10-17 Jackson: It's A Condo, Shower With View Included!

(l) 7th floor view, (r) 24' ceiling in the lobby

(l) lower floor 1 bed still has view, (r) typical kitchen

(l) typical bath, (r) unique sliding glass wall to bedroom.

(l) 22' ceiling in penthouse 1 bed, (r) second floor in penthouse 1 bed

(l) tub with a view, (r) shower with a skyline view

(l) 7th floor living room, excuse the mess, (r) terrace on 7th floor.

Time and time again, I have fixated on a new development project, and the finished product ends up a major disappointment. For that reason, I was beyond delighted to see how the nearly-finished product at 10-17 Jackson has turned out. And, I am happy to report, Times Square Construction & Development has decided to forge ahead as a condominium!

I was reminded again and again as I toured the site today that, as a Times Square rep put it, "we are a construction company first, and a development company second". This is a project where quality is apparent throughout, and just as significantly, the project was built with pride and acute attention to detail. For starters, the building could have been built 11 stories as-of-right, but the builder instead to go 8 stories plus roof so the ceiling heights in each apartment would measure at 11'+ plus for each. The effect is a spacious feel and an incredible light and views in every unit. Also impressive is that the builder decided to go with 8" poured concrete floors topped with 3/4 sub flooring and 3/4 walnut floors- no skimping here. I was worried about a possible rumble from the 7 train just yards away, but after an hour in the building not a peep- this building is clearly solid as a rock. It is extremely quiet as well. The builder imported sound resisting double paned windows from Europe, and they leave the interiors pin drop quiet.

The apartments are well appointed with white lacquer cabinets, granite counters, Liebherr fridges (other kitchen appliances Jenn Air), full sized washer and dryer in each unit, and a modern bath with soaking tub. There are a couple of unique features, aside from the brilliant windows that run largely from floor to ceiling. In many apartments, especially the 1 bedrooms, there is a translucent glass wall that can be rolled back to open to the living room. An interesting option for those who would like to open things up. But perhaps the most interesting feature is that many of the bathrooms have floor to ceiling, or at least tub to ceiling, windows that would allow you to enjoy the view while neighbors are enjoying a view of you. Sort of like The Standard Hotel meets LIC. Speaking of views, there is no shortage in this building. From the 2nd floor you see a significant portion of the Chrysler Building, but once you hit the 4th floor, it is wide open skyline in the west facing apartments and open river, creek, and Brooklyn views on the east side of the building. Studio V Architects deserves major kudos here. The layout of the building was brilliant. Given its triangular lot on Vernon and Jackson, it could have gotten tricky, but somehow Studio V minimized the angles in the apartments and you never feel like you are stuck in a 3 sided box. The other point of brilliance was staggering the north side of the building with terraces (nearly every apartment in the building has one) so that apartments on the northeast portion of the building still enjoy exceptional west views of the skyline. Other exception touches include a lobby with 24' ceiling and penthouse with ceilings that peak at 22'.

The bottom line is that Times Square looks like it has a home run on its hands here. Nearly every apartment has light, views, and a terrace. The construction quality is exceptional and solid. And those 11' ceiling, fantastic. Everything from here will ride on pricing. While a schedule A has already passed muster with the AG's office, some tweaks may still be made. The price talk I am hearing seems reasonable. The TCO is expected in the next couple of weeks and sales will likely start within 8 weeks. Can't wait!

Macklowe Exits The Residential Business. It's been a long, ugly couple of years for Harry Macklowe whose ill fated dealings with Sam Zell a couple of years ago has cost him the majority of his empire. Latest to go, three residential towers: The River Tower (pictured left) on 54th Street and First Avenue, 777 Sixth Avenue, and The Longacre House at 50th and Eighth Avenue. The deal for the 910 total units included in the deal is said to total around $450 Million. Ironically, the sale was to Zell's Equity Residential. In a related story, Macklowe has sold off his interest in the prized Drake Hotel site on 56th and Park to CIM Group for $305 Million. it is unclear at this point if Macklowe will retain any interest in the Park Avenue site.
Three Macklowe Towers Snapped Up By Sam Zell (Crain's)

Tower 111 Gets Glassed (With Invisible Shield)?

What's that rising at 32nd and Sixth Avenue next to Jack's 99 Cent Store? Why it is Tower 111, a 47 story residential rental with 31,000 square feet of retail on the first 2 floors and a few offices. It is being built by Atlantic Realty Development and designed by Costas Kondylis. While I might ordinarily criticize glass wall construction, maybe I'll give this a recession waiver. After all, it's just good to see something going up these days! And how about that lot line on the south side (left side in the pics) of the building? Looks like a lucky few were spared and will continue to enjoy the light of day. Finally, is this glass extra shiny or extra reflective. From a few of the pictures I took it seems as though it is so reflective that it virtually vanishes. An invisible building? That would be a concept!

On East 86th: Petco A Go At Former Barnes And Noble Site

Left: New spot on Lex. Right: Shelves are stocked.

The old Petco, corner of 86th and Lex.

Opening tomorrow at 9am, a brand new Petco on Lexington Avenue between 86th Street and 87th site of the former Barnes and Noble. The game of retailer musical chairs continues as Petco leaves its current digs across the street at 147 East 86th Street (corner of Lex). Barnes and Noble has consolidated the store on Lex and the store that was on 86th between 2nd and 3rd into its new mega-store on 86th between 3rd and Lex in the fortress otherwise known as The Lucida. But, what of the newly vacant Petco on 86th and Lex? Despite a rumor of a "clothing store" going into the space, the 12,000 square foot store (plus 3,000 sf of basement storage) is on the market with Ripco Real Estate for lease until the end of 2012. The term of that lease is awfully peculiar. After all, who would take a lease less than 3 years and renovate the space (which really does smell like a zoo) only to move out shortly thereafter? Smells like a prime development spot to me! A check of the zoning reveals that the Petco site is using less than 30% of it's available FAR and could be built to 42,000sf as-of-right.

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2 Cooper Getting Glassed

The sign from more than a year ago read, "Coming Fall 2009", well not quite, but the finished product looks fairly compelling. At the corner of East Fourth Street and Bowery rises a 15 story 144 unit rental building. The building is a refreshing red brick effort (no offense to Mayne's Cooper Union or Dubai On The Bowery), with hunter green window panes and looks like a pretty good fit in the neighborhood (okay flame away). The base of the building is 6 stories with 24,000sf of retail with an additional 9 floors set back off street level give the lower portion a scale that works with neighboring buildings. Atlantic Development is building the market rate rental building that promises a "country club-like atmosphere" that will include rooftop pool, fitness center, etc... Apartments will be studios, 1 bedrooms, and 2 bedrooms with sizes ranging from 500sf-1050sf.
There are two reasons why I like the building and think it will be a success. First, I like red brick. There should be more of it in new developments. Second, the location is a no-brainer! The Cooper Square, Bowery, and Lafayette area is one of my favorites in the city. Not only do you have a built in market with NYU kids, you also have a central location and wide, less used streets, and a stimulating mix of both modern and prewar architecture. My only knock on the building would be that they didn't include larger layouts. A few 1500 sf 3 bedrooms would have drawn a nice premium and would be gobbled up quickly. That said, given the location, expect this building to fill up much quicker than your average.
Previously
2 Cooper Square Gets Foundation, Looks Forward To "Better Days" (AFB 3/13/09)

Advertecture: Is This Billboard On East 79th Legit?

Just asking. This billboard is found on the southeast corner of 79th and Lexington Avenue. Given that the building is only 2 stories (in the tradition of a Lexington Avenue "taxpayer"), you'd have to guess that at least in terms of height, it would be as-of-right, but can you really just throw a 20' high billboard on top of a building like that in a residential area? If anyone knows, please chime in. To me, it looks out of place.