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Old January 31st, 2012, 06:17 PM   #921
HK999
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The NYTT spire goes up to 1,046ft, so yeah the rendering is a bit exaggerated.
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Old January 31st, 2012, 09:00 PM   #922
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The shorter building should have it's roof below the top of NYTT's spire but in the render above it's roof is well above that spire
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Old January 31st, 2012, 10:10 PM   #923
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NYTT is a few blocks away, so I don't think the shorter building's that tall.
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Old February 1st, 2012, 12:24 AM   #924
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The NYTT tower is on 41st and 8th Ave, and these towers are between 30th and 33th Streets on 11 Ave. They're not close. Also there's nothing tall around these towers which makes them look much bigger.
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Old February 1st, 2012, 02:30 AM   #925
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I don't get why people always think that renders are wrong, the people who make these know what they are doing, it's there job!
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Old February 1st, 2012, 03:50 AM   #926
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Quote:
Originally Posted by Eastern37 View Post
I don't get why people always think that renders are wrong, the people who make these know what they are doing, it's there job!


They are shockingly lazy at there job
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Old February 1st, 2012, 03:55 AM   #927
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http://therealdeal.com/blog/2012/01/...-on-the-block/

Hudson Yards development site on the block
January 30, 2012 04:00PM



From left: the site for sale in Hudson Yards and Robert Knakal, chairman at Massey Knakal
Another development site in the Hudson Yards special zoning district is on the block, according to a statement from the Massey Knakal Realty Services today. The plot, at 462-470 11th Avenue and 554 West 38th Street, encompasses approximately 320,000 buildable square feet over five adjacent parcels, the statement said.As it is currently zoned the site would work well for office buildings or hotels with a residential component, Robert Knakal, chairman at Massey Knakal, one of the site’s exclusive marketing agents, told The Real Deal. The residential component could comprise around 30 percent of any development built at the site, which is on the north side of 38th Street, he said. The site also offers “flexible height and setback requirements,” according to the statement.
While he declined to give pricing, Knakal did say that “because the property is on the avenue, we expect the pricing to achieve a preminum over what mid-block sites have been selling for.”

Massey Knakal is in contract to sell another parcel in the Hudson Yards area east of the available one, for $150 per square foot, Knakal said. Last January, 431-439 West 37th Street, a mid-block site between 37th and 38th streets sold for $18.7 million, or about $185 per square foot, but Knakal noted that that site was zoned for residential. — Guelda Voien
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Old February 1st, 2012, 09:41 AM   #928
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Quote:
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They are shockingly lazy at there job
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Old February 1st, 2012, 01:29 PM   #929
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Quote:
Originally Posted by Funkyskunk2 View Post
[IMG]http://i.imgur.com/sHMge.jpg[IMG]

They are shockingly lazy at there job
Did both of you just unintentionally say "there job" without a hint of irony?
I don't know about you Funkyskun but I would assume at least Eastern37 is a native speaker no? It's pretty amazing how often native speakers make silly mistakes like "there and their" "could care less" (this one is extra jarring because the speaker is usually trying to sound clever) and so on. Sometimes it seems like they are done wrong more often than not.

Anyway back on topic; I think reflections in renders mixed with real photos are almost never done 100% correctly that would be hell to do. Though maybe one could conceivably import the google earth program into a 3d editor and create these models with a reflective surface and take it from there.
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Old February 1st, 2012, 04:16 PM   #930
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Quote:
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Did both of you just unintentionally say "there job" without a hint of irony?
I don't know about you Funkyskun but I would assume at least Eastern37 is a native speaker no? It's pretty amazing how often native speakers make silly mistakes like "there and their" "could care less" (this one is extra jarring because the speaker is usually trying to sound clever) and so on. Sometimes it seems like they are done wrong more often than not.

Anyway back on topic; I think reflections in renders mixed with real photos are almost never done 100% correctly that would be hell to do. Though maybe one could conceivably import the google earth program into a 3d editor and create these models with a reflective surface and take it from there.
funkyskun? See I can do this two.

And no I don't expect them to do real reflections, but at least grab from a different picture.
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Old February 8th, 2012, 04:25 PM   #931
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In reply to my statement that the Hudson Yards has a massive price advantage over other proposed towers such as Manhattan West, 15 Penn, and 2 and 3 WTC, I stated that Related plans to sell or lease its office space at cost (which obviously, no other developer is willing to do) and that it has a much larger tax break than Manhattan West. (None of the other projects even has tax breaks.)

Here's an article regarding this:

http://therealdeal.com/issues_articl...ds-grand-plan/

Brookfield’s grand plan
The Canadian firm is ramping up its Manhattan presence
February 01, 2012
By Adam Pincus

If Brookfield Office Properties’ newly aggressive stance in Manhattan isn’t keeping Related Companies’ Stephen Ross and Silverstein Properties’ Larry Silverstein awake at night, it probably should be.

Publicly traded Brookfield Office Properties, led by CEO Ric Clark, is looking to lease up as much as 10 million square feet of office space over the next few years in Manhattan — which may be the most space any private company has ever put on the market at one time. The onrush of inventory includes Brookfield’s proposed 5.4 million-square-foot Manhattan West project, as well as 3 million square feet in the World Financial Center, which Brookfield is upgrading. The need for tenants puts Brookfield in direct competition with the aforementioned moguls’ Manhattan mega-developments: Related’s Hudson Yards and Silverstein Properties’ World Trade Center towers....


Still, Brookfield will have to nab some of the largest tenants in the market to have a chance of successfully leasing up. Currently, there are an estimated 40 tenants looking for more than 200,000 square feet each, hunting for an aggregate of 14 million square feet. Some of the biggest include Time Warner, News Corp. and Credit Suisse — firms that brokers say are all looking for at least 1 million square feet of space.

To catch these big fish at Manhattan West, Brookfield is deviating from its usual strategy of handling leasing in-house, and has tapped a team led by Bruce Mosler, the chairman of global brokerage at Cushman & Wakefield, to help with the lease up. While construction hasn’t started at the site, a company in Italy is building a sophisticated piece of construction equipment that will be shipped here to build the $300 million platform over the site’s commuter train tracks, Larkin said. While construction on the platform will move forward once that mechanism is delivered, the company will not start constructing the actual towers until it signs an anchor tenant, he said.

Mosler declined to identify which ten ants his team was courting, but said, “We are meeting with the obvious players, with some growth tenants that are in the media sector, [and] some financial tenants that find efficiencies in this building and want to consolidate multiple sites.”

By contrast, Manhattan West will have the latest modern amenities, and it will compete against other brand-new towers, like the World Trade Center, Boston Properties’ 250 West 55th Street and even the SJP Properties speculative tower at 11 Times Square. Asking rents are now in the $70-to-$80-per-foot range, Larkin said.

Meanwhile, Brookfield and Related are vying to get into the ground first with their competing Far West Side projects.

“At the end of the day it comes down to the gross rent that both parties are going to be offering, and that is where the competition is going to be,” Larkin said.

Some give Related a better chance because it has a larger 40 percent tax break for tenants, and has already inked an office user: designer Coach. Because of that, Related has committed to providing them space in the 1.7 million-square-foot tower by late 2015, a Related source said. In addition, it is offering tenants the option of buying “at cost,” meaning the $700 per square foot that it is paying to build, or leasing for about $70 per square foot, in a building that will be near the new terminal for the 7 train. Yet, despite the proximity to the new station, some knocked Hudson Yards for being too far west.

While Manhattan West, on the other hand, has a lower, 25 percent tax break, it is one avenue from the city’s most active transit hub: Penn Station.

“From a timing perspective, I think [Brookfield] is going to be ahead of Related,” said Richard Bernstein, vice chairman at Cassidy Turley, pointing to the simpler process of building a foundation platform at Brookfield’s site. “There is a lack of supply in the market overall for good quality, large blocks of space.”
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Old February 8th, 2012, 05:40 PM   #932
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http://therealdeal.com/issues_articl...-office-space/

Big fish scour market looking for office space
Tightening market yields no large deals — so far
February 01, 2012
By Adam Pincus


Industry professionals expected little from the Manhattan office leasing market at the start of 2012. And a month into the New Year, they’ve been right in their predictions.

Noticeably lacking is a headline-grabbing deal, such as the one that supply-chain firm Li & Fung inked for 490,000 square feet in the Empire State Building in the first week of 2011.
In fact, a review of office leasing in industry database CoStar Group shows no relocation deals larger than 100,000 square feet in Manhattan through the first three weeks of January.

The biggest deal discussed last month was not even for a signed lease, but instead for one in advanced negotiations. Law firm Chadbourne & Parke is expected to lease about 300,000 square feet at 1 World Trade Center, the New York Times reported.

Overall, however, commercial real estate pros expect leasing activity to increase as the year progresses.

“These deals take a long time to finish,” said David Lebenstein, a senior managing director at Cassidy Turley. “I would imagine you would see announcements through the year, and more in the second and third quarters.”

Mark Weiss, a leasing broker and vice chairman at commercial firm Newmark Knight Frank, said the strong activity in 2011 was partly because it was unduly slow in the two prior years.

“This year is going to have to stand on its own,” and not rely on pent-up demand, he said. Plus, Weiss noted, “the largest users, the financial service companies, are likely going to be very quiet.”

Yet he is hopeful that other types of firms will grow.

“There are plenty of companies that do business in New York that will expand their presence,” he said.

To give some perspective, for all of last year, there were a record 51 deals of 100,000 square feet or more, figures from Cushman & Wakefield show.

And there are more than 500 tenants in the market at any one time, scouring for between 2,000 square feet and over 1 million square feet, a market report from commercial firm Cassidy Turley shows.

Sources said some of the largest tenants looking right now include Time Warner, which is reevaluating its 4 million-square-foot portfolio, including its headquarters at the Time Warner Center; law firm White & Case, located at 1155 Sixth Avenue; and Viacom, which is looking for 1 million square feet (see accompanying chart on page 24).

They will be doing so in a Manhattan market where the average asking rent rose by 8 percent to $51.40 per square foot in December 2011 from $47.66 per square foot in December 2010. Meanwhile, the availability rate — which measures office space available for rent now or in the next 12 months — stood at the end of last year at 10.9 percent, on a steady improvement from 12 percent at the same point a year ago, statistics from Cassidy Turley show.

Midtown

Some of the largest tenants on the hunt for new space are currently located in Midtown, so moving would open up large blocks of space there.

Whether firms are quietly contemplating relocating is obviously closely held information. As a result, predicting how much space they’ll vacate is not easy for market analysts.

But what analysts do know is that for Manhattan, large tenants (those with 100,000 square feet or more) signed relocation leases for more than 26 million square feet in 2011, but just less than 15 million in renewals. That clearly shows that for many tenants, relocating is more common than staying put.

Although not large deals, Midtown has seen some high-profile activity in recent weeks.

On the last day of 2011, global consulting firm McKinsey & Company renewed its lease for 26,450 square feet on the fifth floor of 875 Third Avenue at a building represented by Jones Lang LaSalle brokers Diana Biasotti and Paul Glickman, CoStar records show. There was no estimate of the rent provided, and Biasotti and Glickman did not respond to a request for comment.

The average asking rent in Midtown rose by 6 percent to $58.68 per square foot in December 2011, while the availability rate dropped to 11.6 percent, the same level as a year ago, after peaking in March at 12.4 percent.

Midtown South

If Credit Suisse, one of the largest tenants in the market, were to relocate from 11 Madison Avenue, as some speculate it may, it would send shockwaves through Midtown South.

A departure by the financial giant — which CoStar shows occupies 1.6 million square feet in the 2.2 million-square-foot office building — would provide much-needed space in the tightest market in the country, which has a Class A vacancy rate of only 8 percent.

Still, Newmark’s Weiss saw a potential relocation as a blow to the neighborhood.

“It would hurt [Midtown South] severely,” he said. “It would be such an enormous hole, it would take years to fill. [Credit Suisse] is an enormous fish in that pond.”

Despite news reports about landlords pulling back on concessions, sources say building owners are, in fact, providing more free rent and tenant improvements than most in the industry realize.

For example, handbag and fashion designer Kate Spade signed a new deal for 86,000 square feet of corporate office space in November at 2 Park Avenue, between 32nd and 33rd streets. But while the deal was reported in the “mid-$40s” per square foot, the effective rent (which factors in concessions) was lower, according to industry sources. The designer got eight months of free rent and $55 per foot worth of tenant improvements, bringing the effective rent, the source said, to just $33 per foot over the 10-year lease.

The average asking rent in Midtown South was $41.91 per foot at the end of 2011, up 9.6 percent from $38.23 per square foot in December 2010, Cassidy Turley figures show. And, speaking to the tightness in the market, the availability rate has plummeted in the last year, down 2.5 points from 12 percent in December 2010.

Downtown

The Downtown market, and specifically the World Financial Center, stands to gain if some of the large tenants in the market, like Credit Suisse or Citigroup, can be pried lose from their current locations and induced to take space there.

But there are some big tenants Downtown that are also considering uprooting. For example, law firm Hughes Hubbard & Reed — currently located in 1 Battery Park Plaza and being represented by Newmark Knight Frank — is on the hunt for about 250,000 square feet.

Meanwhile, law firm Milbank Tweed, Hadley & McCloy, now located in 1 Chase Manhattan Plaza, is in the market for about 350,000 square feet, though recent reports suggest it might ultimately renew its lease there.

As in Midtown South, some landlords made large concessions Downtown to close deals. In fact, according to data from JLL, there was an increase in landlord contributions Downtown in the fourth quarter, compared with the same period in 2010.

One such generous deal came at Donald Trump’s 40 Wall Street, where structural engineer Weidlinger Associates inked a lease. The firm took 61,082 square feet for 20 years, with a rent starting at $27 per square foot, which included 12 months of free rent and $65 per square foot in improvements paid for by the landlord.

Donald Trump Jr., executive vice president for development and acquisitions at the Trump Organization, said that rent package isn’t reflective of what his firm is offering for other spaces in the building.

“We are also leasing in the high $40s and low $50s in the tower portion of the building,” he said.

Those prices were a bit above the average asking rent Downtown, which was $37.99 per square foot at the end of 2011, just $0.14 per square foot higher than the end of 2010. In the same period, the availability rate dropped sharply to 10.5 percent from 13.3 percent one year earlier, the Cassidy Turley figures show.

Overall, the older buildings Downtown, where rents are in the $20s and $30s per square foot, could attract large nonprofits, said Cassidy Turley’s Lebenstein.

“I think it pushes the budget-sensitive ones south to Lower Manhattan or to the Far West Side. There is some very good space affordably priced in Lower Manhattan,” he said.
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Old February 8th, 2012, 05:45 PM   #933
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It's good to have you back Bob
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Old February 8th, 2012, 06:07 PM   #934
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Thanks, sir!
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Old February 9th, 2012, 12:11 AM   #935
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Interesting stuff. There could potentially be a lot of movement in the coming years.
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Old February 10th, 2012, 02:44 AM   #936
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Quote:
Originally Posted by RobertWalpole View Post
Big fish scour market looking for office space
- Very nice article, Robert. Thanks. I am doing some related work on these sub-markets, this is very helpful albeit a little too late for my thesis!
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Old February 10th, 2012, 07:35 PM   #937
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- Very nice article, Robert. Thanks. I am doing some related work on these sub-markets, this is very helpful albeit a little too late for my thesis!
My pleasure, sir. What do you study? Are you getting a Master's or Ph.D.?
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Old February 11th, 2012, 02:11 AM   #938
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My pleasure, sir. What do you study? Are you getting a Master's or Ph.D.?
I just graduated from the MS in Real Estate Development at the MIT Center for Real Estate. One of the case studies in my thesis was Manhattan West (lol, the wrong project to mention in this thread!).
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Old February 11th, 2012, 05:00 AM   #939
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I just graduated from the MS in Real Estate Development at the MIT Center for Real Estate. One of the case studies in my thesis was Manhattan West (lol, the wrong project to mention in this thread!).
Congratulations!
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Old February 11th, 2012, 05:14 AM   #940
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Congratulations!
Thanks, Robert. I hope my keen interest in some of the NYC threads becomes easier to understand in this context.
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