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Old February 12th, 2014, 07:31 PM   #9901
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Quote:
Originally Posted by Scrapernab2 View Post
On a WAY earlier page I remember reading that the money collected for the 30% sold was not just deposits but paid in full? and that the money was to be held in escrow until the 4th quarter of 2013. I wonder what happened to all that money?
I don't think any buyer is stupid enough to pay in full before construction was started. I think it's normal for a 5% deposit put down to reserve a unit. I'm quite confident in saying all the money has long been returned to the prospective buyers.

Talk of potential sales in this building and price per square foot talk is far to premature at this point. Let's wait and see what happens in the bankruptcy court first, and then if Atlas can get the cash and financing to purchase their half of the building units.
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Old February 12th, 2014, 08:15 PM   #9902
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Old February 12th, 2014, 08:56 PM   #9903
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$40 million tops?? That seems like a bargain when penthouses in NYC behemoths are going for $90 million+.

How will these "developers" be able to recover losses with highly inexpensive units?
I bet if this were built in NYC it'd cost twice as much to build.
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Old February 12th, 2014, 08:59 PM   #9904
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I bet if this were built in NYC it'd cost twice as much to build.
Because the land is more expensive? Not because of extra delays or more and expensive material costs.
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Old February 12th, 2014, 09:32 PM   #9905
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Because the land is more expensive? Not because of extra delays or more and expensive material costs.
All of the above. Land, materials, labor, taxes, insurance. Heck you name it.

Just an example, the land for 15 CPW cost $400 million in 2004. Kelliher paid $70 million in 2007 for the Spire's land. 15 CPW's site is much larger of course and fronting the park, but you get the idea.
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Old February 12th, 2014, 09:36 PM   #9906
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All of the above. Land, materials, labor, taxes, insurance. Heck you name it. Just an example, the land for 15 CPW cost $400 million in 2004. Kelliher paid $70 million in 2007 for the Spire's land. 15 CPW's site is much larger of course and fronting the park, but you get the idea.
It's also got a larger number of apartments.
Wouldn't that help in breaking even?
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Old February 12th, 2014, 10:22 PM   #9907
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It's also got a larger number of apartments.
Wouldn't that help in breaking even?
I'm sure the Spire's high number of units gives it a good economy of scale. I'd have to think the developer has studied the numbers to death and thinks it will work. Or else they wouldn't be trying.

If this were built in NYC, while it'd certainly cost more to build, it would also rake in more money in sales too.
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Old February 12th, 2014, 10:31 PM   #9908
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Indeed, I can imagine they can ask higher prices in Manhattan.
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Old February 13th, 2014, 12:08 AM   #9909
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Sheeeeeit. If this was in Manhattan, the units towards the top of this would be so expensive... It'd make one 57s penthouse seem like subsidized housing lol.
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Old February 13th, 2014, 03:54 AM   #9910
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Old February 13th, 2014, 08:35 AM   #9911
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If build to this level of detail it would truly be one of the best globally. Simply no competition among u/c projects. Too bad the video is old. I thought it's some new initiative
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Old February 13th, 2014, 08:56 AM   #9912
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such a shame this thing never got built
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Old February 13th, 2014, 01:35 PM   #9913
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Quote:
Originally Posted by spectre000 View Post
I don't think any buyer is stupid enough to pay in full before construction was started. I think it's normal for a 5% deposit put down to reserve a unit. I'm quite confident in saying all the money has long been returned to the prospective buyers.

Talk of potential sales in this building and price per square foot talk is far to premature at this point. Let's wait and see what happens in the bankruptcy court first, and then if Atlas can get the cash and financing to purchase their half of the building units.
http://www.skyscrapercity.com/showpo...postcount=6329

According to Metcalfe....the 352 units sold were sales, not just letters of interest accompanied by deposits.
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Old February 14th, 2014, 12:35 AM   #9914
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Quote:
Originally Posted by Scrapernab2 View Post
http://www.skyscrapercity.com/showpo...postcount=6329

According to Metcalfe....the 352 units sold were sales, not just letters of interest accompanied by deposits.
That's nuts. Why pay out hundreds of thousands, if not a million or so on a property you can't occupy yet. Keep the bulk of your money in the bank at least earning some interest.
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Old February 14th, 2014, 12:57 AM   #9915
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Quote:
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That's nuts. Why pay out hundreds of thousands, if not a million or so on a property you can't occupy yet. Keep the bulk of your money in the bank at least earning some interest.
Property is a more secure place to store money. And the people who can afford one of these apartments don't need or care about interest rates.
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Old February 14th, 2014, 06:05 AM   #9916
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What a beautiful, balanced skyline with the spire!

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Old February 14th, 2014, 07:47 PM   #9917
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it dwarfs everything in its vicinity.
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Old February 14th, 2014, 10:03 PM   #9918
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but it fits perfect!
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Old February 14th, 2014, 11:13 PM   #9919
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Even Sears just looks like a normal skyscraper
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Old February 15th, 2014, 10:05 PM   #9920
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Jan 29 2014



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