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All in on Miami: Kushner pays $21M for Miami apartment tower site

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All in on Miami: Kushner pays $21M for Miami apartment tower site
Closing comes two years after project was announced
Miami /
A rendering of the project and Nicole Kushner Meyer (Kushner)
Kushner Companies paid $20.5 million for a slice of an assemblage in Miami’s Edgewater neighborhood, more than two years after going into contract on the property, The Real Deal has learned.
Investor Enrique Manhard and his partners sold the 0.75-acre piece of a larger assemblage, at 2000 Biscayne Boulevard, to New York-based Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali.
Kushner plans a nearly 400-unit apartment tower for the site, which will mark the first phase of a 1,100 unit development. In a statement, Kushner Meyer said the project will “create a new district” in Edgewater.
The 2000 Biscayne sale price breaks down to $621 per square foot and $48,000 per unit.
Estrella Perez and Pascal Levy of EP Realty Group brokered the deal.
The property is within an Opportunity Zone. It was previously owned by Verzasca Group, which planned to develop condos on the site.
Manhard’s entity paid $13.1 million for the property in 2018 and sold it for 56 percent more in three years, records show.
Kushner plans to build a total of three towers at 2000 Biscayne Boulevard and 1900 Biscayne Boulevard. Manhard also owns 1900 Biscayne, where units will be built in two towers.
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Kushner starts construction on first South Florida development, scores $80M loan[……]

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Controversial project replacing Brooklyn McDonald’s poised for approval

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Controversial project replacing Brooklyn McDonald’s poised for approval
11th-hour deal grants developer more apartments, Prospect Heights more affordability
New York /
840 Atlantic Ave and Council member Laurie Cumbo (Google Maps, NYC Council)
Ba-da-ba-ba-ba: She’s lovin’ it.
City Councilmember Laurie Cumbo has struck a deal with developers to rezone a Prospect Heights McDonald’s, paving 夜网论坛the way for a 270-unit apartment building in a spot long-coveted for its redevelopment potential.
On Friday morning, the Council’s zoning subcommittee unanimously approved an amended rezoning proposal for 840 Atlantic Avenue, at the corner of Vanderbilt Avenue, setting up passage by the full Council Monday.
The neighborhood’s community board had approved a lower-density version of the rezoning that threatened the financial viability of the project. The new version, which adds several community benefits and more apartments, was crafted by project developer Vanderbilt Atlantic Holdings and the community board’s land use committee.
“840 Atlantic Avenue presents a rare opportunity to secure truly affordable housing and an affordable long-term home for the beloved local arts organization and job generating commercial space on a site that is currently home only to a parking lot and fast food restaurant,” said Cumbo in a statement read Friday by Council member Francisco Moya.
With Cumbo’s support, the new plan is assured of approval by the chamber under its tradition of member deference[……]

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Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

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Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
New York’s longest-serving real estate reporter on the evolution of the industry, and the stories that stuck with him
National /
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)
When Charles Bagli first started poking into the businesses and lives of New York s real estate elite more than three decades ago, he made his ground rules clear.
As a former Catholic boy, I make a distinction between sins of omission and sins of commission, he would tell the likes of Harry Helmsley, Donald Trump and Harry Macklowe, developers and inveterate gamblers he got to know well over his career on the beat. Never lie to me.
Bagli was the real estate reporter at the New York Observer during its heyday, when the then-salmon-colored newspaper dished gossip and news on the city s upper crust. He covered the go-go days of 1980s Manhattan and the subsequent stock market crash and then spent over two decades at the New York Times, reporting on everything from 9/11 and the city s recovery, to the overheated market of Other People s Money in the mid-2000s (he penned a book of the same name about the Stuy Town debacle) and the sordid saga of Robert Durst. The most well-worn ringside seat to the drama that is New York real estate undoubtedly belongs to Bagli.
In the first of a series of c[……]

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Rotem Rosen seeks $103M from Tamir Sapir’s estate

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Rotem Rosen seeks $103M from Tamir Sapir’s estate
Rosen said he was cut out after “falling out” with Alex Sapir
New York /
Rotem Rosen and Alex Sapir with 11 Madison Avenue (Credit: iStock and Google Maps)
Five years after his death, the family of real estate mogul Tamir Sapir is fighting over his fortune.
Rotem Rosen — Sapir’s former son-in-law — is seeking $103 million for his work on behalf of the family’s real estate empire, according to court documents, which cite a “falling out” between Rosen and Alex Sapir, his former business partner, brother-in-law and executor of Tamir Sapir’s estate.
Rosen, who was once CEO of the Sapir Organization, claims in court documents that he is still owed $103 million for his role in steering the family’s real estate empire through the financial crisis a decade ago. But he said he was not paid for certain deals, including the sale of 11 Madison Avenue to SL Green Realty for $2.6 billion in 2015.
Representatives for Alex Sapir and Rosen did not comment.
In court documents, Alex Sapir said Rosen is entitled to no such amount, and instead is attempting to take credit for “the work of Sapir Organization executives or personnel.” A representative for the Sapir family summed up Rosen’s claims as a “sham,” according to the New York Post.
But in a June 2019 court filing, Alex Sapir also said if Rosen prevails, his former brother-in-law would be required to share the payment with Sapir since the two were 50-50 partners in ASRR Capital,[……]

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An eyesore for ages, Gravesend project site gets $71M refi

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An eyesore for ages, Gravesend project site gets $71M refi
Alexander Gurevich once owned the site
New York /
Renderings of 2300 Cropsey Avenue in Brooklyn (Credit: W L Group)
The developer behind a 23-story Gravesend project, which sits on a development site that has remained blighted for over a decade, secured a new financing deal.
An entity tied to Thomas Wang’s W L Group landed $71 million for 2300 Cropsey Avenue, property records filed Friday show. The development site, which previously held a nursing home, sits near the Brooklyn waterfront.
G4 Capital Partners, which has offices in New York and Roslyn, N.Y., refinanced the developer’s acquisition loan and provided around $66 million in project and building loans.
W L did not immediately return a request for comment. G4 s Jason Behfarin said the deal was his firm s first with the developer. We are thrilled to finance this project, which will provide an attractive entry point to the residential market, he said.
The Flushing-based developer acquired the site in 2014 for a little over $19 million. The company filed plans for a ground-up, mixed-use building, with 154 apartments, soon after. It s not immediately clear if the units will be rentals or condominiums.
The project will also have community space and parking, according to plans for the site.
The property was previously owned by Alexander Gurevich, the Russian developer who in 2010 was hit with a three-year ban from selling condominium and cooperative uni[……]

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Connecticut firm launches workforce housing fund targeting tri-state area

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Connecticut firm launches workforce housing fund targeting tri-state area Manhattan firm launches fund to draw workforce investment to NY, NJ, PA and CT

Connecticut firm launches workforce housing fund targeting tri-state area
Fund will target transit-oriented areas in New York, New Jersey, Pennsylvania and Connecticut
Tri-State /
OneWall Partners CEO Andy Wallace (Credit: OneWall, iStock)
Connecticut-based OneWall Partners is launching a $50 million preferred equity fund to attract investors to the workforce housing sector in the Northeast.
The Nova Appian Preferred Income Fund I will be focused on New York, New Jersey, Pennsylvania and Connecticut. It will target areas that are close to transit for commuters, who are overwhelmingly opting to rent homes instead of buying them.
The workforce sector has attracted $375 billion of investment in the last five years, which accounts for 51.3 percent of multifamily assets nationally, according to a report by CBRE.
Last year, affordable housing developer L+M Development Partners started raising $500 million in private equity for an affordable housing development fund.
The workforce housing sector attempts to fill the gap between government-subsidized low income housing and affordable housing programs. It targets renters who have stable jobs, but lagging incomes, who won’t be on the market for buying a house anytime soon.
According to census data, renters make up 35 percent of the national population — up from 27[……]

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Durst’s $2B Philly waterfront redevelopment project approved

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Durst’s $2B Philly waterfront redevelopment project approved
The plan calls for 3.5M sf of mixed-use space, and will not require public subsidy or large tax breaks
National Weekend Edition /
Douglas Durst and a rendering of the project (Getty, DRWC)
The Durst Organization’s $2.2 billion riverfront redevelopment plan in Philadelphia has beaten out a competing proposal by the Philadelphia 76ers to build a new stadium.
The Delaware River Waterfront Corporation approved Durst’s 12-tower project on the Penn’s Landing property, according to the Philadelphia Inquirer.
The Durst redevelopment project includes a total 3.5 million square feet of new mixed-use space. The north site will include 1,800 residential units and 94,000 square feet of office space. It will also have a supermarket, a preschool, and other retail space.
The south site will have six smaller towers with 550 residential units and 26,500 square feet of commercial space.
The development is planned in phases over nine years.
Durst’s was the only bid of the four — including the 76ers — that did not require some sort of tax break or public subsidy, according to the report. That appeared to contribute heavily to the selection.
The 76ers valued their development plan at $4 billion, but it required a large tax break. It included a 19,000-seat arena, high-rise towers with retail and restaurants, a public school, apartments, medical offices, and a park. [Inquirer] — Dennis Lynch 
Privacy Overview
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Related scores $258M Blackstone loan for luxury Tribeca apartment building

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Related scores $258M Blackstone loan for luxury Tribeca apartment building
Developer to refurbish Truffles Tribeca as Manhattan’s rental market rebounds
New York /
34 Desbrosses Street and Related CEO Jeff Blau (StreetEasy, Getty)
Truffles Tribeca is due for a new sugary coating, with Related planning to refurbish the luxury apartment building overlooking the Hudson River at 34 Desbrosses Street.
The Stephen Ross-led developer landed a $258 million construction loan from Blackstone for the project, the Financial Times reported. Related will work on updating both the interior and exterior of the 291-unit building, which has already been emptied ahead of a gut renovation.
Newmark s Jordan Roeschlaub and Dustin Stolly arranged the debt.
While New York City’s luxury market has seen ups and downs through the summer, rents appear to be reboun夜网论坛ding. Over 7,500 new leases were signed in Manhattan in July, an all-time record for the month, as discounts slowed and listings tumbled.
Truffles Tribeca is blocks away from two major office projects, a $1 billion Google campus scheduled to open in 2022 and a new headquarters for Disney, scheduled to open in 2023.
Related Fund Management, an investment platform of Related, purchased the building for $260 million purchase from the Jack Parker Corporation in early 2019. The building opened in 2009 and has a 421a tax abatement due to expire this year.
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Related closes $260M Tribeca deal with financing from JPMorgan and LBBW[……]

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Heavy hangover: Air rights purchased for massive cantilever

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Heavy hangover: Air rights purchased for massive cantilever
Developer pays $11 million at Midtown site with hotel market up in the air
New York /
Rendering of H Hotel, slated for 58 West 39th Street (Peter Poon Architects)
An architectural oddity is set to rise above Bryant Park.
H Hotel purchased air rights for $11 million to build a massive cantilever — a horizontal extension secured at just one end — at its development site at 58 West 39th Street.
Wei Hong Wu acquired the 23,500 square feet of development rights for a forthcoming 29-story hotel from the adjacent 13-story Refinery Hotel at 63 West 38th Street.
Read more
“Inevitable”: Vornado will demolish Hotel Pennsylvania
Manhattan hotel trades in biggest distressed lodging deal of pandemic
NYC advances spe夜网论坛cial-permits plan for hotels
The agreement for air rights was signed in early March and recorded in April, according to property records.
The cantilever, which will be a third of the hotel’s width and a quarter of its overall area, will extend out from the H Hotel over the roof of the Refinery, developed and opened in 2012 by Charles Aini.
Peter Poon is the architect of record for the project. The firm and Aini did not respond to requests for comment.
H Hotel received a $13.5 million gap mortgage loan from Shanghai Commercial Bank at the same time it purchased air rights for its cantilever, according to property records.
Previously, the project received a $9 million loan from Cathay Bank and a $12.5[……]

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Dallas and NY metro areas lead US in projected apartment deliveries

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Dallas and NY metro areas lead US in projected apartment deliveries
334K units coming online nationwide this year lowest total in 4 years, report shows
National /
The Dallas-Fort Worth metro leads the way in projected apartment deliveries in 2021 followed by New York and Phoenix. (iStock)
For the fourth year in a row, the Dallas-Fort Worth metro area leads the pack in projected number of apartment units coming online nationwide. The New York metro area finished second.
That’s according to a new report from RentCafe, which estimates that 334,000 apartment units will be delivered in the U.S. in 2021. The report tallied the 20 metro markets with the highest number of projected deliveries. While the figure is only 9,000 units below last year’s total, it marks the lowest projected output since 2016, when 327,000 units were delivered.
In Dallas-Fort Worth, builders are expected to complete 21,173 rental units, according to RentCafe. The total is still about 13 percent below last year’s figure.
Just behind was the New York metro area, which is projected to have completed 19,375 units. That would be an 11 percent increase from a year ago. Queens leads the way with more than 3,400 projected units, followed by more than 2,400 in Brooklyn. Curiously, the Bronx and Staten Island are not included in the total.
Developers and builders will have had to overcome pandemic-related obstacles like a labor shortage and high cost of materials to deliver the units this year. They likely[……]

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Worst of the worst: The real estate disasters of 2020

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Worst of the worst: The real estate disasters of 2020
These fiascos epitomized a horrendous year
National /
Empty offices, shut down retail stores, closing restaurants and literal fires are among the biggest real estate disasters of 2020. (Getty) Vacant offices. Shuttered restaurants. Empty hotels.
The pressure on real estate was relentless this year as the pandemic took down struggling sectors — and some healthy ones, too. Except for a few blessed sectors, such as industrial space (hello, Amazon!), fiascos were unavoidable.
To explain the catastrophe that was 2020, we picked 10 of the biggest real estate disasters to highlight.
Where is everybody?
Say this for the Partnership for New York City: It is no cheerleader.
The business group released surveys laying out in stark detail how empty city office buildings are. Attendance has risen — from horrendous to merely abysmal. First 8 percent, then 10 percent, then 13. President Donald Trump called Gotham a “ghost town” and his lie trackers didn’t argue.
But every office market struggled as the virus surged and work-from-home proved productive and popular. Dallas barely has 4 in 10 office workers showing up, but guess what? It’s the No. 1 market in the U.S.
“We need to get through a very difficult point now,” said Anthony Malkin, chairman and CEO of New York office REIT Empire State Realty. “We probably won’t see the bottom until the first quarter of 2022.”
Restaurants’ perfect storm
The restaurant business be[……]

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Chetrit family plans colossal resi project in Washington Heights

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Chetrit family plans colossal resi project in Washington Heights
Developer is in contract to buy 622-628 West 153rd Street for $30M
New York /
622-628 West 153rd Street (Credit: Google Maps)
The Chetrit family is buying a Washington Heights development site with plans to construct one of the tallest residential buildings in the neighborhood.
Brothers Eli and Isaac Chetrit, along with their frequent development partner Jacob Aini, are in contract to buy 622-628 West 153rd Street for $30 million, according to sources familiar with the deal. The partners intend to build a 28-story, 135,000-square-foot luxury residential project on the site, and hope to start construction in a few months.
There was no broker on the deal, sources said.
The Chetrits declined to comment on the deal, and Aini could not be reached for comment.
The seller of the development site was unclear. City databases and PropertyShark did not have any title records for the address.
The Chetrits have been very active in the real estate market lately, although the family has been selling more than buying. They reached an agreement to sell 15 West 47th Street in the Diamond District to the ELO Organization in February for $115 million, and they closed the sale of 145 West 45th Street to the Hematian family in November for $92 million. Avi Ben-Ishay brokered both of those deals.
Washington Heights has not seen a particularly large influx of new development in recent years, although the neighborhood is h[……]

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Cohen Brothers employees allege harassment, endangerment

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Cohen Brothers employees allege harassment, endangerment
Three women claim in lawsuit that executives fostered a toxic working environment
New York /
Cohen Brothers Charles Cohen and Stephen Fredericks (Getty; iStock; LinkedIn)
In March, Charles Cohen, the billionaire head of Cohen Brothers Realty, complained that it was ridiculous how the news was portraying the pandemic.” Instead of allowing employees to work from home, he allegedly told one of his executive assistants “we have to be a soldier and soldier on.”
Two days later, he and his family took a private plane to Palm Beach, and later boarded a private yacht in the Caribbean, according to a lawsuit filed by three of Cohen s furloughed employees. The wide-ranging suit alleges that the firm’s cavalier response to the pandemic culminated from a toxic work environment where employees were berated, belittled and in some instances, sexually harassed by other executives.
An attorney representing Cohen Brothers, Ivan Smith, declined to discuss specific allegations but called the lawsuit’s claims “totally baseless.”
One plaintiff, Evelyn Julia, a senior showroom leasing administrator, alleges that she was repeatedly subjected to unwelcome comments about her appearance from her direct supervisor, Stephen Fredericks, head of national leasing at Cohen Brothers. Fredericks would allegedly recount his sexual encounters to Julia and ask about her love life. According to the lawsuit, Julia would respond that such discussions[……]

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As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering

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As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering
First new bond series from NYC real estate firm this year
New York /
Larry Silverstein and the Tel Aviv Stock Exchange Bull (Credit: Getty Images and Wikipedia)
After testing the waters of the Tel Aviv Stock Exchange in February with an expansion of its Series A bonds, Silverstein Properties is preparing to make another splash in the market with a new Series B issuance.
Larry Silverstein’s firm has secured a credit rating of ilAA the second-highest grade from S P Maalot for a new bond series worth up to 230 million Israeli shekels (or roughly $65 million), according to a disclosure filed with TASE on Thursday.
The ratings agency noted Silverstein’s “strong competitive position” and “high-quality portfolio” as positives, but added that it considered the geographical and sectoral concentration in Manhattan office properties to be a negative in terms of risk.
On Monday, Silverstein disclosed on TASE that it was “examining the process” of issuing a new bond series, though the date, scope and conditions had yet to be determined. The firm may issue new bonds on the basis of a shelf prospectus it filed last year prior to its $200 million debut, pending approval from the stock exchange and the firm’s board of directors.
A representative for Silverstein declined to comment.
Despit夜网论坛e a meltdown of U.S. real estate bonds in Tel Aviv late last year, Silverstein has largely managed to stay a[……]

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U.S. construction spending is on the rise — for now

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U.S. construction spending is on the rise — for now
Delta variant and supply chain issues could disrupt gains
National /
(iStock)
The U.S. construction industry can thank residential projects for an increase in spending. Yet, the uptick may prove short-lived.
U.S. construction spending rose 9 percent in July from the prior year to $1.57 trillion on a seasonally adjusted basis, according 夜网论坛to the Commerce Department’s most recent report. The bulk came in residential construction spending, which jumped 26.5 percent. Nonresidential construction spending dropped 4.2 percent.
Risks from the resurgence of the coronavirus and supply chain difficulties could torpedo gains, according to the Associated General Contractors of America.
“The rapid spread of the delta variant of Covid-19 is causing a pullback in re-openings and travel that may lead some owners to postpone new projects,” said Ken Simonson, the group’s chief economist. “Meanwhile, materials price increases, limited supplies of key materials, and long or uncertain delivery times are impeding the industry’s recovery.”
Private construction spending increased 13.6 percent year-over-year to an annual rate of $1.23 trillion. Within that category, private residential construction spending rose 27 percent annually while private nonresidential spending fell 3.6 percent.
Public spending fell by an annual rate of 5.1 percent to $337.8 billion as highway construction slipped to $94.5 billion and education fell to $79.7 billio[……]

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Small Talk: Every community meeting. About every development project. Ever.

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Small Talk: Every community meeting. About every development project. Ever. Every Community Meeting About Real Estate

Small Talk: Every community meeting. About every development project. Ever.
Just refer to this handy transcript if you can’t make the next meeting in person
National /
(Credit: iStock)
COMMUNITY LEADER: Hi, everyone. Thank you for attending tonight’s meeting. We promise to run things as poorly and inefficiently as possible so that we can all get home to our families in a tight seven hours. As most of you know, except for the one person here who is going to talk about whatever she wants to talk about regardless of the agenda, we’re here to discuss the new Big Tower that Development Company wants to build in our neighborhood. We’ll start with a presentation from the company.
DEVELOPER: Hi, everyone. My name is John, and I inadvertently insulted my boss during a meeting last week, so he sent me here to spend the evening getting yelled at while all of my co-workers are out at a party on his yacht. Here’s a PowerPoint presentation about how our project is good that even I’m not really going to pay attention to, and here’s a pamphlet about how our project is good that will make for a great paper airplane or birdcage liner. They both largely ignore the fact that this project will be 40 times bigger and more expensive than anything this neighborhood has seen before and focus mainly on the piece of abstract art my wife’s friend is going to build in the[……]

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2 Hong Kong resi towers to be demolished over defects

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2 Hong Kong resi towers to be demolished over defects
Part of massive Pavilia Farm project, city’s best-selling development
National Weekend Edition /
The construction site of Pavilia Farm III (Wpcpey/Wikimedia)
New World Development Company will demolish two residential towers at its popular Pavilia Farm complex in Hong Kong over construction defects.
The developer announced it would tear down and rebuild blocks 1 and 8 at Pavilia Farm III, according to Bloomberg.
The company said that some concrete sections of the buildings were weak and did not meet design requirements.
The move comes after the June 24 partial collapse of Champlain Towers South condo development near Miami Beach, in which 78 people were confirmed dead and 62 people unaccounted for as of Friday.
Pavilia Farm was Hong Kong’s best-selling residential development last year. Around 2,100 units s夜网论坛old for a total of $3 billion, according to the South China Morning Post. The project was so popular that at one point 88 potential buyers competed for one unit.
The reconstruction is expected to delay move-ins by nine months and will affect 846 buyers. The company plans to pay each buyer the equivalent of about $150,000 for units worth around $19 million.
The complex sits atop a subway station and New World is partnered on the project with subway operator MTR Corporation.
Hong Kong’s property market slowed in the last couple of years as pricing peaked, political turmoil took hold, and the coronavirus pand[……]

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Facebook will invest $150M to build affordable housing in Bay Area

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Facebook will invest $150M to build affordable housing in Bay Area
Tech companies have come under scrutiny for their role in driving up rents and home prices in parts of California
Los Angeles /
Mark Zuckerberg (Getty, iStock)
Facebook plans to invest $150 million to build 2,000 homes for low-income residents in the San Francisco Bay Area.
The Silicon Valley-based social media giant said Wednesday the money would support the development of affordable homes for families making less than 30 percent of the region’s median income.
The funds will be available to local governments and nonprofit groups in the form of low-interest loans. Projects in San Francisco, Santa Clara, San Mateo, Alameda, and Contra Costa counties are eligible. The company wants to distribute all of the money by 2026.
Facebook’s program is part of a $1 billion housing investment plan the company announced last year. Google and Apple are undertaking similar initiatives.
Tech companies have come under scrutiny for their role in driving up rents and home prices in the Bay Area, contributing to the affordability crisis and pushing people into homelessness.
The rise of remote working amid the pandemic has driven down rents in San Francisco, although pricing remains high.
California Gov. Gavin Newsom, who praised Facebook’s announcement, early last year called on tech companies to loan money in a fund to build housing across the states, which led to companies formulating their own programs last year.[……]

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Howard Hughes told to further refine Seaport tower proposal

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Howard Hughes told to further refine Seaport tower proposal
Landmarks commissioners “torn” over 345-foot, mixed-use project
New York /
A rendering of 250 Water Street, Landmarks Preservation Commission chair Sarah Carroll and Howard Hughes Corporation CEO David O’Reilly (Center for Architecture, The Howard Hughes Corporation/SOM)
The Howard Hughes Corporation will get a third chance in front of the Landmarks Preservation Commission with its South Street Seaport tower proposal.
After a volley of public comments Tuesday over revised plans for a mixed-use development at 250 Water Street — during which the New York Landmarks Conservancy reversed its previous position, throwing its support behind the project — members of the Landmarks Preservation Commission offered their view.
That view can largely be summed up by a comment from commissioner Everardo Jefferson: “I’m torn on this one.”
The plans Howard Hughes and architecture firm Skidmore, Owings Merrill presented to the commission call for a 27-story, 550,000-square-foot building, with 19 floors of residential units atop five floors of offices and ground-floor retail. The developer has already revised the plan once; p夜网论坛reviously, it was to rise 470 feet and be 757,000 square feet. The development would go on what has long been a parking lot.
Landmarks’ chair, Sarah Carroll, said that enough commissioners have an “open mind” about a taller building in the Seaport, but further refinements may be necessary to gain the maj[……]

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DivcoWest buying 325 Hudson for $150M+

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DivcoWest CEO Stuart Shiff and Jamestown Properties Michael Phillips with 325 Hudson Street (Google Maps)
DivcoWest struck a deal to buy a Hudson Square building in what could be one of the first big office trades of the new year.
The San Francisco-based real estate investment firm has an exclusive agreement to buy Jamestown Properties’ 325 Hudson Street, sources told The Real Deal. Pricing for the 10-story, 225,000-square-foot building is north of $150 million, according to one source.
Representatives for DivcoWest and Jamestown did not respond to requests for comment. CBRE, which sold the building to Jamestown nine years ago, negotiated the deal.
Read more
Here are NYC’s 10 biggest investment sales of 2020
Sony-owned production company expands at 325 Hudson
Manhattan office availability hits record high
Depending on the timing, 325 Hudson could end up being one of the first big investment sales of the year, after a spurt of big-ticket deals closed right before the end of 2020.
Jamestown bought the property in 2012 for $110 million in partnership with Philadelphia-based developer Amerimar Enterprises and the telecoms entrepreneur Hunter Newby. The former industrial building sits on top of the Transatlantic cables and high-speed fiber corridors that run through Lower Manhattan, making it popular with telecommunications and tech tenants.
In the 1990s, it was reportedly one of the first office buildings to be marketed as a dedicated telecoms center for commercial tena[……]

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