http://www.businessweek.com/news/201...r-in-late-2013
Silverstein to Start 82-Story Lower Manhattan Tower in Late 2013
By David M. Levitt
May 15, 2013
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Developer Larry Silverstein said he plans to start building an 82-story hotel-and-condominium tower a block north of the World Trade Center site in lower Manhattan late this year, after getting a $660 million loan.
The 926-foot (282-meter) tower, to be the tallest residential structure downtown, will house a 185-room Four Seasons hotel and 157 Four Seasons-branded luxury residences, Silverstein Properties Inc. said today in an e-mailed statement. London-based Children’s Investment Fund Management is providing the loan for the $950 million project.
“The Four Seasons Hotel New York Downtown will be the top hotel and apartment building in lower Manhattan,” Silverstein said in the statement. “Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”
The financing agreement revives a project Silverstein had to put on hold after the 2008 financial crisis froze credit worldwide. He acquired the property at 99 Church St. in partnership with California State Teachers’ Retirement System in 2007 from Moody’s Corp. for $170 million, and later tore down a building that had been the Moody’s headquarters. Silverstein is now calling the site 30 Park Place.
Many of New York’s tallest new skyscrapers are condo towers. Extell Development Co. expects to open its 1,004-foot One57 condo project on West 57th Street, across from Carnegie Hall, later this year. Plans for 432 Park Ave., which Harry Macklowe and CIM Group are building, call for it to top out at 1,397 feet.
Children’s Investment Fund also helped finance 432 Park, fund partner Martin Frass-Ehrfeld said in today’s statement. He called Silverstein and his co-investors “a pristine group of partners” and said 30 Park Place “perfectly fits our investment strategy,” which also includes financing 737 Park Ave., which Macklowe bought in 2011 and is converting to condos.
The 30 Park Place property is on the same city block as the Cass Gilbert-designed Woolworth Building, which was the world’s tallest skyscraper when completed in 1913. Silverstein is planning a limestone tower with setback terraces, designed by the firm of Robert A.M. Stern, dean of the Yale School of Architecture. Silverstein is close to completing 4 World Trade Center, one of three towers he has the right to build on the 16-acre (6.5-hectare) site to the south. He leased the twin towers for 99 years six weeks before they were destroyed in the 2001 terrorist attacks.
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All of the development projects that we have going on right now is really more than we could have asked for.
http://www.rew-online.com/2013/05/15...-four-seasons/
Silverstein lands finance deal for new $950M Four Seasons
By REW Staff
May 15, 2013
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At 926 feet, the property will be the tallest residential tower in Downtown Manhattan and one of the tallest buildings in New York City, offering residents panoramic views of the Midtown skyline and New York Harbor. Construction will begin on the 82-story tower in Fall 2013 with the grand opening set for 2016.
The development will also include a public plaza. Sharing a city block with the Woolworth Building, Cass Gilbert’s beloved 1913 skyscraper, and strategically located one block from the new World Trade Center, the new tower will become a distinct landmark nestled among the city’s most recognizable skyscrapers.
“The day it opens, the Four Seasons Hotel New York Downtown will be the top hotel and apartment building in Lower Manhattan,” said Larry A. Silverstein, President and CEO of Silverstein Properties, Inc. “It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”
Robert A.M. Stern Architects is the architect for the building and is designing every aspect of the private residence floor plans and interiors. The Hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg, while the condominiums will be managed as Four Seasons Private Residences. SLCE Architects is the Architect-of-Record. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is the general contractor for Silverstein’s 3 and 4 World Trade Center, is serving as Construction Manager on the project.
“30 Park Place will counterpoint the glass-and-steel office towers that Larry Silverstein and his organization are building along Greenwich Street, and together these buildings will help Lower Manhattan realize its potential as one of the best places to live and work in the country. I am proud to be a part of this effort,” said Robert A.M. Stern, founder and senior partner of Robert A.M. Stern Architects and Dean of the Yale School of Architecture.
“Adding a second hotel to our existing iconic property in New York on 57th Street, will be a great addition to the portfolio of Four Seasons,” said Scott Woroch, Executive Vice President Worldwide Development, Four Seasons Hotels and Resorts. “This complementary property will cement our leadership position in this city and add another choice to discerning guests when travelling to this global destination.”
The hotel entrance on Barclay Street will lead visitors into three floors of lobbies, lounges, a restaurant, ballrooms, and meeting facilities, as well as a spa, fitness center and pool. A second entrance to the restaurant will be located on Church Street. The public rooms of the hotel will face a through-block, landscaped public plaza framed by a lower annex building that conceals building services and access to below-grade parking. A separate entrance and lobby at 30 Park Place will serve the private residences, each of which will enjoy full access to all hotel amenities. The residences also will feature 11 foot ceilings and formal entry foyers leading to light-filled living spaces, some with grand bay windows. Through careful planning, the living areas and the master bedroom suite in almost every residence will be placed at a corner location, thereby providing two exposures with panoramic river and city views. Many residences also will feature formal dining rooms, a rare offering in today’s new condominium market. The virtually column-free structural system also will allow for interior layouts that can be easily modified to suit each owner’s unique and changing lifestyle.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Last edited by NYguy; May 15, 2013 at 7:39 PM.
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Perhaps you should call media attention to the issue by either protesting outside the abandoned construction site, or outside of Silverstein Properties. Demand to know where the money is and why cranes aren't moving. If that seems a bit much, then just wait like the rest of us.
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