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  #61  
Old Posted Mar 13, 2015, 9:51 PM
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Quote:
Originally Posted by NYguy View Post
^ I don't know that Trump would need it. He gets things done, and not all of the developers in action now have a highe "prestige" so to speak.
Think of it like this; when someone needs debt and equity financing for any of the major projects we see going up (anything from Hudson Yards, 220 CPS, etc) they need to go to large banks (JPM, BofA, Goldman, etc) or P/E firms (Blackstone, etc) or overseas syndicates, none of whom will look favorably upon a Trump-like figure. I'm not saying it isn't possible for him to get the financing for a development of this magnitude, but Vonado, SL Green, Extel, Silverstein all have impressive recent and long term track records WRT large, complicated developments, while Donald Trump made a mockery of himself on The Apprentice.
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  #62  
Old Posted Mar 24, 2015, 10:29 PM
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http://www.520fifthavenue.com/index.html

Some info on the lower levels ...

Quote:
7 levels
To locate or expand your retail brand
77,000 sf
Corner retail space on 5th Avenue
Quote:
Think outside the box

85 ft

Frontage on 5th Avenue,
the world’s #1 retail location

200,000 People walk past this
area daily

No.1
5th Avenue holds the title as the prime tourist destination
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  #63  
Old Posted Jun 25, 2015, 7:06 PM
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Sitt’s Thor Equities sells Midtown development site for $275M Developer prepped the site for a 71-story tower
http://therealdeal.com/blog/2015/06/....TnCTPUSV.dpuf



Quote:
Joseph Sitt’s Thor Equities sold a Midtown development site at 520 Fifth Avenue to Ceruzzi Properties for $275 million, after purchasing it for $150 million in 2011.

Ceruzzi, a Fairfield, Conn.-based real estate investor, plans to follow through with Sitt’s plans for a 71-story residential, hotel and retail tower on the site, according to Crain’s. The plot, which has approximately 300,000 buildable square feet, sits between 43rd and 44th streets and has been vacant since Sitt demolished two prewar buildings that were there when he purchased the site.

In December, Sitt filed a permit application for the residential-hotel tower.

He put the site up for sale earlier this year and was initially seeking $350 million.

A team of HFF brokers represented Sitt in the deal.
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  #64  
Old Posted Jun 25, 2015, 7:24 PM
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Here's more.

Plot of land on Fifth Avenue to be sold for $275M—almost double 2011 price
-Joe Sitt is selling a site at 520 Fifth Ave., where he was going to build a mixed-use building, to Ceruzzi Properties

http://www.crainsnewyork.com/article...st-double-2011


Quote:
The new owners intend to go forward with Thor's design, said one of the people with knowledge of the agreement.
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  #65  
Old Posted Jun 25, 2015, 7:52 PM
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Good news, and hopefully another supertall.

And that boring THOR rendering better not be the exact final design (unless we're talking fantastic glass from a master like Richard Meier).

I'm guessing Crains is wrong and there is no exact design yet, because THOR doesn't build buildings; they collect retail spaces. I'm sure they just had a rough design commissioned for marketing purposes.
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  #66  
Old Posted Jun 25, 2015, 8:18 PM
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Big news, lads!

This is the Age of Ramses!!

I wonder if the Chinese investor is Mr. Wanda.
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  #67  
Old Posted Jun 25, 2015, 8:28 PM
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Could also be Kuafu Properties as well, since Ceruzzi is already doing a joint venture with them at their 86th and Lex project in the UES.

Kuafu seems to have a lot of $$ and is looking to be major players in NYC with their recent purchase at 143 East 60th Street (~1000' tower) and the Hudson Rise Tower (~700' tower) in the Hudson Yards.
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  #68  
Old Posted Jun 25, 2015, 8:32 PM
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Originally Posted by Vertical_Gotham View Post
Could also be Kuafu Properties as well, since Ceruzzi is already doing a joint venture with them at their 86th and Lex project in the UES.

Kuafu seems to have a lot of $$ and is looking to be major players in NYC with their recent purchase at 143 East 60th Street (~1000' tower) and the Hudson Rise Tower (~700' tower) in the Hudson Yards.
Is that the NYSC location?
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  #69  
Old Posted Jun 25, 2015, 8:34 PM
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^ yes

Still waiting for some Wanda news!!! Maybe, this prime 5th Ave spot could be it. It would be a great spot for a Wanda Hote/Residence.
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  #70  
Old Posted Jun 25, 2015, 8:40 PM
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Thor's tower was 920', presumably without a crown.

Occupancy Classification: R-2 - RESIDENTIAL: APARTMENT HOUSES Yes No
Construction Classification: I-A: 3 HOUR PROTECTED - NON-COMBUST Yes No
Multiple Dwelling Classification: HAEA
Building Height (ft.): 920
Building Stories: 71
Dwelling Units: 145

I hope that Silverstein redevelops his horrible office building across the street from this site.
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  #71  
Old Posted Jun 25, 2015, 8:46 PM
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lol. Is that where the Best Buy is located?? did not know Silverstein owns it. Yea, would llove to see that go.
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  #72  
Old Posted Jun 25, 2015, 9:04 PM
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Originally Posted by Vertical_Gotham View Post
lol. Is that where the Best Buy is located?? did not know Silverstein owns it. Yea, would llove to see that go.
Yes. I think he recently signed a lease there, but hopefully, it's a ten-year lease, and by 2025, this area will be prime and will warrant a new resi tower. His building alone has 250k sf of air rights.
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  #73  
Old Posted Jun 26, 2015, 4:29 PM
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Quote:
Originally Posted by Crawford View Post
I'm guessing Crains is wrong and there is no exact design yet, because THOR doesn't build buildings; they collect retail spaces. I'm sure they just had a rough design commissioned for marketing purposes.
Probably a reference to the plans filed with the DOB...



http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=06

Quote:
HEREWITH SUBMITTING A NEW SET OF PLANS FOR A MODIFIED BUILDING. THE BUILDING HAS CHANGED TO A 72 STORY PLUS MECHANICAL ROOMS, MIXED USE BUILDING. ALL INFORMATION ON PW-1 REVISED AS NEEDED.

http://a810-bisweb.nyc.gov/bisweb/BS...de=ES655390561

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  #74  
Old Posted Aug 18, 2015, 9:26 PM
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Ceruzzi and SMI USA Close $325M Purchase of 520 Fifth Avenue

LAUREN ELKIES SCHRAM
AUG. 18, 2015

Quote:
Ceruzzi Properties and SMI USA have closed on the purchase of the demolished site at 520 Fifth Avenue from Thor Equities for $325 million, Ceruzzi head Lou Ceruzzi told Commercial Observer. The deal includes land and 60,000 square feet of air rights.

As CO previously reported, the developers are planning to erect a mixed-use development at the site between West 43rd and West 44th Streets. Handel Architects designed the 71-story building, which can be as big as 400,000 square feet, Mr. Ceruzzi previously said, including retail, hotel and residential. The buyers hope to break ground by the end of the year using a design from Thor.

“We paid a price and that included very complete designs for the property,” Mr. Ceruzzi previously told CO. But the building will likely be slightly modified, “subject to input from the hotel company.”

The hotel brand has not yet been determined, Mr. Ceruzzi said today.
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  #75  
Old Posted Aug 18, 2015, 10:05 PM
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This is the Age of Ramses, lads!
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  #76  
Old Posted Aug 18, 2015, 11:58 PM
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Finally. Can't stand walking by a site this prime and seeing it vacant.
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  #77  
Old Posted Aug 19, 2015, 12:12 AM
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I hope that this also Spurs development on lousy sits on 5th.
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  #78  
Old Posted Aug 19, 2015, 1:25 PM
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Ceruzzi, Chinese partner plan $1B condo project at 520 Fifth Ave.
http://therealdeal.com/blog/2015/08/....B27Wuvzu.dpuf



Quote:
Ceruzzi Properties and Chinese partner SMI USA are planning a condominium project at 520 Fifth Avenue with a total projected sellout of $1 billion, The Real Deal has learned. Town Residential will be marketing the condos, through its Town New Development division. The Fairfield, Conn.-based Ceruzzi and SMI, otherwise known as Shanghai Municipal Investment, paid Joseph Sitt’s Thor Equities $325 million for the property and another 60,000 square feet of air rights in a deal that closed late Tuesday, CEO Lou Ceruzzi told TRD. Sitt bought the site, located between 43rd and 44th streets, for $150 million in 2011.

Ceruzzi said 520 Fifth will have three levels of retail at the base, topped with 180,000 square feet of luxury condominiums that could fetch north of $1 billion.

He declined to say how many condos the building would have, but he said the top floors would be combined into “larger penthouse apartments.” Ceruzzi said “in all probability” the building would also include a hotel with 150 to 180 rooms. The property is currently vacant, after Sitt demolished two prewar buildings on the site when he bought it from developer Aby Rosen and Tahl-Propp Equities. In December, Thor filed an application for permits for the mixed-use building. Ceruzzi and SMI are now following through with those plans.

Sitt put the property up for sale earlier this year through HFF, asking $350 million. Thor is marketing the retail space at the base of 520 Fifth, including 85 feet of frontage on Fifth. “We are hoping to achieve $1,000 per square foot on the first floor,” Ceruzzi said. 520 Fifth is the second joint venture between Ceruzzi and SMI, which entered the New York market 10 months ago. Ceruzzi and SMI are also developing a 52-story hotel tower at 138 East 50th Street that is slated to have 764 rooms.

“New York is the best market in the United States,” said Tom Tao, president of SMI USA. The two firms are actively looking for a third, large-scale investment to make together, Ceruzzi said. In addition to its investments with SMI, Ceruzzi is also partnering with Kuafu Properties and Stillman Development on a $340 million, mixed-use development on the corner of 86th Street and Lexington Avenue. The project will include 50 new luxury condos.
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  #79  
Old Posted Aug 20, 2015, 5:41 PM
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Developers Close On 520 Fifth Avenue, Plan 71-Story Mixed-Use Tower, Midtown



Quote:
In June, Ceruzzi Properties was reportedly in contract to purchase 520 Fifth Avenue, on East 43rd Street, and now the developer has closed on the $325 million site, according to Commercial Observer. Shanghai Municipal Investment’s U.S. arm is partnering with Ceruzzi, and the team is planning to follow through with applications filed back in 2014, which call for a 71-story mixed-use tower.

The first three floors will contain 33,000 square feet of retail, followed by possibly 150 to 180 hotel rooms. An undisclosed number of condominiums will span the upper 180,000 square feet of the building. Handel Architects is the architect of record. The group landed $150 million in pre-development loans, and ground-breaking is planned before 2016.
=======================
http://www.yimbynews.com/2015/08/dev...r-midtown.html
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  #80  
Old Posted Sep 7, 2015, 11:21 AM
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this is going to loom over 500 5th Ave . .
which was one of NYC's formerly isolated Midtown skyline-Spikes of note . .
which in is ok I guess - given that 500 is deco stone and 520 is faceless glass . .
an interesting enough juxtaposition . . Just so 500 5th doesn't plan a glass re-clad . .
That would be such a huge loss for the city . . (700 ft stone buildings don't grow on trees)
. . whereas 900 ft glass towers are getting to be a dime a dozen . .
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