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Old June 6th, 2013, 06:50 PM   #2641
Vertical_Gotham
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[QUOTE=RobertWalpole;103977805]

In return, Related wanted Barnett’s 1 Hudson Yards site at 34th Street and Eleventh Avenue so it could move forward with its giant towers and retail podium.

QUOTE]

Was 1 Hudson Yards site somehow impeding with the development with their towers and retail podium??

So what is related plans for this 1 Hudson Yards site now?? My understanding with this site is that this is very buildable now and something could rise rather fast at this site.

Since KPF is the major architect for Related's Hudson Yards towers, i wonder if Related could retain KPF's original design meant for Extell's One Hudson Yards and build it.
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Old June 6th, 2013, 07:49 PM   #2642
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Boston Properties puts Times Square Tower on the market
http://therealdeal.com/blog/2013/06/...on-the-market/

Quote:
Boston Properties’ 48-story Times Square Tower is on the market and could fetch more than $1 billion
Quote:
Doug Harmon heads up a team of brokers at Eastdil Secured in marketing the Times Square tower. Harmon and his partner Adam Spies have been on a transactional tear of late, brokering the sale of 650 Madison Avenue, now in contract for $1.3 billion, as well as finding a buyer for the Time Warner Center, which has attracted similar bids.
I think it is a matter of when Time Warner moves its whole operations in the Hudson Yards and my bet it will be for the North Tower. They will stand to make more than 1.5 Billion selling its Time Warner Center is my guess the way these trophy properties are being bought.

Just like coach in the south tower, I speculate that Time Warner will probobly use its proceeds of the sale to purchase large parts of the North tower instead of lease and still have plenty of money of cash on hand after the Time Warner Center sale. Not too shabby if Time Warner makes its move business wise. If this scenario plays out then i'm sure the North Tower of this project will have a new name. The Time Warner Tower. lol.
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Old June 6th, 2013, 09:05 PM   #2643
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Quote:
Originally Posted by Vertical_Gotham View Post
Was 1 Hudson Yards site somehow impeding with the development with their towers and retail podium??

So what is related plans for this 1 Hudson Yards site now?? My understanding with this site is that this is very buildable now and something could rise rather fast at this site.

Since KPF is the major architect for Related's Hudson Yards towers, i wonder if Related could retain KPF's original design meant for Extell's One Hudson Yards and build it.
I've been trying to figure out these same things. I don't totally understand what's meant by the articles saying that Related can proceed now with their towers... it seemed like they were already going ahead with them.

The only thing that makes sense to me is the idea that by assuming control of One Hudson Yards, they're eliminating competition in the immediate area, and can leverage that into securing further financing for their main HY towers. Which would mean delaying the construction of One HY, folding it into their master schedule for developing these towers.

But I am only speculating -- this isn't exactly my field and I'm sure RW and others have a better grasp on the how's and why's of this trade.

As for the design, the things I've read so far seem to suggest that they're not just buying the site, but the entire project from Extell, which would mean they're planning on building the KPF-designed tower. Can anyone confirm this?
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Old June 6th, 2013, 09:50 PM   #2644
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According to the NYC DOB filing the south tower is 905 feet and 52 floors.

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Old June 7th, 2013, 12:35 AM   #2645
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Quote:
Originally Posted by MarshallKnight View Post
I've been trying to figure out these same things. I don't totally understand what's meant by the articles saying that Related can proceed now with their towers... it seemed like they were already going ahead with them.

The only thing that makes sense to me is the idea that by assuming control of One Hudson Yards, they're eliminating competition in the immediate area, and can leverage that into securing further financing for their main HY towers. Which would mean delaying the construction of One HY, folding it into their master schedule for developing these towers.

But I am only speculating -- this isn't exactly my field and I'm sure RW and others have a better grasp on the how's and why's of this trade.

As for the design, the things I've read so far seem to suggest that they're not just buying the site, but the entire project from Extell, which would mean they're planning on building the KPF-designed tower. Can anyone confirm this?
Just one small question, might it be that Related will transfer the air rights from this plot to use at another site? If that would be the case, then 1HY might not be built at all
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Old June 7th, 2013, 02:32 AM   #2646
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Quote:
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According to the NYC DOB filing the south tower is 905 feet and 52 floors.

there's a thread for that tower now
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Old June 11th, 2013, 05:16 PM   #2647
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What About Bob: CBRE’s Robert Alexander on Hudson Yards
http://commercialobserver.com/2013/0...ards/?show=all

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How will that development impact development across the city?

The anchor of Related’s development there will cause a spinoff relative to the development further north of Hudson Boulevard, which the city has planned out right now with multiple sites. To the south at 30th [Street] and 10th [Avenue], there’s a big residential component that’s already 30 stories that Related is creating there. So you can already see the spinoffs that are going on.

We also believe that Brookfield [Properties] is going to have a successful project over at Midtown West—it’s a great company, and they’ll do a nice job over there ultimately. So if you look at the whole scope of what we’re talking about here, it’s probably over 20 million square feet, which is massive. Midtown supply is 220 million square feet. So it’s almost 10 percent of the “square footage of Midtown.” That is one monstrous development. It’s got to be the biggest in the U.S. right now.

The SAP and L’Oréal leases at Related’s South Tower were announced together. Was that planned?

CBRE and Related coordinated the signing of those leases with the ultimate purchase by Coach. All of this was executed simultaneously, which as far as I know has never been done in the history of New York real estate—to have major corporations sign major leases like that and a major corporation make that purchase. A lot of people get credit for that—from the legal side, the CBRE side, the bankers and certainly from the Related side. When Related threw a “thank you” cocktail hour, there must have been at least 85 people in the room that were directly involved in those deals—and that’s just unheard of.

The South Tower is approximately 1.7 million square feet. So if you take a step back and see what’s transpired, Coach has bought 750,000 square feet, and with the L’Oréal and SAP deals, there’s about 390,000 square feet remaining.



What’s the time frame for the leasing and construction of the rest of the space?

[At the South Tower], we’ve gotten interest from fashion, media and tech. We’re delivering in 2015. If we can get the big tenant that’s great, but we like the flexibility of having the smaller tenants, because this way you have movement within the building. We’re looking for single-floor and double-floor tenants.

When one is looking for 40,000 square feet, it’s a little premature for these companies to actually be out in the market looking to make commitments right now. That’s not to say we don’t have action, because we do. We anticipate really good leasing activity toward the end of this year and into the first quarter of next year for the remaining component of the South Tower.

We have a marketing effort going on in the North Tower. It requires a million-square-foot anchor tenancy. We’ve currently got media and financial institutions extremely interested and looking hard as anchor tenants.
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Old June 11th, 2013, 06:31 PM   #2648
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A little discount compared to other developments in the city sure can do wonders. I'm no expert but it really looks like Related's success at harvesting tenants is light years beyond what we see at the WTC, where no major tenant was signed since Conde Nast
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Old June 12th, 2013, 06:46 AM   #2649
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I'm not crazy about this project. It reminds me of Moscow's IBC, and not in a good way. Individually, many of the buildings look good, but together it's all stripes and plaids and polka dots.
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Old June 12th, 2013, 03:02 PM   #2650
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Quote:
Originally Posted by Vertical_Gotham View Post
What About Bob: CBRE’s Robert Alexander on Hudson Yards
http://commercialobserver.com/2013/0...ards/?show=all
I wonder if the financial company is Credit Suisse, since its lease on Madison expires in a few years.
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Old June 12th, 2013, 11:16 PM   #2651
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Might be too off topic to post them all, but Curbed has a great article with about 30 historic photos of the Yards and the surrounding environs, from the 1860s to 1940s. Fun to contrast where this area came from and where it's going.
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Old June 12th, 2013, 11:48 PM   #2652
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Still very interesting pics. Thanks.
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Old June 14th, 2013, 05:14 AM   #2653
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Just seen this on YT.


sltube7
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Old June 14th, 2013, 05:20 AM   #2654
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Wow!!!!!!!!

Where did you find that?

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Old June 14th, 2013, 05:22 AM   #2655
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Click the link.

The uploader has other videos, although they're quite old.
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Old June 14th, 2013, 05:47 AM   #2656
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In the 20th minute of this video, Related says that the anchor tenant of the North Tower will be announced in a few months. It sounds like there's a deal in place.

http://www.hudsonyardsnewyork.com/library/videos
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Old June 14th, 2013, 05:53 AM   #2657
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seemed more like he was hoping for it rather than confirming it. Confidence is key of course, i wouldn't doubt they would have somebody signed up by then
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Old June 14th, 2013, 06:10 AM   #2658
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icon in the making
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Old June 14th, 2013, 06:29 AM   #2659
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seemed more like he was hoping for it rather than confirming it. Confidence is key of course, i wouldn't doubt they would have somebody signed up by then
I did not get that impression. I would not be surprised if Time Warner takes 1m sf and Credit Suisse takes 500,000-750,000.

Maybe Ralph Lauren could anchor Extell's old site.
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Old June 14th, 2013, 06:34 AM   #2660
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I just looked at the video for the lousy boxes that initially were planned. This project went from very boring to magnificent in a very short time.

http://m.youtube.com/watch?v=IuzyGJmqgSg

What a contrast to this.


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Last edited by RobertWalpole; June 14th, 2013 at 06:40 AM.
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