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  #1  
Old Posted Aug 25, 2008, 6:23 PM
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Smile NEW YORK | 855 6th Ave l 479 FT / M l 43 FLOORS

855 6th Ave
455 Ft / 139 M
30 Fl
Costas Kondylis & Partners


This 40 story story is designed by Costas kondylis for the west side of 6th Ave between 31st and 32nd st. This sits in the middle of the revitalized 6th Ave that has seen new tower construction from west 24th street and north. To the south of this one is the 614 Foot Fitzpatrick Hotel at 639 6th Ave and to the north is the over 500 foot 885 6th Ave. This will virtually complete a wall of towers from 24th st to 59th st.

6/20/08










2 months later and the makeshift midtown campfire hasn't been touched. There are rumors that this tower is on hold.
8/24/08


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  #2  
Old Posted Feb 13, 2009, 10:09 PM
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The site is unchanged. Now it is being said on other sites that this site is in foreclosure. So this end up being a dead project instead of a stalled one.
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  #3  
Old Posted Feb 14, 2009, 12:25 PM
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Yeah, and it's a shame because this was my favorite of the three.
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  #4  
Old Posted Dec 20, 2010, 1:18 AM
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I can't imagine nothing will be built on this site. It's in the middle of the city.
     
     
  #5  
Old Posted Dec 20, 2010, 1:23 AM
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Quote:
Originally Posted by Obey View Post
I can't imagine nothing will be built on this site. It's in the middle of the city.
If it weren’t for financing difficulties, this site would be currently occupied by the tower in the rendering. Eventually, something will emerge on this site.
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  #6  
Old Posted Dec 20, 2010, 2:15 AM
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Ugly and generic looking tower. Maybe it's a good thing this isn't getting built. Save the site for something better.
     
     
  #7  
Old Posted Dec 20, 2010, 2:22 AM
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I’m sure whatever does end up there will be comparable in both size and design. It’s funny though, I thought this one had the most interesting design of the three.
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  #8  
Old Posted Dec 20, 2010, 2:37 AM
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I believe that Durst recently purchased this site and plans to change the design. Something should start rising in 2011, and Durst generally builds nice towers.
     
     
  #9  
Old Posted Dec 20, 2010, 2:40 AM
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^^^Just out of curiosity, where’d you hear that?
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  #10  
Old Posted Dec 20, 2010, 3:01 AM
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Here's an article from Curbed.com:

http://ny.curbed.com/tags/855-sixth-avenue

Zombie Buildings



Foreclosure and a Redesign Coming to Planned Sixth Avenue Tower

Gargantuan new towers have been popping up along Sixth Avenue, testing the northern boundaries of Chelsea. Glassy giants like the Eventi hotel and Tower 111. The Costas Kondylis-designed 855 Sixth Avenue was supposed to join them, but the site slipped into the dark wormhole of foreclosure when co-developers Yitzak Tessler and the Chetrits defaulted on over $100 million in loans. That situation will soon be resolved, the Post's Lois Weiss reports, but don't count on seeing that 355,000-square-foot Kondylis design coming to life anytime soon. Or ever.

Durst Fetner Associates, a partnership of developers Hal Fetner and the Durst Organization, has purchased the note on the development site, putting it in position to take ownership at a foreclosure auction to be held within the next 90 days. Weiss reports "new architects are being interviewed to develop a 'green' building to fit within their portfolio," but wouldn't the most eco-friendly solution be recycling Kondylis's design instead of tossing it in the trash? Al Gore, please discuss in the comments.
· Between the Bricks [NYP, second item]
· Tower 111 is Busy for the Holidays, But About Its Neighbors [Curbed]


Here's an article from the NY Post that Curb cited in the above-posted story:


Trading places for Deutsche
Last Updated: 10:33 AM, July 7, 2010

Posted: 1:13 AM, July 7, 2010

Lois Weiss - Between the Bricks


Durst Fetner Associates has purchased the $131 million note on the residential development site at 855 Ave. of the Americas from iStar Financial, setting itself up to complete the foreclosure process and take ownership.

An auction sale will occur within the next 90 days, said Hal Fetner, a partner with the Durst family.

The site encompasses the entire block front between West 30th and 31st streets in the former Flower District.

Over the last decade the avenue has become lined with brand new apartment towers all the way to West 23rd Street.

The property was slated for an approximately 355,000-square-foot development by Yitzak Tessler and the Chetrits with a design by Costas Kondylis.

New architects are being interviewed to develop a "green" building to fit within their portfolio, said Fetner. The note, he added, was purchased at a "modest discount."



Read more: http://www.nypost.com/p/news/busines...#ixzz18d4exZAw

Last edited by RobertWalpole; Dec 20, 2010 at 6:06 AM.
     
     
  #11  
Old Posted Dec 20, 2010, 3:06 AM
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I don't usually jump on the 'I hope something gets built freakin' tall on this site' bandwagon but I hope something tall is built on this site to even out the skyline with 15 Penn and the ESB.
     
     
  #12  
Old Posted Dec 20, 2010, 3:58 AM
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The Durst Organization bought this site a few months ago.

He said he's interviewing architects, is planning a totally "green" building, and has discarded the old plan.

He also said he's reducing or eliminating the retail space and adding more rental apartments. So I would imagine the final outcome will be much taller and thinner than the previous design (probably something like 839 6th Avenue just to the south).
     
     
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Old Posted Dec 20, 2010, 4:07 AM
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Well that’s certainly good to know.
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  #14  
Old Posted Dec 28, 2010, 6:45 AM
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Something should start rising here in 2011:

http://therealdeal.com/newyork/artic...-square-parcel
     
     
  #15  
Old Posted Dec 29, 2010, 10:57 AM
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Thank god they are redesigning it. This was the ugly tower out of the three that were proposed on these blocks of 6th Avenue (Eventi & The Continental being the other two). I cannot wait to see what they build instead
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  #16  
Old Posted Jan 4, 2011, 6:06 PM
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Quote:
Originally Posted by Crawford View Post
The Durst Organization bought this site a few months ago.

He said he's interviewing architects, is planning a totally "green" building, and has discarded the old plan.

He also said he's reducing or eliminating the retail space and adding more rental apartments. So I would imagine the final outcome will be much taller and thinner than the previous design (probably something like 839 6th Avenue just to the south).
Elimination of ground level retail is bad news. That area could use more street level activity, which would be easily channeled from the adjacent and crowded ESB/Macy's area and would provide an inviting connective corridor to Chelsea. This building would benefit from the adjacent pocket park behind The Eventi, while blocking the atrocious Eventi blank wall from northern vantage points.

This would definitely be a great place to build a taller, skinny tower. Unlike the skyscraper thickets of Downtown and Midtown, Midtown South is still largely midrise, punctuated by a few tall towers, so a tower here would provide near-unobstructed sweeping views of the streetscape, facing the ESB, Chrysler, etc on one side and the Hudson River on the other.
     
     
  #17  
Old Posted Jan 10, 2011, 3:50 AM
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http://online.wsj.com/article/SB1000...LEFTTopStories

NY REAL ESTATE RESIDENTIALJANUARY 10, 2011.New Skyscraper Ignites Growth Below 34th Street .Article Comments more in NewYork-Real Estate ».EmailPrintSave This ↓ By DANA RUBINSTEIN
A real-estate group led by developer Douglas Durst plans to break ground within the year on a $350 million skyscraper just south of Herald Square, in one of the first major private construction projects to move forward in the wake of the downturn.

The development of the 40-story apartment tower also signals the transformation of Sixth Avenue south of 34th Street, from a wholesale and flower district into a high-end residential and retail corridor.

View Full Image

Ramsay de Give for The Wall Street Journal

Site of the planned 500,000-square-foot building
.Mr. Durst and has partner Harold Fetner closed on the purchase of the site on Dec. 21, six years after they first considered buying the site. They are finalizing negotiations with Pelli Clarke Pelli Architects to design the glass facade of the 500,000-square-foot building that will include at least 300,000 square feet of rental apartments, 80% of them luxury, 20% "affordable."

The developers haven't decided what to put in the tower's base. "Right now, we're leaning towards retail, though we are talking with hotel developers too," Mr. Durst said in an interview last week.

The project is moving forward at a time when the private construction market is struggling to come back to life after one of the worst real-estate markets in a generation. Financing is still difficult to obtain and clouds of uncertainty are still lingering over the city's economy.

More
Douglas Durst Takes Helm to Change City Landscape
.Demand in the apartment residential market, though, has been relatively strong compared with other sectors. Effective rents, which take into account landlord concessions, grew 5.25% in 2010 after suffering a record 5.9% drop in 2009, according to market research firm Reis Inc.

Also, Mr. Durst has a reputation for taking advantage of down markets to move forward with development plans. The grandson of the late Joseph Durst, the family patriarch, Douglas Durst, also helped lead the industry out of the recession of the early 1990s with the Conde Nast Building in Times Square.

The neighborhood south of Herald Square has changed dramatically since the 1995 rezoning of Sixth Avenue, which ushered in higher-density development. In 2000, the Albanese Organization completed the Vanguard Chelsea at 24th Street and Sixth Avenue, the first residential development there of note.

Now, as the Flatiron district moves west and Chelsea extends north, Sixth Avenue south of 28th street is crowded with mammoth luxury rental towers, such as the Archstone Chelsea and the Chelsea Landmark.

The area between 28th Street and Herald Square is just now taking off, with the recent opening of the Beatrice, a hotel and residential development, at 30th Street and Sixth Avenue. The avenue's retail remains a mix of wholesale garment stores, and the occasional psychic and flower shop.

.The developers don't see that lasting for much longer. "Everyone's going to go running to it when they see we're building something," Mr. Fetner said.

While Mr. Durst's family is mostly known for office buildings, he has ramped up his residential developments in recent years. Since 2007, all of his major residential projects have been done in partnership with Mr. Fetner, a longtime family friend. Their other projects include the Epic, a luxury rental building on 31st street between Sixth and Seventh avenues.

Like many real-estate investors, Messrs. Durst and Fetner have been looking for opportunity in the economic downturn, creating a $300 million fund to purchase distressed assets. So far they, and others, have found it difficult to do that because lenders have been reluctant to foreclose and sell troubled assets.

But the Sixth Avenue site provided them one of those opportunities.

Mr. Fetner and Mr. Durst first developed an interest in the site, which encompasses the west side of Sixth Avenue, between 30th and 31st Streets, while they were developing the Epic, their first project together. "A lot of people thought we were nuts for building midblock, off the avenue," Mr. Fetner said.

Initially underwriting the Epic at $49 a square foot, the developers were ultimately able to achieve an average rent of $70 a square foot, making the apartment building the most lucrative in their portfolio. That means a 1,000-square-foot two-bedroom apartment would rent for more than $5,800 a month.

"So, in terms of being bullish on the market, we love this marketplace," Mr. Fetner said.

As they were developing the Epic, the site at 855 Sixth Avenue became available. At the time, the development parcel was occupied by tenanted commercial office buildings, and the price, at about $260 a square foot, was too expensive for their taste. "I was really disappointed and said, call me when you get a little bit more realistic," Mr. Fetner said.

The site went through a number of owners ending up with a venture of Yitzchak Tessler, of Tessler Developments, and Jacob and Meyer Chetrit, of the Chetrit Group. In 2007, they purchased the land for $140 million, using $105.3 million in debt from Fremont Investment & Loan, whose real-estate business was later acquired by iStar Financial. The following year, they added a seventh parcel for an additional $12.3 million.

Messrs. Chetrit and Tessler announced they would build a residential tower atop a retail base there. They cleared all but one building from the site. But their plans were upended when the real-estate market collapsed. In 2008, Messrs. Chetrit and Tessler defaulted on their iStar loan, according to court documents. Messrs. Tessler and Chetrit didn't return calls requesting comment.

Their problems gave Messrs. Durst and Fetner another opportunity to go after the site. Last July, the distressed fund they had created bought the iStar debt, paying the full face value, then $101.5 million. By that time iStar had commenced a foreclosure process. The developers figured that either they would eventually take over the site or Messrs. Chetrit and Tessler would repay the debt, plus interest.

"If we lost, we won," said Damon Pazzaglini, chief operating officer for Durst Fetner Residential. "If we didn't get the property we wanted, we would have made 40% in six months."

Ultimately, Messrs. Durst and Fetner succeeded in convincing Messrs. Chetrit and Tessler to turn over the site. That happened late last month.

"Now," Mr. Fetner said, "the fun starts."

"We're very anxious to start building again," said Mr. Durst.

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  #18  
Old Posted Jan 10, 2011, 5:15 AM
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It was only a matter of time until this site started heating up again; glad that Durst is behind this.
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  #19  
Old Posted Jan 10, 2011, 3:35 PM
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Quote:
Originally Posted by RobertWalpole View Post
http://online.wsj.com/article/SB1000...LEFTTopStories




A real-estate group led by developer Douglas Durst plans to break ground within the year on a $350 million skyscraper just south of Herald Square, in one of the first major private construction projects to move forward in the wake of the downturn.

The development of the 40-story apartment tower also signals the transformation of Sixth Avenue south of 34th Street, from a wholesale and flower district into a high-end residential and retail corridor.

Mr. Durst and has partner Harold Fetner closed on the purchase of the site on Dec. 21, six years after they first considered buying the site. They are finalizing negotiations with Pelli Clarke Pelli Architects to design the glass facade of the 500,000-square-foot building that will include at least 300,000 square feet of rental apartments, 80% of them luxury, 20% "affordable."

The developers haven't decided what to put in the tower's base. "Right now, we're leaning towards retail, though we are talking with hotel developers too," Mr. Durst said in an interview last week.
Looking forward to the new design. Also glad they are keeping retail at the base.
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  #20  
Old Posted Jan 10, 2011, 4:08 PM
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Great news, it's been said before but it's not surprising that this will start rising within the year given its location. Looking forward to seeing the new render.
     
     
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