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Old January 22nd, 2016, 11:45 PM   #6861
Eric Offereins
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I like that variation.
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Old January 24th, 2016, 03:58 AM   #6862
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Yeah, I wouldn't like any skyscraper outside of Manhattan cluster.
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Old January 24th, 2016, 05:19 PM   #6863
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Edited wrong thread
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Old January 24th, 2016, 05:57 PM   #6864
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Quote:
Originally Posted by ukiyo View Post
From 4 days ago

Untitled by ukiyo634, on Flickr
That looks like 220 Central Park

http://www.skyscrapercity.com/showthread.php?t=1350355
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Old January 30th, 2016, 07:09 AM   #6865
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1/29


business lunch views by Phil, on Flickr
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Old January 30th, 2016, 07:45 AM   #6866
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^ and so it begins!
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Old January 30th, 2016, 04:34 PM   #6867
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Seeing the recent financial woes of One Park Lane: is this tower fully funded? I have seen little about the financing in the news compared to other buildings.
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Old January 30th, 2016, 08:32 PM   #6868
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Quote:
Originally Posted by WillBuild View Post
Seeing the recent financial woes of One Park Lane: is this tower fully funded? I have seen little about the financing in the news compared to other buildings.
....the Park Lane was a project that would require demolition.
The market prospects (e.g. ROI) is totally different than a new build.

As for this tower, if there weren't enough presales, they wouldn't have gotten any financing, to begin with.

It really does feel like Chicken Little around here, sometimes: one moment it's, "the Billionaires are taking over!" and the next it's, "the bubble is going to pop!"

As is the case with most things, the truth is settled somewhere in the middle. There's more than enough demand for these condos (as there aren't actually very man of them in each of these buildings currently under constructed or recently completed), but just enough of the demand has been met that it is no longer attractive to make use of any significant holdings, in this area.

In other words, I'm certain the Park Lane project would have seen a much smaller tower than they felt was adequate in terms of the return they were seeking, given the projects in the pipeline. Thus, they will sit on it and be content with the revenue they're receiving from the property as it is, until such time that they can max out the development potential of the site, or bid them out at a satisfactory price.
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Old January 30th, 2016, 08:55 PM   #6869
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The issue with shelving One Park Lane had less to do with financial woes, the Witkoffs are actually sitting on plenty of cash, but more to do with saturated demand for the kind of product they intended to build on the site.

As for this tower, it's on it's way up and financed but it seems like it is also being affected by the slowdown in high end resi sales.
There was a recent article saying that Barnett is in talk with a partner to pump some additional funds to make changes to the tower, it seems that he is looking to change the floor plans of the building and probably include more, less expensive units.
The design itself and the height won't be affected, but still shows that even the towers under construction are rethinking their plans.

Extell in talks with capital partner for Central Park Tower
http://therealdeal.com/2016/01/06/ex...al-park-tower/
Quote:
Gary Barnett’s Extell Development is in talks to bring on a capital partner at Central Park Tower, the developer’s 1,500-foot condominium project on Billionaires’ Row, sources told The Real Deal.
Extell filed an offering plan for the 182-unit development in July, but it withdrew the plan a month later, according to filings with the state Attorney General’s office recently reviewed by TRD. Sources close to the project speculated that Extell – and its unknown partner – would refile the offering plan under a new sponsor name.
....
Although the design is not expected to change, industry veterans said such a move would be understandable given the slowdown at the top of the real estate market.
“If the units are really big and really expensive [at Central Park Tower], you’d probably want to go back and see what you can do,” said the Marketing Directors’ Andy Gerringer.
....
Even Steinway seems to be lowering its expectations, tho the offering plan might not be final.

How high will prices go at 111 West 57th?
http://therealdeal.com/2015/12/07/ho...111-west-57th/
Quote:
Stern’s JDS Development Group and Maloney’s Property Markets Group are projecting a sellout of $1.45 billion for 65 apartments, according to the offering plan, which was approved by the New York Attorney General in October. The priciest condo is asking $58 million, or $8,179 per foot.
Those numbers fall short of the potential price tags described in early AG filings. The developers originally envisioned two- and three-bedroom units asking between $40 million and $100 million, according to filings last year. Five-bedroom units (which are situated on lower floors) were tentatively priced between $40 million and $75 million.
...
At 111 West 57th, all of the units are accounted for on the offering plan, but sources close to the project said the prices could be placeholders for larger.
The only tower that doesn't seem to be affected is 220 CPS, it's rumored that someone is in contract for the $200 mil penthouse and sales are already past the mid point. I would think it's probably because it's the best located of the bunch and the design is pure "Central Park", basically a tower made for billionaires.
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Old January 30th, 2016, 10:23 PM   #6870
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Part of me thinks this whole thing seems to good to be true/too ambitious. While it won't definitely happen, I'm still bracing for a height cut or for it to end up like the Pentimonium in Dubai just because I'm cautious not to be overly optimistic.
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Old January 30th, 2016, 10:52 PM   #6871
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This things shooting out of the ground, its almost unbelievable the rate of construction in the past 2 weeks compared to the past few month's.
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Old January 30th, 2016, 11:14 PM   #6872
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Was it confirmed the spire is gone from final design?
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Old January 30th, 2016, 11:18 PM   #6873
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Quote:
Originally Posted by Jay View Post
Part of me thinks this whole thing seems to good to be true/too ambitious. While it won't definitely happen, I'm still bracing for a height cut or for it to end up like the Pentimonium in Dubai...
Not gonna happen, if that was the case Barnett would be looking to cut costs not seek a partner to pump more money into the building.
Besides the building needs an edge to separate itself from its competitors. It doesn't have the best location or design, only by making it taller will it make some noise.
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Old January 31st, 2016, 12:35 PM   #6874
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Quote:
Originally Posted by Ghostface79 View Post
Not gonna happen, if that was the case Barnett would be looking to cut costs not seek a partner to pump more money into the building.
Besides the building needs an edge to separate itself from its competitors. It doesn't have the best location or design, only by making it taller will it make some noise.
The location is not good? What? It's a few blocks from C. Park. Not every tower has to be right on the Park for it to be a good location.!
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Old January 31st, 2016, 05:21 PM   #6875
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Perhaps you should read before making dumb remarks (as usual).
I said, it is not the "best" of all location not that it's a "bad" location. In NY real estate, that block between this tower and 220 CPS does matter, a tower closer to the park will always have an edge over one a block behind, even if it's merely a block, regardless of the view.
In fact just look at which tower is selling out at full price and which is reconsidering its scheme, that'll tell you which one the buyers, which is the only opinion that matter in this case (not yours or mine), think gives them more of that "Central Park" value.
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Old January 31st, 2016, 08:40 PM   #6876
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Quote:
Originally Posted by Jay View Post
Part of me thinks this whole thing seems to good to be true/too ambitious. While it won't definitely happen, I'm still bracing for a height cut or for it to end up like the Pentimonium in Dubai just because I'm cautious not to be overly optimistic.
NYC and dubai are very different markets.
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Old January 31st, 2016, 10:36 PM   #6877
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From this afternoon...a pretty clear view of the cantilever taking shape, as seen through the hole where 220 CPS will eventually rise:

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Old February 1st, 2016, 03:21 AM   #6878
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Nice picture, but it's nowhere near the cantilever level yet. The building in the foreground is 220 CPS and the one in the back is Central Park Tower.
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Old February 1st, 2016, 04:44 AM   #6879
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Quote:
Originally Posted by SMCYB View Post
Nice picture, but it's nowhere near the cantilever level yet. The building in the foreground is 220 CPS and the one in the back is Central Park Tower.
I stand corrected!!! These couple of blocks are such a jigsaw puzzle of construction sites at the moment, it's hard to sort it all out from the sidewalk...
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Old February 2nd, 2016, 04:32 PM   #6880
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Sneak Peak At Facade & Construction Update For 217 West 57th Street, Aka Nordstrom Tower
http://newyorkyimby.com/2016/02/snea...rom-tower.html



Quote:
YIMBY has brought you continual updates on the progress of Extell’s 217 West 57th Street, a.k.a. Nordstrom Tower (officially Central Park Tower), and now we have the first photos of what the facade for the building will actually look like, as well as an update on progress. The image comes from an anonymous tipster and shows the glass that will appear over the top of the Nordstrom floors, crowning the retail podium in a series of undulating curves, and demarcating the boundary between the pedestrian realm and the supertall that will cantilever up above.
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217 west 57th street, 225 west 57th street, central park south, cps, extell, new york, nordstrom tower, nyc, supertall

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