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

[TonyNYC]

Yeah, there's no such thing as out of place on the Manhattan skyline when it comes to height. The WTC is certainly no slouch in the height department. In fact, a 1,500 ft tower on this site would balance the lower Manhattan skyline nicely. As is, it's heavily weighted to one side, with the WTC.[/QUOTE]


Agree with you NYguy when it comes to the Manhattan skyline.. build it!

Build 80 South, 45 Broad and 2 WTC and that will balance out the downtown skyline nicely!

[NYguy]

^ Yes, build them all, including 5 WTC, another massive residential building being added. (Though I could use another design there).

[NYguy]

This is not surprising…..


https://downtownny.com/news/lower-ma...sus-boom-2021/

10/28/2021


Here are some nerdy numbers for you all: according to the 2020 U.S. Census (you filled that out, right?), Lower Manhattan is the fourth fastest growing residential neighborhood in the city. We’re num-ber four! We’re num-ber four!

From 2010 to 2020, population growth in the Financial District and Battery Park City grew a whopping 34%. We came behind Williamsburg at 41% and Downtown Brooklyn-Dumbo-Boerum Hill at 67%.

Long Island City saw a massive 198% spike in population over the last 10 years, so they clocked in at number one on the list.

[NYguy]

Hopefully, this gets sold soon….


https://therealdeal.com/sanfrancisco...-debt-payment/

Creditors seize Oceanwide’s flagship SF project
Shenzhen-based firm says it’s in discussions with two debtholders
San Francisco

Oct. 28, 2021
By Isabella Farr

Oceanwide, one of China’s biggest real estate companies, lost control of its flagship San Francisco project.

Debtholders seized Oceanwide Center, which has been plagued by failed sales, $1.6 billion of ballooning costs and more than $40 million of mechanic’s liens, after two of the firm’s subsidiaries missed payments on $321.5 million of notes.


….. In Los Angeles, the firm is developing a $1 billion-plus condo, hotel and retail project that has been stalled for the last couple of years.

On the other side of the U.S., the firm is seeking to sell its development site at the South Street Seaport in Manhattan for $200 million, far less than the $390 million it paid for it in 2016.

Oceanwide recently said it was aiming to sell its office complex in Beijing for $3 billion.

[MAC123]

Due to the Evergrande fallout I assume?

No way the Chinese Gov't lets them fail completely, but also no way they publicly directly save them so as to send a message.

So we'll see a big slowdown in projects from them and others, at least in the US while they settle things back at home. I wanna see who takes over this project, no way is this prime site just going to sit here.

[NYguy]

Originally Posted by MAC123

I wanna see who takes over this project, no way is this prime site just going to sit here.

This is that very rare, ready to build, no NIMBY input neccessary, development site. It’s basically gift wrapped. And of course, the slash in price always helps.

[NYguy]

https://www.bloomberg.com/news/artic...project-seized

Bloomberg News
October 29, 2021


China Oceanwide Holdings Co.’s real estate troubles are mounting in the U.S., with credit holders taking control of a stalled skyscraper development in San Francisco.

….. While investors around the world are watching to see how the crisis around cash-strapped China Evergrande Group is resolved, Oceanwide has also run into trouble with real estate projects in New York, Los Angeles and Hawaii. All together, the company has spent roughly $3.5 billion on U.S. investments that are idle or nowhere near finished.

….. In San Francisco, a unit of Oceanwide hoped to build a two-tower hotel, office and residential development that was set to be the city’s second-tallest skyscraper. The project, called Oceanwide Center, is stalled. The company’s $1.3 billion investment has left a gaping hole in the ground near First and Mission streets.

….. A deal reached in March to sell properties on Oahu in Hawaii, where the developer plans an 800-room Atlantis-brand resort, ultimately fell apart because Oceanwide “could not agree to the legal structure and consideration,” the company reported. A $900 million refinancing plan for the Los Angeles project collapsed in June after due diligence.

Oceanwide pumped $1.2 billion into three new apartment block towers and a planned luxury Park Hyatt Hotel in Los Angeles that topped out in 2018 before work stalled.

….. On Manhattan’s Lower East Side, Oceanwide has set out plans for a 113-floor skyscraper, but a 1950s brick building still stands on the land at 80 South St. -- five years and $409 million into the effort.

[NYguy]

https://www.ebroadsheet.com/the-broa...-for-half-off/

Lower Manhattan Site Purchased for $390 Million Being Shopped for Half-Off


JANUARY 11, 2022
BY ROBERT SIMKO

In a story first reported by the Real Deal, the financial distress plaguing property investment firm China Oceanwide Holdings (itself part of the wider contagion surrounding Shenzhen-based real estate firm, Evergrande) has led to a fire-sale price for a trophy Lower Manhattan parcel.

The company purchased 80 South Street (located between John Street and Maiden Lane) from the Howard Hughes Corporation in 2016 for $390 million. This transaction included a companion site, at 163 Front Street, that shares a mid-block border with 80 South Street. The combined parcel, plus air rights from nearby lots purchased and assembled by Howard Hughes, gave China Oceanwide the right to build a tower with a height of more than 1,400 feet, enclosing more than one million square feet of interior space.

Within months, China Oceanwide filed preliminary designs with the City, and obtained permission to begin demolishing the small legacy structure on the two lots. But the only substantive activity that followed consisted of the company taking out a $175 million loan against the vacant property.

By 2020, the COVID pandemic had begun to dampen the speculative value of urban properties, and China Oceanwide was starting to teeter beneath a mountain of debt. Last October, another trophy property slated for development by the firm, its Oceanwide Center in San Francisco, was seized by creditors.

A few days later, Oceanwide Holdings quietly began shopping 80 South Street to prospective buyers. Its asking price is reportedly $200 million—a discount of $190 million (or 48 percent) from the price it paid five years earlier.

The winner in this saga may turn out to be the Howard Hughes Corporation, which is also in the midst of several development projects at the nearby South Street Seaport. That company had purchased 80 South Street for $100 million in 2015, before unloading it to China Oceanwide, just over a year later, at almost four times that price.

[NYguy]

https://www.bisnow.com/new-york/news...t-tower-111478

China Oceanwide's Lender Demands Immediate $165M Payment After Default On Seaport Supertall Site


January 12, 2022
Dan Rabb

China Oceanwide Holdings has defaulted on its loan for a major development site in Lower Manhattan, another in a line of problems the Beijing-based developer has faced with its U.S. holdings.

The struggling Chinese developer is in default on a $175M loan against 80 South Street, its stalled mixed-use skyscraper project in New York’s South Street Seaport, documents filed with Hong Kong regulatory authorities show. Monday, lender DW Partners delivered Oceanwide a note demanding immediate payment of the $165M outstanding on the loan.

[Hudson11]

I sense a foreclosure coming. Oceanwide is in deep doodoo and putting forth an international legal challenge will only worsen their standing.

[NYguy]

Originally Posted by Hudson11

I sense a foreclosure coming. Oceanwide is in deep doodoo and putting forth an international legal challenge will only worsen their standing.

The sharks are circling.

[NYguy]

https://therealdeal.com/2022/01/13/c...upertall-site/

Chinese developer defaults on $175M loan for languishing Manhattan supertall site
DW Partners demanding $165M from Oceanwide Holdings





Jan. 13, 2022

One of China’s largest companies has taken another hit on its pricey development site in Manhattan’s South Street Seaport.

Oceanwide Holdings defaulted on its $175 million loan against 80 South Street, where a planned skyscraper has been stalled for years, Bisnow reported. The loan was taken out against the property in 2019, while Oceanwide was trying to sell it.

The loan — believed to be the only debt against the property — was set to mature in May 2021, before DW Partners granted Oceanwide a six-month extension. When November rolled around, the debt matured. Bisnow reported Oceanwide missed a $1.3 million payment earlier this month, and DW Partners is demanding an immediate payment of the outstanding $165 million loan.

The company had aspirations of building the tallest tower in Lower Manhattan by roof height, to top out at about 1,500 feet. Renderings seen in 2019 showed a glass-heavy tower taking shape in the downtown skyline.

But the plans never fully materialized and Oceanwide quietly began marketing the property in 2019 with Cushman & Wakefield, seeking $300 million. A Colliers International team led by Peter Nicoletti is currently in charge of marketing the property.p

[manchester united]

Will this great tower be built?

[MAC123]

Originally Posted by manchester united

Will this great tower be built?

Eventually? Yes. Right now? No. This site has just been taken over from Oceanwide whose is going on a downward spiral right now. Nothing will happen for a while.

[NYguy]

Originally Posted by manchester united

Will this great tower be built?

It will get built, but only after someone buys the site. It won't build itself.

[Prezrezreturns]

Am I correct in recalling that Hughes took it over?

[NYguy]

Originally Posted by Prezrezreturns

Am I correct in recalling that Hughes took it over?

Hughes sold it to Oceanwide, which is now trying to sell it because of their own problems. It was Hughes that got all of the approvals in place.

[JMKeynes]

There’s an article about this on today’s Real Deal.

Now that Oceanside has lost the site, hopefully, it will be developed. I suspect what gets built will be more modest. No one wants to spend $30m on a condo next to the elevated FDR. The elevated portion should come down south or the City Hall exit.

[MAC123]

Originally Posted by JMKeynes

There’s an article about this on today’s Real Deal.

Now that Oceanside has lost the site, hopefully, it will be developed. I suspect what gets built will be more modest. No one wants to spend $30m on a condo next to the elevated FDR. The elevated portion should come down south or the City Hall exit.

Highly doubtful it will be more modest. This is an as of right development, they will have zero legitimate opposition and all of the rights have already been procured.

[JMKeynes]

Originally Posted by MAC123

Highly doubtful it will be more modest. This is an as of right development, they will have zero legitimate opposition and all of the rights have already been procured.

But there's a cost-benefit issue. I hope you're right. I lived and worked in this area for a very long time.