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Old January 12th, 2015, 12:49 PM   #5121
Troopchina
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Does not blend in well with the church...
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Old January 12th, 2015, 09:32 PM   #5122
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Typically makes sense to judge it once its complete...
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Old January 12th, 2015, 09:56 PM   #5123
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Hot market for building sites draws crowd

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Four development properties, where towers as high as 1,000 feet can be built, have hit the market in recent days. All told, the sale price may top $1.1 billion.

Inspired by the growing number of properties fetching upward of $1,000 per square foot in recent months, a growing number of landowners are putting their own holdings on the block. Four big development sites have hit the market, where they will likely bring record sums together totaling more than $1.1 billion.

Leading the charge is real estate investor Joe Sitt, who is seeking a buyer for 520 Fifth Ave., a big development site on the corner of West 43rd Street that he had planned to use as the launchpad for a property combining retail, hotel and residential space. Mr. Sitt’s firm, Thor Equities, spent the past year demolishing the existing building on the site, readying the parcel for development. About 350,000 square feet can be raised at the corner location, which is expected to sell for $350 million or more. Andrew Scandalios, a senior broker at HFF, is leading a team that is marketing the property to local and international buyers.

C&K Properties, meanwhile, the real estate investment outfit operated by Meir Cohen and Ben Korman, has put 1710 Broadway on the market. The site, on the corner of West 54th Street, can accommodate a tower as high as 1,000 feet.
Like 520 Fifth Ave., whatever is eventually built will likely be a blend among retail, hotel and residential. That site is likely to sell for $1,000 or more per foot, or $380 million-plus, given that it allows about 380,000 square feet of development. The property is currently home to a six-story building built 97 years ago. Its tenants include Bad Boy Entertainment, the record label founded by former rapper Sean Combs.

Brokerage company Jones Lang LaSalle is marketing the building. Mr. Cohen and Mr. Korman recently secured additional air rights to bring the site up to its current size potential.

Down the road, the property could become the site for a test run of a new business JLL plans to launch here. The publicly traded company, the world’s second biggest real estate services company behind only CBRE Group, plans to break into residential brokerage by bringing buyers from the Far East to New York City condo projects. JLL already provides that service to property developers in London.

Meanwhile, JLL is also in the process of selling a development parcel zoned for 32,000 square feet in NoHo, at 363 Lafayette St. The site allows for commercial space, but JLL's marketing materials suggest that a variance could be secured allowing for residential space to be built. The site is also a strong location for boutique office and retail space.

Lastly, the owner of a property on the Upper West Side at 200 Amsterdam Ave. has put it on the block with an asking price of more than $400 million. Zoning would allow for the tallest building in the neighborhood, a 388,000-square-foot, 600-foot residential tower. CBRE is marketing the property and notes that the tower enjoys protected views of Central Park.

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Old January 12th, 2015, 10:15 PM   #5124
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New Owner Plans Big Changes for Chase Manhattan Plaza



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Chinese investment company Fosun International Ltd., which purchased One Chase Manhattan Plaza from JP Morgan Chase for $725 million in December of 2013, is planning big changes for the landmarked tower. There will be no residential conversion, as previously speculated, but Fosun is planning to put another $100 million to $200 million into upgrading the building's elevators and heating and cooling systems, revamping the public plaza, quadrupling the retail space to 200,000 square feet, and creating a club/lounge on the top floor. The name of the building will also be changed to 28 Liberty, in reference to the street it's on and the Chinese numbers that represent "double prosperity."
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Old January 12th, 2015, 10:49 PM   #5125
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Originally Posted by desertpunk View Post
One has to wonder whether any of these sites coming onto the market are from developers trying to offload their stock before the bubble starts to deflate.
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Old January 12th, 2015, 11:53 PM   #5126
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if you're referring to the residential market, I absolutely agree. There's a clear momentum shift in the city as the office market is gaining strength while condo projects don't seem as appetizing. I'm sure some developers who don't want to wait for the next cycle would rather change course or just plain sell their sites to office building developers.
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Old January 13th, 2015, 01:51 AM   #5127
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I think these sites are being offered honestly because it's a hot market and they are looking to cash in
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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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Old January 13th, 2015, 04:00 AM   #5128
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625 W. 57th pyramid in late December:


Setbacks by wwward0, on Flickr
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Old January 13th, 2015, 10:14 PM   #5129
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Lower Manhattan bulking up:


56 Leonard by cityrealty_nyc, on Flickr
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Old January 13th, 2015, 10:18 PM   #5130
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New Looks At Dumbo's Empire Stores, Set to Open in 6 Months



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In six months, the Dumbo waterfront will have a new destination. The converted Empire Stores warehouses will debut as a high-end retail and office complex, giving the Brooklyn waterfront yet another place to pack in the tourists (and providing those new condo owners with some shopping and eating options). Crain's reports that developer Midtown Equities, which won the bid for the project from Brooklyn Bridge Park in 2013, is set to open the 500,000-square-foot complex in six months, bringing a rooftop beer garden and 60,000 square feet of new shops and eateries.












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Old January 13th, 2015, 10:31 PM   #5131
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Dark, Hulking 380 Madison Avenue to Be Transformed



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Clarion Partners' 380 Madison Avenue was built in the 1950s out of brick and sheathed in a facade of opaque blue glass during the '80s. The combination of the two styles produced a building that is large, squat, and altogether dismal-looking, but now a complete makeover from L&L Holding Co. will transform the building—almost magically—into a light, modern tower of the type that will probably come to characterize Midtown East in a few years. Using a loophole in the 1961 zoning rules that allows for a Midtown East building to be replaced with another building of the same size only if 25 percent of the original structure is preserved, L&L, with a design from architectural firm KPF, will be able to almost completely redo 380 Madison, which will be renamed 390 Madison Avenue, with no public review whatsoever. Technically, the vast majority of the original tower will remain, but the new version will be virtually unrecognizable with a curtain wall of floor-to-ceiling windows, glass spandrels, and 100,000 square feet from two lower floors removed and reused for eight new floors on top, taking the building from 24 to 32 stories.
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Old January 13th, 2015, 10:34 PM   #5132
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56 Leonard


56 Leonard (5) by cityrealty_nyc, on Flickr
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Old January 14th, 2015, 04:33 AM   #5133
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That Brooklyn project looks sooo awesome!!
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Old January 14th, 2015, 11:24 PM   #5134
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First Look: COOKFOX-Designed Concept for 100 Vandam Street, aka 527 Greenwich



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Two pre-war buildings on the corner of Greenwich and Vandam streets in Hudson Square were reported to be back on the market late last year, with a price-tag of $150 million. While no sale has been recorded yet, YIMBY has the first renderings of what could rise on the site, which could accomodate nearly 150,000 square feet of development.

The plans were drawn up by COOKFOX, and depict what looks to be a 24-story building; 19 stories would rise atop the existing 5-story structures, and the old facades would be kept intact.

Hudson Square’s recent rezoning dramatically increased the value of properties within the neighborhood, as residential uses are now allowed. Jeff Greene is the current owner, having picked up the site for only $50 million back in 2012. Renderings for the site could be for marketing purposes, which means they are not likely to translate into reality. Although with the site lingering on the market for over a year, it’s also possible that Greene could be determined to build the tower on his own.

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Old January 14th, 2015, 11:57 PM   #5135
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Extell's Contested Tower Next To Park Ave. Church Is A Go



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It took a bit of fighting. But with its properties and air rights, the Upper East Side's Park Avenue Christian Church has enabled a new neighbor—a residential apartment building—and in so doing has secured the funds (some $25 million) to keep afloat, thanks to Gary Barnett's Extell Development Company and Tuesday's go-ahead vote by the Landmarks Preservation Commission. The approved structure for 1010 Park Avenue, adjacent to the church at the corner of 85th Street, will be 16 stories tall and rise 210 feet. In addition to its residential floors, it will have space for church functions, as it will take over space currently occupied by the church annex.
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Old January 15th, 2015, 12:03 AM   #5136
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Chinese-Developed Williamsburg Building Wooing Chinese Buyers



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Oosten, the Chinese-developed mega-project rising on Kent Avenue between South 8th and South 9th streets, is, unsurprisingly, an attractive place to Chinese buyers. The large project, believed to be the first building developed by a Chinese firm without a local partner, has a few distinctly Chinese features, like ranges that vent outdoors, which make it "better for cooking with a wok," reports WNYC. A construction overseer for the building suspects that 20- to 30-percent of the apartments will be occupied by Chinese buyers, with other non-native New Yorkers drawing up the rear.
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Old January 15th, 2015, 12:10 PM   #5137
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Bleh, it would have been better to have seen it torn down and replaced with a nicer building.
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Old January 15th, 2015, 05:37 PM   #5138
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The Seymour at 261 W. 25th St.


Good morning #TheSeymour and hello Instagram! @striblingnyc @ghwarchitects #firstpost #NYC #architecture #construction #realestate #chelsea #underconstruction by cityrealty_nyc, on Flickr



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Old January 15th, 2015, 05:55 PM   #5139
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Bleh, it would have been better to have seen it torn down and replaced with a nicer building.
They're taking advantage of a zoning exemption, so I don't think that's really an option; they'd likely be working with a smaller FAR if they razed the building, not to mention the scrutiny from the approvals process.
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Old January 15th, 2015, 06:11 PM   #5140
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At least it has some NewYorkerish setbacks and proper terraces.

I really like the slender classical Art-Deco-style highrise at the Park Avenue Christian Church! More of that please New York, it's what makes you. Not those bland international style glass/concrete boxes popping up anywhere in the world.
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