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Old February 11th, 2012, 05:41 AM   #941
RobertWalpole
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I found your keen interest to be understandable even before knowing your expertise.

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Old February 11th, 2012, 05:45 AM   #942
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Quote:
Originally Posted by Eric Offereins View Post
Interesting stuff. There could potentially be a lot of movement in the coming years.
Definitely. There is more than enough demand for 2 and 3 WTC, 15 Penn, and Manhattan West. Bear in mind that in 3 years, the economy will be booming, and the banks will seek millions of sf of space.
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Old February 11th, 2012, 09:58 PM   #943
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Hopefully though, than the construction violence will erupt in New York.
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Old February 11th, 2012, 10:06 PM   #944
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Considering that 1WTC, which is about a year before opening, is now 2/3 leased I have absolutely no trouble believing that the office real estate market in NYC is healthy and that all of these other buildings will get their tenants sooner or later. To me personaly, and I might be wrong, it looks like atm the 2 big players are 1WTC and 4WTC and the Hudson Yards. 1WTC and 4WTC cause they can deliver office space sooner than other projects and the Hudson Yards cause they can offer better prices than other projects

It should also be noted that 3WTC and 2WTC already have the longest part of construction, constructing the sub levels and first normal levels, already partly finished so my guess is they'll get built sooner than 15 Penn or the Brookfield towers but then again, that is just my guess
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Old February 12th, 2012, 01:01 AM   #945
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Quote:
Originally Posted by Kanto View Post
1WTC and 4WTC cause they can deliver office space sooner than other projects and the Hudson Yards cause they can offer better prices than other projects

It should also be noted that 3WTC and 2WTC already have the longest part of construction, constructing the sub levels and first normal levels, already partly finished so my guess is they'll get built sooner than 15 Penn or the Brookfield towers but then again, that is just my guess
1 WTC definitely has a time advantage on the two Hudson Yards projects but it's also a question of which office sub-market is more attractive than merely of which tower is available first. Over the last few years, the Midtown market has been much more attractive than Downtown, which is reflected in the nearly 50% rent differential between them.

On the whole, media firms - which are emerging as a significant driver of office leasing - seem to prefer Midtown (Conde Nest has bucked that trend, but we can't be sure if that's just a one-off or whether it is the start of a new leasing direction). Even financial services and law firms have tended to move to Midtown in the recent past.

Thus, while both these markets are in Manhattan, we could look at them as having distinct tenant sets and demand profiles. Hudson Yards and Manhattan West could find tenants which do not want to move Downtown, even when the WTC towers continue to have vacant space.
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Old February 12th, 2012, 02:49 PM   #946
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Thanks for the info

Btw, I have one question, why is midtown more attractive to companies than downtown? Does midtown have better transportation, more residential space or is it just preferred cause it's bigger than downtown?
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Old February 12th, 2012, 03:10 PM   #947
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More facilities in Midtown, better transportation.
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Old February 12th, 2012, 08:09 PM   #948
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Quote:
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Thanks for the info

Btw, I have one question, why is midtown more attractive to companies than downtown? Does midtown have better transportation, more residential space or is it just preferred cause it's bigger than downtown?
You are always welcome, buddy! Midtown is more vibrant as a Live-Work-Play type of location as opposed to Downtown which is only recently moving from a traditional all-work-no-live CBD to a more mixed-use cluster. Midtown also has better transportation, especially in a regional context with Penn Station, Grand Central and the LIRR.

This is kind of a central tenet of my thesis and is a subject I can talk on and on about, so let me stop.
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Old February 12th, 2012, 08:26 PM   #949
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Well, I'm always glad to learn something new, I love buildings and this kind of knowledge could be usefull in my future studying of structural engineering
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Old February 12th, 2012, 08:53 PM   #950
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Quote:
Originally Posted by Ajaypp View Post
1 WTC definitely has a time advantage on the two Hudson Yards projects but it's also a question of which office sub-market is more attractive than merely of which tower is available first. Over the last few years, the Midtown market has been much more attractive than Downtown, which is reflected in the nearly 50% rent differential between them.

On the whole, media firms - which are emerging as a significant driver of office leasing - seem to prefer Midtown (Conde Nest has bucked that trend, but we can't be sure if that's just a one-off or whether it is the start of a new leasing direction). Even financial services and law firms have tended to move to Midtown in the recent past.

Thus, while both these markets are in Manhattan, we could look at them as having distinct tenant sets and demand profiles. Hudson Yards and Manhattan West could find tenants which do not want to move Downtown, even when the WTC towers continue to have vacant space.
A tenant like Time Warner, Credit Suisse, or Newscorp will want naming rights to a new tower, which they'll get in any tower other than 1 WTC. Also, 1WTC does not have enough room. They're all looking for at least 1m sf, and will want room to expand. Lastly, 2 and 3 WTC will seek much higher rents than the Hudson Yards towers.
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Old February 12th, 2012, 09:45 PM   #951
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Originally Posted by RobertWalpole View Post
A tenant like Time Warner, Credit Suisse, or Newscorp will want naming rights to a new tower, which they'll get in any tower other than 1 WTC. Also, 1WTC does not have enough room. They're all looking for at least 1m sf, and will want room to expand. Lastly, 2 and 3 WTC will seek much higher rents than the Hudson Yards towers.
Good point, Robert. I am not sure whether 2,3 WTC will get higher rents than Midtown. 1 WTC's rents are close to the Midtown level, at least that's what Conde Nest is going to pay. Not sure whether 2,3 WTC would be able to maintain that level. Anyways, being in Midtown should give the Yards/MW towers an edge.
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Old February 12th, 2012, 10:28 PM   #952
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Good point, Robert. I am not sure whether 2,3 WTC will get higher rents than Midtown. 1 WTC's rents are close to the Midtown level, at least that's what Conde Nest is going to pay. Not sure whether 2,3 WTC would be able to maintain that level. Anyways, being in Midtown should give the Yards/MW towers an edge.
1 and 4 WTC are PA buildings, and the PA is willing to accept a lot less in rent than Silverstein is willing to accept a 2 and 3 WTC. Also, the rents at 1, 2, and 3 WTC are a lot cheaper than would be had at a new, monumental supertall in Midtown -- not that any even exist other than BofA, which is full.
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Old February 12th, 2012, 11:07 PM   #953
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Iirc 4WTC is Larry's building, the PA is only a tenant in it
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Old February 14th, 2012, 05:55 PM   #954
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Looks like the tunnel-boring part of the 7 extension is done. That's a nice little bit of progress for the area.

http://m.nypost.com/p/news/local/dig...bGftfkxxLlA8zL
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Old February 15th, 2012, 08:24 AM   #955
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Quote:
Originally Posted by isdmd10 View Post
Looks like the tunnel-boring part of the 7 extension is done. That's a nice little bit of progress for the area.

http://m.nypost.com/p/news/local/dig...bGftfkxxLlA8zL



this could mean that the abandoned E train junction at 42nd street will be reopened.
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Old February 16th, 2012, 01:24 AM   #956
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I passed by today and noticed drilling in the south east side of the yards. This was not there before. Not sure what this means yet or even if its related to the yards project but I do know that the smaller tower (996ft)is suppose to start building this summer on that spot; the left hand side of the render.



Last edited by Arawooho; February 16th, 2012 at 02:19 AM.
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Old February 16th, 2012, 01:38 AM   #957
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Looks like this prep work to me! The spot with some digging is exactly where the shorter tower will rise, so I think this is underway!

Also, thanks so much for trekking over there. I'm going to post your update on SSP and link it back here and credit you of course, just an FYI.
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Old February 16th, 2012, 02:15 AM   #958
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Quote:
Originally Posted by yankeesfan1000 View Post
Looks like this prep work to me! The spot with some digging is exactly where the shorter tower will rise, so I think this is underway!

Also, thanks so much for trekking over there. I'm going to post your update on SSP and link it back here and credit you of course, just an FYI.
You're welcome and thanks for letting other people know about this discovery. I didn't want to mess up and jump to conclusions about the south tower actually being in prep faze. I just noticed the hole so I took quick pictures with my Droid. I might return soon to get more "professional" photos haha
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Old February 16th, 2012, 03:20 AM   #959
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- Looks mighty interesting! I might be in the area next week, will try and get a look-see too.
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Old February 16th, 2012, 03:28 AM   #960
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This is such a stunning project!
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