{"id":386229,"date":"2021-12-27T01:12:43","date_gmt":"2021-12-26T22:12:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nyc-developers-poised-but-hesitant-to-break-ground-on-slew-of-projects\/"},"modified":"2021-12-27T01:12:43","modified_gmt":"2021-12-26T22:12:43","slug":"nyc-developers-poised-but-hesitant-to-break-ground-on-slew-of-projects","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nyc-developers-poised-but-hesitant-to-break-ground-on-slew-of-projects\/","title":{"rendered":"#NYC developers poised \u2014 but hesitant \u2014 to break ground on slew of projects"},"content":{"rendered":"<p>&#8220;<strong>#NYC developers poised \u2014 but hesitant \u2014 to break ground on slew of projects<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Steve Cuozzo\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=38 38w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/>      <\/div>\n<\/div>\n<\/aside>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>A whole new Manhattan skyline will emerge when a dozen-odd planned new projects that have yet to break ground hoist their final I-beams.\u00a0The big question is: Which, if any, of them will actually start construction in 2022?<\/p>\n<p>A glance at the wish-list\u00a0gives no hint that the city\u2019s real estate destiny, including the fate of tiny apartment buildings, might depend on beating a pandemic that shows no sign of abating.<\/p>\n<p>But developers made their moves years ago. They bought land and air rights, cobbled together financing and signed architects. Some nailed down city zoning and other <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>rovals. Some demolished old structures in the way of their ambitions.<\/p>\n<p>But it\u2019s a long way from those crucial steps to bringing in the backhoes and shovels. Here\u2019s a look at where some of the future jumbos are right now:<\/p>\n<p>The mega-tower planned for the Grand Hyatt Hotel site on East 42<sup>nd<\/sup>\u00a0Street \u2014 known as\u00a0175 Park Avenue\u00a0\u2014 got its governmental green light his month when the City Council\u00a0approved a zoning change to allow construction of the $3 billion-plus mixed-use mammoth rising to 1,575 feet.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/madison-avenue-construction.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"An image of 343 Madison with construction scaffolding\" class=\"wp-image-20620634\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/madison-avenue-construction.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/madison-avenue-construction.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/madison-avenue-construction.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>At 343 Madison Ave., the former MTA headquarters, Boston Properties plans a 1,050 foot-tall tower.<\/figcaption><figcaption><span class=\"credit\">Google Maps<\/span><\/figcaption><\/figure>\n<\/div>\n<p>To exploit East Midtown size-bonus rules, developers RXR Realty and TF Cornerstone will pay for and build hundreds of millions of dollars in Grand Central-area transit\/pedestrian improvements and also provide 25,000 square feet of free-to-the-public outdoor terraces programmed for arts and cultural uses.<\/p>\n<p>But don\u2019t look to the sky just yet. A spokesman told us, \u201cNow that the entitlement process is complete, the developers will spend next year arranging construction financing and reaching out to potential tenants, with plans to start demolition in 2023.\u201d<\/p>\n<p>Nearby in the Grand Central area, demolition has begun at\u00a0343 Madison Avenue, the former MTA headquarters. Boston Properties plans a 1,050-foot-tall tower with more than 800,000 square feet of offices and significant retail. It will also feature numerous underground pedestrian connections to Grand Central Terminal \u2013 which Boston is providing in exchange for a size bonus under new East Midtown rezoning rules. The project received its City Council green light last month.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"901\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/miysis_3d_som_415_madison_camera4_final.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Illustrative rendering of the exterior of 415 Madison Avenue\" class=\"wp-image-20620708\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/miysis_3d_som_415_madison_camera4_final.jpg?quality=90&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/miysis_3d_som_415_madison_camera4_final.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/miysis_3d_som_415_madison_camera4_final.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/miysis_3d_som_415_madison_camera4_final.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Rudin Management is making way for 415 Madison Ave, seen here in an illustrative rendering.<\/figcaption><figcaption><span class=\"credit\">SOM<\/span><\/figcaption><\/figure>\n<\/div>\n<p>However, there\u2019s no word yet on when ground-up construction will begin.<\/p>\n<p>West 57<sup>th<\/sup>\u00a0Street between Fifth and Seventh avenues \u2014 aka Billionaires Row \u2014 is without question the most active location for major new projects. Awaiting their marching orders are the empty lots at\u00a041-47 W. 57th\u00a0and\u00a012 W. 57th St., as demolition proceeds one block west at\u00a0125 W. 57th\u00a0St.<\/p>\n<p>The No. 125 site was home to the Calvary Baptist Church and the Salisbury Hotel. As we reported in June, the church will be restored and enlarged when a new, 26-story mixed-use tower developed by Alchemy-ABR Investment Partners, financial partner Cain International and the church itself is finished in 2024.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/grand-hyatt-hotel-02.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A Hyatt sign\" class=\"wp-image-20620742\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/grand-hyatt-hotel-02.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/grand-hyatt-hotel-02.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/grand-hyatt-hotel-02.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The tower at 175 Park will mean a remade Grand Hyatt.<\/figcaption><figcaption><span class=\"credit\">James Messerschmidt for NY Post<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Ground-up construction is to begin soon on the $350 million project once demolition, now underway, is complete. The new tower will include 185,000 square feet of office space. It was delayed when a lender pulled out\u00a0in March 2020, forcing Alechemy-ABR to find new financing, but all the hurdles have been cleared.<\/p>\n<p>Between Fifth and Sixth avenues, the company founded by Sheldon Solow is demolishing old structures to make way for\u00a012 W. 57<sup>th<\/sup>, a 670-foot-tall, white marble\u00a0luxury condo tower with a retail base, designed by SOM architects. Two buildings are yet to be razed, including the original Henri Bendel address. Solow passed away in November 2020, but his son Stefan Soloviev, who reorganized the various Solow entities under the new umbrella of Soloviev Group, seems no less eager to build.<\/p>\n<p>Meanwhile, excavation is expected to begin soon at another large site, 41-47 W. 57<sup>th<\/sup>, where developer Sedesco plans an 1,100-foot-tall mixed-use tower with 119 condo units, a 158-room hotel and a large restaurant. YIMBY reported last week that thanks to an agreement with the MTA, Sedesco is to receive an acre of extra floor space in exchange for building new, disabled-accessible elevators for the 57<sup>th<\/sup>\u00a0Street F train station.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/57th-street-construction.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A vacant lot along 57th Street\" class=\"wp-image-20620720\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/57th-street-construction.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/57th-street-construction.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/57th-street-construction.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A number of 57th Street projects are awaiting marching orders.<\/figcaption><\/figure>\n<\/div>\n<p>Meanwhile, Rudin Management is gearing up to demolish an\u00a0old building at East 48th Street to make way for\u00a0 415 Madison Ave., a planned 605-foot tower with 343,100 square feet of\u00a0office space. Rudin first needs city approval for an air rights transfer and for a size bonus in exchange for transit\/pedestrian amenities \u2014 not unlike Boston\u2019s plan for 343 Madison. The project will include a retail pavilion and a public concourse. A Rudin rep said, \u201cThey\u2019re working to complete ULURP early next year.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/12\/26\/nyc-developers-poised-but-hesitant-to-break-ground-on-slew-of-projects\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#NYC developers poised \u2014 but hesitant \u2014 to break ground on slew of projects&#8221; A whole new Manhattan skyline will emerge when a dozen-odd planned new projects that have yet to break ground hoist their final I-beams.\u00a0The big question is: Which, if any, of them will actually start construction in 2022? A glance at the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":386230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/sized-175-Park-rendering.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[122634,72881,72452,4952,71226],"class_list":["post-386229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-26-21","tag-commercial-real-estate","tag-grand-central-terminal","tag-manhattan","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/386229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=386229"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/386229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/386230"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=386229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=386229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=386229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}