CITICORP CENTER (Now 601 LEXINGTON AVENUE
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Zoning for Dollars: New Rules for an Old Game? Comments on the Municipal Art Society and Nollan Cases Jerold S
Urban Law Annual ; Journal of Urban and Contemporary Law Volume 39 January 1991 Zoning for Dollars: New Rules for an Old Game? Comments on the Municipal Art Society and Nollan Cases Jerold S. Kayden Follow this and additional works at: https://openscholarship.wustl.edu/law_urbanlaw Part of the Law Commons Recommended Citation Jerold S. Kayden, Zoning for Dollars: New Rules for an Old Game? Comments on the Municipal Art Society and Nollan Cases, 39 Wash. U. J. Urb. & Contemp. L. 3 (1991) Available at: https://openscholarship.wustl.edu/law_urbanlaw/vol39/iss1/2 This Article is brought to you for free and open access by the Law School at Washington University Open Scholarship. It has been accepted for inclusion in Urban Law Annual ; Journal of Urban and Contemporary Law by an authorized administrator of Washington University Open Scholarship. For more information, please contact [email protected]. ZONING FOR DOLLARS: NEW RULES FOR AN OLD GAME? COMMENTS ON THE MUNICIPAL AR T SOCIETY AND NOLLAN CASES Jerold S. Kayden * Faced with mounting social needs and continuing fiscal constraints, more and more cities "mint" money through their zoning codes to fi- nance a wide array of public amenities. Through the land use regula- tory technique formally known as "incentive zoning," cities grant private real estate developers the legal right to disregard zoning restric- tions in return for their voluntary agreement to provide urban design features such as plazas, atriums, and parks, and social facilities and services such as affordable housing, day care centers, and job training. Since its inception some thirty years ago,' incentive zoning has enjoyed broad support from developers and their attorneys, avoiding the legal challenges commonly brought against land use regulations requiring * A.B. -
RITZ TOWER, 465 Park Avenue (Aka 461-465 Park Avenue, and 101East5t11 Street), Manhattan
Landmarks Preservation Commission October 29, 2002, Designation List 340 LP-2118 RITZ TOWER, 465 Park Avenue (aka 461-465 Park Avenue, and 101East5T11 Street), Manhattan. Built 1925-27; Emery Roth, architect, with Thomas Hastings. Landmark Site: Borough of Manhattan Tax Map Block 1312, Lot 70. On July 16, 2002 the Landmarks Preservation Commission held a public hearing on the proposed designation as a Landmark of the Ritz Tower, and the proposed designation of the related Landmark Site (Item No.2). The hearing had been advertised in accordance with provisions of law. Ross Moscowitz, representing the owners of the cooperative spoke in opposition to designation. At the time of designation, he took no position. Mark Levine, from the Jamestown Group, representing the owners of the commercial space, took no position on designation at the public hearing. Bill Higgins represented these owners at the time of designation and spoke in favor. Three witnesses testified in favor of designation, including representatives of State Senator Liz Kruger, the Landmarks Conservancy and the Historic Districts Council. In addition, the Commission has received letters in support of designation from Congresswoman Carolyn Maloney, from Community Board Five, and from architectural hi storian, John Kriskiewicz. There was also one letter from a building resident opposed to designation. Summary The Ritz Tower Apartment Hotel was constructed in 1925 at the premier crossroads of New York's Upper East Side, the comer of 57t11 Street and Park A venue, where the exclusive shops and artistic enterprises of 57t11 Street met apartment buildings of ever-increasing height and luxury on Park Avenue. -
Borough Hall Skyscraper Historic District Designation Report
Cover Photograph: Court Street looking south along Skyscraper Row towards Brooklyn City Hall, now Brooklyn Borough Hall (1845-48, Gamaliel King) and the Brooklyn Municipal Building (1923-26, McKenzie, Voorhees & Gmelin). Christopher D. Brazee, 2011 Borough Hall Skyscraper Historic District Designation Report Prepared by Christopher D. Brazee Edited by Mary Beth Betts, Director of Research Photographs by Christopher D. Brazee Map by Jennifer L. Most Technical Assistance by Lauren Miller Commissioners Robert B. Tierney, Chair Pablo E. Vengoechea, Vice-Chair Frederick Bland Christopher Moore Diana Chapin Margery Perlmutter Michael Devonshire Elizabeth Ryan Joan Gerner Roberta Washington Michael Goldblum Kate Daly, Executive Director Mark Silberman, Counsel Sarah Carroll, Director of Preservation TABLE OF CONTENTS BOROUGH HALL SKYSCRAPER HISTORIC DISTRICT MAP ................... FACING PAGE 1 TESTIMONY AT THE PUBLIC HEARING ................................................................................ 1 BOROUGH HALL SKYSCRAPER HISTORIC DISTRICT BOUNDARIES ............................. 1 SUMMARY .................................................................................................................................... 3 THE HISTORICAL AND ARCHITECTURAL DEVELOPMENT OF THE BOROUGH HALL SKYSCRAPER HISTORIC DISTRICT ........................................................................................ 5 Early History and Development of Brooklyn‟s Civic Center ................................................... 5 Mid 19th Century Development -
How the Rich Get a Big Real Estate Tax Break - Nytimes.Com
7/12/13 How the Rich Get a Big Real Estate Tax Break - NYTimes.com July 12, 2013 How the Rich Get a Big Real Estate Tax Break By JULIE SATOW The rarefied few who can afford to shell out tens of millions of dollars for an apartment in one of the gleaming new condominiums being built across New York City may be searching for luxury, but in some cases they will find an unexpected perk: a break on real estate taxes that can mean tax bills as low as $96 a month. At 56 Leonard Street, where a penthouse just went into contract for $47 million, the buyers are poised to receive a 76 percent break on their real estate taxes. At 150 Charles Street, an ultraluxury development in the West Village, the tax break is 70 percent. And at One57, the 90-story skyscraper in Midtown where asking prices top $10,500 a square foot, the tax break is an eye-popping 94 percent. A recent review of the offering plans for some of the city’s most expensive new apartment buildings offers an interesting peak into the perquisites and disadvantages of a lavish lifestyle. There are the windfalls, like the generous tax breaks, but there are also oft-overlooked expenses, like mandatory health club and dining-room fees, that can add to a buyer’s bottom line. At 56 Leonard Street, for example, the buyer who is in contract for the record-breaking penthouse would typically pay $140,000 a year in real estate taxes, according to estimates from the offering plan. -
BLOOMBERG BUSINESS February 16, 2016 Citadel Leases Anchor Space at New Tower on NYC's Park Avenue
February 16, 2016 http://www.bloomberg.com/news/articles/2016-02-16/citadel-leases-anchor-space-at-new-tower-on-nyc-s-park- avenue Citadel Leases Anchor Space at New Tower on NYC's Park Avenue by David M Levitt Hedge fund firm Citadel LLC signed a lease to anchor a new skyscraper that’s under construction on Manhattan’s Park Avenue, the first new office building to be built on the pricey corridor in almost four decades. The deal, reached late last week, entitles the $25 billion firm founded by Kenneth Griffin to a little more than 200,000 square feet (18,600 square meters) of office space at 425 Park Ave., said David Levinson, chairman of L&L Holding Co., the developer of the 670,000-square-foot tower. The lease includes the penthouse floor, which will have 38-foot (12-meter) glass ceilings and views of Central Park. Citadel also will occupy the two floors below the penthouse and space in the center of the Norman Foster-designed skyscraper, Levinson said. It’s a “great relief” to have “a complete, closed transaction” with Citadel, given the current turmoil in the stock market, Levinson said in a phone interview. “For a financial company as good as they are, to make a deal like this with all the turbulence in the world, is a very strong statement for New York City, and their view of the world economically.” The lease helps validate L&L’s decision to start work on the new tower -- on the east side of Park Avenue between 55th and 56th streets – before having any tenant commitments, a process known as building “on spec” and that’s regarded as risky in the real estate industry. -
Citicorp Center + Citigroup Center + 601 Lexington (Current)
http://www.601lexington.com/gallery/?pp_fID_1156=504 Ana Larranaga | Allie McGehee | Lisa Valdivia | Madison Van Pelt | Yiwen Zhang Location: 601 Lexington Avenue + 54th Street, New York NY 10022 Other Names: CitiCorp Center + CitiGroup Center + 601 Lexington (Current) Architects: Hugh Stubbins, William LeMessurier Chief Structural Engineer: William LeMessurier Years Built: 1974 - 1977 Year Opened: 1977 Cost: $195,000,000 http://adamkanemacchia.com/gallery/home/_akm0205-edit/ - CitiCorp Center is the first skyscraper in the U.S to be built with a tuned mass damper - The tower is the 6th highest building in NYC - The building was built for commercial office - Design for the building was drawn by William LeMessurier on his restaurant napkin - The office lobby was renovated in 1997 and a new lobby was built in 2010 - The structure was being fixed secretly at night Born: January 11th, 1912 - July 5th 2006 Birthplace: Birmingham, Alabama Education: Georgia Institute of Technology(Undergrad) Harvard University (Masters) Firm: Hugh Stubbins and Associates (won one of the 1st AIA Firm Awards) Projects: CitiCorp Center, Boston’s Federal Reserve Bank, Ronald Reagan Presidential Library, Landmark tower in Yokohama Awards: Gold Medal (Tau Sigma Delta), Honor Award AIA 1979 Born: June 1926 - June 2007 Birthplace: Pontiac, Michigan Education: Harvard University(BA Mathematics), Harvard Graduate School of Design, MIT (Masters in Engineering) Firm: LeMessurier Consultants Projects: Mah - LeMessurier System, Staggered Truss System, Tuned Mass Damper, -
Development News Highlights MANHATTAN - MID-2ND QUARTER 2019 PLUS an OUTER BOROUGH SNAPSHOT
Development News Highlights MANHATTAN - MID-2ND QUARTER 2019 PLUS AN OUTER BOROUGH SNAPSHOT Pictured: 315 Meserole Street Looking Ahead U.S. Treasury Releases Additional Opportunity Zones Guidelines On April 17th the U.S. Department of the Treasury issued a highly anticipated second set of proposed regulations related to the new Opportunity Zone (OZ) tax incentive. Created by the 2017 Tax Cuts and Jobs Act, the tax benefi t is designed to drive economic development and create jobs by encouraging long-term investments in economically distressed communities nationwide according to the Treasury department’s press release. The latest 169-page release reportedly delivered guidance in a broader range of areas than many expected, hoping to provide investors who have been on the fence with the clarity needed to begin developing projects in distressed areas nationwide. Some government offi cials anticipate the program could spur $100 billion in new investment into the more than 8,762 zones nationwide, of which 306 are located in New York City; however there exist some concerns among critics that the program will incentivize gentrifi cation, or provide added benefi t to developers for projects they would have been pursued anyway. According to the press release by the Internal Revenue Service (IRS), a key part of the newly released guidance clarifi es the “substantially all” requirements for the holding period and use of the tangible business property: • For use of the property, at least 70% of the property must be used in a qualifi ed OZ. • For the holding period of the property, tangible property must be qualifi ed opportunity zone business property for at least 90% of the Qualifi ed Opportunity Fund’s (QOF) or qualifi ed OZ business’s holding period. -
60 Columbus Circle, 10 Th Floor New York, NY 10038 P: 212.484.6121 Contact
60 Columbus Circle, 10th Floor New York, NY 10038 P: 212.484.6121 Contact: Nina [email protected] www.10onthepark.com 10 on the Park at Time Warner Center’s renowned location in the heart of Midtown Manhattan boasts the striking architecture and the exemplary service necessary to set an elegant stage for your high profile event, meeting or conference. We are located on the 10th floor of the Time Warner Center, overlooking New York's skyline and Central Park. We are steps away from the subway and extensive parking is located within two blocks of Time Warner building. In collaboration with Restaurant Associates, 10 on the Park provides a unique experience for entertaining that is not to be missed. Designed to host up to 700 guests and equipped with state-of-the-art technology, our multiple event spaces are ideal for a variety of functions. EVENTS 10 on the Park was designed with a neutral palette of earth tones to complement various design components. Complete with breathtaking sunsets to the West and Central Park views to the East, 10 on the Park personifies New York City style. The 180 degree view of the Manhattan skyline creates the perfect backdrop with culinary and lighting details to take the event over the top. MEETING AND CONFERENCES 10 on the Park creates the ideal corporate environment for your specific event. Led by our experienced catering sales and conference staff, meetings and conferences at 10 on the Park are executed with professional expertise and flawless service. Audio visual, concierge and receptionist amenities are provided to fulfill your technological and administrative needs. -
Taxi Stands in Times Squareand the Theater District
Taxi Stands in Times Square and the Theater District A Technical Memorandum for the Midtown Manhattan Pedestrian Network Development Project Final Report Rudolph W. Giuliani, Mayor City of New York Joseph B. Rose, Director Department of City Planning Iris Weinshall, Commissioner Department of Transportation June 2001 Taxi Stands in Times Square and the Theater District The preparation of this report was financed in part through funds from the U.S. Department of Transportation, Federal Highway Administration under the Congestion Mitigation and Air Quality (CMAQ) program of the Intermodal Surface Transportation Efficiency Act (ISTEA) and Transportation Equity Act for the 21st Century (TEA-21). This project is a joint undertaking by New York City’s Department of City Planning (DCP) and Department of Transportation (DOT) as a component of DOT’s Pedestrian Network Development Project. 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 accuracy of the data presented herein. The contents do not necessarily reflect the official views or policies of the Federal Highway Administration. This report does not constitute a standard, specification, or regulation. Department of City Planning & Department of Transportation l City of New York, June 2001 Taxi Stands in Times Square and the Theater District Contents Executive Summary ............................................................................................................................1 -
020 by the Numbers Se FINAL.Indd
BY THE NUMBERS Wall Street fallout shakes real estate investment trusts in New York City and beyond 1. The average annual 2. The average annual 3. The amount of office 4. The percentage drop in returns generated by REITs returns expected from space held by Merrill Lynch value of Brookfield Properties over the past three decades REIT investments at World Financial Center, a shares on September 15 after for investors: over the next year: Brookfield Properties-owned Merrill Lynch was acquired complex: by Bank of America, the REIT’s largest one-day decline in eight years: 13.8% -10% 4.2 million sq. ft. 18% 5. The percentage 6. The percentage that 7. The amount of office 8. The percentage of of Boston Properties’ financial services firms make space Citigroup occupies at SL Green’s net operating New York City office up in SL Green’s office portfo- properties owned by SL Green, income that comes from holdings occupied lio, the largest industry which accounts for 13.4 per- exposure to the Manhattan by financial services represented in it: cent of the REIT’s revenue: office market: tenants: 22% 42% 5 million sq. ft. 86% 9. One analyst’s 10. The percentage drop 11. The dollar value of 12. The average daily dollar forecasted percentage drop in the value of SL Green stock all institutionally owned trading volume for publicly in office rents from their on September 15 after commercial real estate in the traded REITs in July 2008, recent peak for Manhattan, Lehman Brothers went U.S. owned by REITs, compared to $892 million which could hurt the city’s bankrupt, the REIT’s biggest which account for 10 to in July 2003 and office REITs: one-day fall ever: 15 percent of the total: $413 million in July 1998: 20% 20% $600 billion $4.6 billion 13. -
Manhattan Year BA-NY H&R Original Purchaser Sold Address(Es)
Manhattan Year BA-NY H&R Original Purchaser Sold Address(es) Location Remains UN Plaza Hotel (Park Hyatt) 1981 1 UN Plaza Manhattan N Reader's Digest 1981 28 West 23rd Street Manhattan Y NYC Dept of General Services 1981 NYC West Manhattan * Summit Hotel 1981 51 & LEX Manhattan N Schieffelin and Company 1981 2 Park Avenue Manhattan Y Ernst and Company 1981 1 Battery Park Plaza Manhattan Y Reeves Brothers, Inc. 1981 104 W 40th Street Manhattan Y Alpine Hotel 1981 NYC West Manhattan * Care 1982 660 1st Ave. Manhattan Y Brooks Brothers 1982 1120 Ave of Amer. Manhattan Y Care 1982 660 1st Ave. Manhattan Y Sanwa Bank 1982 220 Park Avenue Manhattan Y City Miday Club 1982 140 Broadway Manhattan Y Royal Business Machines 1982 Manhattan Manhattan * Billboard Publications 1982 1515 Broadway Manhattan Y U.N. Development Program 1982 1 United Nations Plaza Manhattan N Population Council 1982 1 Dag Hammarskjold Plaza Manhattan Y Park Lane Hotel 1983 36 Central Park South Manhattan Y U.S. Trust Company 1983 770 Broadway Manhattan Y Ford Foundation 1983 320 43rd Street Manhattan Y The Shoreham 1983 33 W 52nd Street Manhattan Y MacMillen & Co 1983 Manhattan Manhattan * Solomon R Gugenheim 1983 1071 5th Avenue Manhattan * Museum American Bell (ATTIS) 1983 1 Penn Plaza, 2nd Floor Manhattan Y NYC Office of Prosecution 1983 80 Center Street, 6th Floor Manhattan Y Mc Hugh, Leonard & O'Connor 1983 Manhattan Manhattan * Keene Corporation 1983 757 3rd Avenue Manhattan Y Melhado, Flynn & Assocs. 1983 530 5th Avenue Manhattan Y Argentine Consulate 1983 12 W 56th Street Manhattan Y Carol Management 1983 122 E42nd St Manhattan Y Chemical Bank 1983 277 Park Avenue, 2nd Floor Manhattan Y Merrill Lynch 1983 55 Water Street, Floors 36 & 37 Manhattan Y WNET Channel 13 1983 356 W 58th Street Manhattan Y Hotel President (Best Western) 1983 234 W 48th Street Manhattan Y First Boston Corp 1983 5 World Trade Center Manhattan Y Ruffa & Hanover, P.C. -
MANHATTAN Savills Research
Q3 2019 MARKET IN MINUTES MANHATTAN Savills Research The We Company's IPO fiasco creates KEY STATISTICS y-o-y Q3 2018 Q3 2019 market uncertainty Change The We Company filed an S-1 on August 14, 2019, as New York City’s largest occupier Inventory 443.5 MSF 452.3 MSF valued at $47 billion. Less than 60 days later, WeWork has all but stopped signing Availability Rate 11.5% 11.0% leases while undertaking a massive organizational restructure and pursuing more “strategic” growth. WeWork’s turmoil will cast a shadow of skepticism over the Asking Rental Rate $75.00 $82.04 market in the fourth quarter as owners re-evaluate WeWork’s tenancy, credit, and Class A Asking Rental Rate $85.73 $97.01 contracts. This may create opportunity as unfunded or canceled WeWork expansions become available for traditional occupiers. Prior to the restructure, WeWork leased Quarterly Leasing Activity 8.7 MSF 8.6 MSF an additional 500,000 square feet (sf) during the third quarter, occupying nearly 8.0 million square feet (msf) in total, and controlling over 58% of the flexible office inventory. Stay tuned for an upcoming scenario analysis that will evaluate the impact ASKING RENT TRENDS Overall Asking Rent Class A Asking Rent of a potential WeWork default on the New York City market. $120.00 $97.01 TAMI expands with FAANGS $100.00 The TAMI (technology, advertising, media and information) sector continued to $80.00 consume space across the market as Manhattan’s tenant composition continues to $82.04 evolve away from financial services.