NEW YORK | 360 10th Avenue | 1,000 FT | 67 FLOORS

[ILNY]

This tower will not cost $3bln, not even $2bln.
At $3bln price, it would be as much expensive as 1,362ft 1 WTC where the cost includes special security features like ultra-strong reinforced concrete and years of delays. $3bln would be more that 432 park, Nordstrom, HY North Tower and most likely One Vanderbilt. Unless it will be truly iconic 1400 footer, I do not see any bank/investor willing to lend $3bln for a tower just to wait twice as long for their return of investment if ever. Also, office/condo prices would have to be astronomical. I can imagine 3bln tower being build on 57th street, one of the most popular/expensive streets or perhaps close to WTC site but not at this location, no way. Same goes for 60+ story "Hudson Spire" . This is my opinion, waiting for more news. $3Bln number is a media magnet, most likely created for that purpose. It will be interesting to see how Frank McCourt’s is going to maneuver out of it.

[Submariner]

The construction boom continues to grow...

[Perklol]

It might be a hotel since tenants are harder to come by. I wonder if this lot allows more commercial space than residential? Anyway this is very good news.

[NYguy]

I doubt it would be offices. Between the residential and retail space, there really wouldn't be a lot left for a major office move. A series of smaller leases maybe, small firms. But those aren't the firms that are going to jump over to the west side.

[NYguy]

Another one for SHoP


http://therealdeal.com/blog/2014/09/...h-ave-project/

Frank McCourt brings in Hines as partner on $3B Tenth Ave. project
SHoP Architects will design 733,000 sf mixed-use building in Hudson Yards area





September 29, 2014
By Hiten Samtani

Frank McCourt’s MG Properties has brought in Hines as an equity and development partner on 360 Tenth Avenue, a $3 billion, 733,000-square-foot mixed-use project on the Far West Side. The developer also announced that SHoP Architects will design the project.

McCourt, the former owner of the Los Angeles Dodgers, made his New York real estate debut with the acquisition of the site last year for $167 million, more than three times what seller Sherwood Equities and Long Wharf Real Estate Partners paid in 2011. The deal is one of the biggest bets yet on the Hudson Yards neighborhood.

“We are very pleased to have the world-class team at Hines join us on 360 Tenth,” Drew McCourt, president of MG Properties, said in a statement. “The addition of SHoP’s creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood.” Vishaan Chakrabarti, a partner at SHoP, said in a statement that the firm hoped to “create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline.”

Hines’ executive Tommy Craig said in a release that the firm welcomed “the opportunity to expand our development work into the heart of Manhattan’s fastest growing new neighborhood.” The Houston-based firm’s other notable projects in New York include a 471,000-square-foot office tower at 7 Bryant Park and the 1,050-foot-tall Jean-Nouvel designed 53W53.

It's funny, i was peering through the "fence" just yesterday. But now I'm more excited for this project.

[jackster99]

Originally Posted by NYguy

Another one for SHoP


http://therealdeal.com/blog/2014/09/...h-ave-project/

Frank McCourt brings in Hines as partner on $3B Tenth Ave. project
SHoP Architects will design 733,000 sf mixed-use building in Hudson Yards area








It's funny, i was peering through the "fence" just yesterday. But now I'm more excited for this project.

$3 billion, wow that's very very expensive. I think the cost of One57 was around $1.2 bil? And I believe 432 park is around $1.5 billion. And those are 2 building's that spared no expense.

[chris08876]

3 billion is up there with WTC1 as one of the most expensive projects in the city.

[wilfredo267]

How tall can this go?

[pico44]

The news that Hines is getting involved is very very good news. Hines is a world class developer and they demand world class design.

[Perklol]

They're talking about the $3 billion investment around the Hudson Yards, not of this site in particular. Once again, TRD gets its info. messed up.

[NYguy]

Originally Posted by chris08876

3 billion is up there with WTC1 as one of the most expensive projects in the city.

That would make it among the top, the site itself was only $167 million.

Originally Posted by wilfredo267

How tall can this go?

There are no height limits. It will only be as tall as feasible.

Originally Posted by Eveningsong

They're talking about the $3 billion investment around the Hudson Yards, not of this site in particular. Once again, TRD gets its info. messed up.

Could be. Then again, the tower at the "Hudson Spire" site alone will be a $3 billion tower.

Anyway, this is good news either way you look at it, especially with Hines and SHoP being brought in. Those two have a hand in 2 of the best designed developments going up in the city, 111 W 57th, and the Tower Verre.

The deal is one of the biggest bets yet on the Hudson Yards neighborhood.

“The addition of SHoP’s creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood.”

Vishaan Chakrabarti, a partner at SHoP, said in a statement that the firm hoped to “create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline.”

http://ny.curbed.com/archives/2014/0...enue_tower.php

SHoP Joins the Hudson Yards Party With Tenth Avenue Tower





September 29, 2014
by Jessica Dailey

SHoP is one of the hottest architecture firms in New York right now, so it was only a matter of time before someone brought them to the development party happening around Hudson Yards. Developer Frank McCourt selected the firm to design his $3 billion, 730,000-square-foot mixed-use tower at 360 Tenth Avenue.

The Real Deal also reports that McCourt brought in Hines as an equity and development partner. No renderings were released, but SHoP partner Vishaan Chakrabarti said they plan to "create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline."

[Crawford]

I assume with Hines developing, SHOP as architect, and tons of development rights on a small plot, we are talking a supertall here.

SHOP supposedly has three supertalls under development in Manhattan, so this would be one of the three.

[NYguy]

Originally Posted by ILNY

This is my opinion, waiting for more news. $3Bln number is a media magnet, most likely created for that purpose. It will be interesting to see how Frank McCourt’s is going to maneuver out of it.

Of course it's waiting for more news. They've just announced the development team and the architect. But you also seem to not take note of everything else going on in the Hudson Yards. We just have to wait and see what happens.

Same goes for 60+ story "Hudson Spire" .

And you're plain wrong about that one. Just completely wrong because the breakup of the costs was given.

Originally Posted by Crawford

I assume with Hines developing, SHOP as architect, and tons of development rights on a small plot, we are talking a supertall here.

SHOP supposedly has three supertalls under development in Manhattan, so this would be one of the three.

Yeah, I forgot about that. It very well could be. So if we've named two, (and they said at least 2 more), I wonder where the third will be. All mysteries to be revealed.



http://www.quidnuncre.com/2014/09/29...o-hudson-yards

Hines Gets Into Hudson Yards

September 29, 2014
By QuidnuncRE Staff

Houston-based real estate development and management firm Hines today confirmed that it is joining with MG Properties to develop 360 Tenth Ave. for mixed-use.

Hines is based in Houston but operates internationally, and has a New York office that manages 16 commercial properties in the city, including several prominent office towers.

MG Properties is the NYC-based real estate investment and development arm of McCourt Global, the investment firm started by Frank H. McCourt Jr., who is best known as a former owner of the Los Angeles Dodgers.

McCourt's costly divorce led to the team's bankruptcy, and a sale forced by Major League Baseball in 2012. Prior to his 2004 purchase of the Dodgers, McCourt was best known as a Boston real estate developer; his family has been in building, construction and development for more than a century.

MG Properties bought 360 Tenth Ave., adjacent to the Hudson Yards development at W. 31st St., from NYC's Sherwood Equities for about $167.5 million last year.

http://www.mg.com/mg-properties-hine...ted-architect/

MG Properties and Hines Team Up on 360 Tenth Avenue; SHoP Selected as Architect

....Recently named the world’s most innovative architecture firm by Fast Company, SHoP has been a creative force behind many notable projects in New York City in recent years, including: 111 West 57th; 626 First Avenue; Gotham Gateway; the Domino Sugar Refinery and Barclays Center.

“We are thrilled to be working with McCourt and Hines to design this important new tower at the terminus of the High Line and the hinge between the Hudson River and Penn Station. We hope to create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline.” said Vishaan Chakrabarti, a partner at SHoP Architects.

[ILNY]

Originally Posted by NYguy

Of course it's waiting for more news. They've just announced the development team and the architect. But you also seem to not take note of everything else going on in the Hudson Yards. We just have to wait and see what happens.

2015 will be a great year for Hudson Yards area and I am aware of multiple (5 or 6) towers starting construction there. I was making point about the cost of 360 10th ave tower, which as Crawford stated may even be a supertall. It will not cost $3bln or even $2bln, that was my point.

Originally Posted by NYguy

And you're plain wrong about that one. Just completely wrong because the breakup of the costs was given.

432 Park Ave cost $1.5bln, Coach Tower ($1bln) plus North Tower and Neiman Marcus mall will cost all together about $3.5bln. This makes me ask the question, what will be so special about this 61 floor Hudson Spire tower to cost $3.3bln or about as much as two 432 Park Ave towers or Hudson Yards two tower+mall complex? I just don't see it.

Can you point me to breakup costs? I was able to only find wages for workers ($10.30 an hour plus benefits, or $11.90 an hour without benefits). Also how can exact breakup cost be given if neither design nor height of the tower is known?

Finally, I agree with you, I might be plain wrong about this and will get good economy lesson. Time will tell.

[chris08876]

Could be that the 3 billion figure is a typo? IDK, it just seems way too high. Unless we are getting something ridiculously nice and tall on a level thats comparable to WTC1. The fact that there are no height limits could mean something in the league of Nordstrom. Eh, maybe I'm just being too optimistic.

[ILNY]

Originally Posted by chris08876

Could be that the 3 billion figure is a typo? IDK, it just seems way too high. Unless we are getting something ridiculously nice and tall on a level thats comparable to WTC1. The fact that there are no height limits could mean something in the league of Nordstrom. Eh, maybe I'm just being too optimistic.

$3bln is a "planned" typo or marketing trick. Even if that tower was like Nordstrom (huge assumption), the Nordstrom tower will most likely cost less than $2bln. So where will another $1bln go, on $6,000 curtain showers and golden toilets? What bank will make a loan like this?

[Crawford]

Yeah, $3 billion sounds high. Even including land acquisition costs, I think that estimate was off.

Maybe it's a sum of Hines' residential investments in Manhattan? (Tower Verre + 360 10th). That could make sense.

[pico44]

Originally Posted by Crawford

Yeah, $3 billion sounds high. Even including land acquisition costs, I think that estimate was off.

Maybe it's a sum of Hines' residential investments in Manhattan? (Tower Verre + 360 10th). That could make sense.

Isn't Hines also involved in 56 Leonard and the Bryant Park development? If Hines is developing, the architecture is going to be great.

[Blaze23]

Originally Posted by pico44

Isn't Hines also involved in 56 Leonard and the Bryant Park development? If Hines is involved, the architecture is going to be great.

They are indeed, as well as 40 Mercer and 610 Lexington ave.
This project jumped to the front of my most anticipated list among new projects along with 125 Greenwhich and the "Hudson Spire", if that's still the name of that project.

[NYguy]

October 17, 2014