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How Related Leased 7 Million Square Feet of Office Space at Hudson Yards
How Related leased 7 million square feet of office space at Hudson Yards March 19,2019 | by Rebecca Baird-Remba When Related Companies began searching for tenants to fill its first, 1.8-million-square-foot office tower at Hudson Yards in 2011, its leasing brokers had to convince companies to move to a neighborhood that was still a hole in the ground. The development firm was in the middle of decking over the 26-acre West Side rail yard and laying the foundations for the first phase of its sprawling, mixed-use development, which would eventually encompass 18 million square feet of commercial and residential space. Stephen Winter, a senior vice president at Related who has led much of the office leasing at Hudson Yards, had to show CEOs that their workers would one day have access to dozens of casual lunch options and restaurants. One day, the hole in the ground would be home to a million square feet of retail—luxury retailers, fast fashion stores, food halls, five star eateries and interactive art exhibits. But none of it was built yet, and back then, asking tenants to lease hundreds of thousands of square feet at Hudson Yards was a gamble. “Six, seven years ago, we had to break through doors and be as persistent as ever,” Winter explained. “It was a totally new place for everyone. It was a blank slate, an open piece of land with rail yards beneath it.” He gave “credit where credit was due” to the first crop of tenants who signed on to 10 Hudson Yards, including Coach, L’Oreal and SAP, which opened as the development’s first office building in 2016. -
55 Hudson Yards
PTI Journal Technical Session Papers 55 HUDSON YARDS By FLORIAN AALAMI Authorized reprint from: December 2017 issue of the PTI Journal Copyrighted © 2017, Post‐Tensioning Institute All rights reserved. TECHNICAL SESSION PAPERS 55 HUDSON YARDS BY FLORIAN AALAMI INTRODUCTION will include more than 17 million ft2 (1.6 million m2) of Hyperstatic forces were recently used to resolve a commercial and residential space, state-of-the-art office major challenge facing the structural design of 55 Hudson towers, more than 100 shops, a collection of restaurants, Yards, a Manhattan, NY, high-rise that will be partially approximately 4000 residences, 14 acres (5.67 ha) of constructed over and supported by an existing structure public open space, and a 750-seat public school. Half of (Fig. 1). The design scheme required the columns of the the project extends over an existing rail yard; the 30 active existing structure to provide partial support for the new train tracks are slowly being covered by a massive plat- construction. The challenge was to match the anticipated reactions of the new construction, which are governed by the building’s architectural design and construction scheme, to the location and capacity of the columns of the existing structure. While the combined capacity of the columns of the existing structure could support the weight of the new construction, the distribution of the reactions from the new construction was considerably different from the capacities of the existing supports. Among the several options explored, the use of post-tensioning configured to generate a set of hyperstatic reactions so that the reac- tions from the new structure matched the capacity of the existing supports proved to be the most practical and effective scheme. -
CTBUH Journal
About the Council The Council on Tall Buildings and Urban Habitat, based at the Illinois Institute of Technology in CTBUH Journal Chicago and with a China offi ce at Tongji International Journal on Tall Buildings and Urban Habitat University in Shanghai, is an international not-for-profi t organization supported by architecture, engineering, planning, development, and construction professionals. Founded in 1969, the Council’s mission is to disseminate multi- Tall buildings: design, construction, and operation | 2014 Issue IV disciplinary information on tall buildings and sustainable urban environments, to maximize the international interaction of professionals involved Case Study: One Central Park, Sydney in creating the built environment, and to make the latest knowledge available to professionals in High-Rise Housing: The Singapore Experience a useful form. The Emergence of Asian Supertalls The CTBUH disseminates its fi ndings, and facilitates business exchange, through: the Achieving Six Stars in Sydney publication of books, monographs, proceedings, and reports; the organization of world congresses, Ethical Implications of international, regional, and specialty conferences The Skyscraper Race and workshops; the maintaining of an extensive website and tall building databases of built, under Tall Buildings in Numbers: construction, and proposed buildings; the Unfi nished Projects distribution of a monthly international tall building e-newsletter; the maintaining of an Talking Tall: Ben van Berkel international resource center; the bestowing of annual awards for design and construction excellence and individual lifetime achievement; the management of special task forces/working groups; the hosting of technical forums; and the publication of the CTBUH Journal, a professional journal containing refereed papers written by researchers, scholars, and practicing professionals. -
Fairytale of New York: Hudson Yards
September 29th, 2017 Fairytale of New York: Hudson Yards At three times the size of the Rockefeller Center, when it is fully built out, some time around 2040, more than 27m sq ft of new class-A office space, 20m sq ft of new housing, 3m sq ft of hotels and 2m sq ft of retail will have been delivered by developers that include Related Companies, Oxford Properties, Brookfield and Tishman Speyer. Millions of square feet of space have already been completed and leased to blue-chip occupiers, and further significant deals are rumoured to be on the cards. No wonder the Hudson Yards district is one of the hottest property markets in New York City at the moment. So how did a development of this scale and ambition come about, who is doing what in the district and where is Hudson Yards’ new office occupier base being drawn from? Historically the Hudson Yards district consisted of warehousing and industrial space alongside the Manhattan waterfront. The area primarily acted as a rail hub that was fed 747 Third Avenue, Floor 18 New York, NY 10017 212.889.0808 [email protected] marinopr.com by the High Line - which closed years ago and has over the past decade been converted into green public spaces - as well as the Long Island Rail Road. But that all started to change when New York mayor Michael Bloomberg came to power in the early 2000s. “He noted that the average age of commercial office property in Manhattan was north of 75 years and with that in mind, he said, quite correctly, if we’re going to attract the best and brightest in the TAMI [technology, advertising, media and information] sectors, we’ve got to have some new product,” says Bruce Mosler, chairman of global brokerage at Cushman & Wakefield. -
Press Release
Press Release Elevator Technology 24.09.2018 Page 1/4 The next Mega Project: thyssenkrupp confirmed as official vertical transportation provider for the Hudson Yards development in New York • Up to 40 TWIN elevators, the world’s only elevator system with two independently operating cars in one shaft, will be installed at 50 Hudson Yards, saving significant space and energy while improving travel times. • More than 100 elevator and escalator units will be installed at Hudson Yards, all featuring the industry’s first predictive maintenance system, MAX. thyssenkrupp Elevator, a world leader in urban mobility solutions, has been contracted by Hudson Yards to design and install up to 40 TWIN elevator systems for its 50 Hudson Yards building; 27 elevators for the 55 Hudson Yards building; and 12 elevator and escalator units for The Shed. Hudson Yards is the largest private real estate development in U.S. history and the largest development in New York City since Rockefeller Center. The site will include more than 18 million square feet of commercial and residential space, state-of-the-art office towers, more than 100 shops and approximately 4,000 residences. thyssenkrupp will also provide its elevator predictive maintenance service MAX, the industry’s first cloud-based solution, set to reduce elevator downtime by half. According to Andreas Schierenbeck, thyssenkrupp Elevator CEO, “We are transforming the industry with groundbreaking mobility solutions that address the critical elements for a sustainable urbanization, space availability and transport efficiency. We are very proud for having been selected by Hudson Yards for this mega project, it shows how much building developers are acknowledging our efforts.” Fifty Hudson Yards is a 300-m tall building, designed to become the fourth largest commercial office building in Manhattan when completed in 2022, and is the centre piece of the Hudson Yards development in Manhattan’s West Side. -
Hudson Yards Vessel Directions
Hudson Yards Vessel Directions BareknuckleSky remains pinchpenny:Jeromy outbox she no depaint severies her pranks smaragdine extremely sow after too heavily? Noe embed Is Hill punishingly, atomic when quite Clement illiquid. pirates betwixt? 22072020 Me visiting the count in 2019 really warm this amazing new sight. How even does it take and walk the Highline? About TAK Room. How at get tickets Same-Day toll FREE two day time-specific tickets please visit us onsite beginning at 930am Same day tickets are available have all trace the interactive kiosks in the Shops and Restaurants at 20 Hudson Yards and the interactive kiosks on prior Public failure and Gardens. VIDEO Hudson Yards Unveils Holiday Lights Display. Hudson Yards' Vessel will to open rack the slot this overnight and in surrender of. Go of the Holland Tunnel and cash right to Hudson Street North. Is Hudson Yards the Mall of where Future GQ. Guide To Hudson Yards The machine The care Space The. Check its New York City's newest landmark The helicopter at Hudson Yards. Sailing Directions for British Columbia. The High Line is a strict park built on a historic freight one line elevated above the streets on Manhattan's West Side. Vessel Hudson Yards. I remain not post explicit directions and plans since I have more been compulsory before but lets meet first the ticket line remains for morning walk until the vessel. PHOTOS See inside Hudson Yards' climbable 'Vessel' 6sqft. Sure The Shops Restaurants at Hudson Yards is located in a. Stop easy and see us after visiting the great-renowned Vessel monument walking the city's High profit or enjoying a concert at trial Shed. -
Hudson Yards 2019-30HY Mortgage Trust Table of Contents
JUNE 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT Hudson Yards 2019-30HY Mortgage Trust Table of Contents Capital Structure 3 Transaction Summary 3 Rating Considerations 5 DBRS Viewpoint 5 Strengths 6 Challenges & Considerations 6 Property Description 8 Tenant and Lease Summary 9 Market Overview 10 Local Economy 10 Office Market 11 Office Submarket Description 12 Competitive Set 13 5 Manhattan West 13 55 Hudson Yards 13 10 Hudson Yards 13 441 Ninth Avenue 13 1 Manhattan West 14 The Farley Building 14 50 Hudson Yards 14 Sponsorship 14 DBRS Analysis 15 Site Inspection Summary 15 DBRS NCF Summary 16 DBRS Value Analysis 17 DBRS Sizing Hurdles 17 Loan Detail & Structural Features 18 Transaction Structural Features 19 Methodology 20 Surveillance 21 Chandan Banerjee Edward Dittmer Senior Vice President Senior Vice President +1 (212) 806 3901 +1 212 806 3285 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] HUDSON YARDS 2019-30HY JUNE 2019 Capital Structure Description Rating Action Class Amount Subordination DBRS Rating Trend Class A New Rating – Provisional 348,695,000 35.831% AAA (sf) Stable Class X New Rating – Provisional 389,169,000 -- AAA (sf) Stable Class B New Rating – Provisional 40,474,000 28.383% AA (high) (sf) Stable Class C New Rating – Provisional 38,758,000 21.507% A (high) (sf) Stable Class D New Rating – Provisional 147,887,000 10.621% A (low) sf Stable Class E New Rating – Provisional 144,286,000 0.000% BBB (sf) Stable Class RR NR 30,320,000 0 NR Stable RR Interest NR 7,580,000 0 NR Stable 1. -
Boston Properties and the Moinian Group Announce Their Partnership on the Development of 3 Hudson Boulevard, a Premier Class A
Boston Properties and the Moinian Group Announce Their Partnership on the Development of 3 Hudson Boulevard, a Premier Class A Office Development on Manhattan’s Far West Side July 23, 2018 NEW YORK--(BUSINESS WIRE)--Jul. 23, 2018-- Boston Properties (BXP), today announced an agreement to purchase a minority interest in and become the Managing Partner of a partnership with The Moinian Group to develop 3 Hudson Boulevard, a 2.0 million-square-foot, Class A office tower located on the entire square block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35th Street. Said John Powers, EVP of BXP, “3 Hudson Boulevard is clearly one of the most exciting large office sites in Manhattan and, with foundations in place, we expect it will be ready for vertical construction for an anchor tenant in the second quarter of 2019, with occupancy in the first half of 2023. The building, which will be 57 stories tall, sits just to the north of the massive Hudson Yards development, and will have some of the best light, views, green spaces and transportation options anywhere in the City.” Said Joseph Moinian, Founder and CEO of the Moinian Group, “Boston Properties is one of the country’s pre-eminent developers with an outstanding track record in bringing landmark buildings to fruition, and we are delighted to partner with them on the crown jewel of our portfolio. BXP shares our commitment to tenant-landlord relationships and industry-leading building management making them a perfect partner on this important project. We fully expect 3 Hudson Boulevard will be one of the most desirable office addresses on the Far West Side for generations to come.” Designed by the prominent architect Dan Kaplan FAIA, LEED, of FXCollaborative, 3 Hudson Boulevard will include 50K square-foot plates in the podium, 30K-37K square-foot, column-free floor plates in the tower office floors, 10-foot-high finished ceilings, and floor-to-ceiling windows. -
Fur District’
Nypost.com March 14, 2018 Well-heeled New Yorkers are flocking to the ‘Fur District’ By Emily Nonko Impressions 23,917,718 Simon Fagg recently moved to amenity-laden rental Abington House. It's just one of the projects energizing 30th Street, once the domain of 9-to-5ers. Zandy Mangold n In the 1970s, Bennett Model commuted to work on 30th Street at his family’s company, a buying office that purchased luxury outerwear for stores around the I world. At the time, the area was known as the Fur District: Between 30th and 27th streets and Sixth and Eighth avenues, “there were over 350 fur-related companies” — and not much else, says Model, now 70. It was unfathomable that the neighborhood would attract more than a 9-to-5 crowd; the swath south of Penn Station and the Empire State Building was dominated by Nypost.com March 14, 2018 commercial businesses and had nothing in the way of nightlife. “It wasn’t a place where people lived,” Model says. Today, developers are building 346 condo and rental units along 30th Street, from the Hudson to the East River, according to Halstead Property Development Marketing. New residents bullish on the area include Simon Fagg, a 42-year-old Brit who moved to a studio at 500 W. 30th St.’s Abington House in 2015. The shift was, of course, gradual. In the 1990s, Model witnessed fur companies getting priced out or taking business elsewhere, and warehouses were converted to loft apartments. These days, he observes, practically everything — the under-construction towers, the Kimpton Hotel Eventi (renovated in 2015), Nordstrom Rack (opened in fall 2017) and hip Till & Sprocket restaurant (a 2016 debut) — is different. -
Q1 2016 New York Office Outlook
Office Outlook New York | Q1 2016 Vacancy moves higher as large blocks are added to the market • The Manhattan office market showed signs of caution in the first quarter of 2016 as vacancy moved higher and renewal activity increased. • While there have been concerns about slower expansion in the tech sector—as a result of a potential pullback in venture capital—the TAMI sector remained strong in Midtown South. • Investment sales activity slowed in the first quarter of the year after a strong 2015 with 120 sales totaling $12.3 billion, down nearly 20 percent year-over-year. JLL • Office Outlook • New York • Q1 2016 2 New York overview The Manhattan office market showed signs of caution in the first comprised the majority of leasing activity. McGraw Hill Financial Inc. quarter of 2016 as vacancy moved higher and renewal activity—rather renewed at 55 Water Street in Lower Manhattan for 900,027 square feet than relocations and expansions—captured the bulk of top in the largest lease of the quarter. Salesforce.com subleased 202,678 transactions. Manhattan Class A vacancy rose as several large blocks square feet at 1095 Avenue of the Americas in a transaction that were returned to the market. The vacancy rate for Midtown Class A included a provision to replace MetLife’s name atop the building with its space increased to 11.6 percent, up from 10.4 percent at year-end own, in full view of highly-trafficked Bryant Park. In Midtown South, 2015. Average asking rents were also higher as a result of newer and Facebook continued its massive expansion in a 200,668-square-foot higher quality product becoming available. -
Investor Relations | SL Green Realty Corp
SL GREEN REALTY CORP. REITWEEK, NAREIT’S INVESTOR FORUM JUNE 2019 SL GREEN – MANHATTAN’S LARGEST COMMERCIAL LANDLORD PROPERTIES CURRENTLY OWNED TOTAL FOOTPRINT 115.0M SF COMPANY SNAPSHOT PROPERTIES PREVIOUSLY OWNED CURRENT DPE INVESTMENTS PRIOR DPE INVESTMENTS ENTERPRISE VALUE1 $17.8B BUILDING OWNERSHIP INTERESTS2 111 SQUARE FEET2 48.7M LTM COMBINED REVENUES3 $1.8B ANNUALIZED DIVIDEND PER SHARE (YIELD)4 $3.40 (3.95%) 1. Assuming a Share Price of $86.00 as of 5.31.2019. Enterprise Value Defined as the Sum of the Aggregate Principal Amount of Our Outstanding Indebtedness Including Pro Rata Share of Unconsolidated Joint Ventures, the Aggregate Liquidation Value (Excluding Accrued Dividends) of Our Outstanding Preferred Stock / Preferred Units and the Aggregate Market Value of Our Outstanding Common Equity Assuming that Each Partnership Unit Owned by a Third Party has a Market Value Equal to One Share of Common Stock. Balance Sheet Items as of 3.31.2019, With the Exception of Share Count and Share Price as of 5.31.2019. 2. Includes 34 Debt and Preferred Equity Investments Secured by 18.7M SF as of 3.31.2019 SL GREEN REALTY CORP. GREEN REALTY SL 3. Combined Revenues Defined as Total Consolidated Revenues and SLG Share of Unconsolidated Joint Venture Revenues as of 3.31.2019 4. Market data as of 5.31.2019 2 MANHATTAN OFFICE OWNERSHIP 30.0 28.5 25.0 23.8 PUBLIC REITS 22.1 20.0 18.2 16.9 15.0 12.9 13.6 11.7 12.2 12.5 10.4 10.5 9.3 10.0 8.1 8.4 TOTAL SF OWNED (IN MILLIONS) TOTAL 5.0 0.0 Source: CBRE for All Companies’ Data, Except SLG. -
New York City Third Quarter 2017
Market Report New York City Third Quarter 2017 Avison Young’s 2017 Third Quarter Manhattan Market Report includes our insights on office leasing, investment sales, debt & equity, valuation & advisory and retail activity. While there has been some pullback in investment sales activity and the debt & equity environment, at the same time positive influences have created opportunities within the other groups. In the following pages, we highlight not only the challenges, but also the bright spots that point to a New York City real estate market where the fundamentals overall remain intact. The Manhattan office leasing market was heavily influenced by a greater flight to quality towards the newer and more efficient properties by the less price sensitive tenants committing to significant amounts of space in and around the Hudson Yards area in Midtown. While some members of our valuation and advisory team like to refer to the Hudson Yards area and its emergence as the new “Last Frontier,” both Midtown South and Downtown have proven attractive to a growing mix of tenants including co-working and government/public administration agencies, which helped push leasing volume in these markets well above year-over-year levels. Healthy leasing demand overall has kept the Manhattan market in equilibrium with a 10.4 percent vacancy rate at the end of the third quarter, and plenty of space options remain suitable for all office occupiers regardless of price sensitivity. A weak supply of availabilities led to a decline in investment sales activity when measured by both dollar volume and number of transactions. This trickled down to the debt and equity market, as acquisition financing declined in lockstep.