225 West 57Th Street

• March 2016: New York New Developments
• New Developments Joseph Beninati's Bauhouse Group filed Friday for Chapter 11 bankruptcy for the LLC entity that owns the 3 Sutton Place development site in Midtown. There is an upcoming foreclosure auction by Gamma's who holds more than $180 million in debt on the property at 426-432 East 58th Street. Bauhouse defaulted on nearly $129 million in loans last month that it had received from Gamma, led by Richard Kalikow, for its planned 68-story, Norman Foster-designed condo tower, also known as 3 Sutton Place. The $4 billion World Trade Center Transportation Hub is about to open. It will connect to …
  
  
• November 2013: NY New Developments
• NY New Developments Harlem's rapid development and emergence as a viable tourist and business destination has suddenly led to a spike in the demand for hotels in the area, so much so that the neighborhood is now short of about 1,500 hotel rooms. Even future growth in the hotel industry will not be able to meet demand. Although two hotels are in the works with a 210-room property near the old Victoria Theater on 125th Street and a 230-room property near Columbia University's West Harlem expansion. The Landmarks Preservation Commission has recently voted in favor of the Nordstrom tower cantilever, …
  
  
• September 2013: Manhattan New Developments
• Manhattan New Developments Architect Santiago Calatrava has been chosen to design the newGreek Orthodox Archdiocese Church of St. Nicholas at 130 Liberty Street. It will sit just south of the site of the World Trade Center Transportation Hub that the architect also designed..Sheldon Solow clock is running out at his long-dormant, six-acre lot between East 38th and East 41st streets on First Avenue. Mr. Solo could lose his permits and public approvals for a $4 billion project if he does not build a foundation for the office building or one of several apartment towers by this November.The battle to secure …
  
  
• July 2013: New York City New Developments
• New York City New Developments Internet radio provider Pandora Media has slated a 52,450-square-foot lease at 125 Park Avenue. Warner Music Group is looking at a 225,000-square-foot space at 7 West 34th Street. Warner currently has space at 75 Rockefeller Center, and faces a deadline with its lease expiring next year. Still, the company is also looking over options to move elsewhere.Planet Fitness gym has inked two Manhattan leases in a city expansion effort. The largest contiguous block of class A office space in Midtown will soon come available at 1221 Sixth Avenue. About 537,000 square feet of space will …
  
  
• April 2013: Manhattan New Developments
• Manhattan New DevelopmentsThe Hudson Yards area is shaping up to be something of an office-{dynamic_word2} battleground, with the Moinian Group, Extell Development, the Related Companies and Brookfield Office Properties hunting for office tenants. Moinian's proposed 1.8 milllion-square-foot 3 Hudson Boulevard. Related's under-construction, 1.7 million-square-foot Coach building at 10th Avenue and 30th Street; and Brookfield's planned Manhattan West, which could bring 5.4 million square feet of office and residential space to Ninth Avenue. Extell has also proposed a 1.7 million-square-foot tower in the area dubbed 1 Hudson Yards. Peebles Corporation will pay $160 million for 346 Broadway, a 13-story building. Peebles …
  
  
• January 2013 NY New Developments
• NY New Developments Starchitect Norman Foster’s plans for the renovation of the New York Public Library flagship on Fifth Avenue were revealed, with features including a multi-level atrium, Bryant Park views and a teen center. Project construction will kick off this summer and will be completed in 2018. A long-stalled Midtown construction site has started construction again on a residential project at 325 Lexington Avenue. Permits for construction were renewed in July 2011. The new plans call for a ground floor restaurant and bar, 103 apartments with two full-floor penthouses, a club room and a fitness center. Construction may have …
  
  
• December 2009 New York New Developments
• New Developments Commercial lenders did not throw out all of their standards in the recent cycle of easy credit. When developer Aby Rosen structured his $133 million loan for the acquisition and development of the Shangri-La hotel at 614 Lexington Avenue in 2007, the mortgage document included a personal guaranty to cover losses in the event of a default. Similarly, when Kent Swig negotiated $49 million in loans with Lehman Brothers Holdings to develop a hotel and condo project at 45 Broad Street in the Financial District in 2006 and 2007, the bank demanded a similar guaranty in the mortgage …