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  #41  
Old Posted Aug 13, 2014, 12:05 PM
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Spitzer to put up hotel on West 35th Street site
Documents reveal former governor's project expanding substantially






August 12, 2014
By Rich Bockmann


Quote:
Eliot Spitzer is planning to build a hotel with a retail component on the Hudson Yards development site his firm snapped up last year for $88 million. And the former New York governor is apparently willing to shell out millions more for a bigger building.

Spitzer disclosed his plans in an application the company filed recently to purchase an additional 138,250 square feet of bonus development rights from the city for his property at 511 West 35th Street, which runs block-through to 36th Street between 10th and 11th avenues.

The firm will now pay $125.36 per buildable square foot – totaling $17.33 million – to the Hudson Yards District Improvement Fund. That fund finances improvements such as the No. 7 train extension to the west side, as well as Hudson Park & Boulevard. The park runs mid-block between 10th and 11th avenues– from the Related Companies’ Hudson Yards project — to 42nd Street.

Spitzer declined to comment, but if approved he would have the option of purchasing another 103,688 square feet of bonus rights from the Eastern Rail Yards. That would bring the total buildable area to 414,750 square feet. A little more than 100,000 square feet of that amount would have to be used for residential.

While the price of the rights bought from the rail yard is determined by an appraisal of their value at the time of application, the cost of the additional square footage purchased through the improvement is fixed each year.

The city set the original price at $100 per square foot back in 2005, and that figure rises each year based on the consumer price index. The price climbed from $122.78 per square foot August 1.

As of 2012, the Hudson Yards Infrastructure Corporation had collected $88.1 million from the sale of bonus rights in the district.
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  #42  
Old Posted Aug 28, 2014, 12:27 PM
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Spitzer disclosed his plans in an application the company filed recently to purchase an additional 138,250 square feet of bonus development rights from the city for his property at 511 West 35th Street, which runs block-through to 36th Street between 10th and 11th avenues.

Spitzer declined to comment, but if approved he would have the option of purchasing another 103,688 square feet of bonus rights from the Eastern Rail Yards. That would bring the total buildable area to 414,750 square feet. A little more than 100,000 square feet of that amount would have to be used for residential.


Tracking...


http://a030-lucats.nyc.gov/lucats/UL...blhm2zwqvgrr55

Quote:
WITHIN THE SPECIAL HUDSON YARDS DISTRICT A CHAIR CERTIFICATION TO ALLOW AN INCREASE IN THE F.A.R. TO ALLOW A MIXED USE DEVELOPMENT AND A PAYMENT OF APPROXIMATELY $16.7 MILLION FOR THE DISTRICT IMPROVEMENT FUND BONUS


07/28/14 PROPOSAL RECEIVED BY DEPT. OF CITY PLANNING

08/25/14 RECEIVED REVISED PLAN AND/OR APPLICATION, DRAWINGS, PICTURES
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  #43  
Old Posted Dec 2, 2014, 1:58 AM
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Second bet on Far West Side


December 01, 2014
By Rich Bockmann


Quote:
...Spitzer recently made a second move on his most visible project, which is planned for the Hudson Yards area, The Real Deal has learned.
A year ago, he paid $88 million to buy a development site at 511 West 35th Street. Then several months ago, he quietly acquired control of a land lease on a plot adjacent to the development site, a move that doubles the project’s development potential.

The second plot, at the northwest corner of 35th Street and 10th Avenue, allows for 172,000 square feet of buildable space as of right. Through a pair of building bonuses available to projects in the neighborhood, that total can be increased to 414,600 square feet.

Spitzer plans to build a hotel with retail and possibly a residential component on the site he owns next door, which holds 414,744 buildable square feet. If combined, the two sites could allow for a large building holding nearly 830,000 square feet — a project that would plant the Spitzer name in one of the city’s hottest new neighborhoods.

An active developer in the area, Jorge Madruga of Maddd Equities, purchased a 99-year-lease on the corner property earlier this year for $62 million. Neither Spitzer nor Madruga would comment, but a source unconnected to either said Spitzer now controls the site.

Spitzer also hired the law firm Sheldon Lobel, which specializes in land-use and zoning matters, to lobby the Department of City Planning regarding the portion of the site he owns outright.

The project is a complicated one with lots of moving parts, and something that may be difficult for a first-time developer, but observers say Spitzer has surrounded himself with industry professionals who can pull these kinds of deals off.

Those people include Charles Morisi, the man who served as Bernard Spitzer’s right-hand man for more than 25 years, and Jeffrey Moerdler, an attorney at the firm Mintz Levin who has advised Spitzer Engineering for a similar period of time.

He’s also working with Bob Knakal, the Massey Knakal chairman who brought Spitzer the deal for 511 West 35th Street. Knakal said he’s “always looking for sites for Eliot.”

“He’s clearly a very smart guy,” said Tim King, managing partner of the Brooklyn-based commercial brokerage CPEX. “All the smart people I know typically surround themselves with the kinds of people who can make whatever needs to happen, happen.”

Spitzer also went into contract earlier this year to buy a large development site on the Williamsburg waterfront, a long-stalled project with an affordable-housing component that comes with a different set of potential stumbling blocks.

“Anything involving waterfront has its own challenges,” King said. “But if there are challenges, then there are benefits. From what I’ve seen so far, I think they’ll do very well.”
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  #44  
Old Posted May 15, 2015, 1:40 PM
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THE SON RISES AGAIN: Spitzer real estate empire's in play as former Luv Guv calls the shots





BY KATHERINE CLARKE
May 15, 2015


Quote:
Former New York Gov. Eliot Spitzer is embarking on an epic third act worthy of the Bard as he begins dismantling the real estate portfolio painstakingly built by his late father, Bernard Spitzer, to make his own mark on the New York City skyline — all against the backdrop of the kind of political disgrace that has made exiles out of lesser men.

.....With the former “Love Gov” at the helm, Spitzer Enterprises is building gleaming new towers in trendy areas such as Williamsburg and Hudson Yards.

.....Indeed, in the past 18 months alone, Spitzer has moved ahead on several ambitious new projects, including two residential buildings on the Williamsburg waterfront and a massive mixed-use tower in the up-and-coming Hudson Yards on the far West Side of Manhattan.

At Hudson Yards, Spitzer ponied up $88 million for a site at 511 W. 35th St., which could support a massive hotel, retail and residential project.


“He could have just sat there and picked up his checks, but what fun is that?” said Bob Knakal, chairman of investment sales at brokerage Cushman & Wakefield, who has represented Spitzer. “Eliot is a very resourceful guy and he enjoys the sport and spirit of the business.”

The current plans represent a major shift for Spitzer, who had shied away from building new projects from scratch and was even rumored to be ambivalent about the idea of building for a living.

It’s also a move away from the prime Midtown corridors favored by his father.

“To find value, you have to go into areas that are not overheated,” said Knakal, who sold the Hudson Yards site to Spitzer.

“When he bought the site in the yards, there was still tremendous upside to be had, and the site in Williamsburg is certainly worth significantly more than what he paid for it even a short time ago,” said Knakal.
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  #45  
Old Posted Jun 9, 2015, 3:42 PM
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Eliot Spitzer plans boutique office building at Hudson Yards
Former governor to build some 300,000 sf of office at 451 Tenth Ave.

June 09, 2015
Rich Bockmann

Quote:
Eliot Spitzer is planning a boutique office building on the site of a Hudson Yards parking lot he secretly took control of last year.

The former-governor-turned-developer is looking to build a roughly 415,000-square-foot mixed-use tower with some 300,000 square feet of office space at the northwest corner of 10th Avenue and 35th Street. The site in question sits adjacent to one he purchased for $88 million in late 2013.

Spitzer quietly gained control of the corner lot at 451 Tenth Avenue, which property records show Nassau County-based developer Jorge Madruga’s Maddd Equities entered into a 99-year lease on last year for $62 million.

A spokesperson for Spitzer declined to comment. The developer’s application with the Department of City Planning shows he intends to put up a 414,708-square-foot building with some 311,000 square feet of commercial office and retail space, with the remainder set aside for residential use.

Next door, Spitzer Engineering plans to build a hotel with a possible residential component in a project of nearly identical size.

Following the death of his father last year, Spitzer took a much more active role in his family’s sprawling real estate portfolio, which is estimated to be worth more than $1 billion. He’s cashed in some of the family’s trophy real estate holdings, such as the Crown Building, which he and partner the Winter family sold earlier this year to Jeff Sutton and General Growth Properties for a whopping $1.78 billion. In addition to his Hudson Yards projects, the developer is also planning a pair of large rental buildings on the Williamsburg waterfront.

Diving into the business has kept him largely out of the public eye, but he is scheduled to give the keynote address at TerraCRG’s Only Brooklyn Real Estate Summit next week.

- See more at: http://therealdeal.com/blog/2015/06/....RJh7cMZO.dpuf
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  #46  
Old Posted Jun 9, 2015, 4:16 PM
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Awesome!! I was thinking about this site the other day! I hope this can be pretty tall with 415k sf especially with residential on the upper floors, plus its footprint is not so big.
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  #47  
Old Posted Jun 9, 2015, 8:08 PM
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Oh wow!! I did not realize he bought this site from Maddd Eequities!! lol. I did not really read the article and thought it was referring to the adjacent site he purchased back in 13'.

Apparently, he will build 2 towers on each site which potentially both can rise over 700' tall.

I would have preferred that he combine both lots to build a significant supertall which would have given him 830k sf to work with.

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  #48  
Old Posted Mar 3, 2016, 5:13 AM
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http://www.voa.com/blog/new-york-new-design/

New York New Design
VOA NY exhibits a new convention hotel proposal for Hudson Yards


by Brian J. McFarland, AIA
February 18, 2016

Quote:
On February 11th, members of the VOA team who contributed to the 451 Tenth Avenue proposal (Haley Gutierrez, Caroline Karlsen, Mavis Tang, and Jacob Ross) attended the opening
of “New York New Design,” the annual exhibit of new designs by member firms of AIA New York at the Center for Architecture. With 185 projects submitted by over 100 firms, the “New York
New Design” exhibition presents works of all scales and types. VOA developed the 451 Tenth Avenue design proposal with Highgate Hotels for a site in Hudson Yards. Featuring over 150,000 SF
of functional space connected by a five-story atrium, 1,000 hotel keys, and 200,000 SF of luxury condominiums, the project would have been
the first new convention hotel in NY since the Marriott Marquis opened in 1985.














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  #49  
Old Posted Mar 3, 2016, 5:40 AM
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please lord tell me thats not a blank wall...
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  #50  
Old Posted Mar 3, 2016, 5:55 AM
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That looks a lot taller than 700 feet. The angle might have confused me, but I'm pretty sure I got 82 floors from counting windows. Either the render is inaccurate or this is much, much taller than 700 feet.
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  #51  
Old Posted Mar 3, 2016, 6:03 AM
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Original news mentioned 700 ft, but this looks like a near super tall if not a supertall itself. Considering the Silver Towers (two twin residential on the left) are 653 feet.
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  #52  
Old Posted Mar 3, 2016, 2:11 PM
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That rendering is definitely a supertall. Not sure if this is actually the final design, but looks promising.
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  #53  
Old Posted Mar 3, 2016, 3:07 PM
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looks like a typo and they meant 700 bajillion ft tall.
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  #54  
Old Posted Mar 3, 2016, 4:46 PM
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Does someone want to explain why they've got the elevator banks (presumably) facing the Hudson River views? Or is there another building planned for the lot to the west?
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  #55  
Old Posted Mar 3, 2016, 10:19 PM
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^The chart VG posted says there is.
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  #56  
Old Posted Mar 3, 2016, 11:25 PM
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Oooh yes times a million, I'm a fan!
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  #57  
Old Posted Mar 4, 2016, 2:31 AM
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That model looks to be roughly the same height as 3 Hudson (the Girasole). The building in the middle is just a placeholder for the Spiral (which would also be close to the height of 3 Hudson).







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“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.
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  #58  
Old Posted Mar 4, 2016, 2:54 AM
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Quote:
Originally Posted by Yesh222 View Post
That looks a lot taller than 700 feet. The angle might have confused me, but I'm pretty sure I got 82 floors from counting windows. Either the render is inaccurate or this is much, much taller than 700 feet.
I only count 70 floors.
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  #59  
Old Posted Mar 4, 2016, 6:03 AM
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Originally Posted by scalziand View Post
I only count 70 floors.
LOL. Second time I counted I got 74. Third time got 75. I think it's a bit more than 70. Probably not 82.
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  #60  
Old Posted Mar 4, 2016, 7:58 AM
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I think this is just a concept and will be reworked. The blank wall is utterly atrocious. The height is impressive, so it has a positive, but definitely a rework is needed. Like many proposals for the area which have had a history of redesign, I wound't bank on this being the final one.
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