Responses to Comments Received During Significant Action Process
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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. -
A Map of Free Meals in Manhattan
washington heights / inwood north of 155 st breakfast lunch dinner ARC XVI Fort Washington m–f 12–1 pm 1 4111 BROADWAY Senior Center $2 ENTER 174th ST (A 175 ST) 2 ARC XVI Inwood Senior Center m–f 8:30– m–f 12–1 p m 84 VERMILYEA AVE (A DYCKMAN ST) 9:30 am $1 $1.50 Church on the Hill Older Adults 3 Luncheon Club 2005 AMSTERDAM AVE m–f 1 p m A map of free meals in Manhattan (C 163 ST AMSTERDAM AVE) $1.50 W 215 ST m–f 9– m–f 12–1:30 washington 4 Dyckman Senior Center heights & 3754 TENTH AVE (1 DYCKMAN ST) 10:30 am 50¢ pm $1 BROADWAY inwood Harry & Jeanette Weinberg m–f, su map key symbols key 5 Senior Center 54 NAGLE AVE 12–1 pm (1 DYCKMAN ST) $1.50 2 TENTH AVE SEAMEN AVE Moriah Older Adult Luncheon m-th 1:15–2 pm All welcome Mobile kitchen Residents only 204 ST 11 — 207 ST 6 f 11:45–12:15 pm Club 90 BENNETT AVE (A 181 ST) $1.50 — 205 ST Brown bag meal Only HIV positive 4 Riverstone Senior Center m–f 12–1 Senior Citizens — 203 ST 7 99 FORT WASHINGTON AVE (1 ,A,C 168 ST) pm $1.50 VERMILYEA SHERMANAVE AVE AVE POST AVE — 201 ST m–f m–f 12–1 pm Must attend Women only 8 STAR Senior Center 650 W 187th ST (1 191 ST) 9 a m $1.50 Under 21 services ELLWOOD ST NINTH NAGLE AVE UBA Mary McLeod Bethune Senior m–f 9 am m–f 12–1 pm 9 Center 1970 AMSTERDAM AVE ( 1 157 ST) 50¢ $1 HIV Positive Kosher meals 5 Bethel Holy Church 10 tu 1–2 pm 12 PM 922 SAINT NICHOLAS AVE (C 155 ST) Women Must call ahead to register The Love Kitchen m–f 4:30– BROADWAY 11 3816 NINTH AVE (1 207 ST) 6:30 pm W 191 ST Residents AVE BENNETT North Presbyterian Church sa 12–2 pm 8 W 189 ST 12 525 W 155th ST (1 157 ST) 6 W 187 ST W 186 ST W 185 ST east harlem W 184 ST 110 st & north, fifth ave–east river breakfast lunch dinner harlem / morningside heights ST AVE NICHOLAS W 183 ST 110 155 Corsi Senior Center m–f 12– st– st; fifth ave–hudson river breakfast lunch dinner 63 W 181 ST 307 E 116th ST ( 6 116 ST) 1 pm $1.50 WADSWORTH AVE WADSWORTH 13 Canaan Senior Service Center m–f W 180 ST W 179 ST James Weldon Johnson Senior m–f 12– 10 LENOX AVE (2 ,3 CENTRAL PARK NO. -
Manhattan New Construction & Proposed Multifamily Projects 4Q20
Manhattan New Construction & Proposed Multifamily Projects 4Q20 83 85 82 12 41 62 ID PROPERTY UNITS 6 30 Morningside Drive 205 Total Lease Up 205 12 HAP Seven NY 129 15 418 West 126th Street 75 19 Victoria Theatre 191 15 Total Under Construction 395 19 37 Broadway Development 130 6 41 210 Wadsworth Avenue 98 46 Total Planned 228 43 96th Street 171 43 46 Frederick Douglass Blvd 100 37 62 4037 Broadway 132 82 The Heights on Broadway 171 83 Sherman Plaza 272 85 3875 9th Avenue 614 Total Prospective 1,460 2000 ft Source: Yardi Matrix LEGEND Lease-Up Under Construction Planned Prospective Manhattan New Construction & Proposed Multifamily Projects 4Q20 44 73 ID PROPERTY UNITS 1 The Smile 233 3 Convivium 140 45 4 Sixty 125 141 4 39 23 26 5 Two Waterline Square 435 Total Lease Up 949 1 74 13 75 10 Sendero Verde Phase II 361 22 24 13 One East Harlem 404 25 Total Under Construction 765 49 22 15 West 118th Street 51 38 23 1971 Madison Avenue 93 10 24 72 East 120th Street 218 77 25 77 East 118th Street 202 47 26 East 127th Street 152 38 La Hermosa Tower 160 39 2031-2033 5th Avenue 240 Total Planned 1,116 48 44 58 West 135th Street 100 45 64-74 West 125th Street 200 47 1987-1991 3rd Avenue 59 76 48 1988-1996 2nd Avenue 185 49 248 East 120th Street 86 50 308 East 86th Street 68 78 52 Lenox Hill Hospital 200 73 Lenox Terrace Phase II 1,642 74 1800 Park Avenue 670 50 75 2460 2nd Avenue 730 3 76 321 East 96th Street 1,100 77 East River Plaza 1,100 52 5 78 Holmes Towers NextGen Development 339 Total Prospective 6,479 1000 ft Source: Yardi Matrix LEGEND -
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. -
2014 City Council District Profiles 2015 City
M A N H AT TA N CITY COUNCIL DISTRICT 20142015 CityCity CouncilCouncil DistrictDistrict ProfilesProfiles E 86 ST W 72 ST THE LAKE 35 BOAT Parkland BASIN UPPER EAST LINCOLN • SIDE E 77 5 1 Hudson River Park (S) ST NEW SQUARE JERSEY W 62 ST 2 The High Line• W 60 ST 3 De Witt Clinton Park• W 59 ST LENOX W 58 ST 19 4 Chelsea Park• HILL 6 W 57 ST W • 3 56 5 James J Walker Park W S E 68 ST 55 7 W 54 ST ST 6 Corporal John A. Seravalli W Midtown 50 W 53 ST Playground ST 31 Hell’s Kitchen Y A 7 CentralTHE PON ParkD W E 63 ST Times Square HELLS KITCHEN D W 52 ST A 8 Vesuvio Playground W 51 ST O Garment District R 11 9 B 9 Gutenberg Playground VE Chelsea A 1 21 E 59 ST 1 W 49 ST 10 William F. Passannante Flatiron W 48 ST Ballfield VE 15 29 W Midtown South A 47 S VE 2 W A • 1 46 S T 11 Hell’s Kitchen Park West Village VE T ON A T TURTLE 0 12 Penn South Playground Greenwich Village 1 16 BAY TIMES XING SQUARE 13 Dr. GertrudeLE B. Kelly W 41 ST W 40 Playground W S 39 T E 51 ST W S 37 T 14 Clement Clarke W 36 ST W 38 ST ST Moore Park 2 W 34 ST W 35 ST W HUDSON 33 15 Matthews–Palmer S GARMENT RIVER T W 29 DISTRICT Playground W S W 28 T 31 S W S W 27 T 30 T 16 McCaffrey Playground S S W 26 STT T 4 17 Jefferson Market TUDOR W CITY 25 MURRGardenAY • 26 ST 4 HILL 1 3 18 Chelsea Recreation 18 30 Center 12 19 Broadway Malls MIDTOWN VE VE A A 14 8 SOUTH 9 20 Bleecker Playground VE A 7 21 Clinton Community W CHELSEA 24 S Garden HUNTERS W 23 T POINT W W S W 20 ST 21 22 S T E 28 ST 22 Father Demo Square ST T W 19 ST 23 Downing Street 13 W 18 ST W 17 ST Playground -
Hudson Yards Takes Shape: New York's Newest
BUSINESS | 12.15.2014 @4:16PM Hudson Yards Takes Shape: New York’s Newest Neighborhood Is Moving Full-Speed Ahead by Alicia Adamczyk Hudson Yards is transforming into one of the premiere destinations in New York City – and just might reinvigorate the city’s brick and mortar retail ecosystem in the process. The $20 billion, 28-acre development will bring more than 100 shops, fi ve state-of-the-art offi ce towers and an estimated 65,000 visitors a day to Manhattan’s West Side on some of the last undeveloped land on the island. All of this is expected to drive an estimated $3 billion in sales per year (and that’s before taking into account what will trickle down to businesses in Chelsea, SoHo and the surrounding areas). “We’re delivering a project here that’s going to enhance what’s already here,” says Kenneth Himmel, the president and Chief Executive Offi cer of Related Urban, the site’s developer. “It’s a complimentary statement.” Himmel says the space will have something for everyone: Exception- al cuisine and shopping will abut 14 acres of open public space and a Culture Shed that will accommodate large-scale cultural programming year-round, including Fashion Week, awards shows, art exhibitions and more. All of this is part of Phase I of the project, slated to be completed incrementally over the next fi ve years. “We’re really going to become a destination,” Himmel says. “The magic of what’s happening here is it’s got the best of all of the qualities that make a great downtown or a great destination project work … it takes the Hudson Yards from the northwest right retailers, the right restaurants, every part of this needs to come together the right way.” Himmel ensures the “hand-crafted” nature of everything — from the dining stalls in the Kitchens to the last retailer in the Shops – will lend an aura of exclusivity and sophistication to the project. -
Summary of Sexual Abuse Claims in Chapter 11 Cases of Boy Scouts of America
Summary of Sexual Abuse Claims in Chapter 11 Cases of Boy Scouts of America There are approximately 101,135sexual abuse claims filed. Of those claims, the Tort Claimants’ Committee estimates that there are approximately 83,807 unique claims if the amended and superseded and multiple claims filed on account of the same survivor are removed. The summary of sexual abuse claims below uses the set of 83,807 of claim for purposes of claims summary below.1 The Tort Claimants’ Committee has broken down the sexual abuse claims in various categories for the purpose of disclosing where and when the sexual abuse claims arose and the identity of certain of the parties that are implicated in the alleged sexual abuse. Attached hereto as Exhibit 1 is a chart that shows the sexual abuse claims broken down by the year in which they first arose. Please note that there approximately 10,500 claims did not provide a date for when the sexual abuse occurred. As a result, those claims have not been assigned a year in which the abuse first arose. Attached hereto as Exhibit 2 is a chart that shows the claims broken down by the state or jurisdiction in which they arose. Please note there are approximately 7,186 claims that did not provide a location of abuse. Those claims are reflected by YY or ZZ in the codes used to identify the applicable state or jurisdiction. Those claims have not been assigned a state or other jurisdiction. Attached hereto as Exhibit 3 is a chart that shows the claims broken down by the Local Council implicated in the sexual abuse. -
One of Manhattan's Largest Availabilities
One of Manhattan’s Largest Availabilities SUBLEASE DETAILS FLOOR SIZE Entire 14th Floor 50,464 RSF Entire 13th Floor 56,336 RSF Entire 12th Floor 56,150 RSF Entire 11th Floor 57,279 RSF Entire 10th Floor 56,730 RSF Entire 9th Floor 59,796 RSF Entire 8th Floor 59,329 RSF Entire 7th Floor 60,295 RSF Entire 6th Floor 60,290 RSF Entire 5th Floor 61,113 RSF Entire 4th Floor 61,139 RSF TOTAL 638,921 RSF ASKING RENT TERM Upon Request Through April 30th, 2035 COMMENTS • Floors feature 5 sides of windows and great ceiling heights - Slab heights just under 14 feet • Steps from Penn Station and Herald Square • Major office tenants include: Madison Square Garden, AMC Networks and Macy’s • Telecom: Verizon/ XO Communications, Cogent, MCI/ Verizon Business, Everest Broadband, Time Warner Cable, Light Tower, Cablevision • On-site messenger center stacking plan RSF ELEVATOR BANK TENANT - RSF (LXD) 4,561 23 AMC Networks 14,500 22 AMC Networks 14,500 21 AMC Networks 22,300 20 AMC Networks 24,114 19 AMC Networks 42,137 18 AMC Networks 43,687 17 AMC Networks 44,611 16 AMC Networks 44,611 15 AMC Networks 50,464 14 Macy’s (4/2035) 56,336 13 *Controlled Macy’s (4/2035) solely by Macy’s 56,150 12 Macy’s (4/2035) 57,279 11 Macy’s (4/2035) 56,730 10 Macy’s (4/2035) 59,796 9 Macy’s (4/2035) 59,329 8 Macy’s (4/2035) 60,295 7 Macy’s (4/2035) 60,290 6 Macy’s (4/2035) 61,113 5 Macy’s (4/2035) 61,139 4 Macy’s (4/2035) 60,976 3 MSG Holdings 54,090 2 AMC Networks TOTAL 1 2 3 4 1 C 8 C 4 C 7 C ar ars ars* ars 1,009,008 11 PENN PLAZA | RECEPTION & AMENITY W 32NDW 32ND STREET RENDERING | RECEPTION 7TH AVE 7TH AVE W 31STW 31ST STREET 11 PENN PLAZA | MEETING & COLLABORATION W 32NDW 32ND STREET RENDERING | MEETING + COLLABORATION 7TH AVE 7TH AVE W 31STW 31ST STREET 11 PENN PLAZA | OPEN WORK & BREAKOUT W 32NDW 32ND STREET RENDERING | OPEN WORKSPACE 7TH AVE 7TH AVE W 31STW 31ST STREET TYPICAL FLOOR PLAN | TECH COMPANY proposed test fit pg . -
June 28, 2020 Pursuant to Section 2896 (3) of the New York Public
June 28, 2020 Pursuant to Section 2896 (3) of the New York Public Authorities Law, the Hudson River Park Trust reports that: (a) pursuant to Hudson River Park Act Section 7.3, the Hudson River Park Trust does not own any real property: it is the lessee under long term leases from each of the State and City of New York, respectively, demising all of the real property constituting Hudson River Park; and (b) the Hudson River Park Trust (the “Trust”) disposed of the following real property in Fiscal Year 2017-2018: 1. West 30th Street, LLC Action: Sale of Excess and Unused Development Rights Transaction Date: May 9, 2019 Purchase/Sale Price: $11,164,812.50 Property Address: Chelsea Piers, Block 662, Lots 11, 16 and 19 of the Tax Map of the Borough of Manhattan, County of New York, City of New York Description: Pursuant to the 2013 amendment to the Hudson River Park Act, the Trust sold 34,562.5 square feet of excess and unused development rights associated with Piers 59, 60 and 61 in the Chelsea section of New York City (the “Air Rights”). New York City amended its Zoning Resolution to allow for the transfer of the Air Rights to West 30th Street, LLC, which property is located across Route 9A/12th Avenue at 604 and 606 West 30th Street in Manhattan, New York (Tax Lot Block 675, Lots 38 and 39). An independent appraiser engaged by the Trust established the fair market value of the subject 34,562.5 square feet of Air Rights to be $11,164,812.50. -
Cross Sections 2020 Volume 25 No.2
crossMagazine for the Structural Engineers Association sections of New York 2020 VOLUME 25 NO. 2 2020 EiSE Awards SEAoNY 536 LaGuardia Place 2020 EiSE New York, NY 10012 www.seaony.org Awards Issue Officers (2019 - 2020) ENGINEERS' CHOICE AWARD James Vignola, P.E. President Bradford T. Kiefer, P.E. President-Elect Eugene Kim, P.E. Treasurer Jonathan C Hernandez P.E., SECB Past President Yunlu (Lulu) Shen, P.E. Secretary John Pat Arnett Samantha Brummell, P.E. Elizabeth Mattfield, P.E. Jennifer Anna Pazdon, P.E. Muhammad Rahal, P.E. 13 MINISTRY OF TAXATION THORNTON TOMASETTI Maya Stuhlbarg, P.E. Directors Publications Staff Daniel Ki & Phillip Bellis Co-Editors Eytan Solomon CONTENTS 2020 VOLUME 25 NO. 2 Kristen Walker Regular Contributors Valeria Clark, The Foley Group Graphic Designer 3 PRESIDENT'S MESSAGE 3 EDITOR'S MESSAGE On the Cover CharlesCHARLES LibraryLibrary LIBRARY - Temple - TEMPLE University UNIVERSITY 4 AWARDS TempleByBY LERA University By LERA Excellence in Structural Engineering (EiSE) Contact us at [email protected] 8 SEAoNY COOP Puerto Rico Check out previous issues at seaony.org/publications By Timothy D. Lynch PE and Vakhtang Tamasidze For advertising inquiries, please 10 IN MEMORIAM contact our Sponsorship Committee Dr. Ratay at [email protected]. By David Peraza, PE 2020 VOLUME 25 NO. 2 MESSAGES PRESIDENT'S MESSAGE (2019-2020) Welcome to SEAoNY’s Excellence in Structural Engineering Awards Issue of Cross Sections. Like so many other things during this challenging year, the EiSE Awards were delayed, but came together eventually. We had to cancel our annual Boat Cruise in June, and were thus unable to enjoy a nice evening of dinner and drinks, but we were able to have our Awards ceremony via Zoom in August. -
NYC Parks 3/30/2020 Basketball Rim Removal # of Sites # of Rims Removed 138 696
NYC Parks 3/30/2020 Basketball Rim Removal # of Sites # of Rims Removed 138 696 Borough Park Name Date Removal Requested # of Rims Removed BX Crotona Park 3/25/2020 2 BX Pelham Bay Park 3/25/2020 2 BX Bronx Park 3/25/2020 8 BX Williamsbridge Oval Park 3/25/2020 4 BX Devoe Park 3/25/2020 4 BX Slattery Playground 3/25/2020 4 BX Barretto Point Park 3/25/2020 2 BX Merriam Playground 3/25/2020 8 BX Vidalia Park 3/25/2020 4 BX Haffen Park 3/25/2020 4 BX Lyons Square Playground 3/26/2020 4 BX St. John's Park 3/26/2020 4 BX Mullaly Park 3/27/2020 4 BX Pelham Bay Park - Orchard Beach 3/27/2020 10 BX Subtotal 15 64 BK Surf Playground 3/26/2020 2 BK Kaiser Park 3/26/2020 8 BK Dean Playground 3/26/2020 4 BK Wingate Park 3/26/2020 2 BK Seth Low Playground 3/26/2020 8 BK Benson Playground 3/26/2020 4 BK Sunset Park 3/26/2020 8 BK Jackie Robinson Playground 3/26/2020 6 BK Kelly Park Playground 3/26/2020 8 BK Playground 286 3/26/2020 2 BK St. Andrew's Playground 3/26/2020 9 BK Linden Park 3/26/2020 10 BK Callahan-Kelly Playground 3/26/2020 6 BK McCarren Park 3/26/2020 6 BK Dr. Green Playground 3/26/2020 3 BK Stroud Playground 3/26/2020 4 BK Brower Park 3/26/2020 4 BK Robert E. -
Public Hearings and Meetings
1081 VOLUME CXLV NUMBER 43 MONDAY, MARCH 5, 2018 Price: $4.00 Office of Citywide Procurement . 1097 District Attorney - New York County . 1097 THE CITY RECORD TABLE OF CONTENTS Purchasing . 1097 BILL DE BLASIO Environmental Protection ������������������������ 1097 Mayor PUBLIC HEARINGS AND MEETINGS Water and Sewer Operations . 1097 Board Meetings . 1081 Fire Department . 1097 LISETTE CAMILO Commissioner, Department of Citywide Borough President - Bronx . 1082 Fiscal/Contracts . 1097 Administrative Services City Planning Commission . 1082 Parks and Recreation �������������������������������� 1098 City University ������������������������������������������ 1092 School Construction Authority . 1098 ELI BLACHMAN Community Boards . 1092 Contract Services . 1098 Editor, The City Record Employees’ Retirement System ���������������� 1093 Transportation ������������������������������������������ 1098 Franchise and Concession Review Roadway . 1098 Published Monday through Friday except legal holidays by the New York City Department of Committee . 1093 Traffic and Planning . 1098 Citywide Administrative Services under Authority Housing Authority . 1093 of Section 1066 of the New York City Charter. Office of Labor Relations �������������������������� 1093 CONTRACT AWARD HEARINGS Subscription $500 a year, $4.00 daily ($5.00 by Landmarks Preservation Commission . 1093 Aging ���������������������������������������������������������� 1099 mail). Periodicals Postage Paid at New York, N.Y. POSTMASTER: Send address changes to PROPERTY DISPOSITION SPECIAL