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  #1  
Old Posted Dec 19, 2012, 9:02 PM
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Smile NEW YORK | 138 East 50th ST | 502 FT | 52 FLOORS

Midtown East planned rezoning will require complex deal-making
December 17, 2012 04:30PM
By Adam Pincus
Quote:
One example includes Extell Development, which purchased a portfolio of parking garages last year including 138 East 50th Street, between Lexington and Third avenues. The city expects the site will be developed with a hotel that could be as large as 924,893 square feet. But first Extell would have to strike deals with hotel giant Starwood Capital Group, as well as the smaller players Ramosar Realty, San Carlos Building Corp., and Samson Management.
Another very tall tower for New York!
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  #2  
Old Posted Dec 19, 2012, 9:52 PM
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Nice to know theres more supertalls on the way.
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  #3  
Old Posted Dec 19, 2012, 10:13 PM
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I'm sure Extell will building something tall, assuming they're still involved with this site by then. Extell was behind the 980 ft convention center hotel proposal.
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  #4  
Old Posted Dec 19, 2012, 10:21 PM
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Good to hear its a parking garage that'll be demoed, as opposed to something attractive.
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  #5  
Old Posted Dec 19, 2012, 10:49 PM
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That stretch is full of gems. I am so happy to see them saved, and that ugly garage going. Bet the design will be something amazingly cool?
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  #6  
Old Posted Dec 20, 2012, 2:42 AM
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Extell? Woow ... They are controlling the city.
I hope to see something tall here.
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  #7  
Old Posted Dec 20, 2012, 6:52 PM
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It could eventually be another developer, and not Extell that builds here. There are currently smaller hotels on site. It will be consolidated into one footprint shown below (# 17)





Google maps view of the site and surroundings (right side)...

Lexington



50th Street
















Currently the largest building on site is the W New York...

Dick Johnson NYC







It would be opposite one of the great hotels of Manhattan, the Waldorf...

Dick Johnson NYC



And accross from the Benjamin...

Dick Johnson NYC




Site 16, the InterContinental, could also be redeveloped with another large hotel...

Dick Johnson NYC
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  #8  
Old Posted Dec 20, 2012, 7:13 PM
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The InterContinental isn't great, but the loss of The Benjamin would be tragic. Hopefully it is preserved...
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  #9  
Old Posted Dec 20, 2012, 7:16 PM
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Originally Posted by babybackribs2314 View Post
The InterContinental isn't great, but the loss of The Benjamin would be tragic. Hopefully it is preserved...
The Benjamin isn't a potential site for development, at least as of now.
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  #10  
Old Posted Dec 20, 2012, 8:38 PM
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NY's planning department is crazy if it allows any of those beauties to be destroyed. What is wrong with NYC? That is going too far. NY will soon be Hong Kong on Hudson. Although I love modern towers, I'm actually now hoping that the rezoning fails now just because NY doesn't care enough about its heritage and won't even try to incorporate some of the nice facade elements into new towers. The developers unfortunately are just not interested. The Interconnie and the W are nice buildings, they should be saved, or at least the facade should be. If this keeps happening, NY will look like any Asian city and lose it's unique mix of old and new. Soon all the great old hotels will be few and far between in NYC... the Hotel Penn is doomed too.

Amanda Burden must be a paper tiger, or else she has no taste.
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  #11  
Old Posted Dec 20, 2012, 8:41 PM
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Excepting the Intercontinental, I don't think any of these hotels are development sites.

They're talking about using air rights from properties like the Benjamin. Most of these older hotels are either landmarked or built to maximum FAR anyways.
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  #12  
Old Posted Dec 20, 2012, 8:46 PM
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Quote:
Originally Posted by Crawford View Post
Excepting the Intercontinental, I don't think any of these hotels are development sites.

They're talking about using air rights from properties like the Benjamin. Most of these older hotels are either landmarked or built to maximum FAR anyways.
I hope you are right, it would be a ridiculous shame to see those towers fall.

As for the Intercon, why don't they force developers to incorporate some of the base facade elements into new towers.. The top of the old girl is dull, but the base stupendous.
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  #13  
Old Posted Dec 20, 2012, 8:58 PM
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I don't even love the base on the Intercontinental. NYC has so many pre-war gems, and this is not one of them. If the goal in NYC is to save all pre-war architecture it should be preserved, but that is not the goal.

Too often people make blanket statements that pre-war architecture is beautiful. Much of it certainly is, but there is a major chunk that isn't worth saving. People build shlock now, and they did the same in the 20s-30s.
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  #14  
Old Posted Dec 20, 2012, 9:12 PM
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Originally Posted by babybackribs2314 View Post
I don't even love the base on the Intercontinental. NYC has so many pre-war gems, and this is not one of them. If the goal in NYC is to save all pre-war architecture it should be preserved, but that is not the goal.

Too often people make blanket statements that pre-war architecture is beautiful. Much of it certainly is, but there is a major chunk that isn't worth saving. People build shlock now, and they did the same in the 20s-30s.
If all these mediocre pre-war buildings were going to be replaced with stunning designs, i wouldn't blink an eye. However, there is nothing to force developers to replace them with something decent.

They could easily keep the arcade at the bottom of the W hotel, or the arches in front of the Intercon. Stuff like that earns my respect and it would retain some of the essential classic NY feel of midtown while still modernizing office space.
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  #15  
Old Posted Dec 20, 2012, 9:41 PM
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Originally Posted by aquablue View Post
If all these mediocre pre-war buildings were going to be replaced with stunning designs, i wouldn't blink an eye. However, there is nothing to force developers to replace them with something decent.
There is the zoning. The designs must meet approval. There's both pro and con to that side of the argument, but that's something else.

The specifics of this site as called for with the rezoning:

currently
800,269 sf total
756,099 hotel space

possible with rezoning
924,893 sf total
54,211 sf footprint
870,682 hotel space plus 54,211 sf of retail (gives you the total from the article)

total increment of space
124,624 sf

This is a total of all buildings on site, which must be consolidated to form a single buildable site. These are the lot sizes that will be added to give us the total:

24,725 sf
1,882 sf
5,682 sf
1,840 sf
10,041 sf
10,041 sf
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  #16  
Old Posted Mar 9, 2013, 11:27 AM
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Any news on this one?
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  #17  
Old Posted Mar 9, 2013, 5:20 PM
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Quote:
Originally Posted by DURKEY427 View Post
Any news on this one?
The rezoning hasn't even passed through the bureaucratic channels yet. You're going to have to wait a while.
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  #18  
Old Posted Mar 9, 2013, 5:49 PM
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Quote:
Originally Posted by Crawford View Post
The rezoning hasn't even passed through the bureaucratic channels yet. You're going to have to wait a while.
Ok it can take as long as it wants
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  #19  
Old Posted Mar 13, 2013, 3:40 AM
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There needs to be a stipulation that the buildings can only be demolished once the developer has secured financing for their new development. If this had been done before the crash of 2008, then this city would have a lot more buildings today. The crisis of 2008 wasn't the last, and there will be far worse economic crises in the future.
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  #20  
Old Posted Mar 13, 2013, 12:12 PM
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Originally Posted by Barbarossa View Post
There needs to be a stipulation that the buildings can only be demolished once the developer has secured financing for their new development. If this had been done before the crash of 2008, then this city would have a lot more buildings today. The crisis of 2008 wasn't the last, and there will be far worse economic crises in the future.
It's not that simple. Sometimes, a ready to build site is more attractive (to potential tenants). There's active competition in Manhattan and demolition can't always be done "overnight". Financing usually comes after the tenant. In terms of residential sales, timing could also be a factor.
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