Posted Aug 29, 2026, 7:52 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 57,087
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The longer that “leaning” tower of the seaport continues to stand as is, the longer this will take to develop.
https://commercialobserver.com/2026/08/kpc-oceanwide-plaza-graffiti-towers-downtown-la-supertall/
KPC Group’s Oceanwide Plaza Bet Started With a Supertall Dream for Manhattan
Senior partner John Petty says that the Downtown L.A. project, also known as the 'Graffiti Towers,' is part and parcel of a firm that’s long had sky-high development ambitions
BY PATRICK SISSON
AUGUST 28, 2026
Quote:
….. Petty, who has worked for Chaudhuri for the last 15 years, said Chaudhuri had told him years ago that building a supertall building in Manhattan was “on his bucket list.” The search for such an opportunity is what initially led KPC to Oceanwide, the firm originally building the tower project in Downtown L.A.
Petty had discovered that during Oceanwide’s 2015-2016 buying spree, the company purchased a development site at 80 South Street in Lower Manhattan from the then-Howard Hughes Corporation for $390 million, and even purchased some additional air rights it never was able to utilize. The site was long seen as an ideal spot for a skyscraper, with an excellent Lower Manhattan location and unobstructed waterfront views.
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Quote:
Once Petty found out about the opportunity in 2020, he flew to New York City to check it out. At that point, DW Partners, a hard money lender, had already recouped the property after Oceanwide had defaulted on a loan.
KPC went into escrow for the property.
But the opportunity fell apart. An adjacent property at 161 Maiden Lane was found to be leaning toward the 80 South Street property. Lawyers warned Petty that if it continued to lean and passed the property line, it would open up a litany of legal actions that would delay and bog down any project. KPC backed out and took its money out of escrow.
But that interest in a potential deal for an Oceanwide property also led KPC to look at the Oceanwide Plaza site in Los Angeles. It’s not Chaudhuri’s New York City dream, but it is a lot closer to home.
“We’re getting a little bit of Manhattan without having to go to Manhattan,” said Petty.
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