Thursday, July 21, 2016

1,115-Foot Residential Tower Planned for Financial District

A long-vacant lot in the heart of the Financial District at 45 Broad Street will soon be redeveloped into an 86-story residential skyscraper. 

The tower at 45 Broad Street will stretch 1,115 feet into the sky, putting it among the ranks of New York’s super-tall buildings.

The building’s 206 residential units will feature studio to four-bedroom condominiums ranging in size from 600 to 3,066 square feet that will cater to entry- and mid-level buyers.

Luxury amenities will include a 60-foot indoor swimming pool, an outdoor garden, a library, a fitness center, two lounges, a game room and media and entertainment areas located on the ninth, tenth and eleventh floors.

Although the building is being marketed as 86 stories, it will only have 66 actually floors.

CetraRuddy is designing the building, which will be a towering, gold-framed colossus with a slim midsection and a hulking top.

CetraRuddy is the design firm behind One Madison and Walker Tower.

45 Broad Street will be crowned by a distinctive pitched roof and an angling cantilever located 400 feet above street level.

As a result, a substantial number of 45 Broad’s units will possess incomparable views of the harbor and skyline.

Residential super-towers that flare outward as they rise or cantilever over their neighbors have grown more common in the city as development sites have grown tighter and developers aim to maximize the amount of square footage placed in valuable, view-capturing upper stories.

Prices will be relatively low compared to recent projects, with average asking prices below $2,000 per square foot.

Pizzarotti’s website states that units “will be priced to sell to young singles and family buyers at very affordable prices in today’s market.”

The average asking price for units will be $2.7 million.

By contrast, the average price for units at nearby 50 West Street is nearly $4 million. Sales of units at 45 Broad Street are expected to raise $560 million.

To finance the project, the developers are seeking to raise $75 million from Chinese investors, who will contribute money through the EB-5 visa program.

Madison Equities and Pizzaroti Group, which purchased the 12,603 square foot site last fall for $86 million, expect to break ground in late 2016.

When completed in 2019, 45 Broad Street will be the city's sixth tallest building - and the highest condo in Downtown Manhattan - towering over its neighbors at 40 Wall Street and One Wall Street.

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Sunday, July 17, 2016

$3 Billion Spiral Tower Planned for Hudson Yards

At the northern end of the High Line, Tishman Speyer is aiming to extend the park's wild, natural beauty 65 stories into the air. The developer plans to build a $3 billion office tower in the Hudson Yards district that will feature cascading terraces decked with foliage, atriums with ceilings as high as 23 feet and a glass facade. 

The Spiral will rise 1,005 feet at 66 Hudson Blvd., filling the block between West 34th and West 35th streets and Tenth Avenue and Hudson Park and the boulevard.

It will have 2.85 million square feet, with about 27,000 square feet devoted to retail shops.
The tower will sit one block north of Related's Hudson Yards, at the northern terminus of Manhattan’s High Line Park, once an abandoned train trestle.

Designed by renowned Danish architect Bjarke Ingels, the skyscraper has an outdoor terrace on every tenant floor with an adjacent atrium. A glass wall will separate the spaces.

In all, The Spiral will have 2.85 million square feet, of which 27,000 will be devoted the retail. Tishman Speyer has already secured $1 billion in equity from international investors, and is looking to pre-lease about 30-percent of the tower.

At 1,005 feet, The Spiral will stand exactly as tall as One57, and will become the fourth largest tower in the Hudson Yards neighborhood.

The tower is Tishman Speyer’s entrant in the race to extend the Midtown business district west toward the Hudson River.

Related Cos. is leading development in the area with its 28-acre Hudson Yards project, built mostly over a railroad yard that serves nearby Pennsylvania Station.

Three skyscrapers are rising at that site. Moinian Group is planning a tower close to Tishman Speyer’s site, to be called 3 Hudson Boulevard.

Tishman Speyer—which operates Manhattan’s Rockefeller Center, Chrysler Building and MetLife Building—said it’s obtained more than $1 billion of equity for the project from a group of international investors. The company intends to use the funds partly to acquire additional development rights.

Ingels, 41, is one of the world’s most sought-after architects, with New York projects including a pyramid-shaped apartment tower on 57th Street near the West Side Highway and 2 World Trade Center.

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Thursday, July 14, 2016

Video: Jobsite Compliance With the New Building Code

Section 3303.16 of the NYC Building Code has been revised to require non-combustible shanty construction whenever a contractor’s shanty/office is within 30 feet of another shanty/office or within 30 feet of new construction or existing buildings. 

Here's how your jobsite can comply with these new requirements:

The NYC Department of Buildings is trying to move the industry toward non-combustible construction in the majority of installations. New York City Shanty is the only compliant company.
Click above for more information

Tuesday, July 12, 2016

NYC Firms Sky-High Growth During Building Boom

New York City’s building industry is thriving and construction employment in the city is at its highest level in over 40 years. NYC construction employment is expected to be 147,000 in 2016, which would be a 6.4% increase from 2015.

And business for the largest construction firms is booming, with builders generating revenue that was 14.3% higher in 2015 than the year before.

The biggest gainer was Gilbane Building Co., which nearly tripled its New York City revenue.

The firm’s New York division is now its fastest-growing area, and it attributes this windfall to its entry into New York’s prospering residential and commercial sectors.

“We’ve been in New York for a while, but primarily our work has been on the institutional side, with New York-Presbyterian, New York State and City University of New York being big clients,” said William J. Gilbane III, senior vice president at Gilbane’s New York division.

“Very large recent projects like the New York Wheel on Staten Island, 55 Hudson Yards and the Brooklyn Navy Yard have added to our revenue.”

Gilbane’s New York business still pales in comparison with other firms on the list, like Tutor Perini Corp. at no. 1, Tishman Construction at no. 2 and Turner Construction Co. at no. 3, whose revenues each topped $2.5 billion in 2015.

One advantage that Gilbane believes it has is its structure—the firm has been family-owned and -operated for 143 years. William J. Gilbane III’s uncle is chairman and his father is vice chairman.

“It’s pretty unique for a firm of our size to still be family owned,” Gilbane said. “Our clients really like to deal with owners, and people know they can get a hold of me, my father or my uncle. That family culture drives its way right through the job site, and it’s the foundation of our success.”

Firms with the biggest increases in NYC revenue 

2015 Change
Gilbane Building Co.
Tutor Perini Corp.
Hunter Roberts Construction Group
Schimenti Construction Co.
Monadnock Construction Inc.

Sources: New York Building Congress, New York State Department of Labor, Crain's New York Business

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Saturday, July 9, 2016

New Megatower to Rise on Manhattan’s Upper West Side

The Upper West Side is about to get its tallest tower yet, and it’s a real devil. The new building planned for 200 Amsterdam Avenue at 69th street will soar 666 feet into the air, just south of where Broadway meets Amsterdam Avenue, topping out at 55 stories.

But even if the height is equivalent to the number of the beast, the design is more like a stairway to heaven — at least for those who can afford it.

The building’s 400,000 square feet and 55 floors will have 112 luxury condominium residences averaging over 3,000 square feet apiece.

The site, which originally held a synagogue, sits on the west side of Amsterdam Avenue between West 69th and West 70th streets, on the Upper West Side. It was acquired by SJP Properties for $275 million in 2015.

The development is being constructed “as of right”, meaning there will be no public review process or input from the community on the design and construction of the building.

Elkus Manfredi is designing the building’s exterior, while CetraRuddy is designing the interior spaces.

The design is highly contextual with the architecture of the Upper West Side, and the property boasts protected views of Central Park.

The tower’s stepped setbacks are reminiscent of the skyscrapers built during the early days of New York City’s zoning code, whose light and air mandates prompted skyscrapers to step demurely back from the street. Like those 1920s towers, this one tapers at the top and sports a multi-pronged crown.

Although the new building will top out at 666 feet, it would be almost invisible in either the Midtown or Downtown skylines.

Just down the block, 150 Amsterdam Avenue stands a solid 470 feet, while the old-New-York San Remo, on Central Park West between West 74th and 75th streets, stands 400 feet tall, and newly-built 160 West 62nd Street rises to 598 feet.

Manhattan–based SJP Properties has developed over 25 million square feet of office and residential space since 1981.

Mitsui Fudosan America, the U.S. investment arm of Japanese development firm Mitsui Fudosan, paid more than $250 million in December for a large stake in Related Cos. 55 Hudson Yards. The firm’s other holdings in the city include 1251 Sixth Avenue at Rockefeller Center and 160 Madison Avenue.

Demolition of the defunct Lincoln Square Synagogue on the site is presently underway.

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Tuesday, July 5, 2016

Methodist Hospital’s $445 Million Expansion Project in Park Slope

After numerous delays, New York Methodist Hospital has finished razing 16 brownstones on Eighth Avenue in Park Slope to make way for its new $445 million Center for Community Health.

The City of New York approved the hospital’s plan to build a clinic one story shorter than originally planned at 505-525 6th Street. New York Methodist is preparing to move forward with construction.

The new six-story building will cover 486,000 square feet adjacent to the main hospital, and offer a wide array of high-quality outpatient services, which will allow for increased inpatient capacity in the existing hospital buildings.

To ensure that the building’s facade would be in keeping with the historic brownstone neighborhood, the design was developed with input from representatives of several Park Slope organizations.

Preparation for construction is in progress and is also proceeding with community input.

The clinic will consolidate many of the services currently found in the hospital: outpatient surgery, imaging, cancer treatment and specialty care in orthopedics and cardiology.

Separating the clinic services from the hospital setting will create “a more patient-centered environment that will help improve patient experience, operational efficiencies and care coordination,” according to the hospital.

In 2015, when the city approved zoning changes that would allow New York Methodist to build a new seven-story outpatient center in Park Slope’s brownstone neighborhood, community groups protested.

As part of a settlement, the hospital altered its clinic design to better conform to its Park Slope surroundings, agreed to move the building’s entrance, pay for a traffic engineer to avoid clogging up streets around the building and create green space along the building’s facade.

It got rid of the planned seventh floor, reducing the building's height by about 14 feet.

The project, designed by Perkins Eastman Architects, is slated to take three years to complete after construction begins, and will be funded through existing hospital funds and new debt.

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Sunday, July 3, 2016

Another Towering Building is Planned for Long Island City

The skyscraper boom in Court Square continues. The glassy ghetto known as Long Island City is sprouting a small city worth of skyscrapers, ushering in thousands of new residents.

Stawski Partners is planning to build a 66-story, 703 foot tall apartment tower on 24th Street off 44th Road - the latest of several high-rise projects slated for the area.

The 840,000 square foot building at 43-30 24th Street will fill the entire block and include 921 rental apartments, an indoor swimming pool and other amenities for residents.

The new building will also have 17,500 square feet of street level retail space. In addition to the retail stores, the first floor will include a storage room for 223 bikes, a library, an office, and outdoor space.

A public parking garage will offer 209 spaces on the second floor, with offices, a gym, recreation rooms, a terrace, and a pool on the third and fourth floors. Additional parking and bicycle storage spaces will be created on the building’s lower level.

Although resident parking isn’t required for projects in Long Island City, the building has the benefit of being a mere block from the subway, which will be plenty attractive to prospective residents. The elevated #7 train runs along the west side of the property.

The property at 43-30 24th Street and adjacent lot at 23-10 43rd Avenue is currently home to a low rise warehouse and office building, previously used by retailer Bergdorf Goodman.

Stawski Partners owns half a dozen office buildings in Manhattan, including 360 Madison Avenue and the Broad Financial Center at 33 Whitehall Street. Goldstein, Hill & West Architects is designing the building and is the architect of record.

The new tower is one of several very tall buildings in the works near Court Square and Queens Plaza.

Another developer, United Construction and Development Group, is planning a 78-story, 964-foot tower at 23-15 44th Drive, just a block away. Once completed, it would be the tallest building in Queens, surpassing the 49-story Citigroup building which currently holds that title.

A short distance away in Queens Plaza, Property Markets Group plans to build a tower standing more than 70 stories high and with more than 900 apartments.

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