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Old March 27th, 2012, 03:44 PM   #1121
joshsam
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Quote:
Originally Posted by sbarn View Post
I posted this over at SSP, but I thought this would be a good place as well. I did a little photoshopping the other day to show how the Midtown Skyline should evolve over the next few years:

Current:
image hosted on flickr

Original Image Source

Future:
image hosted on flickr


New Towers Highlighted:
image hosted on flickr

From left to right: Hudson Yards Towers, Torre Verre, 432 Park, One 57.

Quote:
Originally Posted by sbarn View Post
I did another photoshop collage to compare the current to future skyline, including the full WTC complex and other recent proposals:

image hosted on flickr


image hosted on flickr


Original photo credit to tearbringer @ flickr.
...
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Old March 27th, 2012, 05:11 PM   #1122
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Quote:
Originally Posted by Eric Offereins View Post
Eventually, both will be built is my guess, but it will be interesting to see how they compete for the big tenants.
It will be pretty interesting indeed. I think the WTC has the incentive of lower rents (at present) and the brand value associated with the project. However, it can continue to complete with projects like HY and MW only if Lower Manhattan as a whole improves as a Work+Live+Play destination because Midtown currently has the advantage there and this factor is becoming a very important determinant in location decisions from what I understand.
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Old March 28th, 2012, 07:16 AM   #1123
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Rents at the Hudson Yards will be much lower than at the World Trade Center.
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Old March 28th, 2012, 08:46 AM   #1124
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Indeed, so it will much attention from tenants.
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Old March 28th, 2012, 04:46 PM   #1125
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i love this development!!
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Old March 28th, 2012, 07:38 PM   #1126
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Quote:
Originally Posted by Uaarkson View Post
Rents at the Hudson Yards will be much lower than at the World Trade Center.
I think Conde Nast signed for about $60/SF at 1 WTC, which is about the same level observed in the Midtown market of which HY is part of. As Robert likes to say, HY will probably be able to offer a discount because of its tax breaks and the mixed use nature of the project. The point is that HY will be attractive for a lot of other reasons than just rent levels.
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Old March 28th, 2012, 10:21 PM   #1127
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Quote:
Originally Posted by Ajaypp View Post
I think Conde Nast signed for about $60/SF at 1 WTC, which is about the same level observed in the Midtown market of which HY is part of. As Robert likes to say, HY will probably be able to offer a discount because of its tax breaks and the mixed use nature of the project. The point is that HY will be attractive for a lot of other reasons than just rent levels.
But that's at 1 WTC which is owned by the PA. Silverstein needs rents north of $70 sf at 3 WTC and I think even higher than that at 2 WTC.
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Old March 28th, 2012, 10:29 PM   #1128
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Originally Posted by yankeesfan1000 View Post
But that's at 1 WTC which is owned by the PA. Silverstein needs rents north of $70 sf at 3 WTC and I think even higher than that at 2 WTC.
Silverstein can offer rents as low as $60 a sq ft to an anchor tenant for T3. Though he'll probably need ~$70 a sq ft to make any money. Below is an except from a PA board minutes report.

"Immediate construction of the T3 podium by SPI, with the construction of the T3 office tower to follow on the condition that SPI achieves certain private-market triggers for leasing and financing (pre-lease 400,000 square feet of the office tower at a minimum average rent of at least $60 per rentable square foot for the first five years of the term, which $60 figure shall be increased by CPI commencing in 2012, and raise $300 million of private, unsupported equity and/or mezzanine debt).
http://www.panynj.gov/corporate-info...ug_26_2010.pdf Page 172-173.
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Old March 29th, 2012, 12:27 AM   #1129
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Quote:
Originally Posted by Ajaypp View Post
I think Conde Nast signed for about $60/SF at 1 WTC, which is about the same level observed in the Midtown market of which HY is part of. As Robert likes to say, HY will probably be able to offer a discount because of its tax breaks and the mixed use nature of the project. The point is that HY will be attractive for a lot of other reasons than just rent levels.
Also, 1 WTC is a PA tower -- not a Silverstein tower -- and it's heavily subsidized. Larry is looking for at least $80/sf for towers 2 and 3, and for upper floors, he's probably looking for $100/sf. Related, by contrast, is "giving space away."
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Old March 29th, 2012, 12:33 AM   #1130
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Ah, thanks Spec. I thought he said he need $70 / sf, my mistake. Now I'm especially confident he'll get an anchor tenant.
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Old March 29th, 2012, 01:27 AM   #1131
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Quote:
Originally Posted by yankeesfan1000 View Post
Ah, thanks Spec. I thought he said he need $70 / sf, my mistake. Now I'm especially confident he'll get an anchor tenant.
Silverstein's been quoted as saying he's looking for $70/sq ft for 4WTC. You might be thinking of that.
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Old March 29th, 2012, 04:23 AM   #1132
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Silverstein's been quoted as saying he's looking for $70/sq ft for 4WTC. You might be thinking of that.
I guess I must be. Thanks for the clarification.
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Old March 29th, 2012, 06:52 AM   #1133
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It looks like the hotel will exceed 300m. The south facade, which is not seen in the model, has a curved facade. So far, we know that there will be 3 towers on the east end of the HY site which exceed 300m!

.image hosted on flickr


The hotel's curved, south facade is visible in the model below.

image hosted on flickr
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Old March 29th, 2012, 07:21 AM   #1134
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The design on these is simple, but I like it. Also, the entrance looks great
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Old March 29th, 2012, 10:36 AM   #1135
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On this model second part is much lover then first. But on renders it is practically the same as first part. What will be in the final project?
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Old March 29th, 2012, 11:04 AM   #1136
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any plans to develop the pier directly across? possibly a marina?
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Old March 29th, 2012, 01:01 PM   #1137
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Quote:
Originally Posted by Nikonov_Ivan View Post
On this model second part is much lover then first. But on renders it is practically the same as first part. What will be in the final project?
That's because they were displaying the east side of the Yards and wanted the towers unobscured.
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Old March 29th, 2012, 01:09 PM   #1138
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Quote:
Originally Posted by iloveclassicrock7 View Post
The design on these is simple, but I like it. Also, the entrance looks great
I'd hardly call these towers simple.


Last edited by RobertWalpole; March 29th, 2012 at 01:34 PM.
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Old March 29th, 2012, 01:19 PM   #1139
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.....

Last edited by Eastern37; March 30th, 2012 at 01:59 AM.
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Old March 29th, 2012, 06:07 PM   #1140
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Wow! If the hotel is 300+ that means we will have a nice cluster of 3 towers. Oh please let it happen!
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