffany's store on the ground floor (see below).

"If you're trying to pencil out numbers for rentals today," says Wilf, "you can't do it. But even if it costs you $500 a square foot to build a rental, won't you make that up if you own the property for 20 years?"

While rents Downtown trail the rest of the city, which is pushing $65 a square foot in some areas, they're beating Skyline's initial projections. "When we started the project a year ago," says Wilf, "we projected about $40 a square foot. Now it's at $45 to $48 a foot."

Farther uptown, World Trade Center leaseholder Larry Silverstein is planning a mammoth rental project scheduled to hit the market in early 2009. His new venture sits next to his River Place I on 42nd Street and 11th Avenue.

"Silverstein owned the property since 1984," says Finn, "so he didn't have to spend $800 a square foot for the land and doesn't have to do high-end condos."


In the Flatiron District, Roseland Property Company, a major developer based in Short Hills, N.J., is planning its second rental in New York City, at 35-38 West 21st Street. Designed by SLCE, the project includes a 16-story structure and an adjoining eight-story structure. The luxury project will have about 100 rental units, seven of them full-floor two-bedroom apartments, and should be ready by early 2008.

"Rentals are designed very much like condos these days," says architect Kondylis. "They're in direct competition with condominiums. If the quality of the rental is inferior, people will buy an apartment."

The budget for new rental buildings is almost as much as condos, according to Kondylis -- within 5 percent. "Rents are so high now, developers have to justify the rent," he says. "You can't ask people to pay $5,000 for a two-bedroom and give them a cookie-cutter apartment. You have to have something to show to be able to ask top dollar."

Kondylis says he now uses more expensive finishes and materials in designing rentals and is allowed a freer hand with the layouts. "We do rentals that look like lofts, with totally open layouts without partitions."

Kondylis & Partners has designed a slew of rental high-rises coming onto the market. The 20-story Melar at 250 West 93rd Street and Broadway, developed by Friedland Properties, opened for occupancy early last month. Remaining apartments include studios from $2,650, one-bedrooms from $3,835, two-bedrooms from $5,995 and a convertible three-bedroom for $7,800. A two-bedroom with dining room and large wraparound terrace goes for $10,500 a month.

Rose Associates' 33-story Chelsea Landmark at 55 West 25th Street will be the latest addition to the large collection of new rental buildings along Sixth Avenue in Chelsea. Scheduled for completion in early 2007, the building will have 406 apartments. Also opening in early 2007, Leviev Boymelgreen's 23-story 88 Leonard Street will have 334 rentals.

Kondylis also designed a 57-story hybrid condo/rental tower for the Moinian Group at 605 West 42nd Street, just east of Moinian's Atelier condo. The building will have 938 units, with rentals from the base to the midsection.

Designed by FXFowle, with interiors by SLCE, the Epic, at 125 West 31st Street, is a 58-story glass-sheathed tower with 458 rentals and unobstructed views starting from the 12th floor. Developed by a partnership of the Durst and Fetner families, the building is expected to earn a LEED silver rating for its energy saving systems and indoor environmental quality. The Epic should be ready for occupancy by May 2007.

Other new rental buildings include 10 Barclay Street, a 57-story tower with 396 units, developed by Glenwood Management, to open in 2007. Also, Edward J. Minskoff is building a luxury condo project, 101 Warren Street, with a rental component with a separate entrance at 89 Murray Street. The rental side has 163 apartments, 77 of which are affordable housing. The condos, ranging from $1.2 million for a one-bedroom to $16 million for the penthouse duplexes, have been selling strongly, according to brokers. The project will be complete by the end of 2007.

Gary Malin, COO of Citi Habitats, reports some signs that developers who are newer to the game -- and who haven't owned the land they are building on for decades -- are beginning to think rental, too.

"I'm hearing of more developers taking a [condo] job in the pipeline and perhaps converting to rentals." Developers with rental building in their portfolios report that some of their apartments get 20 percent over last month's rent when they become vacant, he noted. "Acquisition costs of land are leveling out," adds Malin. "If rentals remain very strong, we'll probably see more people doing rental jobs." TRD


New Wall Street project banks on rental future


One of the classiest new residential buildings in the city will be -- gasp! -- a rental. How classy is it? Its street-level storefront is a Tiffany's.

The amenities at 37 Wall Street, a conversion of a historic Beaux Arts-style high-rise, match the cream of the new luxury condos opening Downtown: a professionally run gym, basketball court, juice bar, screening room and billiards lounge.

Designed by Costas Kondylis with interiors by McCartan Design, the 26-story building will have 373 studios and one- and two-bedrooms with high ceilings, plus a glass-enclosed penthouse added to the roof.

"Thirty-seven Wall Street will be nicer than half the condominium developments being built in Manhattan now," says Orin Wilf, chairman of Skyline Developers, the rental's builder.

Skyline's most recent project in Manhattan is a luxury condo at 170 East End Avenue, a new tower by architect Peter Marino on the Upper East Side. Why not throw up a condo at 37 Wall for a quick, profitable sellout?

"The future of Manhattan is in rental apartments," says Wilf.

With 37 Wall Street, he says, he'll secure "400 apartments in an evolving market down there. It's changing day by day -- more developers are going down there -- and we want to be a part of that."


Copyright © 2003-2005 The Real Deal.
krull no está en línea   Reply With Quote
Old September 6th, 2006, 02:37 AM   #437
centreoftheuniverse
Not ******
 
centreoftheuniverse's Avatar
 
Join Date: Nov 2005
Location: New Jersey
Posts: 541
Likes (Received): 5

Quote:
Originally Posted by TalB
I agree with Daniel Goldstein on saying that the Atlantic Yds shouldn't be amended but ended.
Goldstein is both a fool and a moron. Like they say, there's one born every minute.
centreoftheuniverse no está en línea   Reply With Quote
Old September 6th, 2006, 04:03 AM   #438
daniel322
Registered User
 
daniel322's Avatar
 
Join Date: Mar 2006
Posts: 21,282
Likes (Received): 668

wonderfull projects!! i must go to NY someday!
__________________
Come to the Dark Side. We have cookies!
daniel322 no está en línea   Reply With Quote
Old September 6th, 2006, 04:48 PM   #439
Virenque
Registered User
 
Join Date: Aug 2006
Location: Ljubljana, Slovenia
Posts: 11
Likes (Received): 1

Are you sure Freedom Tower is already under construction? I know, it writes on Wikipedia and few other sites, but as I`ve heard is not official. There`s a wtc rebuild rally in Central Park on 9/10.
Virenque no está en línea   Reply With Quote
Old September 6th, 2006, 06:42 PM   #440
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

^ Yes it is. I have seen construction activity already.
krull no está en línea   Reply With Quote


Reply

Tags
new york city

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 04:55 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