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  #1  
Old Posted Sep 11, 2010, 3:35 AM
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Behold, a Mini-City Rises

by Matthew Scheuerman
April 24, 2007


Jeff Katz.


“This plan will do for New York what Canary Wharf has done for London,” said Jeff Katz, president of Sherwood Equities, which owns both commercial and residential property in the district. “In order for Manhattan to remain one of the most critically important financial centers, it needed a place to grow. We didn’t really have a place to grow before Hudson Yards was put into place.”

In contrast to Canary Wharf, which is about three miles away from London’s traditional financial district, Hudson Yards is nearly adjacent to midtown Manhattan. It remains to be seen whether the same type of star-studded architecture will take hold in the West Side’s former warehouse district as it did in London. Right now, experienced (if critically unacclaimed) architects like Costas Kondylis and Gene Kaufman have work going up. Sir Richard Rogers, Kohn Pedersen Fox, and Skidmore, Owings & Merrill—all of which also designed for Canary Wharf—have projects on the table.

Though residential use is supposed to dominate the northern and eastern ends of the district, office towers are supposed to be arranged in an “L” shape, north-south along 11th Avenue opposite the newly reborn Javits Center and east-west in the low 30’s. Key to the southern corridor are the Metropolitan Transportation Authority railyards, which have yet to go out to bid.

But it’s telling that two landlords are willing to discuss some details of their projects.

Brookfield Properties, which owns most of the block between 31st and 33rd streets on the west side of Ninth Avenue, is drawing up plans for four towers. Mr. Katz, the president of Sherwood, has come up with a schematic plan for his 11th Avenue parcel to show off to financial companies.

Mr. Katz said he would not start without securing an anchor tenant—which is normal practice for office buildings—but both the Sherwood and Brookfield parcels are large enough to provide the 65,000-square-foot trading floors that investment banks like J.P. Morgan Chase are now looking to build at the World Trade Center site.
http://www.observer.com/2007/behold-mini-city-rises











what stands there today




http://wirednewyork.com/forum/showthread.php?t=14441
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  #2  
Old Posted Sep 11, 2010, 3:41 AM
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"“In order for Manhattan to remain one of the most critically important financial centers, it needed a place to grow. We didn’t really have a place to grow before Hudson Yards was put into place.”

This was a legitimate concern he had? Is anyone actually worried that New York is going to tumble a few rungs down the relevancy ladder? I don't forsee that to be a problem in the near or distant future.
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  #3  
Old Posted Sep 11, 2010, 3:43 AM
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Article from 2007...any news on this? Is this the Hudson Yard projects that have been discussed here for a while or something different? My reading comprehension might be a little low (or I might be a little drunk...) but I didn't see that there.
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  #4  
Old Posted Sep 11, 2010, 3:48 AM
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Originally Posted by SD_Phil View Post
Article from 2007...any news on this? Is this the Hudson Yard projects that have been discussed here for a while or something different? My reading comprehension might be a little low (or I might be a little drunk...) but I didn't see that there.
its a part of the west side redevelopments and this is one of the cornerstone towers outside the yards.
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Buildings Over 200 Meters 62 Completed 20 Under Construction 50 Proposed 0 On Hold
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  #5  
Old Posted Oct 25, 2011, 1:34 PM
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http://www.dnainfo.com/20111025/chel...#ixzz1bnLhEwgz

Interactive Look at Plan to Build New Midtown on West Side



October 25, 2011
By Mathew Katz


Quote:

Along with Related and Brookfield, Sherwood Equities owns several other large lots in the area, and plans to eventually build them up into gigantic developments, including a 2.4 million square foot building on the west side of Tenth Avenue, between West 34th and West 35th Streets.

The building would also stretch west to Hudson Boulevard, a new tree-lined park and street running from West 42nd Street to West 30th Street, between Tenth and Eleventh Avenues.

Several developers could not give specifics on their projects, but a number of them said they are waiting for Related to begin work on their large-scale development before beginning major work on their own projects.
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  #6  
Old Posted Oct 25, 2011, 1:41 PM
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Fortunately, it won't look like that.
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  #7  
Old Posted Oct 25, 2011, 2:22 PM
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I actually really like that design
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  #8  
Old Posted Apr 4, 2012, 1:56 PM
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This one needs to be added to the database.
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  #9  
Old Posted Apr 4, 2012, 3:49 PM
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If Sherwood Equities wants build a 2.4 million square foot tower, i hope for a tower like WTC tower 1.
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  #10  
Old Posted Apr 5, 2012, 5:55 AM
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Well, it remains to be seen what form this tower will take, but its possible the 360 site would get underway sooner, that one being situated between Related's and Brookfield's massive developments. I would give this one at least a couple of years (for design, development), but I've been surprised with pace of development on the west side so far.


Quote:
“I think the economy needs to get a bit more traction before we start building on the sites,” said Jeffrey Katz, the chief executive of Sherwood Equities, “maybe another year or so, but it is hard to predict an exact time frame.”

Sherwood paid $43.5 million for 360 10th Avenue, a vacant lot at the third section of the High Line that can be developed into nearly 400,000 square feet of commercial and 200,000 square feet of residential space. It also owns a superblock on the west side of 10th Avenue between 34th and 35th Street that can be developed into 2.5 million square feet of commercial space;
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  #11  
Old Posted Apr 16, 2012, 2:28 PM
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Some potential here...

^ Yeah, we'll get to it. I expect Related to release a little more information on it at some point.


http://online.wsj.com/article/SB1000...455802118.html

Time Warner on the Prowl

Laura Kusisto
4/16/12


Quote:
Time Warner, which is searching for 4 million square feet of space, plans at last to send out its requests for proposals. The media conglomerate, which owns its offices in Columbus Circle and leases space at 1100 and 1271 Sixth Ave., is looking at a wide range of options for when the leases come due, according to multiple people familiar with the matter.

The company is weighing some 20 sites, the people said, including Hudson Yards, the World Trade Center, and other sites on the far west side owned by Sherwood Equities Inc., Brookfield Office Properties Inc. Extell Development Co.

Time Warner intends to have a deal for a new space or to stay in place by the end of the year, according to a person familiar with the process. That could be good news for developers like Related and Brookfield, which are scrambling to land a tenant so they can get major new projects off the ground.
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  #12  
Old Posted Apr 16, 2012, 2:42 PM
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Originally Posted by NYguy View Post
Some potential here...

^ Yeah, we'll get to it. I expect Related to release a little more information on it at some point.


http://online.wsj.com/article/SB1000...455802118.html

Time Warner on the Prowl

Laura Kusisto
4/16/12
No one can compete with Related on price for new construction. I want to see the north tower rise!
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  #13  
Old Posted Jul 21, 2012, 4:22 PM
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  #14  
Old Posted Jul 21, 2012, 4:34 PM
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  #15  
Old Posted Jul 21, 2012, 8:49 PM
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With all of these separate, partially-related projects going up on the West Side, is there a fear among some of the developers that if they are the first to build their project that the others might not come to fruition, leaving their building alone and less likely to get tenants/shoppers?
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  #16  
Old Posted Jul 21, 2012, 11:27 PM
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^These buildings aren't going to be built with out anchor tenants.

At any rate, there already is one existing multimillion-square foot office building in the neighborhood-450w33rd, so new projects won't be alone anyway.

Last edited by scalziand; Jul 22, 2012 at 12:09 AM.
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  #17  
Old Posted Jul 22, 2012, 6:07 AM
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^These buildings aren't going to be built with out anchor tenants.
-
Wouldn't there be a hesitation on the part of the first major tenant to sign on to this area not knowing how much is actually going to be built?

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Originally Posted by scalziand View Post
At any rate, there already is one existing multimillion-square foot office building in the neighborhood-450w33rd, so new projects won't be alone anyway.
-
Very true, but without the massive number of modern talls and super-talls going up in the area, the prestige/appeal would be limited.

Last edited by Duck From NY; Jul 22, 2012 at 6:07 AM. Reason: wrong word usage
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  #18  
Old Posted Jul 22, 2012, 2:55 PM
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Wouldn't there be a hesitation on the part of the first major tenant to sign on to this area not knowing how much is actually going to be built?
Coach didn't seem to hesitate when they signed on to anchor the Hudson Yards South Tower.
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  #19  
Old Posted May 1, 2013, 4:05 PM
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http://therealdeal.com/issues_articles/the-far-side/

Office developers compete for anchor tenants on Manhattan’s western edge
With only a finite number of large potential renters, the fight for office tenants on the West Side is heating up.



May 01, 2013
By Adam Pincus


Quote:
Only a few times in modern Manhattan history has an entirely new office district sprung up all at once. In the 1930s, there was Rockefeller Center; the 1970s saw the World Trade Center complex; and today, developers are planning nearly 15 million square feet of new office space in the Hudson Yards area in the 30s on the Far West Side. The new projects expected to rise over the next decade include the Related Companies’ North and South towers at Hudson Yards, Extell Development’s One Hudson Yards, Brookfield Office Properties’ Manhattan West and Moinian’s 3 Hudson Boulevard, as well as Sherwood Equities’ 447 10th Avenue and Alloy Development’s 450 Hudson Park Boulevard.

But before starting construction on these new towers, developers must first land an anchor tenant willing to take at least 400,000 square feet of space. With only a finite number of large potential renters, the competition for office tenants is heating up, as some of the city’s top commercial leasing brokers and developers battle each other with slick marketing campaigns and — of course — behind-the-scenes jabs at rival projects.

In 2011, fashion manufacturer Coach signed on to be an anchor tenant of Related’s South Tower. But Coach was already located a few blocks away, in a building directly in the path of Hudson Yards bulldozers. For many of the other big companies whose names are being kicked around as possible anchor tenants, a move to the Far West Side would represent a significant geographic shift from Midtown or Downtown.

There are currently 10 to 20 companies said to be on the hunt for large chunks of Manhattan office space, brokers said. These include media companies Time Warner, Sony, CBS and News Corp.; law firms White & Case and Skadden, Arps, Slate, Meagher & Flom; advertising firm GroupM; financial giant Credit Suisse; and fashion house Ralph Lauren.

Brokers for the new Hudson Yards–area towers are fighting to lure these tenants, but their efforts could be in vain if companies decide to stay in their current locations, or move to existing office towers instead. Despite these challenges, Hudson Yards so far appears to be beating the odds. Last month, Related snagged two more tenants for the South Tower: French cosmetics maker L’Oreal and software firm SAP.

447 10th Avenue
Developer: Sherwood Equities


Size: 2.5 million square feet
Expected completion date: TBD
Leasing agent: None


Midtown-based Sherwood Equities, headed by CEO Jeffrey Katz, owns three parcels in the Hudson Yards area. But much like Alloy, it is less well-known than most of the other Far West Side developers.

Sherwood is planning an office tower at 447 10th Avenue at 34th Street on a site it’s owned since 1986. (Sherwood’s two smaller sites in the district will likely become residential or mixed-use towers.)

But the firm is in no hurry to start construction on the massive office project, Nelson said, and Sherwood is not competing as fiercely for tenants as some of the other developers in the area.

“We are not being as aggressive as the others,” Nelson said. With rents in the untested neighborhood still relatively low, the firm feels that “it does not make sense to fight tooth and nail.”

He said he expects rents in the area to rise dramatically once tenants start moving in to other new buildings.

Sherwood is nonetheless on the lookout for tenants in need of large chunks of space. Sources said the firm responded to an inquiry from Time Warner about potentially taking space at 447 10th.

Nelson declined to comment on Time Warner specifically, but confirmed that Sherwood would indeed respond “if a tenant came along that needed 2 million square feet.”
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  #20  
Old Posted Jun 5, 2013, 12:01 AM
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According to this article, things are moving forward, and are "past the point of no return". We'll see what develops.


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