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Old May 1st, 2006, 06:02 PM   #81
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Quote:
Originally Posted by nygirl
People said the same thing about japan in the 1980's so from now on, i am going to yawn to this.
Well you'll be in for a big surprise, like I said before, nothing lasts forever.

Japan is now probably the most technologically advanced country on the planet anyway.
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Old May 1st, 2006, 06:13 PM   #82
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Downtown keeps getting hotter!!!


Aon heads back downtown
Displaced firm signs for Water St.; leasing activity picking up



By Julie Satow
Published on May 01, 2006

A major World Trade Center tenant that relocated to midtown after the terrorist attacks is returning to lower Manhattan.

Aon Corp., which had occupied 400,000 square feet in the south tower, is moving its entire New York City workforce to 199 Water St.

The insurance and consulting company lost 176 employees on Sept. 11, and soon thereafter moved its headquarters to 55 E. 52nd St., between Park and Madison avenues. It also leased a smaller office at 199 Water, between John and Fulton streets. Now it will consolidate the two offices in 400,000 square feet at 199 Water, which will be named for Aon, and give up the 270,000-square-foot midtown office in a sublease.

"Aon's decision to consolidate its workforce in lower Manhattan is a testament to the vitality of downtown," says Eric Deutsch, president of the Alliance for Downtown New York. He called the move "fantastic."

The lease is one of downtown's largest in nearly five years. It comes on the heels of last week's agreement, between government officials and developer Larry Silverstein, aimed at spurring the construction of five towers at Ground Zero by 2012.

In another positive sign for downtown, the Royal Bank of Canada is negotiating for an additional 200,000 square feet at the World Financial Center. The bank already occupies 155,000 square feet at 1 Liberty Plaza.

At 199 Water, Aon is adding 200,000 square feet to double its space. Aon's new lease, a sublet from Wachovia Corp., runs through 2017.

Aon edged out the city's Office of the Comptroller, which was preparing to move into 199 Water. It backed out at the behest of the city's Economic Development Corp., which was eager to lure Aon downtown. Jones Lang LaSalle, which represented Wachovia, declined to comment.

The comptroller, housed in the municipal building at 1 Centre St., is in the market for 250,000 square feet and is looking at several spots, including 100 Church St., 25 Broadway and 26 Broadway. The Staubach Co., which represents the comptroller, declined to comment. The space Aon has vacated in midtown has an asking rent of $79 a square foot and is being marketed by CB Richard Ellis, which declined to comment.


©2006 Crain Communications Inc.
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Old May 1st, 2006, 06:40 PM   #83
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Development Costs Make Rentals Scarce


By MICHAEL STOLER
April 27, 2006

Take a look at the New York City skyline. Construction is booming throughout the five boroughs. Hundreds of residential units are being developed, and the majority of them are condominiums. Due to the astronomical cost of land, construction, and other costs, less than 2% of all new residential developments are being built as rentals. The director at Eastern Consolidated Properties, Alan Miller, said, "Exorbitant construction costs for high-rise residential development make building a rental tower prohibitive for nearly all ground-up projects in the city. Unless land has been owned for five to 10 years at a minimum - which can be a lifetime in New York City - the lid will remain on any substantial number of new construction rental housing units in Manhattan. Even with city and governmental incentives that may be available today, the high barriers to entry in the N.Y.C. marketplace will limit the amount of new rental product that comes online for the foreseeable future."

The two largest components of residential development are the cost of land and cost of construction. Industry leaders say construction costs have risen more than 30% over the past year. Construction costs in Manhattan today range from $275 to $450 a square foot, depending on the complexity of the project and the finishes within the units. In certain instances, the cost of construction for ultra-luxury condominiums is nearing $750 a square foot. In Brooklyn and Queens, construction costs range from $200 to $300 a square foot, depending on the project, its location, and whether the building is being constructed by a union contractor. The president of Triangle Equities, Lester Petracca, said, "Combined with increased construction costs, sometimes to a level nearing $300 per square foot for hard costs only, the high cost of land has prohibited rental development throughout the outer boroughs."

Mr. Miller said, "With the intense competition to secure land in the Big Apple from local, domestic, and an increasing number of international companies seeking a piece of the rock to construct the best new condominiums, high land prices prohibit new rental product coming online in the near term for the city."

He added, "For the best locations, like corner properties in Midtown - for example Macklowe Properties' recent purchase of the Drake Hotel - the market still seems never-ending.With a strong retail component, you can average down the cost to $300 to $400 a developable foot after carving out value of retail." The cost of the actual land sold for $942 a developable foot.

***

In certain neighborhoods, such as TriBeCa and Chelsea, developable land is selling for more than $450 a foot. Mr. Miller said, "I have under contract a development site on a corner location in Chelsea at $440 and another site selling for in excess of $500 a developable foot, side streets still attaining prices of $300 a developable foot and there are as many new buyers to the market as ever." A partner at a prominent investment sales brokerage company said, "What I've been hearing from developers is that they only want prime locations, in such locations as on West 57th Street. In that way, when the condo market continues to soften, their locations will differentiate their product."

Cost of developable land in Brooklyn is ranging from $125 to $200, with prices of $225 to $250 for waterfront views. A principal at Muss Development, Jason Muss, said, "Land is hovering in the $80 to $120 per square foot range in Brooklyn and Queens neighborhoods that offer reasonable access to mass transit into Manhattan and that have enough FAR to allow for efficiencies of scale. Land in areas that are considered hot, such as DUMBO or Flushing, might go for $150. I don't believe people are actually attaining the $200 per square foot price thrown around for Brooklyn and Queens, but everyone wants to start there. As such, those deals won't happen and that land will sit until the given landowner becomes more realistic."

Mr. Miller said that his firm recently sold 447-49 Fulton Street for more than $200 a square foot. Prices in prime Long Island City locations are ranging from $150 to $200 per developable foot and have increased significantly since a city rezoning. Mr. Miller said that in July 2004 his firm sold a site at 45-56 Pearson St. off Jackson Avenue across from Citicorp Tower, for $65 a developable foot. He said that only six months after the closing, the property was resold for more than double the price. "Waterfront sites are selling for 25% to 50% higher," Mr. Miller said. In the Williamsburg section of Brooklyn, 60-90 Metropolitan Ave., on the former site of the Old Dutch Mustard company, sold for $25 million, or nearly $200 a square foot.

***

The chairman of Massey Knakal Realty Services, Robert Knakal, said, "We have seen a noticeable flight to quality in the development business. Only the most prime sites are holding their value. Sites in secondary and tertiary locations are seeing reduction in pricing of 5% to 20%." The president of the City Investment Fund, Thomas Lydon, said, "Overall, land prices are stable to trending downward. There is more flexibility on the part of sellers of land. Construction cost increases and rising interest rates should continue the downward trend - perhaps 10% to 15% - over the next 12 months. Developers are monitoring current sales prices of projects being delivered to see if condominium sales prices can allow them to pass on construction increases. If it stays fairly strong, then landowners will continue to have good liquidity. However, any hiccups in absorption will have direct negative impact because construction lenders are tightening up their underwriting, and will reduce land draws."

The managing partner of the Clarett Group,Veronica Hackett, said, "Lenders are tightening their underwriting for new residential condominiums."A senior broker at Besen & Associates, Larry Ross, said, "Sellers still have unrealistic expectations based on what they have seen over the last year, so much so that they are reluctant to reduce their asking price. This disconnect has slowed down the overall pace at which development sites are trading.What you see are still high asking prices with much lower bids that reflect the increase in construction costs and interest rates."

Mr. Miller summed up the general feeling of industry leaders on the state of the market when he said, "The city has unbelievable resiliency on this limited island, and in my opinion will definitely be facing some resistance in the next six to 12 months. Rising interest rates, end unit condo sales stabilizing, and the meteoric rise in construction pricing will definitely lead to a softening in land per square foot sales. Nevertheless, benchmark pricing records continue to be set for every available buildable site that comes to market."


© 2006 The New York Sun, One SL, LLC.
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Old May 1st, 2006, 11:21 PM   #84
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Found this shot of 105 Norfolk St by NYatKnight at Wired NY, and it looks as if it is going to be topped out.

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Old May 2nd, 2006, 01:26 AM   #85
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^ That is very cool! Yes I guess is almost Top out.

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Old May 2nd, 2006, 01:31 AM   #86
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Crown Molding Is King
Once that nice new-car smell wears off, hot developments don’t always measure up to prewar grandeur.






By S.Jhoanna Robledo
May 8, 2006 issue of New York Magazine

The clients, who were moving from a sleek contemporary building in London, were adamant: “I said I wanted absolutely nothing prewar,” says Simone. She and her husband thought those apartments dark, depressing, and old. Two years ago, even a year ago, they would’ve ended up in one, predicts their broker, Corcoran’s John Gasdaska, so frenzied was the demand for new construction and conversions. “People were more easily persuaded to buy new construction,” he explains. “The mentality was new is better, and old is kind of passé.” In the end, after weeks of fruitless searching—the ceilings were too low in one new development; another at Time Warner was much too small for their large family—the British transplants got exactly what they said they didn’t need: a four-bedroom Park Avenue condo built in 1925.

Could the glass-is-king trend have finally peaked? A few brokers say that their buyers are reacquiring a taste for the traditional. “People are going back to resales, to prewars,” Gasdaska says. (According to a Corcoran market report, condo prices were flat last quarter.) And why not? The traditional charms of prewar buildings, says Warburg Realty’s Frederick Peters by way of reminder, never went away. “They’re just built more solidly,” says Peters, who also lauds their “wasted space, which can be a good thing. The foyer, the butler’s pantry—they make the apartment feel spacious and generous.” (New condos are often hyperefficiently laid out.) Unsurprisingly, a handful of high-profile developments such as 15 Central Park West, 110 Central Park South, and Barbizon 63 are incorporating prewar touches like long galleries, crown moldings, paneled doors, and grand foyers. “People aren’t just looking for stark modernism anymore,” says John Cetra, the architect of Barbizon 63.

That means new condos debuting on the market can no longer rely on the buzz of being new, competing instead on the merits of the apartments themselves. (There’s tons of competition, too; According to PropertyShark.com, there are 32,098 prewar buildings in Manhattan, versus 1,067 constructed since 2000.) “Buyers are pausing more and assessing their options, regardless of what they’re buying,” says Peters. In the end, says Gasdaska, his clients simply found what best fit their needs: “The new stuff just wasn’t quite right. They were almost too glitzy, too new.”


Copyright © 2006, New York Magazine Holdings LLC.
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Old May 2nd, 2006, 02:58 AM   #87
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What's up with Hearst Maganize, and its building?
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Old May 2nd, 2006, 03:06 AM   #88
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^lol, where have you been hiding? It's completed since a long time
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Old May 2nd, 2006, 07:34 AM   #89
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IS int new york always getting new high rise buildings
Question when i see new york i see 2 sperate citys seperated by central park why dont i ever see pictures of the other city way over their
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Old May 2nd, 2006, 07:41 AM   #90
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I'm not sure I understand.
You make a lot of grammatical mistakes, so it makes it harder to understand what you mean.
What does Central Park separate? East from West? North from South? Are you talking about Manhattan, or do you mean the other boroughs, or maybe across the Hudson to New Jersey?
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Old May 2nd, 2006, 08:31 AM   #91
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i just see to big cities sperated by sentral park
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Old May 2nd, 2006, 08:09 PM   #92
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Quote:
Originally Posted by Ebola
NY doesn't have to reinvent itself.

at most, horrbile bad designs for a worldcity like new york.
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Old May 2nd, 2006, 08:57 PM   #93
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^ That is your opinion... but I say 'at most'... the desings are ok and some are good. But there are indeed some crappy ones... just like almost all the 'world cities'.

But NYC has plenty off great old buildings... which most cities will always lack.

We are lacking lots of new tall ones... that I will agree.
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Old May 2nd, 2006, 09:45 PM   #94
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Nothing new and tall on the West Village (Manhattan) anymore...


Commission OKs West Village landmark status


By Tom Acitelli
May 2, 2006

The Landmarks Preservation Commission today approved landmark status for parts of the far West Village, which should prevent demolition of historic buildings in the area and any new development out of proportion with existing buildings.

The landmark status applies to blocks of the West Village bounded by Greenwich Street to the east, Perry Street to the north, Washington Street to the west, and Christopher Street to the south. Also designated by the commission for landmark status was a part of Weehawken Street between West 10th Street and Christopher along the Hudson River waterfront.

The Greenwich Village Society for Historic Preservation hailed today's landmark approval. "We fought so long and hard for this, it's almost hard to believe this day has finally come," said society executive director Andrew Berman in a statement. "After 40 years, the city has finally seen the wisdom in stopping the destruction of one of New York's great historic neighborhoods."

The new landmark status includes more than 60 buildings on five city blocks. Some of the buildings date to the early 19th century.


Copyright © 2003-2005 The Real Deal.
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Old May 2nd, 2006, 10:59 PM   #95
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Quote:
Originally Posted by Joey313
IS int new york always getting new high rise buildings
Question when i see new york i see 2 sperate citys seperated by central park why dont i ever see pictures of the other city way over their

Its seperated into a Lower Manhatten and Midtown with low rises in between.
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Old May 2nd, 2006, 11:10 PM   #96
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^but he's talking about Central Park.
I really have no idea what he's talking about, my best guess is he's trolling, his other posts are in good english, why can't he write properly here is a good indication of his motive
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Old May 3rd, 2006, 08:59 AM   #97
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I guess I will add the brooklyn new 40 story tower to the Under construction page...





Downtown Brooklyn
306 Gold Street and 313 Gold Street


Developers Ron Hershco and Dean Palin, along with Brooklyn Borough President Marty Markowitz, broke ground in April on the $400 million, two-tower project. When completed in January 2008, 306 Gold Street will be a 400,000-square-foot tower topping out at 40 stories -- making it Brooklyn's tallest new construction building. Construction on 313 Gold Street -- a 35-story, 250,000-square-foot tower with 214 condo units -- is slated to begin in August 2006. Sales for 306 Gold Street are expected to begin in fall 2006. Prudential Douglas Elliman will handle sales and marketing for the project.


Copyright © 2003-2005 The Real Deal.
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Old May 3rd, 2006, 06:52 PM   #98
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I am guessing this is under construction already... Anybody knows?


The Edge: A 1,300-unit apartment complex which will span over one million square feet on the Brooklyn waterfront.





The 'Burg to Get Edge-ier


By Phil Guie
Thursday, March 30, 2006

The first major development on the waterfront in the wake of the rezoning is set to break ground in April, and developers were making their pitch to the local board last week.

Community Board 1 was visited by Vice President Matthew Feldman of the real estate firm Douglaston Development. His team displayed drawings of Douglaston's upcoming 1,300-unit apartment complex "The Edge," which will span over one million square feet and feature 300 units of affordable housing as required by the Inclusionary Housing Program. Rents for the low-budget units have been set at $1,100 a month for a two-bedroom apartment.

Feldman said he expects The Edge - which will include two luxury towers as well as mid-size buildings for the affordable housing- to grow the local economy by bringing in "new supermarkets, liquor stores, dry cleaners" and other businesses. He said there would be a waterfront esplanade, along with water taxis to offset the flood of extra passengers on the L-train.

Not everyone in the audience, however, shared Feldman's optimism for the project. For example, Philip DePaolo from People's Firehouse Inc. said $1,100 a month was pretty steep for what is traditionally a working-class neighborhood. "This community board has an average AMI of $28,000," he told the Star. "Who are these apartments aimed at? A family with a $28,000 a year budget can't touch these apartments, or a huge chunk of their income would go towards paying the rent."

DePaolo said he had asked Feldman what it would take to lower the rents. The veep said more subsidies would help - a prospect DePaolo said was unlikely. "The problem is, they're already getting large subsidies from the city," he said. "They purchased the land right after the rezoning, so they bought it for a very low cost."

Overall, DePaolo said he could not blame Douglaston Development for angling to grab as much money as they can - not with the current administration encouraging it. "They're just going to go with what the city gave them, and the city gave them a lot," he said. "But that's just the reality of this nightmare rezoning."


Copyright @ The Ledger.
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Old May 4th, 2006, 01:05 AM   #99
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World Trade Center Transportation Hub

The to-be-constructed WTC transit hub has great aesthetic value and I believe that the upcoming WTC hub is definitely a new face in modern architecture and design. NYC can definitely use some revitalization and this 21st century building will surely stand out in an old city. However, as always, NYC does not plan for the future very well. This hub will cost an estimated $2 billion*, which instead could be used to improve operations and infrastructure in the city's 25 subway lines(which is absurd since some remote places require practically 2 miles to reach a station while some stops (ie the Bronx's 4 train) are 3 blocks away from each other). True, NYC's subway is more than a century old, so other metros around the globe have an advantage of being newer. But don't you think that this 100 years could be an advantage and an opportunity to learn from and improve itself? The "revitalization" does not justify the huge waste in space and resources from the construction of this transportation hub and neglect of the subway network.
*http://www.lowermanhattan.info/cons...nsportation.asp
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Old May 4th, 2006, 03:42 AM   #100
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This tall one has officially started construction...


Info: 53-story mixed-use tower one block south of Ground Zero at 123 Washington Street that would include 180 residential condominium apartments and 220 hotel rooms.


123 Washington Street:




Location:




Latest article...


Moinian Aims To Build Downtown Hotel Financed in Part by $50M in Liberty Bonds


By DAVID LOMBINO
April 11, 2006

Developer Joseph Moinian is aiming to break ground next month on a 53-story hotel and condominium near ground zero that could be financed in part with $50 million in Liberty Bonds - financing that Larry Silverstein is also seeking.

The city has not yet awarded the bonds to Mr. Moinian, but a city official familiar with the application said the Bloomberg administration supports his project, which it sees as a relatively inexpensive way to encourage mixed-use development in Lower Manhattan.

The official said a hotel condominium could help spur demand at ground zero, and that $50 million in Liberty Bonds is not significant enough to upset negotiations with Mr. Silverstein, who has applied for the remaining $1.67 billion of the city's Liberty Bonds.

The city has not yet awarded any Liberty Bonds to Mr. Silverstein in an effort to compel the developer to renegotiate his 99-year lease on the ground zero site.

A spokeswoman for the Moinian Group, Daphne Viders, said yesterday that the bond application is being held up because Mr. Moinian has not yet submitted all the necessary paperwork to the city. She said a luxury hotelier would partner with the developer in the project; press reports have said it will be part of the W Hotel chain.

Last April, Mr. Moinian applied for $147 million of the tax-exempt bonds. In December, the president of the agency that will award the bonds, Andrew Alper, said the city was considering awarding the developer about $50 million. That amount of tax-exempt financing could save the developer about $2 million a year versus traditional commercial financing. If Mr. Moinian is not awarded the bonds, he has said he will not build the hotel portion of his project and will just construct apartments.

Mr. Moinian's 440,000-square-foot project, estimated to cost about $240 million, is slated to rise on an empty lot behind the Deutsche Bank building, which was severely damaged in the terrorist attacks of September 11, 2001, and is now being demolished. An office tower built by Mr. Silverstein is scheduled to occupy the Deutsche Bank building site, but the site has been mentioned as a possible residential building in recent negotiations between Mr. Silverstein and the Port Authority. It also could contain a hotel.

The same month that Mr. Moinian applied for the bonds, Mr. Silverstein applied for the city's remaining allotment of Liberty Bonds, which the developer said he would use to build 10 million square feet of commercial office space in five towers.


© 2006 The New York Sun, One SL, LLC.

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