Howard Hughes Corp. finalizes $390M development site sale to Chinese firm
The transaction depended on the transfer of 303,113 square feet in air rights
After securing hundreds of thousands of additional development rights, the Howard Hughes Corp. has finalized its sale of 80 South Street to China Oceanwide Holdings.
The deal, initially announced in August, was contingent on Howard Hughes transferring an additional 303,113 square feet in air rights — after already securing 104,167 square feet — to the site, according to the sale agreement. The Chinese firm paid $390 million for the site, according to a statement released by Howard Hughes on Thursday. The City Planning Commission approved the air rights transfer in February, bringing the site’s development potential to 817,784 square feet and clearing the way for the two parties to finalize the sale.
The building is expected to be 1,436 feet and 113 stories, according to documents filed with the planning commission. The building would contain 441,077 square feet of residential space and 376,707 square feet for hotel, officce or retail use.
Howard Hughes, which is redeveloping the South Street Seaport, bought the property in 2014 for $100 million and a parcel at 173 Front Street for $24 million in 2015. — Kathryn Brenzel
Crane operators are sky-high stars in NYC
By VERENA DOBNIK The Associated Press
First Published Mar 14 2016 10:21AM • Last Updated Mar 14 2016 10:27 am
Quote:
[...]
New York is enjoying a construction bonanza following a recession that choked new investment for years. The city has issued permits for about $35 billion worth of both residential and commercial construction in the past year.
Fifty-five tower cranes and 26 smaller, "crawler" cranes are now in use, licensed by the city — about twice as many as two years ago, according to the Department of Buildings.
Standing on the sidewalk, it is hard not to be awed by, and a little frightened of, the supertall cranes hoisting loads of steel into the sky.
[...]
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Somebody needs to photoshop this with the new towers.
See 432 Park, well... there will be many towers of that height that will have a big impact on the skyline in the years to come. Vanderbilt cough cough.
I like that Instagram. His method of delivery when it comes to architecture is impeccable. He's the Hugh Hefner of urban photographers.
I can't help but to think that some office worker is way behind on his quotas because he's busy looking out a window with some binoculars that he stole from a tourist store.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Prev
Linear Mode
