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  #21  
Old Posted Jan 16, 2014, 8:24 PM
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http://therealdeal.com/issues_articl...-new-ballgame/

January 01, 2014
By Katherine Clarke


Quote:
.....Two years later, McCourt is making headlines for different reasons.

In August, his real estate firm acquired a development site on Manhattan’s Far West Side for $167 million. That was more than triple the price paid for the site in 2011 by the previous owners, a partnership between Sherwood Equities and Long Wharf Real Estate Partners.

The deal is McCourt’s first major commercial transaction since the 2012 sale of the Dodgers for $2.15 billion — and his first-ever in New York.

.....McCourt Partners — a joint-venture between McCourt Global, a company formed in 2007 by McCourt with his sons Drew and Travis, and financial services firm Guggenheim Partners, which now co-owns the Dodgers — is armed with more than $550 million in assets and capital. It’s recruited a team in New York and plans on making more strategic investments in Manhattan in the coming months, McCourt told The Real Deal.

Sherwood CEO Jeffrey Katz said McCourt chose his first New York property wisely, adding that he was smart to get on the industry’s radar.

“You come to New York, you want to have a presence. If you buy a mid-block infill site on the Upper East Side to build a 12-story apartment house, it’s hardly noticeable,” Katz said. “This will be very high-profile and will get him into the deal stream. People want to do business with people who are active.”

.....McCourt decided New York should be the global headquarters for his new fund, inking a deal for his 10,000-square-foot Manhattan office early last year.

“From a business perspective, with one of our focuses being real estate, we feel this is the city to be in,” he said. “This is a great base to be operating from when you’re thinking from a global perspective.”

He also personally relocated to the city, snapping up a trophy apartment. Public records show he acquired a $50 million six-bedroom co-op at 944 Fifth Avenue from David Hamamoto, the CEO of NorthStar Realty Finance. The broker on the deal, John Burger of Brown Harris Stevens, declined to comment.

After months of deliberation on the fund’s direction, McCourt scooped up the vacant site at 356 10th Avenue in August. No brokers were involved in the transaction.

“We were trying to figure out, do we want to become more of a development company or more of a buy-and-hold real estate company?” Wilhelm explained. “Frank kept coming back to sexy development deals and the idea of building important buildings. There were some trophy assets that we were looking to do on a buy-and-hold basis in big cities, which also piqued his fancy, but these mixed-use developments, which had residential up top and office and retail at the bottom became a recurring theme.”

Indeed, the transaction was sexy, especially since the land was valued so much higher than the $42 million that the Sherwood partnership paid British banking giant Barclays for it in 2011. (Barclays wrested control of the site earlier from developer Gary Barnett.)

But according to Sherwood’s Katz, McCourt paid market rate.

“It wasn’t that the price he paid for it was so high. It was that the price we bought it for was so low,” Katz said. “We bought it when the market was in the doldrums.… Hudson Yards hadn’t started yet and, in that environment, people didn’t know if it would ever happen. So we got a heavy double discount.”

McCourt plans to construct a 730,000-square-foot tower that will include residential condominiums on top and retail on bottom. What’s in between is still undecided; the fund is debating between office and hotel use, McCourt said. Once that’s set, McCourt may solicit submissions from potential architects. A construction start date has not yet been determined.

McCourt and his partners have identified development as their best chance at success.

.....At press time, negotiations were underway for another New York site, said McCourt, who declined to offer any specifics. The team has already passed up on two significant New York deals, said Greenberg Traurig’s Ivanhoe, pointing to their fussiness as a potential sign of future success.

“This market is so crazy that a lot of investors, particularly non-New Yorkers, want to plow ahead in order to invest here no matter what, and so they don’t always do their homework or they hold their nose through the problems to win competitive bids,” he said. “Frank has a much more thoughtful and sober approach. He passed on two hairier deals before he settled on this one, which was probably the right decision.”

While McCourt is keeping mum about his next deal, he’s bullish on New York.

“If you can’t get excited about New York looking out that window, there’s something seriously wrong with you,” he said as he stared out at Central Park.
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  #22  
Old Posted Jan 16, 2014, 8:27 PM
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The construction boom continues to grow...
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  #23  
Old Posted Jan 16, 2014, 8:42 PM
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It might be a hotel since tenants are harder to come by. I wonder if this lot allows more commercial space than residential? Anyway this is very good news.
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  #24  
Old Posted Jan 16, 2014, 8:56 PM
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I doubt it would be offices. Between the residential and retail space, there really wouldn't be a lot left for a major office move. A series of smaller leases maybe, small firms. But those aren't the firms that are going to jump over to the west side.
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  #25  
Old Posted Sep 29, 2014, 3:01 PM
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Another one for SHoP


http://therealdeal.com/blog/2014/09/...h-ave-project/

Frank McCourt brings in Hines as partner on $3B Tenth Ave. project
SHoP Architects will design 733,000 sf mixed-use building in Hudson Yards area






September 29, 2014
By Hiten Samtani


Quote:
Frank McCourt’s MG Properties has brought in Hines as an equity and development partner on 360 Tenth Avenue, a $3 billion, 733,000-square-foot mixed-use project on the Far West Side. The developer also announced that SHoP Architects will design the project.

McCourt, the former owner of the Los Angeles Dodgers, made his New York real estate debut with the acquisition of the site last year for $167 million, more than three times what seller Sherwood Equities and Long Wharf Real Estate Partners paid in 2011. The deal is one of the biggest bets yet on the Hudson Yards neighborhood.

“We are very pleased to have the world-class team at Hines join us on 360 Tenth,” Drew McCourt, president of MG Properties, said in a statement. “The addition of SHoP’s creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood.” Vishaan Chakrabarti, a partner at SHoP, said in a statement that the firm hoped to “create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline.”

Hines’ executive Tommy Craig said in a release that the firm welcomed “the opportunity to expand our development work into the heart of Manhattan’s fastest growing new neighborhood.” The Houston-based firm’s other notable projects in New York include a 471,000-square-foot office tower at 7 Bryant Park and the 1,050-foot-tall Jean-Nouvel designed 53W53.

It's funny, i was peering through the "fence" just yesterday. But now I'm more excited for this project.
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  #26  
Old Posted Sep 29, 2014, 9:57 PM
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Originally Posted by NYguy View Post
Another one for SHoP


http://therealdeal.com/blog/2014/09/...h-ave-project/

Frank McCourt brings in Hines as partner on $3B Tenth Ave. project
SHoP Architects will design 733,000 sf mixed-use building in Hudson Yards area









It's funny, i was peering through the "fence" just yesterday. But now I'm more excited for this project.
$3 billion, wow that's very very expensive. I think the cost of One57 was around $1.2 bil? And I believe 432 park is around $1.5 billion. And those are 2 building's that spared no expense.
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  #27  
Old Posted Sep 29, 2014, 10:24 PM
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3 billion is up there with WTC1 as one of the most expensive projects in the city.
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  #28  
Old Posted Sep 29, 2014, 11:23 PM
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How tall can this go?
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  #29  
Old Posted Sep 30, 2014, 1:00 AM
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The news that Hines is getting involved is very very good news. Hines is a world class developer and they demand world class design.
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  #30  
Old Posted Sep 30, 2014, 3:30 AM
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They're talking about the $3 billion investment around the Hudson Yards, not of this site in particular. Once again, TRD gets its info. messed up.
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  #31  
Old Posted Sep 30, 2014, 4:23 AM
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Quote:
Originally Posted by chris08876 View Post
3 billion is up there with WTC1 as one of the most expensive projects in the city.
That would make it among the top, the site itself was only $167 million.


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Originally Posted by wilfredo267 View Post
How tall can this go?
There are no height limits. It will only be as tall as feasible.


Quote:
Originally Posted by Eveningsong View Post
They're talking about the $3 billion investment around the Hudson Yards, not of this site in particular. Once again, TRD gets its info. messed up.
Could be. Then again, the tower at the "Hudson Spire" site alone will be a $3 billion tower.

Anyway, this is good news either way you look at it, especially with Hines and SHoP being brought in. Those two have a hand in 2 of the best designed developments going up in the city, 111 W 57th, and the Tower Verre.



Quote:
The deal is one of the biggest bets yet on the Hudson Yards neighborhood.

Quote:
“The addition of SHoP’s creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood.”

Quote:
Vishaan Chakrabarti, a partner at SHoP, said in a statement that the firm hoped to “create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline.”



http://ny.curbed.com/archives/2014/0...enue_tower.php

SHoP Joins the Hudson Yards Party With Tenth Avenue Tower





September 29, 2014
by Jessica Dailey


Quote:
SHoP is one of the hottest architecture firms in New York right now, so it was only a matter of time before someone brought them to the development party happening around Hudson Yards. Developer Frank McCourt selected the firm to design his $3 billion, 730,000-square-foot mixed-use tower at 360 Tenth Avenue.

The Real Deal also reports that McCourt brought in Hines as an equity and development partner. No renderings were released, but SHoP partner Vishaan Chakrabarti said they plan to "create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline."
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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.

Last edited by NYguy; Sep 30, 2014 at 9:40 AM.
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  #32  
Old Posted Sep 30, 2014, 5:14 PM
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This tower will not cost $3bln, not even $2bln.
At $3bln price, it would be as much expensive as 1,362ft 1 WTC where the cost includes special security features like ultra-strong reinforced concrete and years of delays. $3bln would be more that 432 park, Nordstrom, HY North Tower and most likely One Vanderbilt. Unless it will be truly iconic 1400 footer, I do not see any bank/investor willing to lend $3bln for a tower just to wait twice as long for their return of investment if ever. Also, office/condo prices would have to be astronomical. I can imagine 3bln tower being build on 57th street, one of the most popular/expensive streets or perhaps close to WTC site but not at this location, no way. Same goes for 60+ story "Hudson Spire" . This is my opinion, waiting for more news. $3Bln number is a media magnet, most likely created for that purpose. It will be interesting to see how Frank McCourt’s is going to maneuver out of it.
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  #33  
Old Posted Sep 30, 2014, 6:33 PM
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I assume with Hines developing, SHOP as architect, and tons of development rights on a small plot, we are talking a supertall here.

SHOP supposedly has three supertalls under development in Manhattan, so this would be one of the three.
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  #34  
Old Posted Sep 30, 2014, 8:24 PM
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Originally Posted by ILNY View Post
This is my opinion, waiting for more news. $3Bln number is a media magnet, most likely created for that purpose. It will be interesting to see how Frank McCourt’s is going to maneuver out of it.
Of course it's waiting for more news. They've just announced the development team and the architect. But you also seem to not take note of everything else going on in the Hudson Yards. We just have to wait and see what happens.

Quote:
Same goes for 60+ story "Hudson Spire" .
And you're plain wrong about that one. Just completely wrong because the breakup of the costs was given.



Quote:
Originally Posted by Crawford View Post
I assume with Hines developing, SHOP as architect, and tons of development rights on a small plot, we are talking a supertall here.

SHOP supposedly has three supertalls under development in Manhattan, so this would be one of the three.
Yeah, I forgot about that. It very well could be. So if we've named two, (and they said at least 2 more), I wonder where the third will be. All mysteries to be revealed.



http://www.quidnuncre.com/2014/09/29...o-hudson-yards

Hines Gets Into Hudson Yards

September 29, 2014
By QuidnuncRE Staff


Quote:
Houston-based real estate development and management firm Hines today confirmed that it is joining with MG Properties to develop 360 Tenth Ave. for mixed-use.

Hines is based in Houston but operates internationally, and has a New York office that manages 16 commercial properties in the city, including several prominent office towers.

MG Properties is the NYC-based real estate investment and development arm of McCourt Global, the investment firm started by Frank H. McCourt Jr., who is best known as a former owner of the Los Angeles Dodgers.

McCourt's costly divorce led to the team's bankruptcy, and a sale forced by Major League Baseball in 2012. Prior to his 2004 purchase of the Dodgers, McCourt was best known as a Boston real estate developer; his family has been in building, construction and development for more than a century.

MG Properties bought 360 Tenth Ave., adjacent to the Hudson Yards development at W. 31st St., from NYC's Sherwood Equities for about $167.5 million last year.


http://www.mg.com/mg-properties-hine...ted-architect/

MG Properties and Hines Team Up on 360 Tenth Avenue; SHoP Selected as Architect


Quote:
....Recently named the world’s most innovative architecture firm by Fast Company, SHoP has been a creative force behind many notable projects in New York City in recent years, including: 111 West 57th; 626 First Avenue; Gotham Gateway; the Domino Sugar Refinery and Barclays Center.

“We are thrilled to be working with McCourt and Hines to design this important new tower at the terminus of the High Line and the hinge between the Hudson River and Penn Station. We hope to create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline.” said Vishaan Chakrabarti, a partner at SHoP Architects.
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Last edited by NYguy; Sep 30, 2014 at 9:48 PM.
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  #35  
Old Posted Oct 1, 2014, 12:38 AM
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Of course it's waiting for more news. They've just announced the development team and the architect. But you also seem to not take note of everything else going on in the Hudson Yards. We just have to wait and see what happens.
2015 will be a great year for Hudson Yards area and I am aware of multiple (5 or 6) towers starting construction there. I was making point about the cost of 360 10th ave tower, which as Crawford stated may even be a supertall. It will not cost $3bln or even $2bln, that was my point.


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Originally Posted by NYguy View Post
And you're plain wrong about that one. Just completely wrong because the breakup of the costs was given.
432 Park Ave cost $1.5bln, Coach Tower ($1bln) plus North Tower and Neiman Marcus mall will cost all together about $3.5bln. This makes me ask the question, what will be so special about this 61 floor Hudson Spire tower to cost $3.3bln or about as much as two 432 Park Ave towers or Hudson Yards two tower+mall complex? I just don't see it.

Can you point me to breakup costs? I was able to only find wages for workers ($10.30 an hour plus benefits, or $11.90 an hour without benefits). Also how can exact breakup cost be given if neither design nor height of the tower is known?

Finally, I agree with you, I might be plain wrong about this and will get good economy lesson. Time will tell.
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  #36  
Old Posted Oct 1, 2014, 12:51 AM
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Could be that the 3 billion figure is a typo? IDK, it just seems way too high. Unless we are getting something ridiculously nice and tall on a level thats comparable to WTC1. The fact that there are no height limits could mean something in the league of Nordstrom. Eh, maybe I'm just being too optimistic.
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  #37  
Old Posted Oct 1, 2014, 1:08 AM
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Could be that the 3 billion figure is a typo? IDK, it just seems way too high. Unless we are getting something ridiculously nice and tall on a level thats comparable to WTC1. The fact that there are no height limits could mean something in the league of Nordstrom. Eh, maybe I'm just being too optimistic.
$3bln is a "planned" typo or marketing trick. Even if that tower was like Nordstrom (huge assumption), the Nordstrom tower will most likely cost less than $2bln. So where will another $1bln go, on $6,000 curtain showers and golden toilets? What bank will make a loan like this?
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  #38  
Old Posted Oct 1, 2014, 1:42 AM
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Yeah, $3 billion sounds high. Even including land acquisition costs, I think that estimate was off.

Maybe it's a sum of Hines' residential investments in Manhattan? (Tower Verre + 360 10th). That could make sense.
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  #39  
Old Posted Oct 1, 2014, 1:44 AM
wilfredo267 wilfredo267 is offline
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l hope something like the GOTHAM GATEWAY SPIRE gets built there.
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  #40  
Old Posted Oct 1, 2014, 1:47 AM
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Originally Posted by Crawford View Post
Yeah, $3 billion sounds high. Even including land acquisition costs, I think that estimate was off.

Maybe it's a sum of Hines' residential investments in Manhattan? (Tower Verre + 360 10th). That could make sense.


Isn't Hines also involved in 56 Leonard and the Bryant Park development? If Hines is developing, the architecture is going to be great.

Last edited by pico44; Oct 1, 2014 at 2:03 AM.
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