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Old December 7th, 2007, 11:33 PM   #1221
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http://www.nytimes.com/2007/12/07/ny...on&oref=slogin
Shubert Considers a Deal to Sell Theaters’ Air Rights

By PATRICK McGEEHAN
Published: December 7, 2007



Now that Broadway shows have gone on again, theater owners in Midtown Manhattan have turned their attention back to another way of making money: selling the rights to the air above their roofs.

Under a change in zoning rules made in 1998, owners of certain playhouses in the Theater District can sell their unused development rights to builders who want to use those rights to build bigger towers elsewhere in the district. The rules also require that the builders make payments into a special fund to foster interest in theater.

That fund, however, was formally created only recently, about a year after the first payment from a developer was made. It now contains more than $2.5 million, and will nearly double in size if the latest proposed transfer of rights from two Shubert theaters goes through.

None of the money in the fund has been distributed. The eight-member Theater Subdistrict Council, which oversees the fund, has met just once and has not decided how to spend the money, city officials said this week.

Whether the recent 19-day strike by Broadway stagehands had affected sentiment among council members about how to use the fund to help promote theater is not clear, some members said.

The council, a mix of city officials and their appointees, includes George C. Wolfe, the former artistic director of the Public Theater, and Paige Price, an actress and producer.

In the proposed deal with the Shubert Organization, the company would sell development rights from two of its playhouses, the Shubert and the Booth, to Gladden Properties, which plans to build a 40-story office building 10 blocks away on Eighth Avenue between 54th and 55th Streets. Gladden is affiliated with Boston Properties, the development company run by Mortimer B. Zuckerman.

Normally, development rights can be transferred only between contiguous properties, but the city made an exception in 1998 to help preserve the theaters. Since then, Broadway theater owners have been allowed to sell their unused development rights, known as air rights, for use anywhere within a 34-block district that stretches from 40th Street north to 57th Street and from Avenue of the Americas to Eighth Avenue.

When that exception was conceived, Broadway was struggling and play producers were fretting about the decline of interest in serious drama. But by the time of the first transfer of any theater’s rights last year, much of that concern had dissipated amid a tourism boom in the city.

Growing demand for apartments and office space on the west side of Midtown drove developers to the doors of the theater owners with offers to buy their air rights at a premium.

The first deals were struck last year with the owners of the Brooks Atkinson and Al Hirschfeld Theaters. At the time, the buyers had to give the theater fund $10 for every square foot of development rights they bought.

All told, developers of three projects, including a 42-story condominium under construction at the corner of 46th Street and Eighth Avenue, have acquired rights from theaters so far. Those transactions produced slightly more than $2.5 million for the fund.

The proposed Shubert deal, which still needs approvals from Community Board 5 and the Department of City Planning, would produce an additional $2.4 million, said Rachaele Raynoff, a spokeswoman for the planning department.

Last year, city officials were pushing to use fund money to help fix up auditoriums in public schools. But some theater professionals argued that the money should instead be used to finance productions of new drama.

Ms. Raynoff said that the council was drafting a protocol for making grants to arts-related organizations, after which it will start soliciting proposals.

The council’s next meeting, which will be open to the public, has not been scheduled, Ms. Raynoff said.
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Old December 9th, 2007, 08:07 AM   #1222
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Ok here (and finally!) are some new buildings that are already under construction that I added to the first page. Later on, I will post another list of the new proposed and approve buildings.


Manhattan:


The Saya (22 East 23rd Street): 51 floors - 617 feet



11 Times Square: 40 floors - 601 feet



Hampton Inn/Candlewood Suites/Holiday Inn Express (337-343 West 39th Street): 36 floors - 360 feet



47 East 34th Street: 32 floors - 450 feet



510 Madison Avenue: 30 floors - 386 feet



808 Columbus Avenue: 30 floors - 326 feet



229-251 West 60th Street & West 61st Street: 27/15/10 floors



Chelsea Hotel (128 West 29th Street): 25 floors



The Alexander (East 49th Street): 24 floors - 296 feet



453 West 37th Street: 23 floors



Maiden Hotel (20 Maiden Lane): 20 floors



Linden78 (On West 78th Street): 20 floors



Avalon Morningside Park (West 110th Street): 20 floors - 204 feet



Sheraton Four Points (66 Charlton Street): 20 floors - 195 feet



Strand Hotel (33 West 37th Street): 19 floors



Wyndham Hotel (37 West 24th Street): 18 floors



Hilton Herald Square (59 West 39th Street): 18 floors



Superior Ink (469 West Street): 17 floors - 190 feet



East River Science Park (Complex): 15/12 floors



Columbia Northwest Science building: 14 floors



John Jay College (524 West 59th Street): 13 floors - 236 feet



245 10th Avenue: 13 floors - 125 feet



122 Greenwich Avenue: 12 floors - 128 feet





Brooklyn:


The Edge I: 40 floors
The Edge II: 30 floors



The Sochi (Sea Breeze Avenue): 28 floors



[email protected]: 25 floors



Sheraton/Aloft Hotel Duffield Street: 23 floors - 244 feet



525 Clinton Avenue: 13 floors - 148 feet



Novo (343-53 & 4th Avenue): 12 floors



The Argyle (410 4th Avenue): 12 floors



The Crest: 12 floors



Park Slope Court (110 4th Avenue): 12 floors





Queens:


East Coast Tower III (Center Boulevard): 18 floors



The Crescent Club: 17 floors



Metroplex on the Atlantic (Beach 26th Street): 15 floors



10-50 Jackson: 13 floors



Queens Crossing: 12 floors - 149 feet



View59 (24-16 Queens Plaza South): 12 floors





Bronx:


Riverstone (Arlington Avenue): 13 floors - 133 feet



The Towers at Hutchinson Metro Center Tower I(Waters Place): 12 floors

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Old December 9th, 2007, 02:57 PM   #1223
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many thx krull for updating the list
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Old December 11th, 2007, 12:54 AM   #1224
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great work krull
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Old December 11th, 2007, 03:45 AM   #1225
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great editons Krull thank you
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Old December 11th, 2007, 04:20 AM   #1226
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Ahh god! Those McSams are terrible. What's that guys deal?
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Old December 11th, 2007, 04:29 AM   #1227
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While running out of space...Manhattan sees hope on Brooklyn, then Queens. Maybe the fact that we are out of space here will push forward the development, except we are running out of affordable housing...where will these people be sent? I am an architect and work on Hotel projects, yet The norm would not consist on destroyig beautiful buildings in my opinion. Sometimes we must become a bit selfish, I guess. NYC is still king of high rises...and the growth is tremendous...We will find out how stable the real estae market is in about ten years...for now, I believe the hotel business is booming, and everyone wants to make money. THE problelm I see is that while running out of cheap hotel rooms, Tourists will seek other cities.

WHat do you guys think? A friend from Germany refused to visit because there were no decent priced rooms, the cheaest was about 400 dollars...If it was me, I'd do the same and go somewhere else...since I live here.
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Old December 11th, 2007, 06:08 PM   #1228
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Ok some construction pics.


December 6, 2007:


The Brompton (200 East 86th Street):






The Lucida (151 East 85th Street):






Kalahari (40 West 116 Street):






Graceline Court (West 116th Street):






11 Central Park North:



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Old December 11th, 2007, 06:42 PM   #1229
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December 8, 2007:


Harsen House (120 West 72nd Street):






229-251 West 60th Street & West 61st Street (Complex):








200 West End Avenue:






The Avery (100 Riverside Blvd) & The Rushmore (80 Riverside Blvd):








The Element & 10WEA (10 West End Avenue):



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Old December 11th, 2007, 07:16 PM   #1230
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Nice coverage north of CP. The Avery looks good. I loveeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee

love..
love...
The Kalahari.
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Old December 11th, 2007, 07:28 PM   #1231
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Nice updates
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Old December 12th, 2007, 06:21 PM   #1232
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Any updates fro brooklyn?
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Old December 12th, 2007, 06:53 PM   #1233
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colombian
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Old December 12th, 2007, 07:44 PM   #1234
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Thanks Krull. Great updates!
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Old December 13th, 2007, 01:25 AM   #1235
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http://www.nypost.com/seven/12122007...sea_755673.htm
JAY-Z WRAPS HOTEL PARTNERSHIP IN CHELSEA

December 12, 2007 -- WE'VE discovered that music mogul Jay-Z has invested in a real estate development venture.

Sources have been whispering all summer and autumn that the rap star/music mogul was getting involved in a hotel company.

Now we've discovered that the simply dubbed J Hotels has bought a Chelsea piece on which to build.

The partners are Abram Shnay, a local developer, his son, Scott, and Charles Blaichman, who have all been involved in several projects, including the Philip Johnson-designed Urban Glass House in TriBeCa.

Scott Shnay said that they are trying to figure out what to build at the site, which is located at 510 W. 22nd St. and runs through to 511 W. 21st St.

The total cost to buy the mid-block parcel and the air rights was $66 million. Options being considered for the site include an art gallery building or a high-end hotel. They have the potential to go to about 12 stories.

"It's a great piece of property adjacent to the High Line in a great neighborhood," Scott Shnay said.

Jay-Z is riding high these days. Not only was he just nominated for five Grammy awards, but he's known as a savvy businessman.

Jay-Z already has the successful Chelsea night spot 40/40 Club. And he's building on the buzz by opening a Las Vegas outpost of the club at the new Palazzo portion of the Venetian on Dec. 30 - just in time for the next night's New Year's Eve bash.

No stranger to big, glitzy business, Jay-Z made a mint earlier this year when he sold his popular Rocawear clothing company to the Iconix Brand Group for $204 million. And, he remains president of the successful Def Jam Recordings.

Jay-Z himself is performing Dec. 29 at The Palms in Sin City.
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Old December 14th, 2007, 12:40 AM   #1236
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Incredible job Krull... The overview is without end! Took me 30 minutes to watch all the projects... So must have taken you a lot of time, thanks man!
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Old December 14th, 2007, 01:42 AM   #1237
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http://www.nydailynews.com/ny_local/...n_hotel-2.html
Young tycoon to open downtown hotel

BY JOTHAM SEDERSTROM
DAILY NEWS STAFF WRITER

Thursday, December 13th 2007, 4:00 AM


Roberts for News

Ben Nash and his mother Shula


At 25, most people are starting to build their résumés - not multimillion-dollar hotels.

But Ben Nash, Brooklyn's youngest real estate tycoon, isn't most people, and he is hard at work on developing Indigo, a $60 million hotel he expects to open in downtown Brooklyn by 2010.

That might sound like enough to keep him busy, but the Crown Heights native, who got his start as a cell phone salesman, still has plenty more he wants to do.

"I'm really not that thrilled with where I am right now," said Nash of his growing real estate empire.

"When I look in the mirror, I'm not super psyched about what I've accomplished. There's so much more that I could be doing."

On his to-do list: Nash plans to establish an interest-free business loan for poor Crown Heights residents; pursue a finance degree, and through his company, V3 Hotels, invest nearly a quarter of a billion dollars on hotel projects in Manhattan and Queens.

One more thing: He also wants to learn to play the saxophone.

"All of his visions and his dreams are about changing the world," said his proud mother Choula Nash, who raised Ben and eight other children in Crown Heights with husband Leibish Nash, a state Health Department employee.

"When he was a kid, he always told me he had very big plans. Now I believe him."

When completed, the 22-story, 164-room Indigo will be one of three hotels on Duffield St. A 325-room Sheraton and a 176-room W Hotel offshoot, Aloft, also will be built.

Another five hotels and more than 1,300 new rooms are slated for downtown Brooklyn - a prospect that doesn't worry Nash, who began eying real estate as a teenager.

"When I was 15, there was a big property across from my house that I was interested in for a long time," recalled Nash, who counts as an inspiration diamond and real estate billionaire Lev Leviev. "I used to tell people that one day I would develop the property, but never ended up doing it."

Not surprisingly, Nash's 16-hour days and his position as CEO of V3 Hotels and cell phone distributor PCS Wireless hasn't allowed for a booming social calendar.

"Honestly, the girls aren't knocking on my door," he said. "I'll wake up in the middle of the night excited about checking my computer for e-mail."

[email protected]
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Old December 14th, 2007, 08:16 AM   #1238
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Cuomo's Plan to Cut Condo Development Red Tape


BY LYSANDRA OHRSTROM
DECEMBER 13, 2007

State Attorney General Andrew Cuomo has proposed legislation to cut the wait time for developers who submit plans for new co-op and condo projects.

The legislation would increase funding for the Real Estate Finance Bureau (REFB), the group in the attorney general's office responsible for approving encyclopedic offering plans detailing everything from floor plans to certificates from architects before a developer can start advertising or pre-selling any apartments. In the past five years, the REFB has been inundated with 300 percent more condo and co-op conversion applications, according to the press release issued by Mr. Cuomo's office Thursday.

The legislation, which is currently in committee in both chambers of the New YorkLegislature, would also increase the cap from $20,000 to $30,000 on filing fees for projects over $5 million for the first time since 1989 to cover the cost of additional REFB staff.


http://www.observer.com/2007/lysandra-ag
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Old December 17th, 2007, 08:25 AM   #1239
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NYC hotel boom could help ease room shortage


The Associated Press
Sunday, December 16, 2007

NEW YORK: While planning her vacation to New York, Lisa Werness was so horrified by the prices in Manhattan that she chose cheaper lodging in Brooklyn — where she got a room rate of just $400 (€275) a night.

"Don't remind me. I'm trying to forget about it," she said.

In a city where residents often pay more than half their salaries for a place to sleep, visitors have long faced a shortage of hotel rooms and rising prices.

Now, with 8,500 hotel rooms under construction in the city — a growth of more than 10 percent — that crunch could ease slightly in the coming months. By comparison, it took from 1998 to 2007 to make a leap of the same size.

"One of the challenges that New York has always had is having enough rooms for tourists," said Sean Hennessey, CEO of industry consulting firm Lodging Investment Advisors. "Most of the time the corporate travelers are willing to pay more than the tourists, and the tourists kind of get crowded out."

New York sees more overseas and domestic visitors than any other U.S. destination except Orlando, according to analysts at Global Insight Inc. But it has fewer hotel rooms than less popular spots including Las Vegas, Chicago, the Los Angeles metro area and Atlanta, according to Smith Travel Research.

The resulting shortage leads many travelers to New York to look far afield of the usual tourist draws, and hotel developers have taken notice, with new lodging under construction or recently opened in the boroughs of Brooklyn, Queens and the Bronx, Long Island and beyond.

Even with the weak dollar making his trip to New York a bargain, London resident Mike Jones still found the price tag on his Brooklyn hotel room shocking.

"All the hotels in Manhattan are pretty much full at whatever rate they want to charge," he said. "They're operating at pretty much capacity, and they can charge pretty much what they like."

Even in Brooklyn, he had a bill for close to $600 (€413) a night, he said, adding: "That's crazy."

The city's occupancy rate is much higher than elsewhere around the United States — averaging 85 percent in Manhattan during the first nine months of this year, compared to the national average of 65 percent, according to Smith Travel Research. Manhattan's hotels are at or near capacity most nights of the year, said Hennessey, adding that the current growth is the largest he has seen in the city in 25 years.

Even the current influx of new rooms is unlikely to glut the market and knock down prices, Hennessey said, although he noted that an economic downturn could lead companies to cut back on business travel, which could lead to cheaper rates.

As of October, New York had 59 hotels under construction — more than any of the 26 other U.S. cities with the largest number of hotel rooms, according to Smith Travel Research. It also had 103 hotels in the planning stage, beating out all those other markets.

Most of those new properties are expected to charge what Hennessey called "mid-market" prices, although mid-range in New York, at $200 (€137) to $300 (€206) per night, may still seem far too expensive for some.

While properties already under construction are unlikely to be called off, the mortgage crunch has some in the industry wondering if future projects might be slowed by the rising price of financing. Either way, it seems unlikely that a city with such high real estate prices will soon be offering truly cheap hotel rooms.


http://www.iht.com/articles/ap/2007/...Hotel-Boom.php
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Old December 18th, 2007, 11:41 PM   #1240
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http://www.nypost.com/seven/12182007...ere_945344.htm
HEY! WE STILL LIVE HERE

ZUCKERMAN'S PLANS FOR NEW OFFICE TOWER HIT A ROADBLOCK

December 18, 2007 -- TO put up its glamorous new office tower on Eighth Avenue between 54th and 55th streets, Mort Zuckerman's Boston Properties might have to build on top of a tiny tenement at 261 W. 54th St., which is still home to two residential tenants.

That did not thrill Community Board 5 at a meeting earlier this month. When John Mills, CB 5's land-use committee chair, asked, "With the tenants still in it?" a Boston rep said the company would try to relocate them first.

The matter of 261 W. 54th St. - in the middle of the south side of the project, known as 250 W. 55th St. - is one of several puzzles regarding the development.

Last week, Boston filed plans with the Buildings Dept. for a 25-story tower at 250 W. 55th, even though it has widely been described as having 39 stories - suggesting that uncertainty over the tenement or air rights-transfer issues might force Boston to develop the project in two stages.

The Buildings Dept. filing called for a mere 609,188 square feet. Even if that swells to a larger "rentable" square-footage figure, it would barely be big enough even for law firms Proskauer, Rose and Gibson, Dunn & Crutcher, which Boston hopes to soon sign.

Even as Boston and its partner, Gladden Properties, try to nail down 700,000 square feet of leases with the law firms, they're also battling for 160,000 square feet of air rights they need to buy from two Broadway theaters nearby.

At a meeting last Thursday, CB 5's land use committee recommended approval for Boston to transfer 109,432 square feet of air rights it would buy from the theater owners.

But the panel took no action on Boston's request to buy an additional 48,204 square feet of air rights from the Booth and Shubert theaters. That needs authorization by the Planning Dept., and requires Boston to provide a theater-related amenity.

The second set of development rights also require the OK of Manhattan Borough President Scott Stringer and the local City Council member, who happens to be Speaker Christine Quinn.

So far, Boston has offered what some CB 5 members regard as a puny 3,000 square-foot theater space on the 54th Street side. CB5 wants Boston to "explore" coming up with a bigger space, among other things.

The board praised the new tower's setback design by Skidmore Owings & Merrill (not yet released), which features a 57-foot high retail base "reflective of the massing of nearby townhouses."

Boston's New York development honcho, Robert Selsam, did not respond to a detailed set of questions.

CB Richard Ellis honcho John Powers, the leasing agent for the project, did not respond to calls.
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