By CityRealty Staff | March 14, 2018 [caption id="attachment_25583" align="aligncenter" width="746"] 111 Murray Street via CityRealty[/caption] As the glass curtain wall of 111 Murray Street is completed, the newest addition to the Lower Manhattan skyline has reached an important milestone. Designer Kohn Pedersen Fox announced the news on Instagram along with a picture of a slender tower that flares outward as it rises 792 feet and 58 stories high. [caption id="attachment_25584" align="aligncenter" width="758"]111-murray-street-exterior-USIF Facade detail via Field Condition[/caption] The building is well on track for move-ins to take place this spring as anticipated, and it’s lucky that that’s the case: Sales of the 157 apartments got off to a robust start. Available listings range from $4.3 million for a 2-bedroom, 2.5-bath to $18.9 million for a half-floor 5-bedroom, 6.5-bath. All homes have floor-to-ceiling windows overlooking stunning river and skyline views, interiors by AD100 designer David Mann, and utility closet with washer and vented dryer. Custom Molteni kitchens are outfitted with marble island, cerused white oak cabinetry, and top-of-the-line appliances. Master suites have walk-in closet and bath with radiant heated floors, marble slab double vanity, and freestanding tub. All secondary bedrooms have en-suite baths. [caption id="attachment_25585" align="aligncenter" width="491"]111-murray-street-construction-progress-USIF 111 Murray Street circa February 2018 via Field Condition[/caption]   [caption id="attachment_25586" align="aligncenter" width="491"]111-murray-street-construction-progress-USIF-2 111 Murray Street circa February 2018 via Field Condition[/caption] Just in case the design, views, and apartments of 111 Murray Street aren’t awe-inspiring enough, it is home to over 20,000 square feet of amenities. A wellness suite has a fitness center, movement studio, lap pools, hammam, steam room, and sauna. However, residents needn’t worry about messing up their hair in there – the building has the city’s first private Drybar salon. Additional amenities include landscaped gardens, lounge, private dining room with demonstration kitchen, patisserie, media room, children’s playroom, and teen lounge.

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.

BY: MICHAEL YOUNG | DECEMBER 1, 2017 The pace of progress at 111 Murray Street has been quite rapid since it started to rise into the Tribeca and Lower Manhattan skylines just over a year ago. Now, the construction crane is coming down, and the reflective exterior glass façade is beginning to accentuate the sweeping curves of the building’s distinct crown, which covers the mechanical roof and parapet. Standing nearly 800 feet, just a hair taller than the Goldman Sachs headquarters across the street to the west, 111 Murray Street, designed by Kohn Pedersen Fox, will be completed next year. The 157 units range from one bedrooms starting at $2.5 million, to a five-bedroom spread asking nearly $19 million. Two full-floor penthouses will sit at the top of the building, and offer the largest amount of square footage per unit, thanks to the unique architectural shape and profile of the tower. Its glass facade tapers outwards towards the top, instead of incorporating setbacks or staying flat, with the upward fluting explaining the anomaly. Residents will have sweeping views of the Hudson River, Tribeca, and Midtown Manhattan in the distance, and optimal amounts of sunlight in the morning and evening, with relatively few towers in the immediate vicinity of similar heights. The building’s location ensures it is somewhat separate from the densely packed streets and skyscraper clusters of the Financial District and World Trade Center. At ground level, there will be a privately owned public space on the eastern portion of the site that features seating areas, a green plaza, and the entry to the lobby. On the north side, a private garden and seating area featuring a sculptural water fountain will be offered to residents, along with an indoor dining area and lounge space. Two small retail spaces will be available on the western side of the building, where foot traffic will probably be heaviest. They will be buffered from the West Side Highway with steps, raised landscaped planters and trees. Hollander Design Landscape Architects is the firm behind the outdoor public space of 111 Murray Street. Above the ground floor, residents will have private amenities which include a 75-foot lap pool, a fitness center and lounge, and a children’s playroom, all designed by David Rockwell. These will eventually cover an area of 20,000 square feet, spread over two floors at the bottom of the building. 111 Murray had previously announced back in 2015 that its most over-the-top resident amenity will be its very own concierge jet service, a first for a residential building in New York City. The luxury comes with a 10% to 20% discount for those who use the so-called “25-hour service” to book private jets ranging anywhere from $125,000 to $250,000 per flight. The site is being developed by Witkoff, Fisher Brothers, and New Valley Real Estate.
By Mark Maurer |  November 29 Witkoff, Fisher Brothers and Howard Lorber’s New Valley just pulled off about $650 million in financing for 111 Murray, part of which is a condominium inventory loan for the 800-foot Tribeca tower’s remaining unsold units, The Real Deal has learned. The developers recently closed a large loan from the lending arm of Blackstone Group for the project, which is expected to be complete by spring 2018. Sources said the loan is partially an inventory loan in the interim before all in-contract units close in the first quarter, as well as a takeout of the existing construction loan. The Kohn Pedersen Fox-designed project’s units are nearly 80 percent sold, according to a source familiar with the apartment sales. Sales launched at the 58-story, 157-unit tower in July 2015. That same month, the developers secured a $445 million construction loan from a group that included M&T Bank, Deutsche Bank and Blackstone Real Estate Debt Strategies. The new refinancing now comes solely from Blackstone, sources said. The deal has not yet appeared in property records, though there is a new agreement filing for the amount of the initial construction loan – just a portion of the total loan. Steve Witkoff declined to comment, and representatives for the project and Blackstone could not be immediately reached. Back when the offering plan was filed with the New York State Attorney General’s office, the tower had a total projected sellout of $973 million. Apartments have ranged in price from $2.5 million to $18.9 million.  The tower’s current projected sellout is $1.05 billion, according to the AG’s office. Condo inventory loans have become more popular in New York City recently, as a way to receive financing for a chunk of apartments that have not yet closed. The loans get paid as more units sell. Tessler Development and Time Equities secured condo inventory financingearlier this year for unsold units at their respective towers at 172 Madison Avenue and 50 West Street.   Will Parker and Danielle Balbi contributed reporting.
[caption id="attachment_23799" align="aligncenter" width="777"] 111 Murray Close Up, photo by Tectonic[/caption]
YIMBY has been reporting on 111 Murray Street for several years at this point, and after breaking ground in July of 2015, it was at its fifteenth floor at this time last year. By August, it had topped-out, and glass had climbed over halfway up the exterior. Now, almost three months later, the crown is falling into place, and the 58-story and 800-foot-tall tower appears to be on track for an expected 2018 completion, as seen in the latest photographs from Tectonic. Kohn Pedersen Fox designed the building, which is being developed by Fisher Brothers, New Valley, and the Witkoff Group. Besides the 157 condominiums, there will be about 2,000 square feet of retail space in the ground floor, so the project’s impact won’t be confined to the skyline alone. [caption id="attachment_23801" align="aligncenter" width="683"] 111 Murray Street, photo by Tectonic[/caption] The design is an increasingly familiar take in Kohn Pedersen Fox’s repertoire, with “glassy flute” replicating the more angular 45 East 22nd Street, up in the Flatiron. While 111 Murray Street may not be the most distinctive tower on the Downtown skyline, at 800 feet it is still pretty substantial, and the glassy envelope is turning out to be fairly attractive. The most similarly-scaled projects in the surrounding blocks are 56 Leonard Street, to the northeast, and 30 Park Place, to the southeast, both of which have also opened over the past year or two. While other projects like 45 Park Place are also rising nearby, the core of the Downtown residential skyscraper boom will shift towards the depths of the Financial District over the next few years. 125 Greenwich Street is already rising, machinery is on-site at 45 Broad, and demolition is active at 80 South Street, which will ultimately be the tallest of them all. As for 111 Murray Street, full completion of the exterior is probably another few months out, but work is clearly nearing the finish line.