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Old June 11th, 2014, 07:42 AM   #4201
Ghostface79
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I personally doubt we'll see any renderings till after August when One57 opens, cause why would Related want to compete with it's other pet project when the tower isn't finished yet and there are still deals waiting to close?
The financing part as mentioned also plays a part, tho as we know about Extell they keep things hush hush until they're ready to move forward with a building so who knows, they might have that lined up already. Bottom line, let's not get anxious about renderings cause we might not see none for a little while.
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Old June 11th, 2014, 07:50 AM   #4202
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Quote:
Originally Posted by Ghostface79 View Post
I personally doubt we'll see any renderings till after August when One57 opens, cause why would Related want to compete with it's other pet project when the tower isn't finished yet and there are still deals waiting to close?
The financing part as mentioned also plays a part, tho as we know about Extell they keep things hush hush until they're ready to move forward with a building so who knows, they might have that lined up already. Bottom line, let's not get anxious about renderings cause we might not see none for a little while.
Well for one thing, One57 is move in-ready. 217 will take years to complete. Another issue is the calendar: The best time to stoke excitement with a big reveal is after Labor Day...unless Barnett wants to peddle door to door in the Hamptons.
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Old June 11th, 2014, 08:00 AM   #4203
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Quote:
Originally Posted by Ghostface79 View Post
cause why would Related want to compete with it's other pet project when the tower isn't finished yet and there are still deals waiting to close?
Because it is now also competing with 432 Park and 111 W 57. Especially at the top end where the money is, the market is quite small.

Better to move a customer between towers than to lose it to a competitor. Of course, the investors may disagree, as those in One57 may not be involved in Nordstrom at all and vice versa.
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Old June 11th, 2014, 05:39 PM   #4204
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Nordstrom officially announced some time ago that their flagship store will open in 2018. As the main tenant of this structure whatever timetable they are working under must be focused on this deadline.
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Old June 11th, 2014, 05:40 PM   #4205
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Fair points but I'm not sure what message it would send to your creditors (mostly One57) that you will cut some of your profits by adding another competitor to an increasing crowded field.
As far as timing, very true Nordstrom will be completed years away from One57, but I guess my point is that I don't see a developer switching its attention to another similar project when its most important project at the moment still isn't finished and he needs to make sure that all the pending sales are closed.
I might be totally wrong about it but I really don't see Barnett moving full speed on Nordstrom until One57 is finished sometime in August.
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Old June 11th, 2014, 06:20 PM   #4206
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I am not expert in real estate, but I don't see why they can not start a new project when they are still finishing another, Actually, I think it is a common practice among developers to do that. For them it is convenient, they maintain the machinery rolling. One57 is almost done, they are in the finishing works, and they are beggining this other building.

As I understand, most units in One57 are already sold, they got left mostly lower-floor, smaller units, they already sold the Pent House, which is one of the hardest to sell, so I don't think this building is necessarily a competitor to One57, I think it is more like will expand and complement the bag of products they offer. For example, the different models of a car manufacturer offers, doesn't compete with each other, each model attends different affordabilities, needs and tastes. The same would apply to the units in these towers.

Now they will have more posibilities to offer, they'll have bigger units with views. Also they will have units to deliver "right now" and some to deliver in a few years, so they hardly will compete with each other.

Finally, I think when they surpass a certain threshold in sold units, they can afford to sell the remaining ones at a slower pace.
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Old June 11th, 2014, 06:29 PM   #4207
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Quote:
Originally Posted by LordArthurWellesley View Post
Extell also will start a huge project in Times Sq soon.
Is this the property Related traded to Extell in that 55 Hudson Yards deal? As I recall that parcel has 1msft!

I forgot the address. I think it was an 8th ave address.
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Old June 11th, 2014, 06:41 PM   #4208
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Quote:
Originally Posted by LordArthurWellesley View Post
1.5m sf. Thus, it should be quite large.
Oh wow! nice. I agree, will be large.

Is this the tower you had been prepping us for news??
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Old June 11th, 2014, 06:54 PM   #4209
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We'll just wait and see if anything happens this summer, tho quite honestly I would be pleasantly surprised if they release any renderings by then cause this wait has been agonizing.
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Old June 11th, 2014, 08:52 PM   #4210
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Quote:
Originally Posted by LordArthurWellesley View Post
Extell also will start a huge project in Times Sq soon.
And that's not even the one you told us soon would be coming as a surprise new supertall... with 1.5 mil square feet is it primarily office? How tall potentially is this Extell project near the Times Square area?
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Old June 11th, 2014, 09:00 PM   #4211
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Quote:
Originally Posted by Vertical_Gotham View Post
I think it was an 8th ave address.
Yes, between West 45th and 46th streets. The lot they exchanged is reportedly adjacent to a garage that Extell already owns. Then this must be on the eastern side of 8th Ave. Probably the low rise buildings on the corner of 45th & 8th. Together, they make quite a large plot: about a quarter of a block (map).
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Old June 12th, 2014, 12:25 AM   #4212
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I remembered the address of this site. It's 740 8th Ave.

http://www.skyscrapercity.com/showthread.php?t=1626782

Quote:
Originally Posted by citybooster View Post
And that's not even the one you told us soon would be coming as a surprise new supertall... with 1.5 mil square feet is it primarily office? How tall potentially is this Extell project near the Times Square area?
yea I'm sure this will be an office tower.
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Last edited by Vertical_Gotham; June 12th, 2014 at 12:32 AM.
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Old June 18th, 2014, 04:10 AM   #4213
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I don't know how to find that information... anyone?
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Old June 18th, 2014, 04:52 AM   #4214
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You can find permits on the NYC DOB website by looking up the address. This is the page for 217 W. 57th -- you can see the last filing on 6/17/14 is still pending, so it won't give you any information if you click on it. Should go through soon though.
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Old June 18th, 2014, 07:45 PM   #4215
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Quote:
Originally Posted by ShvoJob View Post
Extell filed something today with the DOB. I couldn't copy the link, though.
I wonder if you were referring to this site which Extell recently sold, cause I can't find anything else filed recently.

Permits Filed: 138 East 50th Street
http://newyorkyimby.com/#

Quote:
The first DOB filings are up for yet another major new development in Midtown, at 138 East 50th Street. According to the New York Post, Extell bought the site for $61 million in 2012, but The Real Deal reported that Ceruzzi Properties acquired the site from Extell last August, though the last transaction’s dollar value was not specified.
Permits list SLCE as the architect of record, and the new tower will be a relatively large hotel, totaling 220,638 square feet. Plans include a 7,036 square foot retail component, and above, the 52-story skyscraper will be divided between 764 rooms, and 138 East 50th will stand 502 feet to its roof.
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Old June 18th, 2014, 09:27 PM   #4216
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Quote:
Originally Posted by Ghostface79 View Post
I wonder if you were referring to this site which Extell recently sold, cause I can't find anything else filed recently.
I think he was referring to the Nordstrom as something was filed yesterday but not under the NB application and notes the filing can't be viewed until accepted.

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http://a810-bisweb.nyc.gov/bisweb/Jo...A3&requestid=6
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Old June 18th, 2014, 10:22 PM   #4217
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Not sure how to post the document but it says it is proposed 1,550 still.
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Old June 18th, 2014, 11:27 PM   #4218
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Not sure how to post the document but it says it is proposed 1,550 still.
i am agree with you but i wish that this one will have 1650ft
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Old June 18th, 2014, 11:39 PM   #4219
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Quote:
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Not sure how to post the document but it says it is proposed 1,550 still.
Sometimes they don't update information though... expect low 1400's but it could potentially end up a little taller.
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Old June 19th, 2014, 12:02 AM   #4220
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I think that it will reach 1,550' with the use of a crown. From the drawing that was posted a while back it said 1,550 to the tip of the slanted roof. Nothing in files has changed and the only reason to expect low 1400's is because of what they told the art students league. This could be the figure to the start of the crown/slanted roof.
In the end Extell bought this plot with original intentions to build a 1,550' building. Then he chose the architect that has designed the tallest and upcoming tallest buildings in the world. And the market for ultra-luxury has only gotten better and more competitive. I don't know how he could give up this opportunity.
We shall see.
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