HFZ Capital Group, a partner of U.S. Immigration Fund, made The Real Deal Magazine’s top ten list of developers in Manhattan by square footage. At the number nine spot, HFZ and U.S. Immigration Fund's project, 76 Eleventh Ave, consisting of two twisting towers, will span 764,332 square feet.   By Kathryn Brenzel | Research by Adam Pincus | February 19, 2018 [caption id="attachment_25125" align="aligncenter" width="650"] Clockwise from left: 30 Hudson Yards, Central Park Tower, Gary Barnett, Bruce Flatt, Stephen Ross and One Manhattan West[/caption] One look at the Far West Side in Manhattan, and it’s pretty clear which developers are the city’s most active. Related Companies and Brookfield Property Partners are respectively the top two most active developers in Manhattan, according to an analysis by The Real Deal. Related is working on 9 million square feet of development, most of which is at Hudson Yards, while Brookfield is handling 3.8 million square feet nearby at Manhattan West. TRD compiled a list of new buildings and major renovations filed with the city’s Department of Buildings since 2005 that have not yet been issued a temporary certificate of occupancy or, if a condo building, declared effective as of mid-January 2018. Here are the top 10 developers by square footage:   1) Related Companies | 9 million sf The largest of Related’s active projects is 30 Hudson Yards, an office tower that’s expected to rise nearly 1,300 feet high and span 3.1 million square feet. Unsurprisingly, the bulk of Related’s construction attention is focused on Hudson Yards, where five active projects will span 8.3 million square feet. Nearby, on the High Line, the developer plans to build a 181-unit condo tower. The project, at 515 West 18th Street, is slated to span 343,051 square feet. 2) Brookfield Property Partners | 3.8 million sf Brookfield’s One and Two Manhattan West office towers will respectively span 2 million square feet and 1.7 million square feet. The company’s developing a much smaller retail building nearby that will be 26,841 square feet. In a statement, the company’s chairman, Ric Clark, noted that 1.75 million square feet has been leased at One Manhattan West, meaning that it’s 84 percent occupied. 3) Extell Development | 3.44 million sf When completed, Extell’s Central Park Tower at 217 West 57th Street will be the city’s tallest residential building at 1,775 feet high. The supertall is expected to be 1.2 million square feet. Though shorter, One Manhattan Square also clocks in at around 1.2 million square feet, according to the DOB. Central Park Tower is also the most expensive condominium project in U.S. history, with a targeted sellout of $4 billion. 4) Silverstein Properties | 3.4 million sf Silverstein only has two projects under construction: 3 World Trade Center, which will span 2.8 million square feet, and 520 West 41st Street, which will be 609,945 square feet. The company is still waiting on an anchor tenant for 2 World Trade Center, a planned 2.8 million-square-foot office tower that will be designed by Bjarke Ingels. In September, the New York Post reported that Deutsche Bank was looking at the tower, as well as 50 Hudson Yards and the Time Warner Center, as a potential new location for its Manhattan headquarters. 5) Moinian Group | 2.6 million sf Moinian’s largest ongoing project is 3 Hudson Boulevard, a 53-story, 1.8 million- square-foot office tower on Manhattan’s Far West Side. The developer is trying to raise between $250 million and $350 million in EB-5 funding for the project, which is expected to cost more than $2 billion. The tower still doesn’t have an anchor tenant. 6) Tishman Speyer | 2.2 million sf The Bjarke Ingels-designed office building at 509 West 34th Street, dubbed “the Spiral,” is expected to span 2.2 million square feet. The project is the only new building that Tishman Speyer is currently working on that hasn’t yet been issued a TCO. Pfizer agreed in August to take 800,000 square feet and become the building’s anchor tenant. 7) Anbang Insurance Group | 1.63 million sf Earlier this week, the CEO of Hilton Worldwide Holdings announced that despite reports that Anbang is selling off its assets, the Waldorf Astoria isn’t one of them. The Chinese firm closed the Waldorf last year, to begin converting the storied hotel into 409 condo units. 8) General Investment & Development Cos. | 1.61 million sf GID is working on three residential projects, all of which are part of the developer’s massive Waterline Square development on the Upper West Side. The largest of the towers is Two Waterline Square at 400 West 61st Street, which will be 880, 994 square feet. 9) HFZ Capital Group | 1.5 million sf Another Bjarke Ingels-designed building is among the largest currently under construction. HFZ’s 76 Eleventh Avenue, known as the Eleventh, will feature two towers — 25 and 35 stories — that appear to be twisting away from each other, as if frozen in the middle of a dance. The project will span 764,332 square feet. 10) Chetrit Group | 1.47 million sf Chetrit is working on five buildings, the largest of which is a 380,341-square-foot residential building at 209 East 19th Street that will be part of the four-building development known as Gramercy Square. The second-largest is a condo building also planned for the development at 228 East 20th Street, which will be 375,107 square feet. The third-largest is a 46-story, hotel and residential building planned for 545 West 37th Street. That project is expected to be 373,275 square feet.  

76 Eleventh Ave, a U.S. Immigration Fund project, is located in what is now dubbed as “Silicon Alley” with many High-tech companies, including Google, moving to Chelsea and the Meatpacking District. 

Director of JLL's New York research office explains how the Meatpacking District has now commanded some of the highest asking rents in manhattan and that  “Google’s historical and continued expansions in the Meatpacking Districts underlie its overall desirability within the tech sector and other industry segments as well.”

By Rich Bockmann | February 15, 2018

[caption id="attachment_25117" align="aligncenter" width="600"] 860 Washington Street, 61 9th Avenue, and 412 West 15th Street (Credit: Google Maps, Google)[/caption]

Since Google first entered the Meatpacking District in 2005 with its lease at 111 Eighth Avenue and its latest deal to buy the Chelsea Market building next door for $2.4 billion, the neighborhood’s growing boutique office market has exploded.

Developers looking to cash in on the “Google effect” have built and are working on a number of boutique office projects in the supply-constrained submarket, chasing asking rents that have climbed as high as $200 per square foot.

But even as developers add hundreds of thousands of square feet of new space to the neighborhood, the added inventory just can’t keep pace with Google’s voracious appetite.

The Meatpacking District will see more than 1.1 million square feet of new supply added since the development wave started in 2014 and the end of 2019, according to data from JLL. (The firm marks the neighborhood’s boundaries as everything west of Eighth Avenue to the Hudson River, between Gansevoort and West 16th streets.)

Some of the new ground-up or repositioned properties include Vornado Realty Trust and Aurora Capital’s 61 Ninth Avenue, Romanoff Equities and Property Group Partners’ 860 Washington Street, RockPoint Group’s 412 West 15th Street, and William Kaufman Organization’s 2 Gansevoort Street, all of which have attracted well-capitalized tenants.

While Google’s exact footprint in the neighborhood is unclear, it easily occupies more than the new supply total, and by some estimates it may have more than double. The internet search giant’s parent company Alphabet has leased nearly 665,000 square feet in just three buildings: Chelsea Market, 85 10th Avenue and at Pier 57 since 2010, according to JLL.

The company’s footprint at 111 Eighth Avenue, which it bought for $1.8 billion in 2010, is somewhat of an industry secret, as Google’s quietly bought existing tenants out of their leases at the 2.9 million-square-foot behemoth to give it more space.

Conservative estimates put its spread there at close to nearly 900,000 square feet, but on the high-end sources said it could occupy as much as 2 million. That means that even though the neighborhood is one of the most active submarkets for new development, new supply can’t keep up. And it’s having an impact on rents.

“The Meatpacking District commands some of the highest asking rents we found in Manhattan,” said Craig Leibowitz, a director in JLL’s New York research office. “Google’s historical and continued expansions in the Meatpacking Districts underlie its overall desirability within the tech sector and other industry segments as well.”

Average starting rents in the neighborhood were $128 per square foot last year, a 68 percent premium over the average for Midtown South, JLL’s data show.

That premium was just 16 percent back in 2014 when new buildings started adding much-needed supply to the area.

Other industries like insurance and finance firms, which are more willing to pay top dollar than other tenants, have moved into the neighborhood and helped push up rents.

And Google’s shown that it will snap up space wherever and whenever possible. Back in 2015, the company inked a deal to lease 250,000 square feet at RXR Realty and Youngwoo & Associates’ Pier 57, and just announced plans to take another 70,000 square feet.

The company is also taking more than 200,000 square feet at RXR’s Starrett Lehigh building on a short-term basis until the pier is ready in late 2019.

Original Post: therealdeal.com

New renderings for the first of seven buildings at Hallett's Point, a U.S. Immigration Fund Project, have been released ahead of sales launch. This building will include amenities such as a grocery store, Brooklyn Harvest Market, fitness center, and outdoor spaces overlooking Manhattan.

By Amy Plitt | Feb 16, 2018

[caption id="attachment_25092" align="aligncenter" width="789"] Renderings courtesy The Durst Organization[/caption]

Two years after the Halletts Point megaproject in Queens got its groundbreaking, the first of the complex’s seven buildings is gearing up for its debut. The Durst Organization, the developer behind the Astoria megaproject, will launch leasing for the building, at 10 Halletts Point, this summer; in advance of that, new renderings for have been unveiled.

The building, designed by Dattner Architects, has two towers rising from a larger base; the shorter of the two will have 17 floors, and the taller will have 22. There will be 405 apartments—at least 80 of which will be earmarked as below market rate—spread out between the two towers, though pricing for both the affordable and market-rate units has yet to be revealed.

[caption id="attachment_25093" align="aligncenter" width="814"] Renderings courtesy The Durst Organization[/caption]

In terms of amenities, the development’s biggest one is a public perk: There’ll be a 25,000-square-foot grocery store, Brooklyn Harvest Market, at the building’s base, bringing a much-needed community benefit to the area. In-building amenities include a fitness center, a rec room for kids, and communal outdoor spaces—the better to maximize its Manhattan views.

After its 2016 groundbreaking, the larger megaproject hit a snag in the form of 421-A: When the program, which provides tax breaks to developers who commit to building affordable housing, lapsed at the beginning of that year, the project was put on hold. But after 421-A’s replacement, Affordable New York, was enacted, Durst got the ball rolling again.

[caption id="attachment_25094" align="aligncenter" width="820"] Renderings courtesy The Durst Organization[/caption]

Once it’s complete, Halletts Point will have more than 2,000 apartments, at least 400 of which will be affordable, spread out across its seven buildings; other perks will include a waterfront park and a school. It’ll also benefit from its proximity to the NYC Ferry’s Astoria stop, which opened in 2017.

The world's most famous skyline is getting skinnier and U.S. Immigration Fund projects, 125 Greenwich Street and 101 Tribeca, are no exception. Both projects, featuring luxury amenities, will stand out as iconic structures with their thin facade.

[caption id="attachment_25086" align="aligncenter" width="589"] Credit: JDS Development Group/Property Markets Group[/caption]

13th February 2018 | by Andrea Lo, CNN

The Empire State Building, the Art Deco Chrysler Building, the super-tall One World Trade Center. New York City is home to some of the world's most iconic skyscrapers.
But the buildings entering its famous skyline today are doing something unusual. They're getting skinnier.

Take 111W57 on 111 West 57th Street. Upon completion in 2019, the 1,428-foot-tall (435-meter-tall) building in Midtown Manhattan will not only offer unobstructed views of Central Park, it will also be the slenderest skyscraper in the world, with a width-to-height ratio of 1:24.

Russia, meanwhile, is building its first supertall skinny skyscraper also in Midtown. Moscow-based architectural firm Meganom's "shelves in the air" will top out at 1,010 feet (308 meters) at 262 Fifth Avenue and boast a slenderness ratio of 1:20.
Both buildings are part of a tribe of slender climbers sticking their skinny necks into the city's architectural conversation.

What is a slender skyscraper?

Slenderness is not in the eye of the beholder when it comes to skyscrapers, at least. In this field, it is a technical engineering term. Whether it can be applied to a building is determined by the structure's base width to height ratio, according to Carol Willis, an architectural historian and founder of the Skyscraper Museum in New York City.

"Structural engineers generally consider skyscrapers with a minimum 1:10 or 1:12 ratio to be slender," Willis says.

In 2013/2014, the Skyscraper Museum museum presented its "Sky High & the Logic of Luxury" exhibition, documenting the rise of skinny structures in Manhattan. Slender buildings featured in the show included the 1,396-foot-tall (425.5-meter-tall) 432 Park Avenue; One57 aka "The Billionaire Building;" and the distinctive "stacked homes" 56 Leonard tower.

"New York's slender buildings are unique as a development in skyscraper history -- they're different to simply tall buildings," Willis says, adding that when deciding which skyscrapers to include in the show her team "accepted the slenderness ratios provided by their engineers."

Why slim down?

So when did developers start slimming down their skyscrapers -- and why?

Willis says the "engineering and development strategies of slenderness were first seen in around 2007." She pinpoints luxury residential condominiums One Madison Park, on Broadway and Park Avenue, and Sky House, between Fifth Avenue and Madison Avenue, as the first "slenders" to have cropped up in New York.

Complex zoning laws in the city were a motivating factor, Willis explains. While such regulations restrict the amount of land that can be built on within an area, a loophole allows for the transference of "air rights" from one plot to another. So developers could buy a small parcel of land, then buy air rights from adjacent plots and stack these to gain permission to build a tall tower. For example, if an existing building is shorter than its maximum allowed height then the developer of a new adjacent property could purchase the unused air rights, and stack them to the air rights of their existing plot -- such a transaction is called a "zoning lot merger."

Technological advancements also contributed to the rise of the skinnies.

"Over the past decade, advances in materials and engineering have made building 'supertalls' possible, specifically those with smaller footprints," says Jonathan Miller, president and CEO of New York real estate consultancy Miller Samuel. Towers between 980 feet (300 meters) and 2,000 feet (600 meters) high fall into the "supertall" category.

Standing out from the crowd

While developers typically strive primarily for return on investment, they often also want to create a structure unique enough to get the market's attention, says Miller. Slender designs, which come in all shapes and sizes, tick that box.

Take 111 Murray Street, in Tribeca, which will feature a curved, glass exterior and boast access to luxurious amenities including a concierge private jet service. Or 125 Greenwich Street, designed by award-winning architect Rafael Viñoly: the structure is supported by two beams that act as the framework of the building, resulting in minimal use of columns and more space in the interiors. Meanwhile, the 800-foot-tall (244-meter-tall) 130 William tower in lower Manhattan, by architect David Adjaye, will forgo a glass façade altogether in favor of stone and masonry, materials that pay homage to the history of the street it's located on.

"They are competing with other developers to stand out. The stakes are high financially, so design becomes a big part of the effort," says Miller.

[caption id="attachment_25087" align="aligncenter" width="756"] Credit: Redundant Pixel[/caption] [caption id="attachment_25088" align="aligncenter" width="365"] Credit: March[/caption]

Tall, skinny and good looking

Though the slenderness of a building is not defined by its height, slender towers do tend to be tall -- the "runway models" of the real estate world.

"Out of my window I can see one of these slender towers, which is 60 stories tall," Willis says. "The 30 stories at the top have an uninterrupted view of the skyline. So you're just setting the bar higher ... raising someone's neck, head and eyes above a crowd. "It lends a level of prestige that people are willing to pay additional money for."

Miller agrees. "In many cases this new generation are nearly twice as tall as the prior generation, going from 50 stories to nearly 100 stories, yet sitting on a much smaller footprint."

Supertall slenders can increase the desirability of their neighborhoods. "As a new class of building, they are not always in (traditionally) premier locations -- in fact, their tallness is often used to 'blaze a trail' in an untested residential location," says Miller.

He cites "Billionaires' Row", on 57th Street in Manhattan -- home to many slenders -- as an example.

"It is the central business district and (previously) not known for residential luxury buildings. The introduction of supertalls helped this location morph into a new identity as 'Billionaires' Row.'"

Setting an example?

New York is not the only place with a taste for slender skyscrapers.

In 2003, the 828-foot-tall (252-meter-tall), 75-story luxury residential tower Highcliff was opened in Hong Kong -- a city that, along with New York, has one of the most expensive real estate markets in the world, and a distinct lack of space on which to build. Highcliff has a slenderness ratio of 1:20. Upon completion, its developers claimed it was the slenderest residential property in the world.

Meanwhile, the 73-story Elysium Melbourne -- which measures just 12 meters wide at its narrowest point -- is set to become that Australian city's tallest and slimmest building. Its construction has been approved, although the completion date has yet to be confirmed.

In Sao Paulo, Brazil, AIR Madalena is a decidedly skinny residential property -- the 12 story building has a façade that is narrower than the average single-car garage.

It remains to be seen how long skinny stays in style.

West Hollywood is the leader of the new hotel development boom happening on the West Coast. As hotel sales hit a new record last year in Los Angeles County, U.S. Immigration Fund's West Hollywood Edition emerges in an ideal market. The Edition Hotel developer, Steve Witkoff, states The Edition “is the best located hotel within West Hollywood, a high barrier to entry market and one of the highest RevPAR submarkets in the country". Feb 14, 2018  | [caption id="attachment_25076" align="aligncenter" width="600"] Kimpton La Peer hotel[/caption] There is a hotel boom going on, with West Hollywood a leader in some respects. New hotel development in California in 2017 exceeded the peak set in 2008, according to a report by Atlas Hospitality Group, a hotel sales and investment organization. Atlas reports that 10,793 rooms opened in 66 hotels across the state. The previous record was 10,286 rooms in 2008. Hotel sales in Los Angeles County also hit a new record last year. The $1.7 billion in hotel sales last year is an increase of $344 million over sales in 2016. Atlas reports that the median hotel room purchase price in Los Angeles grew to $127,211, the highest it has been since 2008. That record was achieved in part by the sale of two hotels in West Hollywood, which Atlas reports were the largest acquisitions in L.A. last year Starwood’s purchase of the Jeremy on Sunset Boulevard in June fo $280 million from the C.I.M. Group was the largest sale in L.A. County. The biggest buy in terms of price per room was Jeff Klein’s decision last year to buy out the majority owner of the 81-room Sunset Tower Hotel. Klein paid or $1.13 million per room for a total of $90 million. The Real Deal, a commercial real estate news site, reports that that this year, “the hotel industry is expected to break all previous records for new rooms, including the one set last year when 4,300 opened. To give some perspective, the more than 5,000 rooms now under construction in L.A. County account for 25 percent of all rooms in the works throughout California.” West Hollywood, a geographically small city of only 1.89 square miles, is home to 20 hotels with more on the way. The latest to open is the La Peer on La Peer Drive just north of Melrose. Under construction is the 190-room Edition on Sunset Boulevard and in the planning process is the 240-room Robertson Lane. Several other projects, including ones on Holloway Drive and La Brea Avenue, have been proposed by developers. Steve Witkoff, the developer of The Edition, has called out West Hollywood as an ideal hotel market. The Edition “is the best located hotel within West Hollywood, a high barrier to entry market and one of the highest RevPAR submarkets in the country,” said. (RevPAR is hotel industry speak for revenue per available room.)    
65 Bay Street, a U.S. Immigration Fund project, is a 2017 Best in American Living Awards Silver winner. Its panoramic views of Manhattan and the Hudson River, close proximity to major transportation, and luxury design and amenities are only a few reasons why its being recognized. Continue reading to learn more about this staple in Jersey City.   February 12, 2018 [caption id="attachment_25047" align="aligncenter" width="716"] Photography by Donna Dotan[/caption] Located in the heart of the up-and-coming Powerhouse Arts District, overlooking the Hudson River, a new, unparalleled residential luxury experience towers over Jersey City quickly, emerging as a destination of choice to those who seek an alternative to out-of-reach and over-priced Manhattan and Brooklyn. [caption id="attachment_25048" align="aligncenter" width="650"] 65 Bay Street Pool Deck, Photography by Donna Dotan[/caption] The 52-story tower has 447 units ranging in size from studios to 3-bedrooms that are outfitted with high quality furnishings, hardwood floors, concrete countertops, and stainless steel appliances. Bay Street offers multiple floor plans to suit each lifestyle from studio to three bedroom apartments; some with panoramic city views of Manhattan and the Hudson River. With close proximity to major transportation, residents can conveniently explore the diverse and growing offerings of Jersey City and enjoy easy access to New York City. [caption id="attachment_25049" align="aligncenter" width="432"] View Towards Manhattan, Photography by Donna Dotan[/caption] Residents will enjoy 41,000 sq. ft of the finest amenities, including an observation deck on the 52nd floor with 360 degree views of Manhattan, a roof top pool, a state-of-the-art fitness center, an expansive children’s playroom, and a 24-hour on-call white glove concierge service to fulfill every request. For the ultimate social gatherings, community spaces come in the form of party rooms, a chef’s table, a sports parlor, and a screening lounge. There is also an indoor golf simulator and a lavishly appointed spa. [caption id="attachment_25050" align="aligncenter" width="654"] 65 Bay Street Unit Kitchen, Photography by Donna Dotan[/caption] The building has two ground floor retail spaces, one with 16,000 square feet and the other 3,000. The neighborhood is finally emerging as a contender to parts of Manhattan in terms of scale and scope. The building’s podium interacts with the city blocks creating urban edges that emphasize walkability. As Jersey City continues to densify, encouraging pedestrian-friendly design is a must. Clean lines and state of the art design abound throughout. Cool walls accented with warm wood frames and crisp lighting creates an environment of comfort and relaxation. Hardwood floors, granite countertops and stainless steel appliances reach through each unit, adding to the luxurious feel of texture and pattern found within. The site was small and extremely tight, so the design and construction had to be implemented perfectly. Additionally, the site already had a parking garage, so this piece was incorporated into the new building. The project features quite a bit of brick cladding, which added more complexity to the project as well. [caption id="attachment_25051" align="aligncenter" width="803"] Photography by Donna Dotan[/caption] Designers and developers met with the city and zoning councils multiple times. The city set extremely high standards for the design of the project. The construction team had to adhere to the original elevations throughout the entire process. No changes were allowed to be made. 65 Bay Street is a 2017 Best in American Living Awards Silver winner. Architect/Designer and Land Planner | Humphreys & Partners Architects L.P. Builder | AJD Construction Developer | Kushner Companies and KABR Group Interior Designer | Ismael Layva Architects  

Washington D.C., February 8, 2018:  On-going negotiations on Capitol Hill to extend the federal budget and reform various immigration programs appear to be reaching for...