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Old August 10th, 2011, 09:13 PM   #1261
DZH22
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I think the design itself is better, but the building's impact will be severely diminished by the height decrease. I wish this one was at least over 1100' (like Chicago's non-Willis Tower bigs).
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Old August 10th, 2011, 09:18 PM   #1262
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Didn't the old top have a bunch of metaly stuff and mechanical stuff on top of it? Am I remembering it right? If so, this looks much better.
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Old August 10th, 2011, 09:42 PM   #1263
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It will still have a major impact on the skyline because no taller buildings are in front of it from the nj side. Still, this building looks lean and reminds me of Bank of China Tower
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Old August 10th, 2011, 10:13 PM   #1264
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When can we expect to see prep for this thing?
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Old August 11th, 2011, 12:00 AM   #1265
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Quote:
Originally Posted by azn_man12345 View Post
When can we expect to see prep for this thing?
Soon as they line up financing. RW has posted a lot of articles about apartments in C57 selling for reportedly north of $6000 a sf, and in other buildings with views of the park, like in the TWC for instance. So the demand is certainly there.

Given how long this re-approval process has taken I'd be shocked if the developer hasn't already been feeling out some financing options. It's also a good sign BofA gave Extell a $700M loan for C57, shows banks are willing to lend to finance these types of projects. Im honestly sort of expecting site prep between now and spring, so when the weather gets nice they can go full speed ahead through spring/summer 2012. But that's not based on anything outside what's basically my best guess.
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Old August 11th, 2011, 12:01 AM   #1266
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I think the high if the building is very very important, higher is not always better but a high building is always more interesting. I like skyscrapers but not normal buildings with good architekture
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Old August 11th, 2011, 12:10 AM   #1267
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Quote:
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Soon as they line up financing. RW has posted a lot of articles about apartments in C57 selling for reportedly north of $6000 a sf, and in other buildings with views of the park, like in the TWC for instance. So the demand is certainly there.

Given how long this re-approval process has taken I'd be shocked if the developer hasn't already been feeling out some financing options. It's also a good sign BofA gave Extell a $700M loan for C57, shows banks are willing to lend to finance these types of projects. Im honestly sort of expecting site prep between now and spring, so when the weather gets nice they can go full speed ahead through spring/summer 2012. But that's not based on anything outside what's basically my best guess.
Ah. Well let's hope you're right. I can't wait to see this thing rise
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Old August 11th, 2011, 02:09 AM   #1268
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It will still have a major impact on the skyline because no taller buildings are in front of it from the nj side. Still, this building looks lean and reminds me of Bank of China Tower
That's a pretty good comparison when you think about it. The roof of Tower Verre will actually be a bit higher than the roof of Bank of China, but BOC has twin spires for its full height. They do look similar, like cousins...
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Old August 11th, 2011, 02:41 AM   #1269
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NIMBY Of The Month:

Crain's


Michael Gross from the horrible 80's sitcom "Family Ties"


Michael Gross: towering infernal
By Michael Gross

Aug 07, 2011 5:59 am Updated: Aug 8, 10:27 am

My little corner of midtown, West 57th Street and Seventh Avenue, is an odd micro-neighborhood squeezed between Central Park and midtown. When I moved here four years ago, the streets shook and rattled all night as heavy trucks and construction equipment rumbled by—noisy evidence of Manhattan's development delirium. Then, post-Lehman, the noise stopped. The late-night silence was blissful, even if the cause of it was not. It's now starting up again, and some of my neighbors in what is called midtown west are up in arms. I feel their pain.

Extell Development Co. is building One 57 right next door. Worried about their vistas and apartment values, the folks with park views at Metropolitan and Carnegie towers on 57th Street watch in horror as Christian de Portzamparc's hotel-condo rises (it has reached the 22nd floor on its way to 1,004 feet). Across the street, Carnegie Hall is undergoing a renovation complete with thundering street work on weekend mornings that shakes the windows and rattles the walls of local landmarks.

One 57 is just the beginning. Towers are going up on the site of the old Drake Hotel at Park Avenue and East 56th Street, and on West 54th and West 55th streets. Jean Nouvel's MoMA tower on West 53rd Street (approved to 1,050 feet), though reviled by some, is set to be revived. And after securing a $700 million loan for One 57, Extell began demolition a block west, where it has been trying to get an as-yet-undefined tower off the ground. That one will occupy a plot on the site of an old Automobile Row building next to the Art Students League. It must be giving conniptions to Steven Roth at Vornado Realty, who wants to replace the rent-stabilized apartment house at 220 Central Park South with another gleaming condo tower. The latest hurdle appears to be Extell President Gary Barnett, who has the lease on 220 CPS's parking garage and owns an adjacent lot. According to The Wall Street Journal, he is playing Monopoly with Mr. Roth.

But back to my neighbors, one of whom recently wished aloud for another downturn because “New York has enough tall buildings.” I don't agree. Reaching for the sky is what this city is all about, and noise, dust and inconvenience will eventually be forgotten when gleaming new towers bring new residents, businesses, opportunities and visual pleasures to an area that has been on the brink since long before I got here.

My issue is taste. Mr. Nouvel's original MoMA design was awesome, and I hope it remains so after it's downsized. I think Mr. Portzamparc's midblock erection looks dreadful in renderings and will, when it towers over the Essex and Hampshire houses, give the architectural finger not just to its view-losing neighbors but also to the city's skyline.

Mr. Barnett's design proclivities don't yet match his skills for getting things built. So, though I can't see One 57 from my windows, his other 57th Street project worries me. I'm afraid of what might replace my view of Sir Norman Foster's Hearst Building. Real estate appraisal has a concept called Highest and Best Use: the use of a property that achieves its highest value. I know he likes to build high. But, Gary? It better be better, too
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Old August 11th, 2011, 04:54 AM   #1270
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There's a movie in which mrs. Keaton goes topless for a breast examination. She has a big rack.
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Old August 12th, 2011, 11:49 PM   #1271
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The top is not as elegant as it was before, but just to put this whole thing to rest - let's just build it.
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Old August 12th, 2011, 11:56 PM   #1272
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I would imagine with the economy likely tanking this project will probably be postponed for quite some time. Maybe it will be built in 10 to 15 years.
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Old August 12th, 2011, 11:57 PM   #1273
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maybe, but I don't think so:

Quote:
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Bring on Torre Verre, The Drake and 225 West 57th!

http://www.bloomberg.com/news/2011-0...-mansions.html

Russian Billionaires Buy in U.S. as Mansions Lure Wealth
By John Gittelsohn and Oshrat Carmiel - Aug 3, 2011 12:29 PM ET .

Roustam Tariko, billionaire owner of Russian Standard Bank and Russian Standard Vodka, completed the most expensive home purchase in Miami Beach since 2006 when he bought a $25.5 million estate on Star Island in April....


International investors are buying some of the priciest homes in America as the broader housing market slumps and a weak dollar makes U.S. property more of a bargain. Sales of residences above $20 million are rising in New York, California and Florida, which are popular business and vacation destinations for foreigners, according to Miller Samuel Inc., DataQuick and real estate brokers who cater to luxury buyers....

Manhattan Record

More than two-thirds of the nation’s residences with asking prices of at least $20 million were in those three states, said Rick Goodwin, publisher of Unique Homes magazine in Princeton, New Jersey, which releases an annual list of luxury homes on the market each March.

Seven homes have sold in Manhattan for more than $20 million in the first six months of this year, up from five in the same period of 2010, data from New York-based appraiser Miller Samuel show. The median price of those transactions was $27.5 million, up 15 percent from the year-earlier period. The deals included a $48 million sale to Russian composer Igor Krutoy that set a record for a condominium in the city....



Of the 214 newcomers to Forbes magazine’s annual global ranking of billionaires this year, 54 were from China and 31 from Russia. The Asia-Pacific region had more billionaires than Europe for the first time in more than 10 years and gained the most of any region, with 105 additions, according to the list. Moscow displaced New York as the city with the greatest number of billionaires with 79, compared with New York’s 58.

Aspen Sales
The Forbes list was topped for a second year by Mexico’s Carlos Slim, who in July 2010 bought a Manhattan townhouse known as the Duke Semans mansion for $44 million.

Foreign buyers are also turning to resort locales such as the ski area of Aspen, Colorado, said Tim Estin, a broker at Mason Morse Real Estate in the town.

“It’s a pre-eminent international mountain resort brand,” Estin said of Aspen, where luxury properties are selling at discounts of as much as 30 percent from the peak.

In the last three years, Aspen had at least five deals above $10 million in which the purchaser was from Russia, according to Craig Morris, president of the town’s Morris & Fyrwald Sotheby’s International Realty.

“Four years ago we didn’t have any Russian buyers,” he said.

Slower Price Gains
New York and Los Angeles were near the bottom of a list measuring luxury real estate price appreciation in 15 cities that attract “the world’s global elite,” ahead of only Moscow, according to a June 4 report by Knight Frank LLP, a London-based property consulting firm. In the year through March 31, prices rose 1 percent in Manhattan and fell 2.2 percent in Los Angeles. Prices in Paris increased the most, with a 22 percent gain, followed by Hong Kong, Helsinki, Shanghai and Beijing.

The firm defines luxury as the top 5 percent to 10 percent of the market in each city....

“Compared to other markets around the western world, the U.S., including New York and Los Angeles, lost significant value during the crash and are more fairly priced,” Liam Bailey, the head of residential research at Knight Frank in London, said in an e-mail. “There is no doubt a surge in interest in New York, particularly for people looking for deals....”

A weakening U.S. currency helps make the nation’s homes seem like a good deal, said White, the Sotheby’s president. The dollar has fallen against each of the 16 most-traded currencies in the past year, according to data compiled by Bloomberg.

Among emerging-market currencies, the Russian ruble increased 7.7 percent against the dollar in the 12 months through yesterday. The Brazilian real advanced 12 percent, while the Chinese yuan gained 5.2 percent.

For Russians, interest in luxury properties is as much evidence of conspicuous consumption as it is efforts to capture bargains, said Edward Mermelstein, a real estate attorney Rheem Bell & Mermelstein LLP with offices in New York and Moscow....

In Manhattan, Krutoy and his wife, Olga, bought their 6,000-square-foot condo at the Plaza hotel in March. The deal came six months after the couple completed the purchase of a $12.85 million home in Long Island’s beach area of the Hamptons.

Gin Lane
The Krutoys razed the Southampton mansion and are building a new house at the site on Gin Lane, where neighbors have included designer Vera Wang, shopping-mall magnate Alfred Taubman and New York Times publisher Arthur Sulzberger.

“He was looking at Gin Lane because that’s what he knows - - it’s the Fifth Avenue of the Hamptons,” said Susan Breitenbach, a senior vice president at Corcoran Group, the Krutoys’ broker for the sale, one of five deals she handled this year involving Russian buyers. “That’s what they really wanted and that’s what they stuck with.”

Krutoy bought the Manhattan property because he was seeking a home in the city, rather than looking to take advantage of a bargain, said Ilya Bykov, principal at Protax Services Inc., a New York-based firm that provides legal, tax and property- management services for international clients. Bykov represented Krutoy in his search, negotiation and closing for the Plaza apartment, and helped provide legal representation for the Hamptons home.

Russian buyers “have the money and they always want the best in everything,” Bykov said of the people he represents. “Most of these people are buying pied-a-terres and it’s quite common that the person would buy a luxury apartment in New York and a condo or penthouse in Miami.”

$100 Million
Kirk Henckels, director of the private brokerage at New York’s Stribling & Associates, said he was approached by a would-be buyer from Russia seeking to spend $100 million on a Manhattan home.

“I said, ‘We don’t have properties that high,’” Henckels said in an interview.

The most expensive single residential property currently for sale in Manhattan is the Woolworth Mansion, a 1916 “neo- French Renaissance” edifice on East 80th Street. The sellers are asking $90 million, according to StreetEasy.com, a real estate listings website.

Buyers from Russia and China have expressed interest in the seven-floor mansion, said Paula Del Nunzio, the broker with Brown Harris Stevens who is listing the property.

Extell’s One57
The newest Manhattan condo building to catch the attention of foreign buyers is a 90-story tower under construction on West 57th Street by Extell Development Co., according to Mermelstein and Bykov. The property, known as One57, will be the tallest residential tower in New York when completed in 2013.

The 95-unit building will record “a number of signed contracts” in the next 30 days for units ranging from $7 million to “north of” $40 million, Gary Barnett, Extell’s president, said in a telephone interview. He declined to say where the buyers are from, but said inquiries have come in from overseas, including Russia.

Among the contracts to be signed in the next month is one for a full-floor, 6,200-square-foot unit that offers panoramic views of Manhattan, including Central Park, Barnett said.

“Three-hundred-sixty-degree views, unobstructed. That’s something special,” Barnett said. “If you were worth $100 million dollars or you were a billionaire, this is something unusual. If you can afford the best of the best, why shouldn’t you do that?”
To contact the reporter on this story: John Gittelsohn in New York at [email protected]; Oshrat Carmiel in New York at [email protected].
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Old August 13th, 2011, 12:00 AM   #1274
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http://www.nytimes.com/2011/08/11/ny...er=rss&emc=rss

As Investors, Chinese Turn to New York

Jennifer S. Altman for The New York Times
Published: August 10, 2011

Chinese banks have poured more than $1 billion into real estate loans in New York City in the past year. Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects...

http://therealdeal.com/newyork/artic...y-condominiums

Chinese are buying luxury condos, too
August 12, 2011 01:00PM


Not only are Chinese banks investing millions of dollars in New York real estate, but Chinese business people are also increasingly buying luxury condominiums in Manhattan, the New York Times reported.

The average sale is a one-bedroom apartment for about $1.45 million, Pamela Liebman, CEO of the Corcoran Group, told the New York Times. Many of them are purchasing the properties as second homes or as housing for children studying in New York. In one case, Liebman said, a parent spent $20 million on an apartment for a daughter going to college in Manhattan.

The preference among the Chinese buyers is for condos over co-ops. "It's a fair challenge getting them to understand the co-op system," Neil Palmer, the CEO of Christie's International Real Estate, said.

Many of the properties of interest to the Chinese are shiny new buildings such as the Time Warner Center that remind the buyers of their cities at home. Others of interest are the Laureate on the Upper West Side, 15 Union Square West and an upcoming new building, 57 Reade.

Coming from the Asian tradition, most of the buyers pay in cash and are averse to mortgages. The Corcoran group plans to host a conference in New York to introduce buyers to the U.S. mortgage process.

Brokers have also been hiring Chinese speakers as staff members and Chinese langauge websites. They have also had to become accustomed to new cultural beliefs. Many Asian buyers associate the fourth floor with death while preferring the eighth floor which is associated with luck and prosperity. [NYT]
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Old August 13th, 2011, 07:52 AM   #1275
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good work ....This building its amazing good look ....who design that please upload that
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Old August 13th, 2011, 10:45 PM   #1276
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good work ....This building its amazing good look ....who design that please upload that
jean nouvell, he is very famous and makes very good architecture
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Old August 16th, 2011, 05:19 AM   #1277
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Quote:
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jean nouvell, he is very famous and makes very good architecture
I love many of jean's designs
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Old August 16th, 2011, 01:57 PM   #1278
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I agree.
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Old August 16th, 2011, 06:49 PM   #1279
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any news?
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Old September 7th, 2011, 04:59 AM   #1280
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Hopefully, Hines will choose its equity partner soon. With all of the volatility in the world, one would think that financing from China or the Gulf will be easy to procure for a blue-chip project like Torre Verre.

http://www.nytimes.com/2011/09/07/re...1&ref=business

Square Feet
With Financing Still Rare, New York Developments Start to ReboundBy JOTHAM SEDERSTROM
Published: September 6, 2011

When the development firm Hines began exploring plans for a state-of-the-art, ground-up office tower overlooking Bryant Park in April 2009, the notion seemed far-fetched at best, given the economic mood.

Construction is expected to begin next year for a 28-story tower at 1045 Avenue of the Americas in Manhattan. The tower will serve as something of a gateway to neighboring Bryant Park.

Demolition at 1045 Avenue of the Americas began in 2009, and the project has avoided pitfalls.
After all, Lehman Brothers had collapsed seven months earlier and Bernard L. Madoff had just pleaded guilty to federal felony charges in his vast financial Ponzi scheme. By the end of 2009, construction had frozen at development sites all across Manhattan. But in the nearly 30 months since those discussions, Hines’s plan to build a 28-story, glass-and-...stainless steel tower at 1045 Avenue of the Americas has withstood many of the obstacles that have thwarted other real estate developers.

“In no point in the last 30 years across all the cycle changes have we ever not been active,” said Tommy Craig, a senior vice president and head of Hines’s regional office in New York. “Resilience is one of the defining virtues of our firm.”

With a search for equity partners and a marketing campaign set to begin this week, the 450,000-square-foot building is one of two Manhattan projects now in the works for Hines. The other, a 72-story mixed-use building at 53 West 53rd Street, is set to rise adjacent to the Museum of Modern Art once an equity source is chosen. The project, designed by Jean Nouvel, was scaled down recently from its original height of 82 stories.....
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