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Old November 30th, 2006, 07:14 AM   #581
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Brooklyn Bridge?Park? opponents lose lawsuit


By Ariella Cohen
November 28, 2006

Brooklyn Heights residents who sued to block the state?s plan to include condos in the proposed Brooklyn Bridge Park waterfront development have lost, The Brooklyn Papers has learned.

In a 22-page decision handed down Tuesday, Brooklyn State Supreme Court Justice Lawrence Knipel dismissed the opponents? charge that the Empire State Development Corporation broke the law when it added shops, restaurants, a hotel and 1,210 condos to a plan for a 1.3-mile public park stretching 1.3 miles along the waterfront from the Manhattan Bridge to the foot of Atlantic Avenue.

The state says it needs private development to generate $15 million annually to pay for upkeep of the development?s 77-acres.

The ruling is not unexpected. At a pre-trial hearing in August Knipel had questioned the legal merits of the suit.

?I can see policy reasons for not putting these buildings next to a park. But why legally?? he asked.

In Tuesday?s decision, Knipel also dismissed the claim that the state?s plan didn?t take a ?a hard look? at the impact the new residential development would have on traffic and infrastructure in the area.

Judi Francis, one of several Brooklyn Heights residents who filed the suit, said Tuesday that she planned to appeal.

?As we have said from the beginning the critical fight is in the appellate division is sitting in Brooklyn a few blocks away from this site ? the so-called ?park?,? she said.


@ The Brooklyn Papers
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Old November 30th, 2006, 07:22 AM   #582
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Walkway Between Subways Is Promised for Transit Hub


By WILLIAM NEUMAN
November 30, 2006

An underground walkway connecting the R and W subway lines to the E line in Lower Manhattan will be built along with a new downtown subway hub, the chairman of the Metropolitan Transportation Authority said yesterday. But it was not clear what would be cut from the station project to free up the $15 million needed for the connector.

The authority?s chairman, Peter S. Kalikow, revived the half-block connector between the E line and the two other lines two days after members of the agency?s board complained that it was being left out of plans for the Fulton Street Transit Center, which includes an architecturally ambitious glass building with a conical roof.

The center, which will streamline connections among about a dozen subway lines, has a budget of $884 million, and officials have said that to allow for the connector, $15 million will have to be cut from another part of the project. Board members said on Monday that they did not want ?a fancy building and a fancy roof? at the expense of riders? convenience.

Mysore Nagaraja, the authority?s president of capital construction, said he was working on identifying cuts that would make the connector possible.

Mr. Kalikow spoke yesterday at a meeting of the authority?s board, at which officials announced that a tax windfall from the sale of Stuyvesant Town and Peter Cooper Village would help pay for new paint jobs in 200 subway stations.

The $52 million needed to paint the stations will come from a total of $81.6 million that the transportation authority will receive in mortgage and transfer taxes from the sale, which totaled nearly $5.4 billion. The authority receives a percentage of the transfer and mortgage taxes collected on real estate sales in New York City, and the taxes have become an important part of the agency?s financing.

Real estate tax revenues that were higher than expected and growing ridership will contribute to a budget surplus of $938 million for the transportation authority this year, according to new estimates. Next year, the agency expects to run a surplus of $272 million, which will eliminate the need for a fare and toll increase.

The authority had previously said it would increase fares and tolls by 5 percent every two years, but yesterday officials also eliminated an increase that had been planned for 2009 from their financial projections. Mr. Kalikow said that was done to give a clearer picture of the agency?s financial needs.

Its needs are severe because of escalating interest payments on billions of dollars in debt the authority has taken on in recent years to buy new buses and rail cars and to finance major projects like a link between the Long Island Rail Road and Grand Central Terminal. The new projections show operating deficits of $805 million in 2008, $1.46 billion in 2009 and $1.79 billion in 2010.

But the authority?s projections have been wrong before. As recently as February 2005, the agency said it expected to run a budget deficit of $607 million this year. If the latest predictions for this year prove correct, the authority?s planners will have been off by about $1.5 billion.


Copyright 2006 The New York Times Company
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Old November 30th, 2006, 04:28 PM   #583
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New Design for Rebuilding the Twin Towers

[edited by moderation for content]

Last edited by jmancuso; December 7th, 2006 at 05:56 AM.
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Old November 30th, 2006, 06:01 PM   #584
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Please edit (delete) your post and make a new thread somewhere else.
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Old November 30th, 2006, 08:59 PM   #585
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Manhattan Housing Cycle Turns Toward Rentals


BY MICHAEL STOLER
November 30, 2006

With the vacancy rate for rental apartments at less than 1% in Manhattan and sales of condominiums slowing, a number of developers have turned their focus to construction of residential rental apartments.

"Developers today are increasingly looking to build rental units for two main supply side reasons and one demand side reason," the chairman of Massey Knakal Realty Services, Robert Knakal, said via e-mail."On the supply side, the number of condominium units is increasing rapidly while ? the velocity of sales in this segment is slowing," meaning there is no reason to add to the inventory unless a project has significant, unique characteristics, he said."That being said, the inventory of available units is minimal and rents ? now approach ? $80 per square foot for well-located new construction. Trends in demand are exacerbating these supply side issues as the number of people looking to move into New York continues to increase."

A 34-story, 370-unit 80/20 residential tower is to be constructed at 316 Eleventh Ave. in Chelsea. The developer is Douglaston Development LLC and Jeffrey Levine. Earlier this month, the New York State Housing Finance Agency approved the issuance of $191.5 million in bonds for the tower.

Twenty percent of the units will be available to families earning no more than 50% of the New York City area median income (approximately $70,000), and 15% of the units will be reserved for families earning no more than 40% of the area median income.

"Developers are really investment bankers, since we take 24 to 36 months to begin a project," the chairman of Douglaston Development, Jeffrey Levine, said."We are making a bet that the world is going to be in a better place when we conclude a development. Today, developers are more motivated to acquire a site, and get into the ground sooner."

The parking garage across from the famous Katz's Delicatessen at 205 E. Houston St. will become a 23-story residential tower with 242 units, of which 20%, or 49, will be reserved for affordable housing. In addition, households whose gross income does not exceed 150% of the area median income will occupy 5% of the units. Edison Properties is the owner of the former parking lot. It entered into a 99-year land lease for the site at 188 Ludlow St., at the corner of Ludlow and East Houston streets.

More than 50% of the rental units have been leased at Avalon Bowery Place, the second AvalonBay Communities building between Houston and East 1st streets. A total of 25% of the units in this building is reserved for tenants whose income is less than 50% of the area median income. Construction is under way for a third AvalonBay Communities building in the area, which is expected to be ready for occupancy in the second half of 2007.

Across the river in Long Island City, Avalon Riverview North, a rental tower, will be ready for occupancy in 2007. The company is also building a 39-story rental tower with 588 rental units in New Rochelle.

The Housing Finance Agency next month is expected to approve $204 million in bond financing for the Witkoff Organization's 34-story, 309-unit 80/20 rental tower on the southwest corner of 44th Street and Eighth Avenue. The mixed-use building will also have retail and a garage with 458 parking spaces.

"There are several compelling reasons why we elected to build a rental versus a condominium on the site," the CEO of the Witkoff Organization, Steven Witkoff, said. "We purchased the site years ago at a number that rental makes logical sense. There are substantial after-tax benefits" of owning rental apartment buildings.

"I like owning rental much more than I like selling condominiums," Mr. Witkoff said. "Selling condominiums is not just one trade: It can be hundreds, and each sale is its own transaction. There will not be a lot of rental built in this neighborhood on a going-forward basis, because the land cost is too expensive, and therefore I will have very little competition." Furthermore, he said, rents are up substantially, making the after-tax analysis of rentals versus condominiums more compelling and profitable over the long term.

Construction is expected to begin within 12 months on Glenwood Management's new rental tower at 331?339 W. 37th St. and Silverstein Properties' second mixed-use 57-story rental tower with 1,157 units at 600 W. 42nd St.

Meanwhile, the rental office will open in February at the Epic, a 400-unit 80/20 rental tower developed by the Durst Organization and Sidney Fetner Associates at 125?135 W. 31st St. Occupants will arrive starting in April. "We reviewed the condominium option as we finalized plans for the building in February 2005 and determined that the planned rental scenario would both maximize the true value of the site and provide the best fit to our long term hold strategy," the co-president of the Durst Organization, Douglas Durst, said via e-mail."The availability of the New York State Housing Finance Agency Bonds, and the corresponding 421-a tax benefits made this approach economically viable, and in turn, the project contributes to the City's tremendous need for affordable housing."

Owning a condominium "is a pain, while owning a rental building is easy," the principal at the LeFrak Organization, Jaime LeFrak, said. In a rental building, he said, unhappy renters move out, while in a condominium, the buyers "sue the developer for not completing the construction in a manner that the purchaser expects. Condominium construction requires perfection, while a rental building requires functionality. Construction projects are always painful; at least with a rental you keep the fruits of your labor. Don't give a perfectly healthy baby up for adoption, unless you can't afford to raise it."

"With land and construction costs at record levels, a number of developers are taking the strategy to build condominiums on the upper floors for sale and have the profit in the condominium sales applied to lower the basis in the land for the 80/20 rental portion of the project," the chairman of the national real estate practice at Greenberg Traurig, Robert Ivanhoe, said. These projects include Clinton Green, a joint venture of the Dermot Organization and Archstone Smith. The multifamily mixed-use apartment complex will have rental apartments, condominiums, a parking garage, and live performance theaters on the west side of Tenth Avenue at West 51st through West 53rd streets. There will be 687 rental units, of which 20% will be affordable housing.

In Chelsea, the Related Companies and Taconic Investment Partners are constructing a mixed-use building in a continuous structure on the block bounded by Ninth and Tenth avenues and 16th and 17th streets. A total of 288 rental units will be built, 20% of which will be reserved for affordable housing at 50% of the area median income. The top portion of the tower will have residential condominiums.

On the Upper West Side, a new mixed-use residential rental tower will be available for occupancy in 2008. The site, at 808 Columbus Ave., is a development of Stellar Management and will include 220,000 square feet of retail. The site covers 97th to 100th streets on three contiguous blocks.

In Lower Manhattan, construction is in various stages of progress for rental apartments financed by Liberty Bonds and tax-exempt bonds financed by the New York City Housing Development Corporation and the state Housing Finance Agency.

Earlier this month, the New York City Housing Development Corporation approved $90 million in Liberty Bonds to finance construction of the Rockrose Organization's mixed-use building at 201 Pearl St., a 29-story, mixed-use building with 189 rental apartments.

Another project is an Edward J. Minskoff rental apartment building at 89 Murray St. This building is adjacent to the 101 Warren St. condominium tower and mixed-use site that will house Lower Manhattan's first Whole Foods outlet. The rental building will have 288 units, of which 163 will be reserved for an affordable component.

I concur with Mr. Knakal when he says: "We are seeing the quintessentially cyclical nature of the residential market. As rents increased in 2002 and 2003, everyone wanted to purchase a unit. As consumer condominium prices rose, more consumers wanted to rent and as more people want to rent, rents increased again and are continuing to do so presently. When residential rents hit $80 per square foot, purchasing will seem relatively attractive again and sale prices will once again rise."


? 2006 The New York Sun, One SL, LLC.
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Old November 30th, 2006, 11:12 PM   #586
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I understand they are short on money and all, but don't lose the fulton street dome. Come on, none of our subway stations have anything cool looking about them, at least for pride's sake they have to keep the dome. Nearly every other megalopolis has cooler looking sub stations than us.
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Old November 30th, 2006, 11:36 PM   #587
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Originally Posted by Scruffy88 View Post
I understand they are short on money and all, but don't lose the fulton street dome. Come on, none of our subway stations have anything cool looking about them, at least for pride's sake they have to keep the dome. Nearly every other megalopolis has cooler looking sub stations than us.
I totally agree. I hope that somehow they can find that extra $15 million that is needed. Having the connection is also very important. But they can actually do the connection at a later time for all I care. The dome is a big improvement for this world class city.
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Old December 2nd, 2006, 12:02 AM   #588
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Ross Predicts A 2008 Start For New MSG


By DAVID LOMBINO
November 30, 2006


A developer involved in the recently scuttled Moynihan Station project said he is confident that construction will soon begin on an even larger alternative plan that involves building a new Madison Square Garden inside the Farley Post Office building, renovating Penn Station, and erecting office towers in the surrounding area.

At a real estate conference yesterday, billionaire developer Stephen Ross of the Related Companies said strong support from Mayor Bloomberg's office and the incoming Spitzer administration would lead to final approval of the megaproject next year, and that construction on a new arena would begin in early 2008. Mr. Ross would partner with Vornado Realty Trust. The project is expected to cost billions, including more than an estimated $1 billion in public subsidies, and take years to complete.

The 10 million square feet of office space in the plan is more than is planned for ground zero and would dramatically refashion a Manhattan neighborhood that, with the exception of One Penn Plaza, has long been known more for retail and fast food than for class A office space.

After nearly a decade of planning, Governor Pataki's $900 million Moynihan Station project, which would have transformed the eastern half of the landmarked Farley Post Office building into a transit hub to relieve congestion at Penn Station, was effectively killed last month by the Assembly speaker, Sheldon Silver.

Mr. Silver, a Democrat, said that he preferred Vornado and Related's more ambitious plan, but top state officials said that Mr. Silver's rejection was politically motivated, to give the incoming Spitzer administration the chance to take credit for the project. Pataki officials, mad at Mr. Silver, threatened to scuttle existing agreements with the developers and force the next administration to start from scratch, but so far they have not moved to do so. They said that any reincarnation would take years to complete.

Pataki administration officials said yesterday that Mr. Ross's projections for beginning redevelopment of about four full city blocks about are wildly optimistic. They said that negotiating an agreement between public and private entities, producing concrete design and financing plans, arranging for public subsidies, conducting additional environmental tests and acquiring necessary approvals would take a lot longer than Mr. Ross predicted.

The president of the Moynihan Development Corporation, Robin Stout, said in a statement that the delay caused by Mr. Silver's vote "injected considerable risk and uncertainty both legally and financially to a project that in no way precluded the larger goal of incorporating Madison Square Garden into the plans."

Another hurdle to the project is an ongoing impasse between the city and Madison Square Garden about a $10 million a year tax break that the Garden wants to transfer across the street to their new location. The Bloomberg administration has said they are unwilling to transfer the tax break, which was doled out in the early 1980s when the arena's owners threatened to move the venue out of the city.

A spokesman for Madison Square Garden, Barry Watkins, said in a statement yesterday that there has been "considerable activity regarding the possibility of Madison Square Garden moving to the Farley building in order to determine if it is preferable to our completed renovation plan."

Governor-elect Spitzer is now active in moving the Penn Station project forward, and sources said that he could seek a resolution to the current impasse in his first 100 days in office. Mr. Spitzer has named a member of his transition team, Patrick Foye, a lawyer, to work on the plan and convene meetings with the major players, according to sources familiar with the project.

A spokeswoman for Mr. Spitzer, Christine Anderson, said yesterday, "Eliot has asked his transition team to review options for Moynihan Station and other infrastructure projects."

The president of the Partnership for New York City, Kathryn Wylde, said that Mr. Ross's timetable was reasonable because the project enjoys widespread support among the government and civic groups.

"Aside from very few naysayers that are worried in the preservation community about MSG overshadowing the Post Office building, there is very broad based support for the plan going forward," Ms. Wylde said.

Yesterday, Mr. Ross, of Related, rejected the idea that there would be a shortage of office space anytime soon in Manhattan. He said that there would be about 10 million square feet of new office space developed around Penn Station, more than is currently planned for the former World Trade Center site.

Vornado has bought up much of the real estate around the Garden over the past 10 years. The company's chairman, Steven Roth, has said the plan would generate "$1.2 billion in value creation," from the higher rents Vornado would command on nearly 7 million square feet of property in the near vicinity.
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Old December 2nd, 2006, 06:22 AM   #589
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Quote:
Originally Posted by Scruffy88 View Post
I understand they are short on money and all, but don't lose the fulton street dome. Come on, none of our subway stations have anything cool looking about them, at least for pride's sake they have to keep the dome. Nearly every other megalopolis has cooler looking sub stations than us.
Why is it that NYC hasn't invested in renovating the subway stations? Obviously the money is there.
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Old December 3rd, 2006, 03:02 AM   #590
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161 Maiden Lane
architect: Rogers Marvel
proposed
525+ feet




this is going right next to 80 South Street.
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Old December 3rd, 2006, 07:06 AM   #591
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Can someone make a pic with it and 80?
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Old December 3rd, 2006, 01:49 PM   #592
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Update: 12/3/2006
Queens Skyline Under Construction

Times Square Development
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Old December 3rd, 2006, 02:11 PM   #593
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great new tower
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Old December 3rd, 2006, 05:26 PM   #594
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the last remaining plot of land to be developed in TXSQ. shitty design or not, its better than a hole in the ground.

you know how many lots there are like this around manhattan?
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Old December 3rd, 2006, 10:04 PM   #595
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the last remaining plot of land to be developed in TXSQ. shitty design or not, its better than a hole in the ground.

you know how many lots there are like this around manhattan?
There's that eyesore at 42nd & Dyre.
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Old December 4th, 2006, 12:41 AM   #596
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161 Maiden Lane
architect: Rogers Marvel
proposed
525+ feet




this is going right next to 80 South Street.
I think that is one studly building!
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Old December 5th, 2006, 12:45 AM   #597
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Quote:
Originally Posted by krull View Post
Please edit (delete) your post and make a new thread somewhere else.
That pic does not deserve to be posted at all.
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Old December 5th, 2006, 02:12 AM   #598
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Quote:
Originally Posted by Spooky873 View Post
161 Maiden Lane
architect: Rogers Marvel
proposed
525+ feet




this is going right next to 80 South Street.

Sleek mixed-use tower planned for 161 Maiden Lane


04-DEC-06

A sleek, mixed-use tower is planned for 161 Maiden Lane, a site directly south of the proposed residential tower designed by Santiago Calatrava for Sciame Construction Company at 80 South Street.

The new mixed-use tower, which overlooks the East River a few blocks south of the South Street Seaport, has been designed by Rogers Marvel Architects.

It is north of the 41-story dark glass office building with an angled base and a space-frame lobby at 180 Maiden Lane that was designed by Der Scutt, then at Swanke Hayden Connell.

The Calatrava tower, a stack of 10 four-story residential “cubes,” has received wide critical acclaim but its status in uncertain as construction has not started and apparently no units have yet been sold.

Mr. Calatrava was quoted in a Fortune Magazine article last month as stating that he was “full of hope we will start it,” although an article by Gabby Warshawer in this month’s edition of The Real Deal noted that the marketing firm for the project, I. Kahn Inc., & Company, was “no longer associated with the building’s marketing and sales,” and that the project’s building plans, which were approved January 28, 2005, may need to be resubmitted next month to avoid being considered “dormant.”

The Calatrava tower and another major tower nearby designed by Frank O. Gehry for Forest City Rattner on Beekman Street near City Hall were widely seen as greatly enhancing Lower Manhattan especially during the long uncertainties and controversies over the redevelopment of Ground Zero.

Construction has started on the Gehry-designed tower and recently plans for its public plazas have been unveiled. Rob Rogers, a partner in Rogers Marvel, told CityRealty.com today that the 161 Maiden Lane project, which would probably be about 500 feet tall, is still in preliminary design, which should be finalized by early next year.

His firm’s design won a design competition for the project, which, Mr. Rogers said, will be the first project in New York City for a major developer.

Renderings of the project on the architectural firm’s website indicate that it would have a light-colored façade with a top ratcheted at the corners by inset balconies.

Mr. Rogers said that the developer for his project has had discussions with Mr. Calatrava’s developer, adding that the 80 South Street project is “having marketing challenges but is very exciting and great for New York.”

Rogers Marvel Architects PLLC recently designed the very handsome Theory Corporate Headquarters low-rise office building near the Gansevoort Hotel and Pastis restaurant in the Meatpacking District, the Studio Museum in Harlem, One Seventh Avenue South and 350 West Broadway.


Copyright © 1994-2006 CITY REALTY.COM INC.
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Old December 5th, 2006, 02:13 AM   #599
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More renderings (161 Maiden Lane)...




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Old December 5th, 2006, 02:54 AM   #600
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I love it, only if it were like 200 ft taller, it would be fantastic. I would like buildings of other colors in NYC's skyline, that don't look stupid of course, b/c we have older buildings of various colors, but not as much these days.
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