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Supertalls Discussions of projects under construction between 300-599m/1,000-1,999ft tall.
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Old January 20th, 2013, 09:26 PM   #1121
600West218
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Extell still has to pay back the loans to the investors of One57, so I don't see how that has any affect here.
The effect here is that if they have so much money outstanding then they may not have funds to ramp up construction here. It would be a cash flow issue. Seems likely to me, especially given that banks are still somewhat leery of making big loans on speculative projects.
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Old January 20th, 2013, 11:01 PM   #1122
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...Seems likely to me, especially given that banks are still somewhat leery of making big loans on speculative projects.
That's why 432 Park, 250 E 57th, 610 Lex, and 56 Leonard all got financing recently, along with the real possibility Verre is closing in on it?

It doesn't matter how much money Extell has outstanding, they won't be paying for the majority of the construction costs, the lenders will. Lenders don't care if Extell still owes $1B tied to One57, as long as One57 reports strong sales indicative of a robust market, which it has. These loans aren't paid back in months, but years.
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Old January 21st, 2013, 04:50 AM   #1123
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That's why 432 Park, 250 E 57th, 610 Lex, and 56 Leonard all got financing recently, along with the real possibility Verre is closing in on it?

It doesn't matter how much money Extell has outstanding, they won't be paying for the majority of the construction costs, the lenders will. Lenders don't care if Extell still owes $1B tied to One57, as long as One57 reports strong sales indicative of a robust market, which it has. These loans aren't paid back in months, but years.
I don't think they took out a loan for One57 did they? I thought they put up there own capital for part and then got investors from the middle east who put up the rest. That is why that project was delayed, mid construction, for several months. They had to wait to get the money from the middle eastern investors.

I'm speculating that is the cause for the apparent delays at this sight.

Do you have other ideas on what might be causing them not to proceed?
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Old January 21st, 2013, 06:22 AM   #1124
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I don't think they took out a loan for One57 did they? I thought they put up there own capital for part and then got investors from the middle east who put up the rest. That is why that project was delayed, mid construction, for several months. They had to wait to get the money from the middle eastern investors.

I'm speculating that is the cause for the apparent delays at this sight.

Do you have other ideas on what might be causing them not to proceed?
According to the DOB, the permits have not been approved yet.
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Old January 21st, 2013, 06:40 AM   #1125
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I don't think they took out a loan for One57 did they? I thought they put up there own capital for part and then got investors from the middle east who put up the rest. That is why that project was delayed, mid construction, for several months. They had to wait to get the money from the middle eastern investors.

I'm speculating that is the cause for the apparent delays at this sight.

Do you have other ideas on what might be causing them not to proceed?
I don't see any delays at this point. This is a massive project that will take some time for the developer to get his ducks in a row.
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Old January 21st, 2013, 07:01 AM   #1126
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Quote:
Originally Posted by 600West218 View Post
I don't think they took out a loan for One57 did they? I thought they put up there own capital for part and then got investors from the middle east who put up the rest. That is why that project was delayed, mid construction, for several months. They had to wait to get the money from the middle eastern investors.

I'm speculating that is the cause for the apparent delays at this sight.

Do you have other ideas on what might be causing them not to proceed?
Extell got a $700M loan led by BofA, but, "the lending syndicate also includes Banco Santander, S.A., Abu Dhabi International Bank and Capital One," source.

As others have mentioned, DOB permits need approval, and this is such a massive building, even with millions of dollars worth of commitments from Nordstrom, it's gonna take some time to line everything up. The fact that Nordstrom decided to move into this building over the Hudson Yards, or anywhere else, is a good sign in general, they wouldn't agree to move into a building that won't be built for years, they're anxious to get a flagship store in Manhattan and don't wanna wait around.
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Old January 21st, 2013, 07:03 AM   #1127
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Also, Extell won 't tarry during a hot market and let CI M take the lead.
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Old January 22nd, 2013, 06:12 PM   #1128
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Demolition update: no progress on 225 West 57th--at least no visible progress. Bunch of photos below.

225 West 57th Street January 2013 Construction Update

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Old January 22nd, 2013, 06:56 PM   #1129
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Are there any renders for this project at all? I get a little wary about things that seem too good to be true. 1550 feet would be fantastic, but until I see something that proves it is mostly roof height and not some 400-foot spire, I will not hold my breath.
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Old January 22nd, 2013, 07:01 PM   #1130
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No renders so far have been released however the developer officially announced that there won't be a spire
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Old January 22nd, 2013, 07:11 PM   #1131
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No renders so far have been released however the developer officially announced that there won't be a spire
to the height of 1550 ft, that is.
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Old January 25th, 2013, 12:58 PM   #1132
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NYCrules:
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Hey, I hear that its footprint's coming around to be 40000 square feet in area and that is almost exactly equal to One WTC's.
So it's coming impressive and really big unlike 432 P.A
I like the fact that this tower will have plenty of mass to counterbalance the thinness of 432 Park, the extra mass will also let this tower taper nicely.
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Old January 25th, 2013, 01:52 PM   #1133
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If that's the floorplan bottom to top, it'll have more square feet than 1WTC!
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Old January 25th, 2013, 03:50 PM   #1134
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This tower has less than half the square ft of 1 WTC.
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Old January 25th, 2013, 06:37 PM   #1135
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Then it is probably more slender than 1WTC.
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Old January 25th, 2013, 06:55 PM   #1136
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Dramatically more slender.
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Old January 25th, 2013, 07:57 PM   #1137
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Dramatically more slender.
Being slender combined with a nice tapering effect will make this tower look immensely tall. I mean, the highest occupied floor is at 472m! The bar set is pretty high now for future rivals.
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Old January 25th, 2013, 08:57 PM   #1138
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Being slender combined with a nice tapering effect will make this tower look immensely tall. I mean, the highest occupied floor is at 472m! The bar set is pretty high now for future rivals.
No question, seems like there is a bit of a height battle going on in NY at the moment which is a great thing for all of us.
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Old January 26th, 2013, 02:03 AM   #1139
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In this case, an ego is great! Let's hope some more rival developers step in soon!
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Old January 27th, 2013, 03:14 AM   #1140
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Still no progress, though they did seem to move around the excavators a bit:

image hosted on flickr

Untitled by 600West218, on Flickr
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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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