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  #1  
Old Posted Feb 26, 2014, 10:44 PM
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Smile NEW YORK | 545 West 37th Street | 622 FT | 46 FLOORS

I couldn't find a thread for this site, but demolition is now approved.




Chetrit to raze Hudson Yards development site
Demolition may pave way for construction of new tower
February 25, 2014 05:49PM
By Katherine Clarke



The West 37th Street sites and Joseph Chetrit

Quote:
The Department of Buildings has approved the demolition of four commercial properties on a prospective development site near the Related Companies’ Hudson Yards megaproject recently purchased by the Chetrit Group, according to records filed on the DOB’s website today.

The razing of the buildings will likely pave the way for Chetrit to build a new tower on the site, which is comprised of four adjacent lots at 541-545 West 37th Street and 540-544 West 38th Street.

The site has 172,813 square feet of “as-of-right” development potential, and up to 373,275 square feet of development potential through additional incentives, some of which may be offered through the city’s District Improvement Fund.

Chetrit acquired the properties for $26.5 million in October 2012, as The Real Deal reported.

The company could not be reached for comment on its plans for developing a new building at the location.

The site was formerly the subject of a legal battle between its former owner Baruch Singer and Singer’s lender Fortress Credit. Fortress filed to foreclose on Singer’s property in 2008 and finally took title following a foreclosure auction in 2012, city records show.

The property ad when it was on the market:





Anyone suspect they're going to acquire the adjacent lots to the west on 11th Ave (on the same block) for a bigger building?
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Last edited by Hypothalamus; Feb 26, 2014 at 11:16 PM.
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  #2  
Old Posted Feb 27, 2014, 1:52 AM
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Originally Posted by tubeworm View Post
Anyone suspect they're going to acquire the adjacent lots to the west on 11th Ave (on the same block) for a bigger building?
...or they will sell their lots for 50 mil in a few years. Since HY is moving forward, anything you buy around it is gold investment.
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  #3  
Old Posted Feb 27, 2014, 2:46 AM
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Originally Posted by ILNY View Post
...or they will sell their lots for 50 mil in a few years. Since HY is moving forward, anything you buy around it is gold investment.
True. I may have jumped the gun-- sorry. At least the newly demo'd site will be that much more appealing to developers (not like these buildings would get in the way ).
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  #4  
Old Posted Feb 27, 2014, 3:44 AM
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Well, if they're demolishing, they probably aren't selling.

And Chetrit is a developer, not a land-speculator. They've been clear they're developing towers in Hudson Yards.
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Old Posted Mar 17, 2014, 3:55 AM
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  #6  
Old Posted Jun 16, 2014, 11:21 PM
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http://www.masseyknakal.com/listings...1&tt=&pcs=page 1 of 46


Quote:
The subject adjacent properties represent a block-through development opportunity featuring 75 feet of frontage on West 37th Street and 100 feet on West 38th Street between Tenth and Eleventh Avenues. This site is uniquely located in Sub-Area A4 (Large Scale Plan Sub-District) within the Special Hudson Yards District and allows for dense commercial with limited residential uses. As such, the maximum FAR of 21.6 allows for a development of up to approximately 373,275 square feet per the zoning code. With the current Manhattan residential market experiencing a dearth of new housing product, the hotel market booming with record tourism numbers and the retail sector achieving record rents, this development opportunity allows a developer to capitalize on these trends through the construction of a substantial mixed-use project.

541-545 West 37th Street & 540-548 West 38th Street consist of four adjacent lots improved with industrial buildings all of which will be delivered vacant positioning this site as an ideal opportunity to develop a mixed-use project that could feature a combination of luxury residential and retail, as well as a hospitality component given its location in the heart of some of the city’s largest privately and publicly funded development projects including the Hudson Yards, the Hudson Yards Boulevard & Park, the No. 7 Subway Extension, the West Chelsea High Line and Manhattan West. As the city moves forward with its master plan to foster growth in this burgeoning area, demand for development sites of this scope and size have continued to increase as investors compete for the few remaining undeveloped parcels of land in the West Side.


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  #7  
Old Posted Sep 18, 2014, 10:59 AM
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First Look: 540 West 38th Street




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A major site in the Hudson Yards, spanning from 541-545 West 37th Street to 540-544 West 38th Street, has been put back on the market, per a fresh PDF by Massey Knakal. But before developer Joseph Chetrit re-listed the property, he hired Oppenheim Architecture + Design to create a plan for the lot, which is located in the Hudson Yards redevelopment area.

Thanks to a tipster, YIMBY has the reveal for what could have been, which is quite impressive; the site’s air rights total just under 400,000 square feet, allowing for something of significance. In this case, a 50-story mixed-use program was planned, splitting the available FAR rights between 100 residences, 350 hotel rooms, as well as ample amenity space.


Quote:
Ultimate plans could evolve pending the next owner’s additional acquisitions, as the site is located adjacent to the future Hudson Park & Boulevard, in an area where properties are quickly trading hands. Frontage on the future mid-block park will guarantee 540 West 38th Street some prominence, even though the towers to the south will be far larger, with many standing over 1,000 feet tall.

Oppenheim’s concept for the site is nevertheless exciting, presenting the potential for significant improvements compared to the lot’s current occupants, or lack thereof. The massing for the hotel and residential components would split apart as the building rises, ending in two separate parapets, the taller of which would stand 600 feet above the sidewalks below.
===============================
http://www.yimbynews.com/2014/09/per...-flushing.html
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  #8  
Old Posted Sep 18, 2014, 8:03 PM
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Looks moderately interesting, certainly better than the junk that's there now.
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  #9  
Old Posted Sep 18, 2014, 8:34 PM
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that looks so cool
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  #10  
Old Posted Sep 18, 2014, 8:48 PM
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Man, the whole Hudon Yards development zone is so confusing, I cant even keep straight what all the new towers will be and where they will be. Its crazy.
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  #11  
Old Posted Sep 18, 2014, 9:41 PM
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Quote:
Originally Posted by photoLith View Post
Man, the whole Hudon Yards development zone is so confusing, I cant even keep straight what all the new towers will be and where they will be. Its crazy.
This whole area is going to be a crane festival like Miami once these projects start construction:

http://skyscraperpage.com/cities/map...&z=15&status=9

And these are just the ones we know about. More will be surely be added.
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Old Posted Jan 27, 2015, 11:23 AM
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Baruch Singer loses key court battle over Hudson Yards site


From left: Baruch Singer, 541-545 West 37th Street and 540-548 West 38th Street and Joseph Chetrit


Quote:
Baruch Singer took a big hit in New York appellate court last week, as a judge ruled in favor of a mortgagor who claimed $26 million was a fair price for a Hudson Yards development site that Singer lost to foreclosure in 2011, despite protests from the landlord that the property was worth twice that much.

Now the new owner, Joseph Chetrit, is looking to score a major profit by selling the site amid frenzied demand on the Far West Side. The plots in question: 541-545 West 37th Street and 540-548 West 38th Street, a block-through site in the Hudson Yards area that offers more than 370,000 buildable square feet, according to a listing for the property with Massey Knakal Realty Services.

Fortress Credit Corp. bought the property at foreclosure for $2.5 million and subsequently sold it to the Chetrit Group in September 2012 for $26.5 million. The court ultimately used the sale price to Chetrit as a measure of the fair market value of the site at the time. Now, Chetrit has put the site on the market and is looking to make a handsome profit by riding the Far West Side development wave. While the listing does not specify an asking price, investment sales broker and managing principal of 5Points Group Alan Miller reckons it would be worth between $75 million to $80 million today. Singer and his counsel, however, say it’s being marketed for north of $100 million, and take that steep price appreciation as evidence that the court’s valuation of the 2011 value was way off. “Justice [Shirley Werner] Kornreich is a very good judge, but, respectively, we think she got it wrong here,” said Joel Weiss of Katsky Korins LLP, who represented Singer on appeal.“I think that the case was protracted for a long time, it had been on the docket for a long time, and in the end the judge was rushing to get rid of it.” “It didn’t quadruple in price between now and then,” Weiss continued. “Everyone recognizes that this is a development opportunity in the future. Everyone was saying the value is to tear it down and build a mixed-use property – probably a hotel with residential on top… That was the fundamental approach of both appraisers [at trial].” Singer said that he has not yet determined whether he will appeal the decision, but believes that the outcome is “obviously” incorrect.

Tuesday’s decision by the New York Appellate Division First Department that the property was worth $25.7 million at the time of foreclosure affirms a July 2014 judgment in favor of Fortress, which sought a deficiency judgment against Singer after foreclosing.
===========================
http://therealdeal.com/blog/2015/01/....40CJHtlj.dpuf
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  #13  
Old Posted Aug 4, 2015, 8:20 PM
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Looks like Chetrit is moving forward with his Hudson Yards project!

Chetrit Group moving forward with Hudson Yards development Company takes site off the market, recapitalizes with $60 million loan
http://therealdeal.com/blog/2015/08/....EJkHgON9.dpuf



Quote:
The Chetrit Group landed a $60 million acquisition loan for its Hudson Yards development site, and is renewing plans to develop the property it had put on the market earlier this year. Brothers Joseph and Meyer Chetrit closed on the loan last week, which covers acquisition and pre-development costs for the site, which the company purchased in 2012.

The Bank of Ozarks provided the financing, which was arranged by Adi Chugh’s Maverick Capital Partners. The developers paid $26.5 million three years ago to acquire 541-545 West 37th Street, and an additional $29 million for building bonuses available to projects in the Hudson Yards neighborhood.

The development site runs between 37th and 38th streets east of Eleventh Avenue and can accommodate a building of up to 373,000 square feet.
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  #14  
Old Posted Aug 4, 2015, 8:24 PM
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Give us another supertall, Chetrit. The West Side could always use another.

Something modernist, tall and thin.
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  #15  
Old Posted Feb 26, 2016, 4:47 AM
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One down.

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Old Posted Feb 26, 2016, 3:53 PM
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bye bye again olde ny!
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  #17  
Old Posted Jul 28, 2016, 1:44 AM
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Any news on what might rise here?








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Old Posted Oct 1, 2016, 4:03 PM
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Mods, we now have data on the height and floors. Can this be renamed?

NEW YORK | 545 West 37th Street | 622 FT | 46 FLOORS

Chetrit Group files plans for 46-story apartment-hotel project in Hudson Yards

Quote:
Joseph Chetrit took another step toward developing a 46-story hotel and residential building at his Hudson Yards development site.

The Chetrit Group filed plans Friday to build a 622-foot-tall, 373,275 square-foot tower at 545 West 37th Street, just east of 11th Avenue, according to permits filed with the city’s Department of Buildings.

Floors nine through 27 will contain a hotel with 358 rooms, a business lounge and a premium lounge for guests, permits show. Above, floors 32 through 46 will boast 131 residential units spanning 269,688 square feet.

The first floor will hold the lobby, an event space and restaurant, with another eating and drinking establishment ton the second floor. Floors three through five will have event and pre-function areas.

Amenities in the building will include a residential lounge on the 30th floor, along with fitness and spinning rooms and yoga and pilates studios, filings indicate.

Cetra Rudy is the architect of record.

Tower at 545 West 37th Street will hold 358 hotel rooms and 131 residential units.
=======================
http://therealdeal.com/2016/09/30/ch...-hudson-yards/
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Old Posted Oct 2, 2016, 5:40 PM
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Old Posted Mar 26, 2017, 2:11 PM
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Credit: JC_Heights
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