NEW YORK | 1522 1st Ave (403 East 79th St)| 449 FT | 30 FLOORS

[NYguy]

https://rew-online.com/newmark-named...e-development/






https://therealdeal.com/2018/03/29/s...ment-revealed/

Revealed: Site of Gary Barnett’s next big development
Extell chief close to finalizing assemblage on the UES with 250K buildable sf





By Mark Maurer
March 29, 2018

Gary Barnett’s Extell Development is in the final stages of securing an assemblage for its next development – a site on the Upper East Side with more than 250,000 buildable square feet.

The development firm is considering building a residential tower with a school at its base on the site, located on First Avenue between East 79th and 80th streets, Barnett told The Real Deal.

The parcels together offer about 200,000 buildable square feet, but sources said the developer intends to pursue an inclusionary housing bonus would bring the potential size to at least 250,000 square feet. Barnett said Extell is also weighing whether to tack on additional air rights from neighboring properties. The parcels’ collective addresses are 1514-1528 First Avenue, 401-403 East 79th Street and 400-402 East 80th Street in the Upper East Side’s Yorkville neighborhood.

A school has already approached the developer about occupying a portion of the development, though no agreement has been made, Barnett said. Barnett added he hopes to begin demolition in the next six months.

[chris08876]

This could be a sizable development for the UWS.


= = = = = = = = =

Extell lands $118M Helaba loan for UES assemblage

Landesbank Hessen-Thüringen is the debt behind Gary Barnett’s latest assemblage play, records filed with the city Thursday show.

The German bank, also known as Helaba, provided $118.2 million in financing to Barnett’s Extell Development for a 10-lot site on the Upper East Side where Barnett plans a future luxury residential tower, potentially with a school at its base.

The lots lie along First Avenue between 79th and 80th streets. The loan is intended to back the purchase of the lots and development rights.

The sponsor on the public filing is Martin Hollander’s Marin Management, who also served as a shield for two of the building purchases.

In March, The Real Deal reported that Extell had completed the assemblage and was considering the purchase of additional air rights for a new development at the site. The company can build up to 250,000 square feet without the extra rights, however.

Last fall, Extell scooped up $200 million in air rights for a tower at 50 West 66th Street on the Upper West Side. The deals allow the developer to build a 775-foot-tall tower, the largest in that neighborhood.

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TRD

[NYguy]

Maybe 40, 50 stories. But Extell has been known to push it a little bit.

[Prezrezc]

Two concerns:

1. NIMBY'ism. Evil. Boo Hiss.

2. Absent even that, it might turn out awkwardly on the cityscape if this development, maxed out under allowable FAR guidelines for this section of Manhattan, turns out to be the only sizeable structure with no further imminent upzoning.

[chris08876]

The NIMBY stay-a-home moms and disheveled 50 yr olds females with weak husbands will most likely fight this. They have fought similar towers on the UWS planned (200 Amsterdam for example), and have lost. I expect another steam rolling victory for the Barnettinator. On the road to a bigger and better city, the Barnettinator stops at nothing. His only nemesis is Stern, who's towers tend to be aesthetically superior, but competition is good!

The UES will become denser, and taller. Land is too valuable, and low rises of no significance must be swallowed up, and replaced with much needed density.

[yankeesfan1000]

YIMBY reporting demo permits have been filed, and 200k worth of air rights, should be decent sized tower, with Extell behind this, I have high hopes design wise. They have another new building on the UES which is fantastic.

[Zerton]

Those existing buildings looks like an NY movie set.

[JSsocal]

1st Avenue is depressing

[NYer34]

The UES east of Lexington is depressing.

The UES is where Classic NY goes to die. So many great old buildings, businesses, streetlife, local color ... and the city's zoning in the area just puts it all to the guillotine.

So you get block after block of block-sized mega-buildings. And like the urban development schemes of the '60s, they look like total a$$.

They're basically luxury housing projects. All the aesthetic appeal of the projects - just a bit let trash blowing around in the wind around them. Er, thanks, Gary "Slumlord" Barnett.

[JSsocal]

Yeah but even a majority of the old stuff was pretty pedestrian and repetitive architecturally, and the avenue feels so wide the small stuff doesn't necessarily feel like the right scale. All those small storefronts in the tenements though are so lively, that's what's remorseful about the street.

Hopefully all the 60's-70's towers can get ground floor revamps and more retail.

[chris08876]

The interaction with the street on the ground level is important. Granted some low rises or smaller structures (4-6 floor) range will be lost, but if the existing tower can somehow include a nice street to base interaction (retail/the right type of retail or shop), it could add a lot to the block.

I think the problem may be the rents. The mom and pop type stores are always the best, but typically you'll find some upscale boutiques. Not that there is anything wrong with that, but you'll find them kinda empty at times.

Ever walk into the Versace store on 5th? Its a ghost town in there.

[Crawford]

Originally Posted by NYer34

The UES east of Lexington is depressing.

The UES is where Classic NY goes to die. So many great old buildings, businesses, streetlife, local color ... and the city's zoning in the area just puts it all to the guillotine.

So you get block after block of block-sized mega-buildings. And like the urban development schemes of the '60s, they look like total a$$.

They're basically luxury housing projects. All the aesthetic appeal of the projects - just a bit let trash blowing around in the wind around them. Er, thanks, Gary "Slumlord" Barnett.

It doesn't sound like you've ever been to this neighborhood.

The neighborhood, traditionally, was very quiet and dead, with dumpy buildings of no note.

All the present "streetlife and color" is due to those postwar towers, which give the eastern UES the highest density in North America.

And if these are "slums", then give me slums. There are $40 million apartments in this neighborhood. Not everyone wants to live in a 100 year old building with tiny windows and dated layouts.

[antinimby]

Originally Posted by chris08876

The interaction with the street on the ground level is important. Granted some low rises or smaller structures (4-6 floor) range will be lost, but if the existing tower can somehow include a nice street to base interaction (retail/the right type of retail or shop), it could add a lot to the block.

I think the problem may be the rents. The mom and pop type stores are always the best, but typically you'll find some upscale boutiques. Not that there is anything wrong with that, but you'll find them kinda empty at times.

Ever walk into the Versace store on 5th? Its a ghost town in there.

If you want walkable and vibrant, then you want small footprint buildings that are packed close together. If you look overhead at the most vibrant parts of most cities, that’s how they look. Meanwhile, the blockish towers with footprints that take up entire blocks (or a large part of it) are usually sterile and go empty after 5PM. The bars, restaurants, shops and nightlife areas are usually in the older quarters of town with small footprint buildings.

Sadly, NYC is wiping out it’s finegrain buildings and going for the large block buildings. This is a result of the FAR-based zoning. In order to gather enough buildable air rights that make a development worthwhile financially, one must combine lots until you get footprints that span a block.

If they’d just fix the zoning, this can be remedied somewhat. Increase the FAR and put limits on footprints (limits on how many lots you can combine) for residential buildings. Of course this would never happen in NYC because NIMBYs are against building heights and density and it seems like zoning is molded from their inputs.

[Busy Bee]

You could also just mandate the variegation of bases of block long buildings to accomplish the same thing in regards to "fine grain" variety.

[NYer34]

Originally Posted by Crawford

It doesn't sound like you've ever been to this neighborhood.

An admirable effort, but I live off Third in the Upper 80s. Astounding powers of guesstimation!

[aquablue]

Originally Posted by Busy Bee

You could also just mandate the variegation of bases of block long buildings to accomplish the same thing in regards to "fine grain" variety.

Not as nice as having multiple different buidings on a block, but it would help yes... Or if they had large blocks but with beautiful buildings/ornate facades like in areas of paris and numerous businesses on the street, but that's not happening..

[chris08876]

Extell to buy church’s dev rights for big UES assemblage

An Upper East Side church is in contract to sell more than 100,000 square feet of development rights to an entity tied to Gary Barnett’s Extell Development for about $35.8 million.

The Church of Saint Monica, located at 413 East 79th Street, plans to sell 102,170 square feet of development rights at 406 East 80th Street to 79 East Owner LLC, according to a legal petition the church filed to close on the sale. The LLC is an entity of Extell Development, and the deal comes with an option for Extell to purchase an additional 6,748 square feet of development rights for $250 per square foot.

The church has owned 406 East 80th Street since at least 1976, according to property records, and it is currently home to the parish center. However, the church’s attorney Suzanne Tripp stressed that the parish is just selling development rights in the deal, not any actual property. She declined to comment further on the sale.

The Real Deal reported in late March that Barnett was in the end stages of securing an Upper East Side assemblage with more than 250,000 buildable square feet for a residential tower with a school on the ground floor. He has been working for more than a decade to complete ownership of the site along First Avenue, paying $19.2 million in 2007 for three of the sites, and he received a $118.2 million loan for the assemblage from the German bank Helaba in April.

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TRD

[chris08876]

Extell's shopping spree points to big plans for Yorkville: Developer reacquired block-long site for project near Second Avenue subway

At the height of the last real estate boom in 2007, Extell Development Co. bought three small apartment buildings between East 79th and East 80th streets near First Avenue for $19.2 million.

It looked like the start of another grand project for Extell, which in 2006 completed the 604-foot Orion tower on Far West 42nd Street and was finishing three more Manhattan apartment towers. But then the bottom fell out of the real estate market. Extell sold two of the three Yorkville buildings for $8.7 million in 2009—but retained their development rights. Last year the company bought back the buildings as part of a renewed shopping spree in the neighborhood.

Its latest purchases include more than 102,000 square feet of air rights from a local Catholic parish and a small apartment building with ground-floor retail.

Extell declined to comment on its plans, although there is speculation that the company will build a residential building of up to 250,000 square feet with a public school on the ground floor. It has already applied for demolition permits for 10 properties. Extell also declined to comment on whether the project was motivated by the long-awaited 2017 debut of the Second Avenue subway stop at East 86th Street.

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http://www.crainsnewyork.com/article...-for-yorkville

[Crawford]

Originally Posted by NYer34

An admirable effort, but I live off Third in the Upper 80s. Astounding powers of guesstimation!

Assuming you're being truthful about your residence, it's kinda amazing then. You have absolutely no idea where you live. You're describing a completely alien neighborhood, with no real resemblance to the the UES.

[NYer34]

Originally Posted by Crawford

Assuming you're being truthful about your residence, it's kinda amazing then. You have absolutely no idea where you live. You're describing a completely alien neighborhood, with no real resemblance to the the UES.

You're kidding, right? Or perhaps just taking advantage of Comrade DeBlasio's new "do 'em as much as you want" policies on public drug use?

1. The UES east of Lexington is full of some of the world's ugliest, ungainliest high rises - on horrendous pedestals, with ugly-as-sin materials, big, rectangular shoeboxes with terrible massing and hideous balconies going up 40 stories. Most built in the '60s/'70s. The ones built more recently are a mixed bag - some of them (like the one at 3rd and ~94th) nice-looking, others almost as bad as their 1970s predecessors. I know this because I spend my weekends walking around them.

2. What remains of tenements on the avenues has a high % of restaurants and small retail. Some of it is crummy, check-cashing-style crap. Some of it is high-end. Plenty in between. It's lively.

3. Some of those tenements have been cleaned up and look great (like the one at 3rd and E71st). The ones that haven't been cleaned up would look great if they were (and given the rents the apartments command, there's no excuse for any landlord not to keep their building in decent shape). Of those that haven't been cleaned up, plenty of them are due to developers deliberately running their properties to the ground only to knock them down at some point in the future (like pretty much anything Extell touches).

4. In addition to filling the sky with visual crapola, the high-rises also tend to use their awkward-as-f*** pedestals to house 1-2 businesses, more often than not a Duane Reade or maybe a giant party goods store or whatever other random business. A few of them have been cleaned up and don't look terrible ... but even these are 1/100th as lively as the tenement retail/restaurants. Oh, and if you look up you want to vomit.

That's the UES east of Lexington. It's where I live. But maybe I'm just missing something.