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  #1  
Old Posted Oct 27, 2015, 3:16 PM
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chris08876 chris08876 is offline
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Smile NEW YORK | 255 West 34th Street | 400 FT | 33 FLOORS

Something could rise here. Vornado being a very prominent developer.

Especially if they buy even more propoerties bordering the three.

Site: https://www.google.com/maps/place/26...626c65!6m1!1e1

===========================

$29M deal for 265 West 34th St. gives REIT three-parcel assemblage that could hint at bigger plans





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Steven Roth’s Vornado Realty Trust recently picked up a commercial building near Penn Station for $28.5 million in a move that expands the real estate investment trust’s sizable footprint in the area and could hint at greater plans to come.

Vornado acquired the property, at 265 West 34th Street, from a group led by Manhattan attorney William Silverman, according to property records filed with the city Monday. The deal, which closed Sept. 25, gives the company three contiguous properties on the block between Seventh and Eighth avenues that are ripe for redevelopment.

Though the single-story building at 265 West 34th Street spans only 1,690 square feet, the property features 16,900 buildable square feet – which values the transaction at just over $1,686 per buildable square foot.

Vornado also owns the adjacent four-story building at 267 West 34th Street, which it bought in 2013 for $3.1 million, as well as the four-story building at 484 Eighth Avenue, on the corner of Eighth Avenue and West 34th Street.

Combined, the three properties have nearly 69,000 buildable square feet. Silverman is listed on property records as the “managing member” of a group that has owned the property since 1975. He did not immediately return requests for comment.

Vornado owns roughly 9 million square feet in the neighborhood surrounding Penn Station and acquired the nearby Old Navy Building, at 144-150 West 34th Street, for $355 million in June.

The REIT has looked to upgrade the area through investments in public plazas and infrastructure, as well adding value to its office space holdings there.

A spokesperson for Vornado declined to comment on the 265 West 34th Street acquisition. The property is home to fashion accessories store Cinderella Club.
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http://therealdeal.com/blog/2015/10/....jeVIkghW.dpuf
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  #2  
Old Posted Oct 27, 2015, 8:06 PM
Crawford Crawford is offline
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Vornado has a second large 34th street assemblage, on the southeast corner of 34th & 7th. So we're likely getting two new towers along this corridor.
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  #3  
Old Posted Oct 27, 2015, 8:18 PM
Cynicism Cynicism is offline
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Last edited by Cynicism; Aug 10, 2020 at 10:17 PM.
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  #4  
Old Posted Oct 27, 2015, 8:34 PM
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They could get enough properties to build something big. Vornado isn't buying these properties because they like hand bags and tourist shirts. Assemblages like these from big developers often lead to towers. While no one is saying a super tall, with enough rights, they could build something 500 ft or taller depending on what they are seeking.
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Old Posted Oct 30, 2015, 5:31 AM
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Last edited by Cynicism; Aug 10, 2020 at 10:16 PM.
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  #6  
Old Posted Oct 30, 2015, 8:07 AM
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Originally Posted by Cynicism View Post
Probably just retail with 69,000 buildable square feet.

Then again, we'll get something "spectacular" regardless.
These could be receiver sites for unused air rights from Penn Station, so something more substantial could be built. We will see I guess...
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  #7  
Old Posted Oct 30, 2015, 10:18 AM
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These could be receiver sites for unused air rights from Penn Station, so something more substantial could be built. We will see I guess...

who owns the air rights over penn station? the city? the pa? dolans? and do we know what they are or if anything has been sold off over the years? and what about farley as well?
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Old Posted Oct 30, 2015, 10:41 PM
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  #9  
Old Posted Oct 31, 2015, 1:13 AM
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Originally Posted by Cynicism View Post
Probably just retail with 69,000 buildable square feet.

Then again, we'll get something "spectacular" regardless.
Back to the real world, 1.5 million square feet of air rights are in play for this site. The chance that developers pay hundreds of millions to build a retail pad are right around zero.
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  #10  
Old Posted Oct 31, 2015, 1:15 AM
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who owns the air rights over penn station? the city? the pa? dolans? and do we know what they are or if anything has been sold off over the years? and what about farley as well?
There are 6 million square feet of air rights over MSG, and around 1.5 million over Moynihan.

Vornado also owns considerable air rights around 1 and 2 Penn Plaza, but I assume they have plans for those.
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  #11  
Old Posted Oct 31, 2015, 2:36 AM
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Quote:
Originally Posted by Cynicism View Post
Probably just retail with 69,000 buildable square feet.

Then again, we'll get something "spectacular" regardless.


Oh great, Cynicism is back!
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  #12  
Old Posted Oct 31, 2015, 3:13 AM
antinimby antinimby is offline
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Back to the real world, 1.5 million square feet of air rights are in play for this site. The chance that developers pay hundreds of millions to build a retail pad are right around zero.
You're confusing two different sites. The Old Navy store where Vornado paid $355 million is across 34th from Macy's. The store they just picked up for $28.5 million is on the north side of 34th across from 1 Penn Plaza.
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  #13  
Old Posted Oct 31, 2015, 4:24 PM
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INB4 Edilion's "supertall/1000 ft" numbers
You are a bit late, I was talking about supertalls for this site back in 2012 and robertwalpole was talking about stuff here in 2010

I'm also still thinking that, yes, we will get a +1000 ft office tower for this site once the air rights are transferred and construction is financially feasible, which it apparently is now that we are seeing some action with these sites. Anything less than that would be a waste for the site, considering what it is right next to. Hopefully the nearby Duane Reed and TGI Fridays get knocked down soon too.

Last edited by Eidolon; Oct 31, 2015 at 4:53 PM.
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Old Posted Oct 31, 2015, 8:30 PM
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Oh, finally! I've been wishing for this parcel's fast demise ever since I first walked past it. It's probably one of the most graceless and disjointed collections of buildings in the city.

The only thing I'll miss is the energetic hype-man that Bag Man employs the attract customers. That guy could keep a shout-stream running all day!
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  #15  
Old Posted Nov 1, 2015, 6:00 AM
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Quote:
Originally Posted by pico44 View Post
Oh great, Cynicism is back!
Quote:
Originally Posted by Eidolon View Post
You are a bit late, I was talking about supertalls for this site back in 2012 and robertwalpole was talking about stuff here in 2010
How the mods have allowed him to still be here...

Last edited by chris08876; Nov 1, 2015 at 6:16 AM.
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  #16  
Old Posted Nov 1, 2015, 6:11 AM
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From our yimby friend, walpole.

Pic of the sites purchased / future location of a nice tower.

Credit: http://www.yimbyforums.com/t/new-yor...ft-m-fl/1635/9
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  #17  
Old Posted Nov 1, 2015, 7:43 AM
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Last edited by Cynicism; Aug 10, 2020 at 10:15 PM.
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  #18  
Old Posted Nov 1, 2015, 11:49 PM
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Thanks. So that's what Vornado was planning all along.



So this is where the rights to build on this site are coming from?

I don't understand. How much $$ will this glorified train terminal cost in the long? And it's only for Amtrak customers??? From my understanding, Amtrak customers are a small fraction of Penn station's ridership.
I don't know if you travel through Penn, but it is rat hole. As an amtrak customer into NYC, I would welcome any improvement for those that are travelling on longer journeys. Last time I was an Acela user, the waiting area of Penn had pigeons flying around and pooping on people. It's not a terminal worthy as the gateway of a global city like NYC. In fact it's a disgrace. I would also recommend an improvement for commuter passengers in the long term as having to deal with that awful terminal every work day must be crap. However, Amtrak is easier to deal with first so I am FOR this project!!! Some projects are just worth it in the long term. If there can not be a new Penn anytime soon, then this is the next best thing for now. If you are going to be a cynic due to the cost, then you would be better off directing that negative energy at the PATH station at the WTC which will be a basically a subway terminal masquerading as a cathedral. Amtrak serves as gatway to NY from the other major NE cities, etc. The Path statoin serves the average commuter from Jersey City and Newark!! Take your pick!
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  #19  
Old Posted Nov 2, 2015, 2:45 PM
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Originally Posted by RobEss View Post
The only thing I'll miss is the energetic hype-man that Bag Man employs the attract customers. That guy could keep a shout-stream running all day!
It's a wave that's been making its way down 34th Street gradually. Vornado owns many sites in the area that will eventually be developed, but in the meantime they serve their purpose. I'm constantly in that area, and occasionally went into BagMan for a cheap bag (people always thought they were higher quality than they actually were). That store was 95 % anything BUT bags, so I never understood the name. I still sometimes drop in that Wendy's. But most of the stores on that end of the block are already closed and boarded up.


Quote:

I also like the giant billboard ads that hover over the site....


(Large Image)
https://roamingurbangypsy.files.word...830_105953.jpg



Brechtbug






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Originally Posted by aquablue View Post
I don't know if you travel through Penn, but it is rat hole.
If you've ever been in Grand Central, and then entered Penn, you would think you were on a different planet. And Penn Station gets dangerously overcrowded during the rush, especially considering the lack of exits.


Quote:
If you are going to be a cynic due to the cost, then you would be better off directing that negative energy at the PATH station at the WTC which will be a basically a subway terminal masquerading as a cathedral. Amtrak serves as gatway to NY from the other major NE cities, etc. The Path statoin serves the average commuter from Jersey City and Newark!! Take your pick!
I agree that the relative costs of the PATH terminal at the WTC could have been better served with a new Penn. But as far as the PATH customer base goes, you're wrong. It's basically a feeder line for NJ Transit - both in Hoboken and Newark, and will connect directly with Newark Liberty Airport - currently the only on target direct rail link into Manhattan from the airports. That being said, its still just a fraction of commuters who use some of the busier subway stations.

All that being said though, Vornado is in this for the long haul, Madison Square Garden's days over Penn Station are numbered, and the full potential of all surrounding sites will be unleashed.

Whether or not Vornado resurrects the plan for Penn East and West (towers on either side of 1 Penn Plaza) remains to be seen. I truly hope they opt for commercial space here however. The force to build residential towers is almost unstoppable, but this is a site best suited for office development, being so close to Penn.

Old Penn East model...

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  #20  
Old Posted Dec 24, 2015, 4:34 PM
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Some news concerning other properties. Not Vornado, but the precedence should be on how developers are focusing on the area. These assemblages will eventually lead to towers. Couple of them to watch out for. There's about three to four of them nearby. This being parcels or a series of parcels which will eventually replace the blight in the area, and become towers.

There's a good chance of hotels. With the surging tourism industry, and smaller 25 to 35 floor hotels in the area, parcels owned by Vornado and friends could become hotels. Which would make sense given the transit options nearby. The ones with the biggest development rights I suspect would be office. All about max yield with these guys over the long term.
=============================
=============================



Hager’s Cornell Realty nabs another 34th Street building for assemblage



Quote:
Shifra Hager’s Cornell Realty Management added another property to its already extensive holdings on West 34th Street.

The Red Hook-based development and investment firm shelled out $20.5 million for a 6,418-square-foot retail property at 259 West 34th Street, according to Aron Taub of GFI Realty, who brokered the deal. The property comprises a total 21,690 buildable square feet, according to PropertyShark.

The building, which is currently occupied by a Wendy’s restaurant, has belonged to the Moran family since 1977, records show. The Morans used to operate an Irish bar at the location, known as the Blarney Stone.

The building is just the latest in a string of acquisitions by Cornell along the 34th Street corridor. Last year, the firm partnered with the Chetrit Group to buy 245 and 247 West 34th Street for a combined $31.5 million. The partnership followed up that purchase with a $41 million deal for 251 and 253 West 34th Street and then a $20 million deal for 255 West 34th Street.

The assembled properties total close to 150,000 buildable square feet.


The only remaining properties standing in the way of a complete assemblage appear to be 257 West 34th Street, which has been in the same family since 1997, and 249 West 34th Street, which has been under the same ownership since 1995.
===================
http://therealdeal.com/blog/2015/12/....MNiRURh7.dpuf
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