NEW YORK | 360 10th Avenue | 1,000 FT | 67 FLOORS - Page 6

NYguy · #**101** Posted **Jan 10, 2017, 9:14 PM**

NO news, but a look at a render...(looks like the older)

https://therealdeal.com/2017/01/10/a...ment-platform/

As 10th Avenue megaproject remains in limbo, Frank McCourt expands investment platform
McCourt Partners will take on private equity, finance sectors

January 10, 2017
By Katherine Clarke and Chava Gourarie

Quote:

Frank McCourt, the former owner of the Los Angeles Dodgers, is looking beyond real estate for returns on the money he got from selling the franchise.

McCourt and business partner Mark Walter, who formed McCourt Partners in 2007 to invest largely in U.S. real estate, said in a statement that they’re expanding their investment platform to include sectors such as private equity and finance. Their new investment platform has over $1 billion in permanent capital, they said.

Drew McCourt, president of McCourt Global, McCourt’s family office, will lead the expanded partnership until a CEO has been named.

Their decision to branch out comes as the group’s biggest project in New York, a planned $3 billion, 730,000-square-foot retail and residential tower at 360 Tenth Avenue on Manhattan’s Far West Side, remains in limbo.

McCourt Partners purchased the 10th Avenue site for $167 million, including development rights, in 2014, more than triple the price paid for the site in 2011 by the previous owners, a partnership between Sherwood Equities and Long Wharf Real Estate Partners, though that deal did not include the rights. The deal was McCourt’s first major commercial transaction since the Dodgers sale — and his first-ever in New York.

But the project is yet to get off the ground. In September 2014, Hines came on as an equity and development partner on the project, but sources familiar with the firm said the project in no longer on Hines’ list of active projects. A spokesperson for Hines was not immediately available for comment. It wasn’t clear if McCourt is in the market for a new equity partner. A spokesperson for McCourt said it’s “100 percent committed to building the project,” though he could not immediately provide an update on Hines’ involvement.

“They have very exceptionally patient capital,” he said of McCourt and Walter. “Their time frame is like 99 years.”

Walter is the founder and CEO of Guggenheim Partners and led the team which purchased the Dodgers for $2.2 billion in 2012.

In Miami, McCourt appears to be moving ahead with plans for a supertall project at 1201 Brickell Bay Drive.

Florida East Coast Realty, Corigin Real Estate Group and McCourt Global Properties released new plans for the project, known as The Towers by Foster + Partners, in November. The 1,049-foot tall two-building development would be the tallest along the Eastern Seaboard south of New York City and would hold 660 residential units.

McCourt Partners has already made investments in New York City, London, Miami and Austin totaling more than 5.5 million square feet, according to a statement from the firm.

Peter Wilhelm, former Dodgers CFO and a senior managing director at McCourt Partners, told The Real Deal in 2014 that McCourt was eying “sexy” deals.

“We were trying to figure out, do we want to become more of a development company or more of a buy-and-hold real estate company?” he explained. “Frank kept coming back to sexy development deals and the idea of building important buildings. There were some trophy assets that we were looking to do on a buy-and-hold basis in big cities, which also piqued his fancy, but these mixed-use developments, which had residential up top and office and retail at the bottom became a recurring theme.”

NYguy · #**102** Posted **Apr 10, 2017, 8:28 PM**

https://therealdeal.com/2017/04/10/t...-are-in-limbo/

April 10, 2017

Quote:

.....In the Hudson Yards neighborhood, the site of a planned $3 billion development at 360 Tenth Avenue is also in limbo.

Frank McCourt, the former owner of the L.A. Dodgers, and business partner Mark Walter, bought the site in 2014 for $167 million — more than three times what prior owners Sherwood Equities and Long Wharf Real Estate Partners paid in 2011. In 2014, Hines joined the project as an equity and development partner. But sources recently told TRD that Hines is now out of the project.

A spokesperson for McCourt Partners said the developers are “100 percent committed” to completing the project, a 730,000-square-foot retail and residential tower.

“They have very exceptionally patient capital,” he said. “Their time frame is like 99 years.”

colemonkee · #**103** Posted **Apr 10, 2017, 8:30 PM**

^ Have they been made aware that the collective patience of this forum is considerably less than their 99-year timeline?

Submariner · #**104** Posted **Apr 11, 2017, 2:54 PM**

Quote:

Originally Posted by colemonkee

^ Have they been made aware that the collective patience of this forum is considerably less than their 99-year timeline?

Interestingly enough, that exact sentiment was presented at their last board meeting.

NYguy · #**105** Posted **Apr 11, 2017, 2:58 PM**

Quote:

Originally Posted by colemonkee

^ Have they been made aware that the collective patience of this forum is considerably less than their 99-year timeline?

LOL. I do think that they are waiting for Related's first phase to open. By then, with Manhattan West opening up as well, it will make more sense to put a $3 Billion dollar residential tower at that location. And financing for such a project should be a little easier to obtain.

Eidolon · #**106** Posted **Apr 12, 2017, 12:23 AM**

I have a feeling that there will be something happening here sooner than many think, because if the developers have any sense they are going to be aiming for completion at the beginning of the next cycle. 35 & 15 Hudson Yards will both be done by then, while Phase 2 of the HY Project is not going to be a competitor for this project despite construction being in full swing by then.

The only comparable projects in terms of cost and likely completion time (that we know of for now) are 666 5th on the other side of Midtown and 80 South Street in Downtown Manhattan.

citybooster · #**107** Posted **Jun 10, 2017, 1:57 PM**

So the likelihood of this project finally going on track likely coincides with the completion of the residential portion of the first Hudson Yards development? Guess that means not for another 12-16 months, at least. Ah well, patience.

NYguy · #**108** Posted **Jun 11, 2017, 12:51 AM**

^ It would probably be longer than that. For the kind of money they are spending on this tower, it would have to be a huge draw. High Line developments are hot, but the area around the Yards has to come into its own, and not just be a huge construction zone.

NYguy · #**109** Posted **Feb 7, 2018, 2:57 PM**

There will be a preview of the SHED on this lot...

https://ny.curbed.com/2018/2/6/16979...w-midtown-west

Get a preview of Hudson Yards’s Shed this spring
Curious New Yorkers can get a peek at what The Shed will offer as soon as this spring

By Amy Plitt
Feb 6, 2018

Quote:

Beginning May 1, the Shed will offer free programming in a vacant lot on the corner of 30th Street and Tenth Avenue, which is owned by real estate bigwig Frank McCourt (who just so happens to be a “board member and founding supporter” of the arts center, according to a press release). Called “A Prelude to the Shed,” the two-week long event will feature concerts (including one headlined by Azealia Banks), dance battles, panels, and other performances.

The temporary space may not have the same starchitect power as the Shed itself—the larger venue is designed by Diller, Scofidio + Renfro in collaboration with the Rockwell Group—but it will echo the Shed’s malleable design. Architect Kunlé Adeyemi of NLÉ Works designed the space, and calls it “an exploration of architecture as an extension of human body, culture, and environment” in a press release.

Hudson11 · #**110** Posted **Jun 28, 2018, 6:54 PM**

Seems like McCourt wants to speed up that 99 year time frame. Hines is out and it sounds like McCourt wants to move forward.

Frank McCourt back to seeking partner at Hudson Yards site

Quote:

McCourt Global recently hired CBRE and HFF to help “identify potential development partners and opportunities” for the site at 360 10th Avenue, Drew McCourt, the firm’s president and Frank McCourt’s son, confirmed to The Real Deal. Sources said the company does not have plans for an outright sale.

Quote:

The developer paid Sherwood Equities and Long Wharf Real Estate Partners $167 million in 2014 for the site, including air rights, in what was his first major commercial real estate deal since selling the Dodgers in 2011 – and remains his only major New York real estate holding.

At the time, he envisioned a $3 billion residential-and-retail skyscraper on the site, which is zoned for 840,000 square feet. Houston-based development giant Hines joined the project as an equity and development partner in September 2014, but that deal later fell apart.

Quote:

In a statement, Drew McCourt made note of “the Hudson Yards district beginning to thrive.”

CBRE’s Darcy Stacom and Bill Shanahan and HFF’s Andrew Scandalios are marketing the stake. They could not be reached for comment.

NYguy · #**111** Posted **Jun 28, 2018, 7:16 PM**

As the Hudson Yards begins to buildout, this site comes more into play.

Quote:

he envisioned a $3 billion residential-and-retail skyscraper on the site, which is zoned for 840,000 square feet.

chris08876 · #**112** Posted **Jun 28, 2018, 9:04 PM**

This could be a sizable development when the right time comes into play. Its true, as the HY district becomes evermore productive, and busier, it will only aim to attract those who seek a dynamic district. A new CBD is being born, and HY will be the centerpiece for Midtown West. Also have Penn Station district to look forward too.

NYguy · #**113** Posted **Aug 16, 2018, 4:33 AM**

I see a version of a SHoP designed 360 10th, multiple versions..(it could be any one, lol)

https://www.6sqft.com/where-i-work-g...orth-building/

You can see one on the model near the Coach tower...(far right)

And again here, slightly taller than 30 Hudson...(far left)

Crawford · #**114** Posted **Aug 16, 2018, 4:45 AM**

Based on those models, we're likely in for a treat.

Good chance we're getting major supertall with classic Gotham setbacks.

NYguy · #**115** Posted **Aug 16, 2018, 4:52 AM**

Quote:

Originally Posted by Crawford

Based on those models, we're likely in for a treat.

Good chance we're getting major supertall with classic Gotham setbacks.

I particularly like the one in the second pic, standing next to the model in front of Manhattan West. It's like the version of the Spiral that we need.

NYguy · #**116** Posted **Aug 16, 2018, 1:30 PM**

Rough shot of some images of the models...

JMKeynes · #**117** Posted **Aug 16, 2018, 2:10 PM**

SHoP is amazing. I hope that this tower is the tallest at the HY and cracks 1,500'.

The Global Financial Capital needs yet another supertall gem!

Crawford · #**118** Posted **Aug 16, 2018, 4:33 PM**

Quote:

Originally Posted by JMKeynes

SHoP is amazing. I hope that this tower is the tallest at the HY and cracks 1,500'.

The Global Financial Capital needs yet another supertall gem!

Some of these models clearly show a 1,300 ft.+ tower, when you compare with 30 HY.

I would certainly take that.

JMKeynes · #**119** Posted **Aug 16, 2018, 4:58 PM**

Quote:

Originally Posted by Crawford

Some of these models clearly show a 1,300 ft.+ tower, when you compare with 30 HY.

I would certainly take that.

Zapatan · #**120** Posted **Aug 16, 2018, 9:59 PM**

Quote:

Originally Posted by Crawford

Some of these models clearly show a 1,300 ft.+ tower, when you compare with 30 HY.

I would certainly take that.

While it would be nice for something to go well above 30HY, I still wouldn't complain in the slightest.