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  #21  
Old Posted Feb 4, 2015, 1:57 PM
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Originally Posted by sparkling View Post

They got what they were asking for, a pretty price. Tishman paid about $430M for its Hudson Yards site, Silverstein $100M for his. But this is the upper west side, very near "Billionaire's Row". I don't think of Avalon as very high end builders, but regardless of how tall whatever gets built here is, it will have to be at the high end of the Manhattan real estate game.

http://www.avaloncommunities.com/community-list




http://www.thenonprofittimes.com/new...-million-bank/

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After almost two centuries in New York City, the American Bible Society (ABS) has sold its headquarters for $300 million and plans to move to Philadelphia this summer.

The new headquarters will be located in Philadelphia’s historic district, encompassing nearly 100,000 square feet of leased space on the eighth and nine floors of 401 Market St. The vast majority of the roughly 180 employees in the New York and Valley Forge, Pa., offices are being invited to relocate to the Philadelphia headquarters but there’s no final count yet on how many can make the transition. ABS expects to “maintain a presence” in New York.
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  #22  
Old Posted Feb 4, 2015, 7:51 PM
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Oh no! Not Avalon! Sonavagun.
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  #23  
Old Posted Apr 2, 2015, 9:34 PM
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Retail flagship makes sense for AvalonBay’s midtown site



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AvalonBay is considering a 60,000 s/f retail flagship for the base of its newest Midtown apartment tower.

The builder paid $300 million for 1865 Broadway in February and announced plans for a 300,000 s/f tower.

Speaking at a panel hosted by the Hellenic-American Chamber of Commerce last week, Martin Piazzola, senior vice president of development at AvalonBay Communities, said the retail concept made the most financial sense.

“If it’s on 5th Avenue,” said Piazzola. “The first thing that comes to mind is the retail value. Clearly that’s probably the most expensive real estate with the highest rental rates in the world is on Fifth Avenue in the upper 50’s. For us to make any sense of that, we’d have to leverage up on the retail component.”

“That’s really something that we’re doing at West 61st Street at our site,” Piazzola continued. “We would look to create a box of maybe three or four levels of retail which would help subsidize what would be a very expensive price per s/f, probably north of a $1,000 a foot.”

The comments came as part of a discussion focused on development in Midtown Manhattan moderated by Louis Katsos, president of Jekmar Associates.

At a time where major entities such as Time Warner and Time Inc. are choosing to abandon the general Midtown area, the panel was asked how they would work together to design, construct and allocate new development in the neighborhood.

The panelists — who included Jay Badame, president and COO of Tishman Construction, Faith Hope Consolso, retail chairman at Douglas ELliman, Carols R. Olivieri, Jr., senior vice president at Edward J. Minskoff Equities — were almost unanimous in their support of retail.

“This is Fifth Avenue,” said Consolo. “There’s only one Fifth Avenue. It’s the most famous shopping street in the world; it’s the most sought after street. We are in a city where I hope this year we’ll see maybe 58 million tourists. This is a city where brands are made. This is one retail corridor that maintains the value even during the downturn.” added Consolo.

“So there is no issue to attract not only retailers that are well capitalized, but you would really almost have a bidding war. With that type of platform you could do one or two retailers you could have one big specialty store, you could divide up the ground floor.”

“Fifth Avenue is a flagship location, especially in the 50’s,” Consolo said. “Not just flagships but it’s been the place where bigger is better. The interesting thing is that it’s all types of retail. I call it from denim to diamonds.”

Piazollo added, “We wouldn’t take on a million s/f of rental product there, so we would probably take it up, bring in a condo investor for the top of the building.

“Where they can get, pick a number $3, $4, $5 thousand a foot and then maybe even a hotel component because a million s/f, that’s still a lot of square footage.”

Olivieri agreed that the north end of Midtown was a prime location to invest in high-end retail, but said it should not automatically be viewed as a priority over a project’s other tenants.

“We don’t like renting our retail until we have our commercial tenants in place. Why is that? Because we’re concerned that if we bring in a retailer first, we may damage the possibility of getting a bigger office tenant.”

“The last thing we want to have, for example, is an IBM renting office space and then we rent stuff to Apple. They might not be happy about that. We’re very careful to make sure that we take care of commercial tenants first and then the last thing we rent, as we did at 51 Astor Place, is the retail.”
==============================
http://rew-online.com/2015/04/01/ret...-midtown-site/
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  #24  
Old Posted Apr 3, 2015, 3:13 AM
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Merely bad. Great job Avalon for stepping up your game.
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  #25  
Old Posted Apr 3, 2015, 3:06 PM
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Merely bad. Great job Avalon for stepping up your game.
That rendering has nothing to do with the actual design of the building. It was done as part of the original broker offer - ie, to attract Avalon as a buyer.
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  #26  
Old Posted Apr 3, 2015, 3:28 PM
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^ True, Avalon's eventual design might actually be worse. Most of their developments suck.
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  #27  
Old Posted Apr 3, 2015, 3:41 PM
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^ True, Avalon's eventual design might actually be worse. Most of their developments suck.
Avalon paid a lot of money for this site, which will yield a stunning tower. You should visit NY some time to see the area.
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  #28  
Old Posted Apr 3, 2015, 4:47 PM
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^ True, Avalon's eventual design might actually be worse. Most of their developments suck.
It won't be. The architects don't exactly have a reputation for disappointing buildings...
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  #29  
Old Posted Apr 3, 2015, 5:12 PM
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But with so many other new condo buildings in the immediate area, developers are having to go above and beyond to lure buyers to their building.
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  #30  
Old Posted Apr 6, 2015, 3:41 PM
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But with so many other new condo buildings in the immediate area, developers are having to go above and beyond to lure buyers to their building.
Yes, that's true. And this building won't be especially tall. So the architecture and detailing is what has to set it apart in the luxury market. Stay tuned.
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  #31  
Old Posted Jul 15, 2015, 12:43 AM
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Demolition permits were filed on June 11th.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

With a minimum of 288k SF, I can't see how this isn't very tall. A 1,000' limestone tower could easily yield over $5k /SF, and upper floor units would get much more than that.

The crappy little Dance Studio to the south is the next to go, and the Black glass box owned by the crappy college can't last much longer either

Here's the crappy college building.


Last edited by JR Ewing; Jul 15, 2015 at 1:26 AM.
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  #32  
Old Posted Jul 15, 2015, 1:12 AM
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Originally Posted by JR Ewing View Post
Demolition permits were filed on June 11th.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

With a minimum of 288k SF, I can't see how this isn't very tall. A 1,000' limestone tower could easily yield over $5k /SF, and upper floor units would get much more than that.

The crappy little Dance Studio to the south is the next to go, and the Black glass box owned by the crappy college can't last much longer either.
This is the Age of Ramses!

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  #33  
Old Posted Jul 15, 2015, 1:25 AM
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I agree, Lion. This period is really amazing!
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  #34  
Old Posted Jul 15, 2015, 1:31 AM
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Originally Posted by JR Ewing View Post
I agree, Lion. This period is really amazing!
And I believe we are just getting started.

I like to break the boom down into 4 areas:

Hudson Yards
World Trade Center and periphery
Midtown East rezoning
Slender residential supertalls near Central Park

It's a combination of those 4 that make this boom so impressive. And it's in the most developed city in the world.
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  #35  
Old Posted Jul 15, 2015, 3:11 AM
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Originally Posted by The New York Lion View Post

I like to break the boom down into 4 areas:

Hudson Yards
World Trade Center and periphery
Midtown East rezoning
Slender residential supertalls near Central Park

It's a combination of those 4 that make this boom so impressive. And it's in the most developed city in the world.
And the following immediate Manhattan satellites are seeing unprecedented development at this point:

Long Island City
Jersey City
Downtown Brooklyn

What a beast.
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  #36  
Old Posted Jul 15, 2015, 3:58 AM
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Quote:
Originally Posted by JR Ewing View Post
Demolition permits were filed on June 11th.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

With a minimum of 288k SF, I can't see how this isn't very tall. A 1,000' limestone tower could easily yield over $5k /SF, and upper floor units would get much more than that.

The crappy little Dance Studio to the south is the next to go, and the Black glass box owned by the crappy college can't last much longer either
It won't be 1,000' or even as tall as the building in that rendering, which assumed some ridiculous mechanical level to artificially bump up the height. I posted about this before, but the Lincoln Square District was zoned to keep buildings fairly low - you need 60% of your total square footage below 150', and then you have a minimum tower footprint that precludes these pencil-thin buildings.
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  #37  
Old Posted Jul 15, 2015, 10:57 AM
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Quote:
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The crappy little Dance Studio to the south is the next to go, and the Black glass box owned by the crappy college can't last much longer either
That looks promising
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  #38  
Old Posted Jul 15, 2015, 11:53 AM
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I forgot about that. I don't really want anything too tall rising off the beautiful old streets just off CPW.
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  #39  
Old Posted Oct 13, 2015, 9:16 PM
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Demo will be starting on the existing structure in the weeks to come. We may be looking at something over 650'.
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  #40  
Old Posted Oct 27, 2015, 12:43 PM
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NIKOLAI FEDAK
OCTOBER 27, 2015

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Back in early 2014, YIMBY featured a first look at speculative plans for the redevelopment of the American Bible Society. That concept fell through, but we followed up with a post that included a prospective design by architects Goldstein Hill & West. Now, we have the first look at the actual plan, designed by Skidmore Owings & Merrill, thanks to a tipster’s submission of structural diagrams for the project.

AvalonBay Communities is developing the site, and the Wall Street Journal reported that they acquired the old building for $300 million back in February. The American Bible Society will move to Philadelphia, and its old headquarters will soon be torn down.
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