Hudson Yards

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Features, Major Developments, real estate trends

nyc the golden age of related companies

Founded in 1972 by former tax attorney Stephen Ross, the Related Companies got its start securing funding for affordable housing upstate. Before long, the company moved to New York City, bringing affordable units to Battery Park City and the Upper East Side. When the boom years of the 1990’s hit, Related got involved with luxury development, beginning with the renovation and conversion of an historic Beaux Arts building at Union Square into the W Hotel and then the development of 1 Union Square South.

Today, the Related name is attached to some of today’s biggest and most high profile projects, including One Madison and Hudson Yards. And with more than $15 billion in assets, the company is New York’s leading real estate developer.

We take a closer look at Related’s high-end portfolio

Real Estate Wire

neiman marcus at hudson yards
  • A 740 Park Avenue pad just traded hands for $71.3M, making it the most expensive NYC co-op ever sold. The apartment was originally listed for $48M. [Curbed]
  • Forest City Ratner wants to take over producing the modular units for the stalled B2 tower at Pacific Park next to the Barclays Center. The developer is currently embroiled in a legal dispute with the contracting company, Skanska USA. [Crain’s]
  • New renderings of ‘The Shops’, the Hudson Yard’s planned one million square feet of retail space. [NY YIMBY]
  • When (and if?) completed, the WTC transit hub designed by Santiago Calatrava will have cost between $3.7 and $4 billion—way over its $2 billion budget. [WSJ]

The Shops (left); 740 Park Avenue (right)

Real Estate Wire

New York Plaza Hotel, the plaza
  • The sultan of Brunei’s interest in the Plaza was all fluff, but the landmark hotel is still up for sale. The hotel will likely fetch $2B, but any deal will be extremely complicated given the current ownership structure. [NYT]
  • Post-gentrifiers are upset with the post-post-gentrifiers that have driven Williamsburg’s prices sky high. [NYT]
  • The George Washington Bridge Terminal is finally getting its long-awaited facelift. The station will be closed while the $183 million upgrade is undertaken. [NYT]
  • Heritage Equity Partners’ Toby Moskovits talks about his conversion of St. Vincent De Paul Church in Williamsburg into a rental building. [Crain’s]
  • A profile of the top investors backing NYC’s hottest real estate tech startups. [TRD]
  • Brookfield‘s SOM-designed apartment tower near Hudson Yards has a new look. [Curbed]

The Plaza Hotel, image by Luxuo (left); St. Vincent De Paul Church in Williamsburg (right)

Featured Story

Battery Park City, Features, History, Major Developments, Midtown, Urban Design, Williamsburg

nyc master plan, master plan of manhattan, master planning new york

We often think of the street grid as New York’s greatest “master plan.” Officially known as the Commissioners’ Plan of 1811, this put in place the original, gridded street pattern that we still know today. But there have been several other master plans that took shape on a smaller scale within the linear configuration of Manhattan. These planned communities were largely conceived to transform blighted or underutilized areas into suburban enclaves or peaceful oases within the big city. And just like the neighborhoods that grew organically among the street grid, these master-planned areas each have a unique character. They’ve also influenced a new crop of developments, currently under construction on the West Side and in Brooklyn.

We take a look at planned communities that historically changed the fabric of the city, as well as those on the horizon

Real Estate Wire

puff daddy nyc, p diddy nyc, park imperial
  • Puff Daddy, P. Diddy, Sean Combs—whatever you want to call him—has re-listed his 2,292-square-foot Park Imperial loft for $7.9M. The new listing sees a $500K price reduction. [Curbed]
  • New York is lagging other major cities in its pace of residential construction. Permits for 17,995 new housing units were issued in 2013—a little more than half of the units authorized in 2008. [WSJ]
  • More New Yorkers are installing solar panels. The number of installations in Con-Ed serviced areas doubled last year alone. [WSJ]
  • Fearing the loss of below market-rate apartments at Stuyvesant Town-Peter Cooper Village, the de Blasio administration has reached an agreement to extend talks with CWCapital to find a way to preserve the complexes’ affordable units. [TRD]
  • Moinian Group is expected to file for permits to break ground on its 66-story West Side tower just north of Hudson Yards. [Crain’s]

P. Diddy’s digs (left); Solar array (right)

Real Estate Wire

15 Hudson Yards Old New, diller scott renfro
  • Diller Scofidio + Renfro gives 15 Hudson Yards gets a makeover, taking away some of its flair. [NY YIMBY]
  • 9 things you should know before buying a waterfront property in NYC. [DNA Info]
  • A map of the 1,100 affordable housing units coming to Downtown Brooklyn. [DNA Info]
  • The nation of Qatar has backed out of a $90M purchase of an Upper East Side townhouse at 19 East 64th Street. Had the deal closed, it would have been the city’s priciest commercial townhouse sale. [TRD]
  • No Walmart for Astoria Cove. An anti-Walmart coalition is demanding that the mayor keep the chain out of Queens. [NYO]
  • 190 Bowery might be up for sale for the first time in 50 years. The property has popped up on Aby Rosen’s RFR Realty, and many are wondering if artist Jay Maisel, who has lived at the property with his family since 1966, is finally looking to cash in. Maisel originally bought the building for $102K, but 2008 estimates put its value at around $50M. [Crain’s]

15 Hudson Yards (left); NYC waterfront (right)

Real Estate Wire

ace hotel nyc
  • Is Jared Kushner plotting to turn 20 apartments into one giant West Village mansion? [Curbed]
  • ACE Hotel is indeed coming to Downtown Brooklyn. Permits were just filed for a site along Bond Street. [Brownstoner]
  • Harlem rents are up and a landlord is looking to rent a penthouse at 1080 Amsterdam Ave. for $10,500 a month. [NYDN]
  • The city’s Industrial Development Agency, an offshoot of the Economic Development Corporation, will vote on $170M tax break for Tishman Speyer’s $3.2 billion Hudson Yards office-and-retail tower. [Capital NY]
  • Cities and real estate developers are all peddling bike lanes. [Treehugger]

Images: Ace Hotel in Manhattan (left); Harlem penthouse (right)

Daily Link Fix

55 Hudson Yards, skyscraper on building,
  • IKEA Lamp Changes Colors with Your Mood: It’s the mood ring of the 21st century. PSFK examines how designer Vittorio Cuculo hacked an IKEA lamp so that the world may know exactly how he’s feeling. Invasion of privacy? Possibly. Totally awesome? Definitely.
  • Architects Pushing Fashion Forward: Architizer shows us that architects love fashion, and demonstrates it by giving us a few examples of how architects are infiltrating the fashion industry.
  • A Skyscraper on Top of a Building: A Manhattan building has been eating its veggies and plans to grow 51 stories in the next three years. Or maybe Hudson Yards is building a skyscraper on top of it. Details. Gizmodo has more details on 55 Hudson Yards, the building that literally rests on the shoulders of another.
  • Run, Don’t Walk, to Shake Shack Right: Because we love you and want your tummy to get all the yummy goodness the city has to offer, we’re spreading the word for Brooklyn Mag: Shake Shack is serving corn dogs and blueberry pie milkshakes, all to honor our country’s birthday. Just make sure you brush up on your 6sqft news while you eat that patriotic meal.

Images: 55 Hudson Yards (left), Shake Shack patriotic meal (right)

hudson yards, Major Developments

hudson spire, hudson yards, tishman speyer, sherwood equities

Manhattan-based owner/developer Sherwood Equities has sold multiple Hudson Yards parcels to Tishman-Speyer for $200 million, reports Jeffrey Katz, Sherwood president, in a press release today.

The sites are situated at the southeast corner of West 34th Street and Hudson Yards Boulevard, and at West 35th Street and Tenth Avenue, and neighbors another parcel purchased by Tishman-Speyer from the Rosenthal family. The WSJ reports the total deal rings up at $438 million.

The combined parcels will allow Tishman-Speyer to develop a 2.25 million-square-foot, full-square-block office building, which could become the tallest structure in the United States at 1,800-feet tall. The unbuilt tower has already been christened the Hudson Spire.

hudson yards, Manhattan

Bond No. 9, Hudson Yards perfume, Bond No. 9's Hudson Yards perfume, weird things new yorkers do

Downtown perfumery Bond No. 9 has just released their latest fragrance — a perfume created to embody the spirit of one of the biggest development projects currently underway: the Hudson Yards.

Though the name will most likely make you think of a sweaty construction site, apparently Hudson Yards the fragrance isn’t as stomach-churning as it sounds. See some video reactions after the break.

more on Bond No. 9’s Hudson yards

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