Manhattan West

Manhattan West is a 5.4-million-square-foot (500,000 m2) mixed-use development by Brookfield Properties, being built as part of the Hudson Yards Redevelopment. 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.[1] The towers are being built on a platform over Penn Station storage tracks along Ninth Avenue. The buildings are close to the Hudson Yards mega-development to the west across Tenth Avenue. 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.[2]

New buildings under construction

History

Ground was broken for the site in January 2013.[3][4][5] In May 2014, permits for complex were submitted and approved.[6][7] Under the updated 2014 plan, the complex is set to be completed by 2020. By the end of 2014, a $680 million platform over Long Island Rail Road tracks between Tenth and Dyer Avenues, atop which the Manhattan West development would be built, was completed.[8]

In October 2015, the Qatar Investment Authority invested a 44% stake in the $4.5 billion mixed-use development project.[9] 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.[10]

Manhattan West is part of the Hudson Yards Redevelopment, a larger plan to redevelop the Hudson Yards area, which extends from the west of Pennsylvania Station to the Hudson River.[11] The QIA was referred to as an "early bird" for their investment in an area that has not yet come under widespread development.[10] This strategy assumes taking on more development risk in the hope of better returns.[11]

Buildings

1 Manhattan West
Main article: 1 Manhattan West

The development plans announced by Brookfield Property Partners and QIA include five buildings. The 67-story, 2.1 million square-foot building is scheduled for completion in 2019 and law firm Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates have been confirmed as tenants.[12][13] In July 2018, Wells Fargo provided a $530 million construction loan for the project.[14] The structure topped out in August 2018.[15][16]

The structural system of the tower is composed of a central reinforced concrete core and a perimeter steel moment frame. Part of the tower overhangs the below ground train tracks leading into Penn Station. In order to avoid the tracks, the perimeter columns on the south, north, and east sides do not come down to ground level, but are transferred to the core above the building's lobby.[17]

2 Manhattan West
Manhattan West Tower 2
Location within New York
General information
StatusUnder construction
TypeOffice
Coordinates40.7519°N 73.9979°W / 40.7519; -73.9979
Construction started2018
Estimated completion2022
Height
Roof849 ft (259 m)
Technical details
Floor count58
Floor area1,750,000 sq ft (163,000 m2)
Design and construction
ArchitectSkidmore, Owings and Merrill
DeveloperBrookfield Properties
Structural engineerSkidmore, Owings and Merrill

2 Manhattan West, which reportedly would not undergo construction until it secures an anchor tenant, will be completed following the first tower.[18][12] Updated permits filed in November 2017 show the building will span just under 1.75 million square feet (163,000 m2) of office space on 59 stories and rise 849 feet (259 m) high.[19] In January 2019, Brookfield announced that construction of the building would begin in 2019 despite not having signed an anchor tenant.[20] In October 2019, law firm Cravath, Swaine & Moore signed a 481,000 square feet (44,700 m2) lease for floors 25 through 37 in a move from One Worldwide Plaza.[21]

3 Manhattan West (The Eugene)
Main article: 3 Manhattan West

3 Manhattan West, located at 435 West 31st Street, is a residential tower that is part of the Manhattan West project, and broke ground in December 2014.[22] Now complete, it stands 64 floors and 730 feet (220 m) high. In total it has 844 units, split between 675 market-rate and 169 affordable.[23]

4 Manhattan West (Pendry Manhattan West)

4 Manhattan West will be a 21-story hotel with 164 guest rooms including 30 suites, a restaurant, a lounge, an open-air terrace bar, and meeting and event space operated by Pendry Hotels.[24][12][25] The building, designed by Skidmore Owings & Merrill, began construction in December 2018 and is set for a 2021 opening.[24]

5 Manhattan West
Main article: 5 Manhattan West
The initial appearance of 450 West 33rd Street
5 Manhattan West as seen in 2017

The existing building at 450 West 33rd Street, also known as Westyard Distribution Center, was designed by Davis Brody Bond and opened in 1969.[26][27] The 1.8-million-square-foot (170,000 m2), 16-story building originally had a beige precast concrete facade with a sloped base, and although the facade was cleaned up in 2003, it was seen as out of place with the architecture of the surrounding neighborhood.[28] As of 2014, it contained the headquarters of the Associated Press.[29] In 2014, the brutalist concrete exterior was replaced with a glass facade and its interior and mechanical systems were also renovated.[30] When renovation of the building was completed, it was renamed 5 Manhattan West.[31]

Tenants and owners

Tenants

The law firm Skadden, Arps, Slate, Meagher & Flom plans to move to One Manhattan West from 4 Times Square. Another law firm, Fried Frank, is considering moving to Manhattan West when the development is completed.[32][33] In August 2017, Accenture signed a 250,000 square feet (23,000 m2) lease for the top eight floors of the tower.[34]

The National Hockey League is planned to move its headquarters to 1 Manhattan West.[35] Ernst & Young also announced in 2017 that it would relocate to 600,000 square feet (56,000 m2) at One Manhattan West, occupying the 6th through 22nd floors.[36] The company is moving from its previous location at 5 Times Square, leaving a million square feet of office space vacant.[37]

QIA ownership stake

By late 2015, reports emerged that the Qatar Investment Authority (QIA) had plans to invest $35 billion in the U.S. over five years.[38] 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.[10] 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.[39] In September 2015, QIA opened an office in New York City for closer management of the fund’s U.S. assets.[40]

See also

References
  1. Slatin, Peter (January 15, 2013). "Already Wooing Tenants in Hudson Yards". The New York Times. Retrieved June 2, 2014.
  2. "Manhattan West". CTBUH Skyscraper Center.
  3. Chaban, Matt (January 15, 2013). "Manhattan West on the Rise: Brookfield Breaks Ground on 60-Story Twin Towers | New York Observer". Observer.com. Retrieved May 28, 2014.
  4. Cuozzo, Steve (January 14, 2013). "Brookfield Office Properties starts long-awaited Manhattan West deck | New York Post". New York Post. Retrieved May 28, 2014.
  5. Chung, Jen (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.
  6. "Permits Filed: 401 West 31st Street". New York YIMBY. May 21, 2014. Retrieved May 28, 2014.
  7. "401 West 31st Street | Manhattan West | Brookfield Office". The Real Deal. May 21, 2014. Retrieved May 28, 2014.
  8. "Brookfield Makes Headway On Manhattan West Apt. Tower". Law360. May 21, 2014. Retrieved May 28, 2014.
  9. "Qatar Investment Authority Makes Mark in NYC RE". Sovereign Wealth Fund Institute. October 29, 2015. Retrieved October 30, 2015.
  10. "Qatar Joins Brookfield's $8.6 Billion Manhattan West Project". Bloomberg.com. October 28, 2015. Retrieved February 1, 2017.
  11. "Qatar fund backs Brookfield's $8bn Manhattan West project". Financial Times. Retrieved February 1, 2017.
  12. "Brookfield and Qatar Investment Authority Form Joint Venture on $8.6 Billion Manhattan West Development". Marketwired. Yahoo Finance. October 28, 2015. Retrieved February 1, 2017.
  13. Rosenberg, Zoe (May 27, 2015). "New View, Details For Massive Manhattan West Complex". Curbed NY. Retrieved February 1, 2017.
  14. Burke, Mack (July 31, 2018). "Wells Fargo Lends $530M Construction Package for Brookfield's 1 Manhattan West". Commercial Observer.
  15. Nelson, Andrew (August 16, 2018). "One Manhattan West's Mushrooming Steel Reaches Top Floor, Midtown West". New York YIMBY.
  16. Hall, Miriam (September 23, 2018). "Inside Brookfield's Manhattan West Megaproject". Bisnow.
  17. Charles Besjak, Preetam Biswas, Georgi I. Petrov, Matthew Streeter, Devin Austin (2017). "Effects of Perimeter to Core Connectivity on Tall Building Behavior". International Journal of High-Rise Buildings. 6 (1).CS1 maint: uses authors parameter (link)
  18. Warerkar, Tanay (May 26, 2016). "New Renderings Reveal More of Brookfield's Manhattan West Megaproject". Curbed NY. Retrieved February 1, 2017.
  19. "Brookfield moves forward with plans for 2 Manhattan West". The Real Deal. November 27, 2017.
  20. Geiger, Daniel (January 28, 2019). "Brookfield to build West Side tower without committed tenant". Crains New York.
  21. Baird-Remba, Rebecca (October 7, 2019). "Cravath Signs on as Anchor Tenant for Two Manhattan West". Commercial Observer.
  22. "Excavation Begins for 3 Manhattan West, 435 West 31st Street". New York YIMBY. December 23, 2014. Retrieved April 27, 2016.
  23. Brookfield Property Partners Investor's Day Presentation (PDF), Brookfield Property Partners, September 26, 2018
  24. Morris, Sebastian (December 19, 2018). "Construction Kicks-Off For Pendry Hotel At 4 Manhattan West, Hudson Yards". New York Yimby.
  25. "New Renderings Revealed Of Five-Building Manhattan West Development, Midtown West". New York YIMBY. May 27, 2016. Retrieved February 1, 2017.
  26. Cunningham, Cathy; Grossman, Matt; Cunningham, Cathy (April 13, 2018). "Brookfield Lands $1.2B Landesbank Loan for 5 Manhattan West". Commercial Observer. Retrieved November 26, 2018.
  27. "Ad giant IPG grows to 280K sf at Brookfield's 5 Manhattan West". The Real Deal New York. January 26, 2015. Retrieved November 26, 2018.
  28. Cuozzo, Steve (February 10, 2014). "It's beast to beauty on 33rd". New York Post. Retrieved November 26, 2018.
  29. Dobnik, Verena (May 25, 2014). "Big plans in works for NYC's gritty 'Wild West'". North Jersey. Archived from the original on June 25, 2016. Retrieved June 2, 2014.
  30. Morris, Keiko (February 10, 2014). "'Brutalist' Building Set for Yet Another Look". The Wall Street Journal. Retrieved June 2, 2014.
  31. Hughes, C.J. (March 17, 2017). "Hudson Yards, Meet Your New Neighbor, Manhattan West". The New York Times. Retrieved June 27, 2018.
  32. Geiger, Daniel (March 5, 2015). "Fried Frank mulls move to Hudson Yards". Crain's New York. Retrieved March 17, 2015.
  33. Rosenberg, Zoe (May 27, 2015). "New View, Details For Massive Manhattan West Complex". Curbed. Retrieved May 29, 2015.
  34. "Accenture inks 15-year lease at Brookfield's 1 Manhattan West". The Real Deal. August 3, 2017.
  35. "NHL moving headquarters to Manhattan's west side". Sportsnet. Associated Press. December 7, 2016. Retrieved December 7, 2016.
  36. "The 10 biggest office leases of November". The Real Deal. December 14, 2017. Retrieved December 14, 2017.
  37. "Times Square Is Having Trouble Hanging On to Office Workers". Bloomberg. November 15, 2017. Retrieved November 21, 2017.
  38. "Qatar Planning $35 Billion of U.S. Investments to Diversify". Bloomberg. September 28, 2015. Retrieved February 1, 2017.
  39. Brown, Eliot (August 24, 2016). "Qatar Buys Stake in Empire State Building". Wall Street Journal. ISSN 0099-9660. Retrieved September 21, 2017.
  40. 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.
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