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  #141  
Old Posted Jun 30, 2013, 1:09 PM
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http://www.wqxr.org/#!/blogs/wqxr-bl...reet-showroom/

Steinway Finalizes Sale of West 57th Street Showroom





June 28, 2013
By Brian Wise


Quote:

Steinway Musical Instruments announced on Friday that it has finalized the sale of Steinway Hall, its flagship showroom at 109 West 57th Street.

The buyer is JDS Development Group, which in March paid $46 million to acquire the air rights for Steinway Hall. The acquisition will allow a planned 51-story condominium tower at the adjacent 107 West 57th Street to be 200 feet taller, according to a report in The Real Deal.

Built in 1925, the 16-story Steinway building has close to 45,000 square feet of air rights attached, according to PropertyShark.

In a statement, Steinway Chairman and CEO Michael Sweeney said the sale will enable the company to focus its attention on its core musical instruments business. He added, “it positions us to prepare for the creation of a 21st century Steinway Hall in Manhattan that serves the needs of today's artists and customers just as the West 57th Street building did when it opened in 1925."

Steinway Hall is presently home to three floors of pianos, plus the company’s sales, marketing and service departments. It hosts concerts in its two-story rotunda. Steinway can stay through September 2014 and extend that period for an additional four months subject to an agreed upon rent, according to the deal. There is no word yet on a new Manhattan location.
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  #142  
Old Posted Jul 1, 2013, 6:10 PM
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http://therealdeal.com/blog/2013/06/...s-217m-so-far/

JDS, Property Markets’ investment in West 57th Street tower tops $217M so far

June 28, 2013
By Katherine Clarke


Quote:
In its quest to build a mammoth skyscraper on West 57th Street, a partnership led by Michael Stern’s JDS Development and Property Markets Group has invested $177.8 million to acquire both the Steinway building at 109 West 57th Street and its accompanying land lease, The Real Deal has learned.

The deal, which closed today, represents a total investment of $217.8 million — $131.5 million for the land lease and $46.3 million for the building — before construction on the prospective tower has even begun. The price tag includes $40 million to acquire the site next door at 107 West 57th Street.

The new tower, which will rise to more than 900 feet, will include condominium units as well as a sizable retail component, according to a statement from JDS. While initial plans for the 57th Street tower called for a 679-foot, 51-story condominium property on a 43-foot-wide lot, to be designed by architecture firm Cetra Ruddy, the acquisition of the Steinway building added air rights that will allow the developer to build much taller, The Real Deal previously reported.

JDS has not filed revised plans with the Department of Buildings, but the company said the tower would likely be completed in 2016.

Barry Sternlicht’s Starwood Capital Group, which had been a partner in the project when the plans called for a shorter tower, has since exited the partnership, JDS said.

The Corcoran Group represented Steinway in the sale of the building.
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  #143  
Old Posted Jul 3, 2013, 10:12 PM
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http://seekingalpha.com/article/1533...ce=google_news


Chris Karlin
July 3, 2013


Quote:
JDS has done several tower deals in Manhattan and is currently doing a project on 1st Avenue between 35th and 36th with Baupost as financial partner. JDS purchased the vacant property at 105-107 W 57th from Starwood Capital, which retained an interest in the project and is expected to provide bridge lending to the project. Starwood had purchased that lot for $52MM in 2006.

JDS purchased the Steinway building for $46MM in 2013 and purchased the land underneath the property in a separate transaction with undisclosed terms. My estimate is that $175MM - $200MM have been invested in the two properties and construction costs for the 900 ft 75 floor residential tower are expected to be around $600MM.

They are building at an attractive location. 57th Street between Sixth and Seventh Avenues is two blocks removed from Central Park. Above 225', unobstructed views of the park are available. This property should have roughly 38 floors to offer with unobstructed views.

On the same block, Extell Development is constructing One57, a condo/hotel/retail development at an estimated cost of $1.5B, which has become notable for several high priced deals including one penthouse unit reportedly under contract for $90MM. There is substantial demand for foreign buyers for prime Manhattan real estate partially because it offers the ability to put large sums of cash out of reach of home governments with relatively little paperwork.

The first four stories of Steinway Hall are a protected Landmark and will be preserved. It is expected that the higher floors will be removed and the new tower will rise above the protected landmark with a larger footprint, yielding greater height and more attractive floorplates.
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  #144  
Old Posted Jul 8, 2013, 6:38 PM
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Will this building be part of 107 W 57th ?
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  #145  
Old Posted Jul 8, 2013, 7:27 PM
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Originally Posted by ILNY View Post



Will this building be part of 107 W 57th ?

No, that is the former Buckingham Hotel, which was purchased for $60 million in 2010 and is currently undergoing an extensive re-modeling. It will re-open in the fall of 2013 as The Quin hotel. The new tower at 107 W 57th will be built it the 43-foot-wide alley between Steinway Hall and The Quin, and will probably protrude in some fashion into the airspace above Steinway Hall.
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  #146  
Old Posted Jul 8, 2013, 10:43 PM
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Originally Posted by ILNY View Post
Will this building be part of 107 W 57th ?
You're looking at the wrong building.

Quote:
The first four stories of Steinway Hall are a protected Landmark and will be preserved. It is expected that the higher floors will be removed and the new tower will rise above the protected landmark with a larger footprint, yielding greater height and more attractive floorplates.
I don't know about that, but we shall see.



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Originally Posted by NYguy View Post
April 7, 2013






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  #147  
Old Posted Jul 8, 2013, 10:48 PM
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  #148  
Old Posted Jul 9, 2013, 9:35 AM
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On SSC, I posted the Landmark designation for Steinway Hall. It makes no mention of the landmark status only pertaining to the bottom 4 floors. The key page of the designation also states that "the upper twelve stories also have an illustrious history".

http://www.skyscrapercity.com/showpo...1&postcount=93


I suppose that the Landmark Commission has some leeway with designated structures. Having already invested $217m to buy the site for this tower and the Steinway, the developers are certainly hoping they will be permitted to take the top 12 floors off of Steinway Hall.
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  #149  
Old Posted Jul 9, 2013, 12:47 PM
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On SSC, I posted the Landmark designation for Steinway Hall. It makes no mention of the landmark status only pertaining to the bottom 4 floors. The key page of the designation also states that "the upper twelve stories also have an illustrious history".
Yeah, it's been stated before that the designation was for the lower floors. I think a lot has to do with the interior.

http://www.luxq.com/2012/12/17/steinway-hall/





Quote:
The breathtaking two-story rotunda is the dramatic centerpiece of Steinway Hall. The spectacular 35-foot domed ceiling was hand painted by Paul Arndt, with allegorical scenes of lions, elephants, goddesses and nymphs depicting the influence of music on human relations. The walls are adorned with fluted white Italian marble columns alternating with green pilasters of highly polished Greek marble. Descending from the ceiling is a magnificent, glittering 19th century Viennese crystal chandelier.

Steinway & Sons commissioned esteemed American artists to create paintings that would create a rich visual landscape throughout Steinway Hall. Original oil paintings depict great composers, such as Berlioz, Chopin, Handel, Mozart, Wagner, and legendary pianists, such as Franz Liszt, Ignaz Paderewski, Sergei Rachmaninoff, and Anton Rubinstein. Many distinguished artists are represented, including Rockwell Kent, N.C. Wyeth, and Charles Chambers, creating the effect of an opulent art museum where grand pianos are on display.

Beyond the rotunda, a gallery displays memorabilia collected by five generations of Steinways, giving life to the history of Steinway & Sons as well as a glimpse into America’s rich musical history. Included in the display cases are awards and medals presented to Steinway & Sons during more than 155 years of piano making, insignias noting the firm’s appointment as official supplier of pianos to the world’s great concert halls, scale models of historic Steinway pianos, and displays of meticulously crafted parts and materials used in all Steinway pianos, whether for the home or for the concert stage. Many unique performances have taken place in this building.




Quote:
Below street level is the famous Steinway basement. Here, all Steinway pianos to be delivered in the New York area are scrutinized by a team of specially trained technicians. In addition to inspecting every detail of cabinetry, they tune, regulate, and make certain that the fine tolerances in each instrument’s action mechanism meet the uncompromising Steinway standard.

At the 58th Street side of the basement is the renowned Steinway “piano bank” where piano professionals come to select instruments they will use in concerts, in recordings, and on tour. As one accomplished concert pianist put it, “There isn’t a first class piano player in the world who does not expect to visit the Steinway Hall concert basement before a New York performance. It’s a piano mecca – sort of the center of the piano universe.”
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  #150  
Old Posted Jul 17, 2013, 12:28 PM
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http://www.multihousingnews.com/news...004086850.html


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“The acquisition financing provided the sponsorship with the necessary capital to create a truly extraordinary development assemblage. Meridian was able to vividly illustrate the sponsor’s vision for the property to the lender in a compelling way that allowed the loan to close in a one-week timeframe,” Appel says. “Ultimately, JDS Development Group will restore Steinway Hall to its original grandeur and will construct a more than 900-foot tall tower next door.

Given the creativity and ability of the sponsor, the new property is destined to become an iconic New York City skyscraper, building on the unique pedigree of Steinway Hall,” he adds. “The transaction was made possible by both a savvy lender and a brilliant developer working in concert to meet common goals."
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  #151  
Old Posted Jul 29, 2013, 8:19 PM
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http://commercialobserver.com/2013/0...er-131-m-sale/

Steinway Hall’s Final Movement Begins Following $131 M. Sale




Billy Joel sits at a 'John Lennon' piano at Steinway Hall (Credit: Associated Press)



By Al Barbarino
July 29, 2013


Quote:
Earlier this year Steinway Musical Instruments announced that its grand pianos would soon play their final notes at the legendary Steinway Hall after years of actively seeking a buyer pulled in a $46 million bid. JDS Development Group and its partners in the transaction have now paid $131.5 million for the land underneath it, city records posted this weekend show, paving the way for a condominium tower adjacent to the building that will use air rights from the hall.

Steinway said in March that it would remain in the building for at least 14 rent-free months after closing the deal, with an option to rent for an additional four months, but that the legendary hall would then move on to a new space.

“Over the next year or so, we will be preparing for the creation of a 21st century Steinway Hall in Manhattan, the firm’s chairman and CEO, Michael Sweeney, said at the time. “Our Concert & Artist division is working on designs for a space that meets the needs of today’s artists and customers just as the Steinway family conceived our current location nearly 100 years ago.” Mr. Sweeney hinted at the time that the company, which still makes pianos in Astoria, Queens, where it has done so for more than century, will more than likely settle on a Downtown retail location.
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  #152  
Old Posted Jul 29, 2013, 9:02 PM
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^^^
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Mr. Sweeney hinted at the time that the company, which still makes pianos in Astoria, Queens, where it has done so for more than century, will more than likely settle on a Downtown retail location.
So, what are the odds of them moving into the WTC Mall or Brookfield Place?
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  #153  
Old Posted Jul 29, 2013, 11:29 PM
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I highly doubt Steinway will choose a modern space; renovated, probably, but given their heritage and tradition I would bet on a pre-war lease.
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  #154  
Old Posted Jul 30, 2013, 12:53 AM
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Yea they would want to keep that posh, luxurious look and the pre-wars offer that type of style.
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  #155  
Old Posted Jul 30, 2013, 10:25 PM
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^^^

So, what are the odds of them moving into the WTC Mall or Brookfield Place?
I doubt they would move to something like the WTC space. It would probably be somewhere on Broadway, north of Canal Street.
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  #156  
Old Posted Jul 31, 2013, 4:44 PM
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The 30-Minute Interview: Michael Stern
By VIVIAN MARINO
Published: July 30, 2013

Quote:
Q. What’s the status of the Steinway Hall development, where a condo and hotel are planned?

A. We just closed on the Steinway building on 57th Street. We had owned the adjacent lot for about two years and we’re really excited about the assemblage that we put together there. We are just beginning our design process for that building; we have not yet selected an architect.

Steinway Hall is a beautiful landmark and we’re incredibly respectful of that and we’re going to design a building that complements the landmark — very reminiscent of the skyscrapers built in the ’20s and ’30s.
Can't wait to see what they come up with!
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  #157  
Old Posted Jul 31, 2013, 4:57 PM
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So we will likely not see something reminiscent of the first design. Something more classicly New York, I would imagine.

I'm thinking a prominent spire here. Hopefully this is a world class design, and even better if it went above 1,000 ft.

I think this would be a good plan. The spire/classic NYC design will distinguish 107 W. 57 from its more contemporary competitors, and you need to be above 1,000 ft. to stand out on 57th Street.
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  #158  
Old Posted Jul 31, 2013, 5:22 PM
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Agree with Crawford; wonder if they take a cue from the Viceroy Hotel at 120 W. 57th for the design. That is far shorter but also classic New York.

Crazy how 1,000 feet is now necessary for views on 57th Street.
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  #159  
Old Posted Jul 31, 2013, 10:06 PM
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Originally Posted by babybackribs2314 View Post
Agree with Crawford; wonder if they take a cue from the Viceroy Hotel at 120 W. 57th for the design. That is far shorter but also classic New York.

Crazy how 1,000 feet is now necessary for views on 57th Street.
a 1,000 feet or more is necessary to even be really noticed. The whole area is becoming so dense with height that it will become the minimum.
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  #160  
Old Posted Jul 31, 2013, 10:45 PM
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Well that sux. I really liked the idea of what this tower would become. I thought it would look particularly interesting at night with the thousands of LED ports in the concrete for lighting effects.

Sounds like the design will change, and the possibility of the exciting lighting scheme....
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