NEW YORK | 125 Greenwich Street | 912 FT | 70 FLOORS

[RobertWalpole]

Sadly, some beautiful old buildings will be demolished and replaced by a retail/hotel/residential tower. Hopefully, the new tower will be tall and striking to compensate for the loss.

American Stock Exchange HQ sold for $65 million
Roland Li
3/1/2011

New York Stock Exchange sells two buildings after merger


The New York Stock Exchange has sold 18-22 Thames Street and 78-86 Trinity Place for a combined $65 million, according to city records.

The seller was listed as Amex Realty Borrower, LLC, a legacy affiliate of the American Stock Exchange, which merged in 2008 with the New York Stock Exchange, operated by NYSE Euronext.

A spokeswoman for NYSE Euronext confirmed the sale, and said it was part of the 2008 merger. She declined to comment further.

The buyers were listed as 87 Trinity Place LLC and 22 Thames Street LLC, represented by Steinhardt Management of 650 Madison Avenue. It is unclear whether Steinhardt is also the buyer. Steinhardt didn’t return requests for comment.

18-22 Thames Street, also known as 123 Greenwich Street, closed at $48 million. 78-86 Trinity Place closed for $17 million, according to city records.

The American Stock Exchange had been using the buildings for office space and a trading floor for decades. The trading floor has since been moved to the NYSE’s iconic building at 11 Wall Street.

In 2000, the New York City Industrial Development Agency, a branch of the city's Economic Development Corporation (EDC), was transferred ownership of the property for $0, leasing it back to American Stock Exchange.

Kyle Sklerov, a spokesman for EDC, said the arrangement was made to give land tax abatements to the exchange, and the benefits ended in 2009 after the merger.

“These deals are fairly common,” he said.

Cushman & Wakefield had been retained to market the two adjacent buildings in 2008. According to a New York Sun article from that year, the buildings had a total of 336,000 s/f of office space and had a redevelopment potential of up to 645,606 s/f, with an as-of-right plaza bonus. The building was considered by landmark designation in 2008, but has not been landmarked, a Landmarks Preservation Commission spokeswoman confirmed.

Stockholders of the old American Stock exchange are entitled "net proceeds" from the sale of the headquarters, according to a June 2008 letter written by Neal Wolkoff, chair of the American Stock Exchange, and Matthew Frank, chair of the Amex Membership Corporation

They wrote that Cushman had received bids from several potential buyers, but, they warned, "The New York City real estate market has experience some deterioration since the preliminary valuations were received and may experience more."

A little over three months later, Lehman Brothers would file for bankruptcy, throwing the stock exchange – and the fate of the building – into great uncertainty.
Although the markets have since recovered, the future of the stock exchange remains clouded. Last month, NYSE Euronext and German company Deutsche Börse Group confirmed rumors that they were in “advanced” talks to merge, giving control of an icon of American capitalism to a foreign entity.


Photo: 86 Liberty by Daniel Stout


http://therealdeal.com/newyork/

[RobertWalpole]

NY REAL ESTATE COMMERCIALMARCH 2, 2011.Trading Places: Old Exchange To Go Retail

BY CRAIG KARMIN

Investor and philanthropist Michael Steinhardt and a partner have acquired two former American Stock Exchange buildings for $65 million and plan to build a retail complex, hotel and a residential tower at the site.The two properties are a block south of the World Trade Center site in the Financial District, an area that was hit hard during the economic downturn but recently has shown signs of snapping back.

Mr. Steinhardt and his investment partner Allan Fried closed the deal in the middle of last month, Mr. Fried said in an interview Tuesday. They acquired the former American Stock Exchange ...

http://online.wsj.com/article/SB1000...E_Video_second

[Obey]

I always prefer not to destroy old historic buildings.

[SkyscrapersOfNewYork]

im really not sure how i feel about this....

[patriotizzy]

86 Liberty wouldn't be a big loss in my opinion. It's old and has history, but at least it's not an architecture wonder that we have to lament over. I'm looking forward to what may come out of this.

[RobertWalpole]

Lois Weiss suggests that the Amex building won't come down. I hope that she's right.

March 2, 2011

Lois Weiss
BETWEEN THE BRICKS


Read more: http://www.nypost.com/p/news/busines...zz1FRVWR0SaTwo buildings owned by affiliates of the NYSE Euronext were sold to hedge fund guru and commodity trader Michael Steinhardt of Steinhardt Management for a total of $65 million.

The old American Stock Exchange Building at 86 Trinity Place was sold for $17 million.

The 14-story former Curb Exchange building, built in 1931, also has the address of 125 Greenwich.

At the same time, the building next door -- at 22 Thames St., aka 123 Greenwich -- was sold for $48 million to the same entity.

The Curb Exchange building was closed at the end of 2008, when trading for the Amex was moved to the floor of the NYSE.

The new owners hope to turn the Trinity Place building into a retail complex, according to The Wall Street Journal, along with a 174-room boutique hotel. Meanwhile, they will tear down the 10-story Thames Street building and build a 60-story building that is likely to be luxury rentals, the newspaper reported on its Web site yesterday.



Read more: http://www.nypost.com/p/news/busines...#ixzz1FRV6BgSc

[scalziand]

I'm a bit confused as to which building is which on this block. I'd like to know if this diagram is correct.


Curb Exchange
22 Thames/123 Greenwich 10 stories
Amex- 78-86 Trinity 14 story annex on the north end which the nypost article referred to as the Curb Exchange.

To top off the confusion, there's reference to Liberty street addresses. Liberty street runs 2 blocks north of the site. I'm assuming this is an error.

[NYguy]

http://online.wsj.com/article/AP2570...24bbdaca8.html

The former American Stock Exchange at Trinity Place will be converted into a retail complex and a 174-room boutique hotel. It has been mostly vacant since the exchange merged with the New York Stock Exchange in 2008.

They plan to tear down an adjacent building that had been used for back office work and build a 60-story residential building there.

Construction is expected to begin within a year.

[NYguy]

epicharmus

[RobertWalpole]

Originally Posted by scalziand

I'm a bit confused as to which building is which on this block. I'd like to know if this diagram is correct.


Curb Exchange
22 Thames/123 Greenwich 10 stories
Amex- 78-86 Trinity 14 story annex on the north end which the nypost article referred to as the Curb Exchange.

To top off the confusion, there's reference to Liberty street addresses. Liberty street runs 2 blocks north of the site. I'm assuming this is an error.

It appears that the only building coming down is a very attractive one on Greenwich and Thames. The bland lowrise on Trinity and Thames, which is adjacent to this, houses a high school for hoodlums. It and another (even uglier) high school next door (on the other side of Thames) were bought by a developer a few years ago subject to a lease by the NYC Dep't of Ed which runs until about 2020. (If someone Googles 90 Trinity, they will find the details.)

[Perklol]

Originally Posted by RobertWalpole

It appears that the only building coming down is a very attractive one on Greenwich and Thames. The bland lowrise on Trinity and Thames, which is adjacent to this, houses a high school for hoodlums. It and another (even uglier) high school next door (on the other side of Thames) were bought by a developer a few years ago subject to a lease by the NYC Dep't of Ed which runs until about 2020. (If someone Googles 90 Trinity, they will find the details.)

If they waited several years to acquire the high school then we might have had a bolder design. Also the developers would have repaved the sidewalk (on Trinity and the alleyway) as they were completely dirty and uneven last time I was there.

[RobertWalpole]

Originally Posted by scalziand

I'm a bit confused as to which building is which on this block. I'd like to know if this diagram is correct.


Curb Exchange
22 Thames/123 Greenwich 10 stories
Amex- 78-86 Trinity 14 story annex on the north end which the nypost article referred to as the Curb Exchange.

To top off the confusion, there's reference to Liberty street addresses. Liberty street runs 2 blocks north of the site. I'm assuming this is an error.

The green building on the southwest corner of Trinity and Thames and the building on the northwest corner of Trinity and Thames houses two high schools. They will both be developed in time, but the NY Dep't of Ed. has leases that run through around 2022. See below:

http://www.observer.com/node/36909


SL Green Dreams Grand Central With $76 Million Madison Ave. Buy
By John Koblin
March 11, 2007 | 8:00 p.m


THE MEGA-DEVELOPER SL GREEN CAN NOW BUILD a 900,000-square-foot tower at the foot of Grand Central Terminal.

This comes after SL Green purchased two small buildings, one at 331 Madison Avenue and the other at 48 East 43rd Street, for $76 million. SL Green owns a neighboring building on the block, at 317 Madison Avenue.

The Cushman & Wakefield investment-sales dream team, Richard Baxter, Scott Latham, Ron Cohen and Jon Caplan, brokered the deal.

Isaac Zion, a managing director at SL Green, also worked on the deal. He said SL Green will push rents and attract better tenants for the new buildings.

Mr. Zion said SL Green is seriously considering the possibility of building one big tower at one of the most lucrative addresses in the city.

“Given its location,” he told The Observer, “I think it plays out well as an office building to take in a different direction.”

If SL Green decides to build the tower, it would be between 42nd and 43rd streets, on Madison Avenue and a part of Vanderbilt Avenue.

As the properties now stand, 331 Madison Avenue is a 14-story, 92,000-square-foot building, and 48 East 43rd Street is a seven-story, 22,850-square-foot loft building.

The two buildings were sold by U.S. Trust on behalf of a group of investors, a source close to the deal said.

THE DEVELOPER JOSEPH CHETRIT HAS PURCHASED for $64 million a pair of New York University buildings that are within a stone’s throw of the World Trade Center redevelopment site.

The buildings, at 90 and 100 Trinity Place, are the former home of N.Y.U.’s Stern School of Business and the current home of two city high schools. The sale was recorded in city records.

The deal looks like a long-term investment for Mr. Chetrit. When N.Y.U. put the buildings on the block, it did so with the condition that the new owner extend and honor the lease of the two city schools, a spokeswoman for the university said.

The two schools, the High School of Economics and Finance and the High School for Leadership and Public Service, signed a 15-year lease in January, a spokeswoman for the city’s Department of Education said.

Mr. Chetrit would not comment for this story, but he’s likely banking on the potential value of an asset that will soon be among a sea of new glass buildings dotting the lower Manhattan skyline. Even if he doesn’t have leasing control until 2022, he’s taking the gamble.

The buy is also a sudden reversal for Mr. Chetrit, who has been recently selling and marketing part of his portfolio. As The Observer earlier reported, he sold the Daily News building at 450 West 33rd Street to Broadway Partners, and has assigned Eastdil’s Doug Harmon to market the Toy Building on Fifth Avenue.

[scalziand]

I'm also amazed by how narrow that part of Thames street is.

[kickser]

I just hope that this tower won't have a negative effect on the trade centers spiral tappering design.

[NYguy]

Originally Posted by kickser

I just hope that this tower won't have a negative effect on the trade centers spiral tappering design.

It won't be as tall as any of those towers.

http://ny.curbed.com/archives/2011/0...er_planned.php
FiDi Frenzy: Boutique Hotel, 60-Story Rental Tower Planned


The American Stock Exchange building at 86 Trinity Place, via WSJ, and 22 Thames Street, via PropertyShark


Wednesday, March 2, 2011, by Sara Polsky

Now that New York by Gehry has had its curvy moment in the sun, it's time for the announcement of the next luxury rental tower to hit FiDi. They sure show up fast, don't they? This one won't be boasting starchitect input, but it does have the coolness factor of a conversion, because it involves two former American Stock Exchange buildings at 86 Trinity Place and 22 Thames Street.

The owners, investor Michael Steinhardt and a partner, dish on their plans to the Journal, and they've got everything: retail, boutique hotel, and apartments.

The 86 Trinity Place building with its 60-foot ceilings will be converted into a retail complex topped by a 174-room boutique hotel. Over on Thames Street, the 10-story building at number 22 will be demolished and replaced with a likely 60 stories of luxury rentals. Hey, all those Conde Nast editorial assistants will need a place to live.

[scalziand]

Thanks for clarifying things, Robert. And I agree that it's a shame that the building on the corner of Thames and Greenwich is getting demo'd instead of the one on the corner of Thames and Trinity.

[RobertWalpole]

Originally Posted by scalziand

Thanks for clarifying things, Robert. And I agree that it's a shame that the building on the corner of Thames and Greenwich is getting demo'd instead of the one on the corner of Thames and Trinity.

I agree. However, 400,000 sf on this quite small footprint might be 850 feet tall.

[scalziand]

Originally Posted by RobertWalpole

I agree. However, 400,000 sf on this quite small footprint might be 850 feet tall.

I see this more as being similar to 123 Washington, which has a similar area with a similar footprint(plaza excepted). Still, it all depends on the floor heights this one ends up with.

[NYguy]

Originally Posted by RobertWalpole

400,000 sf on this quite small footprint might be 850 feet tall.

As mentioned, it depends on ceiling heights. 50 West Street (currently on hold) is about 714 ft with 69 floors. Beekman (NY by Gehry) is about 870 ft with 76 floors. Trump World Tower is 861 ft with 72 floors. I think 700 ft would be great for this one, if it is indeed 60 floors.

[RobertWalpole]

How many sf is 50 West?