The Real Deal New York

Posts Tagged ‘moma tower’

  • A rendering of Hines' MoMa tower

    Rendering of Hines’ MoMa tower

    With the purchase of some $85 million worth of air rights from its neighbors and a large construction loan in place, the developer of the long-stalled MoMa supertall tower said it is finally ready to put shovels in the ground.

    Houston-based Hines recently closed on two deals to buy more than 240,000 square feet of development rights from MoMa and the St. Thomas Episcopal Church for its Jean Nouvel-designed, 1,050-foot condo tower 53W53, property records show. The total purchase price worked out to $85.3 million. The 31,389 square feet of development rights from MoMa worked out to about $453 per foot, while St. Thomas’ 210,000 square feet of excess rights came in shy of $340 per foot. The developer declined to comment on the specifics of the transactions. An air-rights expert not affiliated with the deals said they were probably negotiated some time ago at different intervals. [more]

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  • From left: Jean Nouvel, a rendering of 53 West 53rd Street and Liong Tek Kwee (inset)

    From left: Jean Nouvel, a rendering of 53 West 53rd Street and Liong Tek Kwee (inset)

    Hines’ planned 1,050-foot-tall tower next to the Museum of Modern Art has secured about $1 billion in financing, allowing the Jean Nouvel-designed project to move ahead after years of limbo. [more]

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  • The American Folk Art Museum building at West 53rd Street

    The Museum of Moden Art will demolish the much-celebrated American Folk Art Museum building on West 53rd Street to make room for an expansion that will connect to the 1,050-foot Torre Verre, the New York Times reported.  [more]

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  • A rendering of Torre Verre

    Despite rumors that the long-delayed Jean Nouvel-designed 1,050-foot MoMA Tower was nearing construction, the developer has confirmed that the project is still in its financing phase, the New York Observer reported.

    What looked like construction equipment outside the MoMA had led to speculations that the project, officially known as Torre Verre, would finally be breaking ground. However, developer Hines told the Observer that they have yet to secure the financing necessary to begin building. [more]

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  • Hines gets hot in New York

    July 23, 2012 02:00PM

    From left: Tommy Craig of Hines and a rendering of 1045 Sixth Avenue

    Even though the Houston-based Hines secured an agreement with JPMorgan Chase to finance the new 28-story, 450,000-square-foot office tower at Bryant Park, there is still no anchor tenant (note: correction appended). But that doesn’t worry Tommy Craig, senior vice president and partner at Hines’ New York office, according to Crain’s.

    Hines has become to go-to office developer for Morgan Stanley, UBS and Goldman Sachs, Crain’s said. [more]

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    From left: Hines Interests Chairman Gerald Hines, renderings of 56 Leonard Street, 1045 Sixth Avenue and the MoMA Tower

    Already behind the controversial MoMA Tower and a new Bryant Park tower, perpetually under-the-radar real estate firm Hines Interests is undertaking another major project, the New York Observer reported in a lengthy profile, by reviving the stalled 56 Leonard Street condominium project in Tribeca.

    The Herzog & de Mueron-designed 57-story condo was first announced by developer Alexico Group a month before Lehman Brothers collapsed, and even sold four of its planned 145 units. But the recession took the plans for the building down with it, and the site currently has a foundation and little else. Typical of the understated firm, Hines refused to divulge much detail other than to say it would become another of Herzog & de Mueron’s “global landmarks.” … [more]

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  • Jean Nouvel and the Torre Verre

    It seems like architect Jean Nouvel’s Torre Verre, or MoMA Tower, might be back on track, with a spokesperson for developer Hines admitting that the project was back on and imminent, the New York Observer reported.

    Nouvel’s skyscraper, delayed by the financial crisis, was first introduced in 2007 to much critical acclaim. It was slated to be as high as 1,250 feet on land traded by the Musuem of Modern Art to Hines, for $125 million and three floors of galleries in the base of the new building. It would be tall enough to rival the Empire State Building.  City Planning Commission Chair Amanda Burden was less enamored with the tower than others and insisted that 200 feet be knocked off the top, making it smaller than even the Chrysler Building. According to the Observer, Hines has quietly filed a new set of plans with the Department of City Planning, compliant with two special permits that the commission and the City Council approved in 2009. … [more]

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  • Petition filed against MoMA tower

    March 11, 2010 11:10AM

    There could be more trouble brewing for the Jean Nouvel-designed MoMA tower at 53 West 53rd Street. Word has gotten out that the West 54-55th Street Block Association has filed an official petition to the New York State Supreme Court, citing environmental violations and the improper transfer of development rights, according to Curbed. Although it’s not yet clear when the court might make a decision on the petition, the document could put a temporary wrench in the works for the development.

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  • Amanda Burden has been called one of the most influential city planning commissioners in New York’s history. Over the last six months, she has overseen some of the most high-profile decisions in New York real estate: the revised heights of the Dumbo apartment building next to the Brooklyn Bridge and the MoMa tower were her doing, and some say the designer choice for the new Nets basketball arena was largely influenced by her preferences as well. On Wednesday, she’ll win the Urban Land Institute’s J.C. Nichols Prize for Visionaries in Urban Development, an award that, in the past, has gone to Daniel Patrick Moynihan and Gerald Hines. “She’s led the transformation of City Planning to an affirmative tool shaping the future of the city as opposed to an agency that reacts to developers’ proposals,” said John Alschuler, chairman of the economic development consultancy HR&A Advisors. “The sheer scope and scale of their policy reach is very broad.” … [more]

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