Manhattan West

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Manhattan West Tower 1
One Manhattan West Base, March 2017.jpg
Under construction, March 2017.
General information
Status Under construction
Type Office
Address 401 Ninth Avenue
Estimated completion 2019
Height
Roof 995 ft (303 m)[1]
Technical details
Floor count 67[2]
Floor area 171,000 m2 (1,840,600 sq ft)
Design and construction
Architect Skidmore, Owings and Merrill
Structural engineer Skidmore, Owings and Merrill
Manhattan West Tower 2
General information
Status Approved
Type Office
Estimated completion 2020
Height
Roof 1,217 ft (371 m)
Technical details
Floor count 66[3]
Floor area 171,000 m2 (1,840,600 sq ft)
Design and construction
Architect Skidmore, Owings and Merrill
Developer Brookfield Properties
Structural engineer Skidmore, Owings and Merrill
Manhattan West Tower 3
General information
Status Topped-out
Type Residential
Address 401 West 31st Street
Completed July 2017
Height
Roof 730 ft (223 m)
Technical details
Floor count 64
Floor area 70,297 m2 (756,670 sq ft)
Design and construction
Architect Skidmore, Owings and Merrill

Manhattan West is a 5,400,000-square-foot (500,000 m2) mixed-use development by Brookfield Properties. The project consists of two large office towers and two smaller residential towers, as well as a 1.5-acre (0.6-hectare) public park.[4] The towers will be built on a platform over Penn Station storage tracks along Ninth Avenue, the buildings will be built close to the developing Hudson Yards region between 31st and 33rd streets. These two buildings have been proposed as of 2010. Upon its completion the taller west tower will extend 995 feet (303 m) up to its roof and will be one of the tallest buildings in New York City and the world.[5]

History[edit]

New buildings under construction
View of existing 450 West 33rd Street during construction

Ground was broken for the site in January 2013.[6][7][8] As of May 21, 2014, a permit for the Manhattan West building complex has been submitted and approved.[9][10] Under the updated 2014 plan, the complex is set to be completed by 2020. By the end of 2014, a US$680,000,000 platform over Long Island Rail Road tracks between Tenth and Dyer Avenues, atop which will be the Manhattan West development, was completed.[11]

In October 2015, the Qatar Investment Authority invested in a 44% stake in the $4.5 billion mixed-use development project.[12] The deal included the formation of a joint venture between Brookfield Property Partners and QIA for the development of 7 million square feet (650,000 m2) of residential and office space in five buildings, including 62-story and 67-story skyscrapers, that Brookfield said would be worth $8.6 billion upon completion.[13]

According to reports, the development project is part of a larger plan to redevelop the Hudson Yards area and will extend from the west of Pennsylvania Station towards the Hudson River,[14] the QIA was referred to as an "early bird" for their investment in an area that has not yet come under widespread development.[13] This strategy assumes taking on more development risk in the hope of better returns.[14]

As of May 2015, construction is progressing.[15][16]

Buildings[edit]

1 Manhattan West[edit]

The development plans announced by Brookfield Property Partners and QIA include five buildings, as of January 2017, 1 Manhattan West is currently under construction. The future 67-story building is scheduled for completion in 2019 and law firm Skadden, Arps, Slate, Meagher & Flom LLP have been confirmed as tenants.[17][18]

2 Manhattan West[edit]

2 Manhattan West, which reportedly won’t undergo construction until it secures an anchor tenant, will be completed following the first tower and will include 2-million-square-feet.[19][17]

3 Manhattan West[edit]

3 Manhattan West, located at 401 West 31st Street, is a residential tower that is part of the Manhattan West project, and broke ground in December 2014.[20] When completed it will stand 64 floors and 730 feet to its height; in total it will have 844 units. Completion is expected in 2017.

4 Manhattan West[edit]

According to mid-2016 reports, 4 Manhattan West, a hotel-residential building, is still in the planning process.[17][21]

5 Manhattan West[edit]

5 Manhattan West located at 450 West 33rd Street, home of the Associated Press

The development includes an existing building at 450 West 33rd Street that houses the Associated Press,[22] the 1,800,000 square feet (170,000 m2), 16-story building, built in 1969, will have its brutalist concrete exterior renovated with a glass facade; its interior and mechanical systems also started renovation in spring 2014. When renovation of the building is done in summer 2016, it will be renamed 5 Manhattan West.[23]

Tenants and owners[edit]

Tenants[edit]

The law firm Skadden, Arps, Slate, Meagher & Flom is planned to move to Manhattan West from the Conde Nast Building. Another law firm, Fried Frank, is considering moving to Manhattan West when the development is completed.[24][16]

The National Hockey League is planned to move its headquarters to 1 Manhattan West.[25] Ernst & Young has also announced that it will relocate to 600,000 square feet at One Manhattan West, occupying floors six through 22.[26] The company is moving from its previous location at 5 Times Square, which will leave a million square feet of office space vacant at the latter location.[27]

Amazon.com also plans to open an office on the sixth and seventh floors of 5 Manhattan West.[28][29]

QIA ownership stake[edit]

By late 2015, reports emerged that the Qatar Investment Authority (QIA) had announced its plans to invest $35 billion in the U.S. over five years.[30] The QIA investments focus on diversifying the fund’s assets and concentrate on direct investments in real estate, with one of these investments being a 44% stake in Manhattan West,[13] since the announcement, QIA has made a series of high-level investments in the U.S. including the purchase of a minority stake in the Empire State Building's owner.[31] In September 2015, QIA opened an office in New York City for closer management of the fund’s U.S. assets.[32]

See also[edit]

References[edit]

  1. ^ "Manhattan West". CTBUH Skyscraper Database. 
  2. ^ "Manhattan West". CTBUH Skyscraper Database. 
  3. ^ "Two Manhattan West". Skyscraper Page. Archived from the original on July 21, 2012. Retrieved October 19, 2010. 
  4. ^ Slatin, Peter (January 15, 2013). "Already Wooing Tenants in Hudson Yards". The New York Times. Retrieved June 2, 2014. 
  5. ^ "Manhattan West". CTBUH Skyscraper Database. 
  6. ^ Matt Chaban. "Manhattan West on the Rise: Brookfield Breaks Ground on 60-Story Twin Towers | New York Observer". Observer.com. Retrieved May 28, 2014. 
  7. ^ Cuozzo, Steve (January 14, 2013). "Brookfield Office Properties starts long-awaited Manhattan West deck | New York Post". Nypost.com. Retrieved May 28, 2014. 
  8. ^ Jen Chung (January 15, 2013). "Photos: Brookfield Properties Breaks Ground On $4.5 Billion Far West Side Project". Gothamist. Archived from the original on April 5, 2015. Retrieved May 28, 2014. 
  9. ^ "Permits Filed: 401 West 31st Street". New York YIMBY. Retrieved May 28, 2014. 
  10. ^ "401 West 31st Street | Manhattan West | Brookfield Office". Therealdeal.com. May 21, 2014. Retrieved May 28, 2014. 
  11. ^ "Brookfield Makes Headway On Manhattan West Apt. Tower". Law360. May 21, 2014. Retrieved May 28, 2014. 
  12. ^ "Qatar Investment Authority Makes Mark in NYC RE". Sovereign Wealth Fund Institute. October 29, 2015. Retrieved October 30, 2015. 
  13. ^ a b c "Qatar Joins Brookfield's $8.6 Billion Manhattan West Project". Bloomberg.com. October 28, 2015. Retrieved February 1, 2017. 
  14. ^ a b "Qatar fund backs Brookfield's $8bn Manhattan West project". Financial Times. Retrieved February 1, 2017. (Subscription required (help)). 
  15. ^ Eliot Brown (May 26, 2015). "Brookfield Moves Ahead With $2 Billion Tower". Wall Street Journal. Retrieved May 29, 2015. 
  16. ^ a b Zoe Rosenberg (May 27, 2015). "New View, Details For Massive Manhattan West Complex". Curbed. Retrieved May 29, 2015. 
  17. ^ a b c "Brookfield and Qatar Investment Authority Form Joint Venture on $8.6 Billion Manhattan West Development". Retrieved February 1, 2017. 
  18. ^ Rosenberg, Zoe (May 27, 2015). "New View, Details For Massive Manhattan West Complex". Curbed NY. Retrieved February 1, 2017. 
  19. ^ Warerkar, Tanay (May 26, 2016). "New Renderings Reveal More of Brookfield's Manhattan West Megaproject". Curbed NY. Retrieved February 1, 2017. 
  20. ^ "Excavation Begins for 3 Manhattan West, 401 West 31st Street". Retrieved April 27, 2016. 
  21. ^ "New Renderings Revealed Of Five-Building Manhattan West Development, Midtown West - New York YIMBY". New York YIMBY. May 27, 2016. Retrieved February 1, 2017. 
  22. ^ Dobnik, Verena (May 25, 2014). "Big plans in works for NYC's gritty 'Wild West'". North Jersey. Retrieved June 2, 2014. 
  23. ^ Keiko Morris (February 10, 2014). "'Brutalist' Building Set for Yet Another Look". The Wall Street Journal. Retrieved June 2, 2014. 
  24. ^ Geiger, Daniel (March 5, 2015). "Fried Frank mulls move to Hudson Yards". Crain's New York. Retrieved March 17, 2015. 
  25. ^ Associated Press (December 7, 2016). "NHL moving headquarters to Manhattan's west side". Sportsnet. Retrieved December 7, 2016. 
  26. ^ "The 10 biggest office leases of November". 2017-12-14. Retrieved 2017-12-14. 
  27. ^ "Times Square Is Having Trouble Hanging On to Office Workers". Bloomberg.com. 2017-11-15. Retrieved 2017-11-21. 
  28. ^ Green, Dennis (September 21, 2017). "Amazon is hiring 2,000 people in New York City as the $5 billion bidding war for its new headquarters rages". Business Insider. Retrieved September 21, 2017. 
  29. ^ "Amazon to Create 2,000 Jobs in New Manhattan Office". Bloomberg.com. September 21, 2017. Retrieved September 21, 2017. 
  30. ^ "Qatar Planning $35 Billion of U.S. Investments to Diversify". Bloomberg.com. September 28, 2015. Retrieved February 1, 2017. 
  31. ^ Brown, Eliot (August 24, 2016). "Qatar Buys Stake in Empire State Building". Wall Street Journal. ISSN 0099-9660. Retrieved September 21, 2017. 
  32. ^ Parasie, Nicolas (September 28, 2015). "Qatar's Sovereign-Wealth Fund Opens Office in New York". Wall Street Journal. ISSN 0099-9660. Retrieved February 1, 2017. 

External links[edit]

Coordinates: 40°45′07″N 73°59′53″W / 40.75191°N 73.99793°W / 40.75191; -73.99793