8th Avenue, The Big Apple's Busiest Thoroughfare
[NYSun] 8/17/06
In the first quarter of 2007, El-Ad Properties expects the first purchasers to move into its newest luxury condominium tower at 310 W. 52nd St. The Link, a 215-unit tower, is straddling a site between Midtown and the special Clinton district, where building heights are limited to 70 feet or seven stories. It features a 471-foot high-rise and an adjoining mid-rise to the west to satisfy the dual zoning requirements.
"The Link is a text book example of the benefits of developing on Eighth Avenue as opposed to developing in the special Clinton district," which starts west of Eighth Avenue, Mr. Broadhead said.
The development began when Hampshire Hotel purchased the twostory Studio Instrumental rental building in May 2004 for $9 million, or $125 a developable foot. The first 50 feet of the building are not located in the height-restricted zone, while the remaining 50 feet are in the special Clinton district. In September 2004, Hampshire Hotel sold the site, plus approximately 167,000 square feet of air rights, for $43 million, or $181 a developable foot, to El-Ad.
Industry leaders expect a joint venture of Gary Barnett, Extell Investment, and Westbrook Partners to sell a residential rental building, the 264-unit Encore apartment building at 301 W. 53rd St., aka 891 Eighth Ave. The joint venture purchased the 25-story building about two years ago for $130 million from Ruben Schron.
This summer, employees of the Heart Corporation moved into the Hearst Tower, a 46-story, 856,000-square-foot office tower.The new building was built on the six-story structure commission by William Randolph Hearst to house the 12 magazines he owned in 1927, when construction began. It was completed in 1928, at a cost of $2 million. The tower, located at 959 Eighth Ave., between 56th and 56th streets, originally was named the International Magazine Building.The building was designated as a landmark site by the Landmarks Preservation Commission in 1988.
Across the street, on Eighth Avenue between 54th and 55th streets, the Hearst Corporation had owned a large site for more than 20 years. Early this year, Robert Gladstone of Madison Equities paid about $170 million for the site. The developer also purchased air rights from the Al Hirschfield and St. James theaters. It plans to build a luxury high-rise and hotel tower, which is rumored to include a Hyatt Hotel.
On September 15, the sales office will open at the Sheffield, the 50-story mixed-use residential tower at 322 West 57th St. The partnership of Swig Equities, Yair Levy, and Serge Hoyda paid $418 million for the property in April 2005.
Later this year, Thompson Hotels, owned by the Pomeranc Family and its investors Rosen Partners, will open 6 Columbus, a 100-room hotel on the former site of the West Park Hotel at 6 Columbus Ave. The joint venture acquired the site a few years ago, and is in the process of adding three floors and doing a gut renovation of the former 90-room hotel directly across from the Time Warner Center.
I have to concur with Alan Miller when he says,"Eighth Avenue, once the downtrodden thoroughfare acting as the step-brother of Times Square's most famous boulevard, Broadway, has blossomed into what can certainly be called New York City's most exciting and active passageway."
In the first quarter of 2007, El-Ad Properties expects the first purchasers to move into its newest luxury condominium tower at 310 W. 52nd St. The Link, a 215-unit tower, is straddling a site between Midtown and the special Clinton district, where building heights are limited to 70 feet or seven stories. It features a 471-foot high-rise and an adjoining mid-rise to the west to satisfy the dual zoning requirements.
"The Link is a text book example of the benefits of developing on Eighth Avenue as opposed to developing in the special Clinton district," which starts west of Eighth Avenue, Mr. Broadhead said.
The development began when Hampshire Hotel purchased the twostory Studio Instrumental rental building in May 2004 for $9 million, or $125 a developable foot. The first 50 feet of the building are not located in the height-restricted zone, while the remaining 50 feet are in the special Clinton district. In September 2004, Hampshire Hotel sold the site, plus approximately 167,000 square feet of air rights, for $43 million, or $181 a developable foot, to El-Ad.
Industry leaders expect a joint venture of Gary Barnett, Extell Investment, and Westbrook Partners to sell a residential rental building, the 264-unit Encore apartment building at 301 W. 53rd St., aka 891 Eighth Ave. The joint venture purchased the 25-story building about two years ago for $130 million from Ruben Schron.
This summer, employees of the Heart Corporation moved into the Hearst Tower, a 46-story, 856,000-square-foot office tower.The new building was built on the six-story structure commission by William Randolph Hearst to house the 12 magazines he owned in 1927, when construction began. It was completed in 1928, at a cost of $2 million. The tower, located at 959 Eighth Ave., between 56th and 56th streets, originally was named the International Magazine Building.The building was designated as a landmark site by the Landmarks Preservation Commission in 1988.
Across the street, on Eighth Avenue between 54th and 55th streets, the Hearst Corporation had owned a large site for more than 20 years. Early this year, Robert Gladstone of Madison Equities paid about $170 million for the site. The developer also purchased air rights from the Al Hirschfield and St. James theaters. It plans to build a luxury high-rise and hotel tower, which is rumored to include a Hyatt Hotel.
On September 15, the sales office will open at the Sheffield, the 50-story mixed-use residential tower at 322 West 57th St. The partnership of Swig Equities, Yair Levy, and Serge Hoyda paid $418 million for the property in April 2005.
Later this year, Thompson Hotels, owned by the Pomeranc Family and its investors Rosen Partners, will open 6 Columbus, a 100-room hotel on the former site of the West Park Hotel at 6 Columbus Ave. The joint venture acquired the site a few years ago, and is in the process of adding three floors and doing a gut renovation of the former 90-room hotel directly across from the Time Warner Center.
I have to concur with Alan Miller when he says,"Eighth Avenue, once the downtrodden thoroughfare acting as the step-brother of Times Square's most famous boulevard, Broadway, has blossomed into what can certainly be called New York City's most exciting and active passageway."
posted by rjgny2004 at 2:55 PM
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