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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. -
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. -
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. -
Who Are NYC's Most Active Developers?
Who are NYC’s most active developers? The Real Deal ranked the top 10 December 27, 2018 | By Kathryn Brenzel and Kevin Sun The companies behind two mega-developments on Manhattan’s far West Side are the city’s busiest developers — and will likely remain so for the next few years. Related Companies and Brookfield Property Partners are the top two most active developers in the city in terms of the scale of their ongoing projects. Related and Brookfield are respectively being kept busy by their massive mixed-use proj- ects, Hudson Yards and Manhattan West. The Real Deal compiled a list of the city’s busiest developers of new construction, based on building permits issued by the Department of Buildings. Only projects with active permits that have not yet been issued a temporary certificate of occupancy (TCO) as of Dec.19 were included. Alterations were not included in developers’ total square footages or project counts. Here are the top 10 most active developers by square footage, as represented in DOB filings. 1. Related Companies Square footage: 6 million Number of projects: 9 Related’s largest ongoing project is 415 10th Avenue, better known as 50 Hudson Yards. The 2.2 million-square-foot office tower has been the target of multiple protests over the past year, due to the developer’s decision to use both union and nonunion construction labor on the project. Related’s second-largest ongoing project is another office tower at 550 West 34th Street, better known as 55 Hudson Yards. 2. Brookfield Property Partners Square footage: 4 million Number of projects: 4 Brookfield’s largest ongoing project is One Manhattan West, a 2 million-square–foot-plus office tower on Ninth Avenue. -
Brochure Show the Situation During Formwork Assembly and Are Therefore Incomplete from the Safety Aspect
Understanding how to build high faster. Formwork solutions for your highrise project The Formwork Experts. _Understanding your highrise project as a partner _Understanding the construction process truly and being knowledgeable about it is the prerequisite for being a partner in the construction industry. We have this un- derstanding from the initial planning stage through to completion of construction. _Understanding such as this is based on more than 40 years' experience in self- climbing technology and more than 1,000 highrise projects successfully realised worldwide. Construction of the world’s tallest building, the Burj Khalifa in Dubai, 828 metres tall, is an outstanding example. With this comprehensive know-how, we are well-qualified to be your high- performing and reliable partner in highrise construction. 2 Doka is able to look back on a long history of _ understanding. Listening intently, understanding the world as seen through the eyes of our custom- ers, learning to understand all aspects and thinking ahead. We are passionate about not being satisfied with the first solution that might get the job done. Rather, we continue fine-tuning it until we come up with a true benefit for our customers. This is the only way a small woodworking shop could grow into a globally operating form- work company, known by the brand name Doka since 1956. "Thanks to the reliable technology and efficient on-site support provided by Doka, we were able to meet the schedule of Colombo Costruzioni S.p.A. with its detailed plan for completion of the Torre Isozaki build in Milan. As a result, we were able to shorten the original schedule for finishing the building shell by approximate- ly three months." Gianfranco Cesana, Engineering Manager for Colombo Important information: Always observe all relevant safety regulations (e.g. -
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. -
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. -
September 19, 2017 Office Boom Times
September 19, 2017 https://therealdeal.com/2017/09/19/office-boom-times-volume-of-new-space-in-manhattan-inches-close-to- three-year-high/ Office boom times: Volume of new space in Manhattan inches close to three-year high More than 15M sf will be completed between 2017 and 2019: Building Congress By Kathryn Brenzel Over the next three years, more than 15 million square feet of new and redeveloped office space is expected to be completed in Manhattan, according to a new report. That’s the highest volume of new office space completed during a three-year span since 1988-1990, when 15.3 million square feet was finished, according to a report by the New York Building Congress. Included in the 2017-2019 projections are 5 Manhattan West, a 15-story, 1.7 million-square-foot redevelopment by Brookfield Property Partners, and 55 Hudson Yards, a 1.7 million-square-foot office tower being developed by the Related Companies and Oxford Properties Group. The report includes new office buildings and redevelopments where the properties are significantly altered. Between 2020 and 2022, the report estimates, Manhattan will see 7.5 million square feet of new office space across four major projects: SL Green Realty’s One Vanderbilt, Related’s 50 Hudson Yards, Tishman Speyer’s the Spiral and the office portion of Moynihan Train Hall. Those estimations could spike if 2 World Trade Center — a project delayed until Silverstein Properties can nail down an anchor tenant for the 2.8-million- square-foot tower — and other projects get underway. -
30 Hudson Yards & Retail Podium
CASE STUDY 30 Hudson Yards & Retail Podium New York, New York, USA (2016) BACKGROUND OWNER/DEVELOPER: Related Companies 30 Hudson Yards is the tallest of the towers on the Hudson Yards megaproject currently being constructed Oxford Properties Group in New York City’s west side. As part of the largest private real estate development in the history of the United States, 30 Hudson Yards will encapsulate 2.6 million ft2 (241,500 m2), rise over 1,300 ft (400 m) ARCHITECT: Kohn Pedersen Fox (KPF) high, and feature tenants like Time Warner Cable (Charter Cable Company) and Wells Fargo. BUILDING ENVELOPE With 30 Hudson Yards anticipating fortune 500 companies, the need to build a structure that is as CONSULTANT: functional as it is stunning was important. The building would have a below grade foundation which would Wiss, Janney, Elstner Associates, Inc. be subject to possible water penetration and flooding. This required a concrete waterproofing system (WJE) that could fully tank the structure for the entirety of its service life. Kohn Pedersen Fox (KPF) Associates Architecture firm has a world renowned reputation for using the best products possible in all of their ENGINEER: designs. Thornton Tomasetti CONTRACTOR: SOLUTION Tutor Perini Corporation READY-MIX: Kohn Pedersen Fox (KPF) Associates recommended the use of Kryton’s crystalline admixture, Krystol Greco Brothers Ready-Mix Internal MembraneTM (KIM®), a decision supported by the Building Envelope Consultant, Wiss, Janney, Elstner Associates, Inc. KIM was used to waterproof the foundation base slab, elevator pits, and DISTRIBUTOR: flood retention tank under the tower. In order to ensure the construction joints and penetrations are Dry Concrete, LLC watertight, Krystol® Waterstop System (KWS) was used. -
Chelsea NYCHA Working Group Letter from the Chelsea NYCHA Working Group
CHELSEA NYCHA WORKING GROUP FEB 2021 Working Group Members New York State Senator Chelsea Neighborhood Robert Jackson, NY State Senator Local Partners Residents Johanna Garcia Clinton Housing Development Matthew Levy Company Elliott-Chelsea Houses Chris Nickell Darlene Waters, RA President Savannah Wu Sheila Harris, RA Board Member New York State Assembly Member Julie Elliot Jone Lawson, RA Board Member Richard Gottfried, NY Assembly Hudson Guild Peter Lim, RA Board Member Member Ken Jockers Dolores Payon, RA Board Member Wendi Paster Manhattan Community Board 4 Letisa Romero, RA Board Member Matt Tighe Jesse Bodine Rodney Rutherford, RA Board Member Office of the New York City Public Elzora Cleveland Arimy Fuentes Advocate Nelly Gonzalez Florence Hunter Jumaane Williams, NYC Public Lowell Kern Mary Taylor Advocate Betty Mackintosh Barbara Waddell Steele Delsenia Glover, Deputy Public Mike Noble Fulton Houses Advocate, Housing Equity Joe Restuccia Miguel Acevedo, RA President Ivie Bien Aime John Roche, RA Board Member Office of the New York City Lenny Rosado, RA Board Member Comptroller Nonprofit Organizations Guy Cantales Scott Stringer, NYC Comptroller Citizens Budget Commission Mae Chestnut Brian Cook Sean Campion Eddie Lauria Dylan Hewitt Andrew Rein Mary McGee Nina Saxon Walkiris Rosado Citizens Housing Planning Council Manhattan Borough President Samuel Rosedietcher Jessica Katz Gale Brewer, Manhattan Borough Evelyn Suarez President Community Service Society Hector Vazquez, previously a Lizette Chaparro of New York resident of Elliott-Chelsea Hally Chu Victor Bach Brian Lewis Sam Stein Jessica Mates Tom Waters* Government New York City Council Hester Street U.S. Representative Corey Johnson, City Council Speaker Ibrahim Abdul-Matin Jerry Nadler, U.S. -
Savills Studley Report New York City Office Sector Q4 2015
Savills Studley Research New York City Savills Studley Report New York City office sector Q4 2015 SUMMARY Market Highlights CLASS A AVAILABILITY RATE RISES IN posted a similar 2.1% quarter-on-quarter MIDTOWN decrease, with the rate falling to $64.33 to “Flight to quality. Downtown, the Jersey As expected, Manhattan's Class A availability end 2015. Waterfront and Long Island City are no longer rate reversed directions, rising by 0.6 pp stalking horses. Tenants are taking advantage to 12.3%. Midtown’s Class A rate rose by LEASING ACTIVITY GROWS of the lower rents and strong incentives in 1.2 pp to 11.8%, offsetting decreases of Fourth quarter leasing totaled 7.1 msf, 0.7 pp to 15.9% Downtown and 2.4 pp jumping from the third-quarter total of 6.6 these locations." Jeffrey Peck, Executive to 1.8% in Midtown South. Manhattan's msf and just below the market’s long-term Managing Director Class A rate is likely to register additional annual average. Even as more tenants are increases in 2016 as more big blocks priced out of Midtown South, deal volume “This has been a year of amazing change. with 2017 occupancy impact availability. was sustained during the quarter. Activity The flow of firms to Hudson Yards Downtown declined during the quarter, CLASS A RENTS FALL falling by 12.7%, but leasing in Midtown accelerated, intensifying the hollowing Class A asking rent in Midtown fell by 3.5% jumped to 4.5 msf as Hudson Yards out of office buildings in Midtown's core." completed another round of transactions. -
TENSION BUILDING at HUDSON YARDS Related’S Lawsuit Looks to Break a Union Leader’S Grip on City Construction PAGE 17
CRAINSNEW YORK BUSINESS CRAINNEW YORKS BUSINESS NEW YORK BUSINESS® MARCH 12 - 18, 2018 | PRICE $3.00 TENSION BUILDING AT HUDSON YARDS Related’s lawsuit looks to break a union leader’s grip on city construction PAGE 17 VOL. XXXIV, NO. 11 WWW.CRAINSNEWYORK.COM GENIUS THE LIST SECRET IDEAS LARGEST CEO FOR THE MINORITY-OWNED COMPANIES PAY MTA P. 20 P. 4 P. 15 NEWSPAPER P001_CN_20180312.indd 1 3/9/18 7:40 PM MARCH 12 - 18, 2018 CRAINSNEW YORK BUSINESS ON THE COVER PHOTO: BUCK ENNIS FROM THE NEWSROOM | AARON ELSTEIN | SENIOR REPORTER Party of one LAST WEEK WeWork acquired Conduc- tor, a search-engine-optimization company. Now the oce-sharing rm’s tenants can call WeWork for advice on making their busi- ness rank higher on Google searches. It could prove to be such a useful perk that big land- lords all over town will be compelled to oer the service. SEO rms, your ship truly has come in. I mention that deal because it helps explain why the stock market continued to roll along even as President Donald Trump drove every- one nuts with his “Will he or won’t he?” tari policy, which led to the resignation of Gary Cohn. A number of advisers have le this White House—of the 14 New Yorkers Crain’s identied as having an “inside track” to Trump in advance of his inauguration, ve have since le the administration or decided not to join it—but the departure of the P. 17 chief economic adviser marked the rst exodus by someone consid- ered a mainstream policy expert.