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  #1  
Old Posted Nov 19, 2014, 1:18 PM
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Smile NEW YORK | 131-141 East 47th Street | 581 FT | 49 FLOORS

Potential future development. Plus, Extell is involved which is always a plus.
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Extell Nears $80M Sale of East 47th Street Site



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Gary Barnett‘s Extell Development is close to selling off a four-building site with 128,034 buildable square feet for around $80 million, Commercial Observer has learned.

The four contiguous buildings at 131-141 East 47th Street between Third and Lexington Avenues have a combined $80 million asking price, according to the Massey Knakal Realty Services marketing materials. The site includes an 11-story parking garage and three, four-story mixed-use walkup buildings. It is a ground-up mixed-use development site, which has garnered interest from hotel as well as residential developers, according to Massey Knakal’s Robert Knakal, who is marketing the property with colleagues Clint Olsen, Jonathan Hageman, Ax Hayssen and Patrick Yannotta. Mr. Knakal expects to have a contract signed soon.

Sources with intimate knowledge of the deal said the asking price had been $81 million before being revised to $80 million.

While Mr. Knakal declined to cite the asking price, he said he expects to sell the site for “around the asking price.”

Extell bought the parking facility at 131-135 East 47th Street along with another one at 332 West 44th Street from Central Parking Corporation in January 2012 for $39 million. And he bought 139 East 47th Street for $5.5 million in May 2012, 137 East 47th Street for $8 million in May 2013 and 141 East 47th Street in October 2013 for $9 million, all from different sellers, property records indicate.
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BY LAUREN ELKIES SCHRAM 11/17
http://commercialobserver.com/2014/1...h-street-site/

Last edited by Urbannizer; Mar 30, 2016 at 11:01 PM.
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  #2  
Old Posted Nov 19, 2014, 1:20 PM
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  #3  
Old Posted Nov 28, 2014, 4:17 PM
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About the zoning:

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A majority of the site is zoned C5-2.5, which permits a Base FAR of 12.0 (5’ of the entire site is zoned C5-3 that permits a Base FAR of 15.0). Combined, the lots create an approximately 10,544 square foot parcel, and per the zoning code, equates to a base buildable of approximately 128,034 square feet. Additionally, developers have the opportunity to further increase their total square footage by 1.0 FAR through the implementation of a public plaza, increasing the total development potential to approximately 138,578 buildable square feet.
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http://jewishbusinessnews.com/2014/1...or-80-million/
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  #4  
Old Posted Nov 28, 2014, 8:03 PM
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Zoning is inadequate for Manhattan in 2014 (or the 21st century for that matter). Upzone since its right next to Grand Central Terminal + 42nd subway station.
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  #5  
Old Posted Dec 3, 2014, 7:00 PM
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The site is in contract

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Gary Barnett’s Extell Development is in contract to sell four contiguous properties in Midtown to an unnamed Chinese developer for more than $80 million. The buildings at 131-141 East 47th Street, between Lexington and Third avenues, offer a total of 128,000 buildable square feet. An 11-story parking garage, along with three walk-up buildings that are each four stories tall, occupy the site. The properties were on the market for $80 million. Bob Knakal, Clint Olsen and Jonathan Hageman of Massey Knakal Realty Services marketed the site. Earlier this year, Extell purchased a 68,676-square-foot East Harlem retail property that is home to a Pathmark supermarket, as The Real Deal reported. [NYO] — Mark Maurer - See more at: http://therealdeal.com/blog/2014/12/....sNzy3dXQ.dpuf
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Old Posted Feb 18, 2015, 5:21 PM
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Revealed: 131-141 East 47th Street, Hotel and Apartment Tower Coming to Midtown East



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Yesterday, YIMBY featured a construction update on a new building rising at 145 East 47th Street (designed by C3D Architecture), which will stand 22 stories tall and host 93 hotel rooms, in addition to a top-floor apartment. Now, we can reveal the structure that will rise next door, on the site of four low-rise buildings that currently occupy 131-141 East 47th Street.

Extell acquired the site in bits and pieces before selling the assemblage late last year for $80 million, to a previously-unnamed Chinese developer. The new 25-story tower will measure almost 170,000 square feet, and it would appear to be divided between 73 apartments and 138 hotel rooms, while also including a 50-car garage at its base.

The images come from EB-5 documents sent to YIMBY, which do not divulge the tentative architect, but it would appear the building will resemble the standard Manhattan glass box. Minor ornamentation will adorn the project’s southeast corner in the form of metal bracing, and a terrace level will also bisect the tower at the 10th (or so) floor, likely dividing the apartments from the hotel.

For an anonymous stretch of Midtown, the design could be worse, though C3D Architecture’s project next-door offers a nicer alternative to what’s currently depicted for 131-141 East 47th Street.

While the effort to rezone Midtown East is targeted towards block-through sites along the avenues, allowing more residential development along side-streets should also be a priority. But even as proposed, 131-141h East 47th Street will feature a mix of uses, improving upon the dingy low-rises currently on-site.
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http://newyorkyimby.com/2015/02/reve...town-east.html
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  #7  
Old Posted Feb 19, 2015, 2:47 AM
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There's also a 600-foot tower going up a few blocks south, at 303 E. 44th street.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01
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  #8  
Old Posted Jun 8, 2015, 1:13 PM
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Revealed: 131-141 East 47th Street, 50-Story Midtown East Condo Tower


131-141 East 47th Street, image from New Empire Real Estate

NIKOLAI FEDAK
JUNE 8, 2015

Quote:
Earlier this year, YIMBY posted preliminary renderings for a new project coming to 131-141 East 47th Street, in Midtown East. Now, we have new images for the (approximately) 50-story building.

Developer New Empire Real Estate sent along the renderings, and also notes that the original information regarding the project is outdated; the structure will now be entirely residential, with luxury condominiums instead of a mix of uses. The renderings show a soaring lobby with generous ceiling heights above, and the building will have 138 units spanning 168,178 square feet, for an average of over 1,200 square feet per condo. 50 parking spaces will also be included.

Continue Reading
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  #9  
Old Posted Jun 8, 2015, 2:18 PM
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Very nice! How tall is this?
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  #10  
Old Posted Jun 8, 2015, 2:31 PM
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Quote:
Originally Posted by The New York Lion View Post
Very nice! How tall is this?
My guess is around 600ft. Could be taller, but not by much.

http://newyorkyimby.com/2015/06/reve...ndo-tower.html




(131-141 East 47th Street, images from New Empire Real Estate)
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  #11  
Old Posted Jun 8, 2015, 3:07 PM
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This looks pretty decent, especially at street level. I would say it's around 600 ft., maybe a bit more.
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  #12  
Old Posted Jun 8, 2015, 5:37 PM
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Nice! Ain't bad for what it is. Height is great too and I agree, that we should expect ~600 footer here, maybe more because of the High podium which could skew the floor count.

Last edited by Vertical_Gotham; Jun 8, 2015 at 8:58 PM.
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  #13  
Old Posted Jul 20, 2015, 7:04 PM
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New Empire Seeks Demo Permits to Erect Glassy Condo on East 47th Street

LAUREN ELKIES SCHRAM
JULY 20, 2015

Quote:
A little over a month after closing on the $81 million purchase of four contiguous buildings on East 47th Street, New Empire Real Estate Development has filed applications to demolish the structures to make way for a new glassy condominium.

Last Friday, the Bentley Zhao-led New Empire Real Estate Development filed the applications with the city’s Department of Buildings, DOB records indicate. They include razing a roughly 10-story parking facility and three four-story mixed-use walkup buildings.

The condo at 131-141 East 47th Street will rise 50 stories and contain 138 units, according to CoStar, and there will be 50 covered parking spaces. Construction is slated to begin this coming March. According to New York YIMBY, the building’s designer is SLCE Architects.

Gary Barnett‘s Extell Development sold the four-building site with 128,034 buildable square feet to New Empire Real Estate Development for $1 million more than its $80 million asking price.

On June 2, Extell sold 141 East 47th Street for $12.7 million (Mr. Barnett purchased it for $9 million in October 2013), 131-135 East 47th Street for $42.9 million (Mr. Barnett bought it along with 332 West 44th Street in January 2012 for $39 million), 137 East 47th Street for $12.7 million (Mr. Barnett nabbed it for $8 million in May 2013) and 139 East 47th Street for $12.7 million (Mr. Barnett scooped this one up for $5.5 million in May 2012).

“It is indicative of the continued trend of first-time international buyers buying development sites in the city,” Robert Knakal of Cushman & Wakefield told Commercial Observer. He marketed the properties along with colleagues Clint Olsen, Jonathan Hageman, Ax Hayssen and Patrick Yannotta.

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  #14  
Old Posted Jul 20, 2015, 7:08 PM
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I like it.

NY's hamburger meat is the filet mignon for pretty much every other US city!
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  #15  
Old Posted Jul 20, 2015, 7:15 PM
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Why does that rendering show a building under construction at what would be 145-147 E 47?
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  #16  
Old Posted Jul 20, 2015, 7:47 PM
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There's a decent looking, roughly 20 story hotel u/c there.
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  #17  
Old Posted Jul 20, 2015, 10:25 PM
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The design looks decent, but I must say the way this tower meets the street is a complete disaster.
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  #18  
Old Posted Jul 20, 2015, 11:30 PM
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An improvement from the original renderings. A decent filler. What its replacing is worth the effort but I'm surprised this isn't taller.
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  #19  
Old Posted Jul 20, 2015, 11:31 PM
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Duplicate
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  #20  
Old Posted Mar 30, 2016, 6:21 PM
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New Empire Real Estate files plans for 49-story Midtown East condo

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Bentley Zhao’s New Empire Real Estate Development filed plans for its 49-story condominium tower at 131-141 East 47th Street in Midtown East.
The residential building will span over 151,000 square feet and include 122 apartments, according to a permit application filed with the Department of Buildings on Wednesday.


Three apartments will be on each of the second through 12th floors and the 14th through 35th floors. Two apartments will be on each of the 37th through 47th floors, and the 48th floor will house one unit, the filing shows. Last year, the developer initially sought to construct 138 apartments on the site.
The tower will feature a gym, kids room, tenant lounge, outdoor recreation and a sunken garden, according to the filing.

SLCE Architects is serving as the project’s architect.

Sunset Park-based New Empire Real Estate has developed condo buildings and hotels in Brooklyn and Manhattan, including a seven-story building at 409 West 45th Street in Hell’s Kitchen, according to its website.

Neither New Empire Real Estate nor SLCE were immediately available for comment.
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http://therealdeal.com/2016/03/30/ne...wn-east-condo/
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