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NYguy Mar 15, 2013 7:53 PM

NEW YORK | 111 Murray Street | 792 FT | 58 FLOORS
 
http://www.crainsnewyork.com/article...TATE/130319903

St. John's University property hits the block
The TriBeCa building could fetch as much as $200 million in a sale that would most likely result in a 300,000-square-foot residential condominium.
Edward Minskoff is interested.


By Daniel Geiger
March 15, 2013

Quote:

St. John's University has put a downtown building it uses for student housing and academic space up for sale. The property, which is 10-stories and about 150,000 square feet, could reap between $150 million and $200 million.

"Our sense of the real estate market right now is that it's extremely strong and coming back even stronger," said Martha Hirst, St. John's chief operating officer and treasurer.

The property, at 101 Murray St., between West and Greenwich streets, a few blocks north of the World Trade Center site, can accommodate over 300,000 square feet of residential space. Those development rights have attracted several prospective buyers, including Edward Minskoff, who in recent years built a striking 35-story residential tower next door at 101 Warren St.

"We would like to get it and we hope to get it," said Mr. Minskoff, who noted that condominium prices in the area range from $1,800 per square foot to $2,400 per square foot.

101 Murray St. serves as the main Manhattan location for St. John's Peter J. Tobin College of Business, where the curriculum focuses largely on risk management issues. Ms. Hirst said that St. John's is seeking to lease a 40,000-square-foot to 60,000-square-foot Manhattan space as a new home for its business school.


http://www.pbase.com/nyguy/image/149222059/original.jpg



http://www.pbase.com/nyguy/image/149222060/original.jpg



http://www.pbase.com/nyguy/image/149222061/original.jpg

NYguy Mar 15, 2013 11:39 PM

http://observer.com/2013/03/st-johns...-street-space/

St. John’s Seeks to Cash Out of Murray Street Space


http://nyoobserver.files.wordpress.c...pg?w=450&h=446


By Stephen Jacob Smith 3/14/13


Quote:

This afternoon St. John’s announced that it is looking to sell its building at 101 Murray Street. The university bought the property in 2001, after St. John’s merged with the College of Insurance, now called the School of Risk Management, which remains a tenant in the building.

“The University has been continually assessing the value of this asset in terms of space usage and market value,” according to the press release. “With Manhattan’s real estate market now at an all-time historic high, we have determined that it is in the best interest of the University of seek a buyer for the property at this time.”

As with BMCC’s campus, the real prize is not the building, but the development rights available at the site. “The location also has significant development opportunities,” according to the release, “in that the site is currently built to only about one-third of its potential capacity.”

According to city records, the current building, erected in 1984, contains 145,000 square feet of space. By our calculations, the current C6-4 zoning means the site could accommodate a building of nearly half a million square feet with the public plaza density bonus, with both commercial and residential possible.



http://newyork.citybizlist.com/artic...ite-101-murray

Cushman & Wakefield NY Capital Markets Group Tapped To Market Prime Development Site
At 101 Murray Street

C&W appointed by St. John’s University to market development site in Tribeca; Offers an investor the opportunity to construct a building in excess of 400,000 square feet



March 15, 2013


Quote:

Cushman & Wakefield announced that it has been tapped by St. John’s University to market the development site at 101 Murray Street, located in the heart of Tribeca between Greenwich and West Streets and steps from the World Trade Center.

A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Michael Rotchford and Steve Kohn, are marketing the site on behalf of St. John’s University.

“101 Murray offers an extremely rare large-scale development opportunity located in an ultra-luxury Tribeca location, steps from the headquarters of Goldman Sachs and Condé Nast,” said Helen Hwang, executive vice president, New York Capital Markets Group. “The opportunity to deliver a world-class property in this location is a developer’s dream.”

Dac150 Mar 15, 2013 11:45 PM

What an opportunity is right! This should be interesting.

NYguy Mar 16, 2013 10:07 PM

Quote:

Originally Posted by Dac150 (Post 6053856)
What an opportunity is right! This should be interesting.


It should be. Hopefully the right developer can get the site.


Quote:

According to city records, the current building, erected in 1984, contains 145,000 square feet of space. By our calculations, the current C6-4 zoning means the site could accommodate a building of nearly half a million square feet with the public plaza density bonus, with both commercial and residential possible.
It's not a big site, so I don't know how they would incorporate any public plaza bonus unless it's one of the indoor types, like the SONY or IBM buildings.

reencharles Mar 18, 2013 2:23 AM

Great news. I hope to see a building of quality here. Maybe a skyscraper...

NYguy Mar 19, 2013 7:53 PM

Hopefully, they will look at the sales of 56 Leonard, and give us something inspiring.

NYguy Apr 29, 2013 8:47 PM

http://www.crainsnewyork.com/article...TATE/304289968

Get it before it's gone! Procure a lot to build on

By Daniel Geiger
April 28, 2013


Quote:

....Underpinning the logic of such princely sums is the performance of several residential projects under construction in the area. An 820-foot condo tower now rising at 56 Leonard St. has a penthouse on the market for $24 million. Nearby at 150 Charles St., the cheapest units on offer are priced at $4 million.

"It's not unusual anymore to see an apartment trade for a price in the $2,000s or even $3,000s per square foot," said James Nelson, a broker at Massey Knakal who is handling the sale of the Getty station. "With values like that, developers feel comfortable underwriting these deals where land is $700 or more per square foot, even though that's higher than they've ever paid."

These days, developers' hunger for workable land is such that many appear willing to pay record sums even for parcels in locations where no one has ever dreamed of putting up a top-dollar condo. A site downtown at 101 Murray St. that can accommodate 400,000 square feet of residential development is being marketed by Cushman & Wakefield with an asking price of $200 million. That tops $500 per buildable square foot, an unheard-of figure in that neighborhood.


NYguy May 25, 2013 5:30 PM

http://therealdeal.com/blog/2013/05/...-johns-campus/

Witkoff, Lorber and Fisher pay $200M for St. John’s campus
Developers will replace the Tribeca building with condos



http://s12.therealdeal.com/trd/up/20...urray-redo.jpg


May 24, 2013


Quote:

St. John’s University today announced an agreement to sell its satellite Tribeca building at 101 Murray Street to a joint venture of Fisher Brothers, Howard Lorber and Witkoff Group, which plan to raze the building to construct condominiums, Crain’s reported.

Fisher, Lorber and Witkoff paid more than $200 million for the 10-story, 145,525-square-foot property, a source familiar with the deal told The Real Deal.

The school plans to use the proceeds from the sale to bulk up its endowment, academic offerings and facilities.

“We are very excited to be joining with the Fisher Brothers as a partner and co-developer of this exceptional property, and we laud St. John’s for its vision,” developer Steve Witkoff said in a St. John’s release sent to The Real Deal. “Lower Manhattan is experiencing dynamic commercial and residential growth, and this site sits atop the front edge of that wave.”

St. John’s will occupy the space until mid-2014 under the terms of the deal, and plans to announce another Manhattan space before the 2014-2015 academic year.

http://www.crainsnewyork.com/article...TATE/130529915

Condo to replace St. John's University building
Real estate investors Steven Witkoff, Howard Lorber and the Fisher family will buy the lower Manhattan academic facility at 101 Murray St.
for close to $200 million, demolish it and erect a new luxury condo in its place.



By Daniel Geiger
May 24, 2013

Quote:

A partnership between real estate investors Steven Witkoff, Howard Lorber and the Fisher family is buying 101 Murray St., an academic building in lower Manhattan owned by St. John's University.

The group will pay nearly $200 million for the property, which they plan to knock down and build a new residential condominium tower in its place. The site can accommodate up to about 310,000 square feet of development and as much as 370,000 square feet if the buyers secure extra development rights from the city by agreeing to create a public plaza space at the site.

"We saw the success of 56 Leonard St. and that made us feel very good," Mr. Witkoff said, referring to another condo tower rising nearby being built by developer Hines. "I just believe that downtown is now commonly accepted as a wonderful neighborhood to live in."

The price, which equates to about $600 for every square foot that can be built on the site, surpassed even lofty expectations for the property. It also highlights how the city's soaring condo market has prompted developers to pay big for parcels on which to build.

"We saw the traction we got at 150 Charles St.," said Mr. Witkoff, speaking about a West Village residential development he is currently constructing. "It's not just foreign buyers, it's New Yorkers who are buying and they want to be in areas like the Village and TriBeCa."

jackster99 May 25, 2013 7:17 PM

The article that NYguy posted says they will be able to build a tower of 310,000-370,000 square feet. Does anyone have any guesses as to how high of a tower that would allow? Comparable to 56 Leonard's height perhaps?

sbarn May 25, 2013 7:46 PM

Quote:

Originally Posted by jackster99 (Post 6141393)
The article that NYguy posted says they will be able to build a tower of 310,000-370,000 square feet. Does anyone have any guesses as to how high of a tower that would allow? Comparable to 56 Leonard's height perhaps?

Much lower, my guess is closer to 500 ft.

NYguy May 26, 2013 2:20 AM

It's all a matter of product. 107 W 57th will be a 900 footer with about 150,000 sf and 45 E 60th will be a 700 footer with about 180,000 sf.

sbarn May 26, 2013 2:26 PM

^^ True although this property is much, much larger than any of the towers you mention. I'd love to see an iconic tower rise here though. I hope whoever purchases this property is capitalized and competent.

Crawford May 27, 2013 3:24 AM

I prefer something very tall, glassy and thin on this spot, though we'll have to see. They could go extremely tall if the tower is thin.

njcco May 28, 2013 1:15 AM

The views next door
 
Man, if I had shelled out big bucks for a condo next door at 101 Warren a few years back, would I be pissed at this news! That said, it IS New York real estate, so caveat emptor! :haha:

NYguy May 28, 2013 3:24 PM

Quote:

Originally Posted by sbarn (Post 6141967)
^^ True although this property is much, much larger than any of the towers you mention. I'd love to see an iconic tower rise here though. I hope whoever purchases this property is capitalized and competent.

The site is a little larger, but still a small site. It would be nice if they could build a base of retail. That would be more than enough for a soaring tower. We'll just have to see how
they choose to move.

NYguy Jul 23, 2013 4:11 PM

http://www.rew-online.com/2013/07/22...owntown-tower/

Witkoff, Fisher to build new downtown tower


By REW Staff
July 22, 2013


Quote:

Fisher Brothers and The Witkoff Group have closed on a deal with St. John’s University to buy one of Lower Manhattan’s biggest development sites at 101 Murray Street for $223 million.

The JV partners plan to demolish the building and redevelop the site as a new mixed-use building, incorporating residential and commercial spaces. Design plans have not been announced.

“This is yet another exciting new project for Fisher Brothers and we couldn’t be happier,” said said Winston Fisher, partner, Fisher Brothers. “Lower Manhattan continues to evolve at a record-setting pace and we are proud to be a part of it, along with The Witkoff Group. We’d also like to thank St. John’s University for being such a great partner in this transaction.”

Steven Witkoff, chairman and CEO of The Witkoff Group, added, “The partnership of Witkoff and Fisher Brothers is helping to redefine Downtown Manhattan, one of the fastest-growing areas in New York City. We believe 101 Murray will be another highly sought-after destination.”

Under the agreement, St. John’s Tobin College of Business School of Risk Management, the Global Studies language programs, and other academic initiatives will continue to use the space through mid-2014.

...Located on the northeast corner of Murray and West Streets, 101 Murray Street offers the opportunity to construct a brand new, residential project with a coveted Tribeca address.

The site provides a 31,028 s/f footprint that affords maximum design flexibilities in order to build a residential tower. The underlying zoning provides no height restriction, allowing the developer to maximize ceiling heights.

The site allows for the development of a residential building totaling 310,028 square feet as-of-right, with the potential to increase the development bulk to 372,336 s/f through available floor area bonuses.

A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann, Steve Kohn, and Michael Rotchford, represented St. John’s in the transaction.

“101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” said Hwang, an executive vice President.

MarshallKnight Jul 23, 2013 10:06 PM

:previous:

No height limits + residential + sizable site definitely makes this intriguing. Although, we probably won't get an idea of how tall this thing might get until we know what proportions of it will be commercial vs. residential. No word on ground floor retail?

NYguy Jul 23, 2013 11:26 PM

Quote:

Originally Posted by MarshallKnight (Post 6207736)
No height limits + residential + sizable site definitely makes this intriguing. Although, we probably won't get an idea of how tall this thing might get until we know what proportions of it will be commercial vs. residential. No word on ground floor retail?


I'm sure the commercial aspect will be ground floor retail. There will possibly be some hotel space involved, but this will mostly be a residential tower, as they try to cash in on the overheated residential market in Manhattan.


Quote:

“101 Murray Street is a development site like no other in Manhattan with the potential to become a truly world-class residence,” said Hwang

Eidolon Jul 24, 2013 12:05 PM

I know this might be premature, but considering the rhetoric of the developer I'm guessing that this will be a supertall or damn close to one.

babybackribs2314 Jul 24, 2013 12:55 PM

The tower would have to resemble 432 Park to get anywhere near 1,000 feet. Something in the 500-700' range is much more probable IMO.


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