NEW YORK | 30 Park Place (99 Church St) | 926 FT / 282 M | 82 FLOORS | ON HOLD

[KevinFromTexas]

I don't like those towers being so close to the Woolworth Building. Also, as bright as the Woolworth's crown is, you'd think they wouldn't plan residential buildings so close to it.

[NYguy]

Originally Posted by KevinFromTexas

as bright as the Woolworth's crown is, you'd think they wouldn't plan residential buildings so close to it.

For some people, that's part of the attraction. But I don't think anyone too concerned about bright lights would consider it, Manhattan is a bright place regardless. BTW, the Woolworth itself was going residential before plans changed. They may change or be changed again...

[NYguy]

An older article with a timetable on this one...

SILVERSTEIN TO BUY MOODY'S HEADQUARTERS BUILDING

Bloomberg
David M. Levitt

Developer Larry Silverstein agreed to buy Moody's Corp.'s headquarters at 99 Church Street in Manhattan, expanding his holdings downtown as rents rebound five years after the terrorist attacks that destroyed the World Trade Center.

Silverstein will pay $170 million for the 441,000 square-foot building built by Moody's in 1951. Moody's will lease the building from Silverstein until the company moves its global headquarters to Silverstein's 7 World Trade Center two blocks away, New York- based Moody's said today in a statement.

The acquisition gives Silverstein the option to maintain the building as offices or convert it to a mixed-use project that could include a "boutique hotel" at the base and a residential tower above, Silverstein said in an interview. He said he'll have the right to build as high as 58 stories.

"It's a superior site, with various developmental opportunities," Silverstein said. "We have to look at the possibilities. It presents a multitude of opportunities a block away from the trade center, and I couldn't miss the opportunity to buy this parcel of land. "

The acquisition comes with about 100,000 square feet of extra development rights, Silverstein said. He could either add on to the current 11-story building or demolish it and build a new one, he said. Silverstein said he would assess market demand closer to the time that Moody's will vacate the building.

The deal should close by Dec. 15, according to the statement.

Moody's will make the move to 7 World Trade within a year, said Moody's spokesman Tony Mirenda. "We're going to remain in the building until the move is complete, " Mirenda said. "That will be in 12 months, though it may take less time. "

Moody's agreed in September to a 20-year lease of 594,945 square feet, or 15 floors, at 7 World Trade, making it the largest occupant so far in the 52-story tower. Moody's, the world's second-largest credit rating company agreed to pay $41.50 a square foot, plus government incentives designed to encourage companies to take trade center space. Those incentives take the rent down to $37.70 a square foot.

Midtown Manhattan office rents rose to $60.20 a square foot in October, up 21 percent in 12 months, according to statistics from Colliers ABR, a property brokerage. In Lower Manhattan, rents climbed to $40.12 a square foot, a 28 percent jump.

Silverstein said the Moody's building is the second he will acquire under a joint venture with California State Teachers Retirement System. Last month he and Calstrs, the second-largest U.S. pension fund, bought 575 Lexington Avenue, a 35-story Midtown tower. The partnership is seeking as much as $2 billion of commercial properties in the New York metropolitan area.

CB Richard Ellis Group Inc. brokers Darcy Stacom and William Shanahan represented Moody's in the deal, Silverstein said in the release. CBRE also represents Silverstein in the leasing of space at 7 World Trade Center, a 1.7 million square-foot skyscraper completed in May.

[drew11]

any render

[Patrick]

^If there was a rendering, someone would have posted it.

Originally Posted by KevinFromTexas

I don't like those towers being so close to the Woolworth Building.

I agree, 10 Barclay was ok. But another 50+ Tower in the same area? I dont know about this, 10 Barclay forms a nice cluster, but another 50+ story tower? Eww.

[NYguy]

Originally Posted by Patrick

10 Barclay was ok. But another 50+ Tower in the same area? I dont know about this, 10 Barclay forms a nice cluster, but another 50+ story tower? Eww.

But as Lecom mentioned in another thread, the best side of the Woolworth will be preserved....

[drew11]

wow

[NYguy]

A look at 99 Church St, and the towers above it (Woolworth, 10 Barclay St)...

JANUARY 14, 2007







_


_

[NYguy]

A couple of bonus shots:

[Scruffy]

I think i may be the only person that really likes the view of the rear of the Woolworth

[NYguy]

Originally Posted by Scruffy

I think i may be the only person that really likes the view of the rear of the Woolworth

Maybe not, though I prefer the front (Broadway) view of the tower myself. You can see from the street level photos though, that Silverstein's tower won't really block the view of Woolworth from the rear.

[antinimby]

Silverstein plans hotel and condo tower on Church St.



Moody's headquarters at
99 Church St.

March 13, 4:29 pm

Silverstein Properties plans to build a 60-story hotel and condominium at 99 Church Street in Lower Manhattan after razing the 11-story office building that currently stands at the site.

The real estate development and investment firm says the tower's first 20 stories will house a boutique hotel, and that a luxury condominium is planned for the upper floors.

The existing Class B building at 99 Church Street serves as Moody's Corporation's headquarters, which Silverstein Properties purchased with the California State Teachers' Retirement System in November for a reported $170 million.

Demolition will not begin until Moody's moves its headquarters to the Silverstein-owned 7 World Trade Center in the fall.

According to Lisa Silverstein, vice president of Silverstein Properties, building a luxury hotel at the site makes sense because "there's zero competition."

Silverstein likewise believes that there will be demand for a new high-end condo in Lower Manhattan, since she recently looked for just such a property in the area and failed to find one.

"I realized there are just no grand Park Avenue apartments downtown, and I'd like to create that," Silverstein said. By Lauren Elkies

Copyright © 2003-2007 The Real Deal

[antinimby]

Originally Posted by antinimby

"I realized there are just no grand Park Avenue apartments downtown, and I'd like to create that," Silverstein said.

If that's the case, then I think this one has a good chance to be really nice looking.

Something like a 15 CPW perhaps?

[NYguy]

Originally Posted by antinimby

Silverstein plans hotel and condo tower on Church St.


Silverstein Properties plans to build a 60-story hotel and condominium at 99 Church Street in Lower Manhattan after razing the 11-story office building that currently stands at the site.

The real estate development and investment firm says the tower's first 20 stories will house a boutique hotel, and that a luxury condominium is planned for the upper floors.

Demolition will not begin until Moody's moves its headquarters to the Silverstein-owned 7 World Trade Center in the fall. According to Lisa Silverstein, vice president of Silverstein Properties, building a luxury hotel at the site makes sense because "there's zero competition."

Can't wait to see the design for this one.

[NYguy]

Small update on the impending vacancy of the building...(globest.com)

7 World Trade Garners Two New Leases

By Katie Hinderer
April 10, 2007

Developer Larry Silverstein’s 7 World Trade Center now has 88,568 sf less to fill. Moody’s has extended its footprint in the 52-story, 1.6-million-sf building by taking an additional two floors for a total of 80,000 sf, and DRW Commodities has leased 8,568 sf. Moody’s signed on for 590,000 sf last year though a 20-year lease. With the latest lease, Moody’s will occupy 670,000 sf on floors 11 through 28.

The firm is expected to begin moving into its new space this June. As GlobeSt.com exclusively reported, at the beginning of March Grubb & Ellis was pegged to manage Moody’s new space and the move of an estimated 1,700 employees. Most of the employees will relocate from the recently sold headquarters at 99 Church St..

“The addition of two floors for Moody’s and the first tenant on the pre-built 34th floor continues a string of recent successes at 7 World Trade Center and for the overall Downtown commercial market,” says Silverstein. “Although the building only opened last May, we have secured commitments for nearly 1.1 million sf, which represents two-thirds of the building’s available space.”

DRW’s has taken space in the pre-built floor that is being marketed to small but growing firms. The company has an office at One North End here and in Chicago.

Roger Silverstein of Silverstein Properties, Stephen Siegel of CB Richard Ellis and Simon Wasserberger of CBRE handled the transaction for Silverstein. Cushman & Wakefield’s John Cefaly and Gus Field represented Moody’s.

Other 7 WTC tenants include ABN Amro (140,000 sf), Ameriprise Financial (40,000 sf), Darby & Darby PC (80,000 sf), Mansueto Ventures (40,000 sf), New York Academy of Sciences (40,000 sf), Silverstein Properties (40,000 sf), and World Trade Center Design Task Force (40,000 sf).

[CoolCzech]

I wonder what the impact is on the sort of rent an apartment in that nearly finished tower can command, when another one like Silverstein is planning here is built right across from it and ruins the views from the apartments on the side facing it?

[antinimby]

^ Negligible effect.

The rental market is extremely tight in NY. The view outside three or four years from now, is really the last thing on most renter's minds right now.

[NYguy]

Originally Posted by CoolCzech

I wonder what the impact is on the sort of rent an apartment in that nearly finished tower can command, when another one like Silverstein is planning here is built right across from it and ruins the views from the apartments on the side facing it?

Silverstein's tower will most likely front on Church St, keeping most of the views of 10 Barclay. It'll be slightly closer than the Woolworth. But its not unusual for residential towers in NY to go up so closely together.

[Scruffy]

Walking by it a lot lately for one reason or another, im really starting to like the building that is there now. Simple but stately. If only they could keep it as the pedestal for the tower.





But they can't. the current resident has too much volume. For them to keep this and build any kind of sizable tower above, the FAR would have to be an obscenely high number which wont happen. sigh

[NYguy]

Another one that could start coming down by the end of the year.