Developer Durst Fetner Residential is abandoning hotel plans as well as cutting the height of its planned high rise at 855 Sixth Avenue three blocks south of Herald Square. [more]
Posts Tagged ‘durst fetner’
Real estate heir Robert Durst has gone to court in an attempt to get the investigative files on his missing wife whom he was suspected of killing more than 20 years ago, the New York Daily News reported.
Durst, brother of Durst Fetner head honcho Douglas Durst, argued that the investigation has stagnated and that there is no longer any reason for the Manhattan Surrogate Court to hold more than $80,000 in life insurance left by Kathleen Durst, missing since in 1982 and presumed dead. [more]
The City Council’s Land Use Committee approved Durst Fetner Residential’s development at 625 West 57th Street, a 32-story, 753-unit pyramid-shaped development in Hell’s Kitchen near the Hudson River, Crain’s reported…. [more]
Final City Council approval for Durst Fetner Residential’s development at 625 West 57th Street is being stymied by a dispute over an affordable housing provision, Crain’s reported. The council was expected to vote Tuesday on the fate of the 32-story, 753-unit pyramid-shaped development in Hell’s Kitchen near the Hudson River, which had received approval from the City Planning Commission in December. But the affordable housing issue pushed the meeting to today. As part of the city’s 80/20 program, 150 units are slated to be affordable, a provision for which Durst Fetner received tax abatements…. [more]
The City Planning Commission yesterday approved Durst Fetner Residential’s 625 West 57th Street, a 753-unit development at the Hudson River, the New York Observer reported.
The striking pyramid design, by Bjarke Ingles Group, includes a central terrace that is almost the size of a football field, the Observer said. [more]
More than a year after unveiling plans for a pyramid-shaped building on West 57th Street near the West Side Highway, Durst Fetner Residential will begin carrying the plans through the land-use review process. According to the Wall Street Journal, the developer will start the seven-month effort, which includes votes by the City Planning Commission and City Council today. [more]
Contrary to previous reports, Ian Schrager will not bring a Public Hotel to Durst Fetner Residential’s Herald Square development site, the New York Post reported. A Durst spokesperson said the partnership “couldn’t make the financials of the deal work” for 855 Sixth Avenue, at West 30th Street, and that the developer is in talks with other hotel brands instead. A design won’t be finalized until a hotel is on board. [more]
American International Group, usually known as AIG, is jumping back into the real estate investment game after years of trying to minimize its real estate business in the wake of the firm’s near collapse and bailout in 2008, the Wall Street Journal reported. AIG, which received more than $90 billion from the government to keep it afloat during the financial crisis, had been selling off the assets in its $24 billion real estate portfolio, which features trophy properties from around the world. [more]
A foreclosed, abandoned and stalled waterfront construction site in Long Island City, Queens, shows little sign of progress, the Daily News reported.
Property owners Baruch Singer and Marshall Weisman have reportedly spent the past eight years cleaning the site, a former oil refinery located at 44-02 Vernon Boulevard, by removing contaminated soil and treating water. [more]
A trio of Upper East Side developments will test the traditional northern boundary for luxury buildings, the Financial Times reported.
The projects — 1280 Fifth Avenue, 4 East 102nd Street and 1212 Fifth Avenue — will test the East 96th Street line Manhattanites have long considered the separation between the Upper East Side and Harlem. But the new developments offer the amenities of buildings to the south and all three were designed by “brand-name” architects. While 1280 Fifth Avenue and 4 East 102nd Street are new developments, by Brickman and Durst Fetner Residential, respectively, 1212 Fifth Avenue is a conversion.
The Robert Stern-designed 1280 Fifth, the furthest north, at 109th Street, is anchored by the African Museum of Art. … [more]
Ian Schrager will bring his first Public Hotel to New York at a Herald Square site being developed by Durst Fetner Residential, the Wall Street Journal reported. The plan calls for a 250-room hotel on the 16 lower floors of a Cook + Fox Architects-designed 56-story residential building at 855 Sixth Avenue near 30th Street.
Schrager is famous for pioneering the boutique hotel concept, but with the Public line, one of which recently opened in Chicago, the hotelier plans to build more value-oriented hotels.
“The boutique [hotel market] is overcrowded now and very competitive,” Schrager said. “People are now just replicating someone else’s idea, only in a different color.” … [more]
Fifth Avenue north of 96th Street is finally becoming a developed, mature neighborhood, according to the Wall Street Journal.
Long home to middle-class residents, many of whom were employed by nearby Mount Sinai Medical Center, the area between Carnegie Hill and Harlem had resisted the luxury and expensive development that proliferated to the south. Now the area is home to new condominiums, foreigners buying in to those buildings and new museums. The only trailing component is retail. … [more]
Since 2005 an average of 3,800 new condominium units have hit the New York City market each year, but in the first half of 2011 just 278 units hit the market. The New York Post reported that that’s about to change.
According to figures from Corcoran Sunshine Marketing Group, 833 new condo units will hit the market in the second half of 2011, and over the next three-and-a-half years some 5,250 units will hit the market.
“People are sort of coming out of hibernation,” Town Residential’s Reid Price, a broker who specializes in new developments, told the Post…. [more]
From left: Durst Fetner CEO Harold Fetner, 1212 Fifth Avenue, West 57th Street pyramid and the 855 Sixth Avenue parcel
The first unit at 1212 Fifth Avenue is in contract, the West 57th Street pyramid is continuing as planned and construction will begin at 855 Sixth Avenue next April, Harold Fetner, president and CEO of Durst Fetner Residential, an affiliate of the Durst Organization, said in an interview with the New York Observer.
The 1212 Fifth Avenue project, which called for a complete gut renovation of the pre-war building at East 102nd Street, will open its accompanying sales office “any day now,” Fetner said, but he’s already seen interest in the apartment from 500 people on a waiting list to tour the units, and even accepted an offer last night. … [more]
A state court judge handed a victory to Durst Fetner Residential this week,
removing a nagging legal speed bump the developer was facing at its large
Herald Square site.
The legal cloud has hovered over the property at 855 Sixth Avenue since 2006,
when two real estate investors sued a group of developers led by Baruch Singer over a failed partnership bid to acquire a portion of the site.
Durst Fetner became involved in the dispute after it bought the defaulted note for about $104 million from iStar Financial and took title in December 2010 from owners Tessler Developments and the Chetrit Group.
Durst Fetner Residential has chosen Danish architectural firm BIG-Bjarke Ingels Group to design West 57th, a 600-unit residential building on West 57th Street between 11th and 12th avenues, BIG’s inaugural North American project. The building will be a hybrid design blending the European block look with a traditional Manhattan high-rise courtyard building. Residential units of different scales will be located on a podium with cultural and commercial space. The building, which has a sloping roof, is also seeking LEED Gold certification. When viewed from the West Side Highway, the building appears to resemble a warped pyramid, while it looks like a slender spire when seen from West 58th Street, according to BIG. TRD… [more]
Durst Fetner Residential and Mount Sinai hospital have signed an agreement to redevelop an apartment building at 1212 Fifth Avenue, build
another tower for the hospital, and oversee the development of the
adjacent apartment building on East 102nd Street. S. Russell Groves
will design the renovated 1212 Fifth Avenue, which will include two-
and three-bedroom condominium units. Any of the building’s current nine
tenants who move out during construction will have his apartment
remodeled and will be offered the opportunity to purchase his unit,
DFR’s Hal Fetner said. The deal between Mount Sinai and DFR, a
partnership between the Durst and Fetner families, is expected to close
in September…. [more]