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Old September 17th, 2014, 09:26 PM   #161
Vertical_Gotham
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This Hotel/Condo will be nothing like Trumps.

The Condo/Hotel structure at the Trump Hotel is completely different animal. At one time it was beneficial to do it but I think that type of ownership is fading away. All new Hotel/Condo’s in NYC will follow the model of the Time Warner Center moving forward.

Also, I believe Trump agreed with the city to offer this kind of ownership for some reason. I guess it's the reason why its the tallest structure in that area.

There are Condo/Hotel like Trump Soho and there are Condo/Hotels like Time Warner Center. At the Time Warner Center you have the Mandarin Hotel and you have Separate, standard Condo units so no issues there. You can rent the unit or live full time there all depending what your preference is. Trump SoHo, you cannot.

At the Trump SoHo, think of it as time share on steroids is the best way to explain it. You can own the Unit out right but you are limited to a number of days in a year to occupy it yourself. That sucks because you paid almost market rate for it. The rest of the year, you rent your unit like a hotel room based on the Trump SoHo's daily rates for the rest of the year for income.

There is a lot of issues going on with Trump SoHo pertaining to this and I myself would never get this kind of ownership.

This is the reason I believe this tower is undesirable, unless the city changes it's zoning for that building but what is done is done.
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Old September 17th, 2014, 09:43 PM   #162
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Quote:
Originally Posted by Vertical_Gotham View Post
The Condo/Hotel structure at the Trump Hotel is completely different animal. At one time it was beneficial to do it but I think that type of ownership is fading away. All new Hotel/Condo’s in NYC will follow the model of the Time Warner Center moving forward.
Oh awesome, thanks for the thorough explanation! That being the case, I will resume expecting that this hotel will be topped with very desirable condos. Also, very curious about what hotel brand they expect to bring on here. You'd think they wouldn't start bragging about their "seven star" hotel experience if they didn't have some idea who the hotel tenant would be.
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Old September 17th, 2014, 10:03 PM   #163
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Trump's building is an anomaly because owners could only occupy the units for about one-third of the year.
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Old September 17th, 2014, 10:52 PM   #164
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Trump's building is an anomaly because owners could only occupy the units for about one-third of the year.
Exactly. Exorbitant asking prices for what is effectively a time share. This was because its zoning district at the time (still?) prohibits residential use.
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Old September 18th, 2014, 03:27 AM   #165
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Correct.
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Old September 18th, 2014, 05:57 AM   #166
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Exactly. Exorbitant asking prices for what is effectively a time share. This was because its zoning district at the time (still?) prohibits residential use.
120 days. I remember getting an offer for one of these in a property near Columbus Circle before the crash. Very glossy and enticing but utterly ridiculous. Why would anyone want to subsidize the risks of filling a hotel room 240 nights a year in exchange for minority rights of ownership?
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Old October 31st, 2014, 03:20 AM   #167
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30th of Oct., 2014

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Old February 5th, 2015, 05:11 AM   #168
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I eager to know what Virnado's 7 Star hotel will look like.
2nd of Feb., 2015
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Old February 10th, 2015, 03:00 PM   #169
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Yesterday
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Old February 10th, 2015, 03:35 PM   #170
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Goin down!!! Looking forward what is planned here.
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Old February 11th, 2015, 01:16 AM   #171
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I concur, VG.
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Old February 16th, 2015, 03:32 PM   #172
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I am very eager to see how tall this tower will be apparently Vornado and LeFrak, as per this 2008 article, have been planning something for quite some time .

In time, a very tall tower will rise on the site of 50, 52, 54, and 56 W 57th. Vornado and LeFrak own 50 and another entity owns Nos. 52-56. That is a huge site!

http://observer.com/2008/06/lefrak-p...t-57th-street/
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Old February 19th, 2015, 04:38 AM   #173
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Tonight


The Park Lane is almost directly behind here. I can't wait for that POS to be replaced by a Rogers' gem!



Imagine peering down on the Plaza from here.



And the Crown Building



Fifth Ave grandeur!



Pardon me, but can you spare any Grey Poupon?



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Old February 27th, 2015, 07:04 AM   #174
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Yesterday



Park Lane looming over the site!

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Old February 27th, 2015, 08:07 AM   #175
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I wish they could implode the Park Lane. It's that bad.
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Old February 27th, 2015, 02:56 PM   #176
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It's horrible, but it will be gone soon enough.
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Old February 27th, 2015, 08:37 PM   #177
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I would take the day off and go to Central Park to cheer for it if it were possible.
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Old March 7th, 2015, 05:18 PM   #178
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Last week

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Old March 10th, 2015, 05:12 AM   #179
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I must offer a contrary opinion to most folks who wish for the destruction of this hotel.

It is a shame for those of us who need a good place to stay when travelling to the city without spending 400 bucks a night, that this bargain will soon be gone. The venerable PARK LANE is quite a decent and reasonably priced place to stay in arguably the best location in NYC. Despite not being great inside anymore and pretty dated looking, I have stayed there several times and have found it worth it for the location and price, and it will be hard to find such s bargain around this area soon when this place is shuttered for the benefit of a developers bottom line. A few blocks from 5th avenue, right on the Park, and in walking distance of the major entertainment zones of Manhattan, the loss of this hotel will be truly sad for most middle class tourists. I think it is not horrendous in design externally compared to many of those ugly piles on Park and elsewhere in midtown. The other hotels on the park are far too expensive for most. I know that any replacement will be for only wealthy persons and another good hotel in a great location will be gone forever as NY becomse more and more exclusive. So, i say shamelessly, i hope the deal falls through, selfish my motives may be even though the chances are small.. However, the vast majority of people would probably be in agreement, unless you are in the big money game. As, for most, NY is becoming like Paris or London, a rich ghetto and most average residents and travelers are slowly being pushed away from the nicest locations in the city. Capitalism is what it is, but what amazes me is that people here, those who will never even come close to the doors of these new edifices, are rooting for the destruction of the few reasonably accessible hotels that remain in the CP. area. I assume those people would rather stay in the middle of claustrophobic midtown, awful times square or seedy south midtown if they are so interested in seeing all these older, less expensive but decent hotels meet the wrecking ball. Why can't people be a little more less idealistic?

We all know this forum is a place, for the most part, where the middle class dreamers congregate, wishing to live in a palace in teh sky someday. However, most of the people here are not going to be rich, it's just life. So, I would advise that before you wish for another so-called "amazing tower" to add to the list of NY's growing collection of uber-rich palaces, think practically about how that could affect YOU, the average middle class JOE tourist from Poland, Australia, England or Iowa. You are wishing your own potential future enjoyment away, the chance to stay on CP, for the sake of seeing the rise of another, most probably, dull box (let's face it, most of these new towers are not good design and do not improve the city, barring a tiny minority) that some exceedingly rich person from foreign lands needs as a place to park his cash, a pad to visit a couple of times a year and an "adequate" place to house his ivy-league bound offspring so they will be 'comfortable' in America for a few years!!!! So, although we can't stop capitalism from pushing most of us away from these superior locales, we don't have to shamelessly, and perhaps slightly misguidedly, root for it without even thinking, just so we can marvel for a little while at the novelty of the rise of another tower that in all likelihood won't be anything to write home about design-wise and is being built for someone who most likely doesn't give a rats-ass about NYC at all.
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Old March 10th, 2015, 06:20 AM   #180
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Considering the reason I go to NY is to see towers like these, I am all for them taking down the park lane. Never liked it and probably never will. In my eyes if they keep it that's one less reason to go to NY.
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