In the News: 20-story building for Broadway and Thomas

20-STORY BUILDING FOR BROADWAY AND THOMAS
The little taxpayer on Broadway and Thomas is being developed by United American Land (I believe they also own the XXX bank at Canal and Broadway) with Morris Adjmi as the architect of record, according to YIMBY. Permits have been filed for a 20-story mixed-use building at 317 Broadway that will yield 82,524 square feet, with 64,549 square feet designated for 76 residences space and 5,787 square feet for commercial space.

LAWSUIT OVER 45 PARK PLACE
The developer of the supertall 45 Park Place — Sharif El-Gamal — sued Malaysia’s biggest bank for reneging on agreements to provide $162 million in construction loans, according to Bloomberg. “El-Gamal is seeking an award of more than $245 million, which he says is the projected net sell-out value of the property…The residential units at the building have been priced at an average of over $3,000 per square foot.”

WEWORK CLOSING ITS ORIGINAL SOHO LOCATION
WeWork is closing its 3000-square-foot location at 154 Grand — the first opened by co-founders Adam Neumann and Miguel McKelvey 10 years ago. –The Real Deal

A LOOTING ROUND-UP
City Limits got in touch with all the community boards in the city (though CB1 did not respond) to do an overview of the looting and damage to storefronts.

 

15 Comments

  1. Instead of a new 20 story building in an area where people are fleeing faster than ever, why not invest in actual local businesses that have been crippled?

    I guess there is no buddy buddy tax breaks and easy money for that concept and the developers will still make out even if the place is half full at best.

    How could anyone think more construction for more space is needed in these times?

    • I agree. This is laughable. How can they even think of moving forward with this project right now? No one will be able to sell the apartments that already exist in this neighborhood, the last thing we need is more apartments.

    • Do you all think that this 20-story building will be built in a day? In fact, this is a great time to build if you think you will have a market in 1-2 years. Construction labor is cheap as people are just trying to secure work at this point.

      I’m bullish on NYC long-term. Yes, we will see a flee in the short-term, but it may have just accelerated people’s plans to leave NYC anyway. Most likely property values will reflect a short-term decrease as the market may be flooded with sales (supply and demand) which may actually give opportunity to a new round of buyers who also believe in NYC.

      Your arguments lead me to believe you may be property owners in fear of your own investment. A reminder that your purchase was just as much a financial risk as these developers, and in a free market, they, as you, are allowed to spend your capital as you see fit.

      • Let me also add that having an empty McDonald’s that attracts graffiti and other illicit acts that happen around abandon buildings, is in no way better than having a new development on that corner.

      • But real estate was drowning before the virus and flight. Most already built projects were really struggling. Now you have half sold towers that have to sell apartments while competing with original buyers getting out. It’s laughable not think this new project will make any money for 5 possibly 10 years. What kind of real estate loopholes exist for developers that makes this a smart course of action?

        It makes no sense

        • I think what DB was getting at, though, is that it’s not really your decision as to whether or not they undertake that risk. You could be right that they may not make a profit for 5 (or 10) years, but A) this is probably built into their projection models, and B) that’s a risk they’re seemingly willing to take.

          Beyond that, this also assumes that Tribeca won’t recover, and I am not nearly so pessimistic. It’s a highly desirable place to live, for many reasons. And city vacancy rates at large don’t necessarily tell the whole story. Would I like to live in a glass tower on 57th street? Not at all, and I wouldn’t. Had I the means, would I like to buy a condo in Tribeca, even now? Certainly. Though my preference would be to the west of Broadway. :)

          The neighborhood may not be oversupplied just because some other parts of the city may be.

          • Correct, as long as they are following zoning laws, there is very little you can do to block a development. Sure you can be a pain in the butt in the design approval process at the community board level (eye roll), but it’s going up if they have the funding.

            Tribeca is still an extremely desirable place to live, especially if you work downtown. Maybe even more so now as you can walk to work and avoid public transportation when offices open back up. I think folks are freaking out about their property values, which is definitely a concern in the short-term, but unless you want out now, you’ll be fine.

          • No offense but it sounds like you’re talking up your book, are you in real estate by chance?

            Tribeca prices are not going up in the medium to long term, it’s obvious how much pressure there was before covid. While it may be a nice place to live, more empty towers certainly don’t help anything. I just don’t understand what laws are in place that make this attractive to developers while the rest of us lose our shirts, have to pay more taxes, and have our quality of life decline. Yet there’s no bail outs for restaurants and other mom and pops that actually add to the neighborhood a whole lot more than empty glass and steel

  2. Agree with DB, but I thick the reality timeline is more like 3-4, maybe even 5 years. There is no rush, and American Land is an experienced developer.

  3. They demolished the building across from Gourmet Garage (corner of Franklin and Bway). Will be another condo building taking its place (Erik had a post about the plan a few years back).

    • Yes, and you now get a once in a lifetime vantage point of the Bernard Semel building from the west side of Broadway. It is a gorgeous building, go check it out!

  4. No one will regret the demolition of the McDonald’s eyesore at the corner of Thomas and Broadway the way many did when the cast iron building that stood there was demolished in 1971 to make room for it. That was before landmark preservation laws for the area came into effect. It was unique because it was one two identical buildings across from one another on that corner. They were known as the Thomas Street Twins. The other, thank goodness, still exists and is protected.

    Wouldn’t it be lovely if the architects of the new building could somehow reference the old cast iron building into its design? But of course that kind of historical consciousness and ingenuity is way too much to ask of any self-absorbed architectural firm these days.

  5. Thank you Mr. Bacon for you excellent historical perspective.
    The Thomas Street Twins were unique; sadly that loss was followed by many more as the area’s unprotected buildings have been demolished or altered.

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