NEW YORK | 50 Hudson Yards (504 W. 34th) | 1,011 FT | 79 FLOORS - Page 19

NYguy · #**361** Posted **May 11, 2017, 9:06 PM**

Quote:

Related Companies, which is developing what’s slated to be New York’s most expensive office building at 50 Hudson Yards, is in advanced talks to secure a $2.5 billion financing package for the property, The Real Deal has learned.

The financing would include a roughly $700 million equity injection and a $1.8 billion senior loan from a syndicate of banks, sources familiar with the discussions said. The loan, if it closes, would be among the largest-ever construction loans for an office tower.

Related is on a roll.

chris08876 · #**362** Posted **May 15, 2017, 7:43 PM**

Credit: eb-5

NYguy · #**363** Posted **May 16, 2017, 2:07 PM**

This tower will be massive. But the blunt impact will be softened a bit by the presence of the Spiral and 3 Hudson.

ILNY · #**364** Posted **May 22, 2017, 4:46 AM**

Demo in progress. Just few years ago, old Coach building dominated this area.

Zerton · #**365** Posted **May 23, 2017, 2:53 PM**

The entire complex of towers is much less sculptural than the earlier renderings. Honestly, I prefer this. Before, every building was screaming for attention.

I think this way is much more refined; let two or three bold buildings come to the forefront and frame them with these high-quality minimal buildings.

NYguy · #**366** Posted **May 23, 2017, 4:34 PM**

Marked some nearby sites...

Original photo from...
http://immica.org/bat-dong-san-kinh-...quy-12017.html

McSky · #**367** Posted **May 23, 2017, 8:19 PM**

Too bad that nice little 4-story building has to go.

colemonkee · #**368** Posted **May 24, 2017, 4:28 PM**

Assuming they'll be knocking down that 10-story brick mid-rise? I kind of like that amongst all the modern glass towers.

NYguy · #**369** Posted **May 24, 2017, 6:36 PM**

Quote:

Originally Posted by colemonkee

Assuming they'll be knocking down that 10-story brick mid-rise? I kind of like that amongst all the modern glass towers.

That's the former Coach headquarters. It's a pretty awful looking building when you get up to it. But if you look at Manhattan West, the older building on site there is folded into the development.

hudsonyardsloft

luckygregor

chris08876 · #**370** Posted **May 25, 2017, 11:48 PM**

BlackRock to pay $1.25 billion over 20 years for New York headquarters

Quote:

BlackRock Inc (BLK.N) will initially pay about $60 per square foot in rent for its future headquarters in the Hudson Yards district on the far west side of midtown Manhattan, the company said in a filing on Thursday.

BlackRock, which oversees $5.4 trillion in assets and is the world's largest asset manager, is moving into 847,000 square feet (78,690 sq meters) of a development that will be part of a neighborhood rising over rail yards and tracks in a once-forlorn corner of New York City.

The company said in the filing with the U.S. Securities and Exchange Commission that it will pay $50.8 million per year in the first five years, and an increasing amount after that, for a total $1.25 billion over 20 years.

That works out to about $60 per square foot to start, and nearly $74 over the full term of the lease for the offices at 50 Hudson Yards. The company also will be responsible for its operating expenses at the building and a share of property taxes, which will add about $30 a square foot to the lease, a source with knowledge of the transaction said.

The lease is one of the largest ever in Manhattan in terms of size and value of the overall contract.

The average asking rent in April for midtown Manhattan office space was $84.09 a square foot, according to Cushman & Wakefield. Along Park Avenue, near where BlackRock is currently located, asking rents averaged $91.13 a square foot.

High-end "trophy" properties, such as 50 Hudson Yards, often rent at higher rates than average. The developing district has also attracted Coach Inc (COH.N), Wells Fargo Securities and the National Hockey League.

The BlackRock lease was agreed on Wednesday and starts May 1, 2023.

===========================
http://www.reuters.com/article/us-us...KBN18L2BY?il=0

NYguy · #**371** Posted **May 26, 2017, 2:08 AM**

Some plans for excavation...

MTA approval...

NYguy · #**372** Posted **May 30, 2017, 4:57 PM**

Approval was given for the transfer of development rights to build the tower to full size. That should be reflected in the DOB filings eventually. Current filing is still for 12 floors (also reflected on the drawings above).
http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

Submariner · #**373** Posted **May 30, 2017, 5:25 PM**

Any word on when demo is set to commence?

NYguy · #**374** Posted **May 30, 2017, 5:46 PM**

Quote:

Originally Posted by Submariner

Any word on when demo is set to commence?

Dunno, but permits are in order...

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

NYguy · #**375** Posted **Jun 5, 2017, 9:16 PM**

http://www.costar.com/News/Article/B...s-Tower/191412

By Justin Sumner
May 30, 2017

Quote:

BlackRock, Inc. has finalized a new office prelease commiting to approximately 847,000 square feet in the proposed 50 Hudson Yards office tower in New York City.

The planned 62-story, 2.9 million-square-foot, 5-Star office tower is set to break ground next year at the corner of W. 34th St. and 10th Ave.

BlackRock will locate its corporate headquarters to 15 floors in the 985-foot, steel and glass tower when it opens, expected in mid-2023.

The global asset management firm's Manhattan offices are currently located in a pair of Plaza District buildings at 40 and 55 East 52nd St., with leases scheduled to expire in 2023. BlackRock joins other financial service firms, including Kohlberg Kravis Roberts and Wells Fargo Securities, in making the move to the city's emerging west side.

The tenant's 20-year lease carries both renewal and termination options under certain circumstances, and is expected to require annual base rental payments of approximately $50.8 million per year during the first five years, increasing every five years and resulting in a total $1.25 billion in base rent over the full term of the lease, according to a public filing by BlackRock. In addition, the lease includes stipulations for the tenant's proportionate share of operating expenses and property taxes and the landlord's share of TI allowances.

Interesting, the office floors start out around 620 maximum persons, there will be an auditorium on the 6th floor, but the filings are still only for the first 12 floors until docs are updated.
http://a810-bisweb.nyc.gov/bisweb/BS...de=ES271564057

NYguy · #**376** Posted **Jun 12, 2017, 4:28 PM**

JUNE 11, 2017

Demolition getting set to kick of on the remaining portion of the site...

Directly across the street site prep/demo also begins to take shape for the Spiral, as these two massive towers will duke it out.

mrnyc · #**377** Posted **Jun 17, 2017, 12:59 AM**

NYguy · #**378** Posted **Jun 30, 2017, 12:00 AM**

JUNE 27, 2017

Faceoff with demo for the Spiral...

NYguy · #**379** Posted **Jul 10, 2017, 3:09 PM**

They recently received construction permits for this building, but like 3 Hudson Yards, filing for the full building has yet to be completed.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

Submariner · #**380** Posted **Jul 10, 2017, 3:44 PM**

Slightly off topic, but why do "blank walls" often have rows of slightly offset windows, or windows that are slightly smaller than the ones surrounding them?