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  #21  
Old Posted Oct 6, 2013, 12:16 PM
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http://www.crainsnewyork.com/article...TATE/310069976

Hudson Yards' lucky No. 7
Developers eye gains in tenants and infrastructure following the No. 7 subway extension.


By Daniel Geiger
October 6, 2013


Quote:
Sometime in the next 12 weeks, Michael Bloomberg is expected to go where no mayor has gone before: to the new terminus of the No. 7 train just west of 10th Avenue near West 34th Street.

A few months after that ribbon-cutting ride, perhaps as soon as the summer of 2014, the station will have its official opening. An entire new neighborhood-to-be will, at last, be on the subway map for as many as 27,000 riders a day, according to Metropolitan Transportation Authority projections.

For far West Side landlords and developers, it will be the moment they have been anticipating for years—for decades, in some cases. It presages not only the arrival of the train, but a whole new stretch of cityscape.

"When we talked to tenants years ago about coming to the Hudson Yards and explained all the infrastructure that would be here and how the No. 7 train would make it convenient, they would look at you like you were crazy," said Jared Della Valle, an executive at Alloy Development, which owns a commercial development site west of 10th Avenue between West 35th and 36th streets. "They couldn't see it. Now that has changed."

With the long-talked-about transit link almost ready, the area's real estate interests are betting vast sums that more tenants will follow in the footsteps of the major companies that have already booked huge blocks of space, including Coach, Time Warner and L'Oréal. Indeed, as Crain's first reported last week, Citigroup is considering relocating its global corporate headquarters from Park Avenue to Hudson Yards.

In response to those bullish signals from tenants, developers are snapping up major development sites at a prodigious pace, making the area the most active in the city this year for such deals, according to real estate experts. The 7 train's looming arrival has only hastened that frenzy. Bob Knakal, chairman of sales brokerage Massey Knakal, said small fortunes are being created, as the activity has pushed up land prices by double or more.

"A lot of the development sites that only a short time ago were considered speculative are now tangible," Mr. Knakal said. "You'll see a lot more happen in the neighborhood coming up. There are at least four very significant sites that I know of that will be in play within the next month or two right smack in the Hudson Yards."

The Related Cos., already in the process of developing the 26-acre, $15 billion Hudson Yards complex, has been the most voracious buyer of adjacent sites in a doubling down of its holdings in the area. The company has entered into a contract to acquire a parcel between West 35th and 36th streets—for $75 million or more—that will border a new "Hudson Boulevard" being constructed by the city to run between 10th and 11th avenues. Related has approached Alloy Development to acquire its site, too, in a bid to substantially boost the size of that parcel, though it's unclear whether Alloy will decide to sell. Most of Related's acquisitions have been for locations closest to the new subway link.

Here come the tenants

"We anticipate that as much as 70% of tenants will be coming to the area via the No. 7," said Jay Cross, an executive at Related who is president of the Hudson Yards venture. "As the subway comes closer to completion, tenants have been more willing to take space in the Hudson Yards."

Related is also in talks, sources say, to purchase the site of a -McDonald's on the corner of West 33rd Street and 10th Avenue, allowing it to amass another jumbo parcel. That property sits east of another lot that Related bought for an undisclosed price from developer Gary Barnett during the summer. The land there can accommodate a 1.7 million-square-foot, 57-story commercial tower.

In January, Related plans to break ground on a roughly $750 million platform over the western half of the Hudson rail yards to create the foundation for the millions of square feet of office, retail and public space it is planning to build.

"If there were no No. 7 subway, I'm not sure we would be starting the platform then," Mr. Cross said. "But knowing that it is going to be there means we have to get going and that we will also have enough tenant interest for the space there."

According to data from the Department of City Planning, the sale of city-owned air rights has also picked up this year—another sign that developers are planning to get shovels in the ground in anticipation of the subway. More than 70,000 square feet of air rights (created eight years ago by the city to raise money to pay for the subway extension and other neighborhood improvements) have been sold so far this year, the most since 2010.

Several buyers are believed to be in the process of acquiring more air rights, including Joe Chetrit, who earlier this year purchased midtown's Sony Building for $1.1 billion. He is said by sources to be adding up to 200,000 square feet to a hotel development site he owns between West 37th and 38th streets. Mr. Chetrit, who declined to comment, could add some of that extra space by buying air rights from the city in a purchase that would likely push the total rights sold this year to its highest level since 2008, before the recession took hold.

David Marx, another developer in the neighborhood, said he will buy air rights from the city to increase the size of a hotel he plans to build on the northeast corner of West 34th Street and 10th Avenue.


"We were waiting for the No. 7 train and also the Javits Center," Mr. Marx said, referring to a $400 million renovation of the convention facility that will be finished next year. "It's all coming to fruition now."

Prices for land have dramatically appreciated because of the investment activity. In September, former Los Angeles Dodgers owner Frank McCourt and other investors purchased a 750,000-square-foot development parcel on West 31st Street for $167 million, more than three times what previous owner Sherwood Equities paid just two years ago.

'Ridiculous' prices

"It's high—it's ridiculous," marveled Jeff Katz, chief executive of Sherwood, which owns the full block between West 35th and 36th streets on 10th Avenue, a development site that rivals Related's biggest Hudson Yards parcels. "There was a double hammering in this neighborhood—it was both on the periphery of the city and the recession also hit—and it knocked prices way down. Now both of those factors have changed."

For Sherwood, the rewards have been especially sweet. The company began investing in the far West Side in 1992, when values there were a fraction of what they are now. After investing early in Times Square, and profiting from that area's transformation in little more than a decade, Mr. Katz saw some of the same potential in the rail yards.

"There are some parallels between Times Square and the Hudson Yards," Mr. Katz said. "A large piece of land, adjacent to prime central business districts in Manhattan ... It has to happen."

Several owners said it is more than the subway that's drawing buyers and tenants to the far West Side. In addition to the renovated Javits Center, the new street, Hudson Boulevard, is set to be completed next year. The third and final leg of the High Line, which will snake around the rail yards, is also slated to open in 2014.

"It's the train, but it's also the parks," said Ann Weisbrod, president of the city's Hudson Yards Development Corp. She's widely credited with overseeing the No. 7 extension's on-time and on-budget delivery.

"The High Line and Hudson Boulevard connect into one another, creating this beautiful green necklace up the West Side," Ms. Weisbrod explained. "People will take the train to get here, but it's amenities like these that will give them the reason to come in the first place."
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  #22  
Old Posted Oct 6, 2013, 3:36 PM
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Great article ^
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  #23  
Old Posted Nov 21, 2013, 12:16 AM
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I expect that Related will consolidate here..


http://www.crainsnewyork.com/article...TATE/131119928

Hot Hudson Yards parcel hits market at $75M
A block-long property on West 35th Street could accommodate a building of as much as 415,000 square feet, most likely a hotel and residential property. Related Cos., which owns the site next door, is one of several likely bidders.


By Daniel Geiger
November 14, 2013


Quote:
Alloy Development has put a large site it owns in the Hudson Yards, west of Pennsylvania Station, on the market in what could be a $75 million sale. A tower with as much as 415,000 square feet of space could be built on the site, about 100,000 square feet of it residential, with the acquisition of air rights that are for sale in the neighborhood from the city.

A conspicuous candidate to buy the lot, whose address is 511 W. 35th St. and which runs through to West 36th Street at the center of a block between 10th Avenue and the soon-to-be-built Hudson Boulevard, is the Related Cos. In late September, Related, the area's biggest property owner and the developer of the nearby multi million-square-foot rail-yards project, acquired the site next door, at 517 W. 35th St.

Together 517 W. 35th St. and 511 W. 35th St. could accommodate a nearly 1 million-square-foot tower.

Robert Knakal, chairman of the brokerage firm Massey Knakal Realty Services, is marketing 511 W. 35th St. for Alloy and said that the parcel has also attracted interest from a growing crop of hotel developers on the far West Side. Mr. Knakal said he expected the site to become a hotel and residential project.


"With Javits nearby and the construction of all the office and retail space that is planned on the far West Side, there is a real market growing for hotels," Mr. Knakal said.
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  #24  
Old Posted Dec 12, 2013, 11:25 PM
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Note-- rendering is merely a placeholder...


New York YIMBY:

Revealed: 511 West 35th Street
BY: NIKOLAI FEDAK ON DECEMBER 12TH 2013 AT 6:00 AM


511 West 35th Street, image from Alloy

Quote:
Alloy’s website has a new rendering of the firm’s plans for 511 West 35th Street, which will eventually house a skyscraper of approximately 500,000 square feet. The current reveal is tentative given the site may still trade hands; Related is making a concerted effort to acquire several lots along the future ‘Hudson Boulevard,’ including 511 West 35th Street.

Per Alloy, “[design] and entitlement work to date expresses the development potential and zoning freedom that the site affords,” corroborating the site’s uncertain future. If the rendered design is built, it would be a departure from the bulkier towers along the southern end of Hudson Boulevard.

Related would be the most sensible choice for the site’s developer, as the company owns an adjacent lot at 517 West 35th Street that can accommodate another large tower; combining the properties would yield air rights of approximately one million square feet, creating an opportunity for another potential supertall.

Given the zoning for 511 West 35th Street – which emphasizes commercial but also allows for a small residential component – the eventual tower will likely be mixed-use. Crain’s reports (NYGuy's post above) a significant interest in developing a hotel on-site, and if that does occur, it would become one of the largest on the far West Side.
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  #25  
Old Posted Dec 13, 2013, 12:08 AM
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^ Yeah it's a placeholder, the same one that's been around for over a year at least. It was meant to show what could be built with that particular piece of the parcel.

However, that piece is now for sale, and Related is reportedly going to assemble it with it's own parcel to consolidate the site.


Quote:
Originally Posted by NYguy View Post







Get more on this particular design here...
http://www.aro.net/#/projects/hudsonyardstower
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  #26  
Old Posted Dec 26, 2013, 11:38 PM
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Not sure what to think of this... although it's pretty impressive how much the lot went for

The Real Deal:

Eliot Spitzer pays $88M for Hudson Yards development site
December 26, 2013 02:58PM
By Hiten Samtani



From left: Bob Knakal, 511 West 35th Street and Eliot Spitzer

Quote:
UPDATED, 6:16p.m., Dec. 26: Dealing with divorce doesn’t seem to be slowing Eliot Spitzer down. The former New York governor’s family-run development firm Spitzer Enterprises has bought a block-long development site at Hudson Yards from Alloy Development for $88 million, according to city records filed today.

The 17,281-square-foot site is located at 511 West 35th Street between 10th and 11th avenues and runs through to West 36th Street, according to an offering memorandum from Massey Knakal Realty Services. It offers 75 feet of frontage on West 35th Street and 100 feet on West 36th Street. The site is currently leased to a trucking company, but the lease contains a termination clause provided the tenant is given six months notice, according to the memorandum.

Spitzer Enterprises could build up to 172,000 square feet as of right, but with the purchase of additional air rights through the Eastern Rail Yard and a district improvement bonus, the company could go as big as 415,000 square feet, said Massey Knakal’s Bob Knakal, who represented both sides of the deal with his colleague, Stephen Palmese. Just under 104,000 square feet are zoned for residential use. The sale closed Dec. 19.

“It’s one of the great growth opportunities in Manhattan,” Spitzer told The Real Deal, referring to Hudson Yards. He is still brainstorming the best possible use for the site, whether “mixed-use, fully commercial, or hotel,” he said, declining to comment further.

AJ Pires, who manages acquisitions and dispositions for Alloy, didn’t immediately respond to requests for comment.

‪The site was expected to fetch about $75 million, as previously reported.‬

“This transaction reflects the tremendous demand of the Hudson Yards district, sure to become the most dynamic neighborhood in the city in years to come,” Knakal said.

The Related Companies, which is spearheading the Hudson Yards development along with Oxford Properties, was thought to be one of the potential bidders on the site. Related owns the property next door at 517 West 35th Street, and a deal for 511 West 35th Street would have allowed them to build a tower just shy of a million square feet.
......
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  #27  
Old Posted Dec 27, 2013, 7:49 PM
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http://online.wsj.com/news/articles/...82922710129200

Spitzer Back in Business
Former Gov. Eliot Spitzer Making Another Attention-Grabbing Move in a Different Arena: Skyscrapers






By Eliot Brown
Dec. 26, 2013

Quote:
Less than four months after losing his bid at a political comeback, former New York Gov. Eliot Spitzer is making another attention-grabbing move in a different arena: skyscrapers.

Mr. Spitzer said he is planning a large real estate development on Manhattan's far West Side; last week his family's firm—under his direction—paid $88 million for a vacant property where an office or hotel tower could be built.

"Building is not only fun to do and interesting to do, but long-term this city is the best place to invest," Mr. Spitzer said Thursday, adding that he hasn't yet drawn up any plans for the site at 511 W. 35th St., part of the emerging Hudson Yards neighborhood.

Mr. Spitzer acted swiftly after the previous owner, Alloy Development, listed the site for sale in late November.

"There were several bids, but he moved like lightning," said Robert Knakal, chairman of Massey Knakal Realty Services, which marketed the property.

On the site, which is vacant, Mr. Spitzer could build as much as 415,000 square feet and a mix of office space or hotel space and residential. Alloy had planned a large office tower and had been in talks with multiple large tenants that ended up going elsewhere.

Mr. Spitzer may try to cut deals with neighbors to expand the site since mid-block properties aren't as appealing corner ones.

One potential obstacle: the area's most active developer, Related, has a deal to buy the property just to the west of Mr. Spitzer's site.

"Related is a good company, so we'll see what happens," Mr. Spitzer said, adding he could build without expanding the property. "They obviously are the 800-pound gorilla."
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  #28  
Old Posted Apr 14, 2014, 10:09 PM
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Smile NEW YORK | 511-517 West 35th St | FT | FLOORS

Spitzer may expand his lot on his own terms...

Crain's New York:

Another big West Side site could go for $100M
Eliot Spitzer, meanwhile, wants to expand his footprint at nearby 511 West 35th St.

BY DANIEL GEIGER
APRIL 14, 2014 12:54 P.M.


Quote:
And late last year, former New York Gov. Eliot Spitzer, bought 511 W. 35th St., a development site that Crain’s has learned he is now trying to expand by acquiring the neighboring parcel on the southwest corner of West 36th Street and 10th Avenue.
The property he is referring to is 465 10th Avenue (corner of 10th & 36th). On that note, we may as well change the thread title to 511-517 West 35th St because the 450 Hudson Blvd proposal is probably history.
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  #29  
Old Posted Apr 16, 2014, 12:38 AM
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Quote:
Originally Posted by tubeworm View Post
Spitzer may expand his lot on his own terms...

Crain's New York:

Another big West Side site could go for $100M
Eliot Spitzer, meanwhile, wants to expand his footprint at nearby 511 West 35th St.

BY DANIEL GEIGER
APRIL 14, 2014 12:54 P.M.




The property he is referring to is 465 10th Avenue (corner of 10th & 36th). On that note, we may as well change the thread title to 511-517 West 35th St because the 450 Hudson Blvd proposal is probably history.
I agree.

These developers are eager to build on their lots it seems. I think if Related won, they would've included a large office component to this site and that would be left as is until 2027. They have quite a lot on their plate as it is.
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  #30  
Old Posted May 25, 2014, 10:34 PM
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I came across this today at 511 West 35th:


©Hypothalamus
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  #31  
Old Posted May 25, 2014, 11:35 PM
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the placeholders which have been rendered onto this development might just end up being better than whatever gets built... lol.
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  #32  
Old Posted May 26, 2014, 4:42 AM
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Definitely caisson rebar, but the lot is probably just being used for storage by another project.
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  #33  
Old Posted Aug 13, 2014, 12:05 PM
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http://therealdeal.com/blog/2014/08/...h-street-site/

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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  #34  
Old Posted Aug 28, 2014, 12:27 PM
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Quote:
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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  #35  
Old Posted Dec 2, 2014, 1:58 AM
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http://therealdeal.com/issues_articl...athers-shadow/

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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  #36  
Old Posted May 15, 2015, 1:40 PM
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http://www.nydailynews.com/life-styl...icle-1.2222256

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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Old Posted Feb 2, 2017, 2:47 PM
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https://therealdeal.com/2017/02/01/s...n-yards-sites/

Spitzer, Related team up to develop 1.4M sf Hudson Yards sites
Project would include residential and large office component






February 01, 2017
By Rich Bockmann


Quote:
Eliot Spitzer and the Related Companies are joining forces to build a 1.4 million-square-foot apartment-and-office development on a pair of adjacent sites they own in Hudson Yards, The Real Deal has learned.

The partnership doesn’t simply place the former governor and top executives from Related back at the negotiating table – Spitzer’s administration in Albany worked with the firm and Vornado Realty Trust a decade ago on the Moynihan Station project – it also helps them potentially front-load the development’s residential portion at a time when there’s still heaps of competition for office tenants on the Far West Side.

Representatives for Spitzer declined to comment on the partnership, while Related did not immediately return a request for comment.

Related signed a contract in September 2013 to buy its site at 517 West 34th Street for an undisclosed price, while Spitzer paid $123 million to assemble his site next door, records show.

The partners have asked the city for permission to split the project into two phases. In addition, they’re asking the city for special permission to build all 341,000-square-feet of residential space in the first phase. Under existing zoning conditions, they would only be able to build up to 100,000 square feet of residential space in the first phase.

Phase one would start with what the developers are calling the “Tenth Avenue Parcel between West 35th and West 36th Streets,” where they wish to build a 415,000-square foot, mixed-use building with 400 apartments set atop nearly 75,000 square feet of office and retail space.

Phase two, which would rise directly next door on the “Hudson Boulevard Parcel,” would see the construction of a roughly 950,000-square-foot office tower overlooking Hudson Boulevard Park.

Their proposed development sits in an area of the Far West Side that the city rezoned in 2005 when it paved the way for Related’s Hudson Yards megaproject, which is now rising a few blocks south over the Metropolitan Transportation Authority’s rail yards.

City planners zoned the blocks north of 34th Street where the Spitzer and Related properties sit to encourage developers to build large, mixed-use projects. But the city officials wanted to keep an emphasis on commercial use in that stretch of the Far West Side, so they included a stipulation that a developer could only build residential units once all of the floor-to-area ratio designated for commercial space on a site was exhausted.

But the city left open a back door in case the market became oversaturated with office space. It allowed developers with large sites – those with a lot area of at least 69,000 square feet – to build their residential portions first, so long as the final project met the required ratio for residential-to-commercial square footage.

Spitzer and Related’s combined sites, however, don’t meet the mark. The sites combine for a lot area of just 56,793 square feet. Under the current zoning rules for lots that size, even if the developers phased their projects they would have to stick to the site’s residential-to-commercial ratio. Under that guideline, their 415,000-square-foot building would be allowed to have only about 100,000 square feet of residential in phase one, not the full 341,000 square feet they’re asking the city to green-light.

In their application to the city, Related argued that there’s already a “substantial” amount of commercial development underway or planned in the Hudson Yards district, and they wanted the “flexibility” to meet the demand for residential housing first.

Spitzer and Related aren’t the only developers who would rather focus on residential use in the Far West Side.

Silverstein Properties is considering splitting its 1.6 million-square-foot development site several blocks north at 11th Avenue between West 40th and 41st streets into residential and commercial phases. Under that proposal, the residential component would be built first. That site, however, lies outside the Hudson Yards district and is subject to its own unique zoning conditions.
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  #38  
Old Posted Feb 2, 2017, 7:11 PM
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Nice to see another parking lot bite the dust.
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  #39  
Old Posted Feb 2, 2017, 11:59 PM
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Related wants to keep that momentum going after 50 Hudson. This site will be about a block north, leapfrogging the Spiral. And a 1msf office tower on the new Hudson Blvd is good for this new "Park Avenue".
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Old Posted Feb 3, 2017, 1:24 AM
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1.4 mil sq ft will go far. Will be pretty sizable. I predict 600 ft and 750-850 ft for the residential and office component tower(s).
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