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 April 25th, 2007, 08:39 AM   #881
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

Chase Says It Will Move if City Balks


By CHARLES V. BAGLI
April 25, 2007

JPMorgan Chase is threatening to move thousands of employees from Midtown to Stamford, Conn., if New York officials do not give it a larger subsidy package to build a 50-story skyscraper near ground zero, according to real estate executives and government officials involved in the talks.

Officials view the bank’s threat to relocate outside Manhattan as the latest move in what has become a routine game of corporate poker in which companies try to extract special benefits. But Chase has gotten in touch with at least one large property owner in downtown Stamford, although it remains unclear whether the bank is serious or bluffing.

Chase struck a tentative deal with the Port Authority in late March to pay about $300 million for the development rights at the site of the soon-to-be-demolished Deutsche Bank building, at Greenwich and Cedar Streets. Chase planned to build a 1.3-million-square-foot tower there and move thousands of employees from Park Avenue to Lower Manhattan, in what was widely regarded as a boon for the beleaguered district.

Officials expected that the move would solidify Lower Manhattan’s place as a world financial center and validate the redevelopment of the World Trade Center site as a commercial complex.

In subsequent negotiations, state and city officials offered the bank the kind of benefit package available to any company moving to ground zero: a combination of tax breaks, cash payments and subsidized electricity benefits worth more than $100 million. But Chase has continually pushed city and state officials for a batch of subsidies akin to what Goldman Sachs got in 2005 to build a headquarters in Battery Park City. Critics described that deal as an egregious example of corporate welfare.

State and city officials have resisted the bank’s demands. They regard the Goldman deal as an aberration. And Mayor Michael R. Bloomberg has said that the city will not grant any special benefits beyond what any other company would get.

“We would hope that Chase recognizes that Lower Manhattan is the financial capital of the world and that they would want to be located here,” said John Gallagher, a spokesman for Mayor Bloomberg. “Because the market in Lower Manhattan is strong and because Chase will realize more than $100 million with the incentives in place for Lower Manhattan, giving them an additional incentive package at this point would be difficult to justify.”

Joseph Evangelisti, a spokesman for Chase, declined to comment. Last week, Chase reported a 55 percent rise in first-quarter profits.

Stamford has been a relatively sleepy rival for Manhattan corporations compared with Jersey City, where U.S. Trust, Goldman Sachs, Chase, UBS and other financial institutions have moved at least part of their operations. Until recently, only UBS and some hedge funds had major operations in Stamford. But now the Royal Bank of Scotland is building a $400 million office complex there for what will be its North American headquarters. The complex includes a 95,000-square-foot trading floor and room for up to 1,400 traders.

State and city officials in New York continue to express optimism that a deal can be struck downtown for Chase. One official, who insisted on anonymity because he was not authorized to talk about Chase, said that the snag centered on sales-tax breaks on building materials for the tower, while another said it had to do with payments the bank would be required to make in lieu of taxes.

Office rents are considerably cheaper downtown than uptown, but holding the line on subsidies has still been difficult since the 2005 Goldman Sachs deal. Goldman negotiated with state and city officials to build a headquarters in Battery Park City, a significant financial investment and the first dramatic boost for Lower Manhattan after the terrorist attack on the World Trade Center.

But after a series of missteps by aides to Gov. George E. Pataki, the state was forced to grant an unusually large subsidy package to ensure that Goldman would build the tower.

Goldman Sachs got incentives worth an estimated $650 million in cash grants, tax-exempt bonds, sales and utility tax breaks and discounts on required payments in lieu of taxes. Since then, Chase, Lehman Brothers and Merrill Lynch have sought similar packages. City and state officials have rebuffed them.

“The atmosphere in the city and downtown has changed dramatically since Sept. 11,” said Patrick J. Foye, co-chairman of the Empire State Development Corporation, who is talking with Chase executives. “Rents downtown are very strong and demand continues to grow. The state would welcome JPMorgan moving part of its operations to the city’s vibrant downtown.”


Copyright 2007 The New York Times Company
krull no está en línea   Reply With Quote

Sponsored Links
Old April 25th, 2007, 04:37 PM   #882
Taylorhoge
Registered User
 
Taylorhoge's Avatar
 
Join Date: Feb 2006
Location: NYC
Posts: 1,597
Likes (Received): 10

I hope they go through with building this.No more suburban office parks!
Taylorhoge no está en línea   Reply With Quote
Old April 25th, 2007, 09:24 PM   #883
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,507
Likes (Received): 6530

great news. every day a new 40 storey + tower for NY
ZZ-II no está en línea   Reply With Quote
Old April 26th, 2007, 01:19 AM   #884
TalB
Refugee
 
TalB's Avatar
 
Join Date: Jun 2005
Location: Pleasantville, NY
Posts: 7,537
Likes (Received): 78

http://www.nytimes.com/2007/04/22/re...ref=realestate
A Shining Moment for Builders

By C. J. HUGHES
Published: April 22, 2007


Alchemy Properties

MALLEABLE METALS The Indigo condo in Chelsea features an aluminum stripe running 13 stories tall and bisecting a field of zinc.



Qubdesign

At the 245 10th Avenue condo, a stainless steel wall is punctuated by a few windows.


THE facade of the Indigo, a luxury condominium rising at 125 West 21st Street, near Sixth Avenue in Chelsea, will have a wide stripe of purplish aluminum, running 13 stories from the roof deck to the sidewalk and bisecting a field of zinc.

Designed by FxFowle Architects, the building has 52 apartments — studios to three-bedrooms priced from $585,000 to $2.1 million — and half have sold in two months, according to Joel Breitkopf, a principal of Alchemy Properties, the developer.

He ascribes the sales numbers, at least in part, to all the metal that dresses the building to stand out among competitors. “Glass has led to too many monolithic facades,” Mr. Breitkopf said. “They’re like office buildings.”

Last year, metal exterior walls — mostly stainless steel, aluminum and zinc — accounted for 18 percent of all new multifamily buildings nationwide, a 50 percent jump from 2004, according to the Metal Initiative, a program by the metal industry to promote the use of metal materials in buildings.

Metal can be cheaper to install, because of fewer engineered parts and less labor involved. And typically it is a better insulator than glass, so air-conditioners don’t have to work as hard — a factor earning it environmental plaudits, according to developers, manufacturers and architects.

Metal’s decorative potential, though, is its most praiseworthy quality, they said. It is fairly easy to tint and shape.

At 51 Walker Street, off Church Street in TriBeCa, aluminum with etched and layered contours is a credible stand-in for cast iron, the area’s historic building material.

In fact, without the metal facade, the condo, whose 15 two-bedrooms closed this winter, would most likely not have won approval by the Landmarks Preservation Commission. Glass and other choices would probably have been rejected as not in keeping with the style of the neighborhood, and cast iron would have been prohibitively expensive, said John Cetra, the architect.

Glass-walled homes are as old as Modernism; in urban settings, they received validation when Richard Meier built a trio of condos near the Hudson River, architects say.

Yet wraparound windows may not be appealing without scenic views, said Jared Della Valle, the architect of 245 10th Avenue, a planned luxury condo at West 24th Street, whose lot hooks around the back of a gas station.

So a stainless steel wall, punctuated by a few windows, is needed to screen it, Mr. Della Valle said.

Since February, a quarter of the building’s 19 one- and two-bedrooms have sold, at prices ranging from $1.75 million to $6.2 million, according to a spokeswoman for Grasso Holdings, the Philadelphia-based developer.

Also, in the last few years, lasers have allowed for smaller cutting machines, ones that can fit in an architect’s office. Now, more design trials can take place in-house. At 245 10th Avenue, that process created the raised diamond patterns that will grace the steel, according to Mr. Della Valle.

With metal, “the ingredients aren’t new,” he said. “It’s just that the opportunities are greater.”
__________________
I respected your views, so I expect you do to the same.
TalB no está en línea   Reply With Quote
Old April 26th, 2007, 06:31 AM   #885
Don Omar
Bark twice if in Milwauke
 
Don Omar's Avatar
 
Join Date: Aug 2006
Location: Nueva York
Posts: 487
Likes (Received): 36

Staten Island Considers New Plans to Keep Its Youth From Leaving


A St. George warehouse is being made into the Pearl at 130 Bay Street Landing condo complex.

By PATRICK McGEEHAN
Published: April 25, 2007
nytimes.com

To reverse the flow of younger people leaving Staten Island, the borough should entice developers to build more affordable apartments close to the ferry, according to a study released yesterday.

The St. George neighborhood near the ferry to Manhattan is the closest thing to a downtown district in the borough, but it lacks the vibrancy of other sections of New York City that have become havens for young professionals and artists, said Jonathan Bowles, who wrote the study for the Center for an Urban Future, a public policy group.

What is needed, the study said, is an immediate change in zoning rules, which have prevented more dense developments near the waterfront.

“If Staten Island is going to hang on to its young people and attract young professionals from elsewhere, it’s going to have to have a dynamic neighborhood with new amenities,” said Mr. Bowles, who presented the center’s findings at a conference of the Staten Island Economic Development Corporation, which commissioned the study. “In a lot of ways, Staten Island is doing very well right now, but under the hood there are a number of mounting problems.”

Staten Island is the city’s fastest-growing borough. That growth has produced new woes, Mr. Bowles said, like rapidly rising housing prices, congested roads and a shortage of high-paying jobs. The lack of a comprehensive plan to solve those problems is very likely to continue driving younger people away, he said.

In the 1990s, the borough’s population increased by 17 percent to about 450,000, but the number of residents ages 18 to 34 decreased by 5 percent, according to the study. That shift reduced the share of residents ages 18 to 34 to fewer than 23 percent from about 28 percent. Many of those who left moved to New Jersey.

Even opponents of rapid development of the borough support revitalizing the St. George area. John V. Luisi, a lawyer who lives in the neighborhood and waged an unsuccessful campaign for borough president in 2005, said developers should be encouraged to build more apartments and stores within a short walk of the ferry terminal, the island’s transit hub.

“There’s a general consensus that we’d like to achieve a critical mass of people in the area and attract appropriate retailing, such as a supermarket,” Mr. Luisi said, citing the Red Hook section of Brooklyn, with its large Fairway store, as a model.

But developers have been stymied by recent zoning changes that were aimed at curbing sprawl in other parts of Staten Island, which have been filled with tightly packed complexes of town houses, business leaders said.

“The borough’s basically been turned into a borough for more expensive one- and two-family detached homes,” said R. Randy Lee, a builder and the chairman of the economic development corporation.

From 2000 to 2006, the median price of a single-family home on the island doubled to $425,000, according to the study.

Mr. Lee is leading the push for the borough to draft a comprehensive master plan that would direct future growth to appropriate areas. A master plan is one of the recommendations in the center’s study and Staten Island’s members of the City Council plan to call for each borough to have its own master plan.

But that idea does not have the support of Daniel L. Doctoroff, a deputy mayor, who appeared at the conference to promote Mayor Michael R. Bloomberg’s broad vision for the city.

“We’ve done a lot of the master-planning for Staten Island,” Mr. Doctoroff said. “We’re doing it in chunks. We don’t think we need one comprehensive plan. What we have found is the one big plan typically will die of its own weight.”

Mr. Doctoroff said that City Hall would help in looking for ways to solve Staten Island’s traffic and transit problems. The borough has the longest average commuting times in the metropolitan region, with some residents — many of whom work in Manhattan — spending three hours a day getting to and from their jobs.

Earlier in the day, Christine C. Quinn, the Council speaker, announced at the conference that the city would pay $350,000 for the study of a light-rail system that would run along the island’s West Shore and across the Bayonne Bridge to connect to New Jersey Transit’s tracks in Hudson County.

“It’s definitely feasible,” Mr. Doctoroff said. “It’s definitely something worth looking into, which is why we’re looking at it.”

__________________________________________________

__________________
Brooklyn, Bronx, Queens and Staten
From the Battery to the top of Manhattan
Asian, Middle-Eastern and Latin
Black, White, New York you make it happen

- Beastie Boys
Don Omar no está en línea   Reply With Quote
Old April 26th, 2007, 06:57 PM   #886
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

Behold, a Mini-City Rises
It’s Canary Wharf on the waterfront. Millions of feet of office space, thousands of apartments—Bloomberg’s developers dream big in the Far West Side







by Matthew Scheuerman
Published: April 24, 2007

Five years ago, Mayor Michael Bloomberg painted a utopian picture of the future of New York on the canvas of the disjointed tenements and taxi garages of midtown west.

It was to be a city where college-educated office workers would walk to work at brand-new office buildings with floor plates the size of football fields. A tree-lined boulevard, broader than Park Avenue, would slice up New York’s bulky street grid and draw pedestrians down to a gigantic civic complex with a gigantic football stadium.

The boulevard was called Olympic Boulevard; the stadium, Olympic Stadium.

Remember those days?

The Mayor’s aides called the plan for the new West Side “magnificent,” “the single best investment in our future,” “monumental” and a blueprint to create “one of the world’s great urban places.”

The slides of what the neighborhood would look like in 20 years bore a certain resemblance to socialist-realist art, complete with messianic rays of sunlight streaming down to an area as tall and dense as Madison Avenue.

And guess what? It’s all coming true—sort of.


Even now that the ill-fated football stadium and Olympic bid—which were, after all, supposed to act as catalysts for the new development—have fallen by the wayside, the new neighborhood is taking shape. Some 20 projects are somewhere on the drawing board, and a few others have already broken ground.

The ones furthest along are the residential towers, since it will take until 2012 at the earliest to complete the real engine of the West Side: the extension of the No. 7 line west to 11th Avenue and south to 34th Street. Still, even office developers, energized by a bullish midtown commercial market, are publicly discussing new buildings for the district, even if only to advertise their availability to prospective tenants.

“A lot of things are happening faster than what we expected, given the state of the real-estate market, with rents just going through the roof and building prices following that trajectory,” said James Parrott, deputy director and chief economist for the Fiscal Policy Institute, a left-leaning think tank. “It seems like the attention that will be given to the Far West Side will begin sooner than it otherwise would have.”

The plan was supposed to provide about 24 million square feet of office space (the equivalent of about nine Freedom Towers), and 12,600 new apartments, in the 45-block area from 29th Street to 42nd Street and from Eighth Avenue to the Hudson River. The tax revenue from the commercial buildings would pay back the $2.1 billion borrowed to build the extension of the No. 7 subway line down 11th Avenue.

“This plan will do for New York what Canary Wharf has done for London,” said Jeff Katz, president of Sherwood Equities, which owns both commercial and residential property in the district. “In order for Manhattan to remain one of the most critically important financial centers, it needed a place to grow. We didn’t really have a place to grow before Hudson Yards was put into place.”

In contrast to Canary Wharf, which is about three miles away from London’s traditional financial district, Hudson Yards is nearly adjacent to midtown Manhattan. It remains to be seen whether the same type of star-studded architecture will take hold in the West Side’s former warehouse district as it did in London. Right now, experienced (if critically unacclaimed) architects like Costas Kondylis and Gene Kaufman have work going up. Sir Richard Rogers, Kohn Pedersen Fox, and Skidmore, Owings & Merrill—all of which also designed for Canary Wharf—have projects on the table.

But if the area does get developed according to plan, it will, more than any other business district in the city, have all been built from the ground up, without regard to historic preservation, in the span of a mere 30 years.


Plans have a way of biting back, however. In the two years it has taken for big-league developers to gather investors, draw up blueprints and sort through the thick regulations, nimble upstart builders have erected budget hotels on whichever parcels they found available.

In fact, on one block, just south of the Port Authority Bus Terminal, five budget hotels—called ‘pencil hotels’ because of their tall, narrow shape—have sprouted up, feeding the hunger for hotel rooms near Times Square and the Jacob K. Javits Convention Center.

Needless to say, however much the city likes its tourists, this isn’t what New Yorkers had in mind for a brave new West Side.

“This is what the market does,” said Joe Restuccia, executive director of the nonprofit Clinton Housing Development Company. “Someone comes along and says, ‘I can pay a lot of money for that site and build a cheap hotel and make a lot of money.’ Who would ever think that so many of them would cluster in this one place?”

Deputy Mayor Dan Doctoroff told The Observer that the hotels didn’t concern him much, precisely because they are concentrated on one block on the eastern side of the site.

“If you remember the zoning, we anticipated relatively lower-scale building between Eighth Avenue and Ninth, and Ninth and 10th, and that’s where most of this development is occurring,” he said. “The area that is going to go through the biggest change is between 10th and 12th avenues.”

Residential development is, meanwhile, taking shape along two arteries: 42nd Street and 37th Street. On the far western end of 37th Street, near and along 11th Avenue, Baruch Singer—known for buying up large swaths of run-down tenements in Harlem—is planning two 40-story-plus hotels. Mr. Singer told The Observer that he is speaking with major hotel chains and planned to break ground by the end of the year.

Five of the residential developers in the area overcame a major obstacle last month when they struck preliminary agreements with the state Housing Finance Authority for tax-exempt bonds to finance their structures. The bonds require developers to set aside 20 percent of the units for low-income households, but the high demand—and limited supply—for such cheap financing had threatened to forestall the Hudson Yards development indefinitely.

“For us, 37th Street was the most civilized of the options,” said Jon McMillan, planning director for the Rockrose Development Corporation, which broke ground on one building and is nearing work on another. “It doesn’t pass by any of the Port Authority infrastructure; it has been developing with cultural and retail options, and it is where the most things have been planned so far.”

That “infrastructure” is the spaghetti of entrance and exit tunnels and ramps to the Lincoln Tunnel and the Port Authority Bus Terminal that dominates the northeast end of the Hudson Yards. One of the key real-estate deals to smooth out the terrain is a pair of mid-rise apartment complexes on either side of 37th Street between Ninth and 10th avenues. Called Hudson Mews North and South, the Dermot Company project will be built on a platform above the Lincoln Tunnel entrance and exit ramps—a challenge that has taken longer than expected to surmount.

“The engineering and technical details of building on that site have been worked out, and we are looking for the most cost-effective way of satisfying the Port Authority and other engineering requirements,” Dermot president William Dickey told The Observer. “This is rather a unique situation. There is no other project like this in the city or in the Port Authority system.”

Mr. Dickey said that when the Port Authority first agreed to give the air rights to the Dermot Company, the two parties had hoped that ground would be broken this summer, with December as the outside date. These days, December is looking more realistic. The cost of the air rights is one part of the negotiations.

Though residential use is supposed to dominate the northern and eastern ends of the district, office towers are supposed to be arranged in an “L” shape, north-south along 11th Avenue opposite the newly reborn Javits Center and east-west in the low 30’s. Key to the southern corridor are the Metropolitan Transportation Authority railyards, which have yet to go out to bid.

But it’s telling that two landlords are willing to discuss some details of their projects.

Brookfield Properties, which owns most of the block between 31st and 33rd streets on the west side of Ninth Avenue, is drawing up plans for four towers. Mr. Katz, the president of Sherwood, has come up with a schematic plan for his 11th Avenue parcel to show off to financial companies.

Mr. Katz said he would not start without securing an anchor tenant—which is normal practice for office buildings—but both the Sherwood and Brookfield parcels are large enough to provide the 65,000-square-foot trading floors that investment banks like J.P. Morgan Chase are now looking to build at the World Trade Center site.


There are still several balls in the air, however, that community leaders who have helped to shape the plan say could make all the difference. Next month, the M.T.A. is supposed to put the eastern and western railyards—including the former site of the Olympic stadium—up for bid. The $1.7 billion expansion of the Javits Center, which was supposed to be one of the anchors of the new development, is being re-evaluated by the administration of Governor Eliot Spitzer.

And who knows just how far along private developers and the state are toward moving Madison Square Garden a block west, ripping the lid off of the subterranean Pennsylvania Station, and constructing another five million square feet of space in the vicinity? That’s a massive amount of supply that, even according to the city’s own estimates, would suck away developers’ interest from further west.

“I’m very skeptical they are going to get the railyards plan under way, and I think if nothing happens on the railyards now, then it’s in a generation,” said Anna Levin, co-chair of the land-use subcommittee for the local community board. “If you live in New York any period of time at all, you know that it is impossible to tell what sort of development will happen.”


Published in The New York Observer newspaper
krull no está en línea   Reply With Quote
Old April 26th, 2007, 07:21 PM   #887
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

A Global Boom Converges on New York Market


BY MICHAEL STOLER
April 26, 2007

Investors from Britain, Ireland, Italy, Spain, Korea, and elsewhere around the world are pouring foreign capital into the New York City residential and commercial real estate market. Favorable exchange rates, soaring market values, and the promise of steady returns are attracting a record number of foreign investors into the city.

"Within the past six months, we have been introduced by investment brokers to private families from Singapore, South Korea, and a Middle Eastern royal family" interested in investing in New York City real estate, the managing member of Murray Hill Properties, Norman Sturner, said. "New York City is a favorite destination, and when these individuals see this spectacular, safe, hospitable, and entertaining city, they naturally want to invest."

He added that China has more than $1 trillion of U.S. treasury bills and notes in its ever-expanding balance of trade accounts. "We are their largest trading partner," Mr. Sturner said. "If they invest just 2% in New York City real estate that is $20 billion of equity."

Institutional and individual investors from Ireland are particularly bullish on New York City. Individual Irish investors are very active in purchasing units in residential condominiums in Manhattan. The Dublin-based Keane Mahony Smith Commercial has initiated the purchase of hundreds of condominium units. As noted on its Web site: "Buy with us and you buy at a fixed, discounted price before the properties hit the US Market. You can expect a rental income of up to 5% as well as a significant capital and currency gain on selling."

In particular, two condominium developments have been pre-sold to the Irish investors through Keane Mahony Smith. Irish investors bought all the units in the 46-story residential condominium tower rising on the northwest corner of Eighth Avenue and West 46th Street, known as 733–736 Eighth Ave., which will have 250 apartments. The same development team is building a 100,000-square-foot condominium building at 225 E. 34th St., between Park and Madison avenues.

Because of the efforts of Keane Mahony Smith Commercial, condominium developers have been able to pre-sell units in the building without incurring some of the associated soft costs of development. The Irish investors have also purchased condominium units in J.D. Carlisle's Centria at Rockefeller Plaza, a 34-story building at 18 W. 48th St., just south of Rockefeller Center, containing 152 units, and in the company's latest development Gramercy Green, at Third Avenue and East 23rd Street. Irish investors who prefer to own units on 42nd Street near the Hudson River are able to purchase units in the Moinian Organization's Atelier, through deals made with Keane Mahony Smith.

"There has been a huge increase in the number of foreign investors that have expressed interest in investing and developing projects in New York City," the chief operating officer of Citi Habitats, Gary Malin, said. "The strength and stability of our city lends added appeal to foreign investors. We represent clients from Ireland, Korea, and other Asian countries buying properties as rental investments, or to flip, depending on their investment strategies. We have received inquires from potential investors from England, the Middle East, and many European countries seeking to purchase blocks of units."

The managing partner at Massey Knakal Realty Services, Tim King, said, "I am a member of the Irish American Building Society, and we receive numerous inquiries from investors in ‘the old country' about opportunities in the States."

Late last year, a joint venture of Dublinbased Anglo Irish Bank and Timothy Haskin formed Peninsula Real Estate Fund I LP and Peninsula Real Estate LLC. The entity acquired the Beekman Tower Hotel at 3 Mitchell Place and the Eastgate Tower Hotel at 222 E. 39th St.

Anglo Irish Bank Corp. made its first acquisition in September 2004, when it purchased the 372,000-square-foot office building at 222 E. 41st St. for $210 million from the United Nations Pension Fund.

Last month, the British private equity group Dawnay Dale made its first acquisition in America. It bought a portfolio of 48 walk-up and elevator apartment buildings for about $225 million. The portfolio includes 1,141 apartments and 67 retail stores. Dawnay Dale is one of Britain's largest private equity groups, owning more than 410 commercial properties in Britain and Europe.

"Foreign investment in commercial properties has been transparent for years, and recently we have seen transparent investment in the multifamily sector," the chairman of Massey Knakal Realty Services, Robert Knakal, said. "For many years this sector of foreign investment has been in the form of equity financing for local operators. This continues in a more significant way than most people could imagine, and today we are seeing this demand show it more overtly."

One of the most active foreign investor groups is led by the Austria-based Macquarie Bank. In 2006, the consortium, which included Australian superannuation funds and institutions MTAA Superannuation Fund, Australian Retirement Fund, Westscheme, and Statewide Superannuation Trust, acquired a 52.5% stake in the New York-based parking company TMO Parent LCC, operating as Icon Parking Systems. ICON Parking was owned by the company's founders, the Mallah family and Goldman Sachs Whitehall Street Real Estate Fund. Last month, ICON Parking sold the six-story parking garage at 63–67 W. 35th St. for $31 million to Brack Capital Real Estate. As I reported last month, Brack plans to build a 300-room hotel on the site. Brack Capital Real Estate-USA is a subsidiary of Brack Capital Real Estate, part of Brack Capital Group, an Israelbased global holding company.

In March, Lev Leviev of Africa Israel USA, based in Israel, entered a 50/50 joint venture with Maurice Mann's Mann Realty Service, purchasing the landmark residential rental building ,the Apthorp, at 2207 Broadway. The joint venture paid $426 million for the property. The senior financing for the property was provided by Anglo Irish Bank.

Late last year, a Barcelona-based real estate development company, Espais, made its first acquisition in America when it purchased the site at 39–45 E. 29th St., where a 31-story, 132-unit residential condominium will be constructed.

Development is scheduled to begin this year on a mixed-use residential condominium and hotel tower at 400 Fifth Ave., at West 36th Street. The site was acquired last year for $225 million by Italy-based real estate development company Bi & Di Real Estate from a joint venture of Yitchak Tessler and Lehman Bros.

The 107-room Dylan Hotel, at 52 E. 41st St., is a boutique hotel in the former Chemists Club building. Last month, the Madrid-based Losan, a real estate investor specializing in hotels, paid $90 million, or about $850,000 a room. The purchase represented the company's first acquisition in North America.

For more than 20 years, Wafra Investment Advisory Group, beneficially owned by the Public Institution for Social Security of Kuwait, has been an active investor in real estate. Originally founded to manage funds in America for financial institutions of Kuwait and other Gulf states, Wafra has broadened its mission and now serves more than 30 institutional and private clients from around the world. In July 2005, a joint venture of Wafra and Normandy Real Estate Partners paid $33.7 million to acquire the 13-story, 139,000-square-foot office building at the foot of the George Washington Bridge in Fort Lee, N.J. In March, the joint venture sold the property for $44.4 million. The sale represented one of the highest prices per square foot ever paid for an office building in the Fort Lee submarket.

The largest commercial bank in Korea, Kookmin Bank, now owns KB Investment Trust Management Co., a joint asset manager with ING investment, which manages $10 trillion won of assets. According to real estate sources, KB Investment Management invested about $183 million with Tishman Speyer and its investment partners, the Blackrock Group and the California State Teachers Retirement System, in the $5.4 billion purchase of Stuyvesant Town/Peter Cooper Village.

New York is not the only American city to witness an influx of foreign capital into its real estate markets. "In the past year, we have represented a consortium of South American investors in connection with the acquisition of several large office buildings in the Chicago Loop," a partner in the Chicago office of Greenberg Traurig, Michael Fishman, said. "The clients are attracted to the market because of the transparency of our legal system, the availability of attractive financing at historically low interest rates, and the liquidity of these types of real estate assets relative to real estate assets outside of the U.S. Investors believe that investment in large and dynamic 24/7 cities provides prospects for long-term appreciation."

One has to agree with Mr. Knakal of Massey Knakal when he says: "We are experiencing a global economic boom as never has been seen before, providing capital creation at unprecedented levels. The deployment of much of this capital is targeted toward investments in the U.S., and specifically, New York real estate."


© 2007 The New York Sun, One SL, LLC.
krull no está en línea   Reply With Quote
Old April 27th, 2007, 12:20 AM   #888
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

Sorry photos not available anymore.

Last edited by krull; April 27th, 2007 at 09:16 AM.
krull no está en línea   Reply With Quote
Old April 27th, 2007, 12:26 AM   #889
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,507
Likes (Received): 6530

awesome renders. the towers are looking really tall. when should the construction start?
ZZ-II no está en línea   Reply With Quote
Old April 27th, 2007, 12:47 AM   #890
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58

^ I am not sure when construction will start. But I think we will see some activity next year. Anyway those towers will be very tall. As tall as 1,200 feet and 1,360 feet. For comparison, The Empire State buildings is 1,250 feet.
krull no está en línea   Reply With Quote
Old April 27th, 2007, 12:57 AM   #891
nygirl
Moderator
 
nygirl's Avatar
 
Join Date: Jul 2003
Location: New York City
Posts: 5,839
Likes (Received): 430

Yeah but the esb is further east in that picture. To me they look like 900 footers or barely breaking 1000'. I hope they get a little taller than this but I know these are not final designs and heights. Just place setters.
__________________
Completely attached to New York but completely in love with Chicago.

NAKED NEW YORK: A complete tour of New York City, 5 boroughs and immediate Metro: http://www.skyscrapercity.com/forumdisplay.php?f=2202
nygirl no está en línea   Reply With Quote
Old April 27th, 2007, 03:37 AM   #892
Taylorhoge
Registered User
 
Taylorhoge's Avatar
 
Join Date: Feb 2006
Location: NYC
Posts: 1,597
Likes (Received): 10

That is going to look amazing when its done finally something to give the train travel its glory again
Taylorhoge no está en línea   Reply With Quote
Old April 27th, 2007, 03:46 AM   #893
sbarn
Registered User
 
Join Date: Mar 2004
Location: NYC & Bay Area
Posts: 1,222
Likes (Received): 991

Quote:
Originally Posted by nygirl View Post
Yeah but the esb is further east in that picture. To me they look like 900 footers or barely breaking 1000'. I hope they get a little taller than this but I know these are not final designs and heights. Just place setters.
I saw a presentation on this project by a guy from Related who claimed that the towers range from 1200 to 1350 ft tall.
sbarn no está en línea   Reply With Quote
Old April 27th, 2007, 05:41 AM   #894
nygirl
Moderator
 
nygirl's Avatar
 
Join Date: Jul 2003
Location: New York City
Posts: 5,839
Likes (Received): 430

I don't doubt we've got a good chance at constructing this and next decades real major sites. I am expecting anything over 1'000' from nearly every article posted since 2005 on this situation. I have more faith in this than wtc since then. I'm just judging by the renders in this picture that look a little shy of 1200' if anything. I'd call the closer tower in that picture out on 900ft or so. It's not about the overall plans and visions it's about what is visual to me right now. From the buzz in the office and the articles in the papers this has the potential for real height. Compact peaks is what everyone here is expecting and assured we will get.
__________________
Completely attached to New York but completely in love with Chicago.

NAKED NEW YORK: A complete tour of New York City, 5 boroughs and immediate Metro: http://www.skyscrapercity.com/forumdisplay.php?f=2202
nygirl no está en línea   Reply With Quote
Old April 27th, 2007, 05:47 AM   #895
streetscapeer
hmmm......
 
streetscapeer's Avatar
 
Join Date: Apr 2004
Location: New York
Posts: 5,912
Likes (Received): 25259

that looks hott
streetscapeer no está en línea   Reply With Quote
Old April 27th, 2007, 06:15 AM   #896
krull
In Time
 
krull's Avatar
 
Join Date: Oct 2005
Location: New York City
Posts: 3,072
Likes (Received): 58




50 West Street
New York, New York


Client: 50 West Street Equities
Architect: Murphy/Jahn Architects

Located at 50 West Street between Joseph P. Ward and Rector Streets in lower Manhattan, this new 69-story, 700 foot tall tower is expected to contain approximately 542,000 sf. The building will provide 349 residential units, 143 hospitality guest rooms, 2 floors of parking and lobby amenity areas. The building is expected to have 10 foot floor-to-floor heights and floor plates of approximately 7,500 sf.

http://www.de-simone.com/projects/re...al/50west.html


***********


Two New High Rises Coming to WTC South


February 21, 2007

Real estate development is on the rise in the area south of the World Trade Center, with two new towers recently added to the construction slate.

The first is 50 West Street, located between West and Washington Streets at J.P. Ward Street (just north of the Brooklyn-Battery Tunnel Entrance). The project involves abatement and demolition of the location's three existing buildings, which will be replaced by a new 65-story residential tower and hotel. Pending abatement and demolition-plan approval by the Environmental Protection Agency (EPA) and other agencies, the developer hopes to begin several months of deconstruction work as soon as spring 2007, followed by 32 months of construction.

Nearby at 111 Washington Street (at Carlisle Street), abatement and demolition of the parking garage and two neighboring buildings (numbers 109 and 107) are planned in the coming months. The project's start also depends on EPA approval, with plans to rebuild the site as a 50-story residential tower and hotel. The developer expects construction to last approximately two years.


http://www.lowermanhattan.info/news/...ses_85333.aspx

Last edited by krull; April 28th, 2007 at 03:06 AM.
krull no está en línea   Reply With Quote
Old April 27th, 2007, 06:35 AM   #897
nygirl
Moderator
 
nygirl's Avatar
 
Join Date: Jul 2003
Location: New York City
Posts: 5,839
Likes (Received): 430

Sweet. This will look good infront of the world trade from the ferry. If it's where I think it is I hope it takes the place of that narrow gloomy looking building. I hope there's minimal demolition in this area but that thing can go. Interesting though, krull. This will be an interesting one to watch.
__________________
Completely attached to New York but completely in love with Chicago.

NAKED NEW YORK: A complete tour of New York City, 5 boroughs and immediate Metro: http://www.skyscrapercity.com/forumdisplay.php?f=2202
nygirl no está en línea   Reply With Quote
Old April 27th, 2007, 06:52 AM   #898
steph35
piéton
 
steph35's Avatar
 
Join Date: Apr 2006
Location: Paris
Posts: 2,517
Likes (Received): 1530

i find the renewal of the station very good... simple in appearence but really efficient, more natural lighting, a large open space... good project!
__________________
Piéton
steph35 no está en línea   Reply With Quote
Old April 27th, 2007, 08:29 AM   #899
Don Omar
Bark twice if in Milwauke
 
Don Omar's Avatar
 
Join Date: Aug 2006
Location: Nueva York
Posts: 487
Likes (Received): 36

older news, but good visual

Greening the Big Apple



Apr 26th 2007 | NEW YORK
From The Economist print edition

The mayor's long-term plans for saving the environment

THE city is in pretty good shape. Unemployment is at a record low. It is safer now than it was when Kennedy was president. Tourism is thriving. The bond rating is high. After the September 11th 2001 attack, many expected the worst for New York. But the mayor, Michael Bloomberg, has turned deficits into surpluses. He has also managed to make New Yorkers live healthier lives, banning smoking and trans-fats. Now, he has set his sights on the city's long-term sustainability.

The population is expected to grow by almost 1m to 9m by 2030—and the infrastructure is already crumbling. If something is not done to make the Big Apple greener, said Mr Bloomberg on April 22nd, New York will be on a “collision course with the environment”. He proceeded to unveil a 25-year vision that he hopes will be a model for other cities.

The mayor is proposing 127 new initiatives dealing with land, air, water, energy and transport. His proposals include introducing molluscs into the city's waterways as natural bio-filters, adding bicycle lanes and hastening the cleaning and rezoning of 7,600 acres (3,100 hectares) of contaminated land. He hopes to add 1m trees. New parks should mean that every New Yorker lives no more than 10 minutes away from one. School playgrounds will be open to the public.

Some of his provisions are even more ambitious. He plans to cut the city's greenhouse gas emissions by 30% in part by improving the efficiency of power plants. To pay for this, a $2.50 monthly surcharge will go on electricity bills. He argues that by spending $30 a year until 2015, every household will save $240 a year after that. This bid for energy conservation would be the broadest attack on climate change ever undertaken by an American city.

The most controversial proposal and the most politically courageous is congestion pricing. A one-time sceptic, Mr Bloomberg has been won over by the success of pricing in London and Singapore and now intends to set up a three-year pilot programme. The $8 fee to enter Manhattan below 86th Street will, he hopes, encourage more people to use public transport, thus improving the air, general health (in some areas one in four children suffer from asthma) and the quality of life. Taxis are exempt. By his reckoning, only 5% of New Yorkers commute to Manhattan by car. Those drivers will pay about half the fees, suburban commuters and commercial vehicles the rest.

Arnold Schwarzenegger, California's verdant governor, and Britain's prime minister, Tony Blair, both sent messages of support to the mayor. But Mr Bloomberg still has to win over his own state. He hopes, for instance, that the state legislature will agree to create a body with authority to raise money for improving transport. The city will commit $200m a year to such an authority and he wants Albany to match it, plus help from the federal government. Congestion pricing is expected to raise $380m in its first year alone.

Mr Bloomberg's vision is ambitious. But he needs to overcome Albany's doubts, and to win over public opinion in New York. He must do it fast: he will be in office for fewer than 1,000 more days.
__________________
Brooklyn, Bronx, Queens and Staten
From the Battery to the top of Manhattan
Asian, Middle-Eastern and Latin
Black, White, New York you make it happen

- Beastie Boys
Don Omar no está en línea   Reply With Quote
Old April 28th, 2007, 01:55 AM   #900
Ebola
BANNED
 
Join Date: Mar 2006
Location: New York City
Posts: 1,658
Likes (Received): 94

Holy crap. There's so much going on and so much more that's going to go on. Over the next years, we'll build a skyline in our skyline larger than nearly every other on this planet. All of the supertalls are just knocking on the door!
Ebola 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 11:14 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