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Old July 14th, 2012, 09:56 PM   #1461
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Originally Posted by RobertWalpole View Post
It might ruin it for Brits but not for mega-rich people from the Persian Gulf and unstable parts of Europe that want a safe haven. London property always will be like money in the bank. Who wouldn't want to live in Knightsbridge?
I'd love to. Actually, I'd rather S. Ken or Holland Park
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Old July 15th, 2012, 04:00 PM   #1462
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They're all amazing.
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Old July 23rd, 2012, 09:35 PM   #1463
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http://www.crainsnewyork.com/article...TATE/307229993



Developer for all seasons takes New York
Multitalented, deep-pocketed Hines builds success far from its Dallas home.
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By Theresa Agovino @theresaagovino
July 22, 2012 5:59 a.m.
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THEY WILL COME: Tommy Craig isn't worried about finding tenants for Hines' newest office tower, which will rise near Bryant Park. When three of the world's leading financial companies—Morgan Stanley, Goldman Sachs and UBS—all select the same outfit to develop office buildings for them, that firm must have something going for it.

But when that same outfit is tapped by the city's largest commercial landlord to consult on a big development project, that firm must be special. That's what happened last month when SL Green Realty Corp. chose Dallas-based Hines for help on a building it is planning to construct across the street from Grand Central Terminal.

"Hines is one of the pre-eminent developers in the world," said Isaac Zion, co-chief investment officer at SL Green, whose specialty is buying and managing properties, not building them. "We look forward to benefiting from its expertise."

Meanwhile, Hines made news of its own in the city last month. It announced it had reached an agreement with JPMorgan Chase to finance a 28-story, 450,000-square-foot office tower kitty-corner from Bryant Park. Remarkably, that deal was struck even though Hines has yet to secure an anchor tenant—a milestone that banks have insisted on in recent years as a prerequisite before considering a loan. In addition, Hines is restarting a client's stalled condo tower at 56 Leonard St. in TriBeCa, and trying to line up financing for a condominium/hotel it plans to put up next to the Museum of Modern Art.

"New York has never been more important to us as a firm," said Tommy Craig, a senior vice president and partner in Hines' New York metro office in Manhattan. "Because New York is a global financial capital, everything we do here is amplified as we seek funding from all over the world."

Lots of local projects
The 55-year-old global company has plenty of projects that it can point to here. Since Hines opened in Manhattan 24 years ago, it has become one of the city's best-regarded—though still least-known—developers. It made an indelible first impression in 1986 by developing what has become known as the Lipstick Building, the pink, oval-shaped office tower just east of Citicorp Center. It has developed 11 buildings in the city either for itself or others, including 31 W. 52nd St., a 30-story office building, and 450 Lexington Ave., a 1 million-square-foot office tower. The New York area accounts for about 10% of Hines' $15 billion of real estate assets under management in the U.S.

In New York as elsewhere, one of the company's strengths is its diverse base of business, which helps it weather all kinds of markets. Hines develops and manages its own commercial as well as residential properties but will also provide the same services for third parties for a fee. Currently, Hines manages 13 buildings in the city. It also buys buildings developed by others for its portfolio.

Similarly, Hines has a multiplicity of cash sources. It has a publicly traded real estate investment trust that it uses to buy and sell properties. Hines also raises equity capital directly from institutional investors, including investment and pension funds.

Over the years, the company has carefully cultivated a reputation for its professionalism, integrity and the quality of its buildings. That status stems in part from its longstanding habit of using award-winning architects. That started when Hines selected Pritzker Prize winner Phillip Johnson to design the Lipstick Building. Similarly, the developer picked Jean Nouvel, another Pritzker Prize winner, for its first residential project here, 40 Mercer St. in SoHo, which opened six years ago. The Frenchman is also designing Hines' tower near MoMA.

"They deliver great architecture, and they deliver on their promises," said Reid Price, managing director of new development at Town, a Manhattan-based residential real estate agency. He noted that while some developers hire big-name architects, they then cut corners, especially if the market softens. Not Hines, he said.

At 40 Mercer St., Hines' timing was perfect. The 40 units sold out in a year and a half, and the construction was completed in 2007. The developer was not so lucky, however, at 1 Jackson Square in the West Village. Marketing of the 30-unit condo was affected by the Lehman-Brothers global financial meltdown, so it took three and a half years to sell out. Construction was completed in 2011.

Now Hines is moving ahead with another condo project, at 56 Leonard St. Originally, it was developing the property for a fee on behalf of owner Alexico, which subsequently went bankrupt. While Mr. Craig will not comment about Alexico, he said that Dune Partners and Goldman Sachs' Whitehall Funds are providing financing to complete the project, which is being designed by Pritzker Prize winners Jacques Herzog and Pierre de Meuron.

While the relative strength of the city's residential market has drawn Hines' attention in recent years, the firm has made its mark as an office building developer, owner and manager. Many of its rivals in the city, including the Related Cos. and Silverstein Properties Inc., are better known, but few can match Hines' attention to every detail. CBRE Vice Chairman Darcy Stacom said that even the areas that house mechanical operations in Hines' towers are immaculate.

"You can eat off the floor," said Ms. Stacom, who has sold several buildings for Hines over the years. "They even have a manual about how to wash the windows."

The windows at what will be Hines' newest office tower will boast striking views of Bryant Park. The question is, will there be tenants to enjoy them? The leasing market has been lackluster in recent months as many tenants opt to renew their leases instead of incurring the expense of a major move.

Hines is going ahead without a tenant, hoping it will have signed at least some leases by the time the building opens in 2014. Mr. Craig says he isn't particularly worried, even though there will be other new buildings hitting the market with plenty of space to lease, such as 250 W. 55th St. and 51 Astor Place.

"We have the best site in midtown, and we'll be delivering a boutique, 21st-century building," said Mr. Craig. "We'll be ready for the rebound."

Rare black eye
DEVELOPER'S PROJECTS FOR ITS OWN PORTFOLIO
885 Third Ave./Lipstick Building
35 stories
592,000-square-foot office tower
Completed 1986; sold 2004

31 W. 52nd St.
30 stories
730,000-square-foot office tower
Competed 1986; sold 2007

450 Lexington Ave.
40 stories
1 million-square-foot office tower
Completed 1992; sold 2005

40 Mercer St.
13 stories
40-unit residential condo
Completed 2007; sold out 2007

1 Jackson Square
11 stories
36-unit residential condo
Completed 2011; sold out 2011
Mr. Craig is still seeking financing for what is commonly called the MoMA tower, which is slated to include floors for the museum, a hotel and luxury condo units. In a rare public black eye, the City Planning Commission refused to sign off on Hines' original plan. It said the design was incomplete and eliminated 200 feet that the developer had been given special permission to add, reducing the building to 1,050 feet.

Mr. Craig declined to discuss the incident.

Whitehall Funds is already a partner in the deal, but Hines still needs to line up more financial backers for the $1 billion-plus project—a task Mr. Craig acknowledges is more challenging than securing funds for the relatively small Bryant Park tower.

Still, he believes it will flow, pointing to the success of other high-end residential developments like One 57, a tower rising on West 57th Street. Its developer, Gary Barnett, said that a penthouse there fetched more than $90 million.

"We are very confident in the strength of the high-end market," said Mr. Craig

A version of this article appeared in the Jul. 23, 2012, print issue of Crain's New York Business.



Read more: http://www.crainsnewyork.com/article...#ixzz21TLVGuxg
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Old August 9th, 2012, 05:14 PM   #1464
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This is relevant to this, 432 Park, 225 W 57th, 107 W 57th, basically anything with a view of Central Park.

Bloomberg Manhattan Luxury Housing Market Charts

Posted by Jonathan Miller - Thursday, August 9, 2012, 12:02 AM



"...These charts show the reset when the credit crunch began circa 2007-2009. On a [price per square foot] basis (top chart), the luxury market seems to have begun climbing again at the same trajectory that was seen pre-Lehman bankruptcy."
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Old August 14th, 2012, 12:41 AM   #1465
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NY Observer



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The Case of the Museum and the Architect

Hines Development and the Metropolitan Museum of Modern Art’s plans to build a 1,250-foot-tall, 82-story building, otherwise known as the Torre Verre, would have created a striking tower—part hotel, part gallery space—smack in the middle of one of the city’s busiest blocks.

Designed by French architect Jean Nouvel, the glass tower offered MoMA 52,000 square feet of additional gallery space while promising an “exhilarating” addition to Manhattan’s skyline, as The New York Times predicted in an architectural review at the time.

But before the structure could even be built, Mr. Nouvelle and Hines were faced with navigating four separate zoning districts and a plot of land in close proximity to two landmarked sites, St. Thomas Church and The University Club, and a residential portion on the 54th Street side of the L-shaped plot.

Lawyers with Kramer Levin Naftalis & Frankel, working on behalf of MoMA and with the developers, saw that the building could be erected by using both landmarked sites’ unused air rights while positioning the building away from Sixth Avenue. The final design was a building that looked as though Mr. Nouvelle “extruded it like a piece of taffy,” said a person close to the development, who asked not to be named.

The 54-55 Street Block Association voiced its disapproval of the “exceedingly tall tower,” but all that opposition led to was eventual approval by the New York City Council, with a provision that the tower be chopped down by at least 200 feet.

“The 53rd Street project demonstrates that even in the most challenging situation with multiple zoning districts, nearby landmarks, a museum’s needs and concerned neighbors, it is still possible to use the New York land-use process to create a great building and great architecture,” said Samuel Lindenbaum, a lawyer at Kramer Levin who represented MoMA in the deal.
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Old August 14th, 2012, 12:56 AM   #1466
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Nothing new there^, or did I miss something?
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Old August 14th, 2012, 01:02 AM   #1467
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Nothing new there^, or did I miss something?
No, nothing new but we're all hoping for a 2013 start...
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Old August 14th, 2012, 01:22 AM   #1468
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Optimistic spin in a project that has truly, epicly been bogged down. NY has moved on One 57 has topped out and they are still talking and talking, meanwhile 432 Park begins and so on and so forth.
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Old August 14th, 2012, 06:05 AM   #1469
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This likely will start rising in 2013.
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Old August 14th, 2012, 10:09 AM   #1470
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Quote:
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This likely will start rising in 2013.
I hope you're right
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Old September 1st, 2012, 02:03 AM   #1471
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Has foundation work even started?
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Old September 1st, 2012, 09:58 AM   #1472
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nope
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Old September 1st, 2012, 01:07 PM   #1473
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Is the site already vacant, or do they have to do demolition first?
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Old September 1st, 2012, 01:49 PM   #1474
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The site is vacant.
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Old September 4th, 2012, 01:06 AM   #1475
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With One57 and 432 Park Avenue getting built I can't see how this one won't eventually be built too. Also, the fact that we are in the beginning stages of another building cycle means it is less likely it will get stalled in the next credit crunch.
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Old September 4th, 2012, 01:11 AM   #1476
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Hines is ready to go and is merely looking for financing. Funding should be forthcoming given the demand.
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Old September 4th, 2012, 05:30 AM   #1477
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Quote:
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Hines is ready to go and is merely looking for financing. Funding should be forthcoming given the demand.
luxury apartments market is booming like no tomorrow. It seems to me like all the rich and famous of the world just all of a sudden decided to buy luxury apartments in NYC
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Old September 4th, 2012, 05:44 AM   #1478
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luxury apartments market is booming like no tomorrow. It seems to me like all the rich and famous of the world just all of a sudden decided to buy luxury apartments in NYC
I agree, and in London too.
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Old September 4th, 2012, 06:32 PM   #1479
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Quote:
Originally Posted by JohnFlint1985 View Post
luxury apartments market is booming like no tomorrow. It seems to me like all the rich and famous of the world just all of a sudden decided to buy luxury apartments in NYC
I agree, and in Miami too.
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Old September 5th, 2012, 03:35 AM   #1480
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I agree, and in Miami too.
Miami is becoming a favorite destination of Russian millionaires lately. They buy whole streets with luxury houses there.
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