CBRE's Bob Alexander and Hudson Yards rendering
Luxury retailer coach has expanded its presence at Hudson Yards, the New York Post reported, and agreed to purchase an additional 150,000 square feet on top of the 600,000 for which it already signed. Under the terms of its agreement with developer Related Companies, which is down to “paper details,” Coach can add another 100,000 feet to bring its total to 850,000, or one-half of the forthcoming 46-story building’s 1.7 million square feet. [more]
The Related Companies has secured a $200 million construction loan for a 30-story apartment house on a lot on West 30th Street and 10th Avenue it’s developing with partner Abington Properties, Crain’s reported. The loan is slated to close in early 2012.
The 400-unit property, located close to Related’s Hudson Yards project, will be constructed under New York State’s 80/20 program. It was not immediately clear when the building would be completed, though sources said it would most likely be before the Coach building at Hudson Yards opens in 2015. [more]
The Related Companies reimagined the design of the first phase of its Hudson Yards project this past summer, the Wall Street Journal reported, after Chairman Stephen Ross became disenchanted with the original renderings.
“I could tell that Stephen wasn’t in love with it,” Jay Cross, who oversees the West Side project for Related, told the Journal. “He felt he wanted the buildings to be more dramatic. And we found that the marketplace was looking for bigger buildings.”
The initial design, by William Pedersen of Kohn Pedersen Fox Associates architecture firm, featured three strictly rectangular steel office towers, the shortest in the middle. [more]
From left: Rendering of Hudson Yards and Related CEO Stephen Ross and rendering of Manhattan West and Brookfield CEO Ric ClarkIn their efforts not to fall behind one another in the development of massive West Side sites, Related Companies and Brookfield Office Properties each plan to begin construction at its property early next year, the Wall Street Journal reported.
At Hudson Yards, at the LIRR storage area between 10th and 12th avenues and 30th and 33rd streets, Related is close to an agreement with Coach for 600,000-square-feet in the first building set to rise at the sites southeast corner. But financing for the building may not be complete until the developer can ink another tenant. [more]
Time Warner is in talks with the creator of its Columbus Circle namesake for another new headquarters on Manhattan’s Far West Side. According to the Wall Street Journal, the Related Companies is pitching Time Warner on a piece of its $15 billion Hudson Yards development project, less than 10 years after the company moved into its Time Warner Center headquarters. Related, which built the Time Warner Center, is now said to be offering Time Warner the chance to save money and consolidate operations with a move to Hudson Yards, where the developer is planning 12.9 million square feet of office, retail and residential space and has been on the hunt for corporate anchor tenants in order to begin construction. Comments
The purses and shoes of Coach may be heading to Hudson Yards. The Post reports that the New York City-based company is looking for a new corporate headquarters as large as 600,000 square feet and has been in “very serious” talks with the Related Companies about the prospect of building a new one from scratch on the 26-acre West Side site. Coach, which is said to have around $1 billion in cash on hand, is currently located at 516 West 34th Street, the 265,000-square-foot building it owns and once used for manufacturing. [more]
From the November issue: In the fall of 2008, real estate broker Michael Garr was approached by a former client who had bought a large apartment in a tony building the previous spring. The client, who worked in finance, needed to downsize to a less expensive place after the Lehman fallout. But there was a catch: Garr had to keep the plan a secret, because the client hadn’t yet told his wife he was facing financial difficulty. “He didn’t want to upset her and the kids,” said Garr, the founder of Garr and Co., which was acquired this year by the residential brokerage Core. “He wasn’t going to consult her until he had some options.” High-end brokers have always prided themselves on being discreet. But like Garr, many are finding that secrecy has become more important than ever. “Whisper listings” — properties that are for sale, but not officially on the market — are becoming more common, as sellers seek to avoid the perception that they are unloading properties because of financial distress. Also known as “quiet listings,” they are often among the most expensive properties in the city.
