{"id":1004341415,"date":"2019-07-25T04:32:54","date_gmt":"2019-07-25T12:32:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004341415"},"modified":"2019-07-25T06:11:36","modified_gmt":"2019-07-25T14:11:36","slug":"hfz-starts-work-on-600-ksf-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hfz-starts-work-on-600-ksf-manhattan-tower\/","title":{"rendered":"HFZ Starts Work on 600 KSF Manhattan Tower"},"content":{"rendered":"<div id=\"attachment_1004341442\" style=\"width: 243px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site-2.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004341442\" data-attachment-id=\"1004341442\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hfz-starts-work-on-600-ksf-manhattan-tower\/29th-and-5th-site-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site-2.jpg\" data-orig-size=\"775,1000\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"29th-and-5th-site-2\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;29th &#038; 5th site. &lt;i&gt;Image courtesy of Greg Isaacson&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site-2.jpg?w=775\" class=\"wp-image-1004341442 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site-2.jpg\" alt=\"\" width=\"233\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site-2.jpg 775w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site-2.jpg?resize=233,300 233w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site-2.jpg?resize=768,991 768w\" sizes=\"auto, (max-width: 233px) 100vw, 233px\" \/><\/a><p id=\"caption-attachment-1004341442\" class=\"wp-caption-text\">29th &amp; 5th site. <i>Image courtesy of Greg Isaacson<\/i><\/p><\/div>\n<p>Ground has broken at the site of a proposed 34-story, 551-foot-tall office tower designed by Bjarke Ingels Group in Manhattan\u2019s Midtown South neighborhood. HFZ Capital Group is developing the project at W. 29th St., four blocks south of the Empire State Building.<\/p>\n<p>The construction work has not been announced, but<em> Commercial Property Executive<\/em> observed that excavators and pile drivers are being utilized at the site. A sign indicates that work on the commercial project is in progress, with Pavarini McGovern LLC serving as general contractor. The anticipated completion date is spring 2023.<\/p>\n<p>The update was <a href=\"https:\/\/newyorkyimby.com\/2019\/07\/foundation-work-begins-for-29th-5th-bigs-office-skyscraper-at-3-west-29th-street-in-nomad.html\" target=\"_blank\" rel=\"noopener\">first reported by New York NIMBY<\/a>, which anticipates that excavation will progress through this year, followed by the laying of the reinforced concrete foundations. The development news website predicts that the structure will probably rise above ground level by 2020.<\/p>\n<h2>Moving Ahead With New Plans<\/h2>\n<div id=\"attachment_1004341439\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004341439\" data-attachment-id=\"1004341439\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hfz-starts-work-on-600-ksf-manhattan-tower\/29th-and-5th-site\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site.jpg\" data-orig-size=\"1000,775\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"29th-and-5th-site\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;29th &#038; 5th site. &lt;i&gt;Image courtesy of Greg Isaacson&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site.jpg?w=1000\" class=\"wp-image-1004341439 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/29th-and-5th-site.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004341439\" class=\"wp-caption-text\">29th &amp; 5th site. <i>Image courtesy of Greg Isaacson<\/i><\/p><\/div>\n<p>The development, called \u201c29th &amp; 5th,\u201d will rise on a collection of parcels along the north side of West 29<sup>th<\/sup> Street, between Fifth Avenue and Broadway. HFZ purchased the old Bancroft Building that stood on the site in 2013 and demolished it in 2015. Initial plans for the redevelopment called for a new residential tower designed by Moshe Safdie.<\/p>\n<p>HFZ filed updated plans for an office tower in September 2017, sporting a new design from the team of Danish starchitect Bjarke Ingels. The completed development will provide more than 600,000 square feet of premium office space, marketed to tenants in the technology, advertising, media and information sectors, according to HFZ\u2019s corporate website.<\/p>\n<p>HFZ Capital Group bagged $92.7 million in financing for the construction in July of last year, according to property records <a href=\"https:\/\/commercialobserver.com\/2018\/07\/otera-construction-loan-29th-and-5th\/\" target=\"_blank\" rel=\"noopener\">cited by <em>Commercial Observer<\/em><\/a>. The debt was provided by Canada\u2019s Ot\u00e9ra Capital and consisted of a $44.3 million project loan, a $34.5 million gap mortgage and a $14.1 million building loan.<\/p>\n<p>The developer founded by Ziel Feldman is also working on a 900,000-square-foot, luxury mixed-use destination dubbed The Eleventh in Chelsea district. HFZ <a href=\"https:\/\/www.commercialsearch.com\/news\/hfz-bags-1b-loan-for-mammoth-nyc-project\/\">scored an estimated nearly $1.3 billion loan<\/a> for the roughly $2 billion project at 76 11<sup>th<\/sup> Ave. in 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developer appears to be moving ahead with 29th &#038; 5th, a 551-foot-tall project designed by Bjarke Ingels Group. Excavators and pile drivers are in use near the Empire State Building.<\/p>\n","protected":false},"author":744,"featured_media":1004341439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,1600,21742,10,21747],"tags":[35518,35517,46454],"class_list":["post-1004341415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-bjarke-ingels-group","tag-hfz-capital-group","tag-otera-capital-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HFZ Starts Work on 600 KSF Manhattan Tower - 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\/hfz-starts-work-on-600-ksf-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFZ Starts Work on 600 KSF Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"The developer appears to be moving ahead with 29th &amp; 5th, a 551-foot-tall project designed by Bjarke Ingels Group. 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