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[Busy Bee]

Bait & Switch.

What bullshit.

[NYguy]

Originally Posted by Busy Bee

Bait & Switch.

What bullshit.

Well, its not really that clear cut. The development was approved, but there's a different developer for this portion.

Two years ago, Extell Development Co. won public approvals to build a five-tower apartment development on the far West Side of Manhattan partly by touting its use of the highly regarded French architect Christian de Portzamparc, a winner of the profession's top honor, the Pritzker Prize. Now, a new developer—the Dermot Co.—is taking over the first 616-unit tower on the eight-acre site known as Riverside Center, and it is replacing Mr. de Portzamparc with SLCE Architects, a local firm not known for iconic designs. Dermot said it feels more comfortable with SLCE, but the switch has raised the ire of city officials, as well as members of the community who say Mr. de Portzamparc's involvement was one of the project's more appealing qualities.

Gary Barnett, Extell's president, said Dermot was well within its rights to use a different architect. Mr. Barnett said the venture hasn't yet decided whether Extell or another developer will build the other parcels. But if Extell builds them, Mr. Barnett said he would likely use Mr. Portzamparc.

Barnett would still use the same architect. The issue is, do we want the City to approve developments based on design or what's being built? It's tricky to get into, but as far as input from the community and everyone involved in the approval process, it's all about what's being built. There is a place for design in the process, but really, when you look at what happend with the Tower Verre for example, who's to say we want personal judgement based on taste? As it is, we'll be getting that with the Midtown East rezoning.

[yankeesfan1000]

Sounds like the first building will start next month.

From WNY Jlhayes:

"The parking lot is closing on Oct. 31st. They are also starting to demolish the parking garage on 59th st, Lower left hand quarter of the picture above. I think Extell is starting to begin their building between 61st and 62 nd st along the highway. I have noticed some heavy machinery moving onto that property."

The photo that's being referred to, thanks to Czervik.Construction on WNY for posting it:


http://www.flickr.com/photos/8413298...n/photostream/

[yankeesfan1000]

Czervik.Construction on WNY took some more photos of the site. Looks like prep to me for the first tower.

[Crawford]

This is actually the last tower in the Riverside South development (formerly known as Trump Place), just to the north.

It will be the biggest condo (but not the tallest) in Riverside South.

Which reminds me, there are so many buildings u/c in NYC for which there's no thread.

Just looking at the Upper East Side (I took a long walk last weekend), there's a 400 ft tower u/c at 1st Avenue/73rd (luxury condo) without a thread. There are at least four additional highrise luxury condo towers going up on the Upper East Side for which there's no thread.

There are many others, just in this area, about to begin, and without a thread. 2nd Ave. and 62nd (I think), 86th between 1st and York, 3rd Avenue around 67th or so are a sampling where groundbreaking is imminent.

[Barbarossa]

Originally Posted by Crawford

This is actually the last tower in the Riverside South development (formerly known as Trump Place), just to the north.

It will be the biggest condo (but not the tallest) in Riverside South.

Which reminds me, there are so many buildings u/c in NYC for which there's no thread.

Just looking at the Upper East Side (I took a long walk last weekend), there's a 400 ft tower u/c at 1st Avenue/73rd (luxury condo) without a thread. There are at least four additional highrise luxury condo towers going up on the Upper East Side for which there's no thread.

There are many others, just in this area, about to begin, and without a thread. 2nd Ave. and 62nd (I think), 86th between 1st and York, 3rd Avenue around 67th or so are a sampling where groundbreaking is imminent.

Here is the thread.

http://forum.skyscraperpage.com/showthread.php?t=185032

[NYguy]

http://therealdeal.com/blog/2012/12/...pment-for-70m/

Extell, liquidating assets ahead of new tower, sells Riverside Center development for $70M



Gary Barnett, 1780 Broadway, the site of the new tower, and a rendering of Building 2


December 19, 2012
Christopher Cameron

Extell head Gary Barnett and partner the Carlyle Group yesterday sold the Building 2 site at the Riverside Center development for $70 million, as Extell begins raising capital for its new 57th Street tower — currently poised to become the tallest residential building in the United States, the New York Post reported.

The buyers of the complicated $420 million development were Dermot and AFL-CIO Building Investment Trust. The project calls for 616 residential rentals, retail space and a school and has a $275 million state Housing Finance Agency bond mortgage with credit enhancements through Bank of America and Capital One. The 640,000-square-foot Building 2, which is located at the southwest corner of West 61st Street, it will be known as 21 West End Avenue.

“We think we paid a fair price and the overall costs make this an excellent opportunity for us,” Stephen Benjamin, Dermot COO, said. The site was marketed by Andrew Scandalios of HFF.

On Monday, Extell announced that it would be hiring Adrian Smith + Gordon Gill Architecture, the designers of the world’s tallest building, the 2,717-foot Burj Khalifa in Dubai, to design its new 1,550-foot 57th Street tower. In preparation for the massive project Extell appears to be liquidating select assets, according to the Post. For instance, Extell is closing this week on a $66 million deal for its 182-unit Westbourne apartment complex on West 137th Street. Bonjour Equities is the buyer and Georgia Malone of Georgia Malone represented Extell.

Extell also recently sold the leasehold on 175 Varick Strett for $32.75 million to WeWork and AEW Capital Management and Massey Knakal, on behalf of Extell, is marketing a garage, at West 24th to West 25th streets between Sixth and Seventh avenues, for about $85 million. In fact, Knakal has been marketing 59 of Extell’s buildings and is closing this month with 27 of those properties sold, according to the Post. “This is the best month in my career,” Robert Knakal said.

http://www.nypost.com/p/news/busines...6Bht8rWU7fBVRJ

Setting the ‘Barnett’ high

By LOIS WEISS
December 19, 2012

Gary Barnett is busy shedding unwanted assets and amassing capital as he concentrates on skyscrapers such as the 1,550-foot Nordstrom tower on West 57th Street that will be the tallest US residential building.

Yesterday, Extell founder Barnett and partner the Carlyle Group sold the Building 2 site at the Riverside Center development to the Dermot Cos. and AFL-CIO Building Investment Trust.

The $420 million development, which calls for residential rentals, retail space and a grade school, has a $275 million state Housing Finance Agency bond mortgage with credit enhancements through Bank of America and Capital One.

Documents show the site sold for $70 million, but the equivalent land cost would be closer to $100 million as the developers have the added costs of building a school.

[NYguy]

http://online.wsj.com/article/SB1000...844137536.html

Lincoln Square Growing Without a Pause





By GABBY WARSHAWER
February 28, 2013

The Upper West Side's Lincoln Square neighborhood has been no stranger to construction over the past decade, a trend that is continuing with a crop of new buildings that will add more than 1,000 rental apartments to the area over the next few years. The neighborhood—usually defined as running from Central Park West to the Hudson River and from 59th to 72nd streets—has seen a raft of high-end condos and rental towers rise mainly in the area west of Columbus Avenue, and the developments now being built are joining that group.

The largest new project is 21 West End Ave., a 43-story, 616-unit rental building on 61st Street that broke ground late last year and will include a four-story public school. The tower is expected to be ready for renters to occupy in mid-2015, with the school opening in 2016.

Dermot Co., which is developing the building in a venture with the AFL-CIO Building Investment Trust, doesn't typically include three-bedroom apartments in its buildings, but they would be part of the design of 21 West End Ave. because of the area's "appeal to families," said Drew Spitler, director of development for New York-based Dermot.

The rental tower is the first element in the planned Riverside Center complex between 59th and 61st streets, which is slated to have five buildings and have 2,500 units of housing when complete.

A couple blocks away, another large, luxury rental is rising: A 54-story, 339-unit building at 160 W. 62nd Street, on the corner of Amsterdam Avenue. New York-based Glenwood Management, which is developing the building, also intends to break ground this year on a parcel it owns a couple blocks away, at 175 W. 60th St., where the company will construct a 48-story, 257-unit rental.

21 West End Avenue

[easy as pie]

wow, that new rendering is extremely ugly, with horrible massing and no character. what a depressing downgrade from pontzamparc!

[sbarn]

Looks like they're beginning to make progress on the foundation of the first tower at the Riverside South Development. I would guess they'll be pouring concrete within the next month or so.


Also looks like they're demolishing the remaining structures on the site.

[Crawford]

So there are actually three buildings going up here, correct?

Building 1 is the first tower for Riverside Center(the thread topic)

Building 2 is the last tower for Riverside South (the one right on the water, above the rail/road tunnels)

Building 3 is the new Collegiate School (not sure if this one is actually u/c; located just to the east of the second-to-last building in Riverside South)

[sbarn]

^^ I'm kinda confused on the names, but I think you're right.

[NYguy]

21 West End is the building 2 site, which Extell sold off...

[baseball1992]

Now which of the buildings are currently under construction?

[Hypothalamus]

New York YIMBY:

Construction Update: Riverside Center
BY: NIKOLAI FEDAK ON DECEMBER 3RD 2013 AT 6:00 AM

Work is in full swing at Riverside Center, which is the last major piece of land available for development on the Upper West Side. Located at the base of the neighborhood, the enormous lot will eventually house five new towers, some of which may keep designs by Portzamparc, which were depicted in the site’s master plan.

Extell has sold off portions of the property, and the first piece – where a crane is now rising – will be developed by Carlyle and Dermot, and feature a design that’s a decided departure from the Portzamparc scheme. Silverstein and Elad recently acquired a parcel as well, and that’s where the next tower after Carlyle/Dermot’s will rise.

The first tower will have 616 apartments, while the entirety of the development will have roughly 2,500 units, in addition to cultural and commercial space.
......

The full build-out of Riverside Center is expected by 2020.

NOTE: The building going up on the upper right with the orange fencing is 40 Riverside Boulevard and is part of a different development that's almost complete.

[chris08876]

From certain angles using the birds eye view in Bing Maps, you can see older images of the site. Turning at certain angles, the photos become newer, and one can see the change in the area. Quite dramatic as the area fills in.

[Hypothalamus]

Note: The orange building is 40 Riverside Boulevard and is part of a different development. The pit below 40 Riverside is one of the buildings of this development. It also looks like they're building a crane, too!

As of December 28th, 2013...
Photo credit: Tectonic


©tectonic

[Hypothalamus]

As of January 8th, 2014...
Photo Credit: Calcio1008 on Flickr


©Calcio1008

[Hypothalamus]

As of February 23rd, 2014...
Photo Credit: EastMillinocket @ WNY

Note: The building going up in the back is 40 Riverside Blvd



©EastMillinocket

[Hypothalamus]

As of April 4th, 2014...


By Calcio1008, on Flickr