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
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
By Amy Plitt | Feb 16, 2018
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.
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.
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.
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.
U.S. Immigration Fund Announces I-829 Petition Approvals for The Charles EB-5 Project in New York City I-829 petition approvals have now been issued for another successful...
The Tribeca tower that will offer its future residents amenities like concierge jet service is getting closer to the finish line, new construction site photos by Field Condition reveal. When we last checked with the construction site at 111 Murray Street the building was more than halfway complete.
Now the nearly 800-foot condo is fully clad in its glass facade, and seems close to welcoming its first set of residents. Sales on this Kohn Pedersen Fox-designed building launched back in the fall of 2015; even before sales had gone public the building was half sold.
The building has a total of 157 apartments, and a few of them are still up for grabs. Prices on the available units start at $4.3 million for a two-bedroom, two-bathroom apartment and go up to $18.9 million for a five-bedroom, six-bathroom condo.
This project has been in the works since at least the fall of 2014 when the developers the Fisher Brothers and the Witkoff Group filed plans to building the tower. At that time, the tower was set to rise to 950 feet, but the developers reduced the height the following year. The building now has 64 stories and stands 792-feet-tall.
Beneath vibrantly colored Mexican lanterns, hipster servers mash guacamole tableside, crispy empanadas are stuffed with delicious duck confit, and dessert means hot, fresh churros served with caramel (cajeta) dipping sauce. Both the empanadas and churros are must-haves at this waterfront cantina, which offers an extensive range of cocktails and terrific happy hour deals.
I'm wild about macadamia nut "ricotta," particularly when it dresses one of the addictive pizzas at this popular Midtown eatery. Proprietor and chef Christopher Slawson has established a niche here for inspired, plant-based cuisine. His fresh-pressed juices, salads, hot soups and pizza draw a fit, stylish crowd.
They're on to something: Healthy tastes delicious here. And if you don't believe me, try CK's salted caramel "ice cream," an insanely good, creamy treat made of coconut milk, cashew cream and a few other nutritious yet sinfully good ingredients.
Cod & Capers Café
The launch of stone crab season (which runs from Oct. 15 to May 15) is always a good reason to visit this café, which is located inside the family-owned Cod & Capers seafood market. But it’s not the only reason to visit. Just peruse the display case at the market and you’ll find plenty of reasons in the form of fresh fish and seafood.
Start your meal with a steaming bowl of lobster bisque – it’s outstanding. (As are the crab cakes and lobster rolls.)
Chef/restaurateur Mike Moir takes the ocean-to-table concept seriously at his wildly popular, strip-mall eatery. The fish is some of the freshest in town, and it's deliciously prepared. No wonder there's usually a wait outside the door. Don't let that stop you -- the eclectic menu and ambiance here are worth the wait.
Wander into Fresh Nation, the new health-conscious café tucked next to a gym in Juno Beach, and expect to be pleasantly surprised.
This is not your standard smoothie-and-salad spot. It does not inflict acai on your breakfast or pre-workout meal. Sure, there are smoothies, salads and acai bowls, but these items share the menu with other, more complex and tempting dishes. This spot also makes its own sparkling sodas from cold-pressed fruit and vegetable juices, as well as fresh almond milk.
Fresh Nation’s logline is “Delicious with a Purpose,” but don’t let the “purpose” part of the phrase throw you. The focus here is on the delicious.
Juno Beach Café
When it comes to brunch spots, this is not the most pizzazzy. There’s no Bloody Mary or Mimosa bar. There’s no ocean view or lush garden. Still, there’s a line that stretches into the parking lot as the sun glints on passing traffic along U.S. 1.
The attention-grabbing stars here are the “UEPs,” the stacks of “Uncle Eddie’s Pancakes,” which are some of the most popular items on the extensive breakfast menu. The pancakes join the heaps of French toast, eggs, meats, breakfast skillets and other morning dishes spirited from the café’s kitchen.
It's hard to resist the signature dishes that make Little Moir's restaurants (Food Shack, Leftovers) so popular. Always a great choice: the crusted fish served over greens that are tossed in spicy, fruity, chunky salsa. Leftovers in Jupiter not only serves some of the best fish dishes in town, it offers an eclectic craft-beer menu with terrific pairing choices.
North county diners flock to this family-owned Italian restaurant in Jupiter for delicious pasta dishes, fresh seafood and expertly prepared classics. If you want to join them, make sure you have a reservation. The place offers indoor and outdoor seating, as well as spots along the cozy bar for cocktails and dinner.
Whenever I'm nostalgic for a real-deal diner, one where the food is fresh, excellent and generously portioned, I drive over to Sara's. Located in a professional plaza at U.S. 1 and PGA Boulevard, it's easy to miss as you blur by. But if you do make it here for breakfast or lunch (the place opens from 7 a.m. to 3 p.m. weekdays, and to 2 p.m. Saturday and Sunday), you'll be rewarded with delicious, home-cooked comfort dishes. I'm partial to the Benedict dishes for brunch and any one of the "Sensational Salads" for lunch.
Spoto’s Oyster Bar
This welcoming eatery is a mainstay on the PGA Boulevard dining corridor. Come for the oysters -- the Bluepoints from Long Island Sound, the Duxbury and Wellfleet oysters from Cape Cod, and the sinful, umami-rich oyster shooters -- but stay for a menu that's well varied and well executed. Seafood lovers will find ample options here, from the delicious lobster risotto to the shrimp jambalaya to the lobster fettuccine, to the grilled or roasted fresh black grouper, salmon and mahi mahi. (Yes, there are chicken, pork and beef dishes, if meat is your preference.)
The service is solid, and the seating options are plenty in the dining room, on the patio or at the busy bar.
Beware of the Panang curry curse -- once you've tasted this sauce on the fork-tender short ribs or plump scallops, you'll become a regular at chef Charlie Soo's family-owned Thai eatery. The place is popular with golfers and the PGA National set, so reservations are encouraged.
The Parched Pig
Coolinary Café’s logo piglet didn’t have to waddle far to quench his thirst. His new namesake bar was just down the plaza. Nearly five years after the café took north county by storm, owners Tim and Jenny Lipman gave their mascot its own watering hole: a bar they called The Parched Pig.
The bar was an instant hit in an area thirsty for an inspired gastro pub. What began as a small menu of oysters and other easy bites – the place has no real kitchen – has evolved into a menu that offers house-made charcuterie and entrée-worthy dishes. To drink, the Lipmans keep an adventurous rotation of craft beers and select, interesting wines.
Behold the best view in Jupiter: the iconic lighthouse and shimmering inlet waters. It's all yours at U-Tiki, sister eatery to Jetty's (next door). Grab a cocktail and find a seat on the deck below, and enjoy your well-deserved moment of north county Zen. The food is decent, but that's not the main attraction here: Come for the view.
Bjarke Ingels, the architect for U.S. Immigration Fund projects West 57th and 76 Eleventh Avenue in New York, has become an international success and one of the most popular names in the architectural world. Ingels explains in an interview the importance of the relationship between a client and an architect.
2 February, 2018 | Equipo Editorial | Translated by Marina Gosselin[caption id="attachment_25060" align="aligncenter" width="580"] Image Courtesy of UDEM[/caption]
In just 13 years since its inception, Danish firm BIG has earned world renown for its inventive architecture and its founder, Bjarke Ingels, has become one of the most popular names in the architectural world. However, with success comes criticism; BIG has been called out by some critics for what they believe is the "infantilization of architecture," referring to their designs as isolated, self-admiring and solely photogenic.
On her most recent visit to Spain, Spanish journalist Anatxu Zabalbeascoa spoke with Ingels about the impact of the Danish office on architecture and how their work wavers on a tightrope between "breakthrough projects for the world of the powerful" and "a face for people who are not happy with existing architectural models."
The conversation addresses the impact of IT giants such as Google on urban planning, Ingels' relationship with Rem Koolhaas – at whose firm, OMA, Ingels worked for a year and a half – his personal life and the hectic world of architecture, specifically regarding the commission for 2 World Trade Center, for which BIG was hired to replace an original design by Foster + Partners. Speaking on the relationship between client and architect, Ingels explains:
"In the world of architecture, there are many things beyond the control of architects, than there are under their control. No matter how wonderful a building is; if there is no client, it doesn't get built."
The office is behind iconic projects in its native Denmark such as the Mountain Dwellings and 8 House in its early years, to the new Google headquarters in London and San Francisco, and projects in Manhattan such as VIA 57 West. All can be reduced to their key architectural move or symbol – which is in fact how BIG's website is organized, as a library of symbols. When Zabalbeascoa wonders if "different has to be photogenic," Ingels defends his vision: