NEW YORK | 550 Washington (Google Hudson Sq) | 232 FT | 12 FLOORS

[chris08876]

Rendering:


Credit: NYY

[chris08876]

Brookfield in talks to join St. John’s Terminal project: sources; Westbrook, Atlas began seeking $100M-plus investment for 1.7M sf redevelopment last fall

Brookfield Property Partners is in talks to become a partner in one of the largest redevelopment projects underway in New York City.

The Toronto-based office giant is negotiating to acquire a stake in the St. John’s Terminal site, which Westbrook Partners and Atlas Capital Partners are planning to transform into a five-tower, 1.7 million-square-foot mixed-use complex, sources told The Real Deal.

The three-block-long site – which consists of north, south and center sections – would hold 1,586 rental apartments, offices, a hotel and at least 400,000 square feet of retail space adjacent to Hudson River Park’s Pier 40.

The size of Brookfield’s proposed investment was not immediately clear, though Westbrook and Atlas have been seeking a partner since last fall to bring at least $100 million in equity to the table. The developers had hired Cushman & Wakefield’s Adam Spies, then of Eastdil Secured, to the market the property for a recapitalization.

Sources said the developers are interested in bringing on a lead investment partner on the south site, where an office building or a hotel is being considered.

Westbrook bought out Eugene Grant’s majority interest in the property for $250 million in 2013, and then in 2015 bought Fortress Investment Group’s stake for $200 million. Atlas Capital Group is a minority partner.

The City Council approved the redevelopment in December, after two years of negotiations between the developers, the Hudson River Park Trust and local politicians. Thirty percent of apartments in the complex would be rent-regulated. The city allowed the developers to skip the mandatory inclusionary housing requirement as a result of its $100 million investment in Hudson River Park. That investment bought the firms 200,000 square feet of development rights.

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TRD

[yankeesfan1000]

Per Curbed, Oxford Properties, Related's partner in the Hudson Yards, has agreed to buy this site for $700 million.

At that price, and given how deep pocketed Oxford is, I would expect this to start moving forward by spring.

[yankeesfan1000]

I'd expect this to get going this year. The neighborhood surrounding 550 Washington is primed for development too.

Canada Pension Plan joins Oxford on St. John’s Terminal megaproject

"...The firms closed on the $700 million purchase of the south site Wednesday, bringing the site’s total capitalization of $1.3 billion, sources told The Real Deal. Canadian Pension Plan, also known as CPP, has taken a 47.5 percent stake in the south site, which offers 1.3 million square feet for commercial development...

...The sellers, Westbrook Partners and Atlas Capital Group, continue to own the north site and plan to develop 400,000 square feet of residential space..."

[chris08876]

This project is big!



= = = = = = =


See Skyline Renderings of the Ambitious St. John's Terminal Redevelopment

As we previously noted, the project's architects, COOKFOX, have shaped a strong-boned sculptural design that erupts into the skyline as a mountain of cascading setbacks and planted terraces — resembling some of the work of Habitat-designer Moshe Safdi. Now, two more renderings have surfaced giving us a better sense of the scale of the landmark project.

The tallest tower of the five-building plan will anchor the corner of Clarkson and West streets and stretch nearly 400 feet high. One rendering looks north up the waterfront with Hudson Yards in the background, while the other looks south towards the World Trade Center. The terminal building sits across from the nearly-finished condo 160 Leroy, where some units have asked well above $4,000 per ft². As one of the last and largest development sites along the Manhattan shoreline, we expect the nothing less than the same for the market-rate apartments.

The large-scale plan is made possible through a unique, $100 million deal where the Hudson River Park Trust (HRPT) will transfer more than 200,000 square feet of air rights to the developers. The trust will use the funds to repair ailing Pier 40 across West Street. The developers hoped to break ground in 2017, but a recent visit shows little evidence of any demolition or construction work. An application submitted to the Department of Buildings earlier this month calls for the removal of the northern portion of the terminal building and the installation of a new facade.

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City Realty

[antinimby]

Don’t use words like “big.” You might horrify (and possibly mobilize) the NIMBYs that might find this thread through google.

[JMKeynes]

I hope that demolition starts soon. The current building is an egregious eyesore.

[NYguy]

https://www.bloomberg.com/news/artic...-hudson-square

Turning an Old Manhattan Freight Terminal Into a Sleek Office Tower—for Just $2 Billion


By Natalie Wong
October 1, 2018

Oxford Properties Group is spending about $2 billion to transform an old freight terminal on Manhattan’s West Side into a 12-story office building, according to a person with knowledge of the plans.

Oxford, the real estate unit of Canadian pension fund OMERS, and Canada Pension Plan Investment Board bought the property from Westbrook Partners LLC and Atlas Capital Group LLC in January for $700 million, Dean Shapiro, the Toronto builder’s head of U.S. development, said in an interview. That sum is part of the total investment, said the person, who asked not to be identified because the matter is private.

The project, one of four Oxford is working on with Canada Pension Plan, involves turning 1.3 million square feet (120,000 square meters) of industrial space at Hudson Square, near Greenwich Village, into what Shapiro called “the modern workplace,” an environment that encourages people to meet, mingle and work together.

[NYguy]

https://www.6sqft.com/renderings-rev...hudson-square/

[JMKeynes]

This is very nice, but I liked the other proposal better. The advantage of this though is that it will all be built at once, and not in stages. This building is the last significant eyesore on West Street.

[NYguy]

https://nypost.com/2018/10/02/st-joh...stic-facelift/

St. John’s Terminal set to get a futuristic facelift


By Steve Cuozzo
October 2, 2018

The low-slung, brick-walled hulk was mostly vacant for decades except for occasional use as an event space and fashion shoots. The sprawling former freight terminal once housed the southernmost terminus of the High Line trestle, remnants of which can be seen in the gloomy tunnel between Washington and West streets.

The overpass separates Oxford’s two-block long portion of the terminal between West Houston and Charlton streets from a shorter, northern section that’s still owned by Atlas Capital and Westbrook Partners. Oxford bought 550 Washington from Atlas and Westbrook last year for $700 million, as my colleague Lois Weiss first reported at the time.

The overpass will be demolished next year to open up views between Washington Street and Pier 40 and the Hudson River to the west. It will also reveal vestiges of the original railroad tracks.

Construction will start in the second quarter of 2019, and Oxford aims to deliver occupancy in 2022. The re-imagined structure will consist of nine new floors on top of three existing floors. Oxford declined to estimate the cost. Fortunately for the developer, the project is as-of-right and requires no zoning changes or public review beyond what the city approved several years ago.

[Busy Bee]

I'm confused. Are these two separate projects or does this replace the towered proposal?

[Eidolon]

Originally Posted by JMKeynes

This is very nice, but I liked the other proposal better. The advantage of this though is that it will all be built at once, and not in stages. This building is the last significant eyesore on West Street.

The article posted by NYguy mentions that this comprises only a part of the site and that since being proposed in 2016, nothing has yet happened. The old version was much more appealing though, while this is just functional, bland and forgettable, which is something that many companies do prefer over extravagance.

Link

Atlas and Westbrook, who still own the northern section of the site, released plans in 2016 to bring 1,500 apartments, retail, office, and possibly hotel space to the site. But their proposal, since getting approved by the City Council two years ago, has not moved forward.

[NYguy]

Originally Posted by Busy Bee

I'm confused. Are these two separate projects or does this replace the towered proposal?

It replaces the earlier version...

https://nypost.com/2018/10/02/st-joh...stic-facelift/

Earlier renderings of apartment towers from when the site was owned by other companies are out of date.

The low-slung, brick-walled hulk was mostly vacant for decades except for occasional use as an event space and fashion shoots. The sprawling former freight terminal once housed the southernmost terminus of the High Line trestle, remnants of which can be seen in the gloomy tunnel between Washington and West streets.

The overpass separates Oxford’s two-block long portion of the terminal between West Houston and Charlton streets from a shorter, northern section that’s still owned by Atlas Capital and Westbrook Partners. Oxford bought 550 Washington from Atlas and Westbrook last year for $700 million, as my colleague Lois Weiss first reported at the time.

The earlier owners (Atlas) still own the northern portion of the site, which is where the tallest of the earlier proposal towers were, and which is separated by this overpass.
It will probably be demolished...(quick google maps view). They can still build a tower on that site.












https://www.rebellionresearch.com/bl...-hudson-square

[Camstonisland]

Originally Posted by chris08876

I hope they still get to build the old towers, they're very interesting! They remind me of a creative redesign of NYC landmarks by Hollwich Kushner mixed with a more practical 432 park ave frame

[chris08876]

The Northern portion of the site is the exciting part. Hopefully they build the towered complex. Not a fan of this bulky office complex.

Granted what its replacing will fix any sort of eyesore, but seems low in magnitude. Was expecting a much bigger project leaning on residential.

[citybooster]

If this is all of it, what a letdown.

[chris08876]

St. John's Terminal project shifts from residential to commercial

Plans announced this week for a 1.3 million-square-foot office building on Manhattan's West Side mark a dramatic departure from what was expected when the St. John's Terminal building was rezoned in a contentious process two years ago.

Instead of nearly 1,600 apartments, there likely will be several hundred. And instead of a small portion set aside for commercial space, the majority of the project will now be devoted to office tenants.

After extracting a number of concessions from the de Blasio administration in late 2016, including a new historic district in Greenwich Village, the City Council signed off on a rezoning that was expected to produce a five-building complex along Hudson River Park between Clarkson and Spring streets. The developers, Westbrook Partners and Atlas Capital, also purchased air rights from the park that facilitated a $100 million rehab of the crumbling Pier 40.

The buildings were expected to house 1,586 apartments—around a third would have been enrolled in the city's affordable housing program—and a 15,000-square-foot public recreation center. The nearly 225,000 square feet earmarked for office or hotel use seemed almost like an afterthought.

"We have known from the beginning that this project has the potential to benefit New Yorkers extraordinarily, primarily through the creation of affordable housing and as a much-needed revenue generator for Pier 40," Council Speaker Corey Johnson said at the time.

But the market for building pricey Manhattan apartments was already on the wane. And even as the city was giving its thumbs up to the project, The New York Times reported that the development team was considering leasing the existing building to commercial tenants until the residential market picked up.

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https://www.crainsnewyork.com/real-e...ial-commercial

[JMKeynes]

There will be another tower at the north side of the site with residential.

https://therealdeal.com/2018/10/04/n...of-resi-units/

[NYguy]

Eventually, Google will eat all of Manhattan.


https://www.6sqft.com/google-expandi...hudson-square/

Google expanding to St. John’s Terminal in Hudson Square


NOVEMBER 8, 2018
BY DEVIN GANNON

Google is expanding its New York City footprint once again. The tech giant is close to inking a deal to buy or lease a planned 1.3 million-square-foot office building at St. John’s Terminal, formerly a freight terminal in Hudson Square, that is undergoing a major revamp by COOKFOX Architects. According to the Wall Street Journal, the building, located at 550 Washington Street, could house more than 8,500 Google employees when the project wraps up in 2022. News of this impending deal comes just days after it was reported that Amazon will move its second headquarters, along with 25,000 workers, to Long Island City, although no plan has formally been announced.

Google has remained loyal to the Manhattan’s West side. Last month, it bought buildings across from its current headquarters for $83 million. And in February it picked up the Chelsea Market building for a staggering $2.5 billion (the second biggest single sale in the city) and also announced that same month plans to add another 70,000 square feet of space to its 250,000-square-foot agreement at Pier 57, enough space for 3,500 workers.

The latest expansion moves the company more downtown to Hudson Square, an area within the West Village that was rezoned in 2013 to allow for more offices and residential units. Oxford Properties Group purchased a section of the St. John’s Terminal site, formerly a freight terminal, in January for $700 million and later hired COOKFOX to design a 12-story office complex.