All stories about "Tishman Speyer"

Shaking us out of our post-Kanye hangover (who knew an architecture critic could put on such a good show?) is this week's Observer, which carries quite the extravaganza: The 100 Most Powerful People in New York Real Estate. The list was constructed in a very eco-friendly manner: it's all about the green. Or in the Observer's words: "The list, especially higher up, contains those who animate the deals and the trends. They are the deciders and the money providers." The top dog, in an entry that was probably feverishly rewritten over the past few days, is Tishman Speyer CEO Jerry Speyer. The deuce spot goes to Mayor Bloomberg, and #3 is one of New York's more prominent Steves, Related CEO Stephen Ross (Vornado's Steven Roth is at #24). The highest-ranking broker is Elliman's controversial spark plug Dolly Lenz, at #25, and her former protegé and current nemesis Michael Shvo is the last to be included, at #100. In Shvo's eyes, we're not sure what would be the bigger insult: being last on the list, or being left off it entirely. We'd ask, but the sound of the Dubai wind whipping through his immaculate coiffure would probably make it too loud for him to hear us. Donald Trump, burn, is #38.
· The 100 Most Powerful People in New York Real Estate [NYO]

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Those darn gray boxes! They represent the portion of land left out of the 2005 rezoning of the Special Hudson Yards District—the western part of the rail yards that late yesterday led to the collapse of negotiations between Hudson Yards bid winner Tishman Speyer and land owner the MTA. A while back, the High Line Blog explained the rezoning, which is where we lifted the above image from (is that the Jets Stadium in there?!). But maybe the gray boxes are just an excuse. Maybe Tishman had buyer's remorse in light of the credit crunch and was just looking for a way out. Maybe, or maybe not. Charles Bagli reports in the Times that Jerry Speyer is flying from Milan to London today to meet with Mayor Bloomberg about the Hudson Yards. It was Speyer's son Rob who broke off the six-week-old talks with the MTA. Can the old men settle this over a hot cup of Earl Grey? The MTA probably hopes so. Writes Bagli, "But if the authority reopened negotiations with another bidder, it would almost certainly mean that it would get less money for the rights to the property, real estate executives said."
· Deal to Build at Railyards on West Side Collapses [NYT]
· Yardsmania: MTA Dumps Tishman Speyer, Chaos Ensues [Curbed]

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Click the image above to view the full photogallery.

Take one last look at the Hudson Yards proposal designed for Tishman Speyer by Helmut Jahn and Peter Walker, folks, because the thing ain't happening. Late this evening, the MTA announced that it had hit an "impassé" with bid winner Tishman over the West Side rail yards, and the result is that the development rights are now back in play. The deal was supposed to be that Tishman would close on the eastern half of the property now, and the western half when it was rezoned to allow for the massive residential and commercial plans, which could take a while. Tishman balked at closing on anything until the western portion of the yards got rezoned, and the result is this doomsday mess we now find ourselves in. Look, in a city where a damn train station can't even get built, is it surprising that a multi-billion-dollar build-out of a plot of land bigger than the World Trade Center would have massive complications? A Tishman Speyer spokesman told Reuters, "We still hope to be able to complete this deal and reach an agreement that satisfies the needs of everyone." We'll see about that, but oh my, does this mean that Murdochville is suddenly alive? Will any promised megaproject get built? The world seems like a cold, dark place right about now.
· MTA, Hudson Yards developer at an impasse [Reuters]
· $1B Deal To Develop West Side Rail Yard Collapses [AP via WCBS]
· All Curbed Hudson Yards coverage [Curbed]

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Click the image above to view the full photogallery.

Earlier, we took a tour of the two new model units in Stuyvesant Town, the so-called "Modern" style of renovation developed over the course of a year by designers at Cetra/Ruddy for new market-rate rentals in the megacomplex that will be priced slightly higher than "Classics." Cetra/Ruddy also outfitted a 2BR model unit in Stuy Town's brother to the north, Peter Cooper Village, where apartments are bigger and rents currently start at $3,275 for 1BRs, and $4,450 for 2BRs (there are also flatscreen monitors in the lobbies, but Stuy Town buildings will be getting those soon). Factor in an additional 5%-6% in monthly rent for a Modern unit at Peter Cooper Village, and yeah, these get expensive. We decided to break out the PCV model into a separate gallery because it's pretty different than Stuy Town's housing stock. For example, the bedroom above. That's a king size bed in there, and there's still room for a sitting area, additional furniture and the shame you're harboring because your rent-stabilized neighbors are probably paying 1/10th of what you are. But they won't be getting the custom sconces! Have a looksie.
· Peter Cooper Village [petercoopernyc.com]
· Curbed Inside: Stuy Town Goes Modern (No, Really!) [Curbed]

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Curbed Inside visits the interior of a structure with an eye towards revealing the design and architecture. Got a place for us to check out? Drop a line.

Click the image above to view the full photogallery.

Change is not looked at very fondly at Stuyvesant Town and Peter Cooper Village, the largely rent-stabilized megacomplex on the East Side between 14th and 23rd Streets. New owner Tishman Speyer, which bought the 110 buildings for $5 billion in 2006, knows this all too well. Start landscaping, and parody blogs get launched. Tweak the pet policy, and the oldtimers get downright ornery. But Tishman's goal is to make money off this thing, so the company has not been afraid to do what it takes. Since taking over the property, 3,800 market-rate rental apartments have been renovated in an effort to draw in young professionals who can afford the $2,750/month and up rents. But it hasn't worked, at least not to the extent Tishman would like, so they headed back to the drawing board.

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As major connoisseurs of renderings, we'd be remiss in letting Nicolai Ouroussoff's short essay in yesterday's Times pass without mention. He calls the entire process of creating renderings to cast projects--particularly hot button massive ones--a "slight of hand" to try to sway public opinion. As an example, he used Tishman Speyer's Hudson Yards proposal, which he's previously called "a damning indictment of large-scale development in New York." To try to shape the public's view, details "like the surrounding context were left incomplete" in the Hudson Yards renderings and avoided elevations to show the project at street level. Model were cut off, "making it virtually impossible to understand the towers’ colossal scale." Why would developers do this? "For fear of inciting a public outcry," of course. "As a result," Mr. Ouroussoff writes, "the public is often left without the visual tools it needs to make thoughtful judgments about a development’s impact." Atlantic Yards Report, of course, adds a thorough deconstruction of the Bruce Ratner-Forest City renderings in his analysis. All this time, we thought of renderings as a kind of New Development Realism. Disappointed again.
· Now You See it, Now You Don't [NYT]
· Now he tells us: Ouroussoff criticizes 'distorted reality' of renderings [AYR]

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Not long ago, Mayor Bloomberg called the redevelopment of the Far West Side "the single most important economic project that this city has undertaken in decades." He was talking about Moynihan Station, Hudson Yards, the Javits Center expansion and the extension of the 7-train. Now, most of those projects are in various stages of disarray (or in the case of Javits, death) and critics have been lining up to pound the rest into submission, citing factors like the credit crunch and poor planning. We've been rounding up these stories under the rubric West Side Doom & Gloom, and Charles Bagli's story on West Side redevelopment in the Times today is by far the gloomiest and doomiest. The argument is made that commercial development will be slow to creep west, especially if Moynihan Station doesn't get done.

That's why, some argue, all resources should be focused on Moynihan—even a smaller version if the Garden stays put—before work begins at Hudson Yards. Oh, and Hudson Yards should be completely rethought, too, because it sucks. Or at least David Childs thinks so. The situation on the West Side is now even more delicate with the addition of Brookfield Properties' Manhattan West. As we speculated, rejected Hudson Yards tenant Condé Nast has been negotiating with Brookfield for one of two office towers planned for the SOM Yards, but that too could be in jeopardy if Moynihan stalls. Ugh! Well, at least the High Line will make its way up there. Maybe.
· West Side Redevelopment Plans in Disarray [NYT]
· Moynihan Station Deathblow: MSG Pulls Out of Plan? [Curbed]
· Yardsmania: From 'Grim Referendum' to 'Damning Indictment' [Curbed]

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In what is just the latest twist in the recent bizarre history of Stuyvesant Town/Peter Cooper Village, a group of tenants are mounting a campaign to win the 110-building complex landmark status. And that campaign is kicking off with a square dance. If the movement gains momentum, this could be a classic showdown. Sure, Stuy Town is an important historical artifact of Manhattan's once-existent middle class, but think about the ulterior motives at play here. Rent-stabilized tenants are living in fear (if the forums are any indication) of what changes new landlord Tishman Speyer will impose next, and a landmarking could protect the grounds and buildings and prevent, for example, a luxury all-glass condo building plopped down on the Stuyvesant Oval. On the other hand, Tishman Speyer would probably just blow the whole place up on the eve of the designation if the winds were blowing in that direction. So grab your partner, swing her 'round, and get this craziness off the ground!
· Let's Landmark Stuyvesant Town [stpcvta.org]
· Stuy Town Follies: Here Comes the Cavalry [Curbed]
· Stuy Towners Debate What's Ruining Their Lives More [Curbed]

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If you thought dogs were going to be the biggest controversy at Stuyvesant Town/Peter Cooper Village this year, think again! You see, Councilman Daniel Garodnick—a PCV resident—has a little beef with new landlord Tishman Speyer: they just won't stop harassing rent-stabilized tenants! Garodnick told the Observer this week that in Tishman's crackdown on illegal sublets, they're going after a lot of people who have done absolutely nothing wrong. Garodnick claims non-renewal notices have gone out to many innocent Stuy Town/PCV oldtimers, many of whom may have cleared out because they didn't know better (or because they were terrified). He's calling for a moratium on these non-renewal notices until this all gets sorted out, and now some high-profile friends are joining him.

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Earlier this month, newish Stuyvesant Town/Peter Cooper Village owner Tishman Speyer changed the massive 110-building complex's long-standing pet policy, which was, basically, no pets allowed. Cats had always been secretly tolerated, but dogs have been a no-no. Now, for a one-time $250 fee, residents can own a pet but must adhere to a very strict policy (i.e., no animals on the grass, in the play areas, off the paths, etc.). Needless to say, longtime residents (Stuy Town is still about 60% rent-stabilized) were not pleased about the change. But less than one month into the new pet policy, how is it going? NOT WELL!

On the Stuyvesant Town/Peter Cooper Village Tenants Association message board, a note was posted to try and rally support amongst the anti-dog faithful. An excerpt: "We will now have sidewalks like the rest of the city with puddles of urine and smears of dog poop." This has led to an epic message board thread in which residents debate what facet of the new-look ST/PCV is plaguing them most: dogs, "MRs" (market-rate renters) or the 250 graduate students that NYU houses in Stuy Town. It's quite the read!

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Now that the Durst Organization and Vornado Realty Trust are also-rans in the Hudson Yards sweepstakes (but hey, a silver medal ain't bad), the companies' proposed anchor tenant—magazine megapublisher Condé Nast—may be looking to switch sides. In today's Women's Wear Daily (a Condé title), Amy Wicks writes that the company "possibly has a shot at office space under Tishman Speyer's plan." Also, Morgan Stanley may be back on board, even though they dumped Tishman a little while back. Oh, so now that Tishman is the hot shit in town, you want to get back together, Morgan? Yeesh! Anyway, getting back to Condé Nast, a memo was sent out to employees by COO John Bellando that read:

Last October, I informed you of our intention to consider constructing a new office tower in connection with a proposal by The Durst Organization and Vornado Realty Group to develop the West Side Rail Yard - also known as the Hudson Yards.

Yesterday, the Metropolitan Transportation Authority selected a different bidder to develop this property. However, several other promising real estate development opportunities have been brought to our attention and we intend to continue to explore all of our options for a new office tower in the 2013 - 2016 timeframe.

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When the details of the five bids for the Hudson Yards were released back in November, Times architecture oracle Nicolai Ouroussoff slammed the process as "a grim referendum on the state of large-scale planning in New York City," before anointing Extell's Steven Holl-designed proposal as the only one worth a lick. Now that Tishman Speyer has been selected by the MTA as the winning developer, it's not surprising that Ouroussoff is singing the same tune, though the lyrics are slightly different. Today, he writes that the Hudson Yards are "a damning indictment of large-scale development in New York," while still singing the praises of Extell's bid. Ouroussoff's take is that the Hudson Yards will be a depressing office park cut off from the rest of the city via a wall of skyscrapers that some people will have the misfortune of living in, and it's an opinion that most people would probably agree with. Meanwhile, in a Times news analysis, Charles Bagli writes that the final architecture will probably look nothing like the current plans anyway, and perhaps not even Tishman Speyer can navigate the minefield that will accompany this ten- to twenty-year build-out. Folks, this is going to be a fun next couple of decades. Join us, won't you?
· Profit and Public Good Clash in Grand Plans [NYT]
· For Railyards, the Hard Part Is Still Ahead [NYT]
· Yardsmania: OK, So Now What? [Curbed]

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Click the image above to view the full photogallery.

With Tishman Speyer now in the driver's seat at the Hudson Yards (proposal images above), let's take a closer look at the West Side's new overlords. Founded in 1978 by partners Robert Tishman and Jerry Speyer, Tishman Speyer has grown to become one of the largest real estate development/investment/management firms in the country, if not—dramatic pause—the world. Signature properties in Tishman Speyer's portfolio include the Chrysler Building, Rockefeller Center and Berlin's Sony Center.

In 2006, Tishman Speyer purchased the middle-class enclave of Stuyvesant Town/Peter Cooper Village in Manhattan for a record $5.4 billion, and the company has been busy gussying it up and shifting the apartments to pricey market-rate rentals. Soon after, the company set another record, selling the office building at 666 Fifth Avenue for $1.8 billion. Phew. OK, now that that's settled, let's focus on the future of the rail yards, twice the acreage of the World Trade Center and almost as complicated. The $1.004 billion deal with the MTA for the development rights may be settles, but there are many questions left to be answered.

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Click the image above to view the full photogallery.

With megalandlord Tishman Speyer nearly in possession of the West Side Rail Yards, the other bid still in consideration—the joint proposal made by the Durst Organization and Vornado Realty Trust—is getting a late push to remain in the Hudson Yards conversation (above, a refresher on the eco-friendly, slightly insane Durst/Vornado bid, designed by FXFowle and Pelli Clarke Pelli). Charles Bagli wades into the showdown in the Times today, and here's why the Durst/Vornado bid makes sense, according to some: 1) Durst/Vornado has an anchor tenant in place for office space, Condé Nast. Morgan Stanley dropped out of Tishman's bid. 2) The Durst/Vornado proposal includes twice as much housing (7,000 units), seen as a safer bet in these troubled times than Tishman's office-heavy plan. 3) Tishman Speyer came in dead last in our Hudson Yards poll. OK, the MTA probably isn't taking that one into consideration. So why are the powers-that-be leaning toward Tishman Speyer? Because of the company's "blue-chip aura and its access to capital from around the world," Bagli writes. Well, if those are the characteristics that matter, we should feel lucky the MTA didn't enlist Bear Stearns to help out with financing.
· At 11th Hour, Rivals Vie for Deal on West Side Railyards [NYT]
· West Side Yard [durstvornado.com]
· Yardsmania Update-o-rama: Tishman Must Get Sexy? [Curbed]
· CurbedWire Special: Tishman Speyer Taking Hudson Yards? [Curbed]

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After weeks of closed-door wheeling and dealing, the Hudson Yards—soon to be the biggest development project in the city, if the whole thing doesn't completely fall apart—have exploded with activity. Here, a primer on the most recent headlines:

1) The Winner: The Times reported it over the weekend, and the Sun echoes it today: the MTA is on the verge of announcing that Tishman Speyer is the winning bidder for the rail yards, with the joint Vornado/Durst bid still in play. The board will meet on Wednesday, perhaps to approve a deal. The MTA had initially set this week as the deadline, and even though there were rumors the decision would be delayed, it looks like the MTA may actually deliver on a promise. If you want to review Tishman's bid, here you go. [Sun]

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Click the image above to view the full photogallery.

The Hudson Yards development plan created by Tishman Speyer—with architects Helmut Jahn and Peter Walker—has emerged as the frontrunner in the past 24 hours, according to the New York Times. You may recall that Tishman's proposal featured Morgan Stanley as an anchor tenant—an anchor tenant that has now sailed away. Still, the MTA is said to be in final negotiations with Tishman, with plans to formally present the plan to its board for approval this Wednesday if final details can be worked through. (The other proposal that's still breathing is said to to be Durst/Vornado.) Above, a photogallery of the Tishman plan, and here's Curbed's original take on it. Developing...
· MTA Leaning Towards Tishman Speyer Railyards Bid [NYTimes]
· Yardsmania: Tishman Speyer Calls a Forum [Curbed]

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Um, about that delay. Well, it looks like it was a very brief one. The Real Estate is reporting that the MTA may choose a winning bid for the Hudson Yards as soon as tonight, with the list being whittled down to Tishman Speyer's officepalooza and the joint Durst/Vornado High Line-destroying hippie lovefest. Yes, the early favorite—The Related Companies' News Corp.-loaded Rupert Murdoch playground, is doneski, at least per these anonymous sources. The problem is that Murdochville, oddly, doesn't have a firm commitment from News Corp., though that line of thought doesn't make much sense because Tishman recently lost Morgan Stanley as its anchor tenant, but that doesn't seem to be hampering the bid. Should a West Side Rail Yards selection be made, it would need to be finalized by the MTA board, perhaps at its Wednesday meeting. In the biggest sense of the word: DEVELOPING...
· Durst/Vornado and Tishman Speyer Lead as Decision Close on West Side Yards [TRE]
· The Other Big Rail Yards Thing is Also Kinda Screwed Up [Curbed]
· Full Curbed Hudson Yards Coverage [Curbed]

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Stuyvesant Town and Peter Cooper Village, friends, is more than just a grim backdrop to your brand new rooftop pool. There's been a lot of change at ol' Stuy Town since Tishman Speyer purchased the mostly rent-stabilized 110-building complex for over $5 billion in 2006, and those changes keep on coming. In yesterday's CurbedWire, a Stuy Town resident pointed out the sudden change in the pet policy, where a one-time $250 fee can now net you the loyalty and companionship of a dog. Said our tipster: "Is this yet another move by Tishman to generate revenue and fill empty spaces? Recent City Council newsletter read that as many as 5 buildings worth of homes are currently vacant." Perhaps, because the Post reports today that Tishman Speyer is now offering one free month of rent to entice new market-rate tenants to jump into grassy green living. According to "insiders," the vacancy rate is hovering between 5 and 10 percent, whereas Manhattan's overall vacancy rate is less than 2 percent. Maybe the Happy Holidays, You're So Fucked memo didn't go over as well as planned?
· Free Rent for Stuy Towners [NYP]
· CurbedWire: Baseball's Box, Stuy Town Goes to the Dogs [Curbed]
· CurbedWire: Elliman Party Crashing, Stuy Town Discount, Screwy Factory [Curbed]

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Remember the glorious image above? Helmut Jahn and Peter Walker's vision of a "town square" surrounded by gleaming new skyscrapers, apartments and community facilities? It's the stuff dreams are made of, and in the end, a dream is precisely what it is. Charles Bagli