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  #1  
Old Posted Dec 11, 2015, 12:59 AM
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Smile NEW YORK | 989-993 Sixth Avenue | FT | (80) FLOORS

Potential development in the future.

May grow to be taller if the assemblage grows, and thus, more air rights.

This could be a sizable neighbor to Vornados two or three assemblages in the area. All which will be towers.

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Himmel + Meringoff to sell 235K sf of Midtown air rights




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Investors Isaac Chetrit and Ray Yadidi are in contract to buy 235,000 square feet of air rights in the Garment District from Himmel + Meringoff Properties, as part of a larger assemblage play, The Real Deal has learned.

The unused development rights are affiliated with the landmarked Haier Building, the five-story former home of the Greenwich Savings Bank at 1352-1362 Broadway.

The 51,470-square-foot property is far smaller than zoning laws would allow. Over the course of a decade in the 1990s, Himmel + Meringoff acquired the fee, the leasehold, the mortgages and a long-term lease at the property. Then, in 2001, the Flatiron District-based real estate investment firm sold the building to Haier America, the U.S. arm of the China-based appliance maker, for $14 million. Himmel + Meringoff opted to hold onto the air rights. If the air rights deal were to close, Garment District-based investors Chetrit and Yadidi will have gathered an assemblage spanning roughly 375,000 buildable square feet, sources said.

The price was not disclosed. In October, they paid $54.3 million for a one-story retail building at 993 Sixth Avenue from Empire Hotel Group, which scrapped its plans for a 44,000-square-foot hotel, according to property records and sources. Chetrit and Yadidi also own a 21-story, 96,000-square-foot office building at neighboring 989-991 Sixth Avenue, which they bought in 2007 for $49 million, records show. Chetrit, Yadidi and Himmel + Meringoff did not respond to requests for comment. The Himmel + Meringoff air rights are flexible in that they can be used on the same block or transferred across the avenue. The block-long property at 1352-1362 Broadway, constructed in 1922 as the bank’s headquarters, has frontage on Broadway, Sixth Avenue and West 36th Street. The alternate addresses are 981-987 Sixth Avenue and 101-111 West 36th Street. Robert Shapiro, a veteran assemblage broker and president of City Center Real Estate who was not familiar with the deal, said the value of air rights in that area are north of $500 per square foot on average. The Haier Building, which houses the popular events venue Gotham Hall, hit the market in June for an undisclosed amount. Gotham Hall’s net lease across three floors runs through 2033. Further north in Midtown, Chetrit and Yadidi secured $130 million in refinancing for a pair of office buildings at 15 West 47th Street and 22 West 48th Street in October. Vornado Realty Trust also has a sizable assemblage in the area, with three contiguous properties in Penn Plaza on 34th Street, between Seventh and Eighth avenues.
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http://therealdeal.com/blog/2015/12/....GRZlmfyJ.dpuf
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  #2  
Old Posted Dec 11, 2015, 3:29 AM
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It's a small lot, and a lot of air rights, so this one could be very tall. I assume this will be a hotel-condo tower.
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Old Posted Dec 11, 2015, 3:45 AM
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So this commercial real estate development has not provided the public with plans for a soaring skyscraper, but I commend you for providing valuable intel on this interesting potential.
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Old Posted Dec 12, 2015, 1:38 AM
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Originally Posted by TechTalkGuy View Post
So this commercial real estate development has not provided the public with plans for a soaring skyscraper, but I commend you for providing valuable intel on this interesting potential.
It becomes fairly easy to predict developments once you understand the trends and see the patterns. Most of the time, big players like Extell, Vornado, Greenland, and Tishman Spyer, just to name a few, rely on assembling large properties for having the development rights that they seek. Given the lot, the sq-footage, and any potential for untapped air rights in adjacent properties, you can almost think like they do. Couple of factors also play in, such as the demand, neighborhood, the typical portfolio and how much capital they pour into the city via the annual reports and so on. Lastly, the history of the developer.

With Extell for example, in Manhattan, that's in the range of 200-300k+ sq ft, on the UES or UWS will most likely be condos. Just knowing the development patterns can help you speculate on a potential development, and you'll most likely be right. You might be thinking rentals, but condos can generate more income as they can be priced to extraordinary amounts, and have less of a market influence to them. What we've seen are just that, lots of condos. Ussually buildings that are over 300 ft, containing fewer than 150 units.

Brooklyn is the spot for rentals now. Mostly everything going up there in DoBro are rentals.

One thing I'd recommend to keep an eye on is the property purchases along the Brooklyn and Queens waterfront facing the river. Even in the S.Bronx. These will be hubs of affordable, and market rate units. Lots of them too (1000+ units).

With this potential development, the area will guarantee that its noticeable. Near MSG, with two reputable and with a proven track history investors, and yeah, this will be a tall tower.
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Old Posted Dec 12, 2015, 9:57 PM
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This could be 900' - 1000'+ depending on which site the Cherit transfers his air rights to.
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Old Posted Dec 12, 2015, 10:36 PM
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Quote:
Originally Posted by chris08876 View Post
It becomes fairly easy to predict developments once you understand the trends and see the patterns. Most of the time, big players like Extell, Vornado, Greenland, and Tishman Spyer, just to name a few, rely on assembling large properties for having the development rights that they seek. Given the lot, the sq-footage, and any potential for untapped air rights in adjacent properties, you can almost think like they do.
I've followed this trend just like you have.
I totally understand and fully agree with your logic, it makes perfect sense!
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Old Posted Dec 12, 2015, 10:42 PM
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General site (google maps street view): https://www.google.com/maps/@40.7517...8i6656!6m1!1e1

It'll be nice to see this stuff go down.

The empty lot, as this is dated 9/14, has a hotel rising now.
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Old Posted Apr 20, 2016, 11:34 PM
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Isaac Chetrit, Yadidi plan Midtown tower of up to 80 stories

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Investors Isaac Chetrit and Ray Yadidi are planning a mixed-use skyscraper of up to 80 stories in the Garment District, after closing Wednesday on the missing piece of an assemblage spanning 375,000 square feet, sources told The Real Deal.

The block-long assemblage on Sixth Avenue between West 36th and 37th streets consists of two existing buildings and 235,000 square feet of adjacent air rights. Himmel + Meringoff Properties sold the air rights affiliated with the landmarked Haier Building at 1352-1362 Broadway, also known as 981-987 Sixth Avenue for an undisclosed price, sources said. The Haier Building itself is not part of the assemblage.

Given the as-of-right zoning, sources said the most probable use of the property is a mix of residential, hotel and retail.

Chetrit and Yadidi, who respectively run AB & Sons and Sioni Group with their families, have allocated a total of $280 million in investment. This includes the property and air rights acquisitions and pre-construction costs, sources said.

The 21-story office building at 989-991 Sixth spans 96,000 square feet, while the one-story retail building at 993 Sixth Avenue offers 44,000 buildable square feet. Chetrit and Yadidi paid $49 million in 2007 for the former and $54.3 million in October for the latter, property records show.

In a span of three years, the building at 993 Sixth Avenue soared in value – by more than 350 percent. Empire Hotel Group, which paid $12 million for the building in 2012, abandoned plans to build a 122-key hotel on the site.
Demolition of the existing buildings won’t happen for at least three years, sources said.

Himmel + Meringoff declined to comment, as did Chetrit and Yadidi.
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http://therealdeal.com/2016/04/20/is...to-80-stories/
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  #9  
Old Posted Apr 21, 2016, 12:09 AM
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Please don't tear down the 21-story 989-991 Sixth Ave. It is a very handsome, charismatic tower.

Instead, they should transfer all the air rights to the empty (now partially built) corner lot and build a tower there.
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  #10  
Old Posted Apr 21, 2016, 1:40 AM
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Quote:
The block-long assemblage on Sixth Avenue between West 36th and 37th streets consists of two existing buildings and 235,000 square feet of adjacent air rights. Himmel + Meringoff Properties sold the air rights affiliated with the landmarked Haier Building at 1352-1362 Broadway, also known as 981-987 Sixth Avenue for an undisclosed price, sources said. The Haier Building itself is not part of the assemblage.


I like that little classic building (Haier), always felt that a Steinway type of development could go on here. Somebody get SHoP!
Also, this site is as close to the ESB as the Hotel Pennsylvania, so tall and slender would do fine.


http://www.nydailynews.com/life-styl...icle-1.2261692







https://mistermo.org/2013/02/03/inte...n-manhattan-v/



Some classic Herald Square images...




http://thebirdfeednyc.com/2011/11/03...herald-square/




https://ephemeralnewyork.wordpress.c...ddle-of-macys/




http://wirednewyork.com/forum/printt...9&pp=50&page=3
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Last edited by NYguy; Apr 21, 2016 at 1:52 AM.
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  #11  
Old Posted Apr 22, 2016, 1:31 AM
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That's the dream. SHoP that is. The location is impeccable, and I hope that the design can somewhat complement the ESB. Its good that the ESB is starting to get some serious company that's so close to it. 30 Hudson is dominating, but its not as close while this could have the potential to be over 1100 feet. Although I think we will all shit bricks if this thing is 1300'. Might need to hit the bottle due to the excitement.
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Old Posted Apr 22, 2016, 2:32 AM
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A spire to complement the ESB, the same way Chrysler and One Vanderbilt will form a duo...that would be nice. It's still early, I think I read the buildings won't be touched for 3 years or so.






























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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 22, 2016 at 2:46 AM.
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  #13  
Old Posted Apr 26, 2016, 8:59 PM
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Noticed a small tower going up here where the site was cleard...



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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.
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  #14  
Old Posted Apr 26, 2016, 10:11 PM
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^Thats a failed project and is coming down.
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  #15  
Old Posted Jun 18, 2016, 5:40 PM
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are they going to take down that caramel colored old building?
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