Continuing the discussion from NEW YORK | 57th Street Corridor “Billionaires Row”:
http://www.nydailynews.com/life-style/real-estate/brazilian-investor-build-midtown-tower-article-1.1935292
A group of Brazilian investors is planning to bring another luxury high-rise tower comprising a hotel and condos to the already crowded 57th St. billionaire’s row.
The group, which includes construction company JHSF Participacoes S.A. and the first family of Brazilian cuisine, the Fasano family, wants to bring a Fasano-branded hotel to a vacant lot at 16 W. 57th St. with condos on top, a spokesperson for the investors told the Daily News exclusively.
The Fasano family already operates a hotel and restaurant empire spanning São Paulo, Rio de Janeiro and Punta del Este, Uruguay.
And they’re not planning to cut corners when it comes to their New York tower. Sergio Millerman, the group’s representative in the city, said the investors are in talks to have starchitect Rafael Vinoly design the building.
“Fasano is probably the most important restaurateur in Brazil,” Millerman said. “This is going to be extremely, extremely elegant.”
The investors bought the development site for $95 million last month from Extell Development, the company behind Midtown’s most luxurious condo tower at 157 W. 57th St.
The dimensions of the new building have not yet been decided but the site allows for a more than 100,000-square-foot tower.
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Views of Central Park start at 700+ FT; they’ll need to go tall with this for condos to make sense.
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Given the site dimensions, this should be pretty thin, especially if they want views of central park. This could possibly be another supertall in the long run. Developers need to take advantage of the luxury boom and foreign investors. Also, the EB-5 Visas have contributed to much smaller developments throughout the city. Next to NYC, Miami is experiencing a dramatic influx of foreign investors which is arguably fueling the boom down in S.Florida.
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BY: NIKOLAI FEDAK ON SEPTEMBER 12TH 2014 AT 7:00 AM
16 West 57th Street, image from B+B Capital
Yesterday, Katherine Clarke at the Daily News broke the latest on 16 West 57th Street, which has been acquired by a group of Brazilians for $95 million. While renderings of the project have not yet been released, YIMBY has a first look at the most recent plans for the site, which come from developer B+B Capital.
Air rights total approximately 100,000 square feet, and the mid-block project is located on the prime 57th Street corridor, between Fifth and Sixth Avenues. While several supertalls are rising along the thoroughfare, 16 West 57th will be of a smaller scale, closer in size to the recently completed Viceroy, one block to the west.
Still, plans will apparently include condominiums above the hotel, so views may be a driving force behind the ultimate design. Unfortunately, the site is directly across the street from the Solow Building — which stands 689 feet tall — and barring a miracle of engineering, it will be impossible for residences to reach a height that would award Central Park panoramas.
The stretch of 57th between 5th and 6th Avenues has been quiet until recently, but several projects are on the near horizon. Across the street from 16 West 57th, Vornado is planning a 7-star hotel at 29-33 West 57th Street, where Rizzoli was formerly located. Another vacant lot at 52 West 57th Street was supposed to give rise to a 25-story and slightly over 200,000 square foot tower back in 2005, but that site is also likely owned by Vornado, and could potentially give rise to something significant, assuming additional air rights are assembled.
Schematics for the B+B’s 16 West 57th show a building approximately 30 stories tall, and while the eventual structure could be taller, anything over 500 feet would appear unlikely. Still, the site’s redevelopment presents an opportunity for the continued improvement of 57th Street, especially if it includes ground-level retail, which would seem likely given the street’s rapidly rising cache.
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Permits were filed to demolish 19 W 56th St., the former ACS building, which is adjacent (to the south) to 16-18 W 57th.
Here’s the permit, which was filed on November 18th!
http://a810-bisweb.nyc.gov/bisweb/JobsQueryByLocationServlet?requestid=1&allbin=1035048&allstrt=WEST%20%20%2056%20STREET&allnumbhous=19
Interestingly, I heard that Solow bought it to prevent a combination with 57th St parcels that might obscure views from his trophy, 9 W 57th St. As per Acris, there’s been no recent change in ownership.
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Demo here should be relatively quick since it’s quite a small building.
I agree. It sucks that Solow won’t sell Fasano the little building directly behind it on 56th St.
I figured that the Brazilians were having problems. Solow now has a big site for a very tall tower. It will be quite thin, as he won’t want to impede the views from 9 W 57th.
10 W 57th is quite nice. I hope that he does not raze it.
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And it will most likely have black glass
So what are we looking at here 5 to 600 feet?
I don’t think so. This is a mega-prime site.
I think it will be a lot taller. At least 1,000’.
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Ok then I will expect 7 to 800 and then be pleasantly suprised when it becomes a supertall.
It’ll probably not happen anytime soon though. I think Solow will wait until all the current 57th towers are completed and absorbed just as the Park Lane and Rizzoli sites are currently doing.
I think it will be at least 950’.
That’s probably true. Then again, Solow has owned most of the properties in this parcel for a while, so his costs are low. I can envision a seven-star hotel at the base with about 50 condos above, and that should get financed easily. This site and Rizzoli are very prime.
May 26th
Solow owns these buildings, together with an adjacent site on 56th St. 10-14 W 57th is pretty nice. I’d like to see it saved, but that’s wishful thinking.
Thankfully, Shelly does not own the beautiful building just west of the Crown, 6-8 W 57th.
Shelly’s site as viewed from the east.
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I hope this breaches super tall status. If the assemblage could grow from 213k to 300k of rights, I think this may become another One57 in terms of size. I mean, could 213k mean a supertall? Yes, if the design is right, but I have a feeling something like 850’ will rise. I hope I’m wrong. I hope its a super tall or close to it. Something on the level of 220 CPS would be nice. No complaints if that were to happen.
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