Developers DDG and Hudson Companies, along with The Real Deal, sponsored University of Virginia architecture students on their journey to New York City to put together plans for one of each developer’s residential sites in the city. See the plans after the jump.
Posts Tagged ‘hudson companies’
Hudson Companies is tapping HOK Architects to design the new $225 million Urban League Empowerment Center in Harlem, the developer’s principal, David Kramer, told The Real Deal. HOK has released an additional rendering of the massive glass-walled facility, which towers above the area’s other structures, with three large garden terraces. [more]
DDG and Hudson Companies have partnered with architecture students at the University of Virginia, who will put together plans for one of each developer’s residential sites in New York City. UVA’s “vertical neighborhoods” undergraduate class met the developers for the first time Sunday night at a cocktail party hosted by The Real Deal’s Amir Korangy, who put the companies in contact with the class. [more]
A consortium of developers, community groups and businesses that lost a bid to develop a massive project on Harlem’s 125th Street is crying foul, the Wall Street Journal reported. [more]
Hudson Companies, the development firm behind the Riverwalk neighborhood in Roosevelt Island, is keeping a hand in the game in Brooklyn. The company, which previously developed projects such as Third + Bond and the J Condominium at 100 Jay Street, has filed plans to build a 254-unit mixed-use building at 626 Flatbush Avenue in Prospect Lefferts Gardens, according to Department of Buildings records. [more]
The Pratt Institute, the private art college based in Brooklyn, has purchased a 34,700-square-foot development site approved for a 17-story residential tower for $13 million, according to public records filed with the city today. The site, at 131 Emerson Place, is a block from the institute’s main campus in Clinton Hill. [more]
New development by Hudson Companies on Roosevelt Island is underway that aims to make the island a residential destination, Hudson principal David Kramer told the New York Times.
Hudson is behind the development of the Riverwalk neighborhood in Roosevelt Island. As The Real Deal reported in the March issue, the complex will comprise nine buildings. Kramer told the Times that six of them are currently complete. One of them is Riverwalk Crossing, a rental building designed in cooperation with Related Companies, which is now fully leased. [more]
The North Park Apartments, a 123-unit Section 8 affordable housing complex on the Upper West Side, will remain affordable for at least the next 30 years thanks to a $36 million financing award from the city for the Related Companies to use towards renovations.
According to Crain’s, Related last gut-renovated the five-story complex at 20 West 102nd Street in 1983, when it was converted into an affordable housing project. Now fully occupied, the building will get new bathrooms, fixtures and floors, as well as improvements to the mechanical systems.
Proceeds raised from the $27.8 million in tax-exempt bonds and $8.1 million in recycled tax-exempt bonds will translate into roughly $55,000 worth of upgrades per unit, according to the city’s Housing Development Corp. … [more]
Purchase terms for unit buyers have been set at Cobble Hill Towers, the Hudson Companies and the Cobble Hill Towers Tenant Association announced today. Hudson is in the process of converting the historic landmark building, at 431 Hicks Street, to condominium ownership through a non-eviction plan. As a result of the settlement, residents will be able to purchase their units at a substantial discount, and it is expected that over 30 percent of the residents will purchase their units or agree to a buyout. An additional 25 percent of the units are available for sale to the public through the Corcoran Group. TRD… [more]
Sales are picking up at Related Companies and the Hudson Companies
condominiums known as Riverwalk — six of nine planned buildings that
sprouted on Roosevelt Island in the last several years. The
two-mile-long strip of land in the East River has become increasingly
residential, even though it has fallen short of the developers’
original “lofty targets,” the Wall Street Journal reported. Related
says more than 70 percent of the 123 condo units at Riverwalk have been
sold, although some are still on the market for less than their
original asking prices. A new 242-unit rental building is nearly full,
and the developers are phasing out earlier concessions like a month of
free rent. In 2007, a wave of new stores came to the Island, including
Starbucks, Duane Reade and several restaurants, The Real Deal reported. [WSJ]
Hudson Companies has been using a unique strategy to market its latest project, Third and Bond, a 44-unit development at 103-115 Third Street and 404-406 Bond Street on the eastern edge of Carroll Gardens. Since August 2007, Alison Novak, a senior project manager at Hudson, has been blogging on Brownstoner about the process of building and marketing the development, according to the New York Times. Last Thursday marked the 132nd week of Novak’s entries on the site, chronicling the building’s progress. The commenters have served as a kind of focus group for the project. “I’ve frankly been really surprised at how transparent it is,” said John Payne, a landscape designer who recently signed a contract for a one-bedroom at Third and Bond. “If something doesn’t go well, guess what, they lay it out there.” The transparency approach seems to be effective, although it is hard to verify. The project is now 20 percent sold after opening early this spring, said Leslie Marshall of the Corcoran Group, who is handling building sales with a fellow Corcoran senior vice president, James Cornell. Prices per square foot are in the $720 range, with unit prices ranging from $311,500, for a studio, to $1.38 million for a three-bedroom. [NYT]
New York University has spent $134 million to buy a 190,000-square-foot building at 120 East 12th Street in Greenwich Village, approximately a year into its 30-year lease with Hudson Companies, according to a tip from PropertyShark.com. The school had been using the East 12th Street Hudson-owned building called Founders Hall, with whom the school had designed the 26-story structure, as a 733-bed dorm. The school signed a lease December 2008, with an option to buy, and students moved in in May 2009. NYU plans to continue to use it for that purpose, said John Beckman, a school spokesperson. The deal, which closed Jan. 21 and was filed with the city two days ago, comes on the heels of the school’s $65 million purchase of the Forbes building at 60 Fifth Avenue. The school has been working on a long-term expansion plan, according to a written statement released earlier this month from Michael Alfano, an executive vice president of NYU. The expansion will rely on “community-oriented planning principles,” Alfano said, with an “emphasis on acquiring existing structures rather than resorting to new construction.” Once the home of St. Ann’s Church, Hudson purchased the East 12th Street lot in 2004 and developed the space, while maintaining the original building’s façade. Alan Bell, a principal with Hudson, said that the company had considered constructing a condo and hotel in the space, but scrapped that plan when it was approached by NYU and the New School. … [more]
A 1.2-acrea swatch of land in Jamaica Bay is set to become a waterfront park, after initial plans to transform it into a space for private developments was scrapped. Trust for Public Land, a non-profit conservation group, purchased the land from Hudson Companies, which had planned to build 20 homes on the site. The group purchased the land for $1.925 million, with additional funds provided by the Port Authority of New York and New Jersey, before immediately donating it to the city for public use. Alan Ball, one of the owners of Hudson Companies, said that his group was happy with the outcome of the deal. “We had no debt on the property, and we could have held on to it pretty easily, so we said we might as well cut bait and move on,” Ball said. “Moving this project to the Trust for Public Land was a very good thing to do.”
It must have been a very bad dream, which lasted the entire year. Yet
it actually happened: little or no activity took place in commercial
real estate in 2009. For those investment sales brokers who were so busy in 2006 and 2007
making mucho dinero, 2009 was a time to travel to Bora Bora for a
vacation since business was nonexistent. A leading sales broker, who preferred to remain anonymous, shared his struggle over the past year. “I was lucky,” he said. “I had one sale during the year. It was the
sale of a retail condominium in the Village. Two years ago I was the
broker of the year at my firm and now I have enough to pay for
Starbucks.” Another senior investment broker didn’t sound any more optimistic. … [more]
With the Federal Housing Administration struggling to meet its reserve fund regulations, city developers were holding their breath, hoping that the organization, which allows apartment buyers to put as little as 3.5 percent down, would continue to back loans. The organization’s troubles have shed new light on the importance of FHA, which some city developers say has become integral to the financial security of the condo business. “If you asked me about FHA a few years ago, I would have looked at you funny,” David Kramer, principal of the Hudson Companies, the developer of FHA-approved condominium Third + Bond in Carroll Gardens, said. “Now we have gotten involved in making sure that as many financing options as possible are available for buyers, and that is where FHA comes into play.” In the wake of the FHA’s financial woes, regulators have chosen to actually loosen standards, Crain’s reported, with condos needing just 30 percent of units pre-sold, as opposed to 50 percent, to qualify for FHA as of Dec. 7.