111 West 57th Street Officially Surpasses Halfway Point in Rise to 1,428′ Pinnacle

111 West 57th Street Officially Surpasses Halfway Point in Rise to 1,428′ Pinnacle

Under construction 53w53 (left) and 111 West 57th Street (right) from across Sheep Meadow, image by Andrew Campbell NelsonUnder construction 53w53 (left) and 111 West 57th Street (right) from across Sheep Meadow, image by Andrew Campbell Nelson

With each new day that passes, the view of Midtown from southern Central Park is looking more like the renderings from several years ago. Today, we have a look at 111 West 57th Street, which is on its way to becoming the third-tallest skyscraper in New York City, surpassed only by One World Trade Center and Central Park Tower. It’s been three and a half months since YIMBY last reported on the soon-to-be supertall’s progress from Midtown. In that time, the tower has seen an incredible growth spurt and is now officially over halfway to its eventual 1,428-foot peak.

111 West 57th Street

111 West 57th Street, rendering by Hayes Davidson and SHoP Architects

At over 700 feet up, the structure has now surpassed many of its historic neighbors. The terracotta, bronze, and glass facade is not yet noticeable from Central Park, though a small portion of the terracotta is visible on the building’s west side.

Looking at the tower from across Sheep’s Meadow, it matches the prominence of 53 West 53rd Street, a supertall development next to MoMA. It is rather incredible that a nearly topped-out 1,050-foot-tall tower positioned just six blocks away from Central Park can make such an unremarkable impact on the skyline.

This is a testament to the density of Midtown, but the lack of height is also due to the controversial decision to cut 200 feet from 53W53’s height in 2007.

111 West 57th Street from Central Park, image by Andrew Campbell Nelson111 West 57th Street from Central Park, image by Andrew Campbell Nelson

SHoP Architects is responsible for designing the tower. They took some of the lessons learned from the materials and proportions of historic New York City skyscrapers when shaping and designing the building.

111 West 57th Street, rendering by SHoP Architects

The firm used intelligent design when considering the shape of the terracotta and its relationship with the sun to create a sweeping play on shadow and light. This effect is beginning to be noticeable, though it isn’t fully apparent quite yet. At the tower’s base is the historic Steinway Building, which includes a fully preserved rotunda space from the piano company’s showroom.

111 West 57th Street

111 West 57th Street, image from JDS Development / Property Markets Group

The building will also be notable once complete for being the most slender skyscraper in the world, with a slenderness ratio of 24:1. For reference, the 1,396-foot tall 432 Park Avenue clocks in with a 15:1 ratio.

Central Park South skyline from across Sheep Meadow, image by Andrew Campbell Nelson

Central Park South skyline from across Sheep Meadow, image by Andrew Campbell Nelson

JDS Development and Property Market Group are developing the slender skyscraper. The 82-story supertall will yield roughly 400,000 square feet, and create 60 new condominiums. The least expensive units start at $15.5 million, with the most expensive selling for $59 million on the top floor, which includes uninterrupted views of Midtown and Central Park.

The total projected sellout for the tower is $1.45 billion, or in City Government terms, approximately one-tenth of the MTA’s operating budget.

111 West 57th Street, image by Andrew Campbell Nelson

111 West 57th Street, image by Andrew Campbell Nelson

The estimated completion date has not been announced. At the current pace of construction, early to late 2020 does appear likely.

Tick tock: Developers under the gun to sell 35 condos at Clock Tower building by August

City will have option to take property back if condos don’t sell

March 06, 2018 05:15PM

Isaac Tshuva and the Tribeca Clock Tower building

Condos at the Tribeca Clock Tower building are finally ready to hit the market — and they need to sell fast.

The Elad Group, which spearheaded the condo conversion at 108 Leonard Street, has to sell 35 units by August, according to Curbed. Additionally, if they do not finish the project within five years of the sale, the city can take the property back.

The Tribeca building was previously a criminal court, and the effort to turn it into a condo project was announced five years ago. There are a total of 150 apartments at the project that have between one and four bedrooms and will go for between roughly $1.5 million to more than $20 million. Douglas Elliman will handle sales and marketing.

Amenities at the building include a gym, a pool, a screening room and a rooftop lounge.

A judge ruled last year that the clock tower part of the project could not be part of the penthouse, but Elad is still going ahead with the rest of the development. The Peebles Corporation had sued Elad for $125 million over the project last winter, saying that the company cheated it out of its ability to sell its stake, but they settled the dispute last year in an agreement that lets Peebles keep its minority stake.

Compute this: Michael Dell revealed as buyer of record $100.5M One57 penthouse

Deal remains NYC’s priciest-ever closed sale
February 22, 2018 08:22AM

One57, Michael Dell and Gary Barnett (Credit: Getty Images)

It’s been one of the greatest mysteries in the residential world for three years: Who was the buyer behind the city’s most expensive closed residential deal, the $100.5 million penthouse at One57?

The code – no pun intended – has now been cracked. It is Michael Dell, founder and CEO of Dell Technologies, according to the Wall Street Journal. The nine-figure deal puts the technology mogul in a club of one – until far pricier deals at 220 Central Park close.

The sale at the Extell Development property was announced in May 2012, but closed in December 2014, city records show, at about $9,200 a foot. Department of Buildings filings spotted by the Journal show that Dell tapped Miró Rivera Architects to oversee a renovation of the 10,923-square-foot penthouse, which spans the 89th and 90th floors. The deal broke a 2012 record set by the $88 million purchase of Sanford Weill’s 15 Central Park West penthouse in 2012 by fertilizer tycoon Dmitry Rybolovlev’s daughter, Ekaterina Rybolovleva.

Dell, 52, has a net worth of $23.3 billion, according to Forbes. Earlier this month, he confirmed chatter that he was considering taking Dell Technologies public again, after going private in 2013.  Dell’s private investment firm, MSD Capital, is an active real estate investor, backing projects such as Sharif El-Gamal’s 45 Park Place and picking up stakes in properties such as  Grand Central Terminal. And Dell is no stranger to fancy personal real estate either. In November, he entered contract to buy a penthouse at what will become Boston’s tallest residential tower. That deal, too, could set a new record in the city. He also owns the so-called Raptor Residence in Hawaii, a three-lot property recently assessed at $64.7 million.

Leighton Candler represented Dell in the One57 deal, according to the newspaper. That gives the Corcoran Group broker the distinction of handling the city’s record sale, though the deal is expected to be topped by one or more deals at Vornado Realty Trust’s 220 Central Park South. A penthouse there is reportedly in contract to sell for over $200 million to hedge funder Ken Griffin.

It’s apt that Dell has been outed now. Tomorrow is his birthday.  [WSJ]Hiten Samtani

See retail’s shattered dreams in the West Village: MAP

Editors note: in the interest of keeping a fair and unbiased assessment of real estate values and market conditions throughout the NY/NJ Metropolitan area, we post this story which largely and negatively depicts conditions in the West Village. Of course, opinions and circumstances vary, but we post for our readers to discern.
Vacant storefronts are spreading in once-vibrant neighborhood

February 02, 2018 04:00PM

If sections of Bleecker and Christopher streets look a little post-apocalyptic, you can blame the retail real estate market.

Amid skyrocketing rents and competition from e-commerce giants like Amazon, a growing number of stores and restaurants in the West Village shut down in recent years. Photojournalist Ben Fractenberg walked through the neighborhood to map vacant storefronts, which seem to be everywhere.

“Everything is gone. I don’t know how a business could spend that much money,” one resident told Fractenberg. “This whole area used to be more little shops. It’s sad.”

The New York Times broke down Bleecker Street’s retail vacancies last year, but the epidemic is also spreading to nearby Sixth and Seventh avenues and other side streets.

The Real Deal previously mapped retail vacancies on the Upper East Side and in Soho. [Medium] — Konrad Putzier

Manhattan office rents saw first annual decline since Great Recession

Average asking rents dropped as landlords lowered prices, expensive blocks leased up

By Rich Bochmann| January 08, 2018 07:00AM

Manhattan’s average asking rents fell in 2017 for the first time in seven years.

Manhattan’s office market saw average asking rents fall in 2017 for the first time in seven years, as landlords lowered prices and more expensive spaces left the market.

Average asking rents declined slightly by 0.7 percent to $72.74 per square foot compared to 2016, according to Colliers International, marking the first annual decline since the Great Recession.

“It’s the first time since 2010 that at the year-end mark, the average asking rent was down compared to the previous year’s end mark,” said Franklin Wallach, managing director of the research group at Colliers. “However, pockets of Manhattan did have their asking rent averages increase in 2017.”

Lower Manhattan stood out as the lone market where asking rents increased year-over-year (up 6.8 percent to $63 per square foot), as all five of its submarkets recorded gains.

The submarkets of Soho, Murray Hill, Hudson Square, U.N. Plaza and the Hudson Yards/ Manhattan West area also saw price increases. In fact, Hudson Yards/Manhattan West supplanted the Plaza District as Manhattan’s most expensive submarket, though its small size – 7.74 million square feet compared to the Plaza District’s 55.3 million square feet –makes it much more sensitive to shifts in pricing.

But both Midtown and Midtown South saw average asking rents decline last year due to a combination of three factors. Landlords with large blocks of space at pricey buildings such as 9 West 57th Street and 399 Park Avenue lowered asking rents, as they face competition from areas like the Far West Side and Lower Manhattan.

Blocks of space like the sublet space the New York Times is offering at its headquarters at 620 Eighth Avenue and the square footage the union 1199/SEIU is leaving behind at 330 West 42nd Street hit the market at below-average pricing.

And finally, large blocks of expensive space priced above the market average – such as the 471,000 square feet New York Presbyterian leased at 237 Park Avenue and the 226,000 square feet Shiseido leased at 390 Madison Avenue – came off the market, skewing the average lower.

“Really in 2017, it was a case of all three,” Wallach explained.

Despite the annual drop in asks, market fundamentals remained strong. Leasing activity was up 10.9 percent on the year to 37.05 million square feet, the second-highest total since 2003. Net absorption – or the difference between space leased and new space added to the market – was positive at 1.26 million square feet, according to Colliers’ metrics. The availability rate ticked down slightly to 10 percent – a figure that’s widely considered to be the equilibrium between a landlords’ and tenants’ market – and sublet availability remained stable at 1.8 percent.

Wishes for a New Year 2018

As we enter another New Year, our thoughts go to those looking to for better leadership in our nation and the higher goals needed in such leadership. We live in precarious, volatile times. Not since the 50’s and 60’s have we as a nation been forced to face our fears about everyday living, what the future will hold and simple survival. We hope that the basic needs of humanity and inalienable rights are addressed by those in power. Lets not spoil the air, dirty the water or threaten our very existence in the name of greed and profits. We can learn to achieve all our goals and still respect the plight of the underprivileged and the oppressed. Lets truly make America great again. Not just as a political by-line, but rather in our thoughts, actions and convictions.

Thank you and Happy New Year from all of us at Fortis.

Dom Marino, Managing Partner



Architect John Portman dies at 93

He believed being an architect also meant being a real estate developer

December 30, 2017 05:54PM

Architect John Portman among the buildings of his signature project, Peachtree Center
in Atlanta. (Photo © Michael Portman, courtesy 2011 press kit)

Known for his towering atrium designs with transparent glass elevators, notably in hotels, John Portman viewed development as an integral part of being an architect. He died, at the age of 93, on Friday, according to the New York Times.

Portman founded his firm, John Portman & Associates, in 1953 after getting architecture degree from the Georgia Institute of Technology. Originally from Atlanta, he was born in 1924 and believed in managing the financing of his projects through acquisition and securing loans.

His breakout project was the Peachtree Center in his hometown – a massive project that covered 14 blocks and consisted of retail, hotel and office towers. His approach to “urban renewal,” a much touted-goal of many projects at the time, raised his personal star power and created a style that, though both revered and criticized, changed hotel design.

“You want to hopefully spark their enthusiasm. Like riding in a glass elevator: Everyone talks on a glass elevator,” he said in 2011. “Architecture should be a symphony.”

His other notable projects include The Marriott Marquis in Times Square, the Westin Bonaventure in Los Angeles and Hyatt Regency hotels in Atlanta and San Francisco to name a few. His designs live on across the U.S. and throughout Asia from Shanghai to Mumbai.

Portman never retired and most recently spoke at The Real Deal’s Shanghai event last month.

[NYT] — Erin Hudson

Trump Soho no’ mo’: The Trump name is off the building, company says

The exit deal still allows the company to get a revenue cut, however

November 22, 2017 03:45PM

Trump SoHo (Credit: Getty Images)

It was one of the Trump Organization’s most tortured projects and also one of its most notable, but now the family firm is checking out of Trump Soho for good.

According to the New York Times, the president’s namesake real estate company has signed a deal with Trump Soho’s owner, CIM Group, to drop its licensing agreement and remove its name from the troubled 46-story lower Manhattan hotel-condominium tower.

The Trump Organization, which manages the building, can leave by the end of next month. Although framed as the Trump Organization walking away, CIM is actually paying the company to leave with years left on its contract. Under the exit terms, Trump still gets a cut of the hotel’s revenue. (However, according to the Times, the contract also requires the Trump Organization to pay CIM if the property fails to hit certain performance measures.)

A buyout allows CIM to rebrand the building, buy additional condo units and expand the hotel before selling the property, the Times reported.

The building has struggled to thrive since the time it was in pre-development more than a decade ago, wracked by community opposition and lawsuits, including a squashed criminal probe into what some investigators thought constituted sales fraud by members of the Trump family.

CIM took control of the 391-unit Trump Soho in 2014. It was originally developed by a partnership of Bayrock Group and the Sapir Organization, with the Trump Organization providing branding and management. The Times reported earlier this year that Trump Soho’s financials were faring poorer than they had prior to the 2016 presidential election, citing sources familiar with the business.

According to the Times, Donald Jr. and Eric Trump made the decision to exit the property, along with several senior executives at the firm.

CIM, a secretive firm that is one of the biggest condo developers in the city, has partnered with Kushner Companies on a number of real estate deals in the city, including the repositioning of the Watchtower building in Brooklyn.

CIM did not immediately return a request for comment. The Trump Organization put out a press release announcing the buyout, but did not answer The Real Deal’s questions about how the deal was struck.

Brooklyn home inventory hasn’t been this low in a decade

Absorption in BK and Queens remains at “blistering” speed, according to Q3 report
By Miriam Hall | October 12, 2017 09:00AM


Clockwise from left: 17 Prospect Park West and 13-33 Jackson Avenue #7D

Demand for homes in Queens and Brooklyn continued to outpace supply throughout the third quarter of 2017, pushing residential prices to new highs.

In Brooklyn, the median sale price hit $790,000, which is $5,000 below the record price hit in the borough last quarter, according to the quarterly report from Douglas Elliman.

Brooklyn inventory reached 1,826, a 30 percent decrease on this time last year and the lowest level since the second quarter of 2008, the report found. The luxury median sale price, which represents the top 10 percent of the market, remained the same at $2.5 million, the report said.

The absorption rate in the borough hit 1.9 months, a rate Jonathan Miller, the CEO of appraisal firm Miller Samuel and author of the report, describes as “blistering.” By comparison, in the third quarter of 2016 absorption in Brooklyn was at 2.9 months. The number of sales hit 2,914, a year-over-year increase of 6 percent.

“The market is trying to find its peak, it doesn’t appear to be close to it yet,” said Miller. “We’ve seen the same old story for the last several years — it’s very tight and fast moving.” He added the borough is “on the cusp” of seeing the average sale price break the $1 million threshold. The average hit $981,623 in the quarter.

A report from the Corcoran Group that examined the same time period found that market-wide closed sales in Brooklyn were the strongest they’ve been in 9 years, up 31 percent. Contracts signed increased by 15 percent year over year, according to the brokerage.

Townhouses in the borough hit an average price of $1.2 million, according to a separate report from Brown Harris Stevens, a 16 percent increase on last year.

In Queens, the median price hit $550,000, a 10 percent increase on the same time period last year and a record high. The borough is seeing similar trends to Brooklyn, with rising demand, tepid supply and increasing prices. The borough is benefiting from buyers who have been priced out of Brooklyn, according to Miller.

Listing inventory increased by 4.5 percent from last year to hit 4,486. The absorption rate was 3.5 months, compared to 3.4 months last year. The days on market was 81, down from 92 last year and the listing discount was 2.8 percent, up from less than a percent last year. The luxury median sale price was $1.3 million, up 6 percent on last year.

“A bit part of the drive is the Brooklyn spillover…there are New Yorkers who are seeing out greater affordability,” said Miller.


EXCLUSIVE: A Conversation With The Man Who Rebuilt The World Trade Center After 9/11


September 11, 2017          bisnow staff


Sixteen years ago, Lower Manhattan changed forever. But the twisted ruins of the world’s financial hub have been reborn as a mecca for technological visionaries, creative media and young entrepreneurs. Larry Silverstein, the man who has rebuilt the World Trade Center after 9/11, sat down with Bisnow to talk about his vision for the new campus.

Click the image above to view the video.