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Old May 5th, 2013, 07:09 AM   #541
lunchboxnyc
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Quote:
Originally Posted by Vertical_Gotham View Post
Iíll try to answer as best as I can. While there had been a city wide re-zoning in Manhattan many years ago. The city is growing exponentially and re-zoning is needed to accommodate its growing needs.

A re-zoning citywide would probably not happen anymore in NYC, instead there are Zoning districts dividing up Manhattan. If change is needed then re-zoning would have to go through an approval process in their respective Zoning Districts.

There are 2 major re-zonings that I can think of that had occurred lately.

1) Hudson Yards. This is why we are having a very tall mini city being built here. 

2) Hudson Square re-zoning which just happened this year limits the height for new developments in that area.

Finally what is currently going on is the Midtown East Zoning. This is a biggie because itís the cityís largest central business district. While zoning here already allows for taller, there is greater need to upgrade an ageing infrastructure and the desire to allow more density with even more taller buildings to accommodate a growing workforce.

Midtown East is getting old and it needs to stay competitive with other parts of the city and the world. Logistically midtown east is the most desirable area of Manhattan and the most expensive per sq ft in terms of office space because of its proximity to major transportation hubs. (Grand Central and Penn Station) The fear of not upgrading Midtown is that it will lose its edge to downtown and the soon to be emerging Hudson Yards, but more importantly lose its edge globally.

So now if we build a building like the proposed 1 Vanderbilt we could only build a max 1,200 ft vs. 1,700 + if the re-zoning is approved. Figures are not accurate itís just to give an idea.

good info, thanks for that.
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Old May 5th, 2013, 07:10 AM   #542
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What is this 1 Vanderbilt you speak of? You have Grand Central, Lincoln Tower, and another beautiful old building on the corner of Vanderbilt and 42nd
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Old May 5th, 2013, 07:20 AM   #543
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Found it, nevermind.
http://www.skyscrapercity.com/showthread.php?t=1518868

would be horrific to build a tower in the Grand Central District that would further shadow Grand Central Terminal, The Chrysler Building, and The Lincoln Tower... not to mention demolishing 51 East 42nd...
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Old May 5th, 2013, 07:46 AM   #544
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Quote:
Originally Posted by lunchboxnyc View Post
Found it, nevermind.
http://www.skyscrapercity.com/showthread.php?t=1518868

would be horrific to build a tower in the Grand Central District that would further shadow Grand Central Terminal, The Chrysler Building, and The Lincoln Tower... not to mention demolishing 51 East 42nd...
Can't wait!



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Old May 6th, 2013, 01:39 AM   #545
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56 Leonard on 5-5-13 ...

A few shots from today ... onward and definitely upward!

1.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

2.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

3.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

4.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

5.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

6.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

7.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

8.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

9.

image hosted on flickr

56 Leonard - 5-5-2013 by BrooklynFlyGuy, on Flickr

10.

image hosted on flickr

56 Leonard - 5-5-2013 by BrooklynFlyGuy, on Flickr

11.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

12.

image hosted on flickr

56 Leonard by BrooklynFlyGuy, on Flickr

13.

image hosted on flickr

56 Leonard - 5-5-2013 by BrooklynFlyGuy, on Flickr

14.

image hosted on flickr

56 Leonard - 5-5-13 by BrooklynFlyGuy, on Flickr



Oh yea, forgot about these ... I'm thinkin' in a coupla years, the view of 56b Leonard from the Brooklyn Bridge should be pretty sick!

Here's the 'before' pix...

image hosted on flickr

One View ... some day by BrooklynFlyGuy, on Flickr


image hosted on flickr

Some day ... one view by BrooklynFlyGuy, on Flickr
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Old May 6th, 2013, 02:22 AM   #546
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Actually it won't be visible from that spot, because the Manhattan Municipal Building blocks the view, but further on the bridge it will be clearly visible.
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Old May 6th, 2013, 02:36 AM   #547
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Quote:
Originally Posted by tim1807 View Post
Actually it won't be visible from that spot, because the Manhattan Municipal Building blocks the view, but further on the bridge it will be clearly visible.
OK, ya might be right ... Well then I'll say it'll be visible in that general vicinity ...without the need for going all the way to the center-span. I hope.
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Old May 6th, 2013, 02:44 AM   #548
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O_o This thing is powering upwards quickly!
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Old May 6th, 2013, 02:46 AM   #549
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Note the couple on that 'balcony' in pix #4 ... guess they're saying farewell to that view, huh?!
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Old May 6th, 2013, 02:58 AM   #550
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impressive design I always love something that odd yet very industrial design like this one
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Old May 6th, 2013, 01:53 PM   #551
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Quote:
Originally Posted by BrooklynFlyGuy View Post
Note the couple on that 'balcony' in pix #4 ... guess they're saying farewell to that view, huh?!
is that a residential block anyway?
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Old May 6th, 2013, 02:02 PM   #552
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Quote:
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is that a residential block anyway?
http://en.wikipedia.org/wiki/New_York_Law_School
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Old May 7th, 2013, 07:51 PM   #553
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50% sold!


Catching Up With Hines


Quote:
Hines Senior Managing Director Tommy Craig has delicately balanced a busy year of development projects with an ambitious investment strategy.

Hines has been busy on the investment and development side over the past few months. After breaking ground at 7 Bryant Park in February, officials at the 56-year-old firm announced in March that they would put up for sale its properties at 499 Park Avenue and 425 Lexington, both part of the Hines Core Fund. Tommy Craig, senior managing director in Hines’s New York office, spoke with The Commercial Observer about the firm’s plans to sell these New York office assets and its development of 7 Bryant Park, cautioning: “There is no way that my words could substitute for the work we have done.”

The Commercial Observer: Hines recently announced plans to put its properties at 499 Park Avenue and 425 Lexington Avenue up for sale. Will the capital generated be redeployed into the New York market?

Mr. Craig: The firm is not that formulaic, but certainly within Hines, the opportunity in New York is perceived to be an excellent one. Certainly Hines today is both a development firm and an investment management firm, and I would say our capital relationships clearly have shown that they understand the value and liquidity of a gateway market, New York being foremost among them. We have major projects under way in all of those gateway markets. Some would say that is a build-a-core strategy, and we can build a core on a risk-adjusted basis.

Certainly I would say that, given our target yield at 7 Bryant Park, I would say, real-time, we would expect that plan to be validated. But of course, until there is a sale and until we have leased 7 Bryant Park, the test for that reality is at a different point in time.


425 Lexington was sold by Hines for $750 million. CTBUH

Where do you stand in the sales process?

We have seen strong interest. The first round of bids is due April 24, and I would be surprised if we didn’t select a firm or firms with a closing date in the summer, in the month of August. [This interview was conducted the week of April 15, more than a week before the due date. The tower's sale for $750 million was announced this morning.]

Was the decision to sell based at all on the 7 Bryant Park development?

They’re quite unrelated. The investors in the Hines Core Fund really are a distinct group of entities and they, of course, acquired these assets in 2003. They were looking at the significant appreciation since then, and those investors were participating in a commingled fund with other investors and were involved in core assets that we acquired rather than developed. They are very different than investors in a development.

They are unrelated but parallel activities. Both speak to New York as a strong market. We would tend to avoid selling assets unless we identified a strong market opportunity.

What was the motivation for developing 7 Bryant Park?

Pacolet Milliken has owned the site for over 50 years. Hines was selected by Milliken in April 2009 to move forward and create a development program. We were initially selected as a third-party development manager, and the family had identified the property as part of a larger strategy whereby they separated the industrial company from the real estate company. The partners then moved forward and began the demolition.

What’s extraordinary is we got selected at the very bottom of the real estate market and the very bottom of the financial market, and the family had enough of a long-term vision that the time to develop it at the bottom of the market. We got involved in April 2009, and in the summer of 2011 we mended our relationship so we were in a principal relationship and executed a ground lease in July to get definitive site control. We gave Milliken the opportunity to become a partner.

Approximately 12 months later, we completed financing with J.P. Morgan Asset Management. In that time, we made a fundamental judgment. Do we continue to try to prelease or move forward with a partner on the basis of speculative construction? At 7 Bryant Park, a large user is 250,000 square feet. Our judgment was that those users would respond strongest to a product when it was under way as opposed to putting the project where a major tenant controlled the timing and its fate.


7 Bryant Park (NYT)

Could you elaborate on some of the architectural details of the building?

This is architect Pei Cobb’s second commercial building in Manhattan. The prior one was 200 West Street, the Goldman Sachs building. To be clear, we think there are many things that differentiate the building. The opportunity to be a major tenant, the opportunity to, in many ways, identify through branding with the signage opportunities.

It has the kind of infrastructure you would associate with trading operations or higher-density occupancy. Obviously, those floors will look directly out on Bryant Park, and 100 percent of the users on those floors will have visual connectivity with each other. The nature of the space is very much in keeping with the evolving requirements of the modern workplace: collaboration and higher density.

The ceilings are 10 feet high. The module on the exterior wall is also 10 feet. There is more light and deeper penetration of that light.
There will be an outdoor terrace on the 10th floor as well as a rooftop penthouse with outdoor space. We really took the infrastructure and combined it with aspects of residential projects that had the most appeal, the role of daylight and outdoor space.

We also have plans for a restaurant on the ground floor. We think a high-end destination restaurant is going to be very appealing facing Bryant Park.

[...]

What is the status of the leasing process?

We are in active discussions with a number of prospects. We are hopeful, but that is all I can say. The product has been well received.

What is the timeline for construction and leasing?

We expect to get a certificate of occupancy in February of 2015, on budget. Most of this year will be dominated by work below grade, getting out of the hole and establishing the concrete core. We are expecting by year-end that the major trades, the work below grade, will be complete. The core will be well on its way, and by year-end we hope to start the structural steel erection. All the other trades, the installation of systems such as elevators, will follow shortly after. We have a very good sequence of work all through 2014.

What is your outlook for the New York market?


56 Leonard (Dezeen)

We have other projects in New York. Largely, we experience the world through the projects we are doing. At 56 Leonard, where we are the third-party developer, we have completed the contract, closed the loan and had an extraordinary level of sales activity, close to 50 percent. Obviously, we are very encouraged by high-end residential.

We are doing everything we can to finalize financing on the MoMa Tower so we can move that along as well. We expect high-end residential to continue to be a place we look for opportunity.



Tower Verre

New York is a favored market. You look at the favored few and New York is at the head of that. Right now, we are more focused on development than acquisition, but I would expect, given the performance of assets, we will want to diversify and do more.

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Old May 7th, 2013, 08:57 PM   #554
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Wow, the current residential market in NYC never stops to amaze me
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Old May 10th, 2013, 01:44 PM   #555
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Originally found by mrnyc on SSP:

Jenga-like 60-story skyscraper would be Tribeca's tallest
The jagged tower at Church and Leonard Sts., called 56 Leonard, sold more than 70% of its 45 units in just 10 weeks, including one over the phone for $6 million to a frantic Frenchman.

BY JASON SHEFTELL / NEW YORK DAILY NEWS

PUBLISHED: THURSDAY, MAY 9, 2013, 8:29 PM
UPDATED: FRIDAY, MAY 10, 2013, 2:30 AM

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Old May 10th, 2013, 10:39 PM   #556
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The Stratospherians
http://www.nytimes.com/2013/05/12/re...anted=all&_r=0

Quote:
With eight penthouses on offer, 56 Leonard Street will become TriBeCa’s tallest luxury condo at 60 stories.
Quote:
The eight floor-through penthouses planned for 56 Leonard begin on the 53rd floor and range in price from $28.5 million to $40 million. According to Kelly Mack, the president of Corcoran Sunshine Marketing Group, “every penthouse balcony is positioned so that the residents will see the unobstructed sky when they look up.

Views are the No. 1 driver of price, and people are willing to pay for scarcity,” she continued. “There seems to be an endless appetite for this type of luxury living, especially downtown, where it hasn’t existed until recently.”

Ross Nodell, the president of Spire Development Corporation, and his wife, Janice Chang, a managing director of Douglas Elliman, live on the 42nd floor of an Upper West Side high-rise. “When it comes to views, we’re already spoiled,” he said. But downtown beckoned, and they are in contract to buy a $13 million condo at 56 Leonard, a four-bedroom four-and-a-half-bath residence on the 43rd floor with three terraces, 12-foot ceilings, and city and river views.

“I think the building is designated to become a landmark,” Mr. Nodell said. All he has to do is wait a few years until his unit is ready. “Even the railings on the terraces are glass, so they don’t obstruct the views.”

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Old May 11th, 2013, 12:43 PM   #557
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Wow, so much sold already
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Old May 11th, 2013, 12:46 PM   #558
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Given the sail numbers of this one, i wonder for what Silverstein properties is waiting with their 30 park Place tower. Stupid folks.
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Old May 11th, 2013, 12:49 PM   #559
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70% of its 45 units in just 10 weeks is just incredible. Bring on MOMA, 225 west 57th, 30 park Place tower and all the others.
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Old May 11th, 2013, 04:44 PM   #560
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Given the sail numbers of this one, i wonder for what Silverstein properties is waiting with their 30 park Place tower. Stupid folks.
You are not the only one. My heart skips every time I see a new post in the 30 PP thread, but unfortunately there's still no news.
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