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Old October 15th, 2015, 12:47 PM   #301
germantower
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Awesome rendering, could you add the broadway supertall, Fosters 425 Park Avenue, the supertall on 29 west 57th and 666 5th avenue to that render, please? I would really like to see all this developments in that picture.
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Old October 15th, 2015, 07:00 PM   #302
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Quote:
Originally Posted by Ghostface79 View Post
Where did you find those pics? Can't find them on their website or anywhere else.

http://newyorkyimby.com/2015/07/new-...park-lane.html
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Old October 15th, 2015, 07:15 PM   #303
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Originally Posted by germantower View Post
Awesome rendering, could you add the broadway supertall, Fosters 425 Park Avenue, the supertall on 29 west 57th and 666 5th avenue to that render, please? I would really like to see all this developments in that picture.
We have absolutely no idea what 29 W57th and 666 5th will look like (yet) so they would simply be shown as massings here.
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Old January 28th, 2016, 08:25 PM   #304
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On Hold

Central Park South Hotel Won't Give Way to Condos After All

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The Helmsley Park Lane Hotel on Central Park South isn't headed for a ritzy condo overhaul after all—at least not yet. Crain's checked in with developer Steven Witkoff, who purchased the prime piece of Central Park South real estate in 2013 with plans to either renovate or raze the dated hotel and build a luxury condo building to rival the rest. But Witkoff has pulled back on that plan in a market saturated with luxury condos. "The fact of the matter is, the velocity is not what it was," the developer told Crain's. "Because we have a cash flow, we have the flexibility to wait."

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Instead, the developer and his partners, including Harry Macklowe and Douglas Elliman Chairman Howard Lorber, are considering a renovation of the 46-story hotel at 36 Central Park South, according to Witkoff, who led the investor group that purchased the property from the estate of Leona Helmsley for $660 million in 2013.

Witkoff said the developers have suspended fundraising efforts through the EB-5 program, which grants green cards to foreign investors who make a minimum investment of $500,000. He also said uncertainty in the Chinese market and questions about the future of EB-5 were both factors.

http://therealdeal.com/2016/01/28/wi...rk-lane-hotel/
Despite the dumb headline this property will likely become luxury condos. But those plans may have to wait until the next cycle.
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Old January 28th, 2016, 09:05 PM   #305
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Originally Posted by desertpunk View Post


(I kid. Please tear this thing down asap)
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Old January 28th, 2016, 09:24 PM   #306
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Further evidence that the market for high end condos has cooled down.
I think most of the current proposals will be shelved for now, besides we got enough under construction to keep ourselves happy for a while.
I also believe office buildings and mid level condos will Keep the party going so I'm curious to see what's next for real estate in Gotham.
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Old January 28th, 2016, 09:54 PM   #307
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Quote:
Originally Posted by Ghostface79 View Post
Further evidence that the market for high end condos has cooled down.
I think most of the current proposals will be shelved for now, besides we got enough under construction to keep ourselves happy for a while.
I also believe office buildings and mid level condos will Keep the party going so I'm curious to see what's next for real estate in Gotham.
Totally! Also I think the the amount of construction of smaller scale, i.e. 4-15 floor, buildings in the outer boroughs will increase as developers continue to find ways of making more money.
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Old April 9th, 2016, 07:45 AM   #308
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Quote:
Originally Posted by Ghostface79 View Post
Further evidence that the market for high end condos has cooled down.
I think most of the current proposals will be shelved for now, besides we got enough under construction to keep ourselves happy for a while.
I also believe office buildings and mid level condos will Keep the party going so I'm curious to see what's next for real estate in Gotham.
Its possible they will wait until we get several of these super tall structures built and see how the market responds to them.

Its very possible that the data shows that the super rich are will to pay for the best views but the very rich are not will to pay for floors lower to the ground without the amazing view.

I wonder if they could make a hybrid tower work. Leave the ultra luxury condos at the top but adjust the structure of the building to support higher density residence near the bottom half that would be accessible to people who are simply rich (instead of the current structure that requires you to be filthy rich to get a residence at these locations)

In this structure the top half of the build would essentially pay for the construction, and the profit would come from either renting or selling the bottom half in smaller units at less cost per square foot.

Structural it would be alot like towers that merge ultra luxury condos with a hotel, but in this case the hotel would be more accessible housing (not affordable housing)
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Old April 28th, 2016, 10:59 PM   #309
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Revival!





Did a major Chinese investment just revive Witkoff’s Park Lane condo plans?

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Greenland Group bought a 41 percent stake in the Park Lane Hotel on Central Park South from Kuwaiti investment company Al Waseet International this week, and the Chinese firm appears to be putting recently-shelved condo plans back on the table.

“The Park Lane project will be developed into a world’s top-notch luxury property project that is estimated to reach a sales income of US$3.6 billion -US $4.3 billion, with strong add value potential as well as an optimistic market outlook and investment return,” Greenland Chairman Yuliang Zhang said in a statement, adding that the firm has “always been confident in the United States market.”

To meet those extraordinary sellout projections at the 450,000 square foot property, Park Lane condos would have to sell between $8,000 and $9,000 per square foot, competing directly with Vornado Realty Trust’s 220 Central Park South as the most expensive condo project in the city.

The apparent move back toward condos at 36 Central Park South appears to contradict recent announcements by developer Steven Witkoff, who declined to comment for this article.

[...]
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Old April 28th, 2016, 11:30 PM   #310
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Old April 28th, 2016, 11:35 PM   #311
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https://www.youtube.com/watch?v=QuoKNZjr8_U
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Old April 29th, 2016, 11:19 AM   #312
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Those of us who follow Chinese projects know that Greenland is one of the more reliable developers who usually finish what they start.

Hoping it works out, and hoping we get the Zaha Hadid supertall nearby and one of the potential supertall plots east of the Steinway, so we get a nice little cluster.
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Old April 29th, 2016, 02:29 PM   #313
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That's some exciting news.
I can't help but wonder about the timing of this project if it does indeed move forward. Demand is still strong in most segments of the market except for ultra high end residentials and this building would be on on the higher end of that spectrum, it should be on par in not higher valued than 220 CPS. Sure curious how they will proceed here.
But it does seem that they might be moving forward with it...

http://nypost.com/2016/04/28/stalled...ts-new-backer/
Quote:
Now, along with the new partner, pre-development financing is also underway for the project, sources told The Post. Witkoff did not return calls and emails for comment.
....
The release also proclaims a condominium sell-out value of $3.6 billion to $4.3 billion. To achieve that valuation, pricing for the 450,000 square-foot project would have to hit around $8,000 to $9,000 per foot.

While this is much more than current luxury pricing that ranges up to $6,000 per foot and averaged a high of $2,800 per foot in the first quarter, according to the latest Elliman Report, it is within the realm of possibility four years from now, when the new tower could be open for residents.
According to the Post it will be designed by Handel Architects, didn't expect that.

Quote:
The new Gary Handel-designed skyscraper would sit on the southern end of Central Park, along what has become known as “Billionaire’s Row” — what the Hong Kong press release mistakenly dubs “Billionaire’s Circle.”

Last edited by Ghostface79; April 29th, 2016 at 02:35 PM.
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Old April 29th, 2016, 06:25 PM   #314
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perhaps 'circle' is more appropriate given the location of 520 Park, 53w53rd and 15 CPW
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Old April 30th, 2016, 12:58 AM   #315
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Quote:
Originally Posted by droneriot View Post
Those of us who follow Chinese projects know that Greenland is one of the more reliable developers who usually finish what they start.

Hoping it works out, and hoping we get the Zaha Hadid supertall nearby and one of the potential supertall plots east of the Steinway, so we get a nice little cluster.
they also have projects without greenland in the name, but take this as an example for a lower bound of what projects they are involved with (including the tallest building in china)
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Old April 30th, 2016, 01:40 AM   #316
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Crazy, man. What feels like barely a day after hearing that this would wait until the next cycle, it suddenly feels like more of a sure thing than ever, since Greenland does not mess around. The sell-out figures seem honestly like wishful thinking to me, but if the Chinese can afford to be first in line for the next buying spree a few years from now, when asking prices are even steeper, great for them and I hope it works out.

Quote:
Originally Posted by Ghostface79 View Post
According to the Post it will be designed by Handel Architects, didn't expect that.
I do have to say I'm not terribly excited about the choice of Handel Architects, however. Handel does some decent work, but scrolling through their many projects (and having seen plenty of them first hand, including the u/c 10000 Santa Monica on my daily commute), it's hard to find anything that exciting.

Nema SF is nice...


And 170 Amsterdam is interesting...


But I can't honestly see a single project with a design that would be worthy of this prime location. Part of me worries that, as competent as Greenland is at getting things done, they may not really care about this being as iconic as the address deserves. However, I will remain hopeful that Handel recognizes the tremendous opportunity and pulls out the stops to design an icon.
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Old April 30th, 2016, 03:41 AM   #317
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I'm sure they realize this is a prime location, Central Park is worldwide known after all, even in the east, considering all the projects named after it.
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Old April 30th, 2016, 07:56 AM   #318
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I'm sure they realize this is a prime location, Central Park is worldwide known after all, even in the east, considering all the projects named after it.
yes the east tries to model their cities after central park. In fact in Seoul the US Army is turning over a decent sized Army base over to the Koreans. And from what I am tracking they plan to turn it into their version of central park.

(google the location of Yongson US Army Garrison, its location is smack dab in the heart of Seoul)
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Old April 30th, 2016, 10:33 AM   #319
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I wonder how it will affect the height.
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Old August 12th, 2016, 06:45 AM   #320
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Personally I like some variation in a street wall. In many european cities old buildings are perfectly aligned with the street wall and I feel it makes it too corridor-like.
About this opinion from three years ago, I think this is an implication that there is going to be a gap in the Central Park South street wall with the development of the new condo tower on the current site of the Park Lane Hotel. This is because the new condo tower would be set back from Central Park South. Even though I hate to see any large hotel get demolished, considering how fast we are losing them to residential conversions or demolition, etc., I don't know if I am fine with such a gap be created within that street wall.
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