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  #1  
Old Posted Aug 12, 2012, 2:01 AM
yankeesfan1000 yankeesfan1000 is offline
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Extell pays Catholic Church $16M for Hell’s Kitchen air rights

Plans 40-story residential tower on same block as Silverstein project

August 10, 2012 04:00PM
By Adam Pincus



"Gary Barnett’s Extell Development has acquired a large amount of development rights, which it will use to increase the size of a little-noted residential tower project in the neighborhood, for $16.46 million from a Roman Catholic Church in Hell’s Kitchen.

Barnett’s company bought nearly 140,000 square feet in air rights from the Roman Catholic Church of Saint Raphael, located at 502 West 41st Street, near 10th Avenue, on July 31, city property records published today show. The developer is planning to build a residential tower of more than 40 stories on the west side of 10th Avenue between 40th and 41st streets, just to the east of the church, Barnett, the company’s president, told The Real Deal.

The new tower will extend over some portion of the church’s property by way of a cantilevered structure, the city records show, but did not say exactly how far.

... The Barnett project is on the same city block, and just to the east, of a proposed residential tower that Silverstein Properties is building — only separated by a mid-block access road for the Lincoln Tunnel. Silverstein’s project, at 514 11th Avenue, was first reported by TRD, and is in the early stages of planning..."
     
     
  #2  
Old Posted Aug 13, 2012, 10:33 PM
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http://therealdeal.com/blog/2012/08/...en-air-rights/

Extell pays Catholic Church $16M for Hell’s Kitchen air rights
Plans 40-story residential tower on same block as Silverstein project






August 10, 2012 04:00PM
By Adam Pincus

Quote:
Gary Barnett’s Extell Development has acquired a large amount of development rights, which it will use to increase the size of a little-noted residential tower project in the neighborhood, for $16.46 million from a Roman Catholic Church in Hell’s Kitchen.

Barnett’s company bought nearly 140,000 square feet in air rights from the Roman Catholic Church of Saint Raphael, located at 502 West 41st Street, near 10th Avenue, on July 31, city property records published today show. The developer is planning to build a residential tower of more than 40 stories on the west side of 10th Avenue between 40th and 41st streets, just to the east of the church, Barnett, the company’s president, told The Real Deal.

The new tower will extend over some portion of the church’s property by way of a cantilevered structure, the city records show, but did not say exactly how far. Barnett does not own the land he is building on, at 537-547 10th Avenue, however. Instead, on Aug. 22, 2011 he acquired a 99-year ground lease with one of the city’s major landlords, the estate of Sol Goldman.

The Barnett project is on the same city block, and just to the east, of a proposed residential tower that Silverstein Properties is building — only separated by a mid-block access road for the Lincoln Tunnel. Silverstein’s project, at 514 11th Avenue, was first reported by TRD, and is in the early stages of planning.

Barnett said he has not decided whether the apartment building will be for sales or rentals or who the architect would be, but expected to begin development next year. “We think it is a good site and we think the deal will be worthwhile for us,” Barnett said, noting, “That is the usual reason we go into deals.”
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  #3  
Old Posted Aug 13, 2012, 11:14 PM
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Nice, Extell just owns right now...
Btw yankeesfan1000 opened a similar thread, I think they should be merged together. See here: http://forum.skyscraperpage.com/showthread.php?t=200882
     
     
  #4  
Old Posted Aug 13, 2012, 11:38 PM
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Quote:
Originally Posted by hunser View Post
Nice, Extell just owns right now...
Btw yankeesfan1000 opened a similar thread, I think they should be merged together. See here: http://forum.skyscraperpage.com/showthread.php?t=200882
And that's why we use the smiley face...
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #5  
Old Posted Jan 7, 2013, 6:39 PM
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I passed by this site a few weeks ago and there was pilling equipment on site. It totally slipped my mind, but I'll head back up this week.
     
     
  #6  
Old Posted Jan 22, 2013, 11:58 PM
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From RW on SSC:

"They filed a permit on 18 Jan. The tower will be 556 feet tall, and SLCE is the architect."
     
     
  #7  
Old Posted Jan 23, 2013, 12:19 AM
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Originally Posted by yankeesfan1000 View Post
From RW on SSC:

"They filed a permit on 18 Jan. The tower will be 556 feet tall, and SLCE is the architect."
The DOB says 556 ft., so probably 600 ft. to roof.

And this will be a big, bulky tower. I wonder if it will be twin towers or something, because we're talking some serious square feet.
     
     
  #8  
Old Posted Jan 23, 2013, 4:17 PM
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Extell Plans 600-Unit Rental Tower on 10th Avenue
Wednesday, January 23, 2013, by Jessica Dailey



"... in a 600-unit rental tower, according to the Journal.

The building will be more than 40 stories, and about one-fifth of the units will be reserved for low-income renters. Extell did not purchase the land it's building on, but instead secured a 99-year lease from the landlord, the estate of Sol Goldman. The developer expects to break ground this spring, helping the West Side continue its transformation into one massive construction site."
     
     
  #9  
Old Posted Jan 23, 2013, 4:20 PM
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Disappointed that this tower won't be taller.
     
     
  #10  
Old Posted Jan 23, 2013, 10:09 PM
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That's a decent height for that location.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #11  
Old Posted Jan 24, 2013, 6:26 PM
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Originally Posted by sbarn View Post
Disappointed that this tower won't be taller.
Any tower reaching more than 500 feet in Hell's Kitchen is more than anyone can ask for.
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  #12  
Old Posted Apr 20, 2013, 7:34 PM
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http://www.nytimes.com/2013/04/21/re...anted=all&_r=0



By C. J. HUGHES
April 19, 2013


Quote:
Extell, like some of its competitors, controls several parcels in the area. Its first apartment building will be 555 10th Avenue, a 50-story rental at West 41st Street with 600 units, a pair of swimming pools and a two-lane bowling alley, said Gary Barnett, Extell’s chief executive. Foundations were poured in March; 2016 is the expected completion date.

Extell is also planning apartments on a block-through site between 9th and 10th Avenues on 37th Street. Possibly to include rentals and condos, it probably won’t start construction for another year.

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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

Last edited by NYguy; Apr 20, 2013 at 8:00 PM.
     
     
  #13  
Old Posted Apr 20, 2013, 7:41 PM
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There are several young professionals I work with that reside in Hell's Kitchen - I can easily see why it will become a hotbed for rentals over the next few years, and beyond.
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  #14  
Old Posted Apr 21, 2013, 8:06 PM
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Site specifics...


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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #15  
Old Posted May 30, 2013, 1:57 PM
sbarn sbarn is offline
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Still no action here yet, but looks ready to get started:



     
     
  #16  
Old Posted Jul 29, 2013, 5:59 AM
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The developer hasn't broken ground this year as the article states. Is the 'future' 7 subway station getting in the way of this project?
     
     
  #17  
Old Posted Jul 29, 2013, 1:37 PM
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Originally Posted by Eveningsong View Post
The developer hasn't broken ground this year as the article states. Is the 'future' 7 subway station getting in the way of this project?
The year isn't over yet. And there is no 7 train station around this site.
     
     
  #18  
Old Posted Jul 29, 2013, 2:31 PM
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Has anyone even past the site recently? Its possible that excavation has even started... last I saw, things looked ready to go.
     
     
  #19  
Old Posted Jul 29, 2013, 3:08 PM
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Excavation has not started yet but construction equipment is on site now.
     
     
  #20  
Old Posted Aug 2, 2013, 8:44 AM
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Originally Posted by Crawford View Post
The year isn't over yet.
From post #8

"... in a 600-unit rental tower, according to the Journal.

The building will be more than 40 stories, and about one-fifth of the units will be reserved for low-income renters. Extell did not purchase the land it's building on, but instead secured a 99-year lease from the landlord, the estate of Sol Goldman. The developer expects to break ground this spring, helping the West Side continue its transformation into one massive construction site."

Of course, the keyword is "expects".
     
     
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