{"id":1004139755,"date":"2016-03-21T02:02:09","date_gmt":"2016-03-21T10:02:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004139755"},"modified":"2020-04-15T03:48:31","modified_gmt":"2020-04-15T11:48:31","slug":"nyc-seaport-redevelopment-commands-390m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-seaport-redevelopment-commands-390m\/","title":{"rendered":"NYC Seaport Redevelopment Commands $390M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Rendering<\/a>

Rendering of 80 South St. project in New York<\/p><\/div>\n

New York<\/strong>\u2014China Oceanwide Holdings<\/a> has acquired 80 South St., a planned 113-story tower in New York City\u2019s Seaport District, from the Howard Hughes Corp.<\/a>\u00a0(HHC), for $390 million.<\/p>\n

\u201cWe are pleased to be welcoming our friends at China Oceanwide to the neighborhood and excited about the impact their building will have on the Seaport District,\u201d David Weinreb, HHC CEO, said in a prepared statement. \u201cThis transaction is another sign that the Seaport District, with its unmatched views and distinct sense of place, is gaining recognition as one of the city\u2019s hot spots.\u201d<\/p>\n

The development calls for 441,077 square feet of residential space and 376,707 square feet for hotel, office or retail use.<\/p>\n

Although initially announced more than seven months ago, the deal was contingent on HHC transferring\u00a0an additional 303,113 square feet of air rights to the site.<\/p>\n

The 42,694-square-foot zoning lot adjacent to the Historic District at the Seaport is capable of supporting 817,784 square feet of fully entitled development rights.<\/p>\n

HHC has made a big push for redevelopment in the area. Last August, it broke ground on an upscale mall at Pier 17<\/a> and soon after proposed more redevelopment at the site, including a new marina and a mixed-use 50-story hotel and apartment tower.<\/p>\n

With the deal, HHC expects to recognize a pre-tax gain of approximately $140 million during the quarter ended March 31, 2016. HHC originally brought the site for $100 million in 2014.<\/p>\n

The Seaport District is located on New York City\u2019s East River in Lower Manhattan and offers unparalleled views of the Brooklyn Bridge, Statue of Liberty and the city\u2019s iconic skyline. With the redevelopment, HHC is planning to make it a top destination for unique culinary, fashion, entertainment and cultural experiences.<\/p>\n

Rendering courtesy of Morali Architects<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

China Oceanwide Holdings paid a hefty price to acquire 80 South St. from The Howard Hughes Corp., with plans to create a 113-story tower. <\/p>\n","protected":false},"author":451,"featured_media":1004139979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21825,21783,21752,1600,21742,10],"tags":[],"class_list":["post-1004139755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-finance","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"\nNYC Seaport Redevelopment Commands $390M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nyc-seaport-redevelopment-commands-390m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Seaport Redevelopment Commands $390M\" \/>\n<meta property=\"og:description\" content=\"China Oceanwide Holdings paid a hefty price to acquire 80 South St. from The Howard Hughes Corp., with plans to create a 113-story tower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nyc-seaport-redevelopment-commands-390m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-21T10:02:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T11:48:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/80-south-st.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nyc-seaport-redevelopment-commands-390m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nyc-seaport-redevelopment-commands-390m\/\",\"name\":\"NYC Seaport Redevelopment Commands $390M - 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