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  #61  
Old Posted Aug 14, 2015, 10:04 PM
JR Ewing JR Ewing is offline
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Great news, VG!
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  #62  
Old Posted Aug 19, 2015, 3:49 PM
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Hudson Rise dispute gets messy

CHRISTIAN BRAZIL BAUTISTA
AUGUST 19, 2015

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The dispute for the 42-story Hudson Rise hotel-condo tower in Midtown continues on, even though some of the combatants aren’t clear on the status of the conflict.

After figuring in lawsuits for control of the 380,000 s/f project, Siras Development announced that Kuafu Properties has agreed to settle their disagreement “amicably” through mediation.

“Siras discovered this opportunity, and we will remain its lead developers. We are now pleased that Kuafu has agreed to try and resolve this dispute amicably through mediation,” Ashwin Verma, the managing partner at Siras, said in a press release.

According to Siras, their rival agreed to take a step back and allowed them to take the lead in the development. While the story may stand as a testament to the power of conflict resolution when there’s millions of dollars on the line, it seems the announcement may not entirely be accurate.

“We are quite bewildered by Siras’s comments,” read a statement that Kuafu provided Real Estate Weekly. “Kuafu Properties has made several attempts to resolve the matter after Siras’s consistent violations of their partnership agreement. An initial mediation session on July 30th was halted by Siras, and they then backed out of a scheduled date to resume the mediation. While Kuafu remains open to a negotiated settlement, Siras’s actions indicate their inability to act in a cooperative and constructive manner and their desire to simply delay any resolution.”

The dueling statements continue the dissonance between the two parties. Kuafu had earlier stated that there was no hope of reconciliation in the partnership.

The legal wrangling between the two companies started when Kuafu, the Chinese investment firm funding the project, tried to get out of the joint venture by filing a dissolution petition in New York State Supreme Court. Siras claims that Kuafu did so because the land for the development doubled in price in less than a year. In its petition, Kuafu claimed that it would lose millions of dollars if the agreement wasn’t nullified.

Siras then filed a lawsuit seeking $50 million in damages from Kuafu. The firm also claimed that Kuafu had planned to cut them off for months, citing instances where Kuafu representatives spoke negatively about the partnership in public. A New York State Supreme Court Justice ruled against Kuafu’s dissolution petition last April.

Earlier this week, Kuafu deployed an unusual tactic to divorce itself from its partners. The company foreclosed on itself, which brought up the possibility of an auction for the property. This would have allowed Kuafu to bid on the property without its partners.

The site of the Hudson Rise project occupies five adjacent parcels on the southeast corner of 38th Street and 11th Avenue. It was purchased for $62 million. When the project was first announced, the two companies said that the building will have a “distinctive Asian influence” and will contain 50 luxury condo units, a 400-room hotel and an exclusive members-only area called the Shanghai Club.
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  #63  
Old Posted Sep 9, 2015, 8:34 PM
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The $600M Hudson Rise Development Becomes a Legal Nightmare





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“This deal is not going to be here forever,” Shang Dai, chief executive officer of Kuafu Properties, told his partner, Zengliang (Denis) Shan, over the phone back in the summer of 2013. “People are going to compete very fiercely on this,” he said.

Mr. Shan was about to board a plane to China when he received Mr. Dai’s call, urging him to look over the details and make a quick decision on whether or not to partake in the development opportunity at Hudson Yards, one of the largest neighborhood development projects New York City has ever seen. Mr. Shan spent his flight looking over the details of the opportunity and later called his partner when he landed to accept, Mr. Dai recalled in a July sit-down interview with Commercial Observer (before mediation rules prohibited press contact).

The development at hand would soon be known as Hudson Rise, a 320,000-square-foot hotel and condominium project, located on 11th Avenue between 37th and 38th Streets, with an estimated sell-out value of $600 million. The duo teamed up with Siras Development and BlackHouse Development, two other New York-based development firms to tackle the project. In June 2014, an affiliate of the partnership received a $60.9 million loan from UBS to finance the land acquisition and pre-development phases.

Today, Hudson Rise has become one of the most talked about developments in the city—but not in the context of its progress. A soured joint venture and its subsequent lawsuits left the plot of land on 11th Avenue vacant, court dockets full and news outlets further antagonizing tensions.

After Sean Ludwick, BlackHouse’s principal, engaged in “problematic behavior,” the firm became a silent partner in late 2014. Mr. Ludwick’s behavior mushroomed into a full blown criminal matter in Sag Harbor, N.Y., when he was accused of drunkenly crashing his Porsche and killing his passenger, Paul Hansen, on Aug. 30, police records show.

A few months after BlackHouse became a silent partner, Kuafu filed to dissolve its partnership with Siras (to no avail) after which Siras filed a lawsuit against Kuafu claiming that the defendant’s action was unlawful and damaging to the development. In April, an affiliate of Kuafu purchased the original acquisition loan and filed to foreclose on it on July 10, 2015. Both parties entered into mediation in late July.

“Here you have a really nasty fight between the partners and a rising real estate market,” Chris Delson, a partner in the real estate group at Morrison & Foerster who represents lenders in construction deals, told Commercial Observer. “If you see this, you usually see it in a downturn, where maybe the property is not worth what the debt is or where the investors are going to take a loss. Here, you have this big fight when the property is much more valuable than when it was initially purchased.”

[...]
===========================
http://commercialobserver.com/2015/0...gal-nightmare/
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  #64  
Old Posted Sep 9, 2015, 10:52 PM
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This design, although a bit of a mess and not very graceful, is the kind of interesting building that I want to see more of. Sure, it's a bit of an ugly mother and full of poor design choices, I'd rather this than another boring glass box like Manhattan West, 30 HY, etc.
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  #65  
Old Posted Nov 12, 2015, 12:07 PM
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Blackhouse Proposes 740-Foot Tall Mixed-Use Tower At 470 Eleventh Avenue Amid Ownership Disputes



REID WILSON
NOVEMBER 12, 2015

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Over the summer, YIMBY brought you news on the stalled-out mixed-use proposal by Kuafu Properties at 470 Eleventh Avenue, in Midtown West. Amid disputes over the property’s ownership, Blackhouse Development has proposed their own 740-foot-tall mixed-use building at the site, Curbed reports. Los Angeles-based M-Rad is designing, and although the rendering is conceptual, the project would feature 160 hotel suites and 15 condominiums. The initial project, dubbed Hudson Rise Hotel, was to rise 47 stories and contain 47 condominiums and a hotel.


Stalled-out Hudson Rise, image by Archilier Architecture
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  #66  
Old Posted Nov 12, 2015, 10:16 PM
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  #67  
Old Posted Jan 23, 2016, 11:57 PM
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  #68  
Old Posted Jan 24, 2016, 3:58 AM
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Pretty nifty
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  #69  
Old Posted Jan 24, 2016, 6:09 AM
antinimby antinimby is offline
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Those smaller brick buildings on both sides of this tower in the last rendering are nonexistent.
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  #70  
Old Posted Jan 24, 2016, 8:09 PM
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Quote:
Originally Posted by chris08876 View Post
- I like the exterior staircase. That is a cool design. I can see people stopping in the middle and blocking traffic though.
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  #71  
Old Posted Jan 24, 2016, 9:22 PM
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The detail in these renderings is probably the best I have ever seen.
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  #72  
Old Posted Dec 8, 2017, 4:27 PM
Prezrezc Prezrezc is offline
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Is this project still viable?
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  #73  
Old Posted Dec 8, 2017, 4:34 PM
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I'm sure that it is. It's still on Kuafu's website:

kuafuproperties.com/hudson-rise/

They're developing a project on East 86th St.
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  #74  
Old Posted Dec 8, 2017, 4:52 PM
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The renderings look like the Sims.
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  #75  
Old Posted Dec 8, 2017, 5:01 PM
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Quote:
Originally Posted by Zerton View Post
The renderings look like the Sims.
What's the Sims?

The market in the $2,000 per square foot range in NY is still booming, so there's clearly demand for this.
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  #76  
Old Posted Dec 12, 2017, 9:39 PM
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The Sims was a computer game where you could control people. They would go to parties/restaurants/etc and the graphics look similar to these renderings.
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  #77  
Old Posted Dec 12, 2017, 9:41 PM
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Quote:
Originally Posted by Zerton View Post
The Sims was a computer game where you could control people. They would go to parties/restaurants/etc and the graphics look similar to these renderings.
Possibly the most addicting game out there, next to Sim City 4. SC4 was a massive time killer. Once you add mods, boy o boy. And you don't even realize it. You start playing at 7pm, next thing you know, its 6 am, and you have work at 7 am.

#happenedtome
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  #78  
Old Posted Jan 3, 2018, 3:47 AM
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I might be able to help. I want to make diagrams and I might just have the chops to do it. I am going to scan this thread for all the relevant data and crank out a rough 1:1. Wish me luck!
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