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Old January 29th, 2015, 01:07 AM   #15201
seb.nl
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The value of money is up for debate with all this QE going on around the world. Rich folks seek for alternative investments, some find them in exclusive real estate.
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Old January 29th, 2015, 06:31 AM   #15202
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Quote:
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The value of money is up for debate with all this QE going on around the world. Rich folks seek for alternative investments, some find them in exclusive real estate.
New York City is considered to be a very safe investment market right now. Thanks to Russia's financial troubles and renewed fears of Greek troubles, investors are looking for something safe for an investment. A penthouse will never be worth zero and will likely hold close to its purchase price.
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Old January 29th, 2015, 11:15 AM   #15203
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Old January 29th, 2015, 12:54 PM   #15204
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I too think that when property is bought as an investment rather than for its function (to live or work in) bubbles are likely to appear. This run to hard assets, bubble or not, shows signs of distrust in the financial markets / monetary system.

Maybe "investment" isn't the right term here since it implies a rise in value. I think it's better described as a way of storing value.
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Old January 29th, 2015, 02:12 PM   #15205
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Old January 29th, 2015, 03:03 PM   #15206
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Quote:
Originally Posted by seb.nl View Post
I too think that when property is bought as an investment rather than for its function (to live or work in) bubbles are likely to appear. This run to hard assets, bubble or not, shows signs of distrust in the financial markets / monetary system.

Maybe "investment" isn't the right term here since it implies a rise in value. I think it's better described as a way of storing value.
Precisely right. The exact same is happening in London.
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Old January 29th, 2015, 09:02 PM   #15207
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Old January 30th, 2015, 05:04 PM   #15208
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Old January 30th, 2015, 05:17 PM   #15209
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When is the crane coming down?
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Old January 30th, 2015, 10:01 PM   #15210
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Awesome building.
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Old January 31st, 2015, 07:22 AM   #15211
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Macklowe Properties could expand retail at 432 Park
http://therealdeal.com/blog/2015/01/...l-at-432-park/



With a move to demolish a five-story building adjacent to 432 Park Avenue, Macklowe Properties appears to be eyeing an expansion of the skyscraper’s retail footprint.

Demolition permits were filed today for the narrow commercial building at 36 East 57th Street that abuts 432 Park’s retail component facing 57th Street. The 25-foot wide building changed hands for $65.3 million in August, when Robert Zirinsky bought the 9,148-square-foot building from Solil Management, the company that controls the assets of late real estate mogul Sol Goldman. The building has 37,000 buildable square feet.

The demolition permit was filed by New York Medical Investors LLC, which shares an address with Zirinsky, and by Macklowe Properties. The permit included an email address for David Dods, the senior project executive for 432 Park, and a phone number for Mary Leprohon, Macklowe Properties’ controller and treasurer.

In July, Macklowe and an unidentified foreign equity partner snagged the retail portion of 432 Park for $450 million, as The Real Deal reported. Previously, the developer had approached owners on 57th Street in an attempt to create a larger retail presence on the red-hot retail corridor.

Zirinsky did not immediately return a call seeking comment. Macklowe Properties declined to comment.

A clause in the deed for 36 East 57th Street states that the buyer cannot sell the building or transfer interest before July 30, 2016, unless “considered payment is made” to the seller.
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Old January 31st, 2015, 08:38 AM   #15212
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How could the retail be expanded there? Isn't there a solid wall of concrete in the way now? Or would they cut through the concrete?
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Old January 31st, 2015, 09:25 AM   #15213
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Gorgeous sunset over New York. Won't look this again for several days because of Winter Storm Juno by AndrewDallos, on Flickr
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Old January 31st, 2015, 02:03 PM   #15214
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Quote:
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How could the retail be expanded there? Isn't there a solid wall of concrete in the way now? Or would they cut through the concrete?

No the retail part on 57th is currently a multistory steel frame.
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Old February 1st, 2015, 04:29 AM   #15215
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Quote:
Originally Posted by Wbino49 View Post
Let's not rush here Vanderbilt is probably ten years from happening....the real estate it's set to go on is still in use.
Umm...317 Madison has like 1 tenant left in it. I am an industry insider. Trust me I know this.
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Old February 1st, 2015, 04:45 AM   #15216
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This building is so cool!
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Old February 1st, 2015, 05:19 AM   #15217
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Old February 1st, 2015, 08:21 AM   #15218
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Taken by me earlier tonight from Jersey City:


In That Rarified Air
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Old February 1st, 2015, 11:12 AM   #15219
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View from the Top of the Rock - Central Park 5131
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Old February 1st, 2015, 11:14 AM   #15220
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2015.01.31 - Central Park - 16
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2015.01.31 - Central Park - 15
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