NEW YORK | 8 Carlisle (111 Washington) | 820 FT | 64 FLOORS
 

From therealdeal.com (15 July 2011):

http://therealdeal.com/newyork/artic...-meir-milgraum

54-story luxury rental planned for 111 Washington in FiDi
July 15, 2011 12:00PM

By Adam Pincus


From left: Pink Stone Capital's Richard Ohebshalom, Meir Milgraum and David Goldban; 111 Washington Street (source: PropertyShark)The Midtown-based real estate development firm Pink Stone Capital expects to build a high-end residential rental tower with 54 floors at 111 Washington Street, two blocks south of the World Trade Center site in the Financial District.

The approximately 430,000-square-foot high-rise will have about 500 units in a mix of studios and one- and two-bedroom apartments, Meir Milgraum, director of acquisitions for the firm, said. One or two large penthouses may also be includedd, he added.

Pink Stone bought the defaulted $50 million note from New York Community Bank in March. The bank lent parking magnate Gerald Brauser and his company Term-Washington Street Garage the money in 2006 to develop the property.

On July 1, Pink Stone acquired title for the site through a deed in lieu of foreclosure, Milgraum said. Court records show the site includes the property at 105 Washington Street and 111 Washington Street, as well as air rights from four other properties. Milgraum would not disclose the price paid, if any, for the deed. The title transfer has not yet appeared on city property records.

In addition to the apartments, the tower at 111 Washington Street will have two floors of retail with about 30,000 square feet of space.

The firm is interviewing architects and plans to hire one by the end of next week.

"We hope to be in the ground by next summer and complete construction by 2014," Milgraum said.

The company plans to construct a one-story retail site at 105 Washington Street.

Pink Stone is an active note and property buyer over the past year. It bought the note for 174 Nassau Street in Downtown Brooklyn on June 22, which has development rights for approximately 100,000 square feet. In addition, the company is constructing a 73-unit residential building with 21 stories at 3 West 36th Street and a new, 21-story hotel with 108 rooms at 250 Fifth Avenue, at 28th Street.

Pink Stone Capital was founded in 2010 and is led by CEO Richard Ohebshalom, son of Empire Management's Fred Ohebshalom. The firm takes it name from the color associated with breast cancer advocacy, and was named in honor of Richard's high school history teacher, who died of the disease in 1997.

If I'm not mistaken, this lot is tiny so this tower could be quite tall, and will be very slender.

I only saw one render from this tower so far, and the building looked taller than the next door W hotel tower. I think this one will be 220m +/-something tall. Along with the bldg close to the AMEX bldg, 50 west street, 5WTC and the Sam Chang Hotel on 90 Washington, this will be a colosal new canyon and skyscraper district in LM.

I think that it will be around 750 feet or maybe 800. This area has a lot of construction planned.

I believe this is the site, so yeah this is a pretty tight fit for 54 story residential building even in Lower Manhattan. So I have to agree with RW and kickser this should be 200 meters at least.

http://farm7.static.flickr.com/6131/...4d9ab368_b.jpg
hoveringcheesecake on Flickr

Anyone know if the design has changed at all from what we've seen in the past?

http://www.bluemelon.com/photo/18602/1202055.jpg

Got this photo from the 78 Trinity Place thread, and NYGuy posted it, don't know where he got it...

Design's perfect, I hope they keep it. This would be a worthy addition to the area!

I don't think that they're building that design because they said that they'll choose an architect the week of 18 July 2011.

Hopefully the new design will have the same edge as the old one.

that render looks an awful lot like the Four Seasons in Miami

Hey STR if you see this thread I think it's time to update those excellent renderings of yours.

I'm not STR, but I do have this one I whipped up before.
http://img849.imageshack.us/img849/2508/wtcsouth.jpg

Looks nice, good looking infill tower!

I happen to like that design myself, but I don't believe that it will be built. The developers stated in the article that I posted that they'll select an architect during the week of 18 July.

whats the deal with this building???

if anything needs a re-zoning it's downtown NYC/the FiDi... there is almost nowhere left to build! it would make sense to lift FAR limits on residential development...

If I'm not mistaken, there's about 4 to 5 msf of undeveloped residential air rights in the area south of the WTC. The City was supposed to come up with a plan to implement that, but it hasn't gone anywhere yet. In the meantime, we got this...
http://forum.skyscraperpage.com/showthread.php?t=181550

A few months passed. Anything new?

Near this, the 99 Washington Street, already swung into action.

I was there yesterday and nothing has changed, the lot is still full of construction trailers.

Hmm... Thanks for the reply. I hope that soon this building is constructed.

any updates