Yeah that would be a waste of this site
I agree. I find this project to be utterly ridiculous.
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Even if this is somewhere near the final design, while it’s disappointingly short, FXCollaborative has put out some nice work and proposals in the city so atleast we know it wont be some Gene Kaufmann monstrosity.
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This market-rate rental at 65 W 55th and these filthy tenements, which are adjacent on the south side of 56th scream for redevelopment. It would be nice if these sites could be consolidated. An absolutely gigantic condo with a seven-star hotel could rise there.
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I made a diagram comparing the 57th St towers and nearby recent towers (53W53) to show size comparison and how FAR and lot area affect a tower and sometimes don’t correlate to resulting height, nor floor area.
I could not get some solid information for One57, but it should also be taken into consideration that some of the tower’s zoning sites cover more lots than their own lots (53W53’s lot in zoned with MoMA’s property) so some of the FAR’s and ZSF seem out of place with their towers.
I included 41 W 57th even though it has not started construction as it’s the only proposed 57th Street tower that has had solid information released.
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It just pains me to know that 53 w 53rd could have been 200 feet taller.
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McCart,
Can you pose the text? I can’t access it. I pray that “So Low” totally abandons NY and sells the site across the street.
Unfortunately I can’t. Subscribers only. I did read the first part and it said something that it was recently appraised around $3.4 B
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Thanks
Pared for relevant info:
"A deal for the Plaza District property would likely be the biggest of the pandemic era in New York City, and likely one of the largest office deals in history. The 50-story, 1.6 million-square-foot building was last appraised in July 2016 at $3.4 billion, or over $2,000 per square foot, CMBS documents filed with the SEC show.
TRD could not confirm the buyer group, but two sources pointed to trophy-collecting investor Michael Shvo, who’s been on a commercial real estate buying spree with the backing of German pension fund BVK and private equity group Deutsche Finance.
Solow reportedly hand-picked the companies he thought suitable for his prized property. That velvet rope gave 9 West 57th Street an air of exclusivity beyond that created by $200-a-foot rents.
Private equity giant KKR was headquartered in the building during its leveraged-buyout heyday, when it did made-for-movie deals like the buyout of RJR Nabisco. The popular footwear company Nine West was named after the building.
The building sometimes dealt with high vacancies, as Solow preferred to let space sit empty rather than lower rents and dent its cachet. In the half-century since 9 West opened its doors, newer, shinier buildings have lured some occupants away — KKR relocated to Hudson Yards — but the property retains its allure.
One real estate investor called it “everyone’s favorite Class B building in a Class A location.”
Manhattan office leasing volume surged in the third quarter as the borough’s availability rate dropped to its lowest level in 18 months, according to Colliers. Asking rents, on average, remain about 7 percent lower than at the onset of the pandemic.
But trophy office towers such as 9 West 57th Street tend to float above market trends. In 1970, when Solow had completed the five-year assemblage for the tower, he told the New York Times that “you can only get away with this once.”
“We’re in barracuda land,” he said."
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It seems Solows son intends on dismantling his real estate assets.
That was actually the most interesting part of the article. The Solow scion is more interested in viticulture, rather than managing the empire his father built.
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