DW will probably foreclose, Hoping for anything to get the ball rolling here.
Chinese developer defaults on $175M loan for languishing Manhattan supertall site
DW Partners demanding $165M from Oceanwide Holdings
Jan. 13, 2022
One of China’s largest companies has taken another hit on its pricey development site in Manhattan’s South Street Seaport.
Oceanwide Holdings defaulted on its $175 million loan against 80 South Street, where a planned skyscraper has been stalled for years, Bisnow reported. The loan was taken out against the property in 2019, while Oceanwide was trying to sell it.
The loan — believed to be the only debt against the property — was set to mature in May 2021, before DW Partners granted Oceanwide a six-month extension. When November rolled around, the debt matured. Bisnow reported Oceanwide missed a $1.3 million payment earlier this month, and DW Partners is demanding an immediate payment of the outstanding $165 million loan.
The company had aspirations of building the tallest tower in Lower Manhattan by roof height, to top out at about 1,500 feet. Renderings seen in 2019 showed a glass-heavy tower taking shape in the downtown skyline.
But the plans never fully materialized and Oceanwide quietly began marketing the property in 2019 with Cushman & Wakefield, seeking $300 million. A Colliers International team led by Peter Nicoletti is currently in charge of marketing the property.p
Wish this tower could’ve materialized. Driving down the FDR Drive and seeing that massive tower would be so dreamy. I love the second render.
A large tower will rise here. Question is when? Downtown hasn’t been looking hot for anything really and this site was just transferred over to someone else.
Those would be perfect for my Lower Manhattan extension, a link to which is placed below.
Oceanwide Holdings has lost control of a Manhattan development site where it planned to build a 1,500-foot skyscraper.
The Financial District property, 80 South Street, is in receivership after Oceanwide failed to pay back $165 million out of a $175 million loan from Midtown-based DW Partners, according to a filing with the Hong Kong Stock Exchange last week.
Oceanwide defaulted when it missed a $1.3 million payment in January.
A representative for Oceanwide could not be immediately reached for comment. Ownership of the property has been passed to Kalo, an insolvency and restructuring firm headquartered in the Cayman Islands and the British Virgin Islands, according to the filing.
Oceanwide bought the property for $390 million in 2016 and invested another $20 million into the site, though construction never started.
The firm planned to build a tower rising roughly 1,500 feet above the street. It would have been the tallest building in Lower Manhattan by roof height. But the same year Oceanwide bought it, it quietly marketed the property for sale for $300 million.
Last year, Oceanwide started shopping the property again, this time enlisting Colliers International to sell the property for around $200 million.
In October, creditors on Oceanwide’s San Francisco project seized it after the company missed a debt payment. The development is now for sale.
Btw don’t get scared everyone. This is an as of right development. Regardless of who gets it, if they’re competent it will be 1,450 ft - 1,500 ft.
Whatever developer gets a hold of this site should hire SHOP to design it. With The Brooklyn Tower and Steinway Tower they’ve shown considerable quality.
JDS maybe, they have a good relationship…
Whoever the new developer for this site is should pick up some air rights from South Seaport, and make this 1,800, 1,900 or 2,000 (if that’s even possible) + ft. Then they get to claim tallest in US, tallest in NYC and tallest residential in the world.
This is such a prime spot for a supertall. I’ll give it within ten years.
Buyer nabs Oceanwide’s distressed supertall site for just $169M
China-based firm, which paid $390M, lost control of FiDi project in May
Jul. 29, 2022
……Oceanwide was planning a tower that would rise roughly 1,500 feet. By roof height, it would have been the tallest building in Lower Manhattan. Three years after Oceanwide bought the site, however, it quietly started marketing it for $300 million.
Last year, Oceanwide started trying to sell the site again, looking for around $200 million. But potential buyers might have surmised that they could get it for less by waiting.
Oh yeah baby! Now pick up some more air rights, and build it even taller than the original proposal!
I know it’s being optimistic (as I always am) but I hope the new owners pick up some more air rights, then get this building to 1,800 ft, whether that be roof height or with a spire (though I’d hope roof height).
Megatall site over 2000 feet.
I greatly oppose of a megatall in NYC, I hope it happens long after we’re all gone tbh. Once again I state that One World Trade should always be the tallest in the skyline
Thats just my opinion. I’m even scared for the next supertall specifically in Center City of Philly. I’m afriad the balance of the skyline can easily be thrown off. For NYC, we all know the history of the World Trade Center. One World Trade Center isn’t just a shiny glass tower with heavy value engineering, its a monument that was built to honor the men and woman constructing the rebuilding, the people who witnessed and passed from that tragic event, and a symbol for the whole country. I witnessed the tower halfway up in August 2011 (I lost ALL of my pictures ) and shortly after the spire topping in August 2013, what a site it was to see it under construction!
For a tower to pass that would be somewhat offensive to me, but there is a part of me that won’t care. If it’s a mind blowing design, then my opinion could change.