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-   -   NEW YORK | 111 W 57th St | 1,428 FT | 85 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=198228)

Barbarossa Mar 18, 2013 8:49 PM

There is no work on this site. Never believe what the developer says.

NYguy Mar 18, 2013 8:54 PM

Quote:

Originally Posted by Barbarossa (Post 6056853)
There is no work on this site. Never believe what the developer says.

In most cases, what the developer says is what happens.

Quote:

This slender new condo tower is being developed by JDS Development Group and Property Markets Group, the team behind well-received condo conversion Walker Tower. Located on a vacant lot on 57th Street just west of Sixth Avenue, the 700-foot-tall, 52-story building will have around 30 units, Stern said, many of them duplexes. Plans call for roughly 10,000 square feet of retail on the first and second floors. Construction is slated to begin this quarter and be completed in 2014.
What we don't know is if that was the latest, most accurate information. But at the very least, we wait until the quarter is over. Even then, if it starts a month or two after that, it's really no big deal, as long as it gets built.

JayPro Mar 18, 2013 10:03 PM

@NYGuy;

Thanks for the blow-up image; but I fear that now it just makes it look more like something I would've put together with an random set of Legos when I was maybe twelve, and simply *pretended* to see a curve on one elevation and a slant on the one adjacent to it.

But the one *big* mistake in this render is the half-drawn base occluded by the structure in the foreground.

Details, my friends. Details, details and more details. This, ostensibly, is what those commissioned to make renderings for proposed skyscrapers are supposed to emphasize in order to ultimately get something built.

So here they half-ass it with the podium/base. And they continue to sell the viewer on a nearly 700' structure whose form essentially cannot be fully extrapolated from the render's vantage point, and whose placement in the skyline cannot be properly gleaned, no thanks to what I can plainly see is a horribly inaccurate drawing of One57.

Whoever can, with a straight face, simply up and tell me that this rendering is somehow meant to give an idea of the building's visual and aesthetic presence and contribution to a greater whole is a brave man indeed. No question IMO arises in terms of height, of course when considered per se.

Bottom line?

C o n t e x t. So much in this regard is yet to be found wanting. I'll be happy to wait till more illustrations hit cyberspace.

NYguy Mar 27, 2013 7:56 AM

They just bought the neighboring building...

http://commercialobserver.com/2013/0...t-57th-street/

Quote:

Steinway Hall building, which houses company’s flagship showroom, is 16 stories and 247,000 square feet. The first Steinway Hall was built in 1866 on 14th Street, according to the company’s website.


http://cityroom.blogs.nytimes.com/20...room-building/

http://graphics8.nytimes.com/images/...icleInline.jpg

March 26, 2013

Quote:

He said the new owner did not intend to tear down Steinway Hall, which was designed by Warren & Wetmore, the same firm that is known for its work on Grand Central Terminal. As for what will happen to Steinway Hall, Mr. Stern said, “We’re not sure yet. We haven’t determined what our plans are for the property.

JDS Development controls the vacant site just east of Steinway Hall and is ready to break ground on a tower there, he said.




ablerock Mar 27, 2013 4:00 PM

Quote:

Originally Posted by NYguy (Post 6068395)
They just bought the neighboring building...


http://graphics8.nytimes.com/images/...icleInline.jpg

March 26, 2013

The two little buildings to the left of Steinway Hall can't be long for this world, I'd imagine.

Busy Bee Mar 27, 2013 5:19 PM

Yeah I'd have no problem with integrating Steinway into the base of a much larger tower, say 1200' or so.. ;)

NYguy Mar 27, 2013 8:48 PM

Although smaller, it has more than twice the space of the planned new tower next door. But I don't think it will be torn down (I don't think it can). These are the people behind the Walker Tower, so they could have success with converting the building to luxury residential.



http://www.montclair.edu/news/media/..._Hall_.jpg.jpg
http://www.montclair.edu/news/articl...ArticleID=7384


http://farm3.staticflickr.com/2151/1...623bcc01_b.jpg
This Week in New York: twi-ny.com


http://farm3.staticflickr.com/2181/1...c5a678da_z.jpg

Design-mind Mar 27, 2013 9:20 PM

Does not look as skinny as Park 432 only because it is shorter. I believe that the floor plate size for 107W 57 is a lot smaller. Does anyone know the sq footage for each of these super skinnies?

easy as pie Mar 27, 2013 9:47 PM

haha, as if they don't know what they're going to do with that building. it's called luxe condos on the upper floors of the steinway building and air rights transfer to the adjacent 107 w57th site, adding something like another 30 floors. seems pretty straightforward aside from the decision about incorporation of the steinway into the base of the tower development/maintaining bottom floors or entire building as stand alone or whatever.

i love this tower design, so personally, i'd rather see the rights transferred off-site, but with how ultra-luxe w57th is these days, seems unlikely unless they already have another site ready to go (or if the rights could be sold at a huge price to another tower in the near vicinity...)

scalziand Mar 27, 2013 9:47 PM

Quote:

Originally Posted by Busy Bee (Post 6068751)
Yeah I'd have no problem with integrating Steinway into the base of a much larger tower, say 1200' or so.. ;)

I think it would be better to just transfer the air rights over and leave the Steinway as is.

NYguy Mar 27, 2013 10:01 PM

Quote:

Originally Posted by Design-mind (Post 6069109)
Does not look as skinny as Park 432 only because it is shorter. I believe that the floor plate size for 107W 57 is a lot smaller. Does anyone know the sq footage for each of these super skinnies?

I believe this one is only 105,000 sf. 432 Park is much larger.

Here's the article from earlier...

http://archpaper.com/news/articles.asp?id=6346


Quote:

The currently empty lot at 107 West 57th Street will soon be home to one of the city’s narrowest tall buildings. Slated for completion in 2014, a mixed-use tower will rise 688 feet in the air from the modest 43-foot-wide by 100-foot-deep site. Developed by JDS Development Group and designed by local architecture firm Cetra Ruddy, the 51-story residential high rise with retail on the first four floors will fit into Midtown’s zoning envelope, its south face stepping and tapering back from the street as it ascends. The firm also designed One Madison Park, the slim tower of stacked cubes on 23rd Street.

“We wanted to create something that would carry its own weight among the Midtown towers, of which there are many,” said John Cetra, a founding partner of Cetra Rudy. In addition to the building’s slender, shard-like character, the architects have given it an active skin treatment that will catch eyes whether up close or from a distance. While the north and south facades will feature floor-to-ceiling transparent glass curtain walls, the lot-line walls, which contain the tower’s reinforced concrete structure, will be clad with dark grey stainless steel panels. The panels are rippled and perforated with a semi-random pattern of holes, which, at night, will reveal a kinetic display of light from thousands of concealed LEDs. “We’re not just exposing a wall of concrete,” continued Cetra. “It’s going to have quite a personality in and of itself. Whatever direction you see it from, it will sparkle with light.”

Containing a total of 105,000 square feet, 107 West 57th Street will have no more than one apartment per floor, including 13 full-floor units, 14 duplexes, and a four-story penthouse.
Two elevators housed in a core of concrete shear walls will provide vertical circulation. A tuned-mass damper in the upper mechanical floors will help to reduce building sway and provide a stable environment for residents.
There will be only 28 "exclusive" units here, assuming they don't add on. But they seem to be gearing up for a groundbreaking.

Design-mind Mar 28, 2013 2:46 PM

Thanks for the extra info NYguy. That is a very small floor plate.

NYguy Mar 28, 2013 10:03 PM

http://therealdeal.com/blog/2013/03/...adjacent-site/

JDS, PMG partnership may bring 900-foot tower to Steinway-adjacent site
Purchase of West 57th Street likely allows developers to expand scope of planned project



March 28, 2013
By Katherine Clarke and Mel Gray

Quote:

A partnership led by Michael Stern’s JDS Development and Property Markets Group is considering increasing the height of its planned hotel and condominium tower on West 57th Street to up to 900 feet, following the acquisition of the adjacent Steinway building, a principal at PMG told The Real Deal. The partnership paid $46 million for a stake in the 247,000-square foot building at 109 West 57th Street belonging to Steinway Musical Instruments, the manufacturer of the classic pianos, in partnership with Atlantic Investors earlier this month. The purchase likely allows the developers to ramp up their plans for an adjacent site they bought last spring with Starwood Capital, Kevin Maloney of PMG told The Real Deal last month.

The JDS/PMG partnership paid $40 million for a stake in 107 West 57th Street, between Sixth and Seventh avenues, and subsequently filed plans for a skinny, 679-foot, 51-story condominium property on the 43-foot-wide lot, to be designed by architecture firm Cetra Ruddy. It was slated to have just 29 condominium units. However, the addition of the Steinway site likely gives the developers the option to build a larger structure comparable to the likes of Extell Development’s 1,000-foot One57 down the block. The Steinway building has close to 45,000 square feet of air rights attached, according to PropertyShark.

Michael Stern of JDS declined to comment on the deal or the plans for the property. Plans for a larger project have not yet been filed with the Department of Buildings, records show. While the specific details of the tower have not yet been decided, Maloney told The Real Deal earlier this month that it will likely have a hotel component with condominium units above. All apartments will have unobstructed Central Park views, he said. Maloney noted that the developers will have to work around limitations linked to the Steinway building’s status as a registered New York landmark. The façade on the first four floors of the building is protected, and the property features a ground-floor, two-story rotunda with a 35-foot domed ceiling. A spokesperson for the Landmarks Preservation Commission was not immediately available for comment. Steinway operates its flagship retail space from the building, a spokesperson for the piano manufacturer said in a statement, and will stay in the space rent free for 14 months after the deal for the building closes in the second quarter. A spokesperson for Steinway said the company would not comment on plans for the tower.

Maria Manuche of the Corcoran Group represented Steinway in the sale of the building. The JDS partnership was not represented by a broker in the deal. In addition, the JDS/PMG partnership took control of the land beneath the building, which was subject to a land lease. It was marketed by Darcy Stacom of CBRE. The specifics of the land deal were not immediately clear.

Steinway had wanted to sell its interest in the site since before the financial crisis, Manuche said, but had been pulled from the market as the crisis took hold. Manuche said she was gearing up to launch a new marketing push for the building when the JDS/PMG partnership expressed interest. Manuche declined to comment on the developers’ plans for the site but said they are currently in “think tank mode.”

Fifty-Seventh Street is has been one of the most active corridors for new residential development in the city, The Real Deal previously reported. In addition to Gary Barnett’s One 57 and another Extell condominium at 225 west 57th Street, new residential towers by the Durst Organization and the World Wide Group are going up at 625 West 57th Street and 250 West 57th Street, respectively.

Fardeb Mar 28, 2013 10:43 PM

A 900-footer in a lot that size would be crazy.

hunser Mar 28, 2013 11:00 PM

I say bring it on! As I said some time ago, there's already a massive competition between the developers to build a tower with the best views. And go get those views you need to build up. Especially in Midtown <700' doesn't suffice anymore. 1000 feet is the new mark!

NYguy Mar 28, 2013 11:25 PM

Quote:

Originally Posted by hunser (Post 6070721)
I say bring it on! As I said some time ago, there's already a massive competition between the developers to build a tower with the best views. And go get those views you need to build up. Especially in Midtown <700' doesn't suffice anymore. 1000 feet is the new mark!

They say everything old is new again. At the beginning of the last century, building taller was in. Now, at the beginning of this one, height is being pushed as if the skyscraper is new to the city. For years, there seemed to be an aversion to building higher in New York as people grew weary of skyscrapers. But money speaks louder than words, and if there is more to be made from building higher, the trend won't end. There are people out there with money to burn, and the developers know it.

I really hope this does push to 900 ft or so, it would give a little more balance to the skyline from Central Park, and form a bridge between the taller towers of 432 Park, One57, and the Nordstrom tower.

JayPro Mar 29, 2013 12:02 AM

@NYGuy;
I hope you understand what I'm trying to get at here; but I really don't see why there really *should* (never mind *would*) be any reason to go against verticality.

The idea of "getting tired of it" seems easily trumped by the simple proposition that once room to grow *outward* becomes scarce enough that growth *upward* needs to happen, the thing to do should be glaringly obvious.

Re the recent news with this tower, I for one would like to see the 9 and the 6 in the height figure swapped...or thereabouts. I'm digging also the idea of rippled(?!) perforated N/S facades for LED shows. I just don't understand what they mean by "semi-random".

NYguy Mar 29, 2013 12:37 AM

Quote:

Originally Posted by JayPro (Post 6070801)
@NYGuy;
I hope you understand what I'm trying to get at here; but I really don't see why there really *should* (never mind *would*) be any reason to go against verticality.

There shouldn't be.


Quote:

I for one would like to see the 9 and the 6 in the height figure swapped...or thereabouts.
Once they make if official, we'll swap it. For not they are in “think tank mode.” Who knows, they may find a way to stretch it to 1,000 ft.

JayPro Mar 29, 2013 1:10 AM

I'm glad we agree; but I was momentarily non-plussed as to why NY'ers would tire of skyscrapers. The ubiquitousness of the standard form perhaps???
I would think that as the American architectural palate continues to acquire a better taste for designs beyond the box (as it were), citydwellers who take anything over 300' for granted will *really* start noticing.

Busy Bee Mar 29, 2013 2:34 AM

Quote:

Originally Posted by Busy Bee (Post 6068751)
Yeah I'd have no problem with integrating Steinway into the base of a much larger tower, say 1200' or so.. ;)

Looks like I was on to something. I'd be willing to bet we won't see something as extreme as a facadectomy, but we will see an absorbing of Steinway into the new tower. That is to say that the tower will rise above Steinway, not just using air rights beside it.

scalziand Mar 29, 2013 2:56 AM

YES.

Going from 105,000 sqft to 150,000 sqft, should definitely increase the height by about half. 150/105=1.43 1.43x679ft=971ft. Certainly stretchable to 1000'.

NYguy Mar 29, 2013 3:03 AM

Quote:

Originally Posted by JayPro (Post 6070868)
I was momentarily non-plussed as to why NY'ers would tire of skyscrapers.

NIMBYs are wary of anything that isn't already there. More skyscrapers means more people. They're always against that, citing a strain on "resources", etc.



Quote:

Originally Posted by scalziand (Post 6071007)
Going from 105,000 sqft to 150,000 sqft, should definitely increase the height by about half. 150/105=1.43 1.43x679ft=971ft. Certainly stretchable to 1000'.


I would love to see that. A line of supertalls down 57th Street. But 900 ft alone would be good.


http://www.theepochtimes.com/n2/imag.../Steinway1.jpg
http://www.theepochtimes.com/n2/busi...ng-370403.html

Crawford Mar 29, 2013 4:13 AM

This should probably be changed to 900 ft.+ in the thread title, IMO.

57th Street will be incredible in a few years. I can't wait to hear what Solow has planned for his development site.

You could very soon have five supertalls (One57, 225 W57, 432Park 107 W57 and Solow) on one street, and who knows what's planned for the future.

reencharles Mar 29, 2013 9:34 PM

Incredible. I have been away for three days, come back, and it turns crazy. This building is amazing, imagine if higher. Dude, that good news.

NYC4Life Mar 29, 2013 11:45 PM

With the recent additions of new and upcoming towers, 57th Street is going to be one massive and impressive canyon.

NYguy Apr 8, 2013 3:56 PM

April 7, 2013


http://www.pbase.com/nyguy/image/149580449/large.jpg



http://www.pbase.com/nyguy/image/149580450/large.jpg



http://www.pbase.com/nyguy/image/149580449/original.jpg



http://www.pbase.com/nyguy/image/149580450/original.jpg

scalziand Apr 9, 2013 2:29 AM

Now that the Steinway is part of the project, I wonder if airrights from those two tenements on the other side of the Steinway building can be added to the project too, unless Extell already bought the airrights for 157.

NYguy Apr 9, 2013 1:07 PM

Quote:

Originally Posted by scalziand (Post 6083689)
Now that the Steinway is part of the project, I wonder if airrights from those two tenements on the other side of the Steinway building can be added to the project too, unless Extell already bought the airrights for 157.

Don't know. Could be that they are already in use.

NYguy Apr 14, 2013 8:43 PM

Tai Pan of HK

http://farm9.staticflickr.com/8263/8...83d885fb_b.jpg



http://farm9.staticflickr.com/8263/8...ec89e559_h.jpg

NYguy Apr 25, 2013 11:01 AM

http://www.nypost.com/p/news/busines...8UXNS29Fkw2vHP

New condos try to sate NY’s appetite for construction


By MAX GROSS
April 25, 2013


Quote:

Developers PMG and JDS are preparing to build a 700-foot-tall tower at the Steinway building on West 57th Street (only about a block from One57), with plans for a 200-room hotel below 45 condo units, slated to be ready by 2015. “The building may grow to 900 feet,” says Kevin Maloney, principal of PMG, making it one of the tallest residential towers in the city.

NYguy May 7, 2013 1:07 PM

http://www.businessweek.com/news/201...-with-steinway

NYC Tallest Condo Corridor Gets New Entrant in Steinway

By Oshrat Carmiel
May 07, 2013


Quote:

Manhattan’s 57th Street, where the two tallest condominium towers in New York are under construction, is poised to get a third skyscraper with apartments perched above the city at near-record heights.

The buyers of Steinway Hall are in informal talks with the city’s Landmarks Preservation Commission and zoning officials about what they may build on the site, which includes the piano maker’s building and an adjacent parcel at 105-107 W. 57th St. that they purchased last year. The investors had plans for a 700-foot (213-meter) tower and now estimate that air rights acquired in the Steinway deal would allow them to go taller -- potentially as Manhattan’s third-tallest residential building.

“It will certainly be taller than 900 feet,” said Michael Stern, managing partner of JDS Development Group, which agreed in March to buy the 16-story Steinway Hall and land beneath it with Property Markets Group and Atlantic Development Group. “What its ultimate height will be is yet to be determined.”


The JDS group’s project sits at the center of a high-rise construction boom in midtown Manhattan as developers seek to take advantage of soaring luxury-condo demand. It’s on the same block as the current tallest residential building in the city, Extell Development Co.’s One57, which has set records with two condo sales valued at more than $90 million each. Three blocks away at Park Avenue and 57th Street, Harry Macklowe and CIM Group are building a skyscraper on the former Drake Hotel site that’s slated to rise even higher than the Extell property.

Manhattan Icons

The 57th Street corridor, near such New York icons as Central Park and the luxury shopping district of Fifth Avenue, is appealing to international investors who are seeking Manhattan residential real estate as a haven for cash, according to Jonathan Miller, president of New York-based appraiser Miller Samuel Inc. “It’s this new high-tower district that has a global appeal,” he said. “It’s almost a new segment of the market: high-end residential immersed in Midtown.”

The median price of new-development Manhattan condos climbed 36 percent in the first quarter from a year earlier to $1.33 million, as a dearth of supply intersected with a surge in demand for luxury units from local and international buyers, Miller said. The number of new units on the market dropped 42 percent in the quarter to 872, according to a report from Miller Samuel and brokerage Douglas Elliman Real Estate. JDS and its partners plan at least 45 luxury condos on the 57th Street site, said Stern and Kevin Maloney, chief executive officer of Property Markets Group, which is also developing the 24-story Walker Tower in Chelsea with JDS.

Steinway Landmark

Plans for the combined site may include a condo tower with retail at the base or a hotel with condos above it. How Steinway Hall can be incorporated into the project is under discussion with landmarks and zoning officials, Stern and Maloney said. As a landmark, the building can’t be demolished. The eventual height of the tower, to be built at the 105-107 W. 57th St. site, is “not a contest to us,” Stern said. “We’re just going to try to find the most desirable configuration.”

Unimpeded vistas of Central Park begin at 225 feet, according to Stern. “It’s all about the views, so we want to maximize the square footage we have above the break of unobstructed park view,” he said.

Part of the site is in a special Midtown zoning district that doesn’t restrict building heights, according to Stern. The development rights acquired with the Steinway purchase allow the companies to expand the number of square feet they can build, including going higher, he said. “You can probably pull enough out of Steinway,” Maloney said. “The air is there.”

At 900 feet, JDS’s project would be about the height of the One Bryant Park office tower without its spire, and rank as New York’s third-tallest residential tower, according to Emporis.com, a website that collects data on skyscrapers. One57, where Extell expects residents to begin moving in this year, is the current highest at 1,004 feet. Macklowe and CIM’s 432 Park Ave. would rise to 1,397 feet upon completion in 2015. More than a third of the units in that building have already been sold, the firms said in March. Building trophy apartments with lofty views gives developers, who are paying high prices for land, the best return on their investment, according to Miller. “Property values rise as you go up, so the higher you go, in theory, the more you can sell those properties for,” he said.

Helicopter Views

Extell was one of the earliest adopters in the latest condo wave, breaking ground on One57 in 2009. Buyers have been putting down deposits based on floor plans, a model apartment in the 6,000-square-foot offsite sales office and photographs by a camera mounted on a drone helicopter that show views at different elevations of the 90-story tower. Extell has increased prices at least twice. A 6,200-square- foot full-floor apartment on the 88th floor was listed for $67 million in September, a 28 percent markup from its initial offering price in June 2011. The 87th-floor unit was increased to $64.5 million, or 36 percent more than in June 2011, sales documents filed with the New York state attorney general’s office show.

The JDS group expects its Steinway Hall deal to be completed this month. Steinway Musical Instruments Inc. (LVB), the maker of its namesake pianos, agreed to sell its stake in the property for $46 million, plus an undisclosed amount to be held in escrow. The land beneath the building was purchased from a separate, unnamed owner.

The narrowness of the 105-107 W. 57th St. site means the developers probably won’t try to match the Extell tower’s height, Maloney said. “When you get that high with such a narrow building, it might cause the floor plate to be so inefficient, it may rule it out economically,” he said. “It could rise very high, but I don’t think it’s going to be higher than One57.”


Crawford May 7, 2013 1:11 PM

Now taller than 900 ft.? Wow.

So possibly another supertall for the 57th street corridor. This would be the 4th supertall along this one street, with other potential sites still in play.

hunser May 7, 2013 4:40 PM

I doubt it will be a supertall, because as Maloney stated it won't be taller than One57. Maybe somewhere in the 930 - 970 feet range.

But heck, this is still good news. A solid 900 footer is nothing to complain about.

NYguy May 7, 2013 5:02 PM

Quote:

Originally Posted by hunser (Post 6118907)
I doubt it will be a supertall, because as Maloney stated it won't be taller than One57. Maybe somewhere in the 930 - 970 feet range.

It would have to break 984 ft to be a supertall. If they wanted to go for a taller height claim, a simple spire could easily do it. As it is, the height difference will be less than 100 ft.

I wonder how close to the current design it will remain...

http://nyoobserver.files.wordpress.c...2-33-05-pm.png

MarshallKnight May 7, 2013 6:13 PM

Wow, this thing is really going to push us to the extreme of this needle-like skyscraper design trend. I love it.

This next generation of towers, if the trend continues, will create less a wall and more of a forest. More sightlines, more sunlight, more stupefying verticality.

Duck From NY May 7, 2013 8:16 PM

Quote:

Originally Posted by MarshallKnight (Post 6119043)
This next generation of towers, if the trend continues, will create less a wall and more of a forest. More sightlines, more sunlight, more stupefying verticality.

In the case of Midtown it will be a forest popping up over a wall. Love it.

NYguy May 7, 2013 10:35 PM

Quote:

Originally Posted by MarshallKnight (Post 6119043)
Wow, this thing is really going to push us to the extreme of this needle-like skyscraper design trend. I love it.

Yeah, the way things are going, you can't help but wonder "who's next?".

Crawford May 7, 2013 11:37 PM

Quote:

Originally Posted by NYguy (Post 6119360)
Yeah, the way things are going, you can't help but wonder "who's next?".

Perhaps Solow is next, with his assemblage on 57th, between 5th and 6th.

Or maybe the CBS block? CBS has been rumored to want to sell their entire block on West 57th. That would be huge air rights, and possible multiple towers, because they occupy the whole south side of the block on 57th.

NYC4Life May 8, 2013 3:24 AM

As long as the luxury condo market stays hot, we will no doubt continue to see more towers rise.

NYguy May 9, 2013 11:31 AM

Tower Verre is often left out of the discussion, but its only 3 blocks south, and will be a part of the pack.


http://www.pbase.com/nyguy/image/149543504/original.jpg

NYguy Jun 30, 2013 1:09 PM

http://www.wqxr.org/#!/blogs/wqxr-bl...reet-showroom/

Steinway Finalizes Sale of West 57th Street Showroom


http://www.wnyc.org/i/raw/photologue...y_hall_nyc.jpg


June 28, 2013
By Brian Wise


Quote:


Steinway Musical Instruments announced on Friday that it has finalized the sale of Steinway Hall, its flagship showroom at 109 West 57th Street.

The buyer is JDS Development Group, which in March paid $46 million to acquire the air rights for Steinway Hall. The acquisition will allow a planned 51-story condominium tower at the adjacent 107 West 57th Street to be 200 feet taller, according to a report in The Real Deal.

Built in 1925, the 16-story Steinway building has close to 45,000 square feet of air rights attached, according to PropertyShark.

In a statement, Steinway Chairman and CEO Michael Sweeney said the sale will enable the company to focus its attention on its core musical instruments business. He added, “it positions us to prepare for the creation of a 21st century Steinway Hall in Manhattan that serves the needs of today's artists and customers just as the West 57th Street building did when it opened in 1925."

Steinway Hall is presently home to three floors of pianos, plus the company’s sales, marketing and service departments. It hosts concerts in its two-story rotunda. Steinway can stay through September 2014 and extend that period for an additional four months subject to an agreed upon rent, according to the deal. There is no word yet on a new Manhattan location.

NYguy Jul 1, 2013 6:10 PM

http://therealdeal.com/blog/2013/06/...s-217m-so-far/

JDS, Property Markets’ investment in West 57th Street tower tops $217M so far

June 28, 2013
By Katherine Clarke


Quote:

In its quest to build a mammoth skyscraper on West 57th Street, a partnership led by Michael Stern’s JDS Development and Property Markets Group has invested $177.8 million to acquire both the Steinway building at 109 West 57th Street and its accompanying land lease, The Real Deal has learned.

The deal, which closed today, represents a total investment of $217.8 million — $131.5 million for the land lease and $46.3 million for the building — before construction on the prospective tower has even begun. The price tag includes $40 million to acquire the site next door at 107 West 57th Street.

The new tower, which will rise to more than 900 feet, will include condominium units as well as a sizable retail component, according to a statement from JDS. While initial plans for the 57th Street tower called for a 679-foot, 51-story condominium property on a 43-foot-wide lot, to be designed by architecture firm Cetra Ruddy, the acquisition of the Steinway building added air rights that will allow the developer to build much taller, The Real Deal previously reported.

JDS has not filed revised plans with the Department of Buildings, but the company said the tower would likely be completed in 2016.

Barry Sternlicht’s Starwood Capital Group, which had been a partner in the project when the plans called for a shorter tower, has since exited the partnership, JDS said.

The Corcoran Group represented Steinway in the sale of the building.

NYguy Jul 3, 2013 10:12 PM

http://seekingalpha.com/article/1533...ce=google_news


Chris Karlin
July 3, 2013


Quote:

JDS has done several tower deals in Manhattan and is currently doing a project on 1st Avenue between 35th and 36th with Baupost as financial partner. JDS purchased the vacant property at 105-107 W 57th from Starwood Capital, which retained an interest in the project and is expected to provide bridge lending to the project. Starwood had purchased that lot for $52MM in 2006.

JDS purchased the Steinway building for $46MM in 2013 and purchased the land underneath the property in a separate transaction with undisclosed terms. My estimate is that $175MM - $200MM have been invested in the two properties and construction costs for the 900 ft 75 floor residential tower are expected to be around $600MM.

They are building at an attractive location. 57th Street between Sixth and Seventh Avenues is two blocks removed from Central Park. Above 225', unobstructed views of the park are available. This property should have roughly 38 floors to offer with unobstructed views.

On the same block, Extell Development is constructing One57, a condo/hotel/retail development at an estimated cost of $1.5B, which has become notable for several high priced deals including one penthouse unit reportedly under contract for $90MM. There is substantial demand for foreign buyers for prime Manhattan real estate partially because it offers the ability to put large sums of cash out of reach of home governments with relatively little paperwork.

The first four stories of Steinway Hall are a protected Landmark and will be preserved. It is expected that the higher floors will be removed and the new tower will rise above the protected landmark with a larger footprint, yielding greater height and more attractive floorplates.

ILNY Jul 8, 2013 6:38 PM

http://farm4.staticflickr.com/3677/9...d7695ef4_c.jpg

http://farm3.staticflickr.com/2814/9...548a8de5_c.jpg

Will this building be part of 107 W 57th ?

McSky Jul 8, 2013 7:27 PM

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Originally Posted by ILNY (Post 6190964)

http://farm3.staticflickr.com/2814/9...548a8de5_c.jpg

Will this building be part of 107 W 57th ?


No, that is the former Buckingham Hotel, which was purchased for $60 million in 2010 and is currently undergoing an extensive re-modeling. It will re-open in the fall of 2013 as The Quin hotel. The new tower at 107 W 57th will be built it the 43-foot-wide alley between Steinway Hall and The Quin, and will probably protrude in some fashion into the airspace above Steinway Hall.

NYguy Jul 8, 2013 10:43 PM

Quote:

Originally Posted by ILNY (Post 6190964)
Will this building be part of 107 W 57th ?

You're looking at the wrong building.

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The first four stories of Steinway Hall are a protected Landmark and will be preserved. It is expected that the higher floors will be removed and the new tower will rise above the protected landmark with a larger footprint, yielding greater height and more attractive floorplates.
I don't know about that, but we shall see.




Busy Bee Jul 8, 2013 10:48 PM

I see a facadectomy in your future.

McSky Jul 9, 2013 9:35 AM

On SSC, I posted the Landmark designation for Steinway Hall. It makes no mention of the landmark status only pertaining to the bottom 4 floors. The key page of the designation also states that "the upper twelve stories also have an illustrious history".

http://www.skyscrapercity.com/showpo...1&postcount=93


I suppose that the Landmark Commission has some leeway with designated structures. Having already invested $217m to buy the site for this tower and the Steinway, the developers are certainly hoping they will be permitted to take the top 12 floors off of Steinway Hall.

NYguy Jul 9, 2013 12:47 PM

Quote:

Originally Posted by McSky (Post 6191853)
On SSC, I posted the Landmark designation for Steinway Hall. It makes no mention of the landmark status only pertaining to the bottom 4 floors. The key page of the designation also states that "the upper twelve stories also have an illustrious history".

Yeah, it's been stated before that the designation was for the lower floors. I think a lot has to do with the interior.

http://www.luxq.com/2012/12/17/steinway-hall/


http://www.luxq.com/wp-content/uploa...inway-hall.jpg


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The breathtaking two-story rotunda is the dramatic centerpiece of Steinway Hall. The spectacular 35-foot domed ceiling was hand painted by Paul Arndt, with allegorical scenes of lions, elephants, goddesses and nymphs depicting the influence of music on human relations. The walls are adorned with fluted white Italian marble columns alternating with green pilasters of highly polished Greek marble. Descending from the ceiling is a magnificent, glittering 19th century Viennese crystal chandelier.

Steinway & Sons commissioned esteemed American artists to create paintings that would create a rich visual landscape throughout Steinway Hall. Original oil paintings depict great composers, such as Berlioz, Chopin, Handel, Mozart, Wagner, and legendary pianists, such as Franz Liszt, Ignaz Paderewski, Sergei Rachmaninoff, and Anton Rubinstein. Many distinguished artists are represented, including Rockwell Kent, N.C. Wyeth, and Charles Chambers, creating the effect of an opulent art museum where grand pianos are on display.

Beyond the rotunda, a gallery displays memorabilia collected by five generations of Steinways, giving life to the history of Steinway & Sons as well as a glimpse into America’s rich musical history. Included in the display cases are awards and medals presented to Steinway & Sons during more than 155 years of piano making, insignias noting the firm’s appointment as official supplier of pianos to the world’s great concert halls, scale models of historic Steinway pianos, and displays of meticulously crafted parts and materials used in all Steinway pianos, whether for the home or for the concert stage. Many unique performances have taken place in this building.

http://www.luxq.com/wp-content/uploads/2012/12/12.jpg


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Below street level is the famous Steinway basement. Here, all Steinway pianos to be delivered in the New York area are scrutinized by a team of specially trained technicians. In addition to inspecting every detail of cabinetry, they tune, regulate, and make certain that the fine tolerances in each instrument’s action mechanism meet the uncompromising Steinway standard.

At the 58th Street side of the basement is the renowned Steinway “piano bank” where piano professionals come to select instruments they will use in concerts, in recordings, and on tour. As one accomplished concert pianist put it, “There isn’t a first class piano player in the world who does not expect to visit the Steinway Hall concert basement before a New York performance. It’s a piano mecca – sort of the center of the piano universe.”

NYguy Jul 17, 2013 12:28 PM

http://www.multihousingnews.com/news...004086850.html


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“The acquisition financing provided the sponsorship with the necessary capital to create a truly extraordinary development assemblage. Meridian was able to vividly illustrate the sponsor’s vision for the property to the lender in a compelling way that allowed the loan to close in a one-week timeframe,” Appel says. “Ultimately, JDS Development Group will restore Steinway Hall to its original grandeur and will construct a more than 900-foot tall tower next door.

Given the creativity and ability of the sponsor, the new property is destined to become an iconic New York City skyscraper, building on the unique pedigree of Steinway Hall,” he adds. “The transaction was made possible by both a savvy lender and a brilliant developer working in concert to meet common goals."



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