Avi Forman Nicky Chang Marcus Addison Hooks
East River site panorama
public open space + residential development
$4,579psf
2010 value of central park west
access to open space increases real estate value
60%
of New York State’s adults are overweight or obese
access to open space promotes public health
Pedestrian, Bikes and Bridges
STOOP CULTURE
Setback Rules
Vertical Cores + Street Life
Vertical Cores + Street Life, continued
1.9 kilometers in length and representing merely 4 % Only
of the total greenway, this missing link is a major deterrent to users.
existing public open space near the site
connecting existing public open spaces
? understanding the scale
scale: 4 Manhattan BLocks
scale: 4 Manhattan BLocks
scale: 5 Queens BLocks
scale: 5 Queens BLocks
0.5 miles =10 min walking distance = 3 min on a bike = 3 cross town bus stops = 1 stop on MTA subway = 1.5 min water taxi ride
understanding the distance
15 degrees grid difference
between Manhattan and Queens
connecting the grid
Grand Central
4th Ave
Chrysler Bldg
3rd Ave
Ford Foundation
Tudor City
2nd Ave
1st Ave
United Nation Plaza + Office
FDR
Queensboro Bridge
Steven Holl Library
P.S. 78
Center Blvd 5th Street Urban Context in Section
2800 feet / 850 meters 4 Manhattan blocks
total length of crossing
Urban Context in Section
1. 2. 3. 3 touch downs minimize disturbance of waterflow
1. Manhattan - 42nd Street
1. Manhattan - 42nd Street
FDR drive
1. Manhattan - 42nd Street
FDR exit
1. Manhattan - 42nd Street
1st Ave
1. Manhattan - 42nd Street
42nd Street
1. Manhattan - 42nd Street
UN Plaza
1. Manhattan - 42nd Street
Queensboro Tunnel 1. Manhattan - 42nd Street
Exhaust Tower
1. Manhattan - 42nd Street
2. U-Thant Island
2. U-Thant Island
3. Queens - 48th Ave
3. Queens - 48th Ave
Long Island Gantry
3. Queens - 48th Ave
3. Queens - 48th Ave
Gantry Plaza Piers
48th Ave 3. Queens - 48th Ave
3. Queens - 48th Ave
existing residential development
Steven Holl Library
3. Queens - 48th Ave
1st ave tunnel
FDR
U-Thant Island
Gantry Plaza State Park
Queens Midtown Tunnel Touchdowns in Section
500 feet min navigation channel for cargo traffic
Boat Traffic Clearance
UN in Assembly
500 feet min navigation channel for cargo traffic
Boat Traffic Clearance
90’-0” clearance for recreational yachts
130’-0” clearance for boats w/ high beams
Boat Traffic Clearance
east river tidal range[daily] MHHW +6.5’ MLLW +0.0’
98’-6” clearance for recreational yachts
138’-6” clearance impact of sea level rise [2050] for boats w/ high beams
+2.0’ NYC projection
Boat Traffic Clearance
98’-6” clearance for recreational yachts
138’-6” clearance for boats w/ high beams
Under Arch Minimum
98’-6” clearance @ 1:12 slope = 1182’ run
138’-6” clearance @ 1:12 slope = 1662’ run
Road Maximum Slope
350’-0” height limit [approx. 1200 units]
Road Maximum Slope
Project Sillouette
Bike Path + Green Belt
Public Rapit Transit
Water Taxi Hub
new 7 train metro stop
Anchor Stores
Park Level Shopping
35,000 sqft
Cultural Program
vertical circulation
One Typical Bay
200’-0” center
Structure + Circulation
Public Park + Private Terraces
Green Scape
commercial + residential lobby 11B>
Commercial + Lobby
1/3
rentals
Rental Units
2/3
condos
Condos for Sale
1 Bedroom Condos
no. of units total: 500 average aera: 900 sqft
1 Bedroom Condos
2 Bedroom Condos
no. of units total: 400 average aera: 1050 sqft
2 Bedroom Condos
3 Bedroom Condos
no. of units total: 200 average aera: 1400 sqft
3 Bedroom Condos
Penthouses [4+ bedrooms] no. of units total: 25 average aera: 2200+ sqft
Penthouses [4 Bedrooms]
DURST BIG STUDIO: 42ND STREET BRDIGE PROPERTY DATA Name Location Zone Length (Linear Feet) Construction Cost PLF
42nd St Bridge East River N/A 5000 Steel 1300
VALUATION ASSUMPTIONS Man. Bridge Cost (adjusted for in $ 743,000,000 Man. Bridge Length (meters) 5,900 Man. Bridge Cost PLF $ 125,932 Queens. Bridge Cost (adjusted) $ 431,000,000 Queens. Bridge Length 3,723 Queens. Bridge Cost PLF $ 115,767 Average Cost PLF $ 120,850
EXPENSE DATA Bridge Length Base Cost PLF Base Construction Cost Added Cost Per Unit Total Added Cost Bridge Cost PLF Yearly Operating Costs Total Bridge Cost
5000 $ 120,850 $ 604,247,645 $ 750,000 $ 1,068,750,000 $ 334,600 $ 2,000,000 $ 1,672,997,645
RENTAL SPECS Percentage of Total # of Studios Annual Studio Rent # of 1 Bedrooms Annual 1 BR Rent # of 2 BR Annual 2 BR Rent Total Rental Units Total Annual Income
1/3 100 $ 18,000 100 $ 24,000 100 $ 30,000 300 $ 7,200,000
CONDO SPECS Percentage of Total # of 1 Bedrooms 1 Bedroom SF # of 2 Bedrooms 2 Bedroom SF # of 3 Bedrooms 3 Bedroom SF # of Penthouses Total Units Penthouses SF Total SF Average PSF Condo Revenue
2/3 500 900 400 1050 200 1400 25 1125 1800 1,195,000 $ 2,000 $ 2,390,000,000
Yearly Proforma 0 Income From Condo Sales Income From Rental (less) Vacancy Actual Income (less) Operating Expenses NOI (less) Capital CFAC
Pre Debt IRR
1
2
3 $ 796,666,667 $ 7,200,000 $ ‐ $ ‐ $ (360,000) $ ‐ $ ‐ $ 803,506,667 $ ‐ $ ‐ $ (2,000,000) $ ‐ $ ‐ $ 805,506,667 $ 836,498,823 $ 836,498,823 $ 1,000,000 $ (836,498,823) $ (836,498,823) $ 804,506,667
4 $ 796,666,667 $ 7,200,000 $ (216,000) $ 803,650,667 $ (2,000,000) $ 805,650,667 $ 1,000,000 $ 804,650,667
5 $ 796,666,667 $ 7,200,000 $ (216,000) $ 803,650,667 $ (2,000,000) $ 805,650,667 $ 1,000,000 $ 804,650,667
6 $ ‐ $ 7,200,000 $ (216,000) $ 6,984,000 $ (2,000,000) $ 8,984,000 $ 1,000,000 $ 7,984,000
7 0 $ 7,200,000 $ (216,000) $ 6,984,000 $ (2,000,000) $ 8,984,000
8 0 $ 7,200,000 $ (216,000) $ 6,984,000 $ (2,000,000) $ 8,984,000
16%
Performa
12 1.1 M bays
total sqft
One Typical Bay
THE GAME PLAN 4/20 - 4/26/2012