Sherwood Equities Tower (34th Street and 10th Avenue)

[NoyokA]

Sherwood Equities has proposed a 2.5 million square foot office tower at 34th Street and 10th Avenue. Information is limited but construction is probably dependent on an anchor tenant or the completion of the 7 train extension.

From Sherwood Equities website:

http://www.pbase.com/image/77181792.jpg

http://farm2.static.flickr.com/1008/745576936_7ed1dac6be_o.jpg

From Advanced Media Designs website:

http://farm2.static.flickr.com/1217/744521275_b9cb08c13a_o.jpg

Kohn Pederson Fox are the architects of record although that may change, more likely the height and design will change as this proposal nears realization.

[NoyokA]

Using both renderings as reference I counted approximately 65 storeys, although it looks much taller than that, it does have a number of double height floors, presumably the taller floors at the base are trading floors.

[NYguy]

It looks very lonely there, but there's a wave of new skyscraper development planned that will make this one part of the pack. It's like a cross between Foster's and Rodger's towers at the WTC...

[NYguy]

Quote from an article in the Observer, and developer of this tower:
http://observer.com/2007/behold-mini-city-rises

Behold, a Mini-City Rises

by Matthew Scheuerman
April 24, 2007

http://observer.com/files/imagecache/article/files/Schuerman-JeffKatz6.jpg
Jeff Katz.


“This plan will do for New York what Canary Wharf has done for London,” said Jeff Katz, president of Sherwood Equities, which owns both commercial and residential property in the district. “In order for Manhattan to remain one of the most critically important financial centers, it needed a place to grow. We didn’t really have a place to grow before Hudson Yards was put into place.”

In contrast to Canary Wharf, which is about three miles away from London’s traditional financial district, Hudson Yards is nearly adjacent to midtown Manhattan. It remains to be seen whether the same type of star-studded architecture will take hold in the West Side’s former warehouse district as it did in London. Right now, experienced (if critically unacclaimed) architects like Costas Kondylis and Gene Kaufman have work going up. Sir Richard Rogers, Kohn Pedersen Fox, and Skidmore, Owings & Merrill—all of which also designed for Canary Wharf—have projects on the table.

Though residential use is supposed to dominate the northern and eastern ends of the district, office towers are supposed to be arranged in an “L” shape, north-south along 11th Avenue opposite the newly reborn Javits Center and east-west in the low 30’s. Key to the southern corridor are the Metropolitan Transportation Authority railyards, which have yet to go out to bid.

But it’s telling that two landlords are willing to discuss some details of their projects.

Brookfield Properties, which owns most of the block between 31st and 33rd streets on the west side of Ninth Avenue, is drawing up plans for four towers. Mr. Katz, the president of Sherwood, has come up with a schematic plan for his 11th Avenue parcel to show off to financial companies.

Mr. Katz said he would not start without securing an anchor tenant—which is normal practice for office buildings—but both the Sherwood and Brookfield parcels are large enough to provide the 65,000-square-foot trading floors that investment banks like J.P. Morgan Chase are now looking to build at the World Trade Center site.

[NYguy]

Mr. Katz, the president of Sherwood, has come up with a
schematic plan for his 11th Avenue parcel to show off to financial companies.

Mr. Katz said he would not start without securing an anchor tenant—which is
normal practice for office buildings

JUNE 17, 2007

The site is mostly parking. No signs of imminent construction, though things
could change in a hurry if a tenant is found...

http://www.pbase.com/nyguy/image/80736869/medium.jpg


http://www.pbase.com/nyguy/image/80736869/large.jpg


http://www.pbase.com/nyguy/image/80736882/large.jpg

[stache]

Plus I didn't realize we had a drive through McD's in Manhattan.

[NYguy]

Plus I didn't realize we had a drive through McD's in Manhattan.

There are wonders to behold on Manhattan's west side...:)

[LeCom]

What a shitty, dull side of Manhattan. Large-scale change was only a matter of time around here, if not under Bloomberg, then under someone else. However, as this area becomes redevelopment paradise, I hope that a reasonable amount of relics from its industrial past remain, even if under new uses. And I also hope that this soon-to-be rampant development doesn't spill over into Garment District, one of Manhattan's best preserved pre-war environments.

Another benefit that, to me, is one of the most important about these upcoming towers, is that they will hopefully make 1 Penn Plaza look less out-of-place, which it definitely is.

[antinimby]

If the Random House tower and the John Hancock tower in Chicago mated, this is probably what the offspring would look like.

[212]

Nice rendering. But will big-money tenants really want to be on Eleventh anytime soon? The future 7 is just one subway line ...

I bet an underground passageway from Penn Station, beside the railyards, would make this more likely.

[Alonzo-ny]

big-money clients with forward planning looking for a good deal on potentially the NY canary wharf?

[NewYorkDoc]

Plus I didn't realize we had a drive through McD's in Manhattan.

125th has one too, and there may be possibly more further uptown.

[NYguy]

Nice rendering. But will big-money tenants really want to be on Eleventh anytime soon? The future 7 is just one subway line ...

I bet an underground passageway from Penn Station, beside the railyards, would make this more likely.

Supposedly one of the rail yard bidders already has a tenant lined up for that project, so this wouldn't be so far fetched. One subway line is all you need, this will be the end of the line.

[NYguy]

The site compared to other west side developments...

http://www.pbase.com/nyguy/image/77418254/original.jpg


http://www.pbase.com/nyguy/image/77418255/original.jpg

[panderson]

Nice rendering. But will big-money tenants really want to be on Eleventh anytime soon? The future 7 is just one subway line ...


I agree it's hard to imagine marquee tenants willing to locate this far west with limited transit options, especially with millions of square feet of new office space scheduled to come on line at Ground Zero in the coming years. If I was a company seeking space, and was either priced out of Midtown or unable to find enough square footage there, I'd prefer to locate downtown, where the infrastructure is in place, than become a pioneer in a neighborhood that's likely to remain desolate and poorly served by transit for years to come. But I suppose if the price is right...

[NYguy]

If I was a company seeking space, and was either priced out of Midtown or unable to find enough square footage there, I'd prefer to locate downtown, where the infrastructure is in place, than become a pioneer in a neighborhood that's likely to remain desolate and poorly served by transit for years to come. But I suppose if the price is right...

As you know, Downtown has limited options, basically the WTC. And people like options. It's why there's a whole range of development planned for Midtown, even as space remains Downtown at the WTC.

The West Side does need that 7 line extension. But even so, this tower would be basically 2 blocks from existing service. It's my experience from using both Penn Station and the Port Authority bus terminal that people are willing to walk a lot further (one of the great things about New York, people aren't afraid to walk). Not everyone wants to take the subway for a couple of stops, there's a mass exodus to and from those terminals.

But the subway line is needed to attract corporations there as well. Once construction gets underway for the convention center hotel and other nearby projects, this site becomes more attractive.

[NYguy]

http://www.nypost.com/seven/07142007/news/columnists/remember_the_power_of_towers_columnists_steve_cuoz zo.htm

REMEMBER THE POWER OF TOWERS

http://www.nypost.com/img/cols/stevecuozzo.jpg

July 14, 2007 -- IF the state and city go through the trouble of inviting bids and ideas for the West Side rail yards, and spend years negotiating and fending off inevitable lawsuits, it should result in new buildings we actually need to have built.

Forget the baloney about turning the yards into another "Rockefeller Center." Every giant development scheme is called the "new Rockefeller Center," even when they're more like the Albany Mall.

What the state and city must do is avoid the micromanaged mess they made out of Ground Zero. Too much master planning squeezed so much in that nothing fit right - and six years later, we're still waiting to see a single new building.

Current Hudson Yards ground rules call for about 12 million square feet of offices and apartments, which can be divided up in various ways.

But the MTA's preliminary guidelines, drawn up with the city, also call for 12 acres of "open space," a hotel, cultural center and the kitchen sink, all in designated locations.

All the nitpicky requirements can easily nibble away what's most needed: namely, elbow room for office towers with the giant floors that modern financial companies need.

Sherwood Equities President Jeffrey Katz, who built the 1600 Broadway condo tower near Times Square, plans a huge office project not far from the yards at 10th Avenue and 34th Street, and he knows the drill.

He sees the need for new office buildings as critical to keeping New York competitive in the global economy.

"When London ran out of land some years ago, Canary Wharf saved that city - it would not otherwise be the financial center of Europe," Katz says. "The yards can do for us what Canary Wharf did, but even better, because it's a better location."

Apartments, hotels and cultural centers can go anywhere. Buildings large enough for 21st-century business cannot.

Let Gov. Spitzer and Mayor Bloomberg keep that in mind.

______________________________________

http://www.pbase.com/nyguy/image/82041697/original.jpg

[212]

The West Side does need that 7 line extension. But even so, this tower would be basically 2 blocks from existing service. It's my experience from using both Penn Station and the Port Authority bus terminal that people are willing to walk a lot further (one of the great things about New York, people aren't afraid to walk).

Mayyybe. But Eleventh Avenue would be a much easier sell with a weatherproof connection to Penn Station.

Passageways to keep people out of the rain: worked wonders for developing the Grand Central area, Rockefeller Center and the WFC.

[212]

^ Hmm, my mistake, a corridor may be in the works after all, at least to Tenth. From the MTA's RFP for the western yards (via Curbed):

http://www.curbed.com/2007_05_hyp_concept1.jpg

[londonlawyer]

http://www.nypost.com/seven/07142007/news/columnists/remember_the_power_of_towers_columnists_steve_cuoz zo.htm

REMEMBER THE POWER OF TOWERS

http://www.nypost.com/img/cols/stevecuozzo.jpg

July 14, 2007 -- IF the state and city go through the trouble of inviting bids and ideas for the West Side rail yards, and spend years negotiating and fending off inevitable lawsuits, it should result in new buildings we actually need to have built....

"When London ran out of land some years ago, Canary Wharf saved that city - it would not otherwise be the financial center of Europe," Katz says. "The yards can do for us what Canary Wharf did, but even better, because it's a better location." [/color][/b][/u]

Apartments, hotels and cultural centers can go anywhere. Buildings large enough for 21st-century business cannot.

______________________________________

http://www.pbase.com/nyguy/image/82041697/original.jpg


Katz sucks. This building is lame. With the exception of a handfull of buildings, guys like Macklowe and Katz are ruining NY with lame structures. It's my understanding that Katz won't build a spec tower, and therefore, I hope that this POS never comes to be. At this point in time, who wants to move to 10th Ave.?

Ik Katz is so keen on emulating London, why doesn't he build something like either of these?
http://i17.tinypic.com/52ocinc.jpg
http://i7.tinypic.com/4h85ikk.jpg

[Chrysler New Yorker]

Ik Katz is so keen on emulating London, why doesn't he build something like either of these?

http://i7.tinypic.com/4h85ikk.jpg

If NYC builds a retarded looking tower like that pile of crap, I'll jump off the top of the Empire State Building in which I happily work in.

London is building skyscrapers now like NYC which is a good thing, but besides the Shard and 30 Axe most towers planned in London suck.

[Derek2k3]

If NYC builds a retarded looking tower like that pile of crap, I'll jump off the top of the Empire State Building in which I happily work in.
So you actually prefer the box? Thankfully people weren't so conservative minded when they were constructing your building.

[ablarc]

So you actually prefer the box? Thankfully people weren't so conservative minded when they were constructing your building.
Derek, you've erected a straw man. Not all buildings that aren't boxes are virtuous; the one under discussion is misshapen and wretched.

It's no ESB.

[kliq6]

By 2012 i assume there will be about 10 million sf of office sapce under construction in the Hudson Yards area, not including the Rail yards themself

[NYguy]

By 2012 i assume there will be about 10 million sf of office sapce under construction in the Hudson Yards area, not including the Rail yards themself

10 msf? Does that include the Brookfield and MSG sites?

[NYguy]

Ik Katz is so keen on emulating London, why doesn't he build something like either of these?

He intends to build an office tower with space he can actually lease.

[NYguy]

http://www.globest.com/news/950_950/newyork/162332-1.html

Railyards Push Presents Promise for Local Owners

http://www.globest.com/newspics/nyc_jeffkatz.jpg
Katz

By Natalie Dolce
July 17, 2007

NEW YORK CITY-Officials put out the call for a development plan for the Hudson railyards on the West Side, seeking new ideas from developers for the once proposed Jets stadium as GlobeSt.com reported Friday. The MTA is seeking proposals that include a combination of commercial, residential and open space for the 26-acre site. This advancement not only creates an opportunity for the winning developer or developers of the site, but allows companies who already own parcels of land in the surrounding area a chance to get in on the action.

One such company, Sherwood Equities Inc., has, over the years, been assembling two key development sites on the West Side near the railyards site. The first parcel is located at 34th Street and 10th Avenue on a 65,000-sf footprint, where plans exist to build either a 2.5-million-sf office building or a 2,500-room hotel or condo/hotel is in the works. The second site, located on 10th Avenue between 35th and 36th streets is planned as a 35-story, 200-unit residential building. Plans have been produced for the developments, however the commencement of the projects have been dependable on favorable market conditions, including the development of the Hudson Yards site.

Jeff Katz, president & CEO of locally based Sherwood, tells GlobeSt.com that he has been expecting Friday’s announcement for some time. “I think that what is being done is exactly what needs to be done,” he says. “The land sat there for years and years, and I am optimistic about getting the ball rolling.”
Katz says that Sherwood is waiting to see what will happen with Hudson Yards before determining whether they should go towards the office or hotel property type on the 34th Street site. “At this point it can go either way, but we are in the early stages at the moment.”

Katz notes that he expects to see bids for development rights of Hudson Yards from the usual cast of characters including Tishman Speyer Properties, Related Cos., Brookfield Properties, the Durst Organization, Vornado Realty Trust and others although he pointed out two hesitations developers may have regarding the site. “The first is that getting a subway line in place is essential, not so much for residential property, but for office buildings in the area, which should be completed by 2013,” he says. “The second hesitation is that no one wants to be one to make the first move.”

For Sherwood, Katz notes that the company has owned the sites in the area for a very long time. “We have been waiting for the area to develop since we bought the property in 1986, what’s another year of two?” Katz says.

“It is the beginning of a new district of New York,” Katz explains, adding that the most important thing at this point is figuring out how everything is going to get started in the area. “We should see things moving forward and start to happen by the end of this year...hopefully.”

Sherwood has developed or currently owns 2 Times Square, 1600 Broadway, 1 Times Square, the Coronado (Broadway & 70th Street), the Saratoga (First & 75th) as well as other properties in the area. Several major developments are in the planning stages.

Katz notes, “Hudson is finally becoming a reality.”

[kliq6]

10 msf? Does that include the Brookfield and MSG sites?

Brookfield and Hotel Penn are included not MSG site since it wont happend till atleast 2010

[Derek2k3]

http://farm2.static.flickr.com/1014/1122818452_53b1150978_o.jpg


http://farm2.static.flickr.com/1022/1122820832_55051b52c1_o.jpg


http://farm2.static.flickr.com/1219/1122820902_1c2a0361c9_o.jpg


http://farm2.static.flickr.com/1011/1123265764_a01ca9cbf6_o.jpg


http://farm2.static.flickr.com/1230/1123265844_ff08474ae5_o.jpg


http://farm2.static.flickr.com/1004/1123265774_afd3a6072d_o.jpg
Probably going to be one the tallest intersections in Manhattan.

[antinimby]

Here's what is proposed for the gas station across 10 Ave. (NE corner) from the Sherwood tower. The address shown is incorrect, should be 461 W. 34 St.

http://img528.imageshack.us/img528/8663/461w34rh9.jpg

[lofter1]

Here's what is proposed for the gas station across 10 Ave. (NE corner) from the Sherwood tower. The address shown is incorrect, should be 461 W. 34 St.

http://img528.imageshack.us/img528/8663/461w34rh9.jpg

That ^^^ is about as dull as it gets.

Will Hudson Yards become the land of nothingness and yawns?

We might yearn for those old parking lots if this is what they give us :mad:

[antinimby]

Yes I agree and what's more infuriating is that the architect, Karl Fischer, who is based out of Montreal by the way, does much nicer work for that city than he does for NY. :mad:

Meanwhile, the stiffs we have here (SOM, KPF, Pelli, etc.) do better work for other cities than they do in their home city. %#@$^&&!

[Derek2k3]

It's not the architects, it's the developers and the expense of building here.

[TREPYE]

Makes you shake your head in disgust...

http://img528.imageshack.us/img528/8663/461w34rh9.jpg

[sfenn1117]

That is pretty bad. Weird though that there hasn't been any press on a potential project on the site. Sherwood is planning a residential tower on the next block, and this is close to Rockrose's planned mammoth residential complex too.

Wait til you see what I'm about to post in the Harlem thread though if you think this is bad.

[Derek2k3]

There were a few mentions months ago when the gas station was being demolished.

Don't know why the city zoned this side of 10th Avenue so low. It will be a row of mediocre ~30 story buildings looking across to massive towers. The fact that this project will rise across the street from lots slated for 2 msf. towers is ridiculous.

With developments like this, why would any tenant pay top rents to move here.


http://farm2.static.flickr.com/1233/1207389993_bcc8e0f41f_o.jpg

http://farm2.static.flickr.com/1299/1207390009_60a1134f41_o.jpg

I'm glad these two are staying.
v The city predicted this or are they landmarked?

[antinimby]

^ I doubt those two walkups are landmarked. Maybe they're just holdouts?

Tire shop! With tires out on the sidewalk, too.

Soon to be surrounded by billion dollar skyscrapers. Precious.

[NYguy]

http://www.cpnonline.com/cpn/content_display/regions/northeast/new-york/e3i92f7e9c5878a1a8becba853eb4335c33

Sherwood Announces Hudson Yards Plans

Oct 9, 2007
Adam Perrotta, News Writer

Sherwood Equities has revealed development plans for two parcels of land within the much-talked-about Hudson Yards section of Manhattan.

The firm will build a multi-family property on one of the sites--on 10th Ave. between 35th and 36th Streets. The project will contain 200 rental apartments housed in a 35-story tower.

The other parcel, located on the west side of 10th Ave. between 34th and 35th Streets, will house either a 2,500-room hotel or a 2.5 million-square-foot office complex, complete with parking facilities.

The Hudson Yards, a train yard located on Manhattan's Far West Side, have been the object of much speculation recently, given the rapid expansion of development throughout the borough as the real estate market continues to hum along there. As one of the few remaining large tracts available for new projects, the area is seen as one of the most valuable and noteworthy sites in the city.

The area will no doubt further benefit from the upgrading of nearby Penn Station, the Farley Post Office and Madison Square Garden, as well as the extension of the number 7 subway line into the area. In 2005, the city rezoned the area, allowing for expanded commercial development.

"Hudson Yards is the hottest development area in New York City," noted Sherwood CEO Jeffrey Katz, in a release today. Katz's firm has owned each of the parcels for more than 15 years. "Even back then, we believed that the Hudson Yards had great potential," he said. "It's exciting to finally proceed with the development of these properties, knowing that whatever paths we take, we can expect textbook cases of high return on investment."

Katz said that both the hotel and the office options for the 34th St. site had distinct advantages. He noted that the hotel would benefit from the large number of rooms it could contain, as well as its proximity to the Jacob K. Javits Convention Center. An office, meanwhile, could take advantage of the overall development of the area and the increasing number of companies that would likely want to establish a footprint in the area.

Indeed, just yesterday, Conde Nast Publications announced its intention to move at least a portion of its offices to the Hudson Yards sometime in the future.

Sherwood currently owns several Manhattan properties, including 1 and 2 Times Square, 1600 Broadway, The Coronado and The Saratoga.

[NYguy]

A look at various developments in the area:

http://www.pbase.com/nyguy/image/86781190/original.jpg

[NYguy]

http://www.thefreelibrary.com/Katz+mulls+hotel%2c+office+plans+for+Hudson+Yards+ site.-a0170235984

Katz mulls hotel, office plans for Hudson Yards site.

Real Estate Weekly
Oct 17, 2007

Sherwood Equities, the owner of two large properties in the red-hot Hudson Yards section of Manhattan, will develop either a hotel or an office complex on one site and an apartment house on the other, announced Jeffrey Katz, Sherwood's chief executive officer. The multi-family residence will occupy a site on 10th Avenue between 35th and 36th Streets, where Katz is planning a 35-story building with 200 rental apartments.

The other parcel, on the western side of 10th Avenue between 34th and 35th Streets, will contain either a 2,500-room hotel or a 2.5-million square-foot office complex with parking.

The properties are situated in an area so bursting with potential that it will evolve in size and scope as the equivalent of London's extraordinary Canary Wharf, said the Sherwood CEO. In time, he believes, it will simply merge with midtown Manhattan.

"Hudson Yards is the hottest development area in New York City," Katz pointed out. Already, h noted, developers have announced plans to erect a wide variety of office, residential and hotel properties, which will bring millions of much-needed square footage to the West Side of Manhattan.

"On my 10th Avenue and 34th Street site, it's hard to go wrong with either of the options--the hotel or the office building--given the location. Each addresses a growing market need in an area that is clearly ready for prime-time."

The 34th Street property, bought by Sherwood in 1986, currently encompasses a warehouse and a parking garage.

"If we build a hotel, it will contain 2,500 rooms--a greater capacity than that of a nearby site now attracting bidders like Starwood and other major hotel companies," said Katz. "New York suffers from a shortage of hotels, and this newcomer would be well-situated near the Javits Center."

But the office complex also makes a lot of sense, he points out. "As the area's development proceeds, New York's center of gravity, which is arguably Mid-Town West, will move further west. Accordingly, we expect that many companies will want a footprint here, especially since the plans include a parking facility. The site itself is larger than the Time Warner Center, and I anticipate that floor-plates will be 60,000 square feet."

Sherwood bought the two sites more than 15 years ago.

"Even back then, we believed that Hudson Yards had great potential," said Katz. "It's exciting to finally proceed with the development of these properties, knowing that whatever paths we take, we can expect textbook cases of high return on investment."

The boom at Hudson Yards stems from several factors, including major zoning changes, a very tight commercial market and robust economy, and significant upgrading of the infrastructure, including the post office, Madison Square Garden and the extension of the number 7 subway line.

In addition, Katz's own sites benefit in three other important ways: they are both outside the subway extension area, so they will not be impacted by MTA construction; they both can be developed completely "as of right"--i.e., without requiring any variances; and neither site entails displacing any long-term or residential tenants.

[antinimby]

I say go for the office. New hotels are popping up everywhere now.

[investordude]

I agree - office is what we need, especially if they are building another hotel next to it.

[NYguy]

Don't know why the city zoned this side of 10th Avenue so low. It will be a row of mediocre ~30 story buildings looking across to massive towers.

To quiet the calls for more housing. It's a large part of the Hudson Yards redevelopment. It didn't work though. Critics are still complaining of the large amount of commercial development planned over there.

[NYguy]

I say go for the office. New hotels are popping up everywhere now.

I guess a lot will depend on the marketing of this tower, will he get a tenant...

[NYguy]

NOVEMBER 3, 2007

Site of Sherwood's planned tower on 34th Street, looking east to Midtown's
most famous skyscraper...

http://www.pbase.com/nyguy/image/88421300/large.jpg


Primarily parking now...

http://www.pbase.com/nyguy/image/88421367/large.jpg


http://www.pbase.com/nyguy/image/88421394/large.jpg

Looking north on 10th Avenue...

http://www.pbase.com/nyguy/image/88421452/large.jpg

_________________________________________


Directly accross 34th Street will be the largest (in size if not height) of the
so called "four corners" towers. This is the one commonly depicted with the
pyramid top in the photos and models. No designs or information on this one:

http://www.pbase.com/nyguy/image/88421344/large.jpg


http://www.pbase.com/nyguy/image/22989945/medium.jpg_http://www.pbase.com/nyguy/image/29084879/medium.jpg
http://www.pbase.com/nyguy/image/22752178/large.jpg

[Alonzo-ny]

I dont think those images can really be relevant any more, can they?

[NYguy]

I dont think those images can really be relevant any more, can they?

They weren't meant to be taken as actual designs, just to show density. But as we now know, the actual buildings are larger. And, obviously the stadium won't be there. For that we wait (and wait) on the railyard plans.

[Alonzo-ny]

Is that still the general massing the city is zoning for?