NEW YORK | Terminal Store | FT | FLOORS (redevelopment)

[chris08876]

Investors plan overhaul of $900M Hudson Yards warehouse

The buyers of Terminal Stores on the Far West Side are planning a sweeping renovation of the block-long property that could include space on top of the historic structure.

L&L Holding Co. and Normandy Real Estate Partners are paying $900 million for the nearly 1.3 million-square-foot building, which occupies the entire block between 11th and 12th avenues and West 27th and West 28th streets, according to The Wall Street Journal.

The pair could radically overhaul the onetime storage property, which was built in 1891 and features a historic brick facade with arched windows. Part of the plan is to cut out a large courtyard in the center of the building to provide each floor with additional light and air, a source said. The interior square footage lost from the addition of the courtyard would then be added back as new glass-clad floors on top of the squat building, which currently ranges in height from 7 to 9 stories.

Any modifications to the property would need the approval of the city's Landmarks Preservation Commission. The redevelopment scheme is just one option the new owners are weighing, the source warned, stating the group may opt to pursue a more modest or different vision instead.

Drawing the investment partnership to the property was its historic look and feel, the source said, which will offer office tenants an alternative to the mini city of glassy skyscrapers being erected in the neighborhood.

Major developers continue to stream to Hudson Yards, where The Related Cos. is building a $20 billion mixed-use project over the West Side rail yards, Brookfield Properties is erecting its $5 billion Manhattan West project a block east, and Tishman Speyer is building a 3 million-square-foot spiral office tower designed by Bjarke Ingels.

Last week large landlord Boston Properties announced it had a deal to buy a minority interest in a planned 57-story office tower at 3 Hudson Blvd. for an undisclosed price. The firm will co-develop the 2 million-square-foot tower with the Moinian Group, which has owned the site for several years.

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1)http://www.crainsnewyork.com/article...ards-warehouse
2) https://www.google.com/url?sa=i&sour...34299117038441 (Image)

[colemonkee]

But where will all the cold bonded storage go?!?! Who will think of the children!?!?

[yankeesfan1000]

Finally.

The warehouse facing 11th Ave, pictured, is really nice, but the whole rest of the block looks incredibly worn down, almost like it belongs in an abandoned city. This is a big piece of this neighborhoods puzzle. Slightly off topic, does anyone know who/what entity owns the surface parking lot that occupies the entire block just north of this?

[Busy Bee]

$900 million? Is that a typo? That's got to be a typo.

[sbarn]

Pretty sure this is in a landmarks district. So any alternations will require a review.

[chris08876]

Yeah via Landmarks Preservation Commission. I don't think it should have a problem so long as the design isn't a total butchery of the existing structure or seeks to incorporate elements of it.

Landmarks commission tends to be fair at times.

Originally Posted by Busy Bee

$900 million? Is that a typo? That's got to be a typo.

Yeah I think it might be a typo. Manhattan is expensive, but no way in hell that could be close to a billion. It looks like they bought the corner property, unless I'm reading too much into it. Now... if they bought the whole damn block from N/S and East to West, than its plausible to be 900 million.

[Hudson11]

it's not a typo.

https://www.globest.com/2018/08/13/t...20180714223112

The 1.3 million square-foot former warehouse extends from W. 27th to W. 28th streets, spanning Eleventh to Twelfth avenues.
[...]
In 2014, when GreenOak acquired a 49% interest in the property, it was valued at $300 million. That partnership invested $50 million renovating office and retail space in the building

[chris08876]

For 900 million, it better be something fantastic.

[Busy Bee]

So is the the most valuable pile of bricks in the city?

[giantSwan]

Of all the things we don’t save in nyc, I always wondered how this got protected. Massive eyesore. I don’t care what they do to it as long as it’s not what we have now.