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Old September 23rd, 2011, 12:30 AM   #1321
Hendycfc
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Originally Posted by RobertWalpole View Post
It was approved by the LPC on 13 Sep. 2011:


So they will start constuction this year?
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Old September 23rd, 2011, 12:40 AM   #1322
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So they will start constuction this year?
Unlikely in the next three months. Probably next year at the earliest.
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Old September 23rd, 2011, 12:49 AM   #1323
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Next year is very likely.

With all of the turmoil in the world right now. Foreign investors seek safe havens, and none is better than property in NY and London.
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Old September 23rd, 2011, 08:36 PM   #1324
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http://therealdeal.com/newyork/artic...coran-sunshine


Supply scarcity boosts prices for Manhattan condo developers

September 23, 2011 10:00AM



From left: One57 and Extell Development President Gary Barnett, the Touraine and Toll Brothers CEO Bob Toll and MiMA and Related Companies CEO Stephen RossThere's a scarcity of new development in Manhattan, and developers are licking their chops. According to Corcoran Sunshine Marketing Group data cited by the New York Times, by the end of 2011 just 1,111 new units will open in Manhattan south of Harlem. That's down from 1,767 last year, ad 8,552 in 2007.

That's good news for developers -- such as Extell Development, Related Companies and the Toll Brothers who are delivering One57, MiMA and the Touraine, respectively, to the market -- who recognize the scarcity of supply and are raising prices and foregoing concessions. In fact, some developers are even refusing to negotiate with buyers on price.

Meanwhile, in Brooklyn, there's a condominium boom of sorts underway, though mostly in smaller buildings. The borough's lower prices and the relatively small sack of the projects has made financing easier to obtain for developers. In the second quarter of 2011, 24.6 percent of sales were new developments, compared to 14 percent in the prior year quarter, according to data from appraiser Jonathan Miller. [NYT]
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Old November 7th, 2011, 07:57 PM   #1325
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Did they announced any dates?
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Old November 8th, 2011, 01:19 PM   #1326
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Oh I thought there were actual news about this. I can't wait to see this built.
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Old November 11th, 2011, 09:42 AM   #1327
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http://www.nytimes.com/2011/11/13/re...ref=realestate

Square Feet | The 30-Minute Interview
Tommy CraigPublished: November 10, 2011



Interview conducted and condensed by

VIVIAN MARINO

Q What does your job at Hines entail?

A My principal role is to think about value-creation opportunities, to manage risk, and to really advance the firm’s reputation in New York.
...

Q How many projects are you working on now? A We’re just finishing a project in the village, One Jackson Square. We’re working on 1045 Sixth, our Bryant Park project. We’re working on the MoMA mixed-use project; and for that project we just secured a special permit and are now actively engaged with prospective equity partners. We have a fourth project that we’ve just been selected on in Lower Manhattan for a residential project — 56 Leonard.

Q How would you say the New York market was faring?

A The New York market on a comparative basis has the strongest fundamentals of any market in the country. The strength in the capital markets would be hard to overstate. There’s been very positive job growth this year. A long-term outlook of New York continues to favor it in ways that very few other cities can compare, mostly because it is really a destination for talent around the globe. We haven’t seen a major user leave New York for over 15 years....
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Old November 16th, 2011, 04:39 PM   #1328
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Very strong sales at an obscure development on Lex. presage how well Torre Verre will sell!

Development Update-o-Rama

Upcoming Upper East Side Toll Brothers condo The Touraine is still just a hole in the ground at Lexington Avenue and East 65th Street, but apparently that isn't stopping buyers. A sales office opened across the street from the project last month, and 16 of 22 units are already in contract. The average ask is $2,800/square foot, 25 percent higher than the asking prices when the building first hit the market. Turns out the sales office is also a direct portal to 2007!

http://www.crainsnewyork.com/article...TATE/111119924


More good news for Torre Verre's bright future:

www.therealdeal.com

European debt crisis rattles foreign buyers
With Greece faltering, some international buyers jump into NYC
November 16, 2011 10:30AM

By Leigh Kamping-Carder


From the November issue: Last month, Fredrik Eklund, a Prudential Douglas Elliman managing director who also runs an eponymous Stockholm-based brokerage, was arranging the sale of a $6.5 million Upper East Side triplex to an overseas buyer from Greece. Given the economic chaos plaguing the Hellenic republic, it may seem unlikely for a Greek buyer to invest millions in New York City real estate right now. But the reasoning behind the purchase was simple: "They have to get their money out of Greece," Eklund said. As the European debt crisis continues, wealthy individuals from tottering European economies may be looking to New York City homes as the proverbial "safe haven" for their assets -- a good bet compared to erratic global stock markets and residential markets across the pond. And, last month, Senator Charles Schumer, the Democrat from New York, and Senator Mike Lee, a Republican from Utah, joined forced to introduce legislation to encourage more of them to park their money in real estate here. The legislation would grant limited visas to foreigners who invest at least $500,000 in cash in residential real estate in the U.S. [more]

Last edited by RobertWalpole; November 16th, 2011 at 06:07 PM.
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Old November 16th, 2011, 08:37 PM   #1329
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Sounds good. It looks like the start of construction is just a matter of time.

(btw, the rich Greek are only contributing to the crisis in their own country by getting their money out. Pretty ironic)
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Old November 19th, 2011, 05:47 AM   #1330
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Quote:
Originally Posted by RobertWalpole View Post
Next year is very likely.

With all of the turmoil in the world right now. Foreign investors seek safe havens, and none is better than property in NY and London.
...and yet it was both NYC and London that have had major terrorist attacks.
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Old November 19th, 2011, 05:54 AM   #1331
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...and yet it was both NYC and London that have had major terrorist attacks.
Yes. But they are the pre-eminent world cities, and where the the world's richest people want to be.
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Old November 19th, 2011, 06:46 AM   #1332
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He meant economically "safe" because both cities are currently very stable.
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Old November 20th, 2011, 10:37 PM   #1333
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Originally Posted by RobertWalpole View Post
Firstly, the US is not remotely close to bankruptcy. The US has the strongest economy in the world and will for a very long time. Moreover, NY, which is the epicenter of the US economy, has a strong demand for high-end apartments from all over the world.
Not remotely close to bankruptcy!?! Did you forget the $14,000,000,000,000+ dollar national debt, that is by the way, so high, we can't even pay the interest on it? You are right to say that the US still has the srongest economy in the world, but that isn't much of a distinction now.

The people with money never really suffer during an economic crisis, so if they want these buildings to be built, they will be built, but it will have little to do with the economy.
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Old November 21st, 2011, 01:04 AM   #1334
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Not remotely close to bankruptcy!?! Did you forget the $14,000,000,000,000+ dollar national debt, that is by the way, so high, we can't even pay the interest on it? You are right to say that the US still has the srongest economy in the world, but that isn't much of a distinction now.

The people with money never really suffer during an economic crisis, so if they want these buildings to be built, they will be built, but it will have little to do with the economy.
The debt as a percentage of GDP is not so high, particularly in light of two unfunded wars that went on for many years. That debt could be paid off easily if, among other things, the Bush tax cuts expire.
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Old November 21st, 2011, 06:24 PM   #1335
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More good news for Torre Verre's sales prospects:

therealdeal.com
High-end home shortage could help One57
November 21, 2011 09:30AM


From left: Rubicon Property CEO Jason Haber and a rendering of Extell's One57A lack of new construction, an influx of international buyers and prices still far from peaks have fueled a shortage of high-end apartments in New York City, Bloomberg News reported.

There were 832 homes on the market asking at least $5 million in New York City in October, according to Streeteasy.com, down 9.5 percent from the same time two years ago. Simultaneously, sales of Manhattan luxury apartments increased 17 percent in the third quarter from the prior-year quarter, according to Miller Samuel. There were more sales of at least $20 million in the third quarter this year than during any time since the third quarter of 2008.

Miller Samuel CEO Jonathan Miller traced the beginning of the trend to last November when William Lie Zeckendorf sold his 15 Central Park West penthouse for $40 million and a Superior Ink penthouse went for $31.5 million. By April, the number of pending contracts in the $5 million and greater price range rose to 152, the biggest resurgence since 2008, according to UrbanDigs.com.

The shortage is becoming severe enough that Rubicon Property has sent letters to clients with high-end homes gauging their interest in selling."That's a sign of the times," CEO Jason Haber said. "This is a ready, willing and able buyer and we can't find the product for him."

Bloomberg News said this could be good news for Extell Development's One57, which will launch sales later this month, two years ahead of other high end development. [Bloomberg News]

http://www.bloomberg.com/news/2011-1...nd-jumps.html#

Last edited by RobertWalpole; November 21st, 2011 at 09:13 PM.
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Old November 21st, 2011, 10:04 PM   #1336
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I thought that a good deal of the One57 apartments had already been sold?
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Old November 29th, 2011, 03:59 AM   #1337
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The 28 Nov. 2011 edition of Crains New York reports that Torre Verre is underway. I wonder if they have news re: financing that has not yet been reported.


Buildings designed by 'starchitects' pay off big
Residential towers by name-brand designers are outperforming others, even in a weak real estate market.

Anne Field
November 27, 2011 5:59 a.m.

A decade after a bumper crop of residential buildings designed by internationally renowned “starchitects” began rising around the city, the early results are in.

As predicted, such residences were indeed pricier to put up. But especially in Manhattan, the supply of people willing to pay more to live in architecturally celebrated environs seems to be more than adequate.

The biggest surprise, however, may be the degree of flexibility shown at times by such celebrity architects as Frank Gehry, Richard Meier, Jean Nouvel and Robert A.M. Stern. Some have gone so far as to lower the ceilings of their creations and even change facings to meet fast-changing economic conditions and New Yorkers' (especially rich New Yorkers') less-adventurous architectural tastes.

“These architects are great both at helping developers resolve whatever issues come up and creating notable designs for buildings that can command high prices,” said Vishaan Chakrabarti, director of Columbia University's Center for Urban Real Estate.

Such compromises come in the context of cost expectations that are raised from the outset. For openers, starchitects can command fees up to twice those of their mortal brethren. Such buildings can also be more expensive to build. Everything from higher-than-standard-quality materials and mechanical systems added as much as 15% to the cost of constructing the 96-unit condo known as On Prospect Park in Brooklyn, according to Louis Greco, a principal with SDS Procida, the developer that tapped Mr. Meier for the job.

Despite all that, buildings constructed before the real estate crash were “incredibly effective,” selling quickly and at steep premiums compared with plain-vanilla projects, according to James Lansill, a senior managing director at brokerage Corcoran Sunshine. Even today, they still outperform the market.

A 2002 takeoff
The starchitect phenomenon started in earnest in 2002 with the completion of 173 and 176 Perry Street, a pair of sleek, 15-story glass boxes in the West Village on the Hudson River designed by Mr. Meier. They were followed in 2007 by such notables as Mr. Nouvel's 40 Mercer, a 13-story glass palace built by Hines, and Robert A.M. Stern's wildly successful 15 Central Park West, designed for developers Arthur and William Zeckendorf. The latter features two limestone towers inspired by the Art Deco architecture of their neighbors—and has racked up several of the city's highest-priced sales in recent years.

But not all starchitect projects took off. In TriBeCa, developer Sleepy Hudson paid out $36.6 million for 5 Franklin Place and promptly hired Dutch architect Ben van Berkel to produce an ambitious design. The 20-story project died, however, when the recession hit.

With the economy still soft and construction financing continuing to be hard to find, the current crop of starchitect buildings in the works is small. There's Extell Development's 1,003-foot-tall apartment tower and hotel on West 57th Street and Seventh Avenue, designed by French architect Christian de Portzamparc. Mr. Nouvel's controversial 75-story tower next to the Museum of Modern Art from developer Hines is also under way.Having proven themselves so well and so widely, starchitect-designed residences look like they will be around a long time in New York.

“When building picks up, there's going to be a greater sensitivity to higher-quality work,” said Mr. Meier.

Others agree that there may now be no turning back.



Read more: http://www.crainsnewyork.com/article...#ixzz1f3VQ8bxB
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Old November 29th, 2011, 05:46 AM   #1338
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Oh, NOOOOOOOOOOOO! please non't build that building, I really non't like it D;
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Old November 29th, 2011, 05:52 AM   #1339
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Oh, NOOOOOOOOOOOO! please non't build that building, I really non't like it D;
Ok. Hines will forego building a landmark, iconic tower which will yield units at over $5k/sf (and in which they've invested a lot of money) because you don't like stunning icons.







http://www.audine.net/ark.inu/?p=541
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Old November 29th, 2011, 06:00 AM   #1340
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Yeah, well I LOVE it so your 'not like' is cancelled out TWICE!
(Just keeping up the juvenile tone of that post.)

Dear Mr Hines: build it now, please.
(See, I asked nicely!)
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