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Old January 5th, 2005, 06:00 AM   #21
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probably office
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Old January 30th, 2005, 06:59 AM   #22
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Thanks to Stern for this rendering, here's how the redesign looks:



Rendering by Jon Seagull. Notice the nearby NY Times Tower too.
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Old January 30th, 2005, 02:13 PM   #23
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love it! i liked the old design but this is a beauty. new york needs more curves, its nice and smooth and i like the sky gardens in the top.

it seems to have balconies so it must now be residential or at least mixed.
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Old January 30th, 2005, 11:54 PM   #24
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Yeah it looks like it'll be residential. Wonder how expensive they'll be w/ the proximity to times square and all.. probably mucho expensive!

As for the tower, it's a beauty. I liked the old one too, but this shall do.
The curves are hot indeed.

Looks like the spire is gone... still looks like this one is 40 something stories though.
This building will be completely dwarfed by NYTT. Any word on height?
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Old January 31st, 2005, 01:04 AM   #25
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looks taller than the previous design. i wouldn;t live there.. its too close to port authority
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Old January 31st, 2005, 07:09 AM   #26
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The redesign is a residental now.

At first glance, the tower kind of reminded me of the former Enron Building:



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Old February 1st, 2005, 11:23 PM   #27
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THATS A F*CKING COOL NEW DESIGN! I LOVE IT
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Old February 8th, 2005, 05:14 AM   #28
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haha...it does remind me of enron building too! lol

yep, looks like the building's only gonna have commercial space for the first 15 floors or so, then it's apartments/condos all the way up. i like the variety of the building's design at the base, very conde-nast like...
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Old February 8th, 2005, 08:59 PM   #29
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Wow, looks much better now than the first render! Me like!
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Old February 16th, 2005, 01:05 AM   #30
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NY POST

MILSTEIN PLAN HITS A SNAG

By STEVE CUOZZO

February 15, 2005 -- AFTER years of internecine family struggle and false starts, it's back to square one at the Milstein development site at Eighth Avenue and 42nd Street.

Brothers Howard and Edward Milstein, who originally planned a 35-story office tower, have scrapped it in favor of four new alternatives submitted to the Empire State Development Corp.

ESDC Chairman Charles Gargano said the proposals call for either an all-commercial tower; an office-residential combo; a hotel-residential combo; and what Gargano called a "strange one," combining commercial, residential and educational uses. They range from 720,000 to 850,000 square feet.


More than two years ago, the Milsteins held a ceremonial groundbreaking where Gov. Pataki wielded the shovel. But, "They are still seeking a market," said one real-estate industry player.

Sources said the new schemes differ from the original Fox & Fowle design that adorned a sign at the site. It recently was replaced by an ad for Emigrant.com, a service of Milstein-controlled Emigrant Savings Bank.

One source said, "Fox & Fowle has done various iterations of the new proposals, but nothing in a sufficiently developed state that you could even call working drawings."


The Milsteins need the ESDC's sign-off on design because the site falls within the boundaries of the state's 42nd Street Development Project.

It's also across the street from the New York Times headquarters being jointly developed by the Times Co. and Forest City Ratner. In trying to lure office tenants, the Milsteins must compete with space available at the top of the glamorous Times project, now under way.

One broker said, "The Milsteins did some marketing, but not in an organized way. By comparison, the Ratner campaign next door runs like a machine."

Those said to have talked to the Milsteins for office space include the NBA and various financial-services firms. Several operators of public aquariums have considered the entertainment-use space at the tower's base.

There's no question Howard Milstein wants to build, and both ESDC and Milstein insiders say the agency and the developer are cooperating well.

But the corner's barren state has frustrated state officials. The "Deuce" between Seventh and Eighth avenues, now home to office skyscrapers and new theaters, will seem unfinished as long as the corner remains vacant.

The Milstein brothers bought out their family's interest in the land in January 2001 for $77 million of a total site value of $111 million and closed the parking lot on the site.
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Old March 26th, 2005, 10:55 PM   #31
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I love this one. Can become one of the better towers in NYC IMO...
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Old May 14th, 2005, 09:54 PM   #32
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cool!!
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Old August 19th, 2005, 02:50 AM   #33
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how it look now???
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Old August 19th, 2005, 03:51 AM   #34
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It is still a hole.
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Old August 20th, 2005, 05:22 AM   #35
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I really hope they build the new design. It looks like its 45 stories opposed to the old 35 stories and its a better design. This has been a hole in the ground for 3 years and needs to be built already!!! Take advantage of this crazy residential market!
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Old June 6th, 2006, 10:52 PM   #36
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Looks like this new design ain't gonna get built either and a new developer coming in...

NY POST

FIXING A HOLE ON 42ND ST.

June 6, 2006 -- IT looks like a different developer will get to fill Howard and Edward Milstein's gaping hole in the-ground at Eighth Avenue and 42nd Street.

A number of power players are said to have their eyes on the Milstein brothers' precious pit, which is not formally for sale but for which sources say CB Richard Ellis is quietly sifting offers.

The intersection's vacant southeast corner is the missing link on the reborn "Deuce" between Seventh and Eighth avenues, which is thriving with new office towers, theaters and shops.

It stands on the avenue between the rising New York Times tower, where law firm Seyfarth Shaw just rented 100,000 square feet for more than $80 a square foot, and the Westin Times Square hotel.

It's been a hole ever since Gov. Pataki presided at a groundbreaking in October 2002. It was a parking lot before that, when the site was owned by members of the Milstein family and partners.

In January 2001, the brothers bought out the others, paying $77.7 million for the share of the L-shaped lot they didn't yet own. At that time, it was valued in total at $111 million - far less than it's worth today.

But although Howard Milstein showed a rendering of a 35-story office tower in June 2002, nothing ever happened.

Now, after several changes of direction, something's afoot. Sources say several major developers are hot for the site, and the Milsteins may well be receptive.

Meanwhile - in a step that sounds contradictory but might not be - Empire State Development Corp. Chairman Charles Gargano said yesterday the agency will complete a "memorandum of understanding" with the Milsteins "within 30 days." Once signed, it will commit them to "start work on the project within 12 months or incur stiff penalties," Gargano said.

Gargano said the Milsteins want the option of building the project as either mixed-use or all-commercial. He said ESDC has agreed to let the Milsteins build 850,000 "rentable" square feet, about 120,000 larger than zoning allows.

Unless the Milsteins have secretly snared an office tenant, the site seems more ripe for an apartment and/or hotel project.

The sudden urgency on the part of the Milsteins combined with word of a possible sale has real estate circles buzzing that the brothers will flip the property to a new owner who would then proceed with the scheme pre-approved by ESDC.


Gargano said he knew nothing of any flip plan. A Milstein spokesman, George Arzt, said the Milsteins "are gratified there have been so many offers" for the corner, "but, the family has held the property since 1976 and to sell would be a major departure from its long-held position."

One name that's come up as a prospective buyer is Joseph Moinian, whose Moinian Group has built a number of major new projects on both Eighth Avenue and 42nd and also owns some prime development sites there.

But sources said late yesterday that he was now a long shot. Through a spokesman, Moinian would neither confirm nor deny talks. In a statement, he said, "The Moinian Group is always interested in potential development opportunities along 42nd Street and the far West Side."

Gargano, who was a driving force behind getting four new office towers built on 42nd Street, has been frustrated waiting for the Eighth Avenue corner to bloom as well. "We're anxious to complete this last corner," he said.

Earlier optimistic forecasts fizzled out. In June 2004, Howard Milstein told The Post he was "looking forward to coming out of the ground by year's end."

In February 2005, the project went back to square one when the Milsteins submitted four new alternatives with various commercial-residential combos. A proposal to include a giant public aquarium sank to the bottom.

Some sources say Howard Milstein now seems more interested in running Emigrant Savings Bank, of which he is chief executive officer. Last year, a billboard at the 42nd Street site touting the new building was taken down and replaced with a sign for Emigrant.

Robert K. Futterman, the project's retail leasing agent, said he's unaware of anything going on. "What's in Howard's mind when he wakes up in the morning - development or the bank? I don't know," Futterman said.

"Retail tenants need a certainty about dates. Without a set plan, you can't really go too far down the road."

But Douglas Durst, developer of mammoth One Bryant Park, a short stroll to the east, said the waiting game "shows how smart Howard is. If he'd done something earlier, it would have gotten less value."

CB Richard Ellis chief Mary Ann Tighe, who's marketing the remaining office space in the Times tower for developer Bruce Ratner, said that site was once considered a "pioneering" location for new offices.

Now, "given that the Times has already pioneered that location, no one coming to the Milstein site is pioneering anything."

steve.cuozzo@nypost.com
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Old June 16th, 2006, 09:06 AM   #37
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This is the number 1 most dynamic, most lucrative empty, available spot left in all of Manhattan. Why are they ******* this up?!
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Old June 19th, 2006, 05:10 AM   #38
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For those of you who aren't familiar with the site, this is what it looks like right now
6/17




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Old June 20th, 2006, 07:35 AM   #39
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it's amazing how quickly vegetation settles in on the site once it's abandoned. never seen something like that happen here in the Bay Area.
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Old June 20th, 2006, 11:59 PM   #40
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NY POST

N.J. SURPRISE AT TIMES SQ.

By STEVE CUOZZO

June 20, 2006 -- A dark-horse candidate from New Jersey has emerged as the prospective buyer of the Milstein brothers' famous empty pit at the southeast corner of Eighth Avenue and 42nd Street - Parsippany-based SJP Properties, multiple sources said.

Ever since The Post first reported two weeks ago that Howard and Edward Milstein had decided to sell the precious corner rather than develop it themselves, speculation has been rampant over who would snatch it up.

Although not a household name in city real estate circles, privately held SJP owns or manages 12 million square feet of office space in the metropolitan area - mostly in northern New Jersey and on the Jersey waterfront. Two years ago it also launched a residential division.

Last January, SJP announced plans for a 344,000-square-foot office project in Basking Ridge, N.J., in conjunction with J.P. Morgan Asset Management.

SJP President Steven J. Pozycki, the company's reps at Beckerman Public Relations, CB Richard Ellis Stephen B. Siegel - said to be the sale broker - and Milstein's rep, George Arzt, all declined to comment.

Sources said SJP, which has partnered with Prudential, has signed a "hard" contract to buy the 42nd Street site from the Milsteins, who in early 2001 paid a mere $77.7 million to buy out other Milstein family members for full control of the land, then valued at $111 million.

If all goes well, the deal could close in about three months. Sources speculate that SJP will build a project combining commercial and residential uses.


Terms were not available.

But given the market for similar Midtown properties, the 42nd Street lot - across the street from the New York Times' new headquarters tower - could top the 2001 price tag by three to five times.

"Whoever buys the site will be subject to the same agreement we're drawing up with the Milsteins" regarding the use of the site, said Empire State Development Corp. Chairman Charles Gargano, who has been trying to have the corner developed for years.

That includes "per diem penalties if they don't start work within 12 months," Gargano said.

But he welcomed the prospective sale to a company that would actually follow through on a promise to build. "We're pleased it's finally, finally getting done," Gargano said.

steve.cuozzo@nypost.com
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