DOCSLIB.ORG

Office Conversions, and Their Financings, Are Prevalent Downtown

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Office Conversions, and Their Financings, Are Prevalent Downtown BETABEAT POLITICKER GALLERIST COMMERCIAL VSL POLITICKERNJ Search CO GO Wired City Lease Beat Sales Beat Food & Drink FEATURED: ACCOUNTING ISSUE 2014, MO’S TOP 50 LIST, POWER 100, 30 UNDER 30, OWNERS MAGAZINE MORTGAGE OBSERVER Follow Like 718 Time to Change: Office Conversions, and Their Financings, Are Prevalent Downtown BY ERIC JANKIEWICZ 3/07 9:00AM Like 7 Tw eet 13 Share 8 Share 1 submit Email The ongoing transformation of 20 Exchange Place from office to luxury rental apartments is only the latest change for the ever-morphing neighborhoods of lower Manhattan. Since the mid-’90s, development companies like Rose Associates and DTH Capital have been heavily investing in the area, often turning former office buildings, like the Art Deco skyscraper at 70 Pine Street, into residential or hospitality. Rose Associates and DTH Capital borrowed $300 million to convert 70 Pine Street to a 700-unit residential building, and construction RECOMMENDED FOR YOU After Neighboring Hotel Gets is currently underway there. Three banks Landmarks Nod, Merchant’s loaned on the financing—the Bank of New House Braces for Construction York, M&T Bank and J.P. Morgan Chase. Pow ered by Sailthru “There is a huge amount of activity happening here,” Andrew Singer, the chairman and CONNECT WITH US chief executive officer of the Singer & Bassuk Organization, told Mortgage Observer. “You Sign up for our Newsletter SEND Lower Manhattan have a healthy, thriving, rental residential market.” Singer & Bassuk have arranged financing for the completion of over 12,000 residential Send an anonymous tip SEND units in the area since 1995. Mr. Singer helped broker the conversion financing for the project, which garnered a nomination for REBNY’s Ingenious Deal of the Year Awards. Winners will be Subscribe to Mortgage Observer Weekly ➦ announced May 6. The latest breaking industry updates and news—delivered One impetus for transforming office buildings in lower Manhattan was the implementation of the directly to your inbox every Friday morning 421-g Tax Incentive program. Also known as Lower Manhattan Conversion Program, it exempted real estate tax on buildings that were being converted from commercial to residential. Other benefits included the fact that construction didn’t have to be completed in one year and that there is a 12-year exemption from real estate tax increases and 14-year abatement of “about 80 percent of the real estate taxes paid on the property before conversion,” according to public Subscribe to the Commercial Observer in documents. However, the tax incentive expired in 2006. Print ➦ The latest news, interviews and in-depth analyses for One building Mr. Singer worked on during the mid-’90s was 45 Wall Street, a building he those engaged in the New describes as being part of the “extremely old office stock” in lower Manhattan. Since then, the York commercial real estate industry building was purchased for more than $134 million by the real estate agency TF Cornerstone, according to public records. The agency took a mortgage from Wachovia Multifamily Capital, originated for Fannie Mae. CO Now Email Archives ➦ The population in lower Manhattan has skyrocketed over the years, and development companies like Rose Associates, TF Cornerstone and DTH Capital have been on the forefront of RECOMMENDED FOR YOU accommodating the population increase. In the 1990s, lower Manhattan’s population was 13,675, according to statistics put together by the Downtown Alliance. The lower Manhattan area now has almost 41,000 residential housing units and is expected to continue to increase, according to a research report by Cushman & Wakefield. “These old commercial buildings make great apartments,” Nicole Kolinsky, a representative for the Downtown Alliance, said. “There are these insanely beautiful penthouses that used to be Hampton Inn Opening at Top 3 Reasons To Get A 32 Pearl This Quarter New Credit Card offices. It sounds like somewhere Bruce Wayne would live.” The alliance defines lower Manhattan Next Advisor as everything Chambers Street and below, Ms. Kolinsky said. However, others set Canal Street as the demarcation line. Many of the office buildings that developers purchased during the beginning of the tax program, which was implemented in 1996 and expired in 2006, were abandoned. The industry of turning office space into residential spaces has since become more aggressive and carnivorous. Ben Shaoul’s Magnum Real Estate recently purchased the top 21 floors at 140 West Street from FiDi Getting Gastropub 9 Actors that Hate Verizon. Magnum bought those floors for $274 million, according to public records. With 70 Beers Democrats Republican Reader When lower Manhattan first began changing from a commercial neighborhood to a more Promoted Content by Taboola residential area, people were attracted to the relatively cheap rent of the new apartment buildings. Popular on CO Planet Fitness Lunges into Union Square “It became a lower class alternative to other areas like the Upper East Side,” Mr. Singer said. Enhancing a Commercial Real Estate Career The area is no longer a cheap alternative, but in comparison to areas further north, lower Through Reading Manhattan’s average rent price of $60 per square foot is still more affordable than other areas. InterContinental New York Barclay Receives According to the Cushman & Wakefield study, the average annual household income for lower Deutsche Bank Loan Manhattan is $158,800, more than enough to cover rent prices that can range between $4,000 MoMA Files $1.6M Plan to Raze Folk Art Building on W. 53rd Street for a two-bedroom apartment to $2,000 for a one-bedroom. Morrison & Foerster Moving in at 250 West Along with a population increase, tourists are visiting the area in large droves. According to a 55th Street Downtown Alliance study, there are an estimated 11.5 million tourists going through lower Manhattan every year, many of whom choose to stay at a hotel in the same area. And the development world has been keen on satisfying this demand. The development group Hakimian Organization bought the 35-story office building at 75 Wall Street in 2007 for more than $375 million. The building once served as the headquarters for the Barclays Bank. The bottom levels have been turned into the Andaz Hotel with 253 keys, while Scott Spector Who Inspires You? the upper levels now hold 354 condominiums and there’s also a garage. “The 421-g tax abatement was definitely attractive to us, and it’s just as compelling from the homeowner’s perspective,” Shawn Hakimian, the vice president and director of marketing and Mark Schnurman Keeping Score With sales at the Hakimian Organization, said via email. But he added that the sense that lower the Right Metrics Manhattan was on the verge of something big helped pique interest as well. “The Hakimian Organization and its partners purchased 75 Wall in 2006, because we saw Robert Knakal Enhancing a immense potential in the Financial District and in that particular property,” Mr. Hakimian said. “At Commercial Real the time, Downtown Manhattan was buzzing with activity, from the many residential developments Estate Career Through Reading and conversion projects to all of the new hotels, boutiques and restaurants opening up, and we knew the Financial District was next.” Even though the tax incentive has expired, development continues. In 2014 alone, nine hotels Richard Persichetti Plaza District, While have opened all over the tiny sliver on the bottom of Manhattan Island, according to the Cushman Nation’s Priciest & Wakefield study. Together, lower Manhattan has more than 4,100 hotel rooms. And in more Submarket, Underperforms recent years, as conversion has begun to slow down after hitting a climax in 2008, the activity of Robert Sammons new construction projects has continued. A Shinier Big Apple Buildings like the one at 70 Pine Street, in which AIG once had offices, used to represent New York City’s dominant finance industry. But the neighborhoods have now become more residential, Jeffrey Margolis and the glass-domed observatory of 70 Pine Street has turned into a building amenity that the Dirt Dictionary: F Is future tenants will be able to use once construction has been completed. for Franchise Leasing “It is the most spectacular view of New York,” Mr. Singer said. Ken McCarthy January Office-Using Employment Starts Strong FOLLOW ERIC JANKIEWICZ VIA RSS. Josh Siegelman Like 7 Tw eet 13 Share 8 Share 1 submit Do Your Homework— Making Retail Work Email in Manhattan TAGS: 20 EXCHANGE PLACE, 70 PINE STREET, ANDY SINGER, DTH CAPITAL, MO MARCH 2014, MORTGAGE OBSERVER, ROSE David Greene New York City: A ASSOCIATES, SINGER & BASSUK Performance Review Chris Havens You May Like Sponsored Content by Taboola Community Change Open House: Easy Steps to Go Above and Beyond Can Be Bood Realtor.com Credit Cards With a 0% APR For 18 Months? Yep. Next Advisor Leveraging Big Data for Social Good Georgetow n University Compare checking around the US Bankrate The Secret to Finding Up & Coming Authors Bookw orm Tips Why Everyone Should Be Listening To The Badass Ladies Of 2NE1 Refinery29 From The Web From The Commercial Surprise! The #1 Way to Save Money on EBooks OMbiski eNarfvtaeli rof Naftali Group is the Million-Square- (Bookw orm Tips) Foot Man Rates Drop, Obama Urges Homeowners to Fashion Designer Takes Space at 501 Refinance (The Art of Living Better) Madison Avenue Dealing with MS? Watch how others have taken Novus Partners Signs 200 Park control of their lives. (Healthination) Avenue Sublease Healthy 3-Bean and Quinoa Chili (Shape) Extell Bids on East Harlem Site 13 Great Jobs You Can Do From Home and Earn a Death of Malls Exaggerated: REIT Leaders Full Time Income (Stayathome.com) Promoted Content by Taboola.
Load more

Recommended publications
  • General Info.Indd
    General Information • Landmarks Beyond the obvious crowd-pleasers, New York City landmarks Guggenheim (Map 17) is one of New York’s most unique are super-subjective. One person’s favorite cobblestoned and distinctive buildings (apparently there’s some art alley is some developer’s idea of prime real estate. Bits of old inside, too). The Cathedral of St. John the Divine (Map New York disappear to differing amounts of fanfare and 18) has a very medieval vibe and is the world’s largest make room for whatever it is we’ll be romanticizing in the unfinished cathedral—a much cooler destination than the future. Ain’t that the circle of life? The landmarks discussed eternally crowded St. Patrick’s Cathedral (Map 12). are highly idiosyncratic choices, and this list is by no means complete or even logical, but we’ve included an array of places, from world famous to little known, all worth visiting. Great Public Buildings Once upon a time, the city felt that public buildings should inspire civic pride through great architecture. Coolest Skyscrapers Head downtown to view City Hall (Map 3) (1812), Most visitors to New York go to the top of the Empire State Tweed Courthouse (Map 3) (1881), Jefferson Market Building (Map 9), but it’s far more familiar to New Yorkers Courthouse (Map 5) (1877—now a library), the Municipal from afar—as a directional guide, or as a tip-off to obscure Building (Map 3) (1914), and a host of other court- holidays (orange & white means it’s time to celebrate houses built in the early 20th century.
    [Show full text]
  • June 2014 Scope of Feasibility Study Evaluates Technical, Legal and Financial Feasibility of the Multi-Purpose Levee (MPL) Concept
    Manhattan Community Board 1 Full Board Meeting TUESDAY, JUNE 24, 2014 6:00 PM Gibney Dance 280 Broadway Catherine McVay Hughes, Chairperson Noah Pfefferblit, District Manager Diana Switaj, Director of Planning Lucy Acevedo, Community Coordinator Michael Levine, Planning Consultant Tamar Hovsepian, Community Liaison Manhattan Community Board 1 Public Session Comments by members of the public (6 PM to 7 PM) (Please limit to 1-2 minutes per speaker, to allow everyone to voice their opinions) Welcome: Gina Gibney, Chief Executive Officer & Artistic Director of Gibney Dance Guest Speaker: Frank McCarton, Deputy Commissioner of Operations, NYC Office of Emergency Management Making SPACE FOR CULTURE MANHATTAN COMMUNITY DISTRICT 1 PUBLIC SCHOOLS (DRAFT) Elementary School Middle School High School Charter School Symbol sizes determined by student enrollment number Sources: NYC DOE & NYC DOE School Portal Websites CHA CODE SCHOOL NAME RTE SCHOOL GRADES ENROLLM ADDRESS R TYPE ENT M089 P.S. 89 Elementary PK,0K,01,02,03,04,05,SE 464 201 WARREN STREET Middle M289 I.S. 289 School 06,07,08,SE 290 201 WARREN STREET M150 P.S. 150 Elementary PK,0K,01,02,03,04,05 181 334 GREENWICH STREET P.S. 234 INDEPENDENCE M234 SCHOOL Elementary 0K,01,02,03,04,05,SE 779 292 GREENWICH STREET M418 MILLENNIUM HIGH SCHOOL High school 09,10,11,12,SE 617 75 BROAD STREET LEADERSHIP AND PUBLIC M425 SERVICE HIGH SCHOOL High school 09,10,11,12,SE 673 90 TRINITY PLACE HIGH SCHOOL OF ECONOMICS M489 AND FINANCE High school 09,10,11,12,SE 737 100 TRINITY PLACE M475 STUYVESANT HIGH SCHOOL High school 09,10,11,12 3280 345 CHAMBERS STREET JOHN V.
    [Show full text]
  • Cities Service Building, First Floor Interior
    Landmarks Preservation Commission June 21, 2011; Designation List 443 LP-2442 CITIES SERVICE BUILDING, FIRST FLOOR INTERIOR, consisting of the main lobby spaces and fixtures and components of these spaces, including but not limited to, wall and ceiling surfaces, floor surfaces, stairs leading to basement lobby and second floor, vestibules, shop fronts, information kiosk, entrance doors, revolving door enclosures, elevator doors, grilles, railings, lighting fixtures, and signs; 70 Pine Street (aka 66-76 Pine Street, 2-18 Cedar Street, 171-185 Pearl Street), Manhattan. Built 1930-32; Clinton & Russell, Holton & George, architects. Landmark Site: Borough of Manhattan Tax Map Block 41, Lot 1 On May 10, 2011, the Landmarks Preservation Commission held a hearing on the proposed designation of the Cities Service Building, First Floor Interior (Item No. 2). The hearing was duly advertised according to provisions of law. Six people spoke in favor of designation, including representatives of the owners, Manhattan Community Board 1, the Historic Districts Council, and the New York Landmarks Conservancy. Summary The first floor of the 66-story Cities Service Building contains one the most impressive office building lobbies in New York City. Designed by Clinton & Russell, Holton & George in 1930-32, it is a superb example of the Art Deco style, with stunning marble walls and floors, molded plaster ceilings and cast aluminum details that express the original owner’s role in the production and delivery of energy. The lobby has four entrances, divided equally between Pine and Cedar Streets. To compensate for a deeply sloping site, the east portals open to spacious vestibules that incorporate wide staircases that rise to the first floor and descend to the basement lobby.
    [Show full text]
  • TM 3.1 Inventory of Affected Businesses
    N E W Y O R K M E T R O P O L I T A N T R A N S P O R T A T I O N C O U N C I L D E M O G R A P H I C A N D S O C I O E C O N O M I C F O R E C A S T I N G POST SEPTEMBER 11TH IMPACTS T E C H N I C A L M E M O R A N D U M NO. 3.1 INVENTORY OF AFFECTED BUSINESSES: THEIR CHARACTERISTICS AND AFTERMATH This study is funded by a matching grant from the Federal Highway Administration, under NYSDOT PIN PT 1949911. PRIME CONSULTANT: URBANOMICS 115 5TH AVENUE 3RD FLOOR NEW YORK, NEW YORK 10003 The preparation of this report was financed in part through funds from the Federal Highway Administration and FTA. This document is disseminated under the sponsorship of the U.S. Department of Transportation in the interest of information exchange. The contents of this report reflect the views of the author who is responsible for the facts and the accuracy of the data presented herein. The contents do no necessarily reflect the official views or policies of the Federal Highway Administration, FTA, nor of the New York Metropolitan Transportation Council. This report does not constitute a standard, specification or regulation. T E C H N I C A L M E M O R A N D U M NO.
    [Show full text]
  • CITIES SERVICE BUILDING, 70 Pine Street (Aka 66-76 Pine Street, 2-18 Cedar Street, 171-185 Pearl Street), Manhattan
    Landmarks Preservation Commission June 21, 2011; Designation List 443 LP-2441 CITIES SERVICE BUILDING, 70 Pine Street (aka 66-76 Pine Street, 2-18 Cedar Street, 171-185 Pearl Street), Manhattan. Built 1930-32; Clinton & Russell, Holton & George, architects. Landmark Site: Borough of Manhattan Tax Map Block 41, Lot 1. On May 10, 2011, the Landmarks Preservation Commission held a hearing on the proposed designation as a Landmark of the Cities Service Building and the proposed designation of the related Landmark Site (Item No. 1). The hearing was duly advertised according to provisions of law. Six people spoke in favor of designation, including representatives of the owners, Manhattan Community Board 1, the Historic Districts Council, and the New York Landmarks Conservancy. Summary The former Cities Service Building at 70 Pine Street is a 66-story skyscraper, rising from a trapezoidal site bounded by Pine Street, Cedar Street, and Pearl Street. An icon of the lower Manhattan skyline, the building’s shaft terminates in a slender pinnacle crowned by an illuminated lantern and stainless steel spire. At the time of completion in 1932, this Art Deco style tower was the tallest structure in lower Manhattan, and at 952 feet, the third tallest structure in the world. Commissioned by a major American corporation, it was an expression of the owner’s success, escalating real estate costs, and the current zoning code that required buildings to diminish in mass as they rise. The Cities Service Company was chartered by Henry L. Doherty in 1910, and quickly grew to become one of the largest corporations in the United States, controlling approximately 150 energy firms in 38 states, including numerous oil and power suppliers.
    [Show full text]
  • Preliminary Community Board #1 Committee Meeting Agendas March 2013
    PRELIMINARY COMMUNITY BOARD #1 COMMITTEE MEETING AGENDAS MARCH 2013 Please note that this is a preliminary list. Be sure to check the agenda page on our website at http://www.nyc.gov/html/mancb3/html/home/home.shtml for any changes to agendas prior to the meeting dates. 3/5 Battery Park City Committee – 5:00 PM Location: Battery Park City Library 175 North End Avenue 1) NYC Department of Transportation Wayfinding Content Workshop 6:00 PM 1) Route 9A – Update by Tom Mellett, Construction Manager, Lisa Weiss, Landscape Architect, and Julie Nadel, Community Liaison, Route 9A project, New York State Department of Transportation 2) West Thames Street Bridge – Update 3) Traffic light study and traffic calming measures – Update The following notices have been received for BPCA permit requests: The Muscular Dystrophy Association walk/run along the Battery Park City esplanade Sunday, June 23, 2013 from 10:00am to 4:00pm Macy’s 5K run/walk through Battery Park City Saturday, June 22, 2013 from 10:00am to 12:00pm. Life Way Network 5k race along the Battery Park City esplanade, Saturday, July 27, 2013 from 9:00am to 11am. American Diabetes Association fair and walk in Battery Park City on Saturday, September 28, 2013 from 8:00am to 2:30pm The following notices have been received for renewal, upgrade, or transfer of wine and beer or liquor licenses or sidewalk cafe permits: North Cove Yacht Harbor, application for a seasonal liquor license for North Cove Yacht Harbor 3/6 Financial District Committee – 5:00 PM Location: Community Board #1 - Office
    [Show full text]
  • 20-Century Building Adaptive-Reuse: Office Buildings Converted to Apartments
    University of Pennsylvania ScholarlyCommons Theses (Historic Preservation) Graduate Program in Historic Preservation 2020 20-Century Building Adaptive-Reuse: Office Buildings Converted to Apartments. Yujia Zhang Follow this and additional works at: https://repository.upenn.edu/hp_theses Part of the Historic Preservation and Conservation Commons Zhang, Yujia, "20-Century Building Adaptive-Reuse: Office Buildings Converted to Apartments." (2020). Theses (Historic Preservation). 697. https://repository.upenn.edu/hp_theses/697 This paper is posted at ScholarlyCommons. https://repository.upenn.edu/hp_theses/697 For more information, please contact [email protected]. 20-Century Building Adaptive-Reuse: Office Buildings Converted to Apartments. Abstract Adaptive re-use is a solution to avoiding the obsolescence of buildings in urban development. It is beneficial for the city, for the culture, for the environment, and for the building itself. Recently in the United States, historical office buildings converted into apartments have demonstrated a way to extend the life of these buildings. This thesis aims to analyze 20-century office buildings in Nework Y City converted to apartments in order to examine the possibility of this kind of adaptive-reuse solution for historic office buildings in China. It investigates the history, policy, and design of adaptive-reuse of 20th-Century New York City office building into residential apartments for 21th-century living. It analyzes three cases to understand the requirements for a successful building transformation and speculates about future potential for adaptive re-use of modern office buildings. In addition, it identifies reasons why modern Chinese cities lack similar conversion projects and speculates on whether Chinese cities are suitable for adaptive re-use strategies like those developed in the United States.
    [Show full text]
  • The City Record
    VOLUME CXLIII NUMBER 65 TUESDAY, APRIL 5, 2016 Price: $4.00 Asset Management . 1322 Education . 1322 THE CITY RECORD TABLE OF CONTENTS Contracts and Purchasing . 1322 BILL DE BLASIO Environmental Protection ������������������������ 1322 Mayor PUBLIC HEARINGS AND MEETINGS Agency Chief Contracting Office . 1322 City Planning �������������������������������������������� 1313 LISETTE CAMILO Wastewater Treatment . 1323 Commissioner, Department of Citywide Community Boards . 1317 Homeless Services . 1323 Administrative Services Franchise and Concession Review Fiscal and Procurement Operations . 1323 Committee . 1317 Housing Authority . 1323 ELI BLACHMAN Editor, The City Record Housing Authority . 1317 Supply Management . 1323 Office of Labor Relations �������������������������� 1317 Human Resources Administration . 1324 Published Monday through Friday except legal Landmarks Preservation Commission . 1317 Parks and Recreation �������������������������������� 1324 holidays by the New York City Department of Transportation ������������������������������������������ 1319 Transportation ������������������������������������������ 1325 Citywide Administrative Services under Authority of Section 1066 of the New York City Charter. PROPERTY DISPOSITION Transportation Planning and Management . 1325 Subscription $500 a year, $4.00 daily ($5.00 by Citywide Administrative Services ������������ 1320 mail). Periodicals Postage Paid at New York, N.Y. Triborough Bridge and Tunnel Authority . 1325 Office of Citywide Procurement . 1320 POSTMASTER: Send address
    [Show full text]
  • Bfm:978-1-56898-652-4/1.Pdf
    Manhattan Skyscrapers Manhattan Skyscrapers REVISED AND EXPANDED EDITION Eric P. Nash PHOTOGRAPHS BY Norman McGrath INTRODUCTION BY Carol Willis PRINCETON ARCHITECTURAL PRESS NEW YORK PUBLISHED BY Princeton Architectural Press 37 East 7th Street New York, NY 10003 For a free catalog of books, call 1.800.722.6657 Visit our website at www.papress.com © 2005 Princeton Architectural Press All rights reserved Printed and bound in China 08 07 06 05 4 3 2 1 No part of this book may be used or reproduced in any manner without written permission from the publisher, except in the context of reviews. The publisher gratefully acknowledges all of the individuals and organizations that provided photographs for this publi- cation. Every effort has been made to contact the owners of copyright for the photographs herein. Any omissions will be corrected in subsequent printings. FIRST EDITION DESIGNER: Sara E. Stemen PROJECT EDITOR: Beth Harrison PHOTO RESEARCHERS: Eugenia Bell and Beth Harrison REVISED AND UPDATED EDITION PROJECT EDITOR: Clare Jacobson ASSISTANTS: John McGill, Lauren Nelson, and Dorothy Ball SPECIAL THANKS TO: Nettie Aljian, Nicola Bednarek, Janet Behning, Penny (Yuen Pik) Chu, Russell Fernandez, Jan Haux, Clare Jacobson, John King, Mark Lamster, Nancy Eklund Later, Linda Lee, Katharine Myers, Jane Sheinman, Scott Tennent, Jennifer Thompson, Paul G. Wagner, Joe Weston, and Deb Wood of Princeton Architectural Press —Kevin Lippert, Publisher LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA Nash, Eric Peter. Manhattan skyscrapers / Eric P. Nash ; photographs by Norman McGrath ; introduction by Carol Willis.—Rev. and expanded ed. p. cm. Includes bibliographical references. ISBN 1-56898-545-2 (alk.
    [Show full text]
  • 1 Wall Street Building (Originally Irving Trust Company Building, Now The
    Landmarks Preservation Commission March 6, 2001, Designation List 325 LP-2029 1 WALL STREET BUILDING (originally Irving Trust Company Building, now The Bank of New York Building), 1 Wall Street (aka 1-7 Wall Street, 70-80 Broadway, and 1-11 New Street), Manhattan. Built 1929-31; architect Ralph Walker of Voorhees, Gmelin & Walker. Landmark Site: Borough of Manhattan Tax Map Block 23, Lot 7 in part, consisting of the land bounded by the dimensions of the original(1929-31) building lot, starting at the northwest comer running easterly for approximately 102 feet, 5 inches along Wall Street, southerly for approximately 179 feet, 11 inches along New Street, westerly through the lot approximately 107 feet to Broadway, and northerly for approximately 178 feet, 6 inches along Broadway. On December 15, 1998, the Landmarks Preservation Commission held a public hearing on the proposed designation as a Landmark of the 1 Wall Street Building and the proposed designation of its related Landmark Site (Item No. 2). The hearing had been duly advertised in accordance with the provisions of law. The five speakers in favor of designation included Thaddeus S. Logan III, a vice president of The Bank of New York, representatives of the New York Landmarks Conservancy, the Municipal Art Society, and the Historic Districts Council, as well as architectural historian Andrew Dolkart. There were no speakers in opposition. The Commission has received one letter in support of designation. Summary Constructed in 1929-31 as the corporate headquarters of the Irving Trust Company, this 50-story, limestone­ faced skyscraper is situated on what was considered the "most expensive real estate in New York," the intersection of Wall Street and Broadway.
    [Show full text]
  • NY Skyscrapers : Über Den Dächern Von New York City
    Dirk Stichweh Fotografien von Jörg Machirus Scott Murphy SKYSCRAPERS ÜBER DEN DÄCHERN VON NEW YORK CITY PRESTEL München London New York INHALTSVERZEICHNIS 5 Vorwort 6 Die Geschichte der New Yorker Wolkenkratzer - Eine kleine Zeitreise DOWNTOWN SKYSCRAPERS 14 Einleitung 28 60 Wall Street 48 30 Park Place 16 Trump Building 30 70 Pine Street 50 Barclay-Vesey Building 18 Bankers Trust Company 32 One Chase Manhattan Plaza 52 World Trade Center Building 34 120 Wall Street (Twin Towers) 19 Bank of New York Building 35 Park Row Building 54 One World Trade Center 22 Standard Oil Building 36 New York by Gehry 60 World Financial Center 23 One New York Plaza 38 Municipal Building 62 West Street Building 24 55 Water Street 42 56 Leonard Street 63 One Liberty Plaza 26 20 Exchange Place 44 Woolworth Building 64 Equitable Building MIDTOWN SKYSCRAPERS 68 Einleitung 116 General Electric Building 157 Time-Life Building 70 Flatiron Building 118 Helmsley Building 158 XYZ Buildings 72 Metropolitan Life Tower 120 383 Madison Avenue 160 WR. Grace Building 74 Metropolitan Life North Building 122 JPMorgan Chase World 161 Fred F. French Building 78 New York Life Building Headquarters 162 500 Fifth Avenue 79 One Penn Plaza 124 Waldorf Astoria Hotel 164 Bank of America Tower 80 Empire State Building 126 Seagram Building 166 4 Times Square 86 American Radiator Building 130 Lever House 168 New York Times Tower 88 Lincoln Building 132 432 Park Avenue 170 McGraw-Hill Building 89 Chanin Building 134 Four Seasons Hotel 172 Paramount Building 90 MetLife Building 135 IBM
    [Show full text]
  • The Fidi Report a Survey of Apartment Trends in New York’S Financial District
    THE FIDI REPORT A SURVEY OF APARTMENT TRENDS IN NEW YORK’S FINANCIAL DISTRICT 2015 YEAR-END REPORT 1 2015 SUMMARY AND 2016 PREDICTIONS SALES MARKET SALES 2015 marked yet another incredible year of sales for per square foot was in 2015. With closings on the the Financial District. The area is now one of the horizons at some of these new developments, ex- most highly developed neighborhoods in the city pect the pricing metrics to jump drastically upwards with over 15 buildings in some stage of the develop- closer to $2,000 per square foot. ment process. With this dramatic amount of new in- ventory coming on the market the number of units 2016 should be another strong year for sales in the being closed decreased by over 25% year over year, Financial District. With interest rates starting to rise, while all other metrics measuring market healthy re- there should be a number of buyers looking to capi- mained positive. The average price increased 6.6% talize on still historically low interest rates before to the highest level in history at $1,175,706 while the they continue to rise more. Also, with the uncertain- average discount to asking declined over 45% to ty in many global economies, there should continue just under 2% off of asking price. The new devel- to be a steady flow of foreign capital providing the opment market also saw a tremendous amount of market with cash buyers looking for pied-à-terre activity at record prices. Between 50 West Street, and investment properties.
    [Show full text]