Argent Ventures, H&R advance 18-acre Jersey City development

Brownfield site to include residential, retail and life-science properties

Tri-State /April 05, 2021 07:00 AMBy Orion Jones

A Jersey City development meant to update sewer infrastructure, build climate resilience and create a two-acre park has completed phase one of environmental cleanup. (Aerial via Ennead Architects)

Sited along Aetna Street and Jersey Avenue near Liberty State Park, the project will consist of mixed-use residential, retail and life-science buildings, plus a two-acre public park.ADVERTISEMENT

Included in the next phase of development is a site elevation of 10 to 12 feet to reduce flooding and account for sea level rise, according to land use consultant Dresdner Robin, which leads environmental remediation at the site.Read more

Jersey City’s sewer system will also get an update as part of the project, birthed by the Grand Jersey Redevelopment Plan.

“The sewer improvements are a crucial early component to the Cove and its eventual completion,” said Chris Collins, project manager at Dresdner Robin.

Like New York City, Jersey City has a combined sewer system in which sewage from homes and businesses mixes with rainwater runoff. When the capacity of the underground pipes are overwhelmed by storms, the overflow pours into the Morris Canal, then into the Hudson River.ADVERTISEMENT

A dual-pipe system, to be designed as part of the Cove’s next phase, “will be the first of its kind in Jersey City” and will improve water quality downstream, said Collins.

The Cove involves a joint effort between Argent and Jersey City’s Redevelopment Agency and Municipal Utilities Authority to prevent sewer overflows, provide tidal flood resiliency for much of downtown Jersey City, and remediate a polluted site.

“This is not a typical redevelopment project,” said Douglas Neumann, director of environmental services at Dresdner Robin. “It is without question the most complicated remedial project that I have been involved with.”

Phase two is scheduled to begin in mid-2021. A saltwater tidal marsh will sit at the center of the development’s two-acre park and lead to Liberty State Park, which gets more than four million visitors each year.

A road connecting Jersey Avenue to Liberty State Park is scheduled for completion in 2022. Across from the Cove site, a 32-story mixed-use building is under construction at 88 Regent Street, reportedly by developer Peter Mocco.

What real estate gets in Biden’s $1.9 trillion package

Rent and mortgage assistance, restaurant relief, PPP money and more

National /March 08, 2021 02:15 PMBy Sasha JonesPresident Joe Biden’s American Rescue Plan was passed over the weekend. (Getty / Photo Illustration by Kevin Rebong for The Real Deal)

President Joe Biden’s American Rescue Plan was passed over the weekend. (Getty / Photo Illustration by Kevin Rebong for The Real Deal)

From rent relief to aid for restaurants, the $1.9 trillion stimulus package has lots of goodies for real estate.

President Joe Biden’s American Rescue Plan was passed Saturday by the Senate and is headed back to the House, which is expected to follow suit.Read more

Here are five provisions noteworthy for the real estate industry:

1. Rent and mortgage assistance

The bill includes $21.55 billion for emergency rental assistance, $5 billion for emergency housing vouchers and $100 million for rural housing.

It also provides funds for marginalized communities hurt by the coronavirus pandemic, such as $5 billion to help people experiencing homelessness and $750 million for Native American communities.ADVERTISEMENT

Distribution will be handled by state and local governments and will vary.

One measure the bill does not touch is the national eviction moratorium, which was recently extended through March. Its future after that is uncertain.

2. Small businesses and restaurants

Restaurants (and their landlords) are among the big winners in the package, as $28.6 billion would go to eligible eateries in grants of up to $5 million.

Restaurant owners would also be eligible for a $15 billion Emergency Injury Disaster Loan program, which provides long-term, low-interest loans. Businesses with 10 or fewer employees would be given priority.

The package appropriates $7.25 billion to the Paycheck Protection Program, which has already disbursed more than $662 billion in forgivable loans. However, the bill does not extend the current application period, which is scheduled to close March 31.ADVERTISEMENT

Most restaurateurs were relieved that a federal minimum-wage increase was dropped from the bill. Some states, including New York, already have a much higher minimum, but in those that do not, tipped staff can still be paid a base wage as low as $2.13 an hour.

3. State and local relief

State and local governments are facing pandemic-induced budget shortfalls in the coming months and years, raising concerns among real estate interests that taxes would be jacked up to close the gap.

But the Biden bill designates $350 billion to states, cities, tribal governments and U.S. territories to mitigate the impacts of the coronavirus pandemic.

The bill also adds a $10 billion infrastructure program to help local governments with capital projects.

The money takes pressure off lawmakers to raise property, income and transfer taxes, which affect migration patterns and to some extent business location decisions, and thus real estate values and rents.ADVERTISEMENT

4. Homelessness

In addition to the $5 billion for people experiencing homelessness, the bill provides $510 million for the FEMA Emergency Food and Shelter Program, which supports homeless services providers. That money may be used for overnight shelter, meals, one month’s rent and mortgage assistance and one month’s utility payments.

5. Stimulus checks

The $1,400 payments that Americans have been patiently awaiting for months could arrive as soon as next week. Individuals making under $75,000 and couples filing jointly making under $150,000 would receive $1,400 per person. The bill also provides $1,400 per dependent.

Smaller checks will go out to individuals making more than $75,000 and couples making more than $150,000, but the benefit phases out and reaches zero at $80,000 and $160,000, respectively.

Meant to boost the economy, the checks make up roughly $400 billion of the package. The previous two stimulus checks have been correlated with increased retail spending, benefiting retailers and, indirectly, their landlords.

one we missed

Kushner’s controversial One Journal Square project receives approval to bring 1,700 units to Jersey City



All renderings by Woods Bagot

After sitting vacant for over a decade, a large site in Jersey City’s Journal Square will soon be home to two 710-foot towers with over 1,700 units of housing. The Jersey City Planning Board on Tuesday approved Kushner Companies’ controversial One Journal Square project, signaling the beginning of the end of this development saga. The approval came after the city and the developer reached a settlement agreement last October over a lawsuit filed in 2018 against the city by Kushner Companies, run by the family of White House advisor Jared Kushner, that claimed officials stalled the project over “anti-Trump” sentiment.

One Journal Square, Jersey City, Kushner Companies, Woods Bagot

Designed by Woods Bagot Architects, the skyscraper complex measures about two million square feet and consists of two 52-story towers rising from one 10-story podium. In total, there are 1,723 units of housing, 883 parking spaces, and space for retail and commercial use. Older plans had called for two 849 foot tall, 56-story towers with 1,512 residential units and a 56- and a 79-story tower with a total of 1,725 units.

Amenities at One Journal Square include a full-sized basketball court, pool, roof terrace, dog run, dining areas, and a landscaped public plaza surrounding the building.

“Kushner is excited to reach this milestone needed to get this pivotal project off the ground and make 1 Journal Square a reality,” Jenny Bernell, executive vice president of development for Kushner, told in a statement. “We look forward to continuing a great collaboration with Jersey City.”

One Journal Square, Jersey City, Kushner Companies, Woods Bagot
One Journal Square, Jersey City, Kushner Companies, Woods Bagot

The site, which is next to the Journal Square PATH train station, has been vacant since 2009. Kushner Companies and KABR bought the property in 2015 and their plans to build two 56-story towers were approved in 2017, along with $93 million in tax breaks from the state, which included $59 million tied to bringing co-working company WeWork to the site.

There were issues getting the project started, especially after WeWork backed out as the anchor tenant of One Journal Square. Nicole Kushner Meyer also attempted to raise money from Chinese investors by promising EB-5 visas in exchange, name-dropping her brother Jared as a way to lure investment. The company reportedly sought 300 wealthy investors from China to provide about $150 million for One Journal.

1,600-Foot Tall Project Commodore Fully Unveiled, At 175 Park Avenue In Midtown East, Manhattan

Project Commodore, aka 175 Park Avenue. Rendering by Skidmore Owings & Merrill.Project Commodore, aka 175 Park Avenue. Rendering by Skidmore Owings & Merrill.


Skidmore Owings & Merrill has revealed a new set of renderings for Project Commodore, a 1,600-foot supertall office skyscraper that would become the tallest building in Midtown East and the tallest in the Western Hemisphere by roof height. Addressed as 175 Park Avenue, the 83-story project is being developed by RXR Realty and TF Cornerstone and is planned to rise on the site of the 26-story Grand Hyatt New York. The structure will yield 500 Hyatt hotel rooms on the upper floors spanning 453,000 square feet; 10,000 square feet of retail space on the ground and cellar levels; and 2.1 million square feet of office space. The Grand Hyatt New York is currently zoned for 860,000 square feet of development and is bound by 42nd Street to the south, Lexington Avenue and the Chrysler Building to the east, 420 Lexington Avenue to the north, and Grand Central Terminal to the west.

Renderings show the lower levels of the exterior, which features an elegant lattice of tubular metal columns that symmetrically converge at the corners of the base.

Project Commodore, aka 175 Park Avenue. Rendering by Skidmore Owings & Merrill.

Project Commodore, aka 175 Park Avenue. Rendering by Skidmore Owings & Merrill.

Project Commodore, aka 175 Park Avenue. Rendering by Skidmore Owings & Merrill.

Project Commodore, aka 175 Park Avenue. Rendering by Skidmore Owings & Merrill.

Angular setbacks are positioned up the height of the supertall, which culminates in an interlaced lattice crown.

Project Commodore, aka 175 Park Avenue. Rendering by Skidmore Owings & Merrill.

175 Park Avenue is also planned to include major renovations to the subterranean Grand Central subway station that include the following: the removal of several large steel girders to enhance circulation efficiency to the subway platforms, replaced by new structural members on the perimeter of the lot and around the station; relocated subway turnstiles from the mezzanine level to the train hall at street level; a 12,000-square-foot below-grade passageway linking the East Side Access Terminal’s Long Island Railroad tracks under Kohn Pedersen Fox’s One Vanderbilt and the Metro-North platforms to the subway mezzanine floor; and 5,400 square feet of new space to the 42nd Street Passage with new signage, train arrival boards, and ticket machines.

The upcoming reconfigured subway and train levels below 175 Park Avenue. Diagram by Skidmore Owings & Merrill.

The converging steel columns will fan outward from two pairs of massive foundation blocks that transfer the immense loads of the building to the ground.

The base of Project Commodore, aka 175 Park Avenue, Diagram by Skidmore Owings & Merrill.

Above ground will be a 22,000-square-foot wrap-around public outdoor space above the sidewalks that will also connect to the abutting Park Avenue Viaduct, as well as a reflecting pool, public seating spaces, two cafes, outdoor art pieces, and two ADA-compliant elevators connecting from the street to the subways. The sheer height and scale of 175 Park Avenue is made possible thanks to 620,000 square feet of transferable air rights coming from Grand Central Terminal and 770,000 square feet of bonus floor area for the upcoming subway improvements. Parts of the base are directly in line with the height of Grand Central Terminal’s winged statue of Mercury and the cornice line. The metal panels that would cover the steel superstructure are designed with a textural finish like the columns spread across the train station’s main elevation between the arched glass windows.

Project Commodore, aka 175 Park Avenue, by Grand Central Terminal and One Vanderbilt. Diagram by Skidmore Owings & Merrill.

Project Commodore, aka 175 Park Avenue, by Grand Central Terminal and One Vanderbilt. Diagram by Skidmore Owings & Merrill.

Project Commodore, aka 175 Park Avenue, by Grand Central Terminal and One Vanderbilt. Diagram by Skidmore Owings & Merrill.

Project Commodore, aka 175 Park Avenue, by Grand Central Terminal and One Vanderbilt. Diagram by Skidmore Owings & Merrill.

The wrap around public park space over the sidewalk and at the base of Project Commodore, aka 175 Park Avenue, Diagram by Skidmore Owings & Merrill.

The demolition of the Grand Hyatt New York’s superstructure is expected to begin next year and take a total of 18 months, following a public review this spring and with the Uniform Land Use Review Process (ULURP) that is anticipated to conclude by the end of 2021. Completion of 175 Park Avenue is slated for 2030.

NYC’s biggest real estate finance deals of 2020

One Manhattan West’s $1.5B loan led the pack New York /December 31, 2020 05:37 PMBy Keith Larsen | Research By Jerome DineenOne Manhattan West, Grace Building and St. John's Terminal top our list for the biggest finance deals. (Brookfield Property Partners, SHVO)

One Manhattan West, Grace Building and St. John’s Terminal top our list for the biggest finance deals. (Brookfield Property Partners, SHVO)

New York’s commercial real estate market took a beating in 2020. In one indicator, the 10 largest investment sales of the year totaled $5 billion, a 37 percent dropoff from the $8 billion the previous year.

Not surprisingly, finance deals dropped off considerably this year, as well. The 10 largest loans in New York totaled $7.9 billion, about 28 percent less than the $10.9 billion from the previous year.

Even during the pandemic, some of the city’s largest developers like Brookfield Property Partners, Vornado Realty Trust and SL Green Realty were able to secure huge financing deals north of $1 billion.

Still, securing financing was no small task. Lenders have been wary of making long-term commitments to developers given the uncertainty around pricing and demand. That was especially evident when it came to office, retail and hotel properties in the city. While Midtown office landlords have tried to lure tenants back, employees have settled into the work-from-home-world, hotels are still empty and who knows when Time Square will be bustling with tourists again.

Source: A TRD analysis of Department of Finance records dated from Jan. 1 to Dec. 8, 2020. Refinancing deals with the same lenders were excluded.ADVERTISEMENT

1. One Manhattan West, $1.5 billion

Brookfield Property Partners and Qatar Investment Authority scored the biggest deal with this refinancing for One Manhattan West, a 70-story tower in Hudson Yards. The duo closed in September, through the commercial mortgage backed securities market. The refinancing also included two mezzanine loans totalling $300 million.

The 2.1 million-square-foot office portion of the building was 94-percent leased to seven major tenants and three Brookfield affiliates as of Aug. 1. The two largest tenants are the law firm Skadden Arps and “big four” accounting firm Ernst & Young, which have about 61 percent of the property’s total net rentable area.

2. Grace Building, $1.25 Billion

Brookfield also holds the distinction of having the second largest financing deal. Brookfield and Swig Company refinanced the 49-story Grace Building at 1114 Sixth Avenue with a $1.25 billion loan from Bank of America, JPMorgan Chase, Credit Suisse and Deutsche Bank.ADVERTISEMENT

San Francisco-based Swig developed the 1.56 million-square-foot property in 1974, while Brookfield acquired its stake in 2006 as part of its acquisition of Trizec Properties.

3. St. John’s Terminal, $973 Million

Oxford Properties and the Canadian Pension Plan scored $973 million in construction financing to redevelop St. John’s Terminal. Wells Fargo led the financing, which included TD Bank and JPMorgan, Atlas Capital Group and Westbrook Partners.

Google, the sole tenant at St. John’s Terminal, selected the site in 2018 as part of its expansion plan.

Renderings for the project, designed by COOKFOX Architects, were released in 2018. The plans showed the redevelopment would retain the first three stories of the former rail warehouse at 500 Washington Street, and add another nine floors.

4. One Court Square, $880 Million

Savanna secured an $880 million recapitalization of its 1.5 million-square-foot One Court Square project in Long Island City at the beginning of the year.ADVERTISEMENT

Savanna secured the $580 million senior loan from funds managed by Apollo Global Management and $100 million of subordinate debt from SL Green Realty. Junius Real Estate Partners provided $200 million, converting its ownership position into a preferred equity stake, according to Commercial Observer. Savanna was left with a 1 million-square-foot hole in its rent roll in LIC over a year ago, after Amazon backed out of its plans to build a second headquarters in New York City.

5. One Manhattan Square, $690 Million

Gary Barnett’s Extell Development scored $690 million refinancing for its 80-story, 815-unit condo tower in Two Bridges. The deal closed in the beginning of the year.

The new debt consisted of a $553.5 million senior inventory loan and a $138.2 million mezzanine loan. Blackstone Group was the lender. In August, city property records showed that 173 units had closed.

6. 410 Tenth Avenue, $600 Million

SL Green Realty nabbed this $600 million construction loan for its West Side office redevelopment in September. The new financing was provided by a group of domestic and international banks led by Goldman Sachs and Wells Fargo. The new debt replaces a $465 million loan that was provided in 2019.ADVERTISEMENT

In 2018, the REIT acquired a majority interest in 410 Tenth Avenue, previously known as 460 West 34th Street, valuing the property at $440 million. Nearly half of the 636,000-square-foot building will be occupied by Amazon, which signed a lease for 335,000 square feet.

7. Coca-Cola Building, $545 Million

A partnership led by Michael Shvo secured the $545 million loan to refinance the Coca-Cola building. Provided by Goldman Sachs and Bank of America, it replaced $600 million of debt at the property at 711 Fifth Avenue.

Shvo’s group — which included Turkish developer Bilgili Holding, private equity firm Deutsche Finance America and German pension fund Bayerische Versorgungskammer — acquired the property in September 2019 for $937 million. That came just weeks after Coca-Cola chose to sell the property to a partnership of Nightingale Properties and Wafra Capital Partners for $909 million.

8. 120 Broadway, $510 Million

Silverstein Properties and UBS Realty Investors secured the refinancing in March. It included $410 million of fixed-rate and $100 million of floating-rate debt. Lending was led by Wells Fargo, and included Bank of New York and U.S. Bank. The new debt replaced a $310 million CMBS loan Wells provided in 2013.ADVERTISEMENT

8. 220 East 42nd Street, $510 Million

SL Green Realty secured a $510 million mortgage in June for the Daily News Building at 220 East 42nd Street. The development group secured the financing from a lending group led by Aareal Capital Corp., Citi and Credit Agricole.

The landlord had acquired the 37-story Art Deco tower for $265 million in 2003, and entered a contract to sell it for $815 million last fall.

10. 11 Penn Plaza, $500 Million

Vornado secured this loan from Citibank to refinance the 23-story, 1.1 million-square-foot 11 Penn Plaza. The project sits across the street from the REIT’s Farley Post Office redevelopment.

Apple signed a 220,000-square-foot lease at the building in February, taking over space from Macy’s, which is moving its headquarters to Tishman Speyer’s JACX complex in Long Island City

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes

Changing market forces companies to reinvent themselves National /December 01, 2020 03:30 PM By Akiko MatsudaFrom left: former Vornado CFO Joseph Macnow; ; Howard Hughes Corporation CEO David O’Reilly, former Cushman & Wakefield CFO Duncan Palmer (Photos via Vornado, Howard Hughes, Cushman & Wakefield)

From left: former Vornado CFO Joseph Macnow; ; Howard Hughes Corporation CEO David O’Reilly, former Cushman & Wakefield CFO Duncan Palmer (Photos via Vornado, Howard Hughes, Cushman & Wakefield)

Three major real estate firms announced shake-ups to their leadership teams this week.

Vornado Realty Trust’s chief financial officer Joseph Macnow is stepping down from the role and will be replaced by Michael Franco, the company’s president, the real estate investment trust announced Tuesday.ADVERTISING

Macnow, who has been with Vornado since 1981, will stay on as a senior adviser to the firm.

The shake-up comes after the REIT, headed up by chairman Steve Roth, reported a $103 million impairment loss on its retail joint venture during the third quarter, although it recorded a net gain of $187 million from sales at 220 Central Park South, its ultra-luxury condo. The company’s office portfolio has also been hurt as employees continue to work from home in the pandemic.

The firm will reduce its overhead costs by more than $35 million annually by reducing compensation and shedding some 70 jobs.

Another major commercial firm, Cushman & Wakefield, will also see its CFO step down: Duncan Palmer, who joined Cushman in 2014, is leaving the company, according to a regulatory filing with the Securities and Exchange Commission. His last day as a CFO is set for Feb. 28, 2021, and he will remain with the firm as a consultant until the end of next year. A Cushman spokesperson was not immediately available for

Cushman suffered a net loss of $37.3 million in the third quarter, its second consecutive quarterly loss this year.

And finally, the Howard Hughes Corporation announced two changes to its executive leadership team: The company’s interim CEO David O’Reilly will now take on that role officially, and L. Jay Cross, who recently served as the president of Related Hudson Yards, has been tapped as the firm’s new president.

O’Reilly joined the firm as the chief financial officer in 2016 and was promoted to president in June. He became interim CEO when Paul Layne, who took the reins in October 2019, retired, according to the Houston Chronicle.

O’Reilly will continue to wear the CFO hat until a successor is identified.

“Watching him execute on the company’s strategic plan and pivot quickly to adjust to changed market conditions furthered our confidence in him as our new leader,” said Bill Ackman, the firm’s chairman.

Ackman also praised Cross’ “extraordinary development career” — which, along with Hudson Yards, includes leadership roles several sports teams and involvement in building stadium complexes in New Jersey, Toronto and Miami — noting that it aligns with Howard Hughes’ “vision to accelerate strategic development in its master planned communities, and build the cities of tomorrow.”

KABR sells New Jersey building for reported $60M

233K-sf building, home to Samsung, was acquired for $10M in 2009TRD TRI-STATE /October 27, 2020 11:00 AM By Akiko Matsuda 

KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

A New Jersey office building acquired at a deep discount during the Great Recession sold in the middle of the pandemic — and reportedly for a premium.

The KABR Group, a New Jersey-based private equity real estate firm, announced Tuesday that it sold a 233,000-square-foot building at 85 Challenger Road in Ridgefield Park, New Jersey, to Asia Investment Management, which is based in Seoul, South Korea. KABR will continue to manage the building on behalf of the buyer.

The seller declined to disclose the sale price, but a Korean news outlet reported that the transaction was for $59.7 million. The sale has yet to be recorded in Bergen County property records.

The New Jersey County Tax Boards Association estimates the property’s market value at $35.65 million, according to PropertyShark.

The sale was a major achievement for KABR, which purchased the then-vacant building in 2009 for $10.28 million. The seller was AIG Global Investment, which had taken control of the distressed property.

In 2010, KABR leased most of the building to Samsung Electronics America. Since then, the company has remained on as a tenant, eventually expanding to occupy the entire building. It signed a six-year, 233,000-square-foot lease extension about a year ago, according to

JLL’s Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and J.B. Brunmo represented KABR for the sale.

“The investment opportunity was appealing to both domestic and offshore capital given the credit and term remaining which provides a predictable cash flow for the buyer,” Cruz said of the reason for the transaction in the downturn when the number of investment sales has plummeted.

Title giant First American pumps $40M into digital closing startup

Latest funding adds to $30M provided last year to launch mobile-first serviceTRD NATIONAL /November 11, 2020 09:20 AMBy E.B. SolomontEndpoint CEO Scott Martino and First American CEO Dennis Gilmore (iStock)

Endpoint CEO Scott Martino and First American CEO Dennis Gilmore (iStock)

One of the country’s biggest title insurers is doubling down on digital closings.

First American Financial Corp. said it’s investing $40 million into Endpoint, a title and escrow startup it launched last year. That’s on top of the $30 million it already pumped into Endpoint to develop the standalone company, which bills itself as a mobile-first service.ADVERTISING

Endpoint, based in El Segundo, California, said the new funding will allow it to accelerate hiring and expansion, both of new products and to new markets. Endpoint’s escrow automation replaces the traditional exchange of papers at real estate closings. So far, it operates in Seattle, Southern California and Arizona.

First American is one of the so-called “Big Four” insurers that dominate the title industry. Founded in 1889, it generated $6.2 billion in 2019 revenue.ADVERTISEMENT

In a statement, Endpoint CEO Scott Martino said buyers and sellers today “expect a certain level of convenience and speed.”

Earlier this year, First American bought housing tech company Docutech for $350 million. At the time, the title insurance company said the deal brings it closer to completely digital mortgages and closings.

In recent years, investors have backed other startups aiming to streamline the antiquated closing process. States Title, a four-year-old startup in San Francisco, raised $123 million last year to digitize title, mortgage and escrow services. And Spruce, a New York startup founded in 2016, raised $29 million Series B in May.

First American developed Endpoint with BCG Digital Ventures, the corporate venture arm of Boston Consulting Group.Contact E.B.Solomont

First Exterior Stone Panels Installed At 39 West 23rd Street In The Flatiron District

39 West 23rd Street. Photo by Michael Young


Curtain wall work is progressing at 39 West 23rd Street, a 24-story residential project in the Flatiron District. Designed by COOKFOX Architects and developed by Anbau Enterprises, the development consists of two structures separated by an internal courtyard.

39 West 23rd Street, rendering by COOKFOX

39 West 23rd Street. Rendering by COOKFOX

Recent photos show the state of exterior work on the building, which is located on the northern side of West 23rd Street between Fifth Avenue and Sixth Avenue. One of the most noticeable places of progress is on the western lot line wall, where thin, narrowly spaced horizontal bars subtly protrude, adding an interesting texture to the façade.

39 West 23rd Street, rendering by COOKFOX

The other more recent area of concentrated work is on the bottom floor of the southern profile, where workers were spotted installing the first set of warm-colored stone panels around the metal perimeter framework above the ground floor.

The metal railings, and overhanging shrubbery as part of the more subtle design aspects of 39 West 23rd Street have yet to go in. Below we see the southern elevation awaiting to be externally enclosed.

The following renderings depict the finished look of the project.

Workers have painted part of the walls above the main setback toward the top floors. The earth-toned color appears to be the final treatment for this portion of 39 West 23rd Street.

Meanwhile, fenestration work is progressing on the the upper levels of the eastern profile that cantilevers over its abutting low-rise neighbor. We expect this area to emulate the same architectural design as the front of the building.

The development will span a total of 118,00 square feet and yield 44 units. Four residences will be designated as affordable rentals. Residential layouts vary between single-floor homes and duplexes, including some with their own private outdoor terraces. Amenities include a fitness center, a residential lounge, a children’s playroom, a communal outdoor landscaped terrace, and a 25-car garage below street level.

A definite completion date for 39 West 23rd Street is unclear, but sometime within 2021 is likely.

The Spiral Ascends Past The Halfway Mark At 66 Hudson Boulevard In Hudson Yards

The Spiral. Photo by Michael Young


Construction has passed the halfway mark on Bjarke Ingels Group‘s 1,031-foot-tall 66 Hudson Boulevard, aka The Spiral. The $3.7 billion, 66-story Hudson Yards supertall is being developed by Tishman Speyer with Turner Construction Company as the construction manager. Banker Steel is in charge of manufacturing the steel and Permasteelisa is the contractor for the glass enclosure.

The Spiral (left) rising to the north of Hudson Yards. Photo by Michael Young

Recent photos from the north and west along Eleventh Avenue show the massive steel superstructure gaining prominence over the neighborhood.

The Spiral. Photo by Michael Young

The Spiral (left) and 55 Hudson Yards (right) Photo by Michael Young

The installation of the reflective glass curtain wall is making steady progress among the lower floors above the multi-level podium. The signature stepped setbacks that give the building its nickname are becoming more readily apparent, outlined by the void in the envelope. These steps will eventually be topped by landscaped outdoor terraces.

The Spiral and One Vanderbilt in the background. Photo by Michael Young

The Spiral. Photo by Michael Young

The Spiral. Photo by Michael Young

The Spiral. Photo by Michael Young

The Spiral. Photo by Michael Young

Construction has been neck and neck with the simultaneous ascent of  Foster + Partners‘ 50 Hudson Yards just across the street to the south. Though the reinforced concrete core of 50 Hudson Yards has been rising slightly ahead of the Spiral, BIG’s supertall should begin to overtake it as the building massing reduces in size with each floor. This will be the tallest structure to rise to the north of Related’s Hudson Yards development and will extend the western edge of the Midtown skyline closer toward the Lincoln Tunnel, located a few blocks away.

The Spiral (left) and 50 Hudson Yards (right). Photo by Michael Young

YIMBY last announced that The Spiral is estimated to be finished sometime in 2022.