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How Related Leased 7 Million Square Feet of Office Space at Hudson Yards
How Related leased 7 million square feet of office space at Hudson Yards March 19,2019 | by Rebecca Baird-Remba When Related Companies began searching for tenants to fill its first, 1.8-million-square-foot office tower at Hudson Yards in 2011, its leasing brokers had to convince companies to move to a neighborhood that was still a hole in the ground. The development firm was in the middle of decking over the 26-acre West Side rail yard and laying the foundations for the first phase of its sprawling, mixed-use development, which would eventually encompass 18 million square feet of commercial and residential space. Stephen Winter, a senior vice president at Related who has led much of the office leasing at Hudson Yards, had to show CEOs that their workers would one day have access to dozens of casual lunch options and restaurants. One day, the hole in the ground would be home to a million square feet of retail—luxury retailers, fast fashion stores, food halls, five star eateries and interactive art exhibits. But none of it was built yet, and back then, asking tenants to lease hundreds of thousands of square feet at Hudson Yards was a gamble. “Six, seven years ago, we had to break through doors and be as persistent as ever,” Winter explained. “It was a totally new place for everyone. It was a blank slate, an open piece of land with rail yards beneath it.” He gave “credit where credit was due” to the first crop of tenants who signed on to 10 Hudson Yards, including Coach, L’Oreal and SAP, which opened as the development’s first office building in 2016. -
55 Hudson Yards
PTI Journal Technical Session Papers 55 HUDSON YARDS By FLORIAN AALAMI Authorized reprint from: December 2017 issue of the PTI Journal Copyrighted © 2017, Post‐Tensioning Institute All rights reserved. TECHNICAL SESSION PAPERS 55 HUDSON YARDS BY FLORIAN AALAMI INTRODUCTION will include more than 17 million ft2 (1.6 million m2) of Hyperstatic forces were recently used to resolve a commercial and residential space, state-of-the-art office major challenge facing the structural design of 55 Hudson towers, more than 100 shops, a collection of restaurants, Yards, a Manhattan, NY, high-rise that will be partially approximately 4000 residences, 14 acres (5.67 ha) of constructed over and supported by an existing structure public open space, and a 750-seat public school. Half of (Fig. 1). The design scheme required the columns of the the project extends over an existing rail yard; the 30 active existing structure to provide partial support for the new train tracks are slowly being covered by a massive plat- construction. The challenge was to match the anticipated reactions of the new construction, which are governed by the building’s architectural design and construction scheme, to the location and capacity of the columns of the existing structure. While the combined capacity of the columns of the existing structure could support the weight of the new construction, the distribution of the reactions from the new construction was considerably different from the capacities of the existing supports. Among the several options explored, the use of post-tensioning configured to generate a set of hyperstatic reactions so that the reac- tions from the new structure matched the capacity of the existing supports proved to be the most practical and effective scheme. -
Fairytale of New York: Hudson Yards
September 29th, 2017 Fairytale of New York: Hudson Yards At three times the size of the Rockefeller Center, when it is fully built out, some time around 2040, more than 27m sq ft of new class-A office space, 20m sq ft of new housing, 3m sq ft of hotels and 2m sq ft of retail will have been delivered by developers that include Related Companies, Oxford Properties, Brookfield and Tishman Speyer. Millions of square feet of space have already been completed and leased to blue-chip occupiers, and further significant deals are rumoured to be on the cards. No wonder the Hudson Yards district is one of the hottest property markets in New York City at the moment. So how did a development of this scale and ambition come about, who is doing what in the district and where is Hudson Yards’ new office occupier base being drawn from? Historically the Hudson Yards district consisted of warehousing and industrial space alongside the Manhattan waterfront. The area primarily acted as a rail hub that was fed 747 Third Avenue, Floor 18 New York, NY 10017 212.889.0808 [email protected] marinopr.com by the High Line - which closed years ago and has over the past decade been converted into green public spaces - as well as the Long Island Rail Road. But that all started to change when New York mayor Michael Bloomberg came to power in the early 2000s. “He noted that the average age of commercial office property in Manhattan was north of 75 years and with that in mind, he said, quite correctly, if we’re going to attract the best and brightest in the TAMI [technology, advertising, media and information] sectors, we’ve got to have some new product,” says Bruce Mosler, chairman of global brokerage at Cushman & Wakefield. -
50 City Stories Explored 5 0 City Sto Rie S Exp Lo
50 city stories explored 50 city stories explored city stories “The urbanisation challenge is big, it is real and it is with us now. Future generations will live with how we handle it. At Arup, we have joined the challenge – with interventions large and small – to deliver better cities in our ongoing mission to shape a better world.” Gregory Hodkinson Arup Group Chairman Arup Design Book www.arup.com 50 city stories explored Foreword Gregory Hodkinson The urbanisation challenge is big, it is real and it is with us now. Between 1950 and 2050, the global population is likely to quadruple, from 2.5bn to nearly 10bn. Not so long ago, many commentators believed that such a number would be unsupportable. Yet the inexorable growth continues. The urban population is growing at an even faster rate. In the next 35 years, the number of city dwellers will increase from 4bn today to over 6.5bn. Africa and Asia will accommodate 90% of this growth. The rate, scale and concentration of urbanisation in this century is, of course, unprecedented. To accommodate it, the resources of cities, nations, international institutions, civil society and the private sector are being stretched. If our cities are to be efficient, liveable, resilient and sustainable, the relatively long life-cycle of urban development means we can ill afford to get it wrong. It is a challenge that cities around the world must confront, regardless of their size, wealth or location. Future generations will live with how we handle it. At Arup, we have joined this challenge – with interventions large and small – to deliver better cities in our ongoing mission to shape a better world. -
410 WEST 36TH STREET 6 STORY, 23 UNIT MIXED-USE BUILDING 20 Residential Units & 3 Commercial Units
410 WEST 36TH STREET 6 STORY, 23 UNIT MIXED-USE BUILDING 20 Residential Units & 3 Commercial Units. 410 WEST 36TH STREET 1 410 WEST 36TH STREET - PROPERTY FEATURES Penn Station Madison Square Park The Highline ASKING PRICE: $10,250,000 Property Features: Location: The south side of West 36th Street between 9th & 10th Avenues. Block & Lot: 733-44 Lot Dimensions: 25' x 98.75' Lot Square Footage: 2,469 sq ft (approx.) Building Dimensions: 25' x 87' Building Square Footage: 11,455 sq ft (approx.) Stories: 6 Residential Units: 20 Commercial Units: 3 Total Units: 23 Gross Residential Square Footage: 9,546 sq ft (approx.) Net Square Footage: 8,114 sq ft (approx.) less 15% loss factor Avg. Net Unit Size: 406 sq ft (approx.) Gross Commercial Square Footage: 1,909 sq ft (approx.) Zoning: C1-7A / HY Residential FAR: 6.02 (Wide Street) Total Buildable Sq. Ft.: 14,863 sq ft (approx.) Minus Existing Structure: 11,455 sq ft (approx.) Available Air Rights: 3,408 sq ft (approx.) Assessment (17/18): $1,185,615 Taxes (17/18): $152,849 Financial Summary: GROSS ANNUAL REVENUE: $732,043 PRICE PER SQUARE FOOT: $895 VACANCY LOSS & EXPENSES: $240,171 PRICE PER UNIT: $445,652 NET OPERATING INCOME: $491,872 CAPITALIZATION RATE: 4.80% 2 PROPERTY OVERVIEW Property Description Cushman and Wakefield, Inc. has been retained on an exclusive basis to arrange for the sale of 410 West 36th Street, a 6-story mixed-use walkup located in Hudson Yards, one of the most dynamic neighborhoods in Manhattan. With record levels of equity pouring into real estate in the immediate neighborhood, this is a rare investment opportunity to purchase a well maintained, core Manhattan multifamily property that has potential to capitalize on upside in both residential and commercial rents. -
Who Are NYC's Most Active Developers?
Who are NYC’s most active developers? The Real Deal ranked the top 10 December 27, 2018 | By Kathryn Brenzel and Kevin Sun The companies behind two mega-developments on Manhattan’s far West Side are the city’s busiest developers — and will likely remain so for the next few years. Related Companies and Brookfield Property Partners are the top two most active developers in the city in terms of the scale of their ongoing projects. Related and Brookfield are respectively being kept busy by their massive mixed-use proj- ects, Hudson Yards and Manhattan West. The Real Deal compiled a list of the city’s busiest developers of new construction, based on building permits issued by the Department of Buildings. Only projects with active permits that have not yet been issued a temporary certificate of occupancy (TCO) as of Dec.19 were included. Alterations were not included in developers’ total square footages or project counts. Here are the top 10 most active developers by square footage, as represented in DOB filings. 1. Related Companies Square footage: 6 million Number of projects: 9 Related’s largest ongoing project is 415 10th Avenue, better known as 50 Hudson Yards. The 2.2 million-square-foot office tower has been the target of multiple protests over the past year, due to the developer’s decision to use both union and nonunion construction labor on the project. Related’s second-largest ongoing project is another office tower at 550 West 34th Street, better known as 55 Hudson Yards. 2. Brookfield Property Partners Square footage: 4 million Number of projects: 4 Brookfield’s largest ongoing project is One Manhattan West, a 2 million-square–foot-plus office tower on Ninth Avenue. -
Brochure Show the Situation During Formwork Assembly and Are Therefore Incomplete from the Safety Aspect
Understanding how to build high faster. Formwork solutions for your highrise project The Formwork Experts. _Understanding your highrise project as a partner _Understanding the construction process truly and being knowledgeable about it is the prerequisite for being a partner in the construction industry. We have this un- derstanding from the initial planning stage through to completion of construction. _Understanding such as this is based on more than 40 years' experience in self- climbing technology and more than 1,000 highrise projects successfully realised worldwide. Construction of the world’s tallest building, the Burj Khalifa in Dubai, 828 metres tall, is an outstanding example. With this comprehensive know-how, we are well-qualified to be your high- performing and reliable partner in highrise construction. 2 Doka is able to look back on a long history of _ understanding. Listening intently, understanding the world as seen through the eyes of our custom- ers, learning to understand all aspects and thinking ahead. We are passionate about not being satisfied with the first solution that might get the job done. Rather, we continue fine-tuning it until we come up with a true benefit for our customers. This is the only way a small woodworking shop could grow into a globally operating form- work company, known by the brand name Doka since 1956. "Thanks to the reliable technology and efficient on-site support provided by Doka, we were able to meet the schedule of Colombo Costruzioni S.p.A. with its detailed plan for completion of the Torre Isozaki build in Milan. As a result, we were able to shorten the original schedule for finishing the building shell by approximate- ly three months." Gianfranco Cesana, Engineering Manager for Colombo Important information: Always observe all relevant safety regulations (e.g. -
CTBUH Journal
About the Council The Council on Tall Buildings and Urban Habitat, based at the Illinois Institute of CTBUH Journal Technology in Chicago, is an international International Journal on Tall Buildings and Urban Habitat not-for-profi t organization supported by architecture, engineering, planning, development, and construction professionals. Founded in 1969, the Council’s mission is to disseminate multi-disciplinary information on Tall buildings: design, construction, and operation | 2013 Issue III tall buildings and sustainable urban environments, to maximize the international interaction of professionals involved in creating the built environment, and to make the latest Case Study: The Bow, Calgary knowledge available to professionals in a useful form. Debating Tall: Do Trees Belong on Skyscrapers? The CTBUH disseminates its fi ndings, and Imagining the Tall Building of the Future facilitates business exchange, through: the publication of books, monographs, The Use of Stainless Steel in Second-Skin Façades proceedings, and reports; the organization of world congresses, international, regional, and Politics, History, and Height in Warsaw specialty conferences and workshops; the maintaining of an extensive website and tall Using CFD to Optimize Tall Buildings building databases of built, under construction, and proposed buildings; the distribution of a Tall Building in Numbers: Vanity Height monthly international tall building e-newsletter; the maintaining of an Talking Tall: Tall Timber Building international resource center; the bestowing of annual awards for design and construction Special Report: CTBUH 2013 London Conference excellence and individual lifetime achievement; the management of special task forces/ working groups; the hosting of technical forums; and the publication of the CTBUH Journal, a professional journal containing refereed papers written by researchers, scholars, and practicing professionals. -
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. -
Thomas Heatherwick, Architecture's Showman
Thomas Heatherwick, Architecture’s Showman His giant new structure aims to be an Eiffel Tower for New York. Is it genius or folly? February 26, 2018 | By IAN PARKER Stephen Ross, the seventy-seven-year-old billionaire property developer and the owner of the Miami Dolphins, has a winningly informal, old-school conversational style. On a recent morning in Manhattan, he spoke of the moment, several years ago, when he decided that the plaza of one of his projects, Hudson Yards—a Doha-like cluster of towers on Manhattan’s West Side—needed a magnificent object at its center. He recalled telling him- self, “It has to be big. It has to be monumental.” He went on, “Then I said, ‘O.K. Who are the great sculptors?’ ” (Ross pronounced the word “sculptures.”) Before long, he met with Thomas Heatherwick, the acclaimed British designer of ingenious, if sometimes unworkable, things. Ross told me that there was a presentation, and that he was very impressed by Heatherwick’s “what do you call it—Television? Internet?” An adviser softly said, “PowerPoint?” Ross was in a meeting room at the Time Warner Center, which his company, Related, built and partly owns, and where he lives and works. We had a view of Columbus Circle and Central Park. The room was filled with models of Hudson Yards, which is a mile and a half southwest, between Thirtieth and Thirty-third Streets, and between Tenth Avenue and the West Side Highway. There, Related and its partner, Oxford Properties Group, are partway through erecting the complex, which includes residential space, office space, and a mall—with such stores as Neiman Marcus, Cartier, and Urban Decay, and a Thomas Keller restaurant designed to evoke “Mad Men”—most of it on a platform built over active rail lines. -
PATHFINDERS DATA MAPS Chart Course to $100B Biz PAGE 4 CRAIN’S® NEW YORK BUSINESS
20150824-NEWS--0001-NAT-CCI-CN_-- 8/21/2015 6:18 PM Page 1 PATHFINDERS DATA MAPS chart course to $100B biz PAGE 4 CRAIN’S® NEW YORK BUSINESS VOL. XXXI, NOS. 34, 35 WWW.CRAINSNEWYORK.COM DOUBLE ISSUE AUGUST 24-SEPTEMBER 6, 2015 PRICE: $3.00 Tech jobs, Chinese tourism and speeding tickets—all up. Pedestrian deaths and hotel vacancies? Down. Our annual data deep-dive starts on PAGE 12 34 5 greg hall greg NEWSPAPER 71486 01068 0 B:11.125” T:10.875” S:10.25” Your business deserves B:14.75” the best T:14.5” S:14” network. Trade in your phone. Buy a Droid Turbo. Get $350. Until August 31st. New 2-yr. activation on $34.99+ plan req’d. $350=$200 bill credit + $150 smartphone trade-in credit (account credits applied within 2-3 billing cycles). Trade in must be in good working condition. $1999 (32 GB) New 2-yr. activation on $24.99+ plan req’d. Offer expires 9/30/15. findmyrep.vzw.com Bill credit will be removed from account if line is suspended or changed to non-qualifying price plan after activation. Activation fee/line: $40. IMPORTANT CONSUMER INFORMATION: Corporate Subscribers Only. Subject to Major Acct Agmt, Calling Plan, & credit approval. Up to $350 early termination fee/line. Offers & coverage, varying by svc, not available everywhere; see vzw.com. While supplies last. Restocking fee may apply. DROID is a trademark of Lucasfilm Ltd. and its related companies. Used under license. © 2015 Verizon Wireless. I7812 Project Title: New York Crains Team Proof Approval Job Number New York Crains Inks Side 1 CMYK Full Size (W” X H”) Reduced Size (W” X H”) (Initial and Date) Job Type Ad Inks Side 2 n/a Scale 1” 1” Art Director None Project New York Crains Finishing None Resolution 300 dpi 300 dpi Copywriter None Version Code None Template None Bleed 11.125” x 14.75” 11.125” x 14.75” Studio None 125 E. -
To Download a PDF of an Interview with A. Eugene Kohn, Chairman
NEWYORKCITY Teamwork and Collaboration An Interview with A. Eugene Kohn, Chairman, Kohn Pedersen Fox Associates EDITORS’ NOTE On July 4, 1976, mixed-use projects, both in the United A. Eugene Kohn founded Kohn States and abroad. More than 100 of Pedersen Fox Associates (KPF), the fi rm’s completed projects are cer- alongside William Pedersen and tifi ed, or pursuing, green certifi cation. Sheldon Fox, with a commitment to outstanding design, quality of What are the key ingredients that execution, and exceptional client make for a great architecture fi rm? service. Since starting the fi rm, we have The Founding Partners wanted strongly believed in teamwork and to create a fi rm that would succeed collaboration as opposed to stressing Overall, the key ingredients that have proved well past their own tenures. With the star architect or individual. The our fi rm successful is an outstanding staff, excep- this in mind, they sought talented reality is that one architect cannot con- tional design talent, opportunities with excellent people who could be as good, and A. Eugene Kohn ceive all the projects that a fi rm might clients, and the successful execution of projects. ideally better, than themselves. do and develop the design alone; it How can the older buildings in New These employees, mentored by the founders, is truly a team effort. On any given project, we York City compete with all of the new prod- would be the next leaders at KPF – and hold the might have as many as 60 people working on it, uct available? responsibility of doing the same for following guided by design leadership, all while assuring First off, at a basic level, older buildings generations.