ASSEMBLAGE FOR HUDSON RIVERPLACE
Tribeca, New York, NY

CMREG formed a partnership to purchase the commercially zoned real property, situated on the S. W. corner of Laight Street and West Street in New York City. This site is the controlling parcel on the block front, which represents the next important step in northerly growth of the downtown financial district. The parcel was zoned for general commercial use consisting of office, light industrial and retail.

The surrounding area, commonly referred to as Tribeca (or "triangle below Canal Street"), is in the midst of transition. Due to the geography of South Manhattan, the Wall Street financial center is compelled to move northward and westward to expand. Formerly a loft industrial area dependent on New York Port related uses, the business base of the area declined with the departure of port activity to neighboring New Jersey. Economic pressures in the Wall Street district, as well as the desire of the City of New York to revive this area, has brought a rebirth to the general area. Citigroup’s new headquarters is one block south of the site. New housing, the Borough of Manhattan Community College, a new labor union headquarters, and a new Marriott hotel have been developed in this area within the recent past. The area’s changing character is best characterized by the success of Battery Park City, a planned urban redevelopment at the southwestern tip of Manhattan. This represents a favorable sign that the area is prospering and the financial district is moving northward. Battery Park City has been the site for the development of over six million square feet of first class office space over the last ten years, as well as thousands of first class primary residential condominium units.

The closing of the antiquated Westside Highway and the City and State plan for a new limited access boulevard along West Street enhanced the value of West Street real estate. The State’s desire to restrict development north of 34th Street Javits Convention Center only further enhances prospects in this area. Long-term plans developed by the City and State call for millions of square feet of commercial, recreational, and residential uses along West Street. This redevelopment will span the area represented by the subject site, north to 42nd Street and the western edge of the Times Square Redevelopment District.

Sensing the opportunity of a changing neighborhood, CMREG focused on expanding its presence in this area. That opportunity arrived when a major New York savings bank foreclosed its mortgage on a partially completed commercial building adjacent to the CMREG owned corner. After establishing and creating the strategy, CMREG arranged a joint venture with the savings bank which contributed the property to a larger development plan. The completion of a development plan saw the later acquisition of an adjacent site from a bankruptcy reorganization in which the partnership earlier acquired the first mortgage from the senior creditor; creation of a development plan for a 78 unit condominium; application to, and final approval from, New York City’s Landmarks Preservation Commission for the development plan; and approval of the development plan through New York’s land use regulatory agencies.

At the completion of the assemblage, a 24,000 sq. ft. parcel was assembled which became the single largest development parcel in Tribeca.