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NEW YORK | 148 W 48th Street | FT | FLOORS

Potential project. Has the potential to be pretty tall. (200m or more possibly)
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Midtown-based Comjem assembling big parcel a block north of Witkoff site

http://s11.therealdeal.com/trd/up/20...mes-Square.jpg

Quote:

The Japan-based Rockefeller Group Development gave up long-held plans to build another skyscraper at Seventh Avenue between 48th and 49th streets with the sale of two parcels for $49 million, city records show.

Rockefeller Group sold the properties to Midtown-based Comjem Associates, headed by Jack Cohen, which has assembled a large site at the northeast corner of 48th Street and Seventh Avenue just north of the city’s second most valuable retail shopping district, the Times Square “bow-tie.”

Developers are reconstructing the center of Times Square as asking rents have skyrocketed in recent years to more than $2,300 per square foot on the ground, the most recent retail report from the Real Estate Board of New York shows. Other sites under development include Vornado Realty Trust’s Marriott Marquee at 1535 Broadway and Witkoff Group’s 701 Seventh Avenue, at the corner of 47th Street.

One retail broker who is active in the area, Jeffrey Roseman, of Newmark Grubb Knight Frank, expected a developer of the Comjem site would ask between $1,000 to $1,500 per foot. He was not involved with this transaction.

“Retailers are going north of the bow-tie because there is more product up there, and still you capture the hotel, theater and restaurant [crowd],” he said. “Times Square is expanding, just as Soho and Meatpacking are expanding.”

In the Comjem deal, which went into contract in June and closed on October 20, the firm purchased the six-floor building at 152 West 49th Street for $30 million. The 22,634-square-foot residential and commercial building has an additional 44,000 square feet of air rights.

The second site at 163-165 West 48th Street sold for $19 million, which is a four-story building and a one-story building with a total of 47,880 square feet of development rights.

Cohen already owns 721 Seventh Avenue, a 13-story building at the corner of 48th Street, just north of the Times Square “bow-tie,” which it acquired in 2012 for $8.5 million. Cohen also owns the adjacent 167 West 48th Street, which it acquired in October 2013 for $8.25 million, according to city records.

The four properties together have a total of 173,446 square feet of development rights, an analysis of information on data site PropertyShark shows.

Comjem borrowed $60 million from the German Aareal Capital to fund the purchase, property records show.

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http://therealdeal.com/blog/2014/11/....T1UD22r1.dpuf

Hi, Chris.

I think that the assemblage including 148 is on the south side of the street (photo below) and the one in your photo is on the north side.

https://farm8.staticflickr.com/7566/...bfaf2d07_b.jpg
RobertWalpole

Surprised no one has posted this, but demo on this is currently on going, and has been for at least a month. I confused this with the Hard Rock hotel slated to go up across the street, no activity on that site yet though.

Is the site on the south side of the street the one where demo is occurring? Can you post some photos?

Thanks

Yup, south side. I'll see if I can get some tomorrow.

Quote:

Originally Posted by yankeesfan1000 (Post 7914950)

Yup, south side. I'll see if I can get some tomorrow.

Thanks! This and the Hardrock could rise simultaneously.

Is there a map of the parcels being demoed?

As requested. The parking structure seems to be a full block building, so there's demo occurring on that building on the 47th Street side as well. Workers are on site everyday, so this could be completely gone in a couple months.

On the far right of the photo you can also see some more scaffolding, which I think is for the Hard Rock. It is not on the large parking garage though, but on the weird little white building directly to the east, but again, seems to be early demo to make way for the Hard Rock.

https://i.imgur.com/nmcwAk7h.jpg

Thank god that junk is coming down.

Presumably this will be another large hotel. I'll grab a photo of progress across the street at the Hard Rock next week.

https://i.imgur.com/U7KwlAIl.jpg

I hope that this project comes to life soon.

This (very old) pic shows three development sites.

To the left, the Cort Theater is expanding, into the narrow adjacent lot. It will be a modern expansion, and broke ground recently.

In the middle, Hilton is building a hotel. This hotel is almost completed.

To the right, there's another hotel tower planned. Not sure if demo has commenced on this lot.

New York City got to be the perfect city for more supertall skyscrapers!