A 22-story limited-service hotel is gearing up to rise in Midtown at 4-6 West 37th Street. According to new building permits filed this past weekend, a 120-key 60,000 square-foot development will go up at the 4,200 square-foot lot situated between Fifth and Sixth Avenues.
Two charming six-story buildings, erected in 1920, will be be demolished for the 210-foot tall project designed by notable hotel designer Nobutaka Ashihara Architects. The firm recently opened the city’s tallest hotel, the Marriott Residence Inn New York Manhattan/Central Park at 1717 Broadway.
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Just yesterday, Bloomberg released a grim report that sales had come to a halt at One57, as only one condo unit was sold in the third quarter. But it looks like the fourth quarter might prove a bit more optimistic for the city’s most expensive building. According to city records released today, Rebecca Moores, ex-wife of John Jay Moores, entrepreneur, philanthropist, and former owner of the San Diego Padres, dropped $55.5 million on unit 81 at the building, making it the second-highest condo sale of the year, according to CityRealty. The number one spot also goes to One57 for Bill Ackman’s $90 million flip-happy purchase.
The former couple also made real estate headlines in 2013 when they listed their Del Mar, California home for $23 million, making it one of the most expensive in the San Diego area and probably the only one with its own moat. Let’s take a look, though, at Rebecca’s latest property venture at One57.
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In a town overrun with fancy hotels, the Algonquin–which turns 112 tomorrow–has true staying power, proving that history and heritage are every bit as important as plush bedding and sweet-smelling bath products.
Designed by Goldwin Starrett in a Renaissance limestone and red brick façade, the 12-story Algonquin Hotel, at 42 West 42nd Street, opened on November 22, 1902, initially operating as an apartment hotel with year-long leases but switching to a hotel after the owner failed to find enough renters. Today, the Algonquin–both a literary landmark and a New York City Historic Landmark–remains one of New York’s most cherished institutions, drawing a mix of artists, tourists and cultural elites.
Read the full history of the storied Algonquin
Hudson Yards rendering
Just yesterday, the city hailed the completion of the platform built over the west side rail yards that will support the Brookfield West development, a major component of Hudson Yards, the 26-acre development rising on the far west side. And while Brookfield will boast a two-acre park plaza, two 60-plus-story high rises and other public commercial space, it’s important to note that $7 million was spent just on designing and producing a special machine called “The Launcher” to lift the 56,000-ton concrete slabs to build the platform.
This is just one of many substantial costs in the mammoth Hudson Yards project, for which the city will have paid nearly $650 million in subsides by the end of this fiscal year, money that, over the past ten years, has come straight from the pockets of taxpayers. And that’s not all; according to a review by the city’s Independent Budget Office, even more will be needed through 2019 to complete the “next great commercial district.”
More on the subsidies and Hudson Yards
Move over 432 Park, there’s a taller, slimmer and sexier ultra-luxury residential tower coming to Midtown. At the Municipal Art Society’s 2014 Summit for NYC, Simon Koster, Principal at JDS Development Group, provided the audience with a compelling presentation on how our ideals can serve as the basis in how we shape our city. The restored crown of Stella Tower, the East River mega-rental project at 616 First Avenue, and 111 West 57th Street’s discretionary approval by the Landmarks Preservation Commission were used as relevant examples.
And the 57th Street project really caught our eye. The 1,400+ foot tower will also become the slimmest building in the world with a slenderness ratio of 1:23. Its narrow profile and stepped crown evoke the romantic art-deco towers of the 1920s and ’30s and other timeless city landmarks. SHoP Architects are the designers and WSP Group are the engineers/magicians making sure things remain upright.
More on the tower here
An updated rendering of a ground-up, mixed-use tower along the south side of Bryant Park has been revealed on HFZ Capital Group’s website. The storied site at 20 West 40th Street was acquired by HFZ after Fortieth St. Partners defaulted on a $44 million loan back in 2010.
According to HFZ’s project page, the development will include a 5-star hotel, restaurant and bar, and residential condominiums. Construction permits filed last month specify that the hotel-design experts Stonehill & Taylor are the architects of record.
Additional details on the project
One57 and the view from the $90 million penthouse
It’s true that One57′s first flip saw a $3.5 million profit in just five months, but that unit sold for $34 million the second time around. A selling price of more than $90 million is a different story–and that’s exactly what hedge fund manager William (Bill) Ackman is hoping to achieve.
In a profile in the Times on Sunday, Ackman was revealed as the buyer of the $90 million penthouse at the luxury building, which is sure to see its share of flips. But he also shared that he has no intention of ever living in the apartment. He’ll stay with his wife and daughters at their current home in the Beresford and use the penthouse as a “fun” investment opportunity for himself and some good friends, perhaps hosting a few parties there in the meantime.
More on the planned flip here
If there’s one thing that all New Yorkers can agree on it’s that Penn Station is pretty awful. And if we’re ever going to get a new home for NJ Transit, Amtrak, and the LIRR, Madison Square Garden will have to move (just don’t tell any die-hard Rangers fans that).
The Alliance for a New Penn Station, a coalition of the Municipal Art Society and the Regional Plan Association, is proposing in a new report (revealed at this morning’s MAS Summit) that the world-famous venue take up residency in the Morgan Post Office and Annex, occupying the block bound by 9th and 10th avenues and 28th and 30th streets. The mail sorting facility site is large enough to accommodate a new state-of-the-art arena and is just a quick walk to Penn Station. The coalition told Capital New York: “Relocating the Garden to this site will provide the city with a new arena and allow for the reconstruction and expansion of Penn Station, each of which can be designed to vastly improve the conditions of the district.”
More on the proposal and renderings of what the new site could look like
Rendering of DoubleTree Hotel via Gene Kaufman (L); The project site at 350 West 40th Street (R)
Fresh renderings have been posted for a new 35-story hotel currently undergoing excavation at 350 West 40th Street. Located just southwest of Times Square and directly across from the Port Authority Bus Terminal, the block-front between Eighth and Ninth Avenues has been the victim of a half-dozen mid-range hotels. With the large blank wall of the bus terminal on one side and an ungainly assortment of budget hotels, walk-ups, and parking lots on the other, the street may be a worthy contender for the “Ugliest Street in Midtown.”
The project was first revealed by YIMBY last spring. Permits call for a 315-foot, 594-room DoubleTree Hotel designed by Gene Kaufman and developed by Sam Chang of McSam Hotels. McSam–which already has several hotels up and running on the block including a Holiday Inn, Candlewood Suites, and Hampton Inn–has been one of the city’s most active and notorious developers in the last decade.
More on the project here
Often overshadowed by the Dakota, its more famous “cousin” further uptown, the Osborne was one of New York’s first major luxury apartment buildings. Located in the heart of Midtown West and completed in 1883, the Osborne’s somber appearance rising up from 205 West 57th Street belies the dazzling lobby within, “a luminous Byzantine dream of gilded tiles.” But the lobby isn’t the only treasure awaiting your entrance. This classically elegant, 12-room corner duplex exemplifies everything one would expect from a residence in such a legendary building. And it’s on the market for $6,950,000.
See what makes this home so impeccably classic