NEW YORK | 225 West 57th Street | 472m | 1550ft | 88 fl | Prep - Page 6

yankeesfan1000 · December 2nd, 2011, 10:41 PM

Doubt it. Best case scenario for that is spring 2012. On the bright side, Extell has very deep pockets so they could conceivably pay for foundation work out of pocket, while looking to secure traditional financing.

The lack of updates on this isn't a bad sign, Extell played their cards very close to the chest even after construction had started at One57. All indications are that that will sell out in a short period, so hopefully the success of One57 will make getting financing for this easier.

600West218 · December 5th, 2011, 12:46 AM

Yup, the demo has indeed moved ahead. Today, December 4th, from the 58th street side:

image hosted on flickr

100_4330 by 600West218, on Flickr

image hosted on flickr

100_4331 by 600West218, on Flickr

image hosted on flickr

100_4332 by 600West218, on Flickr

image hosted on flickr

100_4333 by 600West218, on Flickr

I still don't get what is going on with that supermarket. They need to be out of there asap. I think if they are not gone by February some of us SSCs will have to take matters into our own hands. We can't let the NYC skyline be held back because of one obstinate supermarket (for Gods sake people, go shop at Whole Foods in Columbus Circle!!).

RobertWalpole · December 5th, 2011, 01:04 AM

I believe that if Extell is doing very well with sales at One57, they'll simply pay more to get Morton Williams out. Extell is engaging in Machiavellian tactics at the moment by demolishing everything around the market and by de-constructing the five floors above the market. Morton Williams must be flooded with rats at the moment with all of the excavation that's occurring.

CB31 · December 5th, 2011, 01:38 AM

Thanks man for the pictures. Great work

RobertWalpole · December 5th, 2011, 02:59 AM

This dilapidated school, which was razed recently, used to occupy the north part of the site on W58th St.

Lofter1

azn_man12345 · December 5th, 2011, 03:36 AM

Hey Robert. When do you think we'll get renders of this?

RobertWalpole · December 5th, 2011, 04:24 AM

Quote:

Originally Posted by azn_man12345

Hey Robert. When do you think we'll get renders of this?

Even if actual construction on 221/225 starts in the spring or summer of 2012, it will be a while before we see renderings. Extell, the developer of 221/225 W57th and of One57, delays showing renderings. However, I speculate strongly that de Portzamparc will design it.

giorgio righi riva · December 5th, 2011, 05:07 PM

May be Steven Holl first skycraper in Nyork.
Remember the proposed Extell holl for hudson yards and the extell holl for the other single skycraper?

Varghedin · December 7th, 2011, 05:19 PM

A bit ironic that the school that was razed was called 'Landmark High School', but the real landmark couldn't rise until it was turned to rubble.

RobertWalpole · December 8th, 2011, 05:03 AM

Quote:

Originally Posted by giorgio righi riva

May be Steven Holl first skycraper in Nyork.
Remember the proposed Extell holl for hudson yards and the extell holl for the other single skycraper?

I bet that he'll commission de Portzamparc again.

Jay · December 8th, 2011, 05:25 AM

isn't this building supposed to be well over 300 meters?

RobertWalpole · December 8th, 2011, 05:29 AM

Yes.

azn_man12345 · December 8th, 2011, 06:03 AM

If rumors are correct, about 381m/1250ft.

Jay · December 8th, 2011, 11:17 AM

why don't we move it to the supertall section then?

I just read it has 30% more air rights than one57, 1300 footer anyone?

yankeesfan1000 · December 8th, 2011, 05:17 PM

Because nothing is official yet.

RobertWalpole · December 9th, 2011, 04:28 AM

These photos depict the site on 8 Dec 2011. They show how close this tower will be to One 57.

NYGuy

NYGuy

RobertWalpole · December 12th, 2011, 04:29 PM

The demand for these units is VERY strong, and as set forth below, the developer of this site and One 57 is bullish.

http://www.crainsnewyork.com/article...312119975/1033

New luxury home hard to come by, but easy to sell
Three years into real estate market recovery, pricey units finally catch fire.

By Amanda Fung @amandafung

December 11, 2011 5:59 a.m.

In June, all seven of the full-floor residences at the 10-story luxury condominium at 41 Bond St., in NoHo, sold out in less than a month at prices ranging from $5.2 million to $8.3 million.

“It was a quick process,” said Joseph McMillan, chief executive of DDG Partners, 41 Bond's developer. “There wasn't a lot of competitive product in the market.”

And so it goes around Manhattan. A dearth of new construction in the wake of the crash has led this year to a shortage of high-end apartments for sale—and a strong rebound in prices. The revival of the residential real estate market that began almost two years ago at the lower end of the market, has finally hit the top of the market, as wealthy local buyers and foreign investors alike have gobbled up pricey pads.

Old plans reborn
In response, developers are dusting off plans for some big new luxury projects. However, most remain years away from building, further adding to the frenzy of today's buyers.

“A lot of people didn't know where to put their money this year, the stock market was so volatile,” said Dottie Herman, chief executive of Prudential Douglas Elliman. “So they put it in New York real estate.”

As of Dec. 7, 540 units priced $4 million and up were in contract in Manhattan, according to the Olshan Luxury Report. That is more than in all of 2010, when there were 486 such deals, but still far below the peak figure of 644 set in 2007.

The combination of strong demand and limited supply has pushed the price of luxury apartments, defined as the top 10% of the all condo and co-op deals, up 9% over the last year to an average of $2,074 per square foot, according to Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. He noted, however, that top-end prices are also 19% below their peaks. Nonetheless, that latest increase is well above the 3% rise to $1,130 per square foot for the Manhattan market as a whole.

More room to rise
SOLD
540 UNITS priced at $4m and up now in contract “We will continue to see upward pressure on prices because of limited choices,” said Kelly Mack, president at Corcoran Sunshine Marketing Group. “High-end buyers are frustrated.”

According to Corcoran Sunshine, a mere 377 newly minted units priced above $1,500 per square foot were put up for sale this year. Over the next three years, that figure is expected to rise to an annual average of 712 units, but that, too, is still far below prerecession levels. Today's buyers, though, have more limited appetites and are pickier than their predecessors.

“Back in the boom days, people would buy anything,” said Kirk Henckels, executive vice president and director of Stribling Private Brokerage. “Today, they are not buying unless it's first-rate.”

That's what happened at Toll Brothers' The Touraine, a 22-unit Upper East Side luxury condo. There, all but four apartments are in contract in the building—not scheduled for completion until the end of 2012—and despite Toll having raised prices every week since launching sales in October.

Similarly, at Rudin Management's new 42-unit prewar-style luxury condo at West 12th Street, more than half of its apartments are in contract after just a month of its sales office opening.

“The demand is unprecedented,” said Steve Rutter, an executive vice president at Stribling Marketing Associates, the exclusive sales and marketing brokerage for the Rudin project.

One of the earlier benefactors of the strong demand for high-end apartments is The Laureate, the 20-story Beaux-Arts condo tower on the Upper West Side, which launched sales in March. It is now 85% sold, with an average price of $6.5 million.

That's good news for Gary Barnett, head of Extell Development Co. He has just launched sales for his $1.4 billion luxury tower One57, now 50 stories tall and rising across the street from Carnegie Hall in midtown.

Last week, its 95 spacious units, which will sit atop a Park Hyatt hotel on the lower floors, went on the market. The penthouse is expected to fetch $100 million. Already, an undisclosed number of contracts are signed, but closings won't begin until mid-2013, according to Mr. Barnett.

“There is tremendous pent-up demand,” said Mr. Barnett. “Everyone is hungry for product.”
A version of this article appeared in the December 12, 2011 print issue of Crain's New York Business.

Read more: http://www.crainsnewyork.com/article...#ixzz1gKYcijrq

yankeesfan1000 · December 12th, 2011, 04:50 PM

Awesomeee. I remember reading somewhere that within 24 hours of opening sales, One57 had already closed a $30M+ unit. Not too bad.

IF this follows the same time line as One57 we should see construction next year, you think that's fair RW?

RobertWalpole · December 12th, 2011, 05:08 PM

Quote:

Originally Posted by yankeesfan1000

Awesomeee. I remember reading somewhere that within 24 hours of opening sales, One57 had already closed a $30M+ unit. Not too bad.

IF this follows the same time line as One57 we should see construction next year, you think that's fair RW?

Yes.

RobertWalpole · December 29th, 2011, 02:17 PM

It seems that the last tenant in 225 W57th is leaving!

Morton Williams Gourmet Store to open in Manhattan

CHAINSTOREAGE.com
DECEMBER 12, 2011

New York City -- The Feil Organization announced a lease has been signed with Morton Williams for a gourmet specialty food store at 140 West 57th Street in Manhattan.

Morton Williams will occupy three levels totaling 14,984 sq. ft. at the Landmark office building. The New York-based grocer operates 12 stores in New York City, Westchester and New Jersey. The 57th Street location will be the company's thirteenth store.

December 5th, 2011, 01:38 AM	#104
CB31 Registered User Join Date: May 2010 Posts: 141 Likes (Received): 24	Thanks man for the pictures. Great work __________________ ELECTORAL FRAUD VENEZUELA

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December 2nd, 2011, 10:41 PM	#101
yankeesfan1000 Registered User Join Date: Aug 2010 Posts: 1,014 Likes (Received): 79	Doubt it. Best case scenario for that is spring 2012. On the bright side, Extell has very deep pockets so they could conceivably pay for foundation work out of pocket, while looking to secure traditional financing. The lack of updates on this isn't a bad sign, Extell played their cards very close to the chest even after construction had started at One57. All indications are that that will sell out in a short period, so hopefully the success of One57 will make getting financing for this easier.

December 5th, 2011, 12:46 AM	#102
600West218 Registered User Join Date: Aug 2010 Posts: 2,409 Likes (Received): 437	Yup, the demo has indeed moved ahead. Today, December 4th, from the 58th street side: image hosted on flickr 100_4330 by 600West218, on Flickr image hosted on flickr 100_4331 by 600West218, on Flickr image hosted on flickr 100_4332 by 600West218, on Flickr image hosted on flickr 100_4333 by 600West218, on Flickr I still don't get what is going on with that supermarket. They need to be out of there asap. I think if they are not gone by February some of us SSCs will have to take matters into our own hands. We can't let the NYC skyline be held back because of one obstinate supermarket (for Gods sake people, go shop at Whole Foods in Columbus Circle!!).

December 5th, 2011, 01:04 AM	#103
RobertWalpole SSP is provincial! Join Date: Mar 2010 Posts: 3,518 Likes (Received): 231	I believe that if Extell is doing very well with sales at One57, they'll simply pay more to get Morton Williams out. Extell is engaging in Machiavellian tactics at the moment by demolishing everything around the market and by de-constructing the five floors above the market. Morton Williams must be flooded with rats at the moment with all of the excavation that's occurring.

December 5th, 2011, 02:59 AM	#105
RobertWalpole SSP is provincial! Join Date: Mar 2010 Posts: 3,518 Likes (Received): 231	This dilapidated school, which was razed recently, used to occupy the north part of the site on W58th St. Lofter1

December 5th, 2011, 03:36 AM	#106
azn_man12345 Registered User Join Date: Dec 2010 Location: Wichita Posts: 1,176 Likes (Received): 47	Hey Robert. When do you think we'll get renders of this?

December 5th, 2011, 05:07 PM	#108
giorgio righi riva Registered User Join Date: Oct 2010 Posts: 52 Likes (Received): 0	May be Steven Holl first skycraper in Nyork. Remember the proposed Extell holl for hudson yards and the extell holl for the other single skycraper?

December 7th, 2011, 05:19 PM	#109
Varghedin Don't feed the vampire. Join Date: Nov 2011 Location: Bergen Posts: 186 Likes (Received): 13	A bit ironic that the school that was razed was called 'Landmark High School', but the real landmark couldn't rise until it was turned to rubble.

December 8th, 2011, 05:25 AM	#111
Jay Registered User Join Date: Oct 2004 Location: Buenos Aires Posts: 2,041 Likes (Received): 48	isn't this building supposed to be well over 300 meters?

December 8th, 2011, 05:29 AM	#112
RobertWalpole SSP is provincial! Join Date: Mar 2010 Posts: 3,518 Likes (Received): 231	Yes.

December 8th, 2011, 06:03 AM	#113
azn_man12345 Registered User Join Date: Dec 2010 Location: Wichita Posts: 1,176 Likes (Received): 47	If rumors are correct, about 381m/1250ft.

December 8th, 2011, 11:17 AM	#114
Jay Registered User Join Date: Oct 2004 Location: Buenos Aires Posts: 2,041 Likes (Received): 48	why don't we move it to the supertall section then? I just read it has 30% more air rights than one57, 1300 footer anyone?

December 8th, 2011, 05:17 PM	#115
yankeesfan1000 Registered User Join Date: Aug 2010 Posts: 1,014 Likes (Received): 79	Because nothing is official yet.

December 9th, 2011, 04:28 AM	#116
RobertWalpole SSP is provincial! Join Date: Mar 2010 Posts: 3,518 Likes (Received): 231	These photos depict the site on 8 Dec 2011. They show how close this tower will be to One 57. NYGuy NYGuy

December 12th, 2011, 04:29 PM	#117
RobertWalpole SSP is provincial! Join Date: Mar 2010 Posts: 3,518 Likes (Received): 231	The demand for these units is VERY strong, and as set forth below, the developer of this site and One 57 is bullish. http://www.crainsnewyork.com/article...312119975/1033 New luxury home hard to come by, but easy to sell Three years into real estate market recovery, pricey units finally catch fire. By Amanda Fung @amandafung December 11, 2011 5:59 a.m. In June, all seven of the full-floor residences at the 10-story luxury condominium at 41 Bond St., in NoHo, sold out in less than a month at prices ranging from $5.2 million to $8.3 million. “It was a quick process,” said Joseph McMillan, chief executive of DDG Partners, 41 Bond's developer. “There wasn't a lot of competitive product in the market.” And so it goes around Manhattan. A dearth of new construction in the wake of the crash has led this year to a shortage of high-end apartments for sale—and a strong rebound in prices. The revival of the residential real estate market that began almost two years ago at the lower end of the market, has finally hit the top of the market, as wealthy local buyers and foreign investors alike have gobbled up pricey pads. Old plans reborn In response, developers are dusting off plans for some big new luxury projects. However, most remain years away from building, further adding to the frenzy of today's buyers. “A lot of people didn't know where to put their money this year, the stock market was so volatile,” said Dottie Herman, chief executive of Prudential Douglas Elliman. “So they put it in New York real estate.” As of Dec. 7, 540 units priced $4 million and up were in contract in Manhattan, according to the Olshan Luxury Report. That is more than in all of 2010, when there were 486 such deals, but still far below the peak figure of 644 set in 2007. The combination of strong demand and limited supply has pushed the price of luxury apartments, defined as the top 10% of the all condo and co-op deals, up 9% over the last year to an average of $2,074 per square foot, according to Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. He noted, however, that top-end prices are also 19% below their peaks. Nonetheless, that latest increase is well above the 3% rise to $1,130 per square foot for the Manhattan market as a whole. More room to rise SOLD 540 UNITS priced at $4m and up now in contract “We will continue to see upward pressure on prices because of limited choices,” said Kelly Mack, president at Corcoran Sunshine Marketing Group. “High-end buyers are frustrated.” According to Corcoran Sunshine, a mere 377 newly minted units priced above $1,500 per square foot were put up for sale this year. Over the next three years, that figure is expected to rise to an annual average of 712 units, but that, too, is still far below prerecession levels. Today's buyers, though, have more limited appetites and are pickier than their predecessors. “Back in the boom days, people would buy anything,” said Kirk Henckels, executive vice president and director of Stribling Private Brokerage. “Today, they are not buying unless it's first-rate.” That's what happened at Toll Brothers' The Touraine, a 22-unit Upper East Side luxury condo. There, all but four apartments are in contract in the building—not scheduled for completion until the end of 2012—and despite Toll having raised prices every week since launching sales in October. Similarly, at Rudin Management's new 42-unit prewar-style luxury condo at West 12th Street, more than half of its apartments are in contract after just a month of its sales office opening. “The demand is unprecedented,” said Steve Rutter, an executive vice president at Stribling Marketing Associates, the exclusive sales and marketing brokerage for the Rudin project. One of the earlier benefactors of the strong demand for high-end apartments is The Laureate, the 20-story Beaux-Arts condo tower on the Upper West Side, which launched sales in March. It is now 85% sold, with an average price of $6.5 million. That's good news for Gary Barnett, head of Extell Development Co. He has just launched sales for his $1.4 billion luxury tower One57, now 50 stories tall and rising across the street from Carnegie Hall in midtown. Last week, its 95 spacious units, which will sit atop a Park Hyatt hotel on the lower floors, went on the market. The penthouse is expected to fetch $100 million. Already, an undisclosed number of contracts are signed, but closings won't begin until mid-2013, according to Mr. Barnett. *“There is tremendous pent-up demand,” said Mr. Barnett. “Everyone is hungry for product.”* A version of this article appeared in the December 12, 2011 print issue of Crain's New York Business. Read more: http://www.crainsnewyork.com/article...#ixzz1gKYcijrq

December 12th, 2011, 04:50 PM	#118
yankeesfan1000 Registered User Join Date: Aug 2010 Posts: 1,014 Likes (Received): 79	Awesomeee. I remember reading somewhere that within 24 hours of opening sales, One57 had already closed a $30M+ unit. Not too bad. IF this follows the same time line as One57 we should see construction next year, you think that's fair RW?

December 29th, 2011, 02:17 PM	#120
RobertWalpole SSP is provincial! Join Date: Mar 2010 Posts: 3,518 Likes (Received): 231	It seems that the last tenant in 225 W57th is leaving! Morton Williams Gourmet Store to open in Manhattan CHAINSTOREAGE.com DECEMBER 12, 2011 New York City -- The Feil Organization announced a lease has been signed with Morton Williams for a gourmet specialty food store at 140 West 57th Street in Manhattan. Morton Williams will occupy three levels totaling 14,984 sq. ft. at the Landmark office building. The New York-based grocer operates 12 stores in New York City, Westchester and New Jersey. The 57th Street location will be the company's thirteenth store.