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Old August 17th, 2006, 05:45 PM   #381
krull
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The Big Apple's Most Active Thoroughfare


BY MICHAEL STOLER
August 17, 2006

Just west of the heart of Times Square is "an avenue of commerce that rivals all north-south thoroughfares in the Big Apple," the director at Eastern Consolidated Properties, Alan Miller, said.

"As the Times Square area developed into a magnet for large law firms, media, and financial services firms, eyes turned west to find opportunities for development of walk-to-work luxury housing", the senior director of sales at Massey Knakal Realty Services, Christoffer Broadhead, said. "Eighth Avenue has the right zoning and location to meet this need."

McSam Hotel Group LLC is one company taking advantage of this proximity to Times Square and a robust hospitality market, building no less than 1,300 hotel rooms in seven new groundup developments, all on one block. Starting at 585 Eighth Ave., Sam Chang, the president of McSam Hotel, one of the nation's largest builders of new hotels, is transforming the once dreary block on West 39th Street between Eighth and Ninth avenues into a hotel destination. It is an area that has a tremendous need for affordable hotel rooms.

Meanwhile, in June the new headquarters of the New YorkTimes was declared "topped out," with the installation of the final steel beam.The 52-story tower sits on the east side of Eighth Avenue between 40th and 41st streets, across from the Port Authority Bus Terminal. The site represents the westward expansion of Midtown and the most significant construction along Eighth Avenue since the construction of One Worldwide Plaza in 1989.

The tower, which will be the third tallest skyscraper in New York City, is a joint venture of the New York Times Company, Forest City Ratner Companies, and ING Real Estate.The building will have 1.54 million square feet of gross space.

The New York Times Company will occupy about 800,000 square feet on the second through the 28th floors, with Forest City Ratner and ING Real Estate owning about 700,000 square feet on floors 29 through 52, as well as 24,000 square feet of street-level retail space. In June, Forest City announced it had entered into an agreement to acquire ING Real Estate's interest in the tower.

Prior to the construction of the Times tower, the most significant construction on Eighth Avenue was the development of Worldwide Plaza.The complex occupies an entire city block bounded by Eighth and Ninth avenues and 49th and 50th streets on the site of the third Madison Square Garden. The office tower, One Worldwide Plaza, is a 47-story, 1.5 millionsquare-foot office building developed by William Zecdkendorf Jr. The residential component, 455 apartments, is located in a 38-story tower and sixstory low-rises.

There are also other developments in the works on Eighth Avenue.

SJP Properties last month purchased the eastern block front site on the avenue between 41st and 42nd streets from Howard and Edward Milstein. It paid $306 million for the site. On Monday, SJP announced plans to construct a 40-story, 1 million-squarefoot office tower. It would buy additional development rights for $23.2 million. The project would be a development of SJP and the Prudential Insurance Company. It was the last remaining parcel in the Times Square redevelopment district.

On the northwest corner of West 42nd Street and Eighth Avenue, a Duane Reade is situated on a small parcel that was purchased by a group led by Jeff Sutton and Joe Cayre. It was purchased from HSBC Bank for about $30 million.

On the southwest corner of West 44th Street and Eighth Avenue, Steve Witkoff and a minority partner, Harwood Properties, are planning to construct a 250,000-square-foot residential condominium with about 256 units at 693-699 Eighth Ave. and 307-321 W. 43rd St. A few years ago, Mr. Witkoff purchased the majority stake in Harwood's parking garage at the site for about $26 million.

Across from the Milford Plaza Hotel is a potential development site owned by the Hotel Employees Union. The real estate industry has been keeping a close watch as to when the union plans to take advantage of this west side block front between 44th and 45th streets, where another luxury mixeduse building will rise out of the ground one day soon.

Industry leaders expect Related Companies and Boston Properties to acquire a parking lot owned by Champion Parking with frontage on the east side of Eighth Avenue on West 45th Street. A major residential tower is expected to rise on the site. The Related Companies recently acquired a site at 259-263 W. 45th St., adjacent to the development site, which would be used as well. Air rights would be purchased from local theaters.

At the northeast corner of 46th Street and Eighth Avenue, with addresses at 301-307 W. 46th St. and 733-763 Eighth Ave., SJP is developing a 42-story condominium tower with 250 units on the former site of McHale's pub. In order to develop the site, it also acquired about 140,000 square feet of air rights from the Brooks Atkins and Al Hirschfield theaters. SJP is developing a condominium tower at 45 Park Ave. on the former site of the Sheraton Russell Hotel.

Recently, a development site at the northwest corner of West 46th Street and Eighth Avenue was sold to Jim Money of Tribeach Holdings, a small, Irish-backed development company that plans to construct a new building.

Just south of this are two properties owned by investor Lloyd Goldman — the site of the China Club on the southeast corner of West 47th Street and a vacant site on the northwest corner of West 47th Street. Industry leaders expect the sites to be rented to a bank until the ownership decides to develop or sell them.

A 40-story, 119-unit luxury condominium tower will rise on Eighth Avenue between 47th and 48th streets. The site contains 130,000 square feet, and when completed the building will have 92,000 square feet of residential and 1,663 square feet of retail space. The building will be located on lots at 785 Eighth Ave. and 306 W. 48th St.The building is a development of Ulo Barad, David Scharf's, Espanade Capital LLC, and Jay Eisenstadt, as well as an entity consisting of partners of Navillus Corporation.

"The Scharf site shows the extent to which builders will innovate to meet the thirst for development properties on Eighth Avenue," Mr. Broadhead said.

In the first quarter of 2007, El-Ad Properties expects the first purchasers to move into its newest luxury condominium tower at 310 W. 52nd St. The Link, a 215-unit tower, is straddling a site between Midtown and the special Clinton district, where building heights are limited to 70 feet or seven stories. It features a 471-foot high-rise and an adjoining mid-rise to the west to satisfy the dual zoning requirements.

"The Link is a text book example of the benefits of developing on Eighth Avenue as opposed to developing in the special Clinton district," which starts west of Eighth Avenue, Mr. Broadhead said.

The development began when Hampshire Hotel purchased the twostory Studio Instrumental rental building in May 2004 for $9 million, or $125 a developable foot. The first 50 feet of the building are not located in the height-restricted zone, while the remaining 50 feet are in the special Clinton district. In September 2004, Hampshire Hotel sold the site, plus approximately 167,000 square feet of air rights, for $43 million, or $181 a developable foot, to El-Ad.

Industry leaders expect a joint venture of Gary Barnett, Extell Investment, and Westbrook Partners to sell a residential rental building, the 264-unit Encore apartment building at 301 W. 53rd St., aka 891 Eighth Ave. The joint venture purchased the 25-story building about two years ago for $130 million from Ruben Schron.

This summer, employees of the Heart Corporation moved into the Hearst Tower, a 46-story, 856,000-square-foot office tower.The new building was built on the six-story structure commission by William Randolph Hearst to house the 12 magazines he owned in 1927, when construction began. It was completed in 1928, at a cost of $2 million. The tower, located at 959 Eighth Ave., between 56th and 56th streets, originally was named the International Magazine Building.The building was designated as a landmark site by the Landmarks Preservation Commission in 1988.

Across the street, on Eighth Avenue between 54th and 55th streets, the Hearst Corporation had owned a large site for more than 20 years. Early this year, Robert Gladstone of Madison Equities paid about $170 million for the site. The developer also purchased air rights from the Al Hirschfield and St. James theaters. It plans to build a luxury high-rise and hotel tower, which is rumored to include a Hyatt Hotel.

On September 15, the sales office will open at the Sheffield, the 50-story mixed-use residential tower at 322 West 57th St. The partnership of Swig Equities, Yair Levy, and Serge Hoyda paid $418 million for the property in April 2005.

Later this year, Thompson Hotels, owned by the Pomeranc Family and its investors Rosen Partners, will open 6 Columbus, a 100-room hotel on the former site of the West Park Hotel at 6 Columbus Ave. The joint venture acquired the site a few years ago, and is in the process of adding three floors and doing a gut renovation of the former 90-room hotel directly across from the Time Warner Center.

I have to concur with Alan Miller when he says,"Eighth Avenue, once the downtrodden thoroughfare acting as the step-brother of Times Square's most famous boulevard, Broadway, has blossomed into what can certainly be called New York City's most exciting and active passageway."


© 2006 The New York Sun, One SL, LLC.
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Old August 17th, 2006, 10:09 PM   #382
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krull nice work, keepem comin. cause people just dont know about NYC.
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Old August 18th, 2006, 02:12 AM   #383
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Rent Is Surging To $3,000 for One Bedroom


BY GABRIELLE BIRKNER - Staff Reporter of the Sun
August 17, 2006

The cost of one-bedroom apartment rentals in Manhattan's doorman buildings is surging, with starting prices for these apartments hovering around $3,000 a month — about $500 more than they were just three years ago, city brokers say.

A bevy of condominium conversions has shrunk the number of available rental units, thereby driving up rents, a researcher at the Real Estate Board of New York, John Cole, said. "There's been so many conversions, with a good number of them having gone from rentals to condos," he said. "With less supply, the prices have gone up, and the vacancy rate has become infinitesimally small."

One-bedroom apartments account for about half of the rental units in the city, according to the "Black & White Report," a real estate guide published semiannually by Citi Habitats.

Five years ago, roughly one in 100 rental apartments were unoccupied. Today, only about one in 220 of these units are available for rent, according to a sales agent with DJK Residential, Daniel Kahn. "Inventory is so low that, even people who have the money, and have all the paperwork prepared, are still having trouble finding places," he said.

So tight is the market in the one-bedroom category that it can be a challenge just finding listings to show clients, Mr. Kahn said. "We used to be able to go out and show clients 10 places, and now we can only show them, maybe, four."

As a rule of thumb, New York landlords require their would-be tenants to earn a gross salary of 40 to 50 times the price of one month's rent. By those standards, a person looking to rent a $3,000 one-bedroom apartment would have to earn between $120,000 to $150,000, or else secure a co-signer to guarantee the rent will be paid. Mr. Kahn said he recently worked with a couple, both professionals in their late 40s, who had to secure a guarantor to seal a rental deal. "I'm constantly dealing with people who don't want to have to ask their parents," he said. "To avoid this, some offer to pay six month's rent upfront."

While luxury one-bedrooms will generally run closer to $3,000 in areas like the West 40s, the East 30s, or the Upper East Side east of Second Avenue, an asking price of $4,000 is not uncommon in some of Manhattan's more sought-after areas, Mr. Kahn said.

During the last six months of 2005, the average price of a one-bedroom unit in a doorman building in the West Village or Chelsea —two of the priciest rental neighborhoods — was more than $3,200, according to the "Black & White Report."

The skyrocketing cost of a one-bedroom in a full-service building also means fewer people can afford to graduate to two-bedroom apartments. The lack of transfers further cuts down on the number of available units. "It used to be you could raise your budget $400 or $500 and get a bigger place," Mr. Kahn said. "These days, people are raising their budget, and they're not getting anything different."

Even at the higher price points, Manhattan one-bedroom rentals are generally spoken for within five days, he said.

"It takes me longer to decide what kind of coffee I'm going to get at Starbucks than whether or not I'm going to take the apartment," a 30-year-old schoolteacher, Benjamin Joffe, said. "I wish I had time to process it. That's what killed me about the whole process."

In most other cities, Mr. Joffe said his salary would enable him to rent a one-bedroom in a full-service building; in New York, however, he's settled on a ground-floor studio in a no-frills building near Columbia University. At $1,400 a month, he said he considers the rent a deal.

The high cost of living, in part, accounts for the Cleveland native's "ambivalence" about living in New York City. "The difference between the haves and the have-nots, it's depressing," he said.

For others, the short supply of rentals has been a boom, a broker at Prudential Douglas Elliman, Judy Kendall Levine, said. "It's really an owner's market now," she said.

Ms. Levine has just listed for $3,800 a furnished, one-bedroom apartment in a postwar building with a doorman. "It's a good apartment, but does it have park views? No. Is it on a high floor? No," she said of the cond-op apartment on Third Avenue in the 80s. "In this market, they'll probably get what they're asking for."


© 2006 The New York Sun, One SL, LLC.
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Old August 18th, 2006, 02:27 AM   #384
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Groundbreaking Held For Bronx Terminal Market Mall





Aug 17, 2006

Officials in the Bronx presided over a groundbreaking ceremony Monday to mark the beginning of construction for a new shopping center at the Bronx Terminal Market.

The Gateway Center, a one million square foot retail facility, is expected to bring some 5,000 jobs to the area.

Mayor Michael Bloomberg says the center will be a major part of the Renaissance of the Bronx.

"For far too long this 18 acre site, in many respects the front yard for the Bronx, has represented exactly the wrong face of a borough that does so much for our city," he said. "The dilapidated and neglected buildings of the old Bronx terminal market were an all too visible eyesore, to everyone driving by on the heavily traveled Major Deegan Expressway."

One of the largest private investments ever in the Bronx, the Gateway Center will also provide new public access to the Bronx waterfront.

The $500 million project is scheduled to open in the fall of 2009.

The market was formerly the home of ethnic food merchants. Earlier this year, merchants lost a two-year fight with the city to keep the market open.

The Bronx Terminal Market is being terminated. Work crews have started to knock down the 70-year-old property, where vendors sold ethnic foods up until this summer.

Mayor Michael Bloomberg and Bronx Borough President Adolfo Carrion are happy to see what they call an eyesore disappear.

“This was a commercial and industrial ghetto, and the landlord here was a slumlord,” Carrion said Monday.

“For decades and decades this place just went downhill with no progress being made," added Bloomberg.

If was two years ago the Related Companies bought the lease for the property from the old landlord and announced plans for a major shopping mall called the Gateway Center on the 18-acre site.

Food vendors fought the move, but after City Council hearings and court battles, they received some financial and moving assistance from the city and Bronx officials.

Critics claimed the politically connected developer got a sweetheart deal, because it didn't go through a bidding process for the city-owned land, which also included the old Bronx Detention Center.

“There is always somebody that says, ‘I could have done that,’ or, ‘I would have done it at better terms,’” said Bloomberg. “My recollection is that we couldn’t find anybody that wanted to invest in the South Bronx before we all got into office. Now, everybody does."

The new landlord of this property says they already have national retailers lined up to move in when the new Gateway Center opens. They include Target, Home Depot, Best Buy and BJ's Wholesale Club.

Many local food vendors who had their stores at the market say they feared they were being forced out by politicians in order to make space for a national wholesaler like BJ's.

“We practically do some of the same kind of business. Why couldn't they have offered us the opportunity to renovate and fix up the market for the people that was all ready there?" asked Food Fest worker Claudette Bernard.

The borough president says the nationally known stores will offer a lot more for area residents looking for bargains.

“They price shop in New Rochelle and Westchester County and north New Jersey, buying Pampers and food and all the stuff that it takes to raise a family. We are giving that kind of price competition to Bronx families," said Carrion.

The mall, estimated to cost $500 million to build, is predicted to bring in 5,000 construction and retail jobs.

The Related Company has promised to give a $3 million contribution towards job training and other initiatives to improve the community.

The mall is scheduled to open in 2009.


Copyright © 2006 NY1 News.
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Old August 18th, 2006, 02:30 AM   #385
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Quote:
Originally Posted by Spooky873
krull nice work, keepem comin. cause people just dont know about NYC.
Thanks. I am doing my best on this thread.
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Old August 18th, 2006, 03:38 AM   #386
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I was reading the paper, and I recently saw two twenty-plus towers for Staten Island that would overlook New York harbor. I think they were twins. I'm not sure of the status.
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Old August 18th, 2006, 03:46 AM   #387
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theres more going on in NYC than ever. the new yankee stadium and mall in the bronx, new mets stadium and waterfront development in queens, gehrys towers and waterfront in brooklyn, and manhattan, thats a given. the impact has filtered over the river into JC, with new buildings being announced every week. i just heard goldman sachs is getting a 500 foot twin. with trumps towers thatll bulk it up to a nice little cluster. will staten island join? doubt it, but i wonder about what you read.
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Old August 19th, 2006, 07:44 AM   #388
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Spitzer Steps Up Criticism of City’s Railyard Proposal


By CHARLES V. BAGLI
Published: August 19, 2006

Attorney General Eliot Spitzer, who is running for governor, yesterday stepped up his criticism of the city’s plan to buy the West Side railyards from the Metropolitan Transportation Authority for $500 million, calling the amount “woefully inadequate.”

In a letter to the transportation authority, Mr. Spitzer said that the best way to move forward was to conduct a new appraisal of the 26-acre property along 11th Avenue, between 30th and 33rd Streets, and to sell it to the highest bidder at an auction. He also asked for an engineering analysis to determine the cost of building platforms over the railyards, something that would have to be done before developers could erect any buildings there.

“Given the enormous needs of the M.T.A., it is critically important that the M.T.A. maximize the value of this asset consistent with other appropriate public objectives,” Mr. Spitzer said in his letter.

Less than three months before the election, the letter puts Mr. Spitzer sharply at odds with the Bloomberg administration, which contends that its proposal would spur development on the Far West Side. City officials say it would also ensure that any development there would be consistent with a comprehensive rezoning plan put in place last year by the city.

Mr. Spitzer’s latest move came on the same day that state officials delayed approval of another development supported by the Bloomberg and Pataki administrations: the long-awaited $900 million Moynihan Station project. Mr. Spitzer, as well as Assembly Speaker Sheldon Silver and the state comptroller, Alan G. Hevesi, have raised what they say are a series of unanswered questions about the financing of the plan to transform the Farley Post Office into a grand transit center that would help relieve overcrowding at Pennsylvania Station.

Mr. Spitzer has shown a desire in recent weeks to exercise his political muscle, as much as Gov. George E. Pataki has shown an eagerness to complete projects that would establish his legacy before he leaves office.

On his radio program yesterday, Mayor Michael R. Bloomberg said that politics was slowing down major projects like Moynihan Station and the expansion of the Javits Convention Center, “rather than what makes sense for the future of the city.”

Peter S. Kalikow, chairman of the transportation authority, has said he favors selling the development rights over the railyards to the city for $500 million. The authority is currently updating an appraisal of the property that was done last year in connection with a failed attempt to build a football stadium for the Jets.

“We strongly believe that the value we’re offering is generous,” Deputy Mayor Daniel L. Doctoroff said, “especially given the complexity of the site and the extraordinary fact that the city is paying $2 billion to extend the No. 7 line to that neighborhood.”

It is unclear whether Mr. Spitzer can derail or delay a deal with the city. But city officials had wanted to get it done quickly.

As for Moynihan Station, Governor Pataki told reporters yesterday that he was confident that his administration would be able to answer all the questions about the project. “It’s an excellent plan,” Mr. Pataki said. “It will be a tremendous gateway to the greatest city in the world.”

Most of the money for Moynihan Station has been in place since 2001, and last year the state selected two developers to do the work. In recent months, the developers have also come up with a tentative alternative plan for a larger, more ambitious overhaul of the surrounding neighborhood. It involves a major renovation of the present Penn Station and the demolition of Madison Square Garden, which sits above the station. The Garden would be replaced with a five-story glass canopy and a commercial complex.

Across Eighth Avenue, the developers would still convert the post office into a train station, while building a new Garden at the west end of the building.

The alternative proposal has attracted a lot of interest, but it faces a number of hurdles, including its cost. But Mr. Spitzer, Mr. Silver and others have asked why they should rush to approve the original Moynihan Station project if the larger proposal is the right thing to do.

State and city officials contend that if construction on Moynihan Station begins this fall as planned, it would not impede the larger proposal if and when it is approved, which would take about 18 months. The officials said that over $100 million in federal funds could be jeopardized if they fail to move forward now. And if the developers fail to put the larger plan together, the city could be left without anything getting done a year from now.

“There’s no downside to going ahead with the current plan,” Mr. Doctoroff said. “It will not compromise our ability to work out a larger plan.”


Copyright 2006 The New York Times Company
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Old August 19th, 2006, 09:41 AM   #389
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The Silvercup West project looks really cool.
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Old August 19th, 2006, 09:49 AM   #390
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Im going through Emporis's list of approved and proposed towers over 500 ft for NYC. whats going on with half of these, some ive never even heard of...

-WTC Tower 2 - 1,350+ft.
Tower 3 - 1,150+ft.
Tower 4 - 950+ft.
Tower 5 - 900+ft.

*8 Spruce St. This must be Gehry's tower, at 876 ft. it should be getting underway soon right?

*440 West 42nd St. - 836 ft.

*The Con-Ed Redevelopment Site has a number of tall buildings proposed:
708 1st Avenue Tower 1 - 864 ft.
685 1st Avenue Tower - 836 ft.
700 1st Avenue Tower 1 - 792 ft.
700 1st Avenue Tower 2 - 643 ft.
616 1st Avenue Tower 1 - 578 ft.
616 1st Avenue Tower 2 - 578 ft.
708 1st Avenue Tower 2 - 528 ft.


*610 Lexington Ave - 709 ft.

*123 Washington St. - 630 ft.

*160 W62nd St. - 621ft.

*in Brooklyn theres the Atlantic Yards 1 - 620 ft.
Atlantic Yards 4 - 511 ft.
..16 towers in all.

*in Queens theres the Silvercup West Tower 1 - 600 ft.
Silvercup West Tower 2 - 538 ft.
Silvercup West Tower 3 - 517 ft.


*Sky House - 588 ft.

*Two River Place - 559 ft.

Last edited by Spooky873; August 19th, 2006 at 10:04 AM.
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Old August 19th, 2006, 09:59 AM   #391
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(emporis) buildings proposed/approved over 500ft:

NYC - 23
Chicago - 23
Shanghai - 13
Dubai - 12
Hong Kong - 5
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Old August 19th, 2006, 11:20 AM   #392
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I keep on promising myself that I will visit this section more, yet I don't.

Can someone enlighten me as to what they are building on 34th street by one of the entrances to the Queens Midtown tunnel?
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Old August 19th, 2006, 01:48 PM   #393
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Great towers!!!!!!!!
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Negro gótico monclovita
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Old August 19th, 2006, 04:33 PM   #394
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Quote:
Originally Posted by Spooky873
(emporis) buildings proposed/approved over 500ft:

NYC - 23
Chicago - 23
Shanghai - 13
Dubai - 12
Hong Kong - 5
really?

this says alot
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Old August 19th, 2006, 04:34 PM   #395
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keep up the good work Krull, I read evreything!
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Old August 19th, 2006, 08:13 PM   #396
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GO NEW YORK! woah 23...thats pretty fascinating!

any picx of all the 500+ ft approved/proposed buildings in the new york area? 4 of them are the world trade centers itself...what about the other ones?
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Old August 19th, 2006, 09:16 PM   #397
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just go to emporis.com to see. proposed buildings are light blue and approved are dark blue. most dont have pictures.
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Old August 19th, 2006, 10:09 PM   #398
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Quote:
Originally Posted by Spooky873
(emporis) buildings proposed/approved over 500ft:

NYC - 23
Chicago - 23
Shanghai - 13
Dubai - 12
Hong Kong - 5
I'm VERY surprised Dubai, Shanghai and HK don't have more tbh, but 23 is great news for NYC & Chicago

But what about other Asian cities? and european ones too?
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Old August 19th, 2006, 10:54 PM   #399
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I only did the more notable skyscraper cities. Usually these cities are the top 5 in most skyscraper lists. Well not Dubai... yet. Emporis has the lists if you want to know other cities.

I was very surprised myself that Hong Kong doesnt have much going on over 500ft. Check emporis for yourself.
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Old August 20th, 2006, 08:50 AM   #400
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That list is outdated. Some of those heights have been dropped. especially the con edison site. i dont have the figures in front of me
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