Controversies

Lawyer Claims One57 Fire Caused Back Injury, ‘Respiratory Pain’

manhattan-24-12-13-13

One57 was on fire over the weekend – literally. The fire reportedly started on a loading dock at the luxury residential tower on Saturday night and was brought under control around 10 p.m., but not before nearby resident and lawyer Michael Hurwitz prepared a lawsuit filed with the state Supreme Court against Extell Development.    

“The whole area was in a blazing fire,” Mr. Hurwitz told Luxury Listings NYC. “It was a very close call … it was 100 percent unacceptable what was going on there.” Read More

Developing Situations

Art Students League Approves Extell Cantilever

A rendering of the planned tower at 217 W. 57th Street.

At a meeting last night, members of the Art Students League approved Extell’s controversial plan to cantilever a 1,424-foot skyscraper above the school’s landmarked French Renaissance building on W. 57th Street. The Smith + Gordon Gill-designed tower, to rise at 217 West 57th Street, has now cleared the final roadblock needed to move forward with construction. Read More

Developing Situations

Extell Gives Art Students League a Deadline: Approve Cantilever by Wednesday or Lose $31.8 M. Deal

Could the project move forward without a cantilever?

Extell’s controversial plan to cantilever a 1,424-foot skyscraper at 217 West 57th Street over the Art Students League, which won city approval last fall, will be abandoned if the League’s members reject the deal at a vote tonight, according to the developer. Extell has promised to walk away from the deal, which would net the League $31.8 million, and move forward without the cantilever, if the League does not reach an agreement by Wednesday night. Read More

Sales Beat

Vornado Resolves Extell Dispute, Will Build Luxury Condo at 220 Central Park South

220 Central Park South

Vornado Realty Trust has acquired the land and air rights necessary to proceed with its development at 220 Central Park South, the real estate investment trust announced yesterday.

The $194 million acquisition will allow Vornado to begin construction of its planned 920-foot tall luxury residential condominium and puts to rest an ongoing dispute between the REIT and Extell Development, the seller of the rights. Read More

Masters of Real Estate

Developers Optimistic at 5th Annual Masters of Real Estate Conference Despite Political Uncertainty

The New York Observer- Masters of Real Estate

There’s “something major” happening in every submarket in the city, but will gridlock in Washington and the impending mayoral election thrust the city back into recession – or even into a backdrop of crime and bankruptcy reminiscent of the 1970’s?

Not a chance, said a group of the city’s top real estate developers at Observer Read More

Real estate kerfuffles

One57’s Troublesome Crane Is At It Again: 57th Street Shuts Down Because of Yet Another Construction Incident

The old One57 crane is gone, but the new one is also turning out to be problematic.

One57′s crane continues to make life miserable for its neighbors. Just weeks away from the one-year anniversary of the crane’s dramatic Hurricane Sandy break and ominous, prolonged dangling, the crane once again had some issues, forcing 57th Street to shut down as construction workers scramble to fix the problem.

As the New York Fire Department succinctly described the situation on its Twitter feed: “same crane, different incident.” Read More

Mortgage Observer

New York City Hotels Are Booming, But Beware Overexposure

Illustration by Lauren Draper.

With more than 52 million visitors to the Big Apple in 2012, one thing seems certain: By all accounts, the hospitality industry is thriving in New York City. Hundreds of new hotels, with nearly 20,000 rooms, have joined the inventory over the past few years. Despite this, according to some industry leaders, there is reason to feel uneasy about the outlook for continued growth in this asset class.

Read More

Sales Beat

Nordstrom Pays $102.5 M. for Midtown Flagship

(Photo: nuancemarketing.net)

Seattle-based luxury retailer Nordstrom has reportedly paid $102.5 million for the site of its future Midtown flagship store at 225 West 57th Street.

The seven floor store will anchor a massive 88-story, 1,550-foot residential condo tower that Extell Development is building at the site.

The retailer said its store will encompass 285,000 square feet when it Read More

Controversies

Neighbors Fume Over One57 Permit

(Photo: Al Barbarino)

Neighbors of One57 are reportedly fuming around-the-clock after the Department of Buildings granted Extell Development a 24-hour work permit.

Residents are lashing out over a permit that allows Extell to run an exterior elevator and work on its crane through August 18, which is the latest of more than 300 such variances issued over the last year, Read More

Financing

Gary Barnett Seeks $1B Loan from Chinese Bank

Gary Barnett

Gary Barnett, founder of Extell Development, is seeking approximately $1 billion in financing from Export-Import Bank of China for the planned condominium development at 225 West 57th Street, The Wall Street Journal reported earlier today.

If the deal is closed, it would likely be the largest loan for a U.S. real estate construction project since the market downturn, according to the Journal report. The project, as designed, would be the largest residential building in the United States, rising just a block away from Extell’s soon to be completed One57 residential tower.  Last year, Nordstrom agreed to anchor the development with its first New York flagship location. Read More

On the Market

Helmsley Estate to Sell Park Lane Hotel

ParkLane

CBRE is gearing up to market the Helmsley Park Lane Hotel towards developers of high-end condominiums, according to published reports.

The 370,000-square-foot property, being sold by the estate of Leona Helmsley, has received at least two separate offers of more than $600 million, including one from industry scions Harry Macklowe and Steven Witkoff, The Wall Street Read More

Postings

Power 100 Heat Map

CO POSTINGS 4-30

From a Taconic Investment Partners project in Hunts Point to the World Trade Center site in Lower Manhattan, power in New York real estate circles has increasingly expanded from the comfortable confines of Midtown Manhattan to the fringes of all five boroughs. While large developments such as the Related Company’s Hudson Yards often dominate the conversation, Brooklyn, Queens and even the Bronx continue to grow in stature.

Long Island City is fast becoming a focal point for the real estate industry as Rockrose and other residential developers tap into the growing Queens neighborhood. In the Bronx, Taconic Investment Partners, formerly the owners of 111 Eighth Avenue, is in the process of a significant capital improvement plan at the BankNote Building on Lafayette Avenue in Hunt’s Point.

Below, a sampling of where power thrives in New York City in 2013. Read More