NEW YORK | One Vanderbilt | 1,401 FT | 58 FLOORS

[NYguy]

http://www.bloomberg.com/news/articl...by-month-s-end

SL Green Sees Getting Loan for Manhattan Tower by Month’s End


David M Levitt
September 13, 2016

SL Green Realty Corp. expects to get a construction loan by the end of September for One Vanderbilt, the office skyscraper it’s planning near midtown Manhattan’s Grand Central Terminal, the company’s president said.

The real estate investment trust is considering bringing in a partner for the 1.6 million-square-foot (149,000-square-meter) tower, which is “generating a lot of interest” from potential tenants, Andrew Mathias said Tuesday at conference in New York sponsored by Bank of America Merrill Lynch. Preliminary meetings with prospective occupants have gone well, and SL Green has a full schedule of presentations on the project for the coming months, he said.

SL Green last month settled a lawsuit with the owners of Grand Central Terminal, removing an obstacle to the skyscraper’s construction. The ownership group had sued SL Green and New York City, claiming they were deprived of development rights connected with the terminal, potentially worth hundreds of millions of dollars, when the project was approved.

[chris08876]

Credit: Mbliny

[NYguy]

Such a small site compared to the lot sizes of the west side. That's why it's so difficult to get those large scale (over 2msf) towers built on the east side, and will remain so even after the rezoning. On the plus side, it pushes the height up rather than out.

[McSky]

Flipped:

[Zapatan]

Holy cow, this'll be off the ground so soon!

[faridnyc]

Excavation?? Yes or not yet ??

[chris08876]

Originally Posted by faridnyc

Excavation?? Yes or not yet ??

Yes!

Demo of of the structures finished. There are CAT excavators on the site.

[Design-mind]

Wow such amazing progress. Also very strange to see Grand Central Station not walled in by a building on the one side.

[NYguy]

Looks to be on schedule so far...

[chris08876]

SL Green closes on $1.5B One Vanderbilt construction loan

SL Green Realty closed on a $1.5 billion construction loan for its $3.1 billion office development One Vanderbilt, the real estate investment trust announced Wednesday.

Wells Fargo leads the syndicate, which also includes The Bank of New York Mellon, JP Morgan Chase, TD Bank and Bank of China.

Landing a loan clears one major hurdle in the way of the 1,401-foot tall, 1.6 million-square-foot office tower set to rise next to Grand Central terminal. Another fell in August, when the REIT settled a lawsuit by the owner of Grand Central.

“Closing on the construction financing means that nothing stands in the way of One Vanderbilt becoming an iconic addition to the Manhattan skyline,” SL Green’s managing director Robert Schiffer said in a statement.

On top of the loan, SL Green plans to fund the project with $1.64 billion in equity, CEO Marc Holliday said in June.

One of the lenders, TD Bank, also happens to be the building’s anchor tenant with a lease for 200,000 square feet.

In exchange for a rezoning that allows the tower to rise to its planned height, SL Green will have to invest $220 million in public infrastructure improvements.

===========================
http://therealdeal.com/2016/09/28/sl...truction-loan/

[NYguy]

They were accurate about the closing...


http://www.businesswire.com/news/hom...tion-Financing

"Closing on the construction financing means that nothing stands in the way of One Vanderbilt becoming an iconic addition to the Manhattan skyline,” commented SL Green Managing Director, Robert Schiffer. “One Vanderbilt will set a new standard for trophy buildings in Midtown Manhattan. It will respond to the needs of the modern workforce, offering tenants technologically advanced, Class A office space with best-in-class amenities and unparalleled proximity to public transportation.”

One Vanderbilt will encompass an entire block adjacent to Grand Central Terminal, bounded by Madison and Vanderbilt Avenues as well as 42nd and 43rd Streets. Vertical construction will begin in the second quarter of 2017, and is expected to be completed in 2020. Tishman Construction will manage the project.

[Zerton]

I feel like this is going to be one of those buildings that will be featured on NY t-shirts/snowglobes/etc.

[chris08876]

Originally Posted by Zerton

I feel like this is going to be one of those buildings that will be featured on NY t-shirts/snowglobes/etc.

They will definitely make a Lego Model out of it. Would be pretty cool to have the big 3. WTC1 , Vanderbilt, and ESB as models.

[NYguy]

https://commercialobserver.com/2016/...ne-vanderbilt/

Vertical construction at the blockwide site between East 42nd and East 43rd Streets is expected to commence in the second quarter of 2017, according to the release. Kohn Penderson Fox is designing the 58-story, 1.6-million-square-foot tower and Tishman Construction is managing the project.

[excel]

Great news! Can't wait for this one.

[faridnyc]

http://www.constructiondive.com/news...ecures/427256/

http://ny.curbed.com/2016/9/28/13093...g-construction

1401ft i Hope it s for the roof height!!!

[NYguy]

Originally Posted by faridnyc

http://www.constructiondive.com/news...ecures/427256/

http://ny.curbed.com/2016/9/28/13093...g-construction

1401ft i Hope it s for the roof height!!!

I don't know how many times we have to say it, but again, 1,401 ft is the height filed on the DOB permit.

[Submariner]

Originally Posted by NYguy

I don't know how many times we have to say it, but again, 1,401 ft is the height filed on the DOB permit.

The more people say it, the more likely it is to be the roof height they want.

[NYguy]

Originally Posted by Submariner

The more people say it, the more likely it is to be the roof height they want.

Well, we have to deal with the facts as we get'em. DOB says 1,401 ft.

[mrnyc]

very good news.

i still can't get over what a prime, visible site for a shiny new tower this is.

nor a better spot to work no matter where you live being its right next to grand central.