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  #1  
Old Posted Oct 13, 2014, 7:56 PM
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Smile NEW YORK | 123 W. 57th | FT | FLOORS

http://online.wsj.com/articles/extel...rty-1413216005

Extell in Talks to Buy Midtown Church Property
Site Is Short Walk from Development Firm’s One57 Tower






By LAURA KUSISTO CONNECT
Oct. 13, 2014


Quote:
The developer of the One57 condominium project that soars 90 stories over Central Park is negotiating to purchase another development site just a couple of lots away, the current now site of the Calvary Baptist Church.

Gary Barnett ’s Extell Development Co., is in talks with the Calvary Baptist, which owns its church building at 123 W. 57th St., and the Salisbury Hotel on West 57th, according to documents posted on the church’s website and available in its lobby.

A report in September from the church’s board to its membership says the church has signed a letter of intent with Extell Development Corp. that allows the board to begin negotiations with Extell regarding potential redevelopment of the church’s property.

According to public records, the church and hotel occupy about 191,000 square feet.

The church’s documents also say that FXFOWLE Architects and Extell’s architectural team are working together to present a design concept.

Representatives for Extell and the church didn’t respond to requests for comment. Members of the firms that the church has hired either didn’t respond or declined requests for comment.

Extell also owns a 15-story apartment building directly backing onto the church and hotel site at 134 W. 58th St.

Many churches around the city are struggling with mounting maintenance costs as their buildings age. At the same time, many also sit on some of the most valuable land in the city. A growing number have been selling their land to developers and either moving to new locations or striking deals with developers to allow them to build over top of church facilities.

While it is unclear what Mr. Barnett’s plans are, if he were to successfully purchase the church and hotel and move forward with a new development on the street, it could reignite controversy about development on the street, where community leaders are concerned that luxury towers are casting shadows on Central Park.

Hopefully, it will be something along the lines of 111 W. 57th (another neighbor), where the new construction is an extension rather than a replacement.
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  #2  
Old Posted Oct 13, 2014, 8:08 PM
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Here we go again. Another Extell tower for 57th Street.

Yet another supertall in the cards? What kind of development rights do we have here? I get that the current structure is around 200,000 square feet, but I wonder about the potential development rights and if Extell has additional air rights assembled.
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  #3  
Old Posted Oct 13, 2014, 8:14 PM
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Quote:
Originally Posted by Crawford View Post
Yet another supertall in the cards?
Dunno. Barnett has been known to be in it for the long term.


Quote:
The church’s documents also say that FXFOWLE Architects and Extell’s architectural team are working together to present a design concept.

It will be interesting to see, because the site is sandwiched between One57 and the Steinway Building (111 W. 57th). There is room for a tall tower to rise. Maybe he will build a tall tower on the hotel portion of the site.


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  #4  
Old Posted Oct 13, 2014, 8:56 PM
babybackribs2314 babybackribs2314 is offline
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Those air conditioning units are a sin. Hopefully any redevelopment at least involves replacing them w/central air.
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  #5  
Old Posted Oct 13, 2014, 9:01 PM
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Thats what I'm wondering too Crawford, the development potential. I wonder what the air rights are from this particular spot?
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  #6  
Old Posted Oct 13, 2014, 9:18 PM
StoOgE StoOgE is offline
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Originally Posted by babybackribs2314 View Post
Those air conditioning units are a sin. Hopefully any redevelopment at least involves replacing them w/central air.
Wait, it says you live in the UWS. I'm not sure how you can consider a necessity of all pre-war buildings that haven't been gut renovated a sin.

Pretty much all of gorgeous buildings on CPW have them.
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  #7  
Old Posted Oct 13, 2014, 9:24 PM
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I don't think Extell is planning "replacing air conditioning units" or "gut renovating" here. This will almost certainly be a new construction luxury tower.

It's pretty obvious they're been assembling a major development site here, with the adjacent residential building on 58th already under Extell's ownership.
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  #8  
Old Posted Oct 13, 2014, 11:10 PM
Sic'EmBears Sic'EmBears is offline
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Please don't tell me we're losing this building as well...

Old New York is being torn down right before our eyes...
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  #9  
Old Posted Oct 14, 2014, 1:24 AM
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Originally Posted by Sic'EmBears View Post
Please don't tell me we're losing this building as well...

Old New York is being torn down right before our eyes...
Probably true, at least when it comes to non-landmarked buildings on 57th Street. It's the circle of (urban) life.

Luckily, NYC has like 15-20x as many prewars as modern towers, so there would have to be many hundreds of such buildings demolished to really have an impact.
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  #10  
Old Posted Oct 14, 2014, 1:43 AM
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Quote:
Originally Posted by Sic'EmBears View Post
Please don't tell me we're losing this building as well...

Old New York is being torn down right before our eyes...
that is not a new york attitude.
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  #11  
Old Posted Oct 14, 2014, 2:01 AM
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What in the actual fuck? That building gorgeous. I cant believe the landmarks commission is letting this go. I dont care if its a supertall, build it on some shitty 50s mid rise, not an incredibly unique neo gothic gym. There arent any other buildings in any other city like that, that I am aware of. Fucking shame.
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  #12  
Old Posted Oct 14, 2014, 2:05 AM
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Yea I was actually kinda surprised on what they intent to replace. If anything, maybe building on top of the current structure or some sort of modernization of it would be appropriate. But I think its to early to really point fingers at a bad site location. Lets see what happens when the design is revealed. For all we know, it could be a stunner. There are a couple of supertalls in the pipeline that have not yet been revealed or heard of. This is probably one of them. Extell has some in the works right now. With the potential for a supertall, this could be very tall given the influx of taller developments within its proximity. Especially if it wants to make a dent in the market for attention.
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  #13  
Old Posted Oct 14, 2014, 2:40 AM
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I cant really see them building a supertall next to a supertall though.
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  #14  
Old Posted Oct 14, 2014, 2:47 AM
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Remember its all about capital/money with these investments. City aesthetics with respect to the skyline go out the window when potentially 100's of millions are involved. Plus, this is NYC. Supertalls are the name of the game.
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  #15  
Old Posted Oct 14, 2014, 4:54 AM
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Quote:
Originally Posted by Sic'EmBears View Post
Old New York is being torn down right before our eyes...
It isn't.


Quote:
Originally Posted by photoLith View Post
There arent any other buildings in any other city like that, that I am aware of. Fucking shame.

There are many, many older, quality buildings in Manhattan, many better than this one. They're all over, but people don't pay much attention to them because they're just old buildings. I like this one in particular, not just because of the design (mainly the tower), but I like the mix of the old with the new on the street. SHoP will do an excellent job with Steinway Hall, there is the potential for something similar here.


Quote:
A report in September from the church’s board to its membership says the church has signed a letter of intent with Extell Development Corp. that allows the board to begin negotiations with Extell regarding potential redevelopment of the church’s property.

Many churches around the city are struggling with mounting maintenance costs as their buildings age. At the same time, many also sit on some of the most valuable land in the city. A growing number have been selling their land to developers and either moving to new locations or striking deals with developers to allow them to build over top of church facilities.

Often, when these types of developments come up, people blame the developers. But no one is forcing these people to sell property or air rights. The church will do what's in it's best interest, and unfortunately (or not), the best interest is not to sit in an old property just for the sake of it.

It will probably be some time before anything will happen there anyway, Barnett has his hands full with the Nordstrom and others, and the current crop of towers need to make their way along. With towers like One57 and 111 W. 57th practically as neighbors, it's inevitable that value speaks louder than any sentiment.





http://www.cbcnyc.org/


Quote:
In cooperation with the Board of Deacons (Trustees) and the Board of Elders, the Development Communications Committee has held small group discussion meetings for all major ministry groups and any other members interested in receiving first-hand updates and giving input in the potential redevelopment of the Church's property. Calvary members approved a "Letter of Intent" authorizing the Boards to begin negotions with Extell Development utilizing professional advisory, architectural and legal services.

The Architectural Firm, FX Fowle LLC was introduced to the members at a Special Business Meeting on June 29, 2014, and will present an update on their work on September 28, 2014. Members will also receive updated information from our Real Estate Advisors at Savills, LLC and our legal team at Fried, Frank, Harris, Shivers & Jacobson.

Looks like any redevelopment will involve the church remaining on site. That's a good deal, and they're sitting on a gold mine, why not take advantage.


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Last edited by NYguy; Oct 14, 2014 at 5:18 AM.
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  #16  
Old Posted Oct 14, 2014, 12:01 PM
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I cant really see them building a supertall next to a supertall though.
It isn't "next to" another supertall. It's on the same block, but it's a very long east-west block.
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  #17  
Old Posted Oct 14, 2014, 12:30 PM
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Has nobody noticed this is serperated from One 57 by two ravr thin buildings...?There no more then 100 feet apart.
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  #18  
Old Posted Oct 14, 2014, 1:39 PM
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Yeah, between this one and Nordstrom Tower to the west, they're getting sandwiched and are about to lose their views on both sides. Poor residents.

...I mean, rich residents. There's no way I'd call anyone with a $90m condo poor, even rhetorically. Besides, One57 blocked plenty of views for the Cityspire cluster tower, so of all people, they should understand how easy it is to lose views in New York. Lastly, even with taller tlwers rising all around, they still have the most straight-on, centered view of Central Park, and that's the one view that's very unlikely to be blocked in the near future.
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  #19  
Old Posted Oct 14, 2014, 2:12 PM
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I suppose if we're lucky, the only thing getting demo'd is the eastern wing of the building, where the storefront for the Salisbury Hotel and the Stacks Coin Shop is. The facade is of a noticeably lower quality, and won't be missed nearly as much as the main facade. Dump the air rights onto that portion of the parcel, and instant skinny supertall, which also blocks less views of Extells One57.
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  #20  
Old Posted Oct 14, 2014, 8:45 PM
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This property would give Extell a footprint comparable to One57. The amount of air rights involved, unknown at this point because Barnett always seems to find more. It doesn't take a lot though. SHoP's addition to the Steinway Building isn't really that much.



http://www.businessweek.com/news/201...or-condo-sites

NYC Developer Embraces Religion in Search for Condo Sites


By Oshrat Carmiel
October 14, 2014


Quote:
Extell Development Co., the New York builder that set off a luxury residential construction boom with its One57 project, is expanding its reach on Manhattan’s west side with a pending purchase of a synagogue and a plan to redevelop a Baptist church.

Extell is in advanced talks to buy the Congregation Habonim synagogue at 44 W. 66th St. in a deal valued at $75 million, with plans to build condominiums on the site, according to documents the synagogue filed in New York State Supreme Court seeking permission for a sale. Extell also is negotiating with Calvary Baptist Church for a potential project at its 123 W. 57th St. site, on the same block as One57, the church’s 2014 annual report shows.

Religious institutions across New York are pursuing real estate sales as land prices escalate. Manhattan development sites sold for an average of $657 a square foot in the third quarter, up 29 percent from a year earlier and a record for the period, Massey Knakal Realty Services said this month. Three purchases completed in the quarter were for more than $1,000 a square foot, the firm’s data show.

“The feeling is we’re smashing records every week, the residential market is on fire, which is driving land values,” said Joshua Stein, a New York real estate lawyer who has worked on deals involving religious institutions. “You’re getting prices per square foot that were inconceivable 10 years ago. So the question is, ‘Should I sell now?’”

The Habonim synagogue agreed to the sale after concluding that its building near Lincoln Center, completed in 1958, was increasingly costly to maintain and no longer large enough for the services it sought to provide, according to the court filing.

Under the deal, the congregation would receive $45 million in cash upfront. Extell then would build a new space for the synagogue at the base of its future condo development, valued at $30 million, according to the filing, which names Barnett as the “key principal” of the entity seeking to buy the property.

The Real Deal reported in August that Extell is working in a partnership to build a condo tower at the site.

Calvary Baptist Church has been in talks with Extell since at least March 2012, when the builder submitted a proposal for a “possible redevelopment concept,” according to the church’s annual report.

By February of this year, the Board of Elders and pastoral staff voted to start “serious negotiations” with Extell, and the following month issued a letter of intent to the developer and hired architects and brokers to represent the church on a redevelopment plan. The church’s report didn’t say whether Extell intended to build condos at the site.

Extell was a pioneer when it broke ground on One57 in 2009, after the bankruptcy of Lehman Brothers Holdings Inc. ushered in the real estate rout. The building near the southwest corner of Central Park, planned as Manhattan’s tallest residential tower, reached $1 billion in sales after six months. Bill Ackman, founder of New York hedge-fund firm Pershing Square Capital Management LP, is part of an investment group that agreed to buy one of the upper-floor duplexes for more than $90 million.

Extell is building about 184 units at 225 W. 57th St., a skyscraper slated to reach 1,488 feet (454 meters) and have Manhattan’s first Nordstrom department store at its base. The company also is building 219 condos at its One Riverside Park project along the West Side Highway, scheduled for completion next year, according to its website.

Extell’s transactions with religious institutions haven’t been without controversy. On the Upper East Side, the developer drew opposition for its initial design for condos on land owned by the Park Avenue Christian Church. The proposed tower would have bent around the church’s spire, blocking light into the century-old building, which was modeled after La Sainte-Chapelle in Paris.

Extell has redesigned the plans and the community board will vote on the appropriateness of the proposal tomorrow night, said George Arzt, a spokesman for the church. The developer’s purchase of the land, which hasn’t closed yet, will provide the church with cash to make about $2 million of repairs to items such as the organ and Tiffany windows, he said. Extell plans to build new offices for the church at the base of the condo tower.

“Religious institutions in this city have long faced a battle in keeping up their buildings, and this is an opportunity,” Arzt said.
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