What to Do in Hudson Yards 3/2/17, 11:12 AM
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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. -
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. -
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. -
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. -
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 . -
The High Line: a Place to See and Be Seen
December 12, 2018 The High Line: A Place to See and Be Seen Glimpses of life in the apartments along the 1.45-mile park are often unavoidable. That’s part of the attraction, some residents and visitors say. Joshua Bright for The New York Times For confirmation that all the world is indeed a stage, consider the High Line, the elevated park that threads among buildings in West Chelsea. Amid a squeeze of large-windowed apartments and a stream of passers-by, where shades often go unused and cameras snap furiously, residents and visitors can seem locked in a perpetual state of performance. Reliable stars, residents say, include a woman in the curtainless unit on West 23rd Street who regularly blow-dries her hair in the nude. Other shows seem more improvised. On a recent afternoon, under a chandelier on West 19th Street, a brown dog hopped on and off a table, prompting a park-goer to whip out her iPad. By The New York Times A young girl who likes to blow bubbles on a balcony at West 24th Street has also drawn upward stares over the years, said Cheryl Skura, a neighborhood resident who also happens to be the girl’s grandmother. “I think that tourists have more photos of her than we do,” said Ms. Skura, 68, a retired jewelry importer. But far from complaining about the downside of living in a fishbowl, Ms. Skura, like others, had high praise for a lively, well-kept enclave that finally seems to be coming into its own, nearly a decade after the park’s first section opened. -
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. -
Responses to Comments Received During Significant Action Process
Responses to Comments Received During Significant Action Process for Proposed Transfer by Sale of Unused Development Rights from Piers 59, 60, and 61 and the Associated Headhouse in the Chelsea Section of Hudson River Park A. Overview On February 13, 2018, pursuant to the Significant Action process mandated by the Hudson River Park Act (as amended, the “Act”), the Hudson River Park Trust (“HRPT”) issued a public notice (the “Notice”) inviting public review and comment regarding the proposed transfer by sale of (1) 123,437.5 square feet of unused development rights from Piers 59, 60 and 61 and the associated headhouse in the Chelsea section of Hudson River Park (the “Granting Site”) to DD West 29th LLC for its construction of a new building at 601 West 29th Street (“project site A”) and (2) 29,625 square feet, or in the alternate, 34,562.5 square feet of unused development rights from the Granting Site to West 30th Street LLC for its development of a new building at 606 West 30th Street, or in the alternative 604 to 606 West 30th Street (“project site B”) (together, the “Air Rights Transfer”). In tandem with HRPT’s Significant Action process, a number of actions pertaining to the proposed Block 675 East Project were separately reviewed through New York City’s Uniform Land Use Review Procedure (“ULURP”), City Environmental Quality Review (“CEQR”), and the State Environmental Quality Review Act and its implementing regulations in 6 NYCRR Part 617 (“SEQRA”). The New York City Department of City Planning (“DCP”), acting on behalf of the City Planning Commission (“CPC”), was designated the lead agency for the required environmental review, and the Trust was named as an involved agency. -
FY 2020 OFI YH 3.1.21.Xlsx
ADDITIONAL SUPPLEMENTAL INFORMATION AFFORDABLE HOUSING REVENUE PROGRAM AFFORDABLE HOUSING REVENUE BOND PROGRAM NEW YORK STATE HOUSING FINANCE AGENCY Cash and Investments October 31, 2020 Debt Service Debt Bond Construction Service Interest Debt Service General Reserve Special * Special Proceeds Finance Reserve Reserve Redemption Revenue Reserve For Retention LOC Escrow Loan Loan Total Account Account Funds Funds Funds Funds Funds Replacement Accounts Accounts Account Account Sub-Account Cash held principally by Trustee and Depository$ 304,264,072 $ 2,594,703 $ 32,303,435 $ 4,247,945 $ 225,212 $ 212,213 $ 79,010,385 $ 10,615 $ 50,222,639 $ 9 $ 117,026,665 $ 17, 484,558 $ 324,539 $ 601,154 Investments (including accrued interest of $501,650): U.S. Treasury securities and obligations of government agencies 1,327,297,779 27,000,592 988,283,205 47,072,188 - - - 82,492,608 - - 39,801,022 - 34,553,870 108,094,294 Corporate notes and repurchase agreements 437,839 437,839 - - - - - - - - - - - - Total cash and investments$ 1,631,999,690 $ 30,033,134 $ 1,020,586,640 $ 51,320,133 $ 225,212 $ 212,213 $ 79,010,385 $ 82,503,223 $ 50,222,639 $ 9 $ 156,827,687 $ 17,484,558 $ 34,878,409 $ 108,695,448 * Special Loan Sub-account is designated for the deposit of mortgage repayments due on certain Mitchell Lama Mortgages AFFORDABLE HOUSING REVENUE BOND PROGRAM OF THE NEW YORK STATE HOUSING FINANCE AGENCY Mortgage Loan October 31, 2020 Cumulative Cumulative Mortgage Amount Principal Balance Project Loan Advanced Repayments Oct. 31, 2020 100 Chenango Place $ -
The Political Economy of Value Capture: How the Financialization of Hudson Yards Created a Private Rail Line for the Rich
The Political Economy of Value Capture: How the Financialization of Hudson Yards Created a Private Rail Line for the Rich Danielle L. Petretta Submitted in partial fulfillment of the requirements for the Degree of Doctor of Philosophy under the Executive Committee Of the Graduate School of Arts and Sciences COLUMBIA UNIVERSITY 2020 © 2020 Danielle L. Petretta All Rights Reserved The Political Economy of Value Capture: How the Financialization of Hudson Yards Created a Private Rail Line for the Rich Abstract: The theory of value capture is simple to understand and easy to sell, promising self-fulfilling virtuous cycles of value generation, capture, and redistribution. Countless studies document value creation attributable to public interventions, providing guidance on the type and extent of potential benefits. Scholars too have set forth parameters for optimal value capture conditions and caution against common pitfalls to keep in mind when designing value capture plans. But even when utilizing the best advice, equitable redistribution of benefits rarely occurs in neoliberal economies, leaving municipalities struggling to meet the myriad of social needs and provide basic services for all their inhabitants. Invariably, capitalistic real estate states seek to financialize public assets for private gain. Nowhere is this more apparent in New York City today than in the outcomes thus far of one of the largest public-private developments in New York history at Hudson Yards. This dissertation documents the failure of the value capture scheme put in place at Hudson Yards which neither captured fair market value for the public, nor extracted much public benefit. The scheme aimed to leverage vast tracts of publicly-owned land above operational rail yards at the Far West Side of Manhattan. -
I Toured the First Residential Building to Open in Hudson Yards
I toured the fi rst residential building to open in Hudson Yards, NYC's new $25 billion neighborhood — and it was clear it's selling much more than just real estate February 25, 2019 | By Katie Warren On a recent winter afternoon, I visited 15 Hudson Yards, an 88-story superluxury tower in New York City. It's the fi rst residential building to open in Hudson Yards, a new neighborhood on Manhattan's West Side. At $25 billion, Hudson Yards is the most expensive real-estate development in US history. On my tour of 15 Hudson Yards, which was designed by Diller Scofi dio + Renfro and Rockwell Group, I got a sneak peek of a model unit and the building's 40,000 square feet for amenities on the 50th and 51st fl oors, including club rooms, a private screening room, a fi tness center, a 75-foot pool, a yoga studio and private spa, and wine cellars available to buy for $25,000 to $200,000. Hudson Yards as a whole doesn't offi cially open until March 15, but 15 Hudson Yards is already more than 60% sold, with contracts totaling more than $800 million, a publicist told Business Insider. Remaining condos start at $3.9 million for a two-bedroom and go up to $32 million for a duplex penthouse, 88B. I was blown away by the amenities and the ultraluxurious lifestyle that 15 Hudson Yards selling to residents. Here's what it looked like. The site's fi rst open residential building, 15 Hudson Yards, known for its 40,000 square feet worth of lavish amenities, welcomed its fi rst residents in February. -
Building Project Achievements and Noteworthy News Successful Projects Are in Our DNA
Tutor Perini Building Corp. • Rudolph and Sletten • Roy Anderson Corp. Building project achievements and noteworthy news Successful projects are in our DNA. Each of our projects benefit from our expertise and our ability to self-perform much of the work, incorporating services offered by our Civil and Specialty Contractors Groups. Projects of distinction are built when the talents and resourcefulness of our people are coupled with those of the project owner and design team. 1894 1961 2008 PRESENT First contract, First offering, Perini merges Fully integrated Bonfiglio Perini, public stock with Tutor- services stone mason Saliba TUTOR PERINI FAMILY OF COMPANIES Building Civil Specialty Contractors PRECONSTRUCTION • Tutor Perini Building Corp. • Tutor Perini Civil Construction • Five Star Electric • Roy Anderson Corp. • Tutor-Saliba Corp. • WDF Value Engineering P RE • Rudolph and Sletten • Cherry Hill Construction • Nagelbush Mechanical Constructability Reviews CO • Perini Management Services • Lunda Construction Co. • Fisk Electric Sustainable Design & Construction NS TR • Frontier-Kemper Constructors • Desert Mechanical Phasing & Logistics UC • Black Construction Corp. • Superior Gunite TI Marketplace Estimating ON • Becho Design Review Safety Planning We are ranked nationally as one the country’s largest green builders. Building relationships on trust for over 120 years. Hudson Yards, developed by Related Companies and Oxford Properties Group, is an excellent example of projects that benefit from our ability to self-perform much of the