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Old September 30th, 2014, 08:00 PM   #861
desertpunk
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China is emerging and Shanghai is very developed. Let's focus on the topic here.
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Old September 30th, 2014, 08:06 PM   #862
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I'm still hoping for a Pelli-eqsue design like this somewhere in the area, not including 15 Penn.

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Old October 1st, 2014, 11:10 PM   #863
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NYC buildings with mega price tags

It’s not just 1 WTC — a look at other buildings with construction costs in the billions

http://therealdeal.com/issues_articl...ion-plus-club/



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It’s no shock to hear that 1 World Trade Center, the centerpiece of the famed Lower Manhattan development site, has a construction price tag of $3.8 billion dollars.
But that world-famous tower is not the only New York City building that developers are forking over that much money to construct.

“New York developers are long on Manhattan and long on New York City,” said David Pfeffer, a co-chair of the construction practice at the Manhattan-based law firm Tarter Krinsky & Drogin. “They feel this is the place they can invest in these massively expensive buildings and get long-term returns on their investments.”

This month, The Real Deal looked at three other planned and under-construction towers — all located in the Hudson Yards area — which have $1 billion-plus price tags, according to paperwork that the development companies filed to obtain tax breaks with the New York City Industrial Development Agency, which is tasked with spurring economic development in the five boroughs.

The developers at those projects are apparently confident enough in the market to take the gamble and move ahead — that is once they have an anchor tenant.

Scott Singer, president of the financial advisory firm Singer & Bassuk, characterized the prevailing optimism: “It is the willingness to stake your reputation and financial well-being and relationships on a bet as to what market conditions will be years out in the future,” he said.

Developer: Tishman Speyer
Address: 509 West 34th Street
Building size/type: 2.55 million square feet (office and retail)


Total cost of project: $3.29 billion

The massive tower that developer Tishman Speyer has planned for Hudson Yards will be one of the most expensive office buildings ever built in Manhattan.

The 2.55 million-square-foot building planned for the block bounded by 34th and 35th streets and 10th Avenue and Hudson Boulevard East is slated to cost $3.29 billion — or about $1,289 per buildable square foot. Construction is expected to start in the third quarter of 2015 and to be completed in four years.

The hard costs for the project — which include things like demolishing the existing buildings on the site and constructing the exterior shell — are estimated at $1.4 billion, according to Tishman Speyer’s IDA filing.

The soft costs, meanwhile, are pegged at about $1.1 billion. Among other things, that includes $356 million in loan interest charges and $200 million in commissions and additional leasing costs to rent the building, which does not yet have any signed tenants. Add in the cost of the land (which includes multiple parcels purchased at different times), and the total cost of the project comes to nearly $3.3 billion. (Tishman Speyer pegged the land at $768 million in its tax filing.)


“The scale of these buildings is massive,” said Pfeffer, referring to both Tishman Speyer’s project and Related’s 30 Hudson Yards.

While Tishman Speyer declined to comment, real estate insiders told TRD most developers would expect a building to throw off an annual return of about 6 percent of the total construction cost once it is fully occupied. That would imply revenue of about $200 million per year — assuming office rents of about $90 per square foot.

The building, which is expected to open in 2019, is slated to be one of the largest in the city, although at only 61 stories, it will be shorter than the planned towers at Related’s neighboring Hudson Yards site.

Tishman Speyer, which is headed by the father-and-son duo of Jerry and Rob Speyer, is financing half of the building with its own equity and the other half with debt, according to the tax-cut filing.

The 50-50 split is not unusual for an office tower, Singer said. “Office development has historically been the most difficult to finance,” he said. “It is not surprising to see a high amount of equity expected to be required.”

He noted, however, that developers typically wait to start construction until they have an anchor tenant signed on.
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

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Last edited by Vertical_Gotham; October 1st, 2014 at 11:58 PM.
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Old October 2nd, 2014, 07:37 AM   #864
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I'm still hoping the Tishman Speyer tower either gets 10 or more extra floors, especially with the Frank Mc Court 730,000 square foot tower possibly rising in the 1,300-1,400 ft range next to the to be newly glass reclad Manhattan 5. Either that or the floors are supersize high and it's topped by a signature crown or spire.
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Old October 6th, 2014, 01:48 PM   #865
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is that possible to see this dramatic skyline in our future??
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Old October 7th, 2014, 02:14 PM   #866
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is that possible to see this dramatic skyline in our future??
nyc city has a tallest buidling but what miss for this city is a 2000ft tower. i wish that the hudson spir become the first and the faa authorise to build +2000ft building
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Old October 8th, 2014, 12:41 PM   #867
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usafarid, is that you?
Looking at the above messages... am I right or am I right?
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Old October 23rd, 2014, 09:08 PM   #868
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I Hope UBS choose to relocate and anchor one of the Hudson Yards Towers, specifically the Hudson Spire, 3 Hudson Blvd, Manhattan West or 2 WTC.

If You’ve Got Train Fare, UBS Has Got An Exciting Opportunity In Stamford For You
http://dealbreaker.com/2014/10/if-yo...mford-for-you/

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Since 2011, UBS has openly discussed/threatened the possibility of moving out of its building Stamford, CT, which houses the world’s largest trading floor, to points unknown in New York City. The thinking behind the relocation was that the bank’s morale and profit issues boiled down to people not wanting to work in Connecticut, and that everything would turn around should they find themselves further south. Recently, though, UBS hasn’t said much at all re: leaving the Nutmeg state, which makes this turn of events slightly awkward:
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Now, in the latest installment of the will-they-or-won’t-they saga, the owners of the property at 677 Washington Blvd. which UBS has called home since 1997 retained brokerage firm Cushman & Wakefield to market the campus in an effort to “evaluate all of their options,” said Cushman & Wakeman’s Stamford Vice Chairman Jay Hruska. Hruska, who has been tapped to handle the property’s listing, said the move to list the space is “separate and distinct to whatever UBS is doing,” adding the company “still has a lease that runs for several more years, and they still control the building.”
What is interesting is that they currently have their New York HQ located at 1285 Avenue of the Americas with aprox 700k sf of space and I believe that lease is up in 2017. Stay tuned!
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

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Old October 23rd, 2014, 10:36 PM   #869
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I'd be shocked if UBS doesn't move back to NY.
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Old October 23rd, 2014, 10:37 PM   #870
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Good timing. If they decide to lease in a new tower, they should move quickly to get construction started in time.
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Old October 24th, 2014, 12:19 AM   #871
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Come home, UBS!
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Old November 15th, 2014, 01:15 AM   #872
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This area needs a dominant tower which truly sticks out... I think the decision to build only 61 floors is a shortsighted
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Old November 15th, 2014, 01:34 AM   #873
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This area needs a dominant tower which truly sticks out... I think the decision to build only 61 floors is a shortsighted
Indeed... Hopefully it's not final
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Old November 15th, 2014, 07:52 AM   #874
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The amount of floors need not be the most important thing as One Vanderbilt is supposed to be 67 stories yet go 1,514 ft or so with its 100 foot spire. A few more floors would be nice, and a height of 1,400-1,600 ft would give it prominence.
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Old November 15th, 2014, 10:39 AM   #875
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I've a feeling they might pull a 1 WTC and put up a 300 ft spire, lol.
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Old November 15th, 2014, 10:49 PM   #876
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Indeed... Hopefully it's not final
all in all the whole West side mega development is pretty interesting and innovative. But in order to be a statement they need to break the record with something outstanding. given the huge footprint they have at their disposal I don't see the reason not to do this. They can easily build something with 3 mln sq ft and 90-110 stories high there. And it will not be another skinny stick-skyscraper either.
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Old November 16th, 2014, 12:33 AM   #877
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all in all the whole West side mega development is pretty interesting and innovative. But in order to be a statement they need to break the record with something outstanding. given the huge footprint they have at their disposal I don't see the reason not to do this. They can easily build something with 3 mln sq ft and 90-110 stories high there. And it will not be another skinny stick-skyscraper either.
I totally agree, I kind of feel this way about NYC as a whole in terms of needing a signature tower. Obviously there is a ~1500 foot building to the roof in the works near central park but even that isn't much taller than many which are currently underway. However, on the other hand NYC will have an insane amount of 3-450 meter buildings, rivaled only by Dubai and maybe Shenzhen, so that's pretty awesome.
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Old November 16th, 2014, 12:49 AM   #878
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The Empire State Building will always be NYC's signature tower. What you' re hoping for is a new tallest along with the current boom. Semantics, I suppose, though no city in the world will ever construct a 1250 ft art deco tower the likes of the ESB again.
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Old November 16th, 2014, 08:07 AM   #879
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The Empire State Building will always be NYC's signature tower. What you' re hoping for is a new tallest along with the current boom. Semantics, I suppose, though no city in the world will ever construct a 1250 ft art deco tower the likes of the ESB again.
ESB is not disputed by anyone. but fact is that you can't go on forever on the fame built 80 years ago. we need more bold ideas with style, harmony and vision. lately there are very very few that I see. and this is pretty sad, since I am sure the ideas are there it is just the current developers are usually cheapskates trying to live this life with motto "2 for a dollar."
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Old November 16th, 2014, 10:03 PM   #880
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Well, the ESB was roughly one sixth taller than any other building at the time. Even discounting the design if the current tallest planned tower is around 1500ft. to the roof, than a comparable icon that is one sixth taller than that would be around 1750ft. to the roof. Of course, I know that there is a lot more to consider than just height, but a 1750ft. roof with an excellent design wouldn't be anything to complain about.
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