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Old October 17th, 2008, 11:00 AM   #1481
Buyckske Ruben
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Originally Posted by Newcastle Guy View Post
Renders from Hayes Davidson's website, for all the New York peeps:

Wasn't sure if you guys had seen these yet? There are lots more in the site, go and have a look around!
Hmmm... to boxy for me. Its i kind of boring design i hope they will change some things. And the building can be a little taller.
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Old October 17th, 2008, 11:33 AM   #1482
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Hudson Yards will be build!

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Old October 17th, 2008, 11:49 PM   #1483
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Originally Posted by Buyckske Ruben View Post
Hmmm... to boxy for me. Its i kind of boring design i hope they will change some things. And the building can be a little taller.
I agree needs to be more differebt shapes and colours to theres too much grey
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Old October 19th, 2008, 06:00 AM   #1484
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New York by nature is a little boxy and this will be a nice flagship for the new Hudson Yards
Brooklyn, Bronx, Queens and Staten
From the Battery to the top of Manhattan
Asian, Middle-Eastern and Latin
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Old October 20th, 2008, 08:40 PM   #1485
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I think there simple but elegant another great addition for my hometown
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Old October 20th, 2008, 11:31 PM   #1486
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NYgirl, that's great news. A few members of my family are Local 3 electricians too. This project really is serious business.
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Old October 23rd, 2008, 10:48 AM   #1487
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Manhattan apartment fundamentals strong, despite turmoil
8 October 2008
Real Estate Weekly

The escalating contraction of financial services and banking payrolls continue to be a modest drag on the Manhattan apartment market, though vacancy remains tight.

For college graduates and younger professionals, the smaller pool of jobs in the borough has softened leasing activity during the past summer. Consequently, apartment operators are pushing rent growth at a slower pace than in past quarters.

Supported by tourism and favorable exchange-rates, expanding payrolls in the hospitality, restaurant and retail sectors have partially offset the impact of losses in the financial services and banking industries.

Market experts, however, are cautiously looking toward the end of this year and the beginning of 2009. At that juncture, the lack of Wall Street bonuses and expiring severance packages are anticipated to weigh on residential demand.

Despite Manhattan's economic struggles during the past five quarters, leasing activity remains fairly strong and vacant units will still fill quickly as the employment market begins to stabilize, perhaps as early as in the second half of next year.

In Manhattan, builders filed permits for nearly 12,500 multi-family units in a recent 12-month span ending in August, compared with 8,200 applications in the preceding period. Developers rushing to beat the 421 a tax abatement deadline of June 30 caused the increase in activity.

Condominium prices continued to increase at a healthy clip over the past 12 months, with the median sales price appreciating 22% to nearly $1.3 million in the second quarter. The condo market has begun to weaken in recent months, however.

The impact of fewer qualified buyers has caused listing inventory to rise 28%, while sales velocity has declined approximately 22%.

The Department of City Planning has initiated efforts to rezone parts of the East Village and the Lower East Side. The changes would limit the density of multi-family development by cutting existing floor-area ratios (FAR) from 40% to 50%. To bolster affordable housing construction, however, the department is considering increasing FARs along small segments of Second Avenue and Delancey and Houston streets.

Facing budget constraints, the Housing Authority is considering selling air rights in and around the affordable housing developments it manages throughout the city. These development rights would fuel construction activity in areas such as the Upper and Lower East Sides and Central and East Harlem, where 85% of the unused air rights are located.

Despite temporarily increased permitting activity due to the 421 a tax abatement deadline, multi-family permit issuance is forecast to slow in 2008. Approximately 9,400 permits are projected to be issued this year, down slightly from the 9,500 approved in 2007.

Construction of large, market-rate apartment projects has yielded approximately 1,800 new units during the past 12 months. During the preceding period, developers completed nearly 1,700 apartments.

Supported by an elevated pace of construction in the beginning of the year, developers have completed 1,185 units year to date. Additionally, two major projects are expected to come online during the fourth quarter, totaling 300 market-rate rental units.

The Archstone Clinton was this year's largest addition to local inventory. The two-tower project in Midtown West was completed in the first quarter and includes 627 market-rate rental units. Spurred in part by anticipation of the Hudson Yards redevelopment, builders have remained bullish on the Midtown West submarket.

Approximately 60% of this year's apartment completion will occur in the submarket, and nearly 3,100 units are expected to come online between now and early-2010. Completions are forecast to total nearly 1,500 units in 2008, down from the 1,700 units that came online last year.

Vacancy in large, market-rate properties averaged 2.6% in the third quarter, up 40 basis points from the same quarter the previous year. After improving in the fourth quarter 2007, vacancy has increased 50 basis points so far this year. Year-over-year asking rents in large, market-rate properties rose 4.6% to $3,838 per month as of the third quarter; a year ago asking rents had gained 9.2% year over year. Meanwhile, effective rents advanced 4.9% to $3,746 per month, compared with a 9.4% gain a year ago.

Reduced housing demand stemming from job losses will cause vacancy to rise 70 basis points to 2.8% in 2008. Asking and effective rents are forecast to increase a respective 4% and 4.2% to $3,869 per month and $3,746 per month.

The reduced availability of capital continues to constrain investment activity in Manhattan. Lenders' lower loan-to-value requirements have stunted deal flow at opposing ends of the price spectrum. Transactions valued at $2.5 million or less and $50 million or more both declined by more than 50% during the past 12 months.

Speculators have continued to find solid investment opportunities, however; buyer demand persists for assets located in the in the Upper West Side due to the neighborhood's elevated rents and incomes.

Additionally, acquisition activity has been less affected in Washington Heights and East Harlem where flexible sellers and low-income housing tax credits have buoyed investment interest.

Although the turmoil on Wall Street will cast a shadow over the local investment market through year end, rising prices stabilizing velocity lends optimism to the extended outlook.
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Old October 23rd, 2008, 11:03 AM   #1488
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High Line elevates far West Side
Innovative park spurs development in once-forlorn area

6 October 2008
Crain's New York Business

People almost had trouble getting to Craftsteak on 10th Avenue to attend the annual gala benefit for High Line park last month. Formerly gritty, deserted sidewalks were thronged with restaurant-goers making their way to such establishments as Del Posto and Morimoto and window-shopping at the Apple Store, Hugo Boss and other trendy retailers.

What a switch.

"Just four years ago, there were so many abandoned buildings, crack dealers and homeless people that it wasn't a place I was comfortable walking through," says Josh David, who along with John Hammond co-founded the Friends of the High Line. The organization is credited with saving the remaining 1.5-mile stretch of the elevated freight railway line above 10th Avenue and turning it into New York's most-discussed park in decades. "The change in such a short time is beyond anything I would have imagined," Mr. David says.

Ever since the city turned a vast swath of Manhattan filled with squatters, waste heaps and sheep into Central Park--transforming the surrounding blocks into New York's choicest real estate--planners and developers have hailed the power of parks to draw people and generate prosperity.

"We've witnessed it time and time again," says Kent Barwick, president of

the Municipal Art Society. "Green open space is such a precious commodity in an urban setting that when you create a wonderful amenity like a park, the adjacent neighborhoods take bloom."

After decades of inaction, New York is rediscovering that important linkage. Brooklyn Bridge and Hudson River parks are taking root along once-inaccessible sections of the waterfront, while the High Line is blossoming on a railway that once served the city's manufacturing base.

Difficult trade-off

because such developments take cash, and lots of it, the financial crisis will undoubtedly slow the process, especially as the new green spaces are set up to be self-supporting. Revenue from developments is expected to cover the tab for park maintenance, a trade-off that has fueled rows between community groups and developers over the scale of construction projects.

Important progress has been made nonetheless, and more is on tap.

Nowhere has change come more quickly and dramatically than along the 22-block strip beneath the High Line, where $900 million worth of projects are under way, according to city figures. Though people won't be able to walk along its paths for a few weeks, the high-profile green space has helped make its environs into a center for art galleries, luxury boutiques, prestige apartments and even offices--and developers are lining up to add more.

Not bad for an industrial-era relic whose value was disputed by local property owners as late as 2003, when their attempts to get the city to demolish it were defeated once and for all. Back then, the area was home to a collection of abandoned factories, a scrap yard, a beer distributorship, and several garages and parking lots.

"The park has brought a sense of excitement and attention to the area," says Charles Blaichman, who is developing his third property there: the High Line Building, a 10-story, 110,000-square-foot office tower at 450 W. 14th St.

The building, which literally straddles the park, is still eight months from opening but has drawn tenant commitments, including from designer Helmut Lang, who has taken two floors.

Meanwhile, design and development firm Flank has lavished $42 million on converting a four-story hanger factory at 520 W. 27th St. into a 60,000-square-foot commercial condominium. Within five months of its opening in March, all 12 units, priced at $1,100 a square foot, had been sold, says Flank's managing director, Tim Crowley.

Far West Chelsea might have taken off regardless of the park, but not to this degree, Mr. Crowley says. He points to the starchitects working on projects there, including Renzo Piano, who is designing the Whitney Museum offshoot slated for the High Line's southern end.

"Shigeru Ban, Annabelle Selldorf, Jean Nouvel, Richard Meier--20 years from now, people will be coming from around the world to walk the High Line and see this architecture," he says.

An explosion in residential building spurred by soaring prices means many will have that view year-round. Average apartment rents have jumped nearly 44% since 2003, to $4,100 a month, according to Halstead Properties. Similarly, the average condo price has soared almost 47%, to $1,070 a square foot, over the same period.

+Art, a 13-story condo at 540 W. 28th St., is one of the 17 residential buildings that are finished or expected to be by year's end. Its sales office opened last month, and developer Erik Eckstein is marketing the 88 units--at an average of $1,325 a square foot--to the arts community. Amenities include what is being billed as a professionally curated art gallery in the lobby.

Sean Ludwick, principal at Black House Development, is also banking on the art set. He is spending $405 a square foot to build the 60-room High Line Hotel on West 27th Street. The hotel is expected to open in early 2010.

All the development, plus the park, is attracting people and shops.

"It's an incredible draw for retailers," says Karen Bellantoni, vice president at Robert K. Futterman & Associates, who placed Apple and Hugo Boss at 401 W. 14th St., the southern terminus of the High Line, at a reported $400 a square foot.

Asking for the moon

today, asking retail rents are close to $200 a square foot on 10th Avenue in the West 20s, including along the restaurant row from West 14th to West 24th streets. Five years ago, those rents ranged from $35 to $45 a square foot.

The district's newfound status has inspired landlords to ask the moon--and prompted developers to pay it. In the past 18 months, Ron Solarz, a director at real estate firm Eastern Consolidated, has sold land adjacent to the High Line for as much as $533 a square foot. Lately, typical sale prices range from $350 to $425 a square foot, about triple what owners were getting in 2003.

While the first section of the High Line is assured, the second part looks anything but. Supporters recently charged that The Related Companies, which is developing the vast Hudson Yards site along the river, is backing away from its commitment to restore the northern end of the High Line. What impact the financial crisis will have on plans to build millions of square feet of office space over the yards now looms as an even bigger question.
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Old November 12th, 2008, 06:45 AM   #1489
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Anyway the condo boom is slowly coming to an end. I won't be surprice if those new wonderful propose projects in NYC get cancel.

November 11, 2008

Toll on New York: It’s Dead

Robert I. Toll, the chief executive of the luxury home builder Toll Brothers, used to say New York City was the bright spot for home sales. No more.

“New York City was a nice stand-alone beacon,” he said in a conference call this afternoon. “Now it has joined the rest of the country.” That happened, he said, in mid-September after the financial crisis worsened.

“The financial industry has to lose 100,000 jobs,” he said, before his colleagues evidently tried to tell him that was too negative, and he amended his statement to say the loss could be smaller. “That’s got to have an impact,” he added.

One more negative: “The foreign market is not there as it was to support the price of condos,” he said.

He said that one condo project that his company is building in the Williamsburg section of Brooklyn was now being marketed as “rent-to-own.”

Mr. Toll was asked in the call if any members of Congress were on board to back his plea to subsidize home prices. He said there had been talks, but he had no endorsements.

As to why the government should be subsidizing home builders when there is an oversupply of houses, he said the country needed the construction jobs.

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Old November 16th, 2008, 01:46 AM   #1490
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Shine might be wearing off Manhattan real estate market

Nov. 14, 2008
By Kelly Nolan and Dawn Wotapka

NEW YORK (Dow Jones)--The shine might be wearing off the Big Apple's residential real estate market.

With Wall Street bonuses expected to decline significantly this year and the credit crisis only getting worse, Manhattan - where prices stood firm as those in the rest of the nation crumbled - is destined for a hit.

"It's going to affect all price points," said Jonathan Miller, president and chief executive of Miller Samuel, a real estate appraisal and consulting firm. "Consumers right now are in a wait-and-see mode, and it's not going to get better until the credit situation does."

The economy's recent tumultuous twists and turns haven't shown up in official data yet. In the third quarter, co-op and condo inventory numbers increased and sales numbers fell from their respective record lows and highs last year, according to a report from Prudential Douglas Elliman.

Listing inventory for co-ops and condos climbed 34.6% to 7,003 units from the 5,204 units in the prior year quarter. Inventory levels in 2007 were near historic lows due to the record level of sales activity during the period that absorbed excess supply. The number of sales fell 24.1% to 2,654 from the prior year quarter of 3,499. Prices so far have held up.

Some real estate executives say they are already seeing a slowdown. In an earnings preview earlier this week, Robert Toll, chief executive of luxury builder Toll Brothers Inc. (TOL:17.42, -0.63, -3.5%) , said New York, once a "stand-alone and a beacon," has now "joined the ranks of the rest of the country."

The region, which makes up 5% or less of sales, had performed well, but it deteriorated during October's meltdown. "We used to be able to claim New York City" as a top performer, he said. "We don't claim that any more."

Dolly Lenz, a top and well-known New York broker, said she has seen a lot more high-end co-ops hit the market, and Wall Street types putting multiple properties up for sale.

"They bought an apartment, for approximately $23 million. They had an apartment to sell for roughly $11 million," she said. "They don't feel comfortable keeping both."

A main culprit is the decline of the city's financial-services industry, which supplies a sizeable portion of the city's jobs and revenue. By the end of the year, for example, Citigroup Inc. (C:9.52, +0.07, +0.7%) says it will have eliminated 40,000 employees worldwide, with some in New York. This follows pink slips for most, if not all, of the sector's most storied monikers, including Bear Stearns Cos., a victim of the crisis.

Earlier this month, the New York State Assembly Ways and Means Committee forecast that financial activities industry variable wages would plunge 41.3% in 2009, compared with a 12.6% drop in 2008, noting that "a decline of this magnitude is unprecedented."

Also this month, compensation consulting firm Johnson Associates said Wall Street bonuses, which includes cash incentives and equity awards, will decline an average of 20% to 35% this year compared with 2007. Investment bankers and fixed-income professionals will be among the hardest hit, with their bonuses expected to go down as much as 45%, a figure some industry bears consider low.

One recent survey found 31% of financial professionals expected a lower payment over 2007, while 34% predicted no payout at all.

"The magnitude of the decline is consistent with previous downturns," said Alan Johnson, managing director of Johnson Associates. "But 2009 isn't looking better in terms of pay or employment, which makes this feel so much worse."

There's also the mortgage issue. As lenders continue to feel the sting of the boom's lax lending standards, they have tightened requirements, preferring loans for those with a stellar credit score above 720 and money to put down, no small feat in pricey Manhattan. Meanwhile, the rates for jumbo mortgages - $625,000 in 2009 - remain at least a percentage point above smaller 30-year fixed loans, increasing monthly payments, said Jeffrey Guarino, who has worked in Manhattan's mortgage industry since 2001.

Yet another problem: The nation's economic troubles have spilled into the rest of the world. Foreign buyers, who view New York's market as a bargain and helped save the market when last year's bonuses showed some strain, have since curtailed their buying. The value of the euro, which has been on the decline against the dollar in recent months, is making it less attractive for foreign buyers, long a staple in Manhattan condo real estate, to snap up homes.

"They are still buying, but do appear more cautious," said Hall Willkie, president of Brown Harris Stevens, a New York residential real estate company. "I would expect there would be fewer sales."

Lenz, who is vice chairman at Prudential Douglas Elliman, added that she has seen more foreign buyers with urgency to make deals before they lose the benefits of the weaker dollar, which she said is expected continue to climb as a result of the upcoming Barack Obama presidency. For example, one European buyer just signed a deal for a roughly $40 million condo, a transaction he had been putting off for months.

Even so, while New York's residential market may experience some near-term pain, observers emphasize that it is much healthier than many others in the country.

Real estate appraiser Miller points to the absorption rate of co-ops and condominiums - the number of months it would take to absorb the current number of listings at current pace of sales - as an indicator of the city's relative health. For the third quarter, it was 7.9 months, he said.

"Compare that to Miami, which is about 60 months, or D.C., which is over 40 months,"
he said. "It doesn't make the problem go away, but it does give some basis for comparison."

And foreclosures remain manageable, unlike ailing Las Vegas, where one in every 62 housing units received a foreclosure filing in October, according to RealtyTrac. While the New York City boroughs of Queens and Staten Island have seen dramatic annual increases, in Manhattan, "foreclosure auctions remain virtually nonexistent" with a 0.005% foreclosure rate per household in the third quarter, according to PropertyShark.com.

Despite current economic woes, some real estate brokers express confidence in the city's real estate long term.

"We know what this is about and we've seen this before," said Steven James, president of Manhattan brokerage Prudential Douglas Elliman. "I think that the city is still in great shape."

Lenz agreed. Manhattan is "an anomaly," she said. "Everybody from around the world wants to have an apartment in New York City."

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Old November 21st, 2008, 09:42 PM   #1491
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RSHP win Manhattan terminal

The Port Authority of NY & NJ announced today that it has selected London–based Rogers Stirk Harbour + Partners to design a new 42-storey tower and renovations to the Port Authority Bus Terminal located in Mid-town Manhattan.

The proposed air rights development will add approximately 1.3 million sq ft of sustainable first-class office space above the terminal and allow for significant improvements to the terminal facility, including new mass transit opportunities for commuters through increased bus capacity and the renovation of approximately 40,000 sq ft within the existing North Wing for retail use.

Rogers bested US finalists Pelli Clarke Pelli and KPF to land the job. Work is estimated to start in the spring of 2009.

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Brooklyn, Bronx, Queens and Staten
From the Battery to the top of Manhattan
Asian, Middle-Eastern and Latin
Black, White, New York you make it happen

- Beastie Boys
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Old November 22nd, 2008, 01:20 PM   #1492
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Some interesting projects.
Князь Григорий Александрович Потемкин-Таврический когда-то сказал: "В России будет три столицы: Петербург, Москва и Севастополь."
С 18 марта 2014 г. Севастополь наряду с Москвой и Петербургом является городом федерального значения...

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Old November 22nd, 2008, 07:36 PM   #1493
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Not bad! The design remind me of WTC 3 a bit.
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Old November 24th, 2008, 07:18 PM   #1494
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Four Seasons Hotel and Residences 80 floors 30 Park Place/99 Church 912 ft

Four Seasons Hotel and Residences 80 floors 30 Park Place/99 Church 912 ft

Looked and looked, and surprised there isn't a thread on this. Foundation work already started back in June and demolition of the previous building started a few months before hand in October 07.

The Four Seasons Hotel New York, Downtown will occupy the first 22 floors of the 80-story tower, which will also include a specialty restaurant operated by the Four Seasons. The remainder of the tower, which rises to a dramatic skyline profile of full-floor penthouses and setback terraces, will accommodate private residences as large as 6,500 square feet. The Residences also will be managed by the Four Seasons.

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Old December 12th, 2008, 06:04 AM   #1495
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More of the Same

Hudson looks like a cool project but nothing extraordinary--it looks like many of the buildings in New York City - just newer. I'd love to see something innovative but likely there is only space to build up. Amy, New York Hotels

Last edited by AmyAmy48; December 13th, 2008 at 05:16 PM.
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Old December 29th, 2008, 11:08 PM   #1496
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December 2, 2008

A 1,000 foot-tall hotel and condo tower is coming to Extell's West 57th Street development site that's now a giant hole in the ground.

That's according to the company hired to provide "physical and electronic security" for Gary Barnett's project. Aren't security firms supposed to keep secrets secure?

Louisville, Ky.-based Aegis Security Design claims the tower diagonally across from Carnegie Hall will house a "5-star" Park Hyatt Hotel, stores and luxury condos.

Extell hired Aegis to provide security-related services for the project that will run from 151-161 W. 57th St., on a site that extends all the way through to 58th Street.

Extell spokesman George Arzt said yesterday: "No details have been finalized or resolved. Aegis is only a consultant on the project."

But Aegis says it's "contracted with Extell to provide risk assessment, security programming, system design and construction administration services" on 57th Street.

Its Web site says Extell's tower will be LEED-certified and rise to as many as 80 stories. The hotel, stores and a garage will take up 356,467 square feet of a total 882,141 square feet, with condos above the hotel.

The hotel will boast a "spa, pool area, ballroom and meeting rooms," and "the lobby may contain an atrium."

Ever since Barnett started gobbling up land on West 57th and 58th streets between Sixth and Seventh avenues a few years ago, what he'll build has transfixed Midtown-watchers.

The vast site - directly across from Metropolitan Tower and the Russian Tea Room - has been a crater since old buildings were demolished. Last winter, Barnett told us he'd probably do a "5-star" hotel of some sort rising up to 50 stories.

Extell later fell silent. But now, Aegis appears to have let the cat out of the crater.

Sources said Extell is conferring with city agencies - possibly for zoning variances related to air rights purchases, and for landmarks-related approvals. The site is next door to two designated landmarks: the former CAMI Hall at 163-165 W. 57th St. and Alwyn Court on West 58th.
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Old December 30th, 2008, 09:30 AM   #1497
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a thousand huh?
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Old January 29th, 2009, 10:38 PM   #1498
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hopefully it will be nice; they can either make it great or ruin the central park- south skyline, as well as the east or west view
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Old January 29th, 2009, 11:49 PM   #1499
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wtc #3 & #4

Did anyone else see this?


this is about buildings 2 & 3, sorry
mmm---skyscraper i love you

Last edited by DesignerVoodoo; January 29th, 2009 at 11:53 PM. Reason: wrong building #
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Old February 1st, 2009, 08:19 AM   #1500
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Originally Posted by DesignerVoodoo View Post
Did anyone else see this?


this is about buildings 2 & 3, sorry
one word BS
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new york city

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