148-163 W 48th St | Ft | Fl


#1

Rockefeller Group has assembled a site on the south side of 48th between 6th and 7th. All of the buildings are empty, but for one which houses a Dunkin Donuts and another which is a multistory parking garage. SL Green recently bought the corner property which Rockefeller did not control. It houses a Smilers Deli. I would not be surprised if SLG buys the whole site from RG. RG recently sold a development site that it assembled across the street on the north side of 48th. It includes the large building on 7th.


NEW YORK | 145 West 47th Street | 288 FT | 27 FLOORS
#2

Demo permit for the heinous white garage:

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=122917601&passdocnumber=01


#3

https://www.google.com/amp/nypost.com/2016/12/05/several-storefronts-to-be-demolished-for-new-hard-rock-hotel/amp/?client=safari


#4

If you were a musician in NY, Manny’s was a shrine.


#5

That’s true


#6

1/5

This junk can’t come down soon enough!


#7

Demo permits for all of this heinous crap were filed on 1/9/17 and 1/11/17

156-158
http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=122988703&passdocnumber=01

160
http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=122988696&passdocnumber=01

162-164
http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=122988678&passdocnumber=01

166
http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=122988687&passdocnumber=01

Recall that the demo permits for 148-154 W 48th St were filed on 10/13/16.

It’s time for this heinous garbage to come down. Fortunately, everything in this photo will come down.


#8

Supposedly, demo has finally started on this junk.


#9

Yep, it’s all wrapped in netting and scaffolding. Likewise for the development across the street.

I may be by this week and can snap some pics.


#10

That would be great spin! This horrible block will finally be fully revitalized!


#11

Demo underway. Looked like they have the roofs ripped off; maybe another floor already.


#12

Nice shots, Spin.

I’m glad that this junk is finally coming down.

Is part of this assemblage on 47th St?


#13

Yeah, they have an 80 foot wide parcel on 47th Street too. It’s currently the “Night Hotel” at 169 W 47th Street. It’s still open, so I guess they’ll raze 48th Street and then go from there.


#14

I thought they owned a garage on 47th


#15

I did some digging and there’s some pretty interesting stuff going on here.

Here’s the zoning lot:

56 PM

Rockefeller owns the following lots: 7 (the Night Hotel), 53, 56, 57, 58 and 59.

Lot 49 is the Cort Theater (Shubbert)

Lot 11 was a parking garage; it’s been nearly fully demolished at this point. It appears that Tribeach Holdings owns this lot. See this thread: NEW YORK | 145 West 47th Street | 288 FT | 27 FLOORS

It looks like we’ll get 2 new buildings on this zoning lot. Rockefeller is doing the following:

  • Stripping the unused “as of right” air rights from the Cort Theater (around 112,000 sf)
  • Taking the 25 most eastern feet of lot 53 and giving the footprint to the Cort Theater
  • They’ll have about 420,000 sf of buildable area to put on their lots

Separately, Shubbert is going to expand/rehab the Cort Theater. This will allow a Theater Rehabilitation Bonus, the amount of which may be as high as 20% of the underlying buildable sf. It will be based upon the entire zoning lot, so that’s a bonus of approximately 119,000 sf. That’s then where Tribeach Holdings comes in-- they will then purchase all of these bonus sf from Cort Theater and put them into their new building on lot 11. That should get them up to about 265,000 sf.

All said and done, we should be looking at around 685,000 sf (buildable) on this lot, but configured as 2 buildings.

Sadly, I think this is going to be a bit of a slow burn. The theater rehab bonus is not a quick process and Rockefeller hasn’t even shut down the Night Hotel yet.


#16

Great analysis, Spin!

You 'da man!


#17

#18

Demolition moving along nicely


#19

Did they acquire the crappy buildings with the DD and the luggage store? It looks like the demo netting extends all the way to SLG’s new building on the corner of 48th and 7th.


#20

Dukin was still open when I walked by, didn’t notice if the luggage store still was though.