LARGE, empty holes and vacant lots at prominent locations look jarringly out of place in thriving Midtown.
Nothing looks worse than a project stuck in a holding pattern after old buildings are demolished. There are at least four of them now, and they aren’t pretty.
Of course, Manhattan properties often morph like caterpillars into beautiful butterflies; the current sites of the Four Seasons Hotel and 1 Bryant Park looked miserable for years before the projects got off the ground.
One day the current unsightly state of certain sites will be forgotten. But for now, they’re sitting idle and awaiting instructions. Here are the ones to watch when developers and dealmakers come back from their Labor Day vacations. (All developers declined comment.)
* Drake Hotel Site – Macklowe Properties bought the old Drake at Park Avenue and 56th Street two years ago and demolished it. The company has since been buying up retail townhouse buildings and air rights on East 57th Street, aiming for an L-shaped site wrapped around the office tower at 450 Park Ave.
The project will be called 440 Park Ave. The Macklowe people have been talking to prospective office, hotel and retail tenants all along, even during the company’s recent near-death experience resulting from the credit crunch.
It will be the first ground-up project from Harry Macklowe‘s son, Billy, now company chairman and CEO. It will surely reflect all the energy and creativity he can bring to it.
* Extell’s West 57th Street Jumbo – Gary Barnett‘s outfit put together this site across the street from Carnegie Hall and stretching to 58th Street. Last year, he told us he’s negotiating with “5-star” hotel companies to operate part of a 50-story tower that will also have condos.
However, excavation stopped months ago. Extell has yet to file plans with the Buildings Dept. The pause occurs even as Extell is constructing a 55-story hotel/condo tower on West 45th Street and its “diamond tower” on West 47th Street.
* The Ritz Thrift Site – Barry Sternlicht‘s Starwood Capital bought the old fur shop site two years ago after the previous owner leveled the low-rise building. Since then, the narrow but highly visible site tucked between the Economist building and the Buckingham Hotel has been an eyesore.
At one point, Sternlicht supposedly planned to build a luxury hotel flagged as his company’s Crillon brand. Sources say he also sought to buy neighboring properties and/or air rights – but now might sell instead.
* The 8th Avenue Stall – Two weeks ago, we noted that work has ceased at the Tribeach development site on the west side of the avenue between 46th and 47th streets, and there was a buzz that it might be put up for sale.
That hasn’t happened yet – at least not officially. However, we now hear Tribeach has quietly reached out to prospective development partners and that its lenders, including mortgage-holder Bank of Scotland, were in discussions over how to proceed.
Tribeach lawyer Elise Kessler said she’s heard of none of those scenarios. The bank declined to comment.
Meanwhile, enjoy the fine view of a ghost sign unveiled by midblock demolition touting a long-gone rooming house offering “steam heat.”
Gracious Home can’t get enough of West 25th Street. The store just signed a 20-year lease for 18,000 square feet on two levels in the prewar brick building at 45 W. 25th St.
That’s next door to the Chelsea Landmark luxury apartment tower at the Sixth Avenue corner, where Gracious Home previously signed for a 23,000 squa re- foot store. The space at 45 W. 25th will house a design center to complement the selling emporium.
Rose Associates’ Bruce Spie gel represented the tenant in negotiations with landlord Hanover Estates. He called the neighborhood and the location “especially suitable for a lifestyle brand like Gracious Home.” The asking rent was a blended rate of $75 a square foot.