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Old September 17th, 2012, 02:58 PM   #3541
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wear put thea the crean ?
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Old September 17th, 2012, 04:34 PM   #3542
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Looks like they are actually doing some sort of surveying measurements.

As much as I want new work here it makes sense that they have to take their time and make sure the foundation is 100% right. You don't want to get 20 stories up and discover that something on your foundation wasn't aligned properly or otherwise done to spec.
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Old September 17th, 2012, 04:57 PM   #3543
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crainsny.com 17 Sep 2012

Slim supply gives condo prices new pop
Record rents, low interest rates help pump up market.

By Amanda Fung @amandafung

September 16, 2012 5:59 a.m.

Late last month, the developers of what will be the city's tallest residential spire, now rising on Park Avenue, submitted a plan to increase asking prices for its 128 condominiums to an average of $5,800 per square foot. Not only is that a double-digit hike from the original price set just two months earlier, it comes three years before the 1,398-foot tower is scheduled to be completed.

According to the filing with the state attorney general's office, a one-bedroom apartment will start at $4.96 million and a six-bedroom at $64.4 million. Experts say that such hikes of already astronomical prices for high-end housing are symptomatic of a phenomenon that is beginning to be felt across much of Manhattan. It is being driven by everything from people being priced out of the red-hot rental market to a lack of new building in recent years.

"Prices will be pushed higher if there is no relief in terms of supply," said Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. "It's the basic law of economics."

So far this year, 432 Park Ave. is one of just 15 new condo projects whose offering plans were submitted to the attorney general's office, which must approve them before sales can begin. Although several stalled condo projects have been revived this past year and new developments are in the works as construction lending loosens, the number of units projected to enter the market in the next few years is still likely to fall short of demand.

As of last week, plans for just 27 new condos, co-ops or conversions in Manhattan, with a grand total of a mere 875 units, had been submitted to the AG's office in 2012. That is a fraction of the 52 plans, with a total of 2,472 units, submitted last year—much less the recent peak hit in 2006. Back then, there were plans for 211 developments with 15,827 units.

Heightened expectations
Meanwhile, fewer homeowners have been putting their co-ops or condos on the market, apparently hoping for better prices down the road. As a result, the number of listings for co-ops and condos in Manhattan slipped to 5,593 last month, the lowest ebb in more than five years, according to Mr. Miller.

"We can use more inventory, whether it's new development or sellers listing their homes," said Gregory Heym, chief economist for Terra Holdings, parent company to residential brokerages Brown Harris Stevens and Halstead Property.

Fanned by strong demand from foreign buyers, and average apartment rents that have set records each month since March, the outlook for sales in Manhattan has been improving in recent months. Last week's announcement from the Federal Reserve that it would massively stimulate the housing market as a way to boost employment will only heighten expectations.

"We are seeing a lot of people who were waiting on the sidelines now jumping in," said Kelly Kennedy Mack, president of Corcoran Sunshine Marketing Group.

The bottom line in Manhattan is that sales of new apartments are expected to outpace additions to supply through 2015, according to Corcoran Sunshine. It found that 1,980 units were absorbed during the 12-month period ended March 31. In contrast, just 1,676 units are expected to be released into the market in the next three years.

"It's a perfect storm," said Fredrik Eklund, a broker at Prudential Douglas Elliman and a star of the reality-television show Million Dollar Listing New York. "The beauty of it is we are at the beginning of it."

Downtown, a condo conversion at 46 Lispenard St. is a perfect example. After just one week on the market, all but two of the building's 11 units were sold at prices that ranged from $2.65 million for a two-bedroom, to nearly $8 million for a four-bedroom. Mr. Eklund, the broker for that property, said units went at the full asking price without any contingencies or buyer incentives.

Record prices
Meanwhile, at 250 Bowery, he noted, 900 people have already signed up to see a new 24-unit development whose condo plan has not yet been approved and therefore cannot be shown.

"There are more buyers than available apartments," said Shaun Osher, chief executive of Core, the boutique brokerage marketing Walker Tower, a 50-unit condo conversion in Chelsea that is more than 30% in contract after less than three months on the market.

Mr. Osher would not disclose prices, but according to StreetEasy.com, a two-bedroom, three-bath plus home-office unit with 2,400 square feet went into contract late last month at its asking price of $7.2 million—which was up 11% from its previous price.

"Walker Tower is shattering record prices for downtown," he said.

Stephen Kliegerman, president of Terra Development Marketing, said that in the past four months, developers planning new condos that will begin marketing next spring or fall are contemplating initial asking prices 3% to 10% higher than projected at the beginning of this year.

"Don't expect developers to be negotiable with prices because demand is so high," he said.

A version of this article appeared in the Sep. 17, 2012, print issue of Crain's New York Business.


Read more: http://www.crainsnewyork.com/article...#ixzz26jeVT9df
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Old September 17th, 2012, 07:20 PM   #3544
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Quote:
Originally Posted by 600West218 View Post
Looks like they are actually doing some sort of surveying measurements.

As much as I want new work here it makes sense that they have to take their time and make sure the foundation is 100% right. You don't want to get 20 stories up and discover that something on your foundation wasn't aligned properly or otherwise done to spec.
That's true. Just take the Ocean Tower in South Padre Island for example. The building began to sink into the ground when it was already topped out, which means there was a hell of a much lost money
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Old September 18th, 2012, 03:23 PM   #3545
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ok, with the wet concrete you can see better the orange lines drawn to mark spots and also lines.

Thoughts on what these markings are? Are they laying out where concrete walls are to go? If so I would think that means they intend to build them soon :-)
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Old September 18th, 2012, 03:43 PM   #3546
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ok, with the wet concrete you can see better the orange lines drawn to mark spots and also lines.

Thoughts on what these markings are? Are they laying out where concrete walls are to go? If so I would think that means they intend to build them soon :-)
Looks like they are setting out for the structure works to begin. The dots might be for column locations and the lines are probably grid lines to assist in setting out but without and floor plans its hard to tell. We could really do with seeing the lower basement plan.
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Old September 18th, 2012, 03:53 PM   #3547
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That's true. Just take the Ocean Tower in South Padre Island for example. The building began to sink into the ground when it was already topped out, which means there was a hell of a much lost money
Every building will keep sinking during its construction and even after it's topped out. Because of it's own weight which is growing with every new floor added. That's why engineers have estimated sinking value calculated before construction. Buildings are always built slightly higher than they supposed to be and after construction is done, they simply sink and fit to where they supposed to be.

But I get what's your point. I'm just saying.
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Old September 18th, 2012, 06:07 PM   #3548
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Quote:
Originally Posted by DinoVabec View Post
Every building will keep sinking during its construction and even after it's topped out. Because of it's own weight which is growing with every new floor added. That's why engineers have estimated sinking value calculated before construction. Buildings are always built slightly higher than they supposed to be and after construction is done, they simply sink and fit to where they supposed to be.

But I get what's your point. I'm just saying.
Isn't that supposed to happen very little in Manhattan as the bedrock here is so dense and strong?
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Old September 18th, 2012, 06:24 PM   #3549
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London’s Candy Seeks NYC Real Estate as U.K. Taxes Sting
By Chris Spillane - Sep 18, 2012 3:37 AM ET
Nick Candy, the London property developer who helped conceive the most expensive apartment complex in Europe, is in the hunt for New York prime real estate after the U.K. raised taxes on luxury homes.

“New York is definitely catching up,” Candy, 39, said in an interview. “Could it overtake? Yes, if our government continues to make absolutely disgraceful decisions on the real estate market in this country.”

Enlarge image
London Luxury Developer Candy Ogles New York as U.K. Taxes Sting Chris Ratcliffe/Bloomberg
A furnished home in One Hyde Park sold for 7,500 pounds a square foot last year.

A furnished home in One Hyde Park sold for 7,500 pounds a square foot last year. Photographer: Chris Ratcliffe/Bloomberg

CPC Group Ltd. co-founder Nick Candy said, “It’s much more attractive to invest in New York than London.” Photographer: Simon Dawson/Bloomberg
Enlarge image
London Luxury Developer Candy Ogles New York as U.K. Taxes Sting Emile Wamsteker/Bloomberg
Christian Candy, Nick’s older brother, bought a penthouse in the Plaza Hotel on New York’s Fifth Avenue for $25.9 million in March.

Christian Candy, Nick’s older brother, bought a penthouse in the Plaza Hotel on New York’s Fifth Avenue for $25.9 million in March. Photographer: Emile Wamsteker/Bloomberg
London may lose its appeal for luxury developers because of tax increases and the prospect of further levies, said Candy, who helped create One Hyde Park with his brother, Christian. Prime Minister David Cameron targeted the wealthy to pare a record budget deficit by increasing a transaction tax to 7 percent from 5 percent on homes sold for more than 2 million pounds ($3.2 million).

Luxury properties in both the U.K. capital and New York are selling for record prices. A furnished home in One Hyde Park sold for 7,500 pounds a square foot last year and a penthouse across the street in the Bulgari Hotel and Residences sold for 7,000 pounds a square foot, or about 100 million pounds.

A duplex penthouse under construction on Manhattan’s West 57th Street went under contract for as much as $9,000 a square foot, or more than $90 million, earlier this year. The building, One57, will be the borough’s tallest residential tower.

“There’s a lot of parallels with London,” said Jonathan Miller, president of New York-based appraiser Miller Samuel Inc. “The big thing over the last year and a half is the proliferation of trophy purchases.”

Plaza Penthouse
Christian Candy, Nick’s younger brother, bought a penthouse in the Plaza Hotel on New York’s Fifth Avenue for $25.9 million in March. The 6,500-square-foot (604-square-meter) triplex apartment overlooking Central Park was acquired at a 31 percent discount from what its owners initially sought.

The apartment is being remodeled by Nick’s interior-design company and probably will be finished by the end of this month, Nick Candy said in a Sept. 13 interview at the Celtic Manor golf resort in Wales. While he didn’t say whether his brother intends to keep the apartment or sell it, Candy said the property’s near completion has prompted the pair to seek projects in New York.

“We’re about to look at some other deals” in New York, Candy said. “It’s an international city. It’s more entrepreneurial than London.”

Manhattan’s luxury-home market is being buoyed by overseas buyers, particularly those from Europe and Asia, Miller said in a telephone interview. “Luxury housing is the new global currency,” he said.

Overseas Purchasers
“New York was pretty undervalued and is catching up,” Candy said.

New York real estate purchases are taxed at 0.4 percent, according to the state Department of Taxation and Finance’s website. An additional levy, sometimes referred to as the “mansion tax,” of 1 percent of the sales price applies to residences sold for $1 million or more.

New York City imposes an additional 1 percent tax for residential sales of less than $500,000 and 1.425 percent for pricier transactions, said Owen Stone, spokesman for the Department of Finance. There also are levies tied to mortgages.

The U.K. stamp-duty increase hasn’t yet deterred luxury buyers. Sales of homes valued at 2 million pounds more than doubled in May from a year earlier, according to the most recent data available from the Land Registry. Homes valued at 10 million pounds or more rose 2.9 percent in price in the three months after the stamp duty rose in March, Knight Frank LLP estimates.

High-End Scarcity
U.K. luxury homes are gaining in value because of a scarcity of prime real estate for sale, particularly in London. That’s led to record prices paid for homes in the city’s Mayfair, Kensington and Knightsbridge neighborhoods. Home prices in London’s most expensive areas have increased 49 percent since a March 2009 low point, according to London-based Knight Frank.

Inventory in New York’s luxury market also is falling, according to Miller.

“The properties that purchasers are going for at the high- end are scarce, he said.

On top of increasing the stamp duty, the U.K. government introduced a 15 percent tax on homes brought by companies based in offshore tax havens like the Cayman Islands where affluent purchasers can also gain the benefit of anonymity.

‘‘Now they have to hide their identity at a cost of 15 percent, so maybe it’s better for them to invest in New York where they can easily hide their costs or their identity,’’ Candy said.

Offshore Companies
The U.K. government also is considering an annual charge of 140,000 pounds on properties owned by offshore companies and valued at more than 20 million pounds, according to the Treasury. It may also extend capital gains tax on the sale of luxury homes by nonresidents who aren’t naturalized.

Luxury-home buyers in New York ‘‘haven’t got that 15 percent upfront,” Candy said. “They may have a tax later, but not 15 percent on day one.”

A One Hyde Park apartment is for sale with an asking price of 65 million pounds. The building was developed by a venture between Christian Candy’s CPC Group and Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber al Thani’s closely held Waterknights. More than 1.5 billion pounds of home sales have been completed there, according to developer Project Grande (Guernsey) Ltd.

Before in the global financial crisis, luxury real estate developers in London saw “10 percent a year guaranteed growth,” Candy said.

“They were allowing for that in their business models to get where they needed to be on a return-on-investment basis and to rationalize why they would pay that price in the first place,” he said. “That doesn’t exist today.”

To contact the reporter on this story: Christopher Spillane in London at [email protected]

To contact the editor responsible for this story: Ross Larsen at [email protected]
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Old September 18th, 2012, 06:24 PM   #3550
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Isn't that supposed to happen very little in Manhattan as the bedrock here is so dense and strong?
Yup. Manhattan seems to be perfect because movements like this are really low. There will always be movements, there's no way of building something perfectly still. Only difference is where you're building. Imagine Dubai on sand or Shanghai on mud. Manhattan is very lucky.
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Old September 18th, 2012, 07:11 PM   #3551
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Originally Posted by DinoVabec View Post
Every building will keep sinking during its construction and even after it's topped out. Because of it's own weight which is growing with every new floor added. That's why engineers have estimated sinking value calculated before construction. Buildings are always built slightly higher than they supposed to be and after construction is done, they simply sink and fit to where they supposed to be.

But I get what's your point. I'm just saying.
Iirc the problem with the Ocean Tower was that it was sinking irregulary, in some parts more than in others, which created devastating shear stress in it and also made it lean to the side. It was nicknamed the Leaning Tower of South Padre Island
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Old September 18th, 2012, 07:23 PM   #3552
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maybe they are not far from being completed as the cherrypicker hasn't moved for ages and only seen maybe 2 blokes on site today.
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Old September 18th, 2012, 10:01 PM   #3553
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maybe they are not far from being completed as the cherrypicker hasn't moved for ages and only seen maybe 2 blokes on site today.
I would think so. Also, the excavator hasn't been used in days. I would think they'd want to be out of there asap. Then the question is when does the new contractor come in.
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Old September 18th, 2012, 11:11 PM   #3554
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Isn't there usually a deadline for the foundation constructor to finish their job? And this time it looks like they finished on time even with some margin left. If they still got enough to do the last things in this pace it doesn't look they are in a hurry. Especially since it's not likely that the new contractor will come in earlier then planned since the whole planning has been made from a fixed starting date and they won't change it all just to start 1 or 2 weeks earlier.
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Old September 19th, 2012, 02:24 AM   #3555
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based on what we see here, they are not rushing to proceed with the next phase.

as I understand it, the podium level and retail area will be completed first, then the tower.

The structural steel for the retail area (in the area that was poured last) was still out for bid recently.

Usually you are looking at 16-18 weeks before you will see steel on site after award and notice to proceed.
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Old September 19th, 2012, 04:40 AM   #3556
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This is something I have to admit I don't understand about construction.

Once you have the permits to build and the financing lined up to complete the project don't you have an incentive to proceed as quickly as possible?

For example, all the work they've done up to now is a significant capital investment. And until it is complete and usable it is money they are getting no return on.

Sooooooo, all things being equal don't they want to move as quickly as possible on this project and if so why the delay on getting the steel they need an building this?
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Old September 19th, 2012, 10:12 AM   #3557
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Originally Posted by 600West218 View Post
This is something I have to admit I don't understand about construction.

Once you have the permits to build and the financing lined up to complete the project don't you have an incentive to proceed as quickly as possible?

For example, all the work they've done up to now is a significant capital investment. And until it is complete and usable it is money they are getting no return on.

Sooooooo, all things being equal don't they want to move as quickly as possible on this project and if so why the delay on getting the steel they need an building this?
The superstructure contractor will have arranged so many different trades and equipment that moving the programme a few weeks early will take a lot of time to adjust. Take the crane erection for example there will be a set time this can be erected due to road closures and permits and changing it will cost a lot of money.
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Old September 19th, 2012, 02:03 PM   #3558
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I think the cherrypicker is about to leave the site the triple boom is waiting to pick something up and there is a flat bed on the street.

Confirmed the cherrpicker has left the site!!!! so maybe the triple boom will follow.

Last edited by Rich-E36; September 19th, 2012 at 02:08 PM. Reason: additional info
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Old September 19th, 2012, 03:27 PM   #3559
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Now the toilets are being removed.
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Old September 19th, 2012, 04:10 PM   #3560
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Quote:
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This is something I have to admit I don't understand about construction.

Once you have the permits to build and the financing lined up to complete the project don't you have an incentive to proceed as quickly as possible?

For example, all the work they've done up to now is a significant capital investment. And until it is complete and usable it is money they are getting no return on.

Sooooooo, all things being equal don't they want to move as quickly as possible on this project and if so why the delay on getting the steel they need an building this?

You are right.

Odds are that the owner or owners representative was late awarding the work. Or there were design changes. or Other facts.
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