A recent ruling by a panel of state appellate judges may add more delays–at the very least–to the rise of JDS Development Group’s proposed addition to the multi-tower Two Bridges development on the Lower East Side/Chinatown waterfront, The City reports. The ruling states that the property’s long-term leaseholder, Little Cherry LLC, which has 25 years left on their lease at the currently-vacant 235 Cherry Street, must have a say in how the property’s development rights are used. The developer plans to stack a 1,000-foot, 100-story waterfront apartment tower on top of and cantilevered over the Two Bridges Senior Apartments and one-story retail space–and they need the Cherry Street property’s development rights to move forward.
JDS Development Group
The highly anticipated three-story sky bridge that links the two American Copper Buildings officially opened on Wednesday, making it the first of its kind in New York City in more than 80 years. In a collaboration between SHoP Architects and JDS Development Group, the pair of copper-clad luxury rental buildings at 626 First Avenue, known for their slanted silhouettes, began leasing earlier this year. And now, the buildings’ swath of amenities have been unveiled, including the 100-foot-long sky bridge that is suspended 300 feet in the air and boasts a 75-foot indoor lap pool, hot tub and a bar and lounge for residents.
Poised to become the world’s skinniest tower and one of the hemisphere’s tallest, it’s no wonder that 111 West 57th Street will ask around $100 million for its condos, not to be outdone by other nine-digit supertalls like 220 Central Park South’s $175 million penthouse, the $150 million penthouse at the Sony Building, and One57′s record $100 million sale, which currently holds the title for the most expensive unit ever sold in the city.
Curbed has uncovered filings with the Attorney General’s office that show the preliminary price list for the SHoP-designed 1,421-foot tower, which is being developed by JDS Development Group and Property Markets Group. The records indicate that there will be condos in the landmarked Steinway Hall, as well in the tower addition. “The ‘landmark units’ will be smaller and cheaper, starting at $1 million for a studio, while the ‘tower units’ will start at $13 million for a three-bedroom.”
Real Estate Wire: Downtown Brooklyn is a Shining Example of Good Development; One of Greenwich’s Oldest Homes Could be Razed, Tue, July 15, 2014
- Vornado Realty Trust and Crown Acquisitions have just paid $700M for 24,700 square feet of retail space plus air rights at the St. Regis Hotel and a neighboring townhouse. Insiders suspect they’re looking to get in on booming retail sales which could lead to higher future rents. [TRD]
- Michael Stern’s JDS Development Group, together with Largo Investments, bought a West Chelsea parcel near the High Line Park for $34.75 million. [TRD]
- There’s an 8-story hotel opening in Bushwick this Fall. [DNA Info]
- One of the oldest homes in Greenwich Village could be razed to make way for condos. The property at 121 Charles Street has been listed as a development site. [NYDN]
- The luxury rentals at 200 East 11th Street have just hit the market. You can expect to pay $3,900 for a studio, $5,800 for a one-bedroom, and $9,350 for a two-bedroom. [Curbed]
- Downtown Brooklyn is being touted as a shining of example of how careful planning and meaningful investment can revitalize and urban center. [Crain’s]
The green roof planned for the BAM South Tower in Downtown Brooklyn (left); 121 Charles Street (right)
Take two Art Deco commercial buildings designed by Robert Walker in the roaring twenties and mix in a little 21st century residential conversion magic by JDS Development Group, Property Markets Group, and Starwood Capital Group, and what do you get?
Apparently two highly successful projects that now have even more in common – owners who have purchased units in both buildings.
In the last few days the streets surrounding the High Line in Chelsea have had their fair share of development speculation, with two major developers potentially scooping up sites on West 18th, West 19th and West 24th .
It is rumored the Related Companies may be willing to shell out a whopping $200 million — or $700 per buildable square foot —for the West 18th and West 19th parcels, both currently parking facilities.
But the jaw-dropping $800 per buildable square foot that Michael Stern, head of JDS Development Group, could be spending as part of a joint venture with Largo Investments on the two three-story buildings that now stand at 510-514 West 24th would be a record breaking sum. Recouping that $32 million investment would mostly likely necessitate fairly steep pricing for the finished apartments.
If the deals come to fruition, only time will tell if the appeal of the High Line will be strong enough to support such lofty sums, but the interest of two major development players certainly makes this a location to watch.
[Via Crain’s New York]