NEW YORK | 225 West 57th Street | 472m | 1550ft | 88 fl | Prep

[RobertWalpole]

My pleasure, RenCharles.

Here's the north side of the site, 220 W58th St., on 15 Aug. 2011:

RoldanTTLB
image hosted on flickr

[RobertWalpole]

With the success that Extell is having with One 57, which likely will be the lamest of the four residential supertalls, I say "Bring on Torre Verre, 440 Park and 225 W 57th ASAP!"


http://therealdeal.com/newyork/artic...on-57th-street

Penthouses at Extell's One57 ask $98.5MAugust 18, 2011 08:30AM

Extell President Gary Barnett and a rendering of One57
Two stellar penthouses at One57, Extell Development's prospective 1,000-foot condominium and hotel tower on West 57th Street, are being shopped around by the city's biggest brokers for $98.5 million apiece, the New York Post reported.

One penthouse on the 90th floor will clock in at 10,923 square feet, the Post said, while the other, on the 75th floor, will be 12,554 square feet. They may be the priciest preconstruction condos ever, sources said.

Slated to be the city's largest residential tower at 90 floors, the building is slated to be completed within two years. The developer is partnering on the project with an Abu Dhabi government fund, which controls most of the equity.

Designed by Christian de Portzamparc, the building will have a Park Hyatt hotel on its first 30 floors, and 95 luxury condos will take up the remaining 60 floors. [Post]

[azn_man12345]

I remember someone claiming that 225 W 57th had about 30% more air rights then One57. 306 x 1.3 is almost 400m though (397.8 to be exact). Why are people suggesting this thing will be about 350m tall?

I also recall saying that air in Manhattan is extremely valuable and it would be stupid for any developer not to build to maximum height, which is why Manhattan has so many skyscrapers.

Why not 400 though and only 350? :p

[RobertWalpole]

Originally Posted by azn_man12345

I remember someone claiming that 225 W 57th had about 30% more air rights then One57. 306 x 1.3 is almost 400m though (397.8 to be exact). Why are people suggesting this thing will be about 350m tall?

I also recall saying that air in Manhattan is extremely valuable and it would be stupid for any developer not to build to maximum height, which is why Manhattan has so many skyscrapers.

Why not 400 though and only 350? :p

I said that it has about 30% more air rights than Carnegie 57. The thing that could make it either 300m tall or 400m tall is the amount of office space, if any, that the project has. If it has 20 floors of boutique office space with condos and a hotel above, it could be 300m. If it's all condos and a hotel, it should be around 400m.

[Im Using A Computer]

Originally Posted by RobertWalpole

I said that it has about 30% more air rights than Carnegie 57. The thing that could make it either 300m tall or 400m tall is the amount of office space, if any, that the project has. If it has 20 floors of boutique office space with condos and a hotel above, it could be 300m. If it's all condos and a hotel, it should be around 400m.

which way do you think it will be?

[azn_man12345]

Originally Posted by RobertWalpole

I said that it has about 30% more air rights than Carnegie 57. The thing that could make it either 300m tall or 400m tall is the amount of office space, if any, that the project has. If it has 20 floors of boutique office space with condos and a hotel above, it could be 300m. If it's all condos and a hotel, it should be around 400m.

Ah okay. Thanks for clearing that up for me Robert. Which do you think it will be?

[yankeesfan1000]

With all the office space U/C in the city, or buildings searching for tenants chances are this is hotel/condo, especially with the demand for high end real estate with very little current supply outside of C57. This'll have even better views than C57 too.

[RobertWalpole]

Originally Posted by azn_man12345

Ah okay. Thanks for clearing that up for me Robert. Which do you think it will be?

I agree with Yankeesfan that this probably will lack an office component and will be purely residential/hotel and therefore, around 350-400m tall. A residential/condo would be much easier to finance than would be a tower that has even a small office component of 200k sf. Offices require pre-leasing to get financing, and a boutique office component of that size would entail a lot of small, but very expensive, leases to hedge funds, PE firms, etc. It would be very difficult to show the lenders that you're fifty percent preleased when you're leasing to many small users.

[JohnFlint1985]

as of yesterday

[rencharles]

Hmmm ... The demolition process is good, hopefully by the end of the year the buildings of the site is completely demolished.

Until then (year's end), I'm hoping that some render is released.

[RobertWalpole]

Thanks for the photos, JohnFlint. Demo prep for 220 W58th St also is progressing well.

Here's a photo by RoldanTTLB
image hosted on flickr

[RobertWalpole]

Demolition permits filed with the NY DOB on 14 Sep. 2011:

http://a810-bisweb.nyc.gov/bisweb/Wo...70&requestid=2

[RobertWalpole]

Filed on 15 Sep. 2011:

http://a810-bisweb.nyc.gov/bisweb/Wo...06&requestid=2

[daccounting]

Originally Posted by RobertWalpole

With the success that Extell is having with One 57, which likely will be the lamest of the four residential supertalls, I say "Bring on Torre Verre, 440 Park and 225 W 57th ASAP!"


http://therealdeal.com/newyork/artic...on-57th-street

Penthouses at Extell's One57 ask $98.5MAugust 18, 2011 08:30AM

Extell President Gary Barnett and a rendering of One57
Two stellar penthouses at One57, Extell Development's prospective 1,000-foot condominium and hotel tower on West 57th Street, are being shopped around by the city's biggest brokers for $98.5 million apiece, the New York Post reported.

One penthouse on the 90th floor will clock in at 10,923 square feet, the Post said, while the other, on the 75th floor, will be 12,554 square feet. They may be the priciest preconstruction condos ever, sources said.

Slated to be the city's largest residential tower at 90 floors, the building is slated to be completed within two years. The developer is partnering on the project with an Abu Dhabi government fund, which controls most of the equity.

Designed by Christian de Portzamparc, the building will have a Park Hyatt hotel on its first 30 floors, and 95 luxury condos will take up the remaining 60 floors. [Post]

is that just beside the park? then it is really luxurious to live there

[Simfan34]

What's to guarantee it won't be shorter?

[RobertWalpole]

Originally Posted by daccounting

is that just beside the park? then it is really luxurious to live there

The north entrance is on 58th, and the park starts at 59th.

[600West218]

The grocery store is still there. What gives?

[yankeesfan1000]

Originally Posted by Simfan34

What's to guarantee it won't be shorter?

As has been said, this has about 30% more air rights than Carneige 57. And it would make zero sense for Extell to build this significantly shorter than the air rights they have spent huge money on permit.

The buildings between this and the park in relation to the buildings between Carneige 57 and Central Park are much shorter. So this would have more units with unobstructed views of the park than Carneige 57, even if this didn't have more air rights. But with upper floors on Carneige 57 fetching $9,000-$10,000 a sf, and apartments at 15 Central Park West, a couple blocks away with views of the park regularly in the $6,000 sf range, and the penthouse at the TWC a few blocks away on the market for $60,000,000, Extell would be mental to not build every foot of this tower that they can. It offers the greatest return on their investment, and at the end of the day, this tower will be built to make money for Extell and the equity partners who invest in it.

[RobertWalpole]

Originally Posted by 600West218

The grocery store is still there. What gives?

Extell owns the building that the grocery store is in, and it's demolishing all of the floors above the store. It's a matter of time before Extell and the store come to an agreement to terminate its lease. Who even goes to that store since Whole Foods opened two blocks away?

[RobertWalpole]

http://therealdeal.com/newyork/artic...coran-sunshine


Supply scarcity boosts prices for Manhattan condo developers
September 23, 2011 10:00AM



From left: One57 and Extell Development President Gary Barnett, the Touraine and Toll Brothers CEO Bob Toll and MiMA and Related Companies CEO Stephen RossThere's a scarcity of new development in Manhattan, and developers are licking their chops. According to Corcoran Sunshine Marketing Group data cited by the New York Times, by the end of 2011 just 1,111 new units will open in Manhattan south of Harlem. That's down from 1,767 last year, ad 8,552 in 2007.

That's good news for developers -- such as Extell Development, Related Companies and the Toll Brothers who are delivering One57, MiMA and the Touraine, respectively, to the market -- who recognize the scarcity of supply and are raising prices and foregoing concessions. In fact, some developers are even refusing to negotiate with buyers on price.

Meanwhile, in Brooklyn, there's a condominium boom of sorts underway, though mostly in smaller buildings. The borough's lower prices and the relatively small sack of the projects has made financing easier to obtain for developers. In the second quarter of 2011, 24.6 percent of sales were new developments, compared to 14 percent in the prior year quarter, according to data from appraiser Jonathan Miller. [NYT]