NEW YORK | 431-435 West 33rd St | FT | FLOORS


#1

Continuing the discussion from NEW YORK | Hudson District - 34th Street Corridor Subdistrict:

Port Authority Selling Two Pieces of Land Near Lincoln Tunnel

Friday, March 7, 2014, by Jessica Dailey

Another new development could be coming to Manhattan’s west side. The Port Authority is shopping around two pieces of land along Dyer Avenue between 33rd and 34th Streets, and while there are some obstacles to what could be built, the Journal reports that the land comes with development rights and has a maximum buildable area of 490,000-square-feet. The site sits near the entrance to the Lincoln Tunnel and is located on the block directly north of Brookfield’s Manhattan West development. The Port Authority wants to sell the property to “maximize revenue” and help pay for ongoing very expensive, always over budget projects.

Dyer Avenue, part of which could be turned into a pocket park, runs between the two sites, and the road must remain open during construction. The Journal notes that if a developer wanted to use the whole 11,266-square-foot footprint for one project, a platform could be constructed over road, but that expense could be avoided by transferring all of the development rights to one parcel. If that happens, then the building could cantilever over Dyer Avenue, which seems to be the cool thing to do these days. A through-block landscaped public space connecting 33rd and 34th Streets is required. Any thoughts on how much the land will sell for or who will snatch it up?


#2

Dermot to put up resi tower on Hudson Yards site

Firm snagged property with $115M bid in Port Authority auction

The Dermot Company is planning a high-rise residential tower for the Hudson Yards development site it won in a Port Authority auction announced in February. And the developer, which snagged the site with a bid of $115 million, has chosen the firm that drew up the master plan for the West Side rail yards development to design the building.

Dermot beat out ten other developers who responded to a Request for Proposal issued by the Port Authority for purchase and development of the site. The property is located on 33rd Street between Ninth and Tenth avenues opposite Brookfield’s Manhattan West project.

Late last month the agency’s board authorized the sale at the price of $115,342,500 for two lots on the block and more than 90,000 square feet of development rights, bringing the total buildable area north of 540,000 square feet.

Dermot also has the option to purchase an additional 85,225 square feet of air rights within the next two years at a price of approximately $60 million. The deal is expected to close this year.

“With the transformative development of the Hudson Yards area already underway, winning this competitive Port Authority RFP presents a tremendous opportunity for the Dermot Company to expand our New York City portfolio,” Dermot said in an e-mail.

To design the residential tower planned for the site, Dermot has selected FXFOWLE, the architecture firm commissioned by the Hudson Yards Development Corporation and the Metropolitan Transportation Agency to draw up the master plan and development guidelines for the 28-acre Hudson Yards site in 2007.

“Expected to break ground in early 2016, we are designing a beautiful high-rise residential building with FXFOWLE Architects and look forward to working with the community on designing the public space to further enhance this evolving neighborhood,” Dermot said.

As part of the deal, Dermot has agreed to develop and maintain a public space running through the block to 34th Street along Dyer Avenue, the submersed roadway that heads north from 30th Street to the mouth of the Lincoln Tunnel.

The Port Authority acquired the land in 1952 as part of a planned third tube for the Lincoln Tunnel. Proceeds from the sale will be used on infrastructure improvements to the Port Authority Bus Terminal. The agency is considering selling off a number of its properties in the rapidly developing Hudson Yards district.

540,000 sq ft with option to upgrade to 625,000 sf! This residential will be tall!


#3

Port Authority loses $175M Hudson Yards tower deal

The Dermot Co. has decided to drop its plans to build a soaring residential tower at Hudson Yards in a deal that was supposed to net the Port Authority of New York & New Jersey as much as $175 million.

Dermot, a large development firm that has completed several high-rise residential projects in the city, had been selected by the Port Authority during the summer to develop the site, a 25,000-square-foot parcel on West 33rd Street next to Dyer Avenue. The company agreed to pay about $115 million for the right to build a 500,000-square-foot-plus residential tower and potentially $60 million more for additional development rights.

The parcel was tricky, said sources familiar with it. Part of the development involved cantilevering over a portion of Dyer Avenue, or decking over the avenue entirely from West 33rd to West 34th streets. That work, which is required because Dyer Avenue runs below grade, presented a costly step in preparing the site for development.


#4

Port Authority Puts Hudson Yards Parcels Back on Market

BY TOBIAS SALINGER 12/02 1:24PM

The Port Authority of New York & New Jersey is soliciting new bids for a pair of parcels on the Far West Side after an eye-popping deal to purchase the land and development rights fell through earlier this fall.

The current bus parking lot at 431 West 33rd Street and two small strips of land straddling Dyer Avenue at 448 West 34th Street total 37,695 square feet, counting the space over the roadway that connects to Lincoln Tunnel. But any interested parties could build up to 490,037 square feet on the property, according to a request for proposals the agency released on Nov. 21.

[…]

The site poses complications for any prospective developers, including a non-refundable $10 million deposit for the winning company and a requirement that the plans for the site include a landscaped through-block public passageway between West 33rd and 34th Streets. Any new buildings stretching over Dyer Avenue would need to extend at least 17 feet over the busy corridor, the request for proposals says.

“A threshold issue is whether to construct a portion of the building over Dyer Avenue using a cantilever, platform or other structure or to avoid construction over Dyer Avenue by locating all development on the vacant land directly east of Dyer Avenue,” the document notes.


#5

Sept 2015


#6

#7

I saw this yesterday at lot22.


#8

Equipment on site of lot22. Not sure if that is new or if they have been sitting idle for a long time?