NEW YORK | 80 South Street | 1,436 FT | 113 FLOORS

[NOPA]

Originally Posted by JMKeynes

It would be nice if the new buyer builds that design, though I doubt it. Who wants to spend $40m to live next to the FDR? That elevated highway should come down ASAP. This area should get a lot of greenspace. Streets should be closed and turned into parks. This is a Class-D office area, but it could become a VERY desirable place to live. I’d love to see all of those crappy Class-D office buildings razed and replaced with beautiful residentials.

Having lived in the FiDi, 80 South Street is in a great location idk what you are all talking about. It’s literally next to the Seaport and there is also Stone Street which is just a, eh, stone’s throw away. As for green space Battery Park is excellent and just a. Few blocks south. Also plenty of shopping and theater in the FiDi.

Sure there are some late 20th century office building clunkers, but the trend is toward a more mixed-use 24/hr neighborhood with lots of amenities.

[JMKeynes]

Originally Posted by NOPA

Having lived in the FiDi, 80 South Street is in a great location idk what you are all talking about. It’s literally next to the Seaport and there is also Stone Street which is just a, eh, stone’s throw away. As for green space Battery Park is excellent and just a. Few blocks south. Also plenty of shopping and theater in the FiDi.

Sure there are some late 20th century office building clunkers, but the trend is toward a more mixed-use 24/hr neighborhood with lots of amenities.

I lived in the area (BPC), and I worked there for over twenty years. We see things differently.

If FiDi received a lot of greenery and pedestrianization, it could be a magnificent residential neighborhood.

[MAC123]

I don't think the neighborhood really matters for this project, as long as they don't skimp on the luxury it'll be fine. Not to mention most of the buyers won't even live here anyway...

As for the project itself, I really hope the new owners of the site pick up some air rights, maybe from the South Seaport project.
That project went down from ≈ 1,000 ft to ≈ 400 ft right? So put 600 ft on top of this one, that's how that works right? Or nah?

[TKD]

Originally Posted by MAC123

I don't think the neighborhood really matters for this project, as long as they don't skimp on the luxury it'll be fine. Not to mention most of the buyers won't even live here anyway...

As for the project itself, I really hope the new owners of the site pick up some air rights, maybe from the South Seaport project.
That project went down from ≈ 1,000 ft to ≈ 400 ft right? So put 600 ft on top of this one, that's how that works right? Or nah?

The term air rights refers to unused floor area (unbuilt area) of a development/site, it has no connection/correlation to height. The South Seaport project may have gotten significantly shorter but the allowable floor area could have still been configured in a larger shorter mass from the taller skinnier mass, not to mention that it's zoning was scaled back so it probably doesn't have any air rights left/to give.

[MAC123]

Originally Posted by TKD

The term air rights refers to unused floor area (unbuilt area) of a development/site, it has no connection/correlation to height. The South Seaport project may have gotten significantly shorter but the allowable floor area could have still been configured in a larger shorter mass from the taller skinnier mass, not to mention that it's zoning was scaled back so it probably doesn't have any air rights left/to give.

Ah I see. Well still, hope this site pulls in more air rights.

[NYguy]

Originally Posted by MAC123

I don't think the neighborhood really matters for this project, as long as they don't skimp on the luxury it'll be fine. Not to mention most of the buyers won't even live here anyway...

As for the project itself, I really hope the new owners of the site pick up some air rights, maybe from the South Seaport project.
That project went down from ≈ 1,000 ft to ≈ 400 ft right? So put 600 ft on top of this one, that's how that works right? Or nah?

The last bulk transfer of air rights for this tower came from the Seaport historic district, which this tower borders. But the lot is extremely narrow as it is for a tower of this size. That's why the height is so great. There's nowhere to go here but up. I don't think anyone would try to squeeze any more development rights onto the site.

The development itself is mixed-use (half commercial/residential), with a hotel making up the commercial component.

[NYguy]

https://www.bloomberg.com/news/artic...tan-tower-site

China Oceanwide Gets Time to Repay Debt on Manhattan Tower Site
Developer planned a 1,500-foot tower near the Brooklyn Bridge


ByJohn Gittelsohn
August 26, 2022

China Oceanwide Holdings Ltd., the developer that’s struggled to salvage $3.5 billion of US real estate investments, reached a forbearance agreement with lenders on a site where it planned to build one of lower Manhattan’s tallest towers.

The deal marks a reversal from May, when Oceanwide said it had lost control of the property at 80 South St. after defaulting on a $165 million loan from DW Partners. Under the agreement, Oceanwide will make “extension payments” through October and has an option to extend the standstill for another month.

…..”The forbearance agreement will provide the company with additional time to repay the outstanding sums,” the developer’s Hong Kong affiliate said in a securities filing Friday.

Oceanwide invested $410 million in the project, and hasn’t broken ground for the skyscraper.

Oceanwide has unsuccessfully tried to sell 80 South St., which it bought for $390 million in 2016 with plans for a 1,500-foot (457-meter) mixed-use tower near the Brooklyn Bridge. It has also failed so far to find a buyer for properties in Hawaii. Last year, it lost a San Francisco project to creditors after spending $1.3 billion on the stalled skyscraper. Construction at a downtown Los Angeles site, where the company invested $1.2 billion, has been suspended since 2019.

[MAC123]

I thought they lost this site?

[NYguy]

Anonymous LLC buys $169M note secured by China Oceanwide Holdings’s FiDi dev site


July 29, 2022


The anonymous entity New York – 80 South Street, LLC bought a note with an latest principal of $169 million from DW Partners secured by China Oceanwide Holdings’s development site

[NYguy]

AUGUST 27, 2022


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[NYguy]

https://www.mingtiandi.com/real-esta...cisco-project/

2022/12/21
BY GREG ISAACSON

In August, Oceanwide reached a forbearance deal with lenders on its development site at 80 South St. in Lower Manhattan, after announcing in May it had defaulted on a $165 million loan from DW Partners. Oceanwide revealed in its filing on December 2 that it was in discussion to extend the forbearance period up to the end of this year. The developer had planned to build a mixed-use residential and commercial tower approaching 1,500 feet (457 metres) tall on the site.

[NYguy]

https://www.costar.com/article/36774...tower-disposal

By Jack Witthaus
June 22, 2023

A China-based developer that is low on cash is selling a Hawaii development site while it looks to part ways with an unfinished project in downtown Los Angeles.

…. In April, China Oceanwide said it received letters of intent from several potential purchasers of its three-tower Oceanwide Plaza development at 1100-1198 S. Flower St. adjacent Crypto.com Arena in downtown Los Angeles. The developer expects to sell the yet-to-be-completed, mixed-use property by the end of the year.

China Oceanwide also wants to sell one other property in Hawaii and another in New York.

….. China Oceanwide was still in negotiations on what it planned to do with its New York project, according to the April report.

[NYguy]

[NYguy]

No news on this particular development, but the following shows Downtown can be attractive with the right product, even now…


https://www.costar.com/article/93108...-at-full-price

Here's Why This New York Condo Tower Is Selling Out — At Full Price
130 William St. Reaches Over 90% Sold With Building Loans Paid Off, Developer Says





By Andria Cheng
July 13, 2023

Even as higher mortgage rates and economic uncertainty slow New York property sales, a newly opened luxury residential tower shows that buildings with a unique design and appealing features can withstand market whims: This building is not only mostly sold, but it has done so after price hikes and with no discounts.

The 66-story condo tower, rising 800 feet and located at 130 William St. in lower Manhattan, has stood out by evoking New York’s history of classic masonry architecture. It's a contemporary take manifest in lava-like textured hand-cast concrete façade that differs from new modern glass towers that are a common design theme in Manhattan and elsewhere…..

All the transactions were at full price, even after the developer raised unit prices some 19 times. He said the building’s loans have long been paid off. “It’s a great project for us,” Avram said, adding the tower was the best-selling condo building in the city during the pandemic.

Pricing at 130 William spans from under $1 million for a studio to $20 million for a penthouse, according to Corcoran Sunshine Marketing Group, the brokerage exclusively handling sales and marketing for the property.

[TREPYE]

I know that these are not the same lots, but that general vicinity of DT was going to be a view to behold..... How it seems like everything is just on-hold.


How it started....

Originally Posted by NYguy

How its going.....

Originally Posted by NYguy

AUGUST 27, 2022

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That egregiously unfinished spigot of a tower looks like it has been under construction for an inordinate amount of time.

[scalziand]

Originally Posted by TREPYE

I know that these are not the same lots, but that general vicinity of DT was going to be a view to behold..... How it seems like everything is just on-hold.

That egregiously unfinished spigot of a tower looks like it has been under construction for an inordinate amount of time.

Unfortunately, that unfinished tower (161 Maiden Lane) has been experiencing tilting/sinking issues like the more famous Millennium Tower in SF. Until those issues are addressed, it won't be completed. Given that it's leaning to the north, and 80SS is directly north of it, any excavation for 80SS would probably complicate matters.

[NYguy]

Originally Posted by TREPYE

That egregiously unfinished spigot of a tower looks like it has been under construction for an inordinate amount of time.

It has. At the rate things are going, it will be landmarked as is. If only they could demolish it, demap the alleyway, and combing it with the 80 South St development lot.