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Old February 12th, 2014, 07:30 PM   #3781
Vertical_Gotham
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Extell Gives Art Students League a Deadline: Approve Cantilever by Wednesday or Lose $31.8 M. Deal
http://observer.com/2014/02/extell-g...#axzz2t878z5wH


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Extell's controversial plan to cantilever a 1,424-foot skyscraper at 217 West 57th Street over the Art Students League, which won city approval last fall, will be abandoned if the League's members reject the deal at a vote tonight, according to the developer. Extell has promised to walk away from the deal, which would net the League $31.8 million, and move forward without the cantilever, if the League does not reach an agreement by Wednesday night.
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"If the ASL rejects the agreement, the $31 million is gone forever, for no good reason," said a spokesman for the developer. "Extell is prepared to build without a cantilever." The site, he added, was huge. Extell would just create a new plan without a cantilever.
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Old February 12th, 2014, 08:01 PM   #3782
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I hope they vote no. I really hope it. I mean, the air rights of the ASL will skyrocket after this one is finished w/o a cantivelar.
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Old February 12th, 2014, 09:02 PM   #3783
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Wednesday as in today?

Honestly, I don't know what to think, I really like this building having a cantilever, but we haven't seen the final design yet which could be quite different, and without the cantilever we get a 470m+ tower!
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Old February 12th, 2014, 09:12 PM   #3784
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Originally Posted by germantower View Post
I mean, the air rights of the ASL will skyrocket after this one is finished w/o a cantivelar.
Yea, but who's going to buy them?
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Old February 12th, 2014, 09:16 PM   #3785
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Art Students League Vote On Extell's Cash-For-Air Rights Is On
http://ny.curbed.com/archives/2014/0...ghts_is_on.php

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A contentious meeting at the Art Students League last night ended in a vote to not postpone another, more official vote set for tonight. The disagreement centers around Extell's $31.8 million offer in exchange for air rights that would allow the very, very busy developer to hang a third of its planned 74-story, 1,423-foot tower over the landmarked arts school. A majority of the school's 1,750 voting members have to approve of the sale.
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Either way, despite the fact that Landmarks has already greenlit the tower and Extell will build a taller, un-cantilevered version if the vote is negative, it's worth noting that the school will get a lot if members approve.
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At last night's forum, League members voted 209 to 59 in favor of going through with tonight's vote.
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Old February 12th, 2014, 09:34 PM   #3786
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Quote:
Originally Posted by Vertical_Gotham View Post
Art Students League Vote On Extell's Cash-For-Air Rights Is On
http://ny.curbed.com/archives/2014/0...ghts_is_on.php
Awesome. Do we have any insiders who will be able to relay to us the outcome of the vote ASAP?
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Old February 12th, 2014, 09:39 PM   #3787
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Heh, if there was a way to figure out who voted to postpone vs. who voted to go through with the vote (as in ASL instructors/admins, or the "Don't Step On Us" crowd), we could probably infer what the result today will be.

As much as it seems like a no-brainer to collect those millions of dollars, it's not easy to get 1,750 people organized to vote on anything. And since all of this is moving relatively quickly, it's possible the ASL instructors/admins haven't had time to drum up enough awareness and support for the air rights sale. For that reason, I would not be totally surprised with a "no" vote.
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Old February 12th, 2014, 10:57 PM   #3788
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The ASL sold the bulk of its air rights to Extell years ago. And they sold them for relative peanuts, at around $170/sq. ft.

In this current deal, the ASL board is proposing a sale of another 6,000 sq ft of air rights to Extell. The ASL would retain 12,200 sq ft of air rights for expansion, mostly toward the 58th St. side of the plot.

The recent release by the ASL board states that Extell raised their offer from $25.8 million to $31.8 million (the Curbed article cites confusion over the amount of the actual offer).

Last edited by McSky; February 12th, 2014 at 11:04 PM.
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Old February 12th, 2014, 11:05 PM   #3789
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Right. Although I've never been totally clear on the technical difference between those air rights and the ones at issue right now that would allow the cantilever to be built. Is it just in the wording of the deal?
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Old February 12th, 2014, 11:09 PM   #3790
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No way ASL is going to vote 'no', the money ist just too big $$$.
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Old February 13th, 2014, 12:04 AM   #3791
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When is this vote? ... Is al gore there?!?
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Old February 13th, 2014, 05:34 AM   #3792
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If you click on the link below, and then select the first item at the top, you can open a pdf file.

http://a810-bisweb.nyc.gov/bisweb/Jo...A3&requestid=2


Saw it on SSP (NY Guy). Looks like the non-cantilever option.
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Last edited by McSky; February 13th, 2014 at 05:43 AM.
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Old February 13th, 2014, 05:49 AM   #3793
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Quote:
Originally Posted by McSky View Post
If you click on the link below, and then select the first item at the top, you can open a pdf file. http://a810-bisweb.nyc.gov/bisweb/Jo...A3&requestid=2 Saw it on SSP (NY Guy). Looks like the non-cantilever option.
Woe, that must be the non cantilevered version?? I kind of like it! Looks less busy.

Interesting that the crown slopes towards the West (broadway side) I hope this is the design plus the height at 1550' to boot.

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Old February 13th, 2014, 05:53 AM   #3794
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It looks like the tower is brought right out to 58th St (with two major setbacks thereafter as it rises).
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Old February 13th, 2014, 05:56 AM   #3795
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Looks like a simplified version of that one in the back. I really don't like that the crown isn't facing the park.
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Old February 13th, 2014, 05:59 AM   #3796
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Wider face will face CP, as expected. Just like 220 CPS. But yes, they could have designed a different crown so the top appears symmetrical from CP.
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Old February 13th, 2014, 06:00 AM   #3797
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Yea good point with the slope and definitely looks like that model in the back. I still like it much better than a boxy top. I think this is the old design anyway. the date on the stamp of that zoning diagram is dated May 2013.

Any news with this cantilever vote? I'm really curious which direction this will end up going. Cantilever or no Cantilever! That is the question. Lol
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Last edited by Vertical_Gotham; February 13th, 2014 at 06:08 AM.
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Old February 13th, 2014, 06:04 AM   #3798
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Some annotations:

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Old February 13th, 2014, 06:39 AM   #3799
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Honestly, I think the vote is yes. The ASL would be insane to let this opportunity slip. Even if they think they can get much more it's a big risk to lose what's on the table forever and that's plenty.

With that said, I just hope we see a more refined design when they finally officially reveal it. I'm still hoping for 1550', but ultimately the design is more important. But hey! Is it too much asking for both??
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Old February 13th, 2014, 08:43 AM   #3800
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