NEW YORK | 150 West 48th Street | 330 FT | 38 FLOORS

[chris08876]

Something to keep track of.



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Rockefeller Group looks to sell large Midtown development site

Earlier this year, the Rockefeller Group paid a little more than $24 million to buy a plot of dirt on West 48th Street in Midtown – the final piece of an assemblage the company’s been putting together for the past decade.

Now, the development firm is looking to sell that assemblage sitting between Sixth and Seventh avenues, where a new owner could develop a building larger than 400,000 square feet.

The Rockefeller Group, headed by CEO Daniel Moore, tapped JLL to market the development site, which includes five different properties as well as air rights the company purchased on the block.

“This site benefits from close proximity to both Rockefeller Center and Times Square,” said JLL’s Bob Knakal, who is leading the team that’s marketing the site alongside Jeff Davis of JLL’s hotels group.

“There are many uses allowed at the site,” Knakal added. “This is an unbelievable opportunity for anyone to do a mixed-use development.”

The development site, which has an address of 150 West 48th Street, currently holds almost 360,000 square feet of development rights.

But Rockefeller Group also owns the Night Hotel adjacent to the development site on the other side of the block facing West 57th Street. Rockefeller could include the Night Hotel property along with the development site, which if torn down could boost the total buildable to nearly 420,000 square feet.

Rockefeller has spent the last decade and at least $224 million stitching the assemblage together, property records show. The final piece came in January, when Rockefeller paid $24.27 million to buy the property at 156 West 48th Street. (Rockefeller had already controlled the site under a 99-year lease it had inked at the location in 2016.)

Rockefeller is shooting for about $250 million in a sale, according to sources.

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TRD

[chris08876]

Looking like this will be a Sam Chang project. Oh gosh! Had good hopes for this parcel, guess not now.

Will probally result in utter trash being built.

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Sam Chang lands $250M loan for Midtown hotel project

Sam Chang has landed a $250 million loan for his upcoming project at 150 West 48th Street from S3 Capital Partners, the company told The Real Deal.

The acquisition and construction loan closed Wednesday for the site that Chang’s McSam Hotel Group bought from the Rockefeller Group in October for $140 million. The developer is expected to build a hotel on the site that could span 276,000 square feet, and construction should start in March.

Representatives for Chang did not respond to a request for comment.

S3 Capital Partners, an arm of Spruce Capital Partners, has worked with Chang before, providing him with a $76 million construction loan to top off his hotel at 292 Fifth Avenue in NoMad last October.

Chang, one of the most prolific hotel developers in the city, earlier this year said that was planning to retire. The death knell, he said, was a new law restricting hotel construction in manufacturing zones.

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TRD

[chris08876]

150 West 48th Street | 330 FT | 34 FLOORS



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Permits Filed For 150 West 48th Street In Midtown

Permits have been filed for a 34-story hotel building at 150 West 48th Street in Midtown, Manhattan. Located between Sixth Avenue and Seventh Avenue, the lot is steps from the 47-50 Streets Rockefeller Center subway station, serviced by the B, D, F, and M trains and the 49th Street station, serviced by the N, R, and W trains. Hotel developer Sam Chang of McSam Hotel Group is listed as the owner behind the applications, after paying $140 million to purchase the property earlier this year.

The proposed 330-foot-tall development will yield 300,216 square feet designated for commercial space. The building will have 974 residences, with an average unit scope of 308 square feet. The concrete-based structure will also have a cellar and a 20-foot-long rear yard.

Gene Kaufman Architect is listed as the architect of record.

Demolition permits will likely not be needed as the lot is vacant. An estimated completion date has not been announced.

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NYY

[NYer34]

Everything Gene Kaufman builds pushes NYC that much closer to "festering dump" territory.

Gene Kaufman's greatest legacy will be for every last one of his turd buildings to be torn down ASAP.

[chris08876]

Credit: Skyscrapergramer

[JMKeynes]

That sucks Dick [Cheney]!

[RobEss]

Oh christ...

[Busy Bee]

And a block away from Rockefeller Center... So painful you have to laugh

[pico44]

Oh-my-gosh-it's-so-bad

[O-tacular]

That is horrendous!

[chris08876]

Rendering Posted For Sam Chang’s 974-Key Hotel At 150 West 48th Street In Times Square

Construction is currently underway on Sam Chang’s most recent hotel project in Midtown Manhattan. Located at 150 West 48th Street, the 34-story building will contain 974 guest rooms, ranking it among the largest hotels to debut in the city this decade.

Renderings posted at the construction site offer a first look at the rising development, which is set to debut by winter 2022. The illustrations depict a metal façade comprised of brown, gray, and black panels with a scattering of floor-to-ceiling windows.

Designed by McSam’s longtime collaborator Gene Kaufman Architect, the building will span approximately 300,000 square feet. Additional components include a ground-floor restaurant, a bar, and a lounge.

The construction site is on a multi-lot assemblage originally owned by The Rockefeller Group. The former developer sold the property in October 2019 to the McSam Hotel Group for a hefty $140 million.

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NYY

[Busy Bee]

Every aspect shockingly bad. But in NY people are more concerned with preventing a tower by Snøhetta or lopping off 20 floors from 200 Amsterdam than preventing an architectural pile of shit like this.

[NYC2ATX]

Honestly what I expect will happen with these shitbox hotels is that when the hospitality bubble bursts or even if the industry just continues to evolve, that these towers will be converted into workforce housing and micro-units to continue addressing the affordability crisis in the city. How many brands can each of these global hospitality companies have before the distinctions are meaningless?

A sidenote, I actually really enjoy the presence of the courtyards created by the setbacks you all hate. The irregularity of the streetwall notwithstanding, they open up the street a bit to light and air, and help alleviate the oppressive stone walls of the older prewar structures. The garment district especially could use it.

[chris08876]

150 West 48th Street’s Foundations Taking Shape In Times Square

Foundation work is taking shape at 150 West 48th Street, the site of a 974-room hotel in Times Square. The 300,216-square-foot structure is designed by Gene Kaufman Architect and developed by Sam Chang of McSam Hotel Group, which purchased the property from Rockefeller Group in early 2019 for $140 million, and received a $250 million construction loan before breaking ground. Located between Sixth Avenue and Seventh Avenue, the project will be one of the largest hotels in the city when complete.

Photographs show the degree of progress that has occurred at the site since our last update in mid April, when excavation had just begun. The foundation walls are now mostly formed, and a plethora of steel rebar protrudes from the perimeter and inner columns, awaiting the next pour of concrete. Some excavation still remains around the center of the plot, where the dirt ramp is standing. Part of the floor slab on the southern end of the property is complete, and wooden railings and walkways traverse different parts of the site.

We will likely see the sub-level portion of 150 West 48th Street progress through the rest of the summer and presumably reach street level sometime this fall. The project will join a number other hotels under construction in the immediate vicinity, including the Hard Rock Hotel at 159 West 48th Street and the RIU Hotel at 145 West 47th Street, as well as TSX Broadway at 1568 Broadway.

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NYY

[Busy Bee]

The Decline of Western Civilization.

[chris08876]

The area is chock full of these abominations. A lot of hotels too South of MSG that have rising like weeds share similar aesthetic tastes.

[NYer34]

I suppose this "hotel" was designed in anticipation/hopes that Warren Wilhelm / Bill DeBlasio's policy of moving homeless people into hotels will continue?

[chris08876]

Credit: Skyalign

[chris08876]

Credit: JC_Heights

[chris08876]

Credit: Skyalign