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Old December 30th, 2011, 06:23 PM   #161
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That's true. I guess we should be happy that something is being built at that site

Btw, where do you find your info about air rights?
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Old December 31st, 2011, 04:12 AM   #162
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This building is over 200m which is tall for most cities other than NY, HK and Shanghai. Also, the developer can only build as tall as the air rights allow. This is a thin tower on a small site, so the expected height is the maximum permitted.
you forgot Chicago.
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Old January 1st, 2012, 07:06 PM   #163
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The only indication that tells us that this tower is the works is the luxury apartments market that grows more than anyone can think of. Given the fact that 57 Carnegi price went from $98,5 million to $110 million it seems like more like this midtown tower should be on the way.
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Old January 2nd, 2012, 02:05 AM   #164
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considering the fact that downtown isnt booming with high end residential construction like midtown, i think this ower has a pretty good chance of realization thanks to the decreased competition.
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Old September 4th, 2012, 06:24 AM   #165
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New building permits were renewed on 22 August 12.
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Old September 4th, 2012, 06:43 AM   #166
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Is there a picture of the site?
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Old September 4th, 2012, 06:51 AM   #167
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I've walked by a few times recently, and nothing is going on. I assume that they're looking for an operator for the hotel portion and for financing. One would expect these units to see for around $1,500-$2,000/sf. I don't know what the market is like in that "mid-level" ranges, whereas, it's extremely strong in the uber-wealthy range.
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Old September 4th, 2012, 05:30 PM   #168
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The mid level range in that $1500-$2000 range is strong downtown, and that's based off of sales in old buildings that weren't necessarily originally built to be an apartments building, that are now being converted into residential. Walker Tower which is about 50% sold in the $2500 sf range and just opened their sales office like a month ago, and 130 West 12th is completely sold out, and I think it was the G and H units all sold literally the day the sales office opened priced at $2M+, and they got about 3 offers for every 1 unit in respect to those G and H units, that's all from the developer.

Like a lot of these residential buildings in New York, it seems like it's much harder to get the construction loan than it is to actually rent, or sell the apartments.

It really is just a matter of time before this starts.
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Old September 5th, 2012, 02:48 AM   #169
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i hope this gets built
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Old September 5th, 2012, 04:10 AM   #170
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The mid level range in that $1500-$2000 range is strong downtown.....
As per this 4 Sep. 2012 article from www.therealdeal.com, you're correct.




At 46 Lispenard — 80% of units sold, five days in This summer, NYC real estate was as hot as the mercury

September 04, 2012 02:00PM
By Katherine Clarke



In the dog days of summer, New York City’s wealthy traditionally flee to less-humid climes, sending the luxury real estate market into slowdown mode. But with Manhattan inventory tightening and global buyers rushing to put their money in New York as Europe falters, transaction volume has maintained its momentum.

In one instance, a new 11-unit Tribeca condominium project at 46 Lispenard Street has contracts out on more than 80 percent of its units after just five days on the market over the Labor Day weekend, its exclusive listing broker Fredrik Eklund of Prudential Douglas Elliman told The Real Deal today. The contracts sent out for nine units, which are priced between $2.65 million and $4 million — at an average of $1,373 per square foot — are all for the full-asking prices.

“We were battling back and forth over whether we should list it after Labor Day,” said Eklund, who is listing the property with colleagues John Gomes and Genifer Lancaster. “That’s what everyone else is doing.”

But the Eklund Gomes team went for a different tack in an attempt to capitalize on low inventory, which reached a three-year trough in August: “In the next two or three weeks, [inventory] is going to increase dramatically. People have been waiting for everyone to come back and the fall to begin. It’s the re-ignition of the market. So we thought, let’s be ahead of the curve [and list it at the end of August.]”

The tradition of waiting to list new properties till the official close of summer is longstanding, said Donna Olshan, president of Olshan Realty. “The traditional feeling has been that luxury traffic is not around. The brokers take time off. The feeling is to get a fresh start when the market’s in full swing and the buyers are back,” she said.

The inclination to hold off on marketing a luxury property till September, she said, is often counterproductive, especially in the current market. “If you have a market like this which has low inventory it also behooves one to just put it up on the market. If it’s priced right, there will probably be a buyer out there. Also, our market is very global. [Global purchasers are] not running on our calendar.”

The success of 46 Lispenard, which was designed in 1866 by Isaac Duckworth and features a pre-war cast-iron façade, comes on the heels of an extremely active summer for luxury transactions.

Six of 10 units at the Abington, a West Village condo at 607 Hudson Street, are currently in contract after the building came online in late June. And sales at Walker Tower, JDS Development’s 50-unit Chelsea condo at 212 West 18th Street, have progressed throughout the summer, with a spate of units going into contract in July, according to Streeteasy.com.

Tim Crowley of Flank, the company behind the Abingdon, said provisional interest in the units had justified bringing the property on the market in June. ”We felt that given the amount of people we’d done previews for and the amount of inquiries we were getting from the brokerage community, the market was ready to receive it despite what is traditionally a slower selling season,” he said.

He continued, “I don’t think we would have launched in August, which is traditionally the slowest real estate month but mid- to late-June, we were fine with. The last two weeks of August may as well not exist on the real estate calendar.”

According to a market report released yesterday by Olshan, 129 contracts were signed in the 10-week period that began on June 25 and ended on the day before Labor Day. That figure represents a 42 percent increase over last summer and is the best summer since Olshan began keeping records in 2007. The report attributes the success of the luxury market to the Dow Jones Industrial Average having finished August at 13,091, up 1,851 points over the same period last year, and to historically low mortgage rates.

Inventory is also at record lows. According to real estate consulting website UrbanDigs.com, there are currently only around 5,000 active listings available in Manhattan, representing a more than 25 percent decline in inventory over the last six months. At its most recent height in April 2009, there were around 9,500 apartments available.

“We’ve seen a steady improvement in the real estate economy,” Crowley said. “I think that’s going to present itself regardless of the time of year. That this summer was better than the previous three summers should tell us something about the real estate market in general.”
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Old October 7th, 2012, 09:01 PM   #171
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^
Considering the increasing likelihood of taxes going up for middle and upper income indiviudals (the people who mostly buy these units), capital gains taxes increasing, the new healthcare law real estate levy, increased financial regulation (which hampers lending), weak jobs market; this mid level range of NYC real estate is going to get clobbered. Not to mention the Euro Crisis. I don't see 50 West or 99 Church going up anytime soon, unless they are massively downsized.

http://www.latimes.com/news/politics...,1937398.story
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Old October 7th, 2012, 10:42 PM   #172
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^
Considering the increasing likelihood of taxes going up for middle and upper income indiviudals (the people who mostly buy these units), capital gains taxes increasing, the new healthcare law real estate levy, increased financial regulation (which hampers lending), weak jobs market; this mid level range of NYC real estate is going to get clobbered. Not to mention the Euro Crisis. I don't see 50 West or 99 Church going up anytime soon, unless they are massively downsized.

http://www.latimes.com/news/politics...,1937398.story
Hardly. The "midrange" in NYC is the uber, über high-end in the rest of the US. The demand for midrange units of $2m to $5m is very strong and is fueled by domestic and international markets.
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Old October 21st, 2012, 01:57 AM   #173
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RW you're our man with DOB permits, these were posted on WNY but maybe you can decipher them and tell if they're just renewals or what. The first, and second permits. If I'm reading them right, one is for the foundation, and one's for the tower itself.

But lofter1 on WNY posted this which may suggest that this is in fact gearing up for construction:

"Not sure what this might mean in terms of action at this lot, but the CB1 Calendar for January 5, 2012 showed this on the Agenda:

Planning and Community Infrastructure Committee

50 West Street, 421-A Partial Tax Exemption - Review"
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Old October 21st, 2012, 04:19 AM   #174
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First Permit
Quote:
Last Action: PERMIT ISSUED - ENTIRE JOB/WORK 08/22/2012 (R)

Second Permit
Quote:
Last Action: PERMIT ISSUED - PARTIAL JOB 08/22/2012 (Q)

Last edited by Hudson11; October 21st, 2012 at 04:29 AM.
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Old October 21st, 2012, 04:28 AM   #175
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i love this render
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Old October 21st, 2012, 05:55 PM   #176
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Looks like 65 floors and foundation and excavation work noted in that permit. Some applications are simply for renewal of the permit so we'll see if this one has greater significance.
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Old November 9th, 2012, 10:38 PM   #177
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Crain's

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Downtown Brooklyn building site fetches $40M....

November 6, 2012 11:34 a.m.

-----

The deal comes as Francis Greenburger, the chief executive of Time Equities, has been at work raising capital for a large residential condominium and hotel tower of his own at 50 West St. in lower Manhattan. For that project, which could be 65-stories tall, Mr. Greenburger has hired Cushman & Wakefield's structured real estate finance expert Steve Kohn to put together up to $300 million of equity for 50 West Street, which written reports have indicated could cost as much as $600 million to build.


[...]
Read more: http://www.crainsnewyork.com/article...#ixzz2BlAw3wgf
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Old November 9th, 2012, 10:46 PM   #178
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i love this render
So I do. It fits very well with the WTC towers.
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Old November 10th, 2012, 04:45 AM   #179
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Yeah, a second curved building to contrast with the extreme, sharp lines of the WTC.
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Old November 10th, 2012, 01:56 PM   #180
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Yeah, a second curved building to contrast with the extreme, sharp lines of the WTC.
This one's around the corner, and there's another curved tower across the street.

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