NEW YORK | 1800 Park Ave | 352 FT | 32 FLOORS

[JR Ewing]

Today

[sparkling]

Eichner selling development site at 1800 Park Avenue
Developer bought the property from Vornado in 2013 for $66 million

Claire Moses
July 22, 2015

Ian Bruce Eichner is shopping around his vacant Harlem development site.

The 600,000-square-foot, shovel-ready property at 1800 Park Avenue could sell in the vicinity of $150 million, according to the New York Post. Eichner bought the site, which is eligible for 421a, between East 124th and East 125th streets from Vornado Realty Trust in 2013 for $66 million.

Eichner, the chair of the Continuum Company, will continue to work on developing the 777-foot-tall tower at 45 East 22nd Street in Flatiron, which received $200 million in tax-exempt bonds from China’s fourth-largest bank in February. Continuum is required to make 20 percent of the 683 units affordable.

In addition to 45 East 22nd Street, Eichner said he’s working on two other new projects, which he did not disclose. Newmark Grubb Knight Frank’s Geoffrey Newman has the listing at 1800 Park Avenue. Initial plans for the two-building development call for two 32-story towers that include 673 apartments. The area is undergoing a real estate resurgence, with numerous commercial and retail projects rising along 125th Street.

ODA New York is the architect of record at 1800 Park Avenue -

See more at: http://therealdeal.com/blog/2015/07/....GjBN1rwy.dpuf

[JR Ewing]

I like the part re the 2 new towers!

[TechTalkGuy]

Nice!

[Vertical_Gotham]

Originally Posted by JR Ewing

I like the part re the 2 new towers!

I agree, I wonder where? The success in sales for 45 E 22nd has surely opened his eyes.

I hope that eventually, the design for 1800 PA will be retained by the new buyer.

[JR Ewing]

Originally Posted by Vertical_Gotham

I agree, I wonder where? The success in sales for 45 E 22nd has surely opened his eyes.

I hope that eventually, the design for 1800 PA will be retained by the new buyer.

I agree re: 1800 Park

I hope that at least one of the next two will be 1,000'+

[chris08876]

These towers will lead to more as developers target Harlem as the next place where everybody wants to be. Its already happening slowly. Lots of midrises popping up. Now what the neighborhood needs is a little height and a touch of Starchitect.

[Hypothalamus]

The extend of excavation:


Tectonic

This thing is ready to sprout. It'll be an easy sell.

[scalziand]

Logistically, finishing the Second Ave subway would be a lot easier if development was postponed on this site allowing for underground access and a construction staging area.

[gttx]

Originally Posted by sparkling

Eichner selling development site at 1800 Park Avenue
Developer bought the property from Vornado in 2013 for $66 million

Claire Moses
July 22, 2015

Hopefully this doesn't stall the project. Lots of equipment on the site now with excavation and underground work moving quickly.

Although it's sometimes hard to imagine this site in a few years as you walk through the shantytown under MetroNorth. The times, they are a changin'

[Busy Bee]

Originally Posted by scalziand

Logistically, finishing the Second Ave subway would be a lot easier if development was postponed on this site allowing for underground access and a construction staging area.

Yes but this is NY, where opportunities like that are blown and you pay through the nose for it later. And repeat. And repeat. And repeat.

[sparkling]

Durst Organization moves to foreclose on Eichner’s East Harlem site
Continuum failed to secure financing for a planned 680-unit rental project there

Ariel Stulberg
February 19, 2016

Ian Bruce Eichner wasn’t able to secure financing for his 1800 Park Avenue rental project, and now the Durst Organization is looking to foreclose.

The Durst Organization, which previously brought Eichner’s debt from the Garrison Investment Group, expects to take control of the property later this month, the Wall Street Journal reported.

Eichner’s Continuum Co. bought the East Harlem site back in 2013 from Vornado Realty Trust, paying $66 million. The developer had planned to build a 680-unit rental building on the site, but was reported as having put it on the block last year.

“The notes are in maturity default and as lender, we intend to pursue our rights and remedies,” Jordan Barowitz, a spokesperson for the Durst Organization, told the Journal.

A spokesperson for Eichner declined to comment on the specific property, the Journal reported, but lamented the general state of the lending environment. “The capital markets are upside down and the timing is very unfortunate,” he told the paper.

Eichner famously lost several major properties to foreclosure in the late 1990s, including the CitySpire at 56th Street and Seventh Avenue and the Bertelsmann Building at 1540 Broadway.

The Real Deal reported earlier this week that lender Gamma Real Estate is seeking to foreclose on the Bauhouse Group’s condo project 3 Sutton Place.

http://therealdeal.com/2016/02/19/du...t-harlem-site/

[chris08876]

Current Site:

Spring 2015....




Credit: http://harlembespoke.blogspot.com/20...opment-on.html

[CityGuy87]

^ Hopefully Durst will do something with the site

[chris08876]

Durst works out a sale for Eichner’s East Harlem site

The Durst Organization worked out a sale with Ian Bruce Eichner to buy his distressed development site in East Harlem.

Earlier this year, Durst acquired just shy of $100 million worth of distressed debt on the property at 1800 Park Avenue, where Eichner’s the Continuum Company had plans to build Upper Manhattan’s tallest towers: a pair of 32-story mixed-use buildings with 682 rental apartments.

The Durst Organization moved to foreclose on the site and even scheduled an auction for late April. But rather than go through the prolonged and messy foreclosure process – where Eichner could potentially make life difficult for Durst by holding things up in the courts – the two sides cut a deal behind the scenes in a short sale, sources said.

“We have entered a contract to purchase the property,” Durst spokesperson Jordan Barowitz told The Real Deal.

It’s not clear how much Durst paid for the site. A memorandum of contract hit property records last week, though no price was listed.
Eichner could not be immediately reached for comment.

Prior to losing the site fronting the full block along Park Avenue between East 124th and 125th streets, the developer had poured a footing that makes it eligible for the now-expired 421a tax abatement.

The bust leaves Eichner, a charismatic developer who appears to have nine lives, with a record of 1-1 during this cycle.

He bought the site for $66 million in 2013 from Vornado Realty Trust – which had stalled plans to develop an office building – as he made his return to New York City development with another project: a 65-story condo tower in the Flatiron District at 45 East 22nd Street where sales appear to be moving briskly.

During a panel discussion on the state of the luxury residential market at The Real Deal’s new development forum in May, Eichner said there’s a major supply problem at the upper end of the market.

“Is the market dead? Of course not,” he said. “Are we going to be pained? Absolutely.”

========================
http://therealdeal.com/2016/06/01/du...t-harlem-site/

[NYguy]

http://nypost.com/2016/06/06/douglas...-park-ave-lot/

By Steve Cuozzo
June 6, 2016

.....Durst bought $100 million in distressed debt on Eichner’s site earlier this year. Eichner poured part of a foundation, but was unable to go ahead with a plan for two 32-story mixed-use buildings, including 682 rental apartments.

If and when Durst takes control of the strategic corner astride the MetroNorth trestle, he said, “We’re studying our options” as to whether to proceed with Eichner’s plan for which Eichner obtained building permits. “We’ll have to spend a lot of time studying it,” Durst said.

[chris08876]

Durst snaps up neglected Harlem site for $91M

Douglas Durst’s company has made a big move in central Harlem, purchasing a key development site for $90,955,570 from Ian Bruce Eichner.

The deal, which just closed, gives Durst title to the southwest corner at Park Avenue and East 125th Street.

With a major real estate company that has an extensive track record in control, the long-derelict site — right next to the elevated Metro-North line — can finally be tapped for its full potential.

The empty lot stands at a crucial crossroads. While 125th Street west of Fifth Avenue has seen much new investment and development, the blocks east of Fifth lag behind.

Several other companies, including Vornado, shelved ambitious plans for the corner before Eichner’s Continuum took over a few years ago.

Eichner had planned a large, mostly residential project but couldn’t obtain construction financing, while Vornado abandoned the “Harlem Park” office development.

Seeing an opportunity, Durst purchased $100 million in distressed debt on the property earlier this year.

Eichner wanted to build nearly 700 apartments with some commercial and community space, and he had architects come up with a design.

But Durst intends to create an entirely new plan. “We are starting from scratch,” Durst spokesman Jordan Barowitz said.

Durst recently told The Post he would “study options” and that “any development we do in Harlem will include a significant amount of affordable housing.”

The 36,000-square-foot lot can support around 600,000 square feet of development as-of-right.

==========================
http://nypost.com/2016/09/09/durst-s...-site-for-91m/

[chris08876]

Looks like they might go tall on this one for the area. 600k as of right can yield something substantial.

Area:





Also this project: NEW YORK | 321 East 96th Street | 760 FT | 68 FLOORS

Which in theory, if downsized ( I hope not) will still be monolithic for the area.



Point being, Upper Manhattan will start to see some sizable developments, and an increase. Next stop on the development boom is S.Bronx. Big time too!

[Crawford]

Nice. At 529 ft. this will be the second tallest tower in Upper Manhattan, after the new JTS tower going up north of Columbia U.

Mods should update thread with new height.

[chris08876]

Durst purchases vacant lot in Harlem

The Durst Organization is doubling down in Harlem.

The company already owns the large vacant site on the west side of Park Avenue between East 124th and East 125th streets, which has long been slated for apartments and is now investing on the eastern blockfront.

Durst has just purchased an “L”-shaped vacant lot that runs from the middle of East 125th to East 124th on the northeast corner of Park Avenue. Sold by the Northern Manhattan Rehabilitation & Nursing Center, which used it for parking, the lot was priced under $20 million, sources said.

Randy Modell of ABS Partners and Shimon Shkury of Ariel Property Advisors represented the nursing home in the sale.

In March, Durst also purchased the $10.4 million mortgage on several structures on the southwest corner of Park Avenue and East 125th Street owned by Joel Schreiber’s Waterbridge Capital. One is subleased to a “hotel” where interior demolition and repairs are underway, and the others are vacant or partially vacant.

==================
http://nypost.com/2017/07/18/durst-p...lot-in-harlem/