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Old Posted May 13, 2014, 8:54 PM
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Smile NEW YORK | 511-525 West 18th St | 250 FT | FLOORS

Crain's New York:

Two parking lots near High Line could fetch $200M
Related Cos. is eyeing the purchase of a pair of sites close to the elevated park on West 18th and West 19th streets for what would be a record price of more than $700 per square foot.

BY DANIEL GEIGER
MAY 13, 2014 1:38 P.M.


Quote:
The Related Cos. is near to buying even more on the far West Side where it is already spending billions of dollars building millions of square feet of new space.

The company is in negotiations to purchase two development sites along the High Line, the elevated park that has become a tourist sensation and attracted some of the priciest new residential development in the city in the last few years.

In the deal, Related will acquire 511-525 W. 18th St., a low-rise garage building directly west of the High Line, and also a parking lot at 500 W. 19th St. that encompasses the full block between West 18th and 19th streets along 10th Avenue and abutting the east side of the High Line. According to sources, the company will pay more than $200 million for the sites, what is thought to be a record price for land in the neighborhood.

The deal mirrors an acquisition made just across West 19th Street by developer Ziel Feldman at the end of 2012, when Mr. Feldman similarly bought up parcels on that block that hug both the east and west sides of the High Line. Mr. Feldman is currently in the process of constructing two towers on the sites. Mr. Feldman, according to reports, paid just under $50 million for those sites, a quarter of what Related is paying.

According to sources, Related is planning to erect a 250-foot tall residential tower on the site west of the High Line. That building can span much of the block, where it will be adjacent to the Frank Gehry-designed IAC headquarters building. To build to that height in the High Line district, which normally caps development at 125 feet, Related will buy neighboring air rights that allow it to build higher.

Sources estimated that Related will pay more than $700 per square foot for the development, what is seen to be the highest amount paid yet for land in that area of Manhattan, where several residential development projects are currently underway.

Related is building huge residential and commercial towers in the Hudson Yards neighborhood at the northern end of the High Line, what is the largest construction project currently underway in the entire nation.


Curbed NY


Edit: Title should read 511-525 West 18th St, as that's where the large tower will be.
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Last edited by Hypothalamus; May 13, 2014 at 9:12 PM.
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Old Posted May 14, 2014, 12:28 AM
antinimby antinimby is offline
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Insane. You can build an entire condo tower for $200 million in many places.
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  #3  
Old Posted May 25, 2014, 11:24 PM
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As of May 25th, 2014...








©Hypothalamus
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  #4  
Old Posted Jan 3, 2015, 6:26 PM
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Related gets $125M loan for Chelsea development site

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The Related Companies secured $125 million in financing for a West Chelsea development site just south of the Hudson Yards megaproject, according to property records filed with the city yesterday. The developer closed on the $205 million purchase of a two-story parking garage and parking lot, thus setting a neighborhood record at more than $700 per square foot.

The New York branch of German financial-services giant Deutsche Bank AG provided the loan. Investors Barry Haskell and Matthew Resnicoff sold the 46,000-square-foot building at 511-525 West 18th Street and a 23,000-square-foot lot at 131 10th Avenue.
==============================
December 30, 2014
http://therealdeal.com/blog/2014/12/....hjJUydUY.dpuf
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  #5  
Old Posted Jan 5, 2015, 6:21 PM
StoOgE StoOgE is offline
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Good, this parking lot has needed to go for a very long time.

It's going to be a bit weird that the highline will very shortly basically be a box canyon park instead of going over the top of old warehouses, but it's clearly been a fantastic boon to the neighborhood.
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Old Posted Feb 6, 2015, 4:00 PM
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Jennifer Gould Keil
February 4, 2015

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Gimme Shelter has learned exclusively that developer The Related Companies has hired Rem Koolhaas to design their new High Line project on W. 18th St.
http://nypost.com/2015/02/04/we-hear-10/
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Old Posted Aug 6, 2016, 5:52 PM
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Could This Glass-Enclosed Farm/Condo Grow on Rem Koolhaas’ High Line Site?





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From multidisciplinary architectural firm Weston Baker Creative comes this vision of glass, grass and sass in the form of a mixed-use high-rise springing from the Rem Koolhaas parcel along Tenth Avenue and West 18th Street on banks of the High Line. As CityRealty reported, the mixed-use concept would include residences, an art gallery and ten levels of indoor farming terraces. The 12-story structure would rise from a grassy plaza, with the tower’s concrete base meeting the High Line walkway in a full-floor, glass-enclosed gallery that would sit at eye level with the park.

The tower’s form is driven by sunlight, similar to Jeanne Gang‘s “Solar Carve Tower” planned for the Meatpacking District. From Weston Baker’s page: “As the sun comes across the sky to the west, the building twists to evenly distribute daylight throughout the day.” On the southern elevation an enclosed atrium would hold 10 sets of farming terraces on view for High Line visitors and accessible to building residents. There would also be a public “observation garden” on the top floor and an art gallery on the second floor, also accessible from the High Line.
=========================
https://www.6sqft.com/could-this-gla...igh-line-site/
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Old Posted Dec 25, 2016, 4:52 PM
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Related Cos. High Line project four times bigger than originally thought




Developer filed permits with the Department of City Planning for a 500,000-square-foot residential project that will rise on both sides of the High Line


Quote:
A Chelsea residential project proposed by the Related Cos. is roughly four times bigger than originally thought, according to documents filed with the city, and will actually wrap under the High Line and rise on both sides.

On Sept. 30, Related filed permits to construct a 10-story, 108,024-square-foot building with 63 condo units and ground-floor retail along 10th Avenue between West 18th and West 19th streets, but those plans did not account for the full size of the project. Weeks later, Related filed an application for a neighboring site, which was reviewed by Crain's, showing that the firm's plans are much more ambitious.

The new filing, which has already been approved by the head of the City Planning Commission, calls for a ground-floor retail connection that would run beneath the High Line, starting from the building along 10th Avenue and ending at another building Related plans to construct on an adjacent parcel.

The company will demolish the existing structure and replace it with a 22-story residential building. The whole complex will be nearly 430,000 square feet, though it is unclear how many apartments it will house.

The firm is boosting the size of the project by about 116,000 square feet in exchange for paying roughly $5.8 million into the High Line Improvement Fund, a pot of cash used to pay for upgrades in the area. The fund, and the ability to increase the density of new projects in certain spots near the High Line, are all features of the Special West Chelsea District, a unique zoning plan created for the area that has allowed for many similar transactions.

Related also plans to build a stairway and elevator to the High Line from the development site.
=========================
http://www.crainsnewyork.com/article...n-west-chelsea
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  #9  
Old Posted Dec 25, 2016, 11:16 PM
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Lovely. The buildings being demoed are rather 10th rate.
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  #10  
Old Posted Dec 27, 2016, 9:52 AM
mrnyc mrnyc is offline
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rip the roxy
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  #11  
Old Posted Dec 27, 2016, 3:36 PM
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Quote:
116,000 square feet in exchange for paying roughly $5.8 million
Wow, $50 per square foot is quite a steal, even if it is on the west side.
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