NEW YORK | 520 W. 41 St (2 Towers) | 723 FT Resi / FT Office| FLOORS

[NYguy]

Now we wait to see what Silverstein does.

[manchester united]

News about this 106 floors tower ?

[artspook]

Seems Silverstein might be over-extended . .
and doesn't have the dough nor the resolution to develop it.
Look how he stripped bare Forster's nuanced refinement on T2 . .
in order to make a quick buck on Ingles' excuse for progressive . .
Notched hexagonal floor-plates and irregular diamond crowns don't come cheap . .
In a devil's bargain Fox got him off the hook . .
stole a pile of cheap stacked square-cornered boxes . .
and ran away with a WTCenter Headquarters on a silver platter . .
Look for another swindle here . .
though I appreciate NYguy's "wait to see what he does" optimism.

[CityGuy87]

Considering that Silverstein recently said that he experiences a great deal of regret whenever he sells a property and his instructed his kids not to ever sell for future reference, I don't see why he wouldn't go forward with this project.

[ILNY]

All work has sized, all construction equipment was removed from the site. The tower awaits its fate.





Bedrock.

[Skyguy_7]

Ah, beautifully restored back to post-ice age. Thanks for the pics!

[NYguy]

Originally Posted by artspook

Seems Silverstein might be over-extended . .
and doesn't have the dough nor the resolution to develop it.
Look how he stripped bare Forster's nuanced refinement on T2 . .
in order to make a quick buck on Ingles' excuse for progressive . .
Notched hexagonal floor-plates and irregular diamond crowns don't come cheap . .
In a devil's bargain Fox got him off the hook . .
stole a pile of cheap stacked square-cornered boxes . .
and ran away with a WTCenter Headquarters on a silver platter . .
Look for another swindle here . .
though I appreciate NYguy's "wait to see what he does" optimism.

We saw hardly anything of Foster's design, so I'm not sure what you're going on about there. But if tower 2 remains on hold for a while, perhaps Silverstein can focus on this one again.

Originally Posted by CityGuy87

Considering that Silverstein recently said that he experiences a great deal of regret whenever he sells a property and his instructed his kids not to ever sell for future reference, I don't see why he wouldn't go forward with this project.

There's still the matter of approval, which would be likely anyway. City Planing has been slow with these things, but that usually involves some deal making behind the scenes.

http://www.nyc.gov/html/dcp/pdf/env_...scope_work.pdf



http://silversteinproperties.com/our-company/

Silverstein Properties has 20 million square feet of development underway: Four Seasons Downtown New York Hotel and Private Luxury Residences, One West End, 520 West 41st Streett, and 2 and 3 World Trade Center in New York.

[manchester united]

I hope that this tower will be built soon.

[NYguy]

Originally Posted by manchester united

I hope that this tower will be built soon.

I don't think it's gonna happen anytime soon. Silverstein previously suggested that it would be put on hold as the company focuses on rebuilding the WTC, but the process is still moving forward (meaning the rezoning approval).

[NYguy]

This could affect not only this site, but many more accross the City...


http://nypost.com/2016/06/06/de-blas...building-boom/

DeBlasio backs bill seeking affordable housing boom

By Rich Calder and Michael Gartland
June 6, 2016

A Mayor de Blasio-backed bill aimed at boosting the city’s affordable-housing stock by lifting a state cap on the size of residential projects has suddenly gained steam in Albany and could be approved later this month, sources told The Post.

The measure could lead to soaring property values in some of New York’s most desired neighborhoods by ending a state-imposed “floor-area ratio” cap, increasing the number of units that can be built in residentially-zoned buildings.

The bill cleared the Senate housing committee last week. Sources say it could be approved by next week. De Blasio’s team of Albany lobbyists have been “pushing very hard” for the bill, they added.

Neighborhoods that could see both market-rate and affordable-housing stock soar under the proposal include the Financial District, Midtown and Hudson Yards.

While passage of the legislation would be a win for de Blasio in reaching his goal of building or preserving 200,000 affordable-housing units by 2024, critics say developers could be the biggest benefactors.

“My fear is it’s going to wind up being a big giveaway to the real-estate industry,” said one Manhattan activist. “I’m not sure I trust some City Council members not to give away the skyline in exchange for funding to build a park in their neighborhood.”

[tokilamockingbrd]

Originally Posted by NYguy

This could affect not only this site, but many more accross the City...


http://nypost.com/2016/06/06/de-blas...building-boom/

DeBlasio backs bill seeking affordable housing boom

By Rich Calder and Michael Gartland
June 6, 2016

gotta love the obligatory NIMBY quote. Give away the sky line? Do they really think that developers are going to be able develop Asian style highrise complexes (I have seen high rise complexes in Seoul and South China of 20+ identical residential high-rise buildings, guessing 30-40 floors each)

[De Minimis NY]

^^Yea, it's pretty hard to take the moral high ground when arguing against additional density for affordable housing and non-luxury, market rate housing (lifting the caps won't affect luxury development, as those units aren't small enough to be impacted by the cap) that would be built nearly exclusively in Midtown, the Financial District and Hudson Yards! That someone could be further offended by idea that the proceeds could be used for new park space just completely confounds me.

They just instinctively resist anything that could be beneficial to developers, regardless of whether it furthers their own goals (i.e., reducing housing costs and creating new affordable housing without altering the character of traditionally residential neighborhoods). It's like they don't understand the concept of a "win-win."

[NYguy]

Originally Posted by De Minimis NY

They just instinctively resist anything that could be beneficial to developers, regardless of whether it furthers their own goals (i.e., reducing housing costs and creating new affordable housing without altering the character of traditionally residential neighborhoods). It's like they don't understand the concept of a "win-win."

I don't think these people who complain about the developers understand that they're in it for the money because that's their business. Whey else would they build? If Silverstein Properties benefits from putting a tower on site, well that was the plan anyway.

[NYguy]

Silverstein got at least partial approval for the plan to build his residential tower...

[manchester united]

To add 106 floors in the title.

[Submariner]

Originally Posted by tokilamockingbrd

gotta love the obligatory NIMBY quote. Give away the sky line? Do they really think that developers are going to be able develop Asian style highrise complexes (I have seen high rise complexes in Seoul and South China of 20+ identical residential high-rise buildings, guessing 30-40 floors each)

Well, to be fair, have you seen the Manhattan skyline as of late? Vast, expansive and devoid of vertical obtrusions. When my friend from Germany visited me last month, I had to keep reminding her that we weren't in Vermont, but rather, New York City.

[antinimby]

^ And in the outer boroughs, all you gotta do is read NYYIMBY everyday to see so many two story houses/buildings are replaced by only three or four story ones, many times they are near subway stops. Such a waste of time and land.

Retarded zoning.

[NYguy]

https://therealdeal.com/2017/01/17/s...est-side-site/

Silverstein secures $153M refi for Far West Side dev site
SL Green provided the financing


January 17, 2017
By Kathryn Brenzel

Silverstein Properties snagged a $153 million loan from SL Green Realty to refinance a large West Side development site.

The financing replaces previous loans from SL Green for 514 West 11th Avenue, including a $76 million acquisition loan and another $66 million for construction, city records show.

Silverstein bought the property in 2015 for $100 million and originally planned to build a 1.8 million-square-foot residential building at the site. The developer, however, abandoned those plans later that year and put the property on the market for a reported $500 million.

At the time, Larry Silverstein told the New York Post that his company was already swamped with ongoing construction — $10 billion worth — and decided to try to sell the property. Silverstein also dispelled rumors that he scrapped plans for the tower due to the city’s demands for affordable housing. The city reportedly wanted 375,000 square feet of affordable housing, while Silverstein only offered 250,000 square feet.

It’s unclear if the property is still on the market. A representative for Silverstein did not immediately return calls seeking comment.

[NYguy]

https://therealdeal.com/2017/01/19/s...far-west-side/

Silverstein may scrap plans for 1,000-foot Far West Side tower
Developer now mulling plans for two smaller towers at 514 11th Avenue


January 19, 2017

Are two towers better than one? That’s a question Silverstein Properties is asking with regard to its latest development on the Far West Side.

Larry Silverstein’s firm may scrap plans for a single, 1,000-foot tower at 514 11th Avenue. Instead, the developer would develop the site in two stages — first, build a 600,000-square-foot condominium tower, and then construct a roughly 1 million-square-foot commercial office tower.

Although Silverstein hasn’t made a final decision, the firm tapped CetraRuddy to design the condo portion of the plan, Crain’s reported.

Silverstein paid $115 million for the site, a former Mercedes-Benz dealership, in 2015. That year, the developer made a deal with the city to rezone the site’s commercial portion and build a 1.8 million-square-foot residential project with 30 percent of the units reserved for affordable housing. Later, Silverstein put the site on the market briefly.

At the time, he said he was not looking to sell because of the city’s aggressive affordable housing requirements.

Under this newly-floated plan, a rezoning would not be required. After building a residential component, Silverstein could capitalize on the growing office market in Hudson Yards, where BlackRock, Time Warner and others are or will be headquartered.

The two-phase project is a similar approach to the one Silverstein took at Silver Towers, a two-tier, 1,300-unit rental complex at 620 West 42nd Street that was completed in 2009.

http://www.crainsnewyork.com/article...TATE/170119868

Silverstein Properties reboots Far West Side development plans
In place of the original 1,000-foot spire, the developer is looking to build two towers at 514 Eleventh Avenue

By Dan Geiger

Silverstein Properties is quietly floating its latest plans for a large development site on Manhattan's far West Side.

Instead of building a soaring 1,000 foot-tall spire, the developer is now exploring a plan to build two towers in separate phases at 514 Eleventh Avenue, a former Mercedes-Benz car dealership that Silverstein purchased for $115 million in 2015.

The company has hired the architecture firm CetraRuddy to design the first phase of the new plan: a 600,000 square foot condo tower that would be far shorter than the previously envisioned mega-structure.

The project's second phase calls for a roughly one million square foot commercial office tower.

In 2015, Silverstein negotiated a handshake deal with the city to allow the company to rezone the site's large commercial portion to residential in exchange for reserving 30% of the space for affordable housing. After hammering out that agreement, however, Silverstein Properties appeared to back away from the project, and briefly put the site up for sale.

The new plan will seek to take advantage of existing zoning at the site, which encompasses the full block between West 40th and 41st streets from Eleventh Ave. to Galvin Ave., that allows for the construction of about 600,000 square feet of residential and an additional 1.2 million square feet of commercial space.

The firm's new approach would allow it to develop the more lucrative residential component first then build out the commercial portion at some point in the future. Silverstein Properties successfully employed a similar multi-phase development at Silver Towers, a twin-spire, 1,300 unit rental complex at 514 Eleventh Ave., building one tower in advance of the second so it could rent up the space before adding additional supply.

Building out the site's commercial space rather than trying to rezone it to residential also speaks to the neighborhood's burgeoning success as an office district. Tenants like BlackRock, Wells Fargo, Time Warner and KKR have flocked to Hudson Yards, taking millions of square feet of space. Although 514 Eleventh Ave. sits at the north end of the neighborhood, it is close to a proposed new stop along the No. 7 subway line extension.

Sources did caution that Silverstein Properties is still exploring its options and has yet to settle on the two-phased approach.

[PeterQM]

Silverstein Secures $153 Million Loan to Refinance Site of 103-Story Renzo Piano-Designed Skyscraper
January 19, 2017







More INFO and RENDERINGS in the post here.