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Old March 21st, 2013, 06:12 AM   #6321
webeagle12
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Quote:
Originally Posted by 600West218 View Post
So this thing is looking at a profit of $1.7 billion!?!?!?!?! That is, a 150% return on investment.

Doesn't seem possible. If that were the rate of return these tower would be going up all over NYC.
In NYC everything is possible
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Old March 21st, 2013, 09:00 AM   #6322
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Quote:
Originally Posted by 600West218 View Post
So this thing is looking at a profit of $1.7 billion!?!?!?!?! That is, a 150% return on investment.

Doesn't seem possible. If that were the rate of return these tower would be going up all over NYC.
erm, they are popping up all over in NYC

after buying politicians, catering to the needs of the ultra-rich is the best business at a time, when wealth polarization is higher then ever before in history

porsche gucci etc
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Old March 21st, 2013, 09:05 AM   #6323
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Quote:
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In NYC everything is possible
Ehhh...
http://www.youtube.com/watch?v=j9jbdgZidu8
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Old March 21st, 2013, 02:45 PM   #6324
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Another great article found by NYGuy over on SSP. He's the king of NY updates.

432 Park Makes Splashy Debut With a Third Of Its Units Already In Contract



By Kim Velsey 3/20 1:52pm

"How does one describe a luxury housing market where a tower can sell more than a third of its units before it officially hits the market. Frothy? Overheated? How about insane?...

.... Since last summer, 432 Park has also been quietly hiking the prices for apartments—not once, or twice, but three whole times. The building’s total asking price is $2.7 billion, according to a filing with the New York attorney general, The Journal reports. Which means that 432 Park won’t only be Manhattan’s tallest condo tower (and the tallest residential building in the Western hemisphere), it will also be the condo tower with the highest total asking price..."







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Old March 21st, 2013, 02:56 PM   #6325
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It's irrelevant to me. I don't care what the sales are, but if one-third were sold, it's possible they were the cheapest units.

I can see these units selling quickly. NY and London are safe havens. NY has an edge at the moment because the Sterling is starting to decline amidst the declining UK economy and the UK's declining status in the world. I hope that decline reverses, but investors will take it into account, since a Sterling today might be worth a lot less than a Sterling in five years.
the UK may be, relatively, but more and more, London is quite the city-state.
By many accounts, it's edging past NYC (as much as I hate to admit it).
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Old March 21st, 2013, 03:02 PM   #6326
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the UK may be, relatively, but more and more, London is quite the city-state.
By many accounts, it's edging past NYC (as much as I hate to admit it).
Not really. London's status as a financial centre has diminished significantly since the crash. It has a fraction of NY's M&A and IPO volume, and the EU is intent on curtailing London even further.
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Old March 21st, 2013, 03:23 PM   #6327
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can you imagine this in your kitchen?
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Old March 21st, 2013, 04:07 PM   #6328
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How could they obtain just on this plot a buildable index like that, without paying town planning officers?
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Old March 21st, 2013, 04:29 PM   #6329
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Quote:
Originally Posted by 600West218 View Post
So this thing is looking at a profit of $1.7 billion!?!?!?!?! That is, a 150% return on investment.

Doesn't seem possible. If that were the rate of return these tower would be going up all over NYC.
Keep in mind that money for construction is just one of the hurdles to building such a building. It is also difficult to find available land for sale and air rights to allow such tall construction. Then there are also community objections, access to infrastructure etc.

But yeah, with such a high ROI, there are quite a few high end residential towers proposed and being built. This one is tall and extra skinny, but it isn't the only one being worked on.
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Old March 21st, 2013, 05:32 PM   #6330
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And this tower has a simple design, which reduces construction costs as well. Also , the square footprint allows maximum usable floor space. ROunded corners, would higher costs and lessen usable space i.e.

The plot was bought during the recession for a relative bargain. And is an ass of right thing. Which might save regulation costs, like public hearings, and gathering with the community boards.

Then, the usage of the supportable structure as exosceletal cladding, saves money as well. So many outthought and lucky factors that contribute to this tower.
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Old March 21st, 2013, 05:40 PM   #6331
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Do we know yet what the exterior of the building will be like? Will it be exposed concrete or will it feature some sort of precast?
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Old March 21st, 2013, 05:41 PM   #6332
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I highly doubt they will be making 150% return. Otherwise there would be a lot of similar towers on the rise right now.
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Old March 21st, 2013, 05:45 PM   #6333
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Do we know yet what the exterior of the building will be like? Will it be exposed concrete or will it feature some sort of precast?
I ASSUME it will be pure bare painted concrete. And i think that is wwhy they treat it that carefully. Look how it looks, like it had been polished.
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Old March 21st, 2013, 06:27 PM   #6334
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With exterior pouring continuing, it appears that a new hydraulic truck crane, courtesy of Bay Crane, is now on site, at the east end of the site on 56 Street. I am guessing, that it will place materials for that end of the site, possibly for construction of the retail component of the project.
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Old March 21st, 2013, 06:58 PM   #6335
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can you imagine this in your kitchen?

oooooooooooh yes!!

i think i'll start to like this...
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Old March 21st, 2013, 07:06 PM   #6336
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Is that looking trough the window?
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Old March 21st, 2013, 07:10 PM   #6337
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I don't think there going to drink coffee on the roof
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Old March 21st, 2013, 07:13 PM   #6338
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Looks very clear than.
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Old March 21st, 2013, 07:17 PM   #6339
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I don't think there going to drink coffee on the roof


For $90 million, I better be given that option. Hell, I'd want keys to every room in the building like that shit is mine
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Old March 21st, 2013, 09:34 PM   #6340
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Quote:
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Is that looking trough the window?
From that perspective, it looks like that is the last open air terrace as it's a bit below the ESB's architectural height. I recall seeing a render posted on here with a bathtub and a clear shot looking over southern Manhattan and the frame was clearly above the ESB.

If you were to stand on the top, you should actually look down on the architectural height of the ESB. The highest ESB tip is still above 432's highest tip.

In addition, the rebar for all the columns on the 57th street are visible. Speed should pick up soon.

Last edited by t94; March 21st, 2013 at 09:40 PM.
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