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  #781  
Old Posted Nov 28, 2017, 1:39 PM
Prezrezc Prezrezc is offline
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I'm showing my "behind-the-curvedness" here but....

He's still looking for money to secure this deal????

Call me an idealist; but oughtn't it be common sense to have your highly vaunted project fully funded before you start digging a big-ass hole in the ground?

This was prolly explained here before; but to me it doesn't look like smart business...or at least how a developer with some idea of what the hell he's doing would approach it.
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  #782  
Old Posted Nov 28, 2017, 3:38 PM
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Originally Posted by Prezrezc View Post
Call me an idealist; but oughtn't it be common sense to have your highly vaunted project fully funded before you start digging a big-ass hole in the ground?

It's not uncommon, a lot of projects start that way, with an initial construction loan. As far as I know, Central Park Tower still hasn't fully received financing. And there's no tenant signed here as of yet.

But that's a minor issue compared to this garbage design they are pushing on us. I"ll just be blunt. I hate it. It's too big to be that ugly. The other plans weren't the best, but they were something. This is an insult.
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  #783  
Old Posted Dec 1, 2017, 6:18 AM
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  #784  
Old Posted Dec 6, 2017, 1:16 AM
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  #785  
Old Posted Dec 6, 2017, 3:34 AM
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https://nypost.com/2017/12/05/office...picky-tenants/

Office towers beef up amenities to lure picky tenants

By Lois Weiss
December 5, 2017


Quote:
...JLL recommended Joseph Moinian to tweak his proposed 3 Hudson Boulevard with the larger floorplates and private lobbies now coveted by corporations.

Too bad he couldn't be tweaked on overall design.
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  #786  
Old Posted Dec 6, 2017, 4:52 PM
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Indeed.

I just hope realitiy makes those renders look like something a kindergartener could make a better crayon-drawn copy of.
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  #787  
Old Posted Jan 2, 2018, 3:52 AM
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  #788  
Old Posted Jan 3, 2018, 8:25 PM
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A good read on what's going on here.


https://therealdeal.com/issues_artic...-yards-reboot/

Moinian’s Hudson Yards reboot
With no tenants locked in at 3 Hudson Yards Boulevard and fierce competition, Joe Moinian revamps his strategy on a legacy-defining office tower.


By Rich Bockmann and Mark Maur
January 01, 2018

Quote:
In August, Joe Moinian watched yet another potential anchor tenant for his planned Hudson Yards tower slip through his fingers, when the pharmaceutical giant Pfizer agreed to move into a rival project next door.

It’s a drill the developer has become all too familiar with.

In the past several years, tenants have enthusiastically flocked to Manhattan’s Far West Side. Companies such as Coach, Time Warner, the National Hockey League and mega-asset manager BlackRock have all inked leases in the area.

Despite the breakneck pace of leasing activity in the neighborhood, however, the Moinian Group has still not reeled in an anchor for its planned 3 Hudson Boulevard.

But the developer recently signaled that he’s shaking up his strategy at the project, which sits at the corner of 11th Avenue and 34th Street.

In the past few months, the 63-year-old developer fired and replaced his Avison Young leasing team, scaled back the size of tower, scrapped plans for a residential component of the project and hired a team to secure $3 billion in debt and equity. Oh, and he broke ground on the site’s foundation.

“You can only go so long without a tenant,” said real estate attorney Joshua Stein, who is not involved in the project but has been keeping tabs on it. “That is a little scary.”

Moinian has a lot on the line — 3 Hudson Boulevard is a legacy-defining project for him in a high-profile and emerging location. And as rivals like Related Companies, Brookfield Property Partners and Tishman Speyer lock in tenants, the industry is watching Moinian to see if he can move the project from rendering to reality.

“If developers can sign on new anchor tenants, then they’ll get their deals done,” said Alexander Goldfarb, a REIT analyst at Sandler O’Neill.

“You need tenants to feel like this is a project that the developer can deliver,” he said.

Quote:
Moinian was one of the first to the Hudson Yards party.

The developer, who declined to comment for this article, bought the site from Verizon for $54.8 million — a steal by today’s standards — in late 2005. His purchase came just months after the Bloomberg administration rezoned 48 blocks on the Far West Side.

His foresight couldn’t have been more on point.

High-profile developers — from Related to Extell Development to Tishman Speyer to Brookfield — all followed right behind Moinian en masse. In 2008, of course, the Metropolitan Transportation Authority tapped Related to develop 28 acres over its rail yards — a city-within-a-city project that’s now transforming the once-industrial section of Manhattan.

But although Moinian showed up early, he didn’t start leasing at the site until January 2013. (Some of that delay was likely due to the financial crisis, which brought development citywide to a halt.)

That’s when he tapped Avison Young’s Arthur Mirante — an industry veteran and former CEO of Cushman & Wakefield — to lease what was then planned as a 65-story, 1,000-foot, 1.8 million-square-foot tower. But the Toronto-based Avison was a relative newcomer to New York and it had never handled such a large project.

The fact that Moinian did not bring on one of the city’s premier firms like Cushman, CBRE, Newmark Knight Frank or JLL was an early sign of struggle at 3 Hudson Boulevard, sources said.

But perhaps the biggest thorn in Moinian’s side is the perception that he’s not a serious office developer.

Moinian has bought office buildings in the past, but they’ve largely been Class B properties. For example, he owns 500-512 Seventh Avenue with the Chetrit Group and Edward J. Minskoff Equities; 245 Fifth Avenue with Thor Equities; and 535 Fifth Avenue, 450-460 Park Avenue South and 60 and 72 Madison Avenue.

Unlike his competitors on the Far West Side, Moinian has not developed a large-scale, ground-up office project for a giant Class A tenant.

“Joe is an entrepreneurial guy. He’s not an institutional developer,” said one leasing source who spoke on the condition of anonymity. “Tenants want to go to someone they know will get the building built.”

And it hasn’t helped that there have been other setbacks at the project, including when the developer missed the deadline to apply for a city tax abatement in 2016 because he didn’t have an anchor tenant. Moinian will have to reapply.

Also, until this past fall, he had not fully ruled out constructing 3 Hudson Boulevard as a mixed-use project with residential units on top — a fact sources said could have turned off large office tenants looking for a corporate headquarters.

“If you’re the decision maker for the prospective tenant, and you’ve got all these people looking over your shoulder, you may go to an established office developer instead of Moinian,” another source said. “It’s like when everyone bought IBM computers because they knew they couldn’t get fired that way.”


Quote:
Back to the drawing board

Moinian’s aggressive push to reboot the project has been on full display since August.

After firing Avison Young, the developer selected a leasing team at JLL led by Peter Riguardi, the president of the brokerage’s tri-state office, who sources said will likely hand the job off to his ace brokers Mitchell Konsker and Paul Glickman. Moinian also scrapped the residential component of the project and, in November, scaled back the height to 940 feet and 53 stories.

Sources say architect FXFOWLE’s new redesign also has wider floor plates to appeal to office tenants.

With all of those changes in place, Moinian held a press conference on a balmy November day to break ground on the firm’s “crown jewel.” While Gov. Andrew Cuomo attended — and praised Moinian for his “phenomenal accomplishment” and “phenomenal legacy” — tenant and bank representatives were noticeably absent.

But the developer — who immigrated to the U.S. from Iran when he was 17 and started a successful women’s apparel company before getting into real estate in 1982 — is now trying to drum up equity. This January, Moinian, who put $100 million of company money into the project, is planning to launch his search for a massive $3 billion in financing. The JLL team handling that search — Aaron Appel, Kellogg Gaines and Jonathan Schwartz — declined to comment.

While securing that kind of package is a tall task for a building being constructed on spec, if the team secures it, it would be one of the biggest debt-equity deals that New York City has seen this market cycle. The developer is said to be targeting roughly $1.8 billion in debt and $1.2 billion in equity, the latter of which could come from a tenant buying a commercial condo in the building, an equity partner, or a combination of both. “The $1.2 billion in equity will probably come from a hedge fund or a REIT like SL Green or a firm that is capable of loan-to-owning,” Stein said.

But Moinian’s stance on the tower’s finances have flip-flopped, creating uncertainty that sources say may not sit well with lenders or tenants.

Before TRD broke the news that Moinian was going into the market for $3 billion, for example, the developer had pegged the tower’s cost at closer to $2 billion.

In addition, at the groundbreaking, he said he was also seeking $500 million in EB-5 funding. But sources said that might prove to be unnecessary.

Greg Kraut, managing partner at K Property Group and formerly the founding principal of Avison Young, said uncertainty on development strategy never bodes well with potential partners. “At that size, the lender has to be your partner and believe in your underwriting and overall business plan,” he said. “At a certain number, it will get completed. It all depends on the valuation.”

Quote:
Phoning a friend

Bringing on a large institutional equity partner with experience developing office buildings could be a game changer for Moinian, sources said.

Sources mentioned Boston Properties, Vornado Realty Trust and SL Green Realty as the kinds of companies that would help with a jump start.

SL Green, they said, seems like an especially likely candidate given that it’s partnered with Moinian in the past.

The Marc Holliday-led REIT rescued Moinian at 3 Columbus Circle — the only NYC office property he’s developed — back in 2010. The lender, Deutsche Bank, sued Moinian to foreclose, alleging that the developer had defaulted on $250 million in loans at the 26-story property.

But in an ugly back-and-forth, Moinian countersued Deutsche and Related, which co-owned the debt, claiming that the duo wouldn’t let him sign new tenants and that they had unjustly demanded a $54 million prepayment penalty.

SL Green’s $138 million equity investment saved Moinian. And the two went on to develop the 71-story rental tower Sky, which opened last year. The firms landed a $550 million refinancing in August — the largest-ever tax-exempt financing of a single building issued by the government-sponsored entity Freddie Mac.

But the rift with Related has now come full circle as Moinian goes head-to-head with the firm in Hudson Yards.

To be sure, Moinian is no lightweight. His firm currently has a 20 million-square-foot portfolio and, with partners, sold the former Sears Tower in Chicago for $1.3 billion to Blackstone Group in 2015.

Moinian — who is known as a hard-nosed negotiator — also has a long history with many prominent lenders on both his residential and office properties, including AIG Global Real Estate, Bank of America and Bank of China.

In addition, in February 2017, his firm launched its own lending division and in November, it secured a $104 million construction loan for its 165-unit rental project in Hell’s Kitchen. And the developer recently filed plans to build a religious center for the Persian community, of which he’s a prominent member, in Brooklyn’s Midwood.

Moinian also has a long list of major residential and hotel projects under its belt. In addition to Sky and the other above-mentioned projects, it’s completed the W New York Downtown hotel and the Atelier.

But an office tower is a different beast. Whether Moinian can pull off a Class A building on his own is up for debate.

“It’s all very circular,” said Dustin Stolly, co-head of Newmark’s debt and structured finance group, who is not involved in the project. “Pairing Joe with a big operator adds to the resume. Is it absolutely necessary? I don’t know.”

Quote:
Anchor tenants in play

It’s been a strong year for the office leasing market — and a banner year for the Far West Side.

Tenants inked 2.2 million square feet on the Far West Side in the first three quarters, up from shy of 1 million during all of 2016, according to JLL.

And there are still potential anchor tenants in play.

Deutsche Bank, which last year expressed interest in Larry Silverstein’s 2 World Trade Center, is one, as is Morgan Stanley. But sources said the latter bank is closing in on Brookfield’s mammoth Manhattan West, where the REIT still needs an anchor for its 2 Manhattan West.

And the competition is fierce given all of the new inventory. Brookfield has several thousand square feet left at 1 Manhattan West. Related has about 2 million square feet at 50 Hudson Yards, where BlackRock signed on for 850,000 square feet in 2017. And Tishman Speyer will have 2 million-plus square feet left at the Spiral after Pfizer finalizes its deal for 800,000 square feet in early 2018.

But while Moinian is facing an uphill battle, his site does have some notable pluses.

Its front door will be just a few steps away from one of the entrances to the 7 train subway station. The building’s design allows for light and air to penetrate on all four sides. And it’s in the right neighborhood.

“It’s hard to find big blocks of space anywhere in Manhattan,” said Matt Kopsky, a REIT analyst at the financial service firm Edward Jones. “It’s not just the newness [of the building]. It’s about having a big enough block of space that’s attractive to tenants.”

Moinian now faces the “chicken or the egg” dilemma of searching for the tenant, partner and loan in the right order, Newmark’s Stolly said.

“It’s critical he identifies an equity partner with deep pockets who can be a backstop and showcase the project to prospective tenants,” Stolly said.

The order Moinian tackles each step could also determine whether he’s successful — or if he fails.

“He could get a partner to join him, but it won’t be close to a billion dollars unless he has some interest from tenants,” a source said.

At the same time, Moinian has pulled himself out of tricky situations before, and sources say he should not be underestimated.

“It’s a risk, but Joe’s an ambitious and extremely capable guy,” said Woody Heller, vice chairman and co-head of Savills Studley’s capital markets group.

The fact that the firm got into the site more than a decade ago at such a low basis gives it major breathing room.

And sources said Moinian is bound to land his first tenant sooner rather than later.

“It’s certainly more difficult to go forward fully on spec, but in time he’ll find a tenant,” Heller said.

“After all, Hudson Yards is the most successful submarket in the city,” he added. “So it’s really just a question of how much equity will be required.”
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  #789  
Old Posted Feb 7, 2018, 3:20 PM
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https://therealdeal.com/2018/02/07/m...son-boulevard/

Moinian Group to raise upwards of $350M in EB-5 funding for 3 Hudson Boulevard
Developer reaches deal with immigration center



February 07, 2018


Quote:
The developer has yet to land a construction loan and is looking for a debt and equity package of up to $3 billion to pay for the tower. Moinian in November tapped JLL to lock down the financing, with a capital stack featuring $1.8 billion in debt and $1.2 billion in equity.

Bloomberg first reported in November that Moinian considered raising up to $500 million in EB-5 capital.
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  #790  
Old Posted Feb 8, 2018, 12:17 AM
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I hope they can raise the funds. This design is quite nice. Would be nice to see it rise, just as HY Phase I starts to finish up.
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  #791  
Old Posted Feb 8, 2018, 1:15 AM
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As per the laws of quantum mechanics, anything is possible. However, I highly doubt that this tower will rise. Moinian isn't getting a 700k SF commitment any time soon. This site will eventually be sold to Related.
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  #792  
Old Posted Feb 8, 2018, 5:41 PM
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I knew there was something rather off-putting about this guy (Moinian).

Be that the case, I hope Related has already started to get their lil' duckies in a row (i.e. scoring an architect of record etc.).

A parcel with a gaping hole already dug into it needs hella quick filling up, especially in the hottest real estate spot in the country.
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  #793  
Old Posted Feb 8, 2018, 7:57 PM
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Originally Posted by JMKeynes View Post
As per the laws of quantum mechanics, anything is possible. However, I highly doubt that this tower will rise. Moinian isn't getting a 700k SF commitment any time soon. This site will eventually be sold to Related.
I sincerely hope you’re right, because the current design for this tower may be the blandest, bulkiest, ugliest thing proposed in NYC since the XYZ Buildings, and on a much more visually prominent site—which will remain so due to the Javits Center and will block out the Spiral on the skyline. Hopefully, Related or whoever buys it will either bring back the previous “torqued” design, or propose something different for the site entirely. Honestly, I would rather not see a tower on this site at all than see the current design get built.
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  #794  
Old Posted Feb 9, 2018, 1:59 AM
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https://www.law360.com/articles/1010...-for-nyc-tower

Moinian Snags Up To $350M In EB-5 Funding For NYC Tower


By Matthew Guarnaccia
February 8, 2018


Quote:
The Moinian Group said Thursday it will receive as much as $350 million in EB-5 capital for its massive mixed-use retail and office tower in Manhattan as part of the New York developer’s plan to fund the $2 billion construction project.

Moinian selected George Washington Immigration Group LLC as its EB-5 regional center, saying the firm will provide between $250 million and $350 million in funding for the project, known as 3 Hudson Boulevard.
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  #795  
Old Posted Feb 9, 2018, 2:30 AM
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This is good news. Every bit helps. Even if its 15-20%.
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  #796  
Old Posted Feb 9, 2018, 4:02 PM
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http://www.globest.com/sites/betsyki...20180109105622

Moinian Selects Regional Center For 3 Hudson Boulevard EB-5 Funding

FEBRUARY 9, 2018
BY BETSY KIM


Quote:
Construction of 3 Hudson Boulevard began in 2017 and has a scheduled completed date of 2021.

The total cost is more than $2 billion, and will be funded through Moinian Group equity and EB-5 participants.

Architect Dan Kaplan of FXFOWLE designed the tower, which takes up an entire square block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street. He has maintained the building’s foundation sits on the densest bedrock in Manhattan, so requires no platform.
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  #797  
Old Posted Feb 9, 2018, 5:44 PM
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At any rate, given the overwhelmingly reliable premise that renders--which in this case gives an even less faithful representation of the tower given only one or two profiles from roughly the same prespective--don't do justice to the finished product, we could be pleasantly surprised.

Besides, 940' at its projected girth is still a whopper: Imagine a fattie almost halfway between the heights of 220CPS and 150 Greenwich.
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  #798  
Old Posted Feb 10, 2018, 1:52 AM
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Besides, 940' at its projected girth is still a whopper: Imagine a fattie almost halfway between the heights of 220CPS and 150 Greenwich.
It's a large tower for sure, but that may be the problem. The girth will join the girth of it's neighbors. It could be like the skyline killing towers on lower Manhattan's waterfront, only on a larger scale. We'll just have to see how well 30 Hudson pulls it off.
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  #799  
Old Posted Feb 10, 2018, 3:18 AM
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I cannot believe the height-equals-design mentality and blind support of every project that exists among some people on this forum. This thing is infinitely worse than 55 Water and its neighbors, which at least have some slight variations in color and facade treatment. This thing is as plain as possible, not because minimalism is in vogue as it was with the midcentury towers, but because it is cheap. This has to be one of the most egregious cases of design being watered down for the sake of money in the history of American architecture, and if it is constructed as it is currently proposed it will become known worldwide as “the tower that destroyed the Manhattan skyline.” This tower is the architectural equivalent of Gale Brewer, and how any of you can look forward to its construction is beyond me.
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Old Posted Feb 10, 2018, 3:29 AM
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This won't get a construction loan without an anchor tenant of at least 700k SF, and no such tenants are lining up at Moinian's doorstep.

Related will build something here in the next cycle.
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