The Real Deal New York

Posts Tagged ‘michael stern’

  • From left: Interiors and exterior of 425 West 50th Street

    From left: Interiors and exterior of 425 West 50th Street

    Development firms JDS Development and Property Markets Group plan to bring their Stella Tower luxury condominium conversion to market this month. [more]

  • From left: Walker Tower, Michael Stern and Kevin Maloney

    From left: Walker Tower, Michael Stern and Kevin Maloney

    WEEKENDEDITION Property Markets Group head Kevin Maloney has dropped $11.44 million on a Walker Tower apartment, despite his recent falling out with JDS Development’s Michael Stern. [more]

  • From left: Michael Stern and Kevin Maloney

    From left: Michael Stern and Kevin Maloney

    Michael Stern’s JDS Development and Kevin Maloney’s Property Markets Group have begun construction at the ultra skinny 1,350-foot hotel and condominium tower in Midtown, slated to be the city’s tallest residential tower if all goes as planned.

    The 60-foot-wide SHoP Architects-designed structure, slated to rise at 111 West 57th Street (previously reported as 107 West 57th Street), will stand 100 feet taller than the Empire State Building and is partially situated on a landmarked site. [more]

  • From left:

    From left: Renderings of One57 tower, 432 Park Avenue, 107 West 57th Street and Gary Barnett

    Gary Barnett of Extell Development took something of a pummeling at yesterday’s panel of New Yorkers concerned about the shadows that rising skyscrapers will cast over Central Park. The verbal attacks were not overly surprising, considering Barnett was the sole defender of the construction of the towers. [more]

  • From left: rendering of 626 First Avenue and Michael Stern

    From left: rendering of 626 First Avenue and Michael Stern

    A spokesman for JDS Development has rubbished an allegation that a crane on the site of Michael Stern’s 616 First Avenue development punched a hole in an adjacent school. The Real Deal reported the allegation, which was cited in a complaint filed with the Department of Buildings, yesterday. [more]

  • Michael Stern (inset), a rendering of 107 West 57th Street (Credit: SHoP Architects). and Kevin Maloney (inset)

    Michael Stern (inset), a rendering of 107 West 57th Street (Credit: SHoP Architects) and Kevin Maloney (inset)

    Michael Stern’s JDS Development and Property Markets Group are planning a skinny skyscraper condominium on West 57th Street which will be 100 feet taller than the Empire State Building and even soar over Gary Barnett’s One57.

    The joint venture submitted plans last month to the city’s Landmarks Preservation Commission that call for a roughly 1,350-foot building that, akin to a series of steps, sets back from the street as it rises higher, according to the Wall Street Journal. It is still unclear if the venture has obtained financing for the project, to be located at 107 West 57th Street. [more]

  • A rendering of JDS' East Side project (courtesy SHoP Architects)

    A rendering of JDS’ East Side project (courtesy SHoP Architects)

    Updated, 5:29 p.m, August 2: Michael Stern’s JDS Development is in talks to buy Sheldon Solow’s remaining two parcels of land on the East Side of Manhattan, having earlier purchased one of the parcels for $172.5 million, the New York Times reported. [more]

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  • From left: JDS’ Michael Stern and the Steinway Building and PMG head Kevin Maloney

    UPDATED, 11:32 a.m., Mar. 27: Steinway Musical Instruments, the manufacturer behind the classic pianos, has sold its 109 West 57th Street office building to JDS Development, Property Markets Group and Atlantic Investors LLC for $46 million, according to Law360 and a JDS press release. Steinway runs its flagship retail space from the building, between Sixth and Seventh avenues, and under the terms of the sale can operate there rent-free for 14 months after the deal officially closes.

    The sale of the building, which has 247,000 leasable square feet, is slated to close in the second quarter.  At that time, Steinway will look for new showroom digs in Manhattan, chairman and CEO Michael Sweeney told Law360 in a statement. He said the search should take a year. [more]

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  • Echo Aventura. Inset: Kevin Maloney

    From the South Florida site: Young women in flowing pastel chiffon, Cirque du Soleil acrobats shimmying down silken ropes to pour champagne, a violin-and-drum duet, ceviche de Peru, seaweed salad, California rolls, crab cake sliders, ice cream sundaes and cocktails galore — all to entertain the crowd of smartly dressed party-goers who gathered in a see-through tent at the site for Echo Aventura, a $160 million luxury condominium going up on Biscayne Bay just outside of Miami. [more]

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  • Michael Stern

    In his most ambitious project to date, Michael Stern’s JDS Development has paid $170 million for a full block on First Avenue that he plans to convert into a luxury apartment development, the Wall Street Journal reported.

    The 33-year-old Stern purchased the complex, located between East 35th and East 36th Streets, in partnership with hedge fund Baupost Group, sources familiar with the transaction told the Journal. “The neighborhood is crying out for something modern and upscale,” Stern, who hopes to break ground on the $600 million project this summer, told the Journal. “It really is a chance to shape the skyline.”  [more]

  • Walker Tower penthouse interior

    Developers of condos in Manhattan are responding to steeply escalating demand by raising prices on unbuilt units as often as twice a month, Bloomberg News reported. At the same time that home sales hit a decade high in the fourth quarter, Manhattan’s inventory of homes for sale dropped to its lowest levels in at least 12 years, according to appraisal firm Miller Samuel…. [more]

  • Skinny apartment towers on the rise

    November 16, 2012 08:30AM

    One Madison Park

    They say you can never be too rich or too thin — real estate is no different. Increasingly skinny apartment towers are growing all over New York City, the Wall Street Journal reported.

    While generally residential towers have been at least 10,000 square feet wide, these days architects are eschewing that convention, the paper said. For example, 432 Park Avenue, designed by Rafael Viñoly, is expected to have approximately 8,250-square-foot floors, while One57 has floors as small as 6,240 square feet. And, towering above Madison Square Park, is the Cetra/Ruddy-designed One Madison Park, with its tiny 3,300-square-foot floors. [more]