NEW YORK | 211 West 54th St (1710 Broadway) | FT | FLOORS


#1

Vision: Supertall Possible at 1710 Broadway

BY: NIKOLAI FEDAK ON OCTOBER 9TH 2014 AT 7:00 AM

Broadway’s path through Midtown cuts through some of the densest real estate on the planet, and another property may soon add to the skyscraper forest that surrounds one of New York’s most renowned thoroughfares. YIMBY came across the first renderings for a potential tower coming to 1710 Broadway, on the northeast corner of West 54th Street, which could also become the street’s first actual supertall, potentially topping the 1,000-foot mark.

While the developer has not been revealed, the existing building — currently the office of Sean Combs – was reported to be coming back on the market in 2012. That opens the possibility that redevelopment may not occur, but the Municipal Art Society’s “Accidental Skyline” map reveals approximately 350,000 square feet of unused air rights within the surrounding block. That number is one of the highest totals along Broadway, and would invite the possibility of a tower like the one depicted in the renderings, which stands approximately 80 stories tall. Goldstein Hill & West is the architect, and could not be reached for comment.

The program allows for a wide mix of uses, with retail occupying the first few floors. Hotel and residential would likely sit above the base, and the rendered design is typical of New York’s new residential skyscrapers, employing a simple glassy aesthetic. If built, the target market would likely be lower-end than similarly-sized towers along 57th Street, given 1710 Broadway’s location, which verges on Times Square.

Besides the structure’s sheer verticality, its presence on the street would also be significant, and the developer is allowed to cover the first few floors in LEDs. Neighbors like 1717 Broadway and the new CitizenM show that hotels are moving north, but 1710 Broadway could be the first of the group to employ high-wattage signage along its base.

The potential at 1710 Broadway also shows how quickly the surrounding neighborhood has evolved in recent years. Across the street, 1717 Broadway became the tallest hotel in the Western Hemisphere when it topped-out in 2012; 250 West 55th Street and another hotel at 237 West 54th Street also opened last year, transforming nearly an entire city block.

1717 Broadway is especially notable because height is usually associated with luxury in New York City. In fact, the city’s tallest all-hotel building hosts a Marriott Courtyard and a Residence Inn, both of which are budget-friendly. As the Nobutaka Ashihara-designed tower shows, not all skyscrapers must be for the uber-rich, and cost is simply a function of insane demand that existing supply cannot satiate. Manhattan can certainly build to meet this demand, as it did before 1961, but legislative burdens — placed on the island when both local and national governments were actively trying to kill cities – must first be removed.

Mass-market supertalls are beginning to become cost-feasible, and projects like both 1710 Broadway and 520 West 41st Street show how planners must rethink urbanity. Ultimately, New York City continues to grow as it has for the last 150 years — upwards.


#2

C&K Properties putting together massive air rights assemblage for 1710 Broadway

A low-key investment firm is making headway on assembling a package of air rights that would allow for a brand new skyscraper in Times Square, The Real Deal has learned.

Meir Cohen and Ben Korman’s C&K Properties owns 1710 Broadway, a 52,000-square-foot commercial building located at the corner of 54th Street and Broadway, just north of the “bow tie.”

To build a larger building than the current site allows, C&K is in the final stages of acquiring roughly 115,000 square feet of development rights from three neighboring parcels: the Dream Hotel at 210 West 55th Street, a residential building at 204 West 55th Street and a mixed-use building at 856 Seventh Avenue, court records show. Those buildings are owned by David Bard’s Woodward Properties. Sant Chatwal’s Hampshire Hotels Management, however, controls those buildings through a long-term ground lease.

C&K was set to purchase the air rights from Woodward through an agreement originally signed in September 2013. But the transfer did not go smoothly. Woodward and Chatwal’s firm withheld documents from each other, resulting in a delay of the transfer. However, following arbitration earlier this year, the case was resolved, according to court papers filed last month.

The Woodward and Chatwal parcels are on a square block bounded by Broadway, Seventh Avenue and 54th and 55th street, which has an estimated 350,000 square feet of excess development rights, according to an analysis by the Municipal Arts Society. Sources told The Real Deal that C&K is talking with other properties on the block for additional air rights, including approximately 48,000 square feet from the the cooperative building at 205 West 54th Street. The two air rights acquisitions combined with the 132,720 square feet of development rights available at 1710 Broadway would allow for a site with about 296,000 square feet of total development rights.


#3

Hot market for building sites draws crowd

BY DANIEL GEIGER
JANUARY 12, 2015

C&K Properties, meanwhile, the real estate investment outfit operated by Meir Cohen and Ben Korman, has put 1710 Broadway on the market. The site, on the corner of West 54th Street, can accommodate a tower as high as 1,000 feet. Like 520 Fifth Ave., whatever is eventually built will likely be a blend among retail, hotel and residential. That site is likely to sell for $1,000 or more per foot, or $380 million-plus, given that it allows about 380,000 square feet of development. The property is currently home to a six-story building built 97 years ago. Its tenants include Bad Boy Entertainment, the record label founded by former rapper Sean Combs.

Brokerage company Jones Lang LaSalle is marketing the building. Mr. Cohen and Mr. Korman recently secured additional air rights to bring the site up to its current size potential.

Down the road, the property could become the site for a test run of a new business JLL plans to launch here. The publicly traded company, the world’s second biggest real estate services company behind only CBRE Group, plans to break into residential brokerage by bringing buyers from the Far East to New York City condo projects. JLL already provides that service to property developers in London.

Ron Cohen, a broker at JLL who is leading the sales effort for 1710 Broadway, said the service would market properties to Asian buyers via JLL’s network of offices in that area of the world as well as advise New York City developers on what types of projects to build in order to cater to those Asian consumers. Mr. Cohen said that he is advising whoever buys 1710 Broadway to raise a spire with a collection of smaller apartments, including studios and one and two bedrooms.

" There are a lot of buyers in Asia who are looking to spend $4 million to $5 million on an apartment," Mr. Cohen said. “In recent years, developers have focused on building bigger apartments—three bedrooms and more—that cost well in excess of that. There’s a hole in the market right now and a strong demand for these smaller apartments.”


#4

Glad to see this is moving closer to a reality! Soon supertalls will be relatively normal, even for non-super-lux skyscrapers in neighborhoods like Midtown. :smile:


#5

How about one of these in Downtown LA …CALIFORNIA?? Beautiful Design!


#6

I agree. I’m one to say that spreading the love is good. While NYC is receiving a share of the supertalls, I hope that other cities get even more.

Los Angeles I would definitely like to see many more in the near future. Wilshire Grand is nice, but LA deserves a 400m.

Miami could have 3 or 4 supertalls, but the FAA recently demanded that they chop two of the superalls heights by half. Now, they still have to compromise, and well see what may arise, but it would be nice to see 2 or even 3 supertalls going up in a single city besides NYC.


#7

400,000 SF on this tiny footprint should be pretty tall!

"…Gary Barnett’s Extell is planning a completely new 60-story tower with nearly 400,000 square feet of space at 1710 Broadway, on the southeast corner of West 54th Street, which will likely include new street-level retail.

Expected to become a mix of condos and hotels, 1710 will join 3,000 to 6,000 area hotel rooms that bring tourists and business executives for some local food, folks and fun…"


#8

Surprised they didn’t buy the red building next door. While its really nice, they could of built a little taller. Eh, but given Barnetts record, I’d imagine this will be a stunner.


#9

I would not be surprised if they try to get it because it separates 1710 B’Way from Extell’s site on 7th. You can see in this photo how it separates Extell’s two sites.

That being said, I love that red brick building and hope that Extell does not get it.

I hope that Extell uses this design.


#10

Depending on how many air rights are transferred to the nearby site, this might be more in the 900’ range.

Extell closes on $247M purchase of stake in 1710 Broadway

Barnett, C&K planning 60-story condo-hotel

December 17, 2015 11:30AM
By Mark Maurer

Gary Barnett’s Extell Development closed on the purchase of a 39 percent stake in C&K Properties’ Midtown development site at 1710 Broadway for about $247 million, making way for a 60-story condominium-hotel tower.

Extell had agreed to team up with C&K to redevelop the site at West 54th Street, which offers 370,000 buildable square feet, as The Real Deal reported in August. The deal includes air rights divided across a total of six parcels. Some of the air rights can be transferred to Extell’s 29-story project at 54th Street and Seventh Avenue, thus making the price per buildable square foot unclear.

Plans call for C&K and Extell to construct a 60-story condo-hotel with possible ground-floor retail, the New York Post reported in November. First, the developers would demolish the existing six-story, 83,000-square-foot office building, which is home to Sean Combs’ Bad Boy Entertainment among other tenants.

Each of the air rights contracts closed, in addition to the stake in the building itself, sources told TRD.

To fund the stake acquisition, Extell will use about $51 million from a 1031 exchange, through which the development giant sold four properties in the Ring portfolio. In a span of under two years, Extell sold a total of 10 Ring buildings for more than $700 million.

Extell also secured a senior loan and mezzanine loan totaling $235 million for 1710 Broadway, according to Israeli financial newspaper, which first reported on the price and size of the stake last week. Representatives for Extell and C&K declined to comment.

A JLL team led by Yoron Cohen marketed the stake for sale. A Fried Frank team served as C&K’s legal counsel.

“He will do a great job there. The development will further transform the Broadway corridor between Columbus Circle and Times Square,” Cohen told TRD.

The corridor is bustling with activity, as Ilan Bracha’s B+B Capital and partners are in contract to buy the Brill Building at 1619 Broadway for $295 million and SL Green Realty is looking to sell the office component of 1745 Broadway for $700 million.

C&K picked up the property at 1710 Broadway in 2003 for $23 million, city records show, and bought up air rights in several transactions.

Extell is also developing the 1,550-foot Nordstrom Tower at 217 West 57th Street and, in partnership with Megalith Capital Management, a 25-story condo building at 36 West 66th Street.


#11

The G Man (ie, Gary B) isn’t wasting any time. This building is now empty!

Dec 30, 2015

In this photo, the site of Extell’s 7th Ave project also is visible. It’s the little building on the corner and it’s separated from 1710 B’Way by the majestic brick and limestone structure between them.


#12

It’s a shame we won’t be seeing any final renders until this is half way up! :wink:


#13

That’s true. The G Man is very secretive.


#14

xyz123


#15

Empty, but still Waiting for Godot on Jan 22nd


#16

Gary Barnett-owned Manhattan site may be home to the Northeast’s inaugural Hard Rock Hotel

Hard Rock will unveil the hotel’s location Monday
http://www.crainsnewyork.com/article/20160603/REAL_ESTATE/160609950/gary-barnett-owned-manhattan-site-may-be-home-to-the-northeasts


Could a site owned by Gary Barnett’s Extell Development Co. be the home of New York’s first Hard Rock Hotel?

Barnett has assembled several parcels on the west side of Eighth Avenue between West 45th and 46th streets, including a garage he purchased last summer for nearly $46 million, to create a development site that can accommodate a soaring tower.

Hard Rock plans to announce Monday the location of what the firm says will be its first hotel in the Northeast U.S., in a partnership with Barnett. Hard Rock, owned by the American Indian Seminole Tribe in Florida, operates a successful restaurant in Times Square.

Neither Barnett nor a spokesperson for Hard Rock would comment on the location, which the company plans to unveil Monday.

Barnett owns other properties in the area, including a development site at 1710 Broadway at the north end of Times Square that can accommodate a super-tall skyscraper and is also a potential location for the Hard Rock. Sources said Hard Rock had been looking to secure a location in Times Square for several years and had previously considered a development site on the north side of West 42nd Street, between Eighth and Ninth avenues, that is currently a parking lot.

Barnett has been one of the city’s most prolific builders. In the early 2000s, he built a tower for the W Hotel in Times Square on West 47th Street. He is currently erecting the city’s tallest tower by roof height on Billionaire’s Row on West 57th Street, a 1,550-foot spire that will have a seven-story Nordstrom department store at its base.

Hard Rock is trying to secure approval to build a proposed $1 billion casino in the Meadowlands—a plan that has been met with opposition from some New Jersey officials who say it would create competition to the flagging casinos in Atlantic City.

“It’s the ultimate entertainment brand in that it connects lodging with music and the product keeps reinventing itself as music evolves,” said Mark Gordon, a hotel developer. “It will be successful in New York City, and Times Square is the best location for a brand like Hard Rock.”



#17

I think it will be the 8th Ave site. This footprint is way too small for a non-boutique hotel.


#18

Aug 27

Waiting for Godot!


#19

no changes, still empty. its too bad Ford didn’t build it taller back in the day. 1710 Broadway


#20

I’m honestly in no rush to see this come down. It’s a beautiful building.