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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:

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.

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  
The 64-story building is now fully clad in its facade and stands 792 feet tall
[caption id="attachment_25543" align="aligncenter" width="831"]ield-condition-111-murray-us-immigration-fund PHOTO: Field Conditon[/caption]

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.

The newly renovated Nassau Coliseum, also known as NYCB Live's Nassau Veteran's Memorial Coliseum, kicked off 2017 with some unforgettable events. The coliseum's $165 million renovation made for top performances by Billy Joel, Barbra Streisand, and Barry Manilow, to name a few. U.S. Immigration Fund is proud to be part of this successful EB-5 project.

October 5, 2017

It's been six months since a Billy Joel concert marked the official reopening of the renovated Nassau Coliseum, which got not only a $165 million face-lift, but a new name as well: NYCB Live’s Nassau Veterans Memorial Coliseum.

Joel's April 5, 2017, show, his 33rd concert in the arena, marked the first of many memorable events held so far at the revamped Coliseum. Take a look back at its greatest hits so far, with some images and information provided by NYCB Live.

Billy Joel reopens the Coliseum after renovation

It couldn't have been more fitting that Billy Joel reopened the Nassau Coliseum to a sold-out crowd on April 5, 2017, considering it was the first arena he ever played, 40 years earlier. Over the course of nearly three hours, the Piano Man rolled through songs he rarely plays anywhere else -- like "The Downeaster 'Alexa,' " about the plight of Long Island's baymen. The fact that his surprise guests boasted LI roots was the icing on the cake: Long Beach's Joan Jett came on to do "I Hate Myself for Loving You" and "I Love Rock 'n' Roll," and Stony Brook's Kevin James and his "King of Queens" TV "wife," Leah Remini, did an interpretive dance to "She's Got a Way."

Barbra Streisand returns for first LI show in 54 years
It felt like a homecoming as Barbra Streisand played her first concert on Long Island since 1963 on May 4, 2017, at the Coliseum, belting out hits including "The Way We Were," "Being Alive" and the '70s anti-war anthem "Being at War with Each Other." From the stage, Streisand joked that she'd "started to come here five years ago and I got caught in traffic on the Long Island Expressway." (Streisand is pictured here at Brooklyn's Barclays Center on Oct. 11, 2012.)

Metallica plays their only nonstadium show on tour
Metallica's sold-out show on May 17, 2017, not only marked the band's only arena stop on their summer tour, but it was the first to really rock the new Coliseum hard. "Strong Island, how do you feel?" singer-guitarist James Hetfield asked the crowd after an opening combination of "Hardwired" and "Atlas Rise" from the band's recent "Hardwired . . . to Self Destruct" album. "There is a little bit of history here," he said of LI. "We've been here a lot."

Ringling Bros. and Barnum & Bailey Circus performs last show ever
It was bittersweet for "The Greatest Show on Earth" to officially close at Nassau Coliseum after 146 years following a trio of finale performances on May 21, 2017. The grand finale show ended with a standing ovation as ringmaster Johnathan Lee Iverson brought virtually the entire Ringling troupe onto the floor: nearly 200 human and animal performers including clowns, aerialists, Cossack riders, lions, tigers and more.

Barry Manilow plays to sold-out crowd
Barry Manilow included the Coliseum as one of only three stops on a short tour to promote his new "This Is My Town: Songs of New York" album, selling out the arena with that May 25, 2017, concert. (Los Angeles and Chicago were the other destinations, and ahead of the tour, Manilow said each of the "exciting" cities was "unique and hold[s] very special memories for me.")

Eternal Con expands to Coliseum for fifth anniversary
Long Island's biggest pop culture event, Eternal Con, moved from the Cradle of Aviation to the renovated Coliseum for its fifth anniversary, July 1-2, 2017. An estimated 10,000 fans descended for the annual celebration of comic books, fantasy and sci-fi. The weekend's biggest draw of all? The original Batmobile driven by Adam West.

Boxing makes its return to Long Island
Boxing made its return to Long Island for the first match here in 31 years, on July 15, 2017, at the Nassau Coliseum in front of nearly 7,500 fans. Two Long Islanders stepped into the ring that night, though in different matches: Adam Kownacki, who lives on Long Island and trains in Bellmore, managed a fourth-round TKO of fellow Polish heavyweight Artur Szpilka, and Long Beach light heavyweight Seanie Monaghan was stopped in the second round by Staten Islander Marcus Browne.

LI's Chris Weidman wins at island's first UFC event
Former UFC middleweight champion Chris Weidman, who hails from Baldwin, survived a first-round knockdown by Kelvin Gastelum, coming back to defeat him by submission in the third round of the main event on July 22, 2017. The night marked the first-ever Ultimate Fighting Championship matches not only at the Coliseum, but on all of Long Island.

Islanders win preseason game in return to the Coliseum
The Islanders returned home to the Nassau Coliseum (before a sold-out crowd of nearly 14,000, no less), beating the Flyers in overtime during their preseason game on Sept. 17, 2017. John Tavares, who scored to overtake them 3-2, described the atmosphere as "pretty close to what we had in the playoffs. ... It was through the roof in warm-ups. The 'Let's go, Islanders' and 'Yes Yes Yes' chants were prominent. This fan base has a tremendous identity and we want to reward that."

Paul McCartney plays Coliseum with Billy Joel as surprise guest
Paul McCartney packed the best of nearly six decades of his legendary career into his "One on One" tour stop at Nassau Coliseum on Sept. 26, 2017, in which Billy Joel even joined him for part of the encore. For McCartney's first LI show in 15 years, the former Beatle, 75, amazingly rolled through almost three hours of memories with no break.

Professional basketball returns to the Coliseum
The Long Island Nets hosted a free inaugural Tip-Off Party on Oct. 1, 2017, to celebrate professional basketball's return to the Coliseum after a half-century long absence, ahead of the 2017-18 season.

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:

"Rethinking architecture implies being prepared to accept oddities. We aren't interested in the definition of beauty as a proportion. We don't want to disguise them as normal buildings."

January 25, 2018 |  
The project brings Edition's luxury experience home
[caption id="attachment_25054" align="aligncenter" width="569"] The pool area at the West Hollywood Edition, opening this year.
Rendering: DBOX[/caption] Ever stayed in a hotel and thought, I wish I could just move in? Well, this newly announced Los Angeles project may be your best chance. Ian Schrager, the legendary hotelier behind the likes of the Gramercy Park Hotel, the buzzy new Public in New York, and the über-luxe Edition—who's often credited with inventing the concept of the now omnipresent boutique hotel—is turning to residences for his newest project. In collaboration with New Valley, Witkoff, developers of Schrager's upcoming West Hollywood Edition hotel, will also develop the West Hollywood Edition Residences, a suite of homes in the style of the popular hotels opening in time with the hotel later this year. Luckily for interested aesthetes, Witkoff has doubled down on design talent, enlisting John Pawson (the design eye behind the Gramercy Park Hotel) to create the interiors of the two-to-four-bedroom homes. [caption id="attachment_25055" align="aligncenter" width="554"] The entrance to the Edition residences.
Rendering: DBOX[/caption] "The West Hollywood Edition represents the beginning of an evolution for this neighborhood," developer Alex Witkoff tells AD PRO. "It brings a measure of restrained elegance, design excellence, and craft to the heart of West Hollywood." [caption id="attachment_25056" align="aligncenter" width="533"] The residence lobby, featuring a slatted teak doorway conceived by John Pawson.
Rendering: DBOX[/caption] For his part, Pawson looked to the surrounding neighborhood and the larger city for inspiration in the design, which features lots of open spaces, highlighting sweeping views that are framed in modern, textural materials like concrete and teak. "Understanding the grain of a place is incredibly important to the way I work," explains the designer. "Sunset Strip is charged with energy and atmosphere—it has a unique visual character and culture that is constantly evolving. The location of the new Edition is particularly interesting territory because it sits at the transition between the grittiness of the Strip and softer residential areas. I wanted to create architecture with expressly permeable boundaries—to communicate the idea that this is not simply a place for guests to stay but an exciting gathering place for the broader neighborhood." [caption id="attachment_25057" align="aligncenter" width="532"] The living rooms feature sweeping views of Los Angeles.
Rendering: DBOX[/caption] Pawson's influence goes micro, too: He designed everything from the building's custom siding to the hardware on the doors. Appliances by Miele and bath features like a soaking tub, steam shower, and travertine flooring translate the luxury of Schrager's hotel properties to a home setting. [caption id="attachment_25058" align="aligncenter" width="559"] A residence terrace.
Rendering: DBOX[/caption] Wikoff hopes to attract a more cultured buyer, adding to the usual list of amenities like concierge services and fitness and spa facilities a custom large-scale installation by Sterling Ruby. "We believe the residents we seek care about art, architecture, and culture," the developer says. "They are discerning and worldly and want homes that offer a respite from a busy life. With that in mind, we have crafted a building that should create a home they are eager to return to yet in the heart of L.A." Or as Pawson quite simply puts it: "For me, it’s all about creating an authentic sense of home, where people also feel connected with a strong sense of place."