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Old May 26th, 2012, 04:29 AM   #281
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Silverstein will get this one finished, not to worry.
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Old May 26th, 2012, 12:04 PM   #282
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I wonder if developers like Larry Silverstein realizes that there is a group of skyscraper fans talking about his buildings?
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Old May 26th, 2012, 06:48 PM   #283
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Silversteins's FS Orlando just broke ground in December, can't imagine this will be far behind.
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Old August 11th, 2012, 02:53 AM   #284
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New York Times

Quote:
The Rewards Of Patience

By ALEXEI BARRIONUEVO
Published: August 9, 2012

IN the darkest days of the housing crisis, paralysis was the word of the day. Even in the rarefied world of high-end New York real estate, developers and buyers alike had to put their dreams on hold, at least for a while.

The day that Lehman Brothers crashed in September 2008, instantly deepening the crisis, Michael Stern, a New York developer, took his first tour of the 1929 Walker Tower in Chelsea. He closed on the building in December 2009 for $25 million, hoping to convert much of it to condos. But then he made a strategic decision that is likely to pay big dividends: he leased the building back to Verizon for two years while he waited out the chaos. “The first time I ever looked at the building was the day the world fell apart,” Mr. Stern said.

A little patience can go a long way. At least that’s the lesson to be drawn from developers who have crawled from the ashes of the housing crisis — or from behind the barricades where they waited it out — to a Manhattan high-end market that has become a first-choice destination for the cash of the world’s wealthy. New downtown buildings that were shelved during the financial crisis, like One Madison Park and 56 Leonard, are moving forward again, while conversions like Walker Tower are surging into a market constrained by low inventory, soaring prices and seemingly inexplicable sales to Russian oligarchs and Las Vegas casino titans. “It is a very powerful moment in new development right now,” said Kelly Mack, president of the Corcoran Sunshine Marketing Group. “Developers are seeing a very strong opening in the market to really push their projects forward. These two years were really worth the wait.”

Consider how much the landscape has changed. By the fall of 2008, contract signings for new development essentially stopped. By the first quarter of 2009, buyers were too afraid to buy. “Open houses were packed, but no one could make a decision,” recalled Jonathan J. Miller, president of Miller Samuel, a real estate appraisal firm.

One by one, new development projects stalled, because their pricing did not reflect the new market. “New development went through this period called ‘pretend and extend,’ or ‘pray and delay,’ or ‘a rolling loan gathers no loss,’ ” Mr. Miller said. But this year has seen a stunning turnaround. Across the Manhattan market, contracts are up 26 percent across the board from the second quarter of 2010, while new development inventory is down 58 percent over the same period. Things are getting tighter, and that has encouraged developers beaten down by the market to get off the canvas and back in the match. Some 58 percent of the projects that Corcoran Sunshine is planning were conceived before the downturn, Ms. Mack said. Some projects on the drawing board in the boom years — when even newcomers fancied themselves developers — have ended up in steadier hands.

Consider the situation at a troubled condo project called One Madison Park. It is moving forward after its original developers, Ira Shapiro and Marc Jacobs, ran out of money and the project went into bankruptcy. The Related Companies, along with HFZ Capital Group and Amalgamated Bank, took title on the building in April, shepherding it through bankruptcy and settling most of the lawsuits involving the debtor, a Related spokeswoman said. The original developers sold 12 apartments out of a possible 69, generating only $38 million, far too little to cover outstanding debts. Desperate for cash, the developers were looking for money anywhere they could, to help cover cost overruns. Among those still involved in litigation is Ian Bruce Eichner, a developer whom Mr. Shapiro offered an unfinished apartment for $5 million, in exchange for a $4.5 million loan. Construction has begun again, and Related plans to sell 54 more apartments (3 fewer due to combinations). The company says it expects to start sales early next year. The Related spokeswoman would not comment further.


99 Church St.

Other developers are content to wait even longer. Larry Silverstein, the developer of the World Trade Center complex, says he hopes construction can start next year on a Four Seasons Hotel project designed by Robert A. M. Stern at 99 Church Street. It will be topped by some 50 floors of condos (a private entrance for the condos is planned at 30 Park Place). His strategy is to start selling the 143 condos by the middle of 2015, when the World Trade Center will largely be completed. The project was conceived in 2008, but the developers were able to hold off because they bought the land and paid predevelopment costs for just under $300 million. “We own the land debt-free,” he said, “so there is no pressure of any kind.”

[...]
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Old August 11th, 2012, 03:13 AM   #285
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With the demand for tall esedential towers with a view high, Larry might have more success with this tower than the office towers at the wtc.
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Old August 11th, 2012, 03:18 AM   #286
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Only a matter of time.
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Old August 12th, 2012, 03:39 AM   #287
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When this get's construction underway, it will certainly be worth the wait
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Old August 12th, 2012, 06:38 AM   #288
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Quote:
Originally Posted by comet the cat View Post
When this get's construction underway, it will certainly be worth the wait
Are you kidding?
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Old August 14th, 2012, 02:44 PM   #289
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Originally Posted by yankeesfan1000 View Post
Are you kidding?
Yeah I guess what I said was pretty obvious!
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Old October 12th, 2012, 02:09 AM   #290
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From RoldanTTLB on WNY:

"Well look at this:

Last Action: PERMIT ISSUED - ENTIRE JOB/WORK 10/03/2012 (R)"

I've been trying to find the permit on the DOB website, but can't fathom the site at all. Can anyone help me out?

I don't want to get too excited but this is undeniably good news.
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Old October 12th, 2012, 03:06 AM   #291
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this is my favorite skyscraper that will be going up in NYC. Hopefully Silverstein will get the ok for this one to continue so Manhattan can have another 900 footer downtown.
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Old October 12th, 2012, 03:58 AM   #292
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Quote:
Originally Posted by Hudson11 View Post
this is my favorite skyscraper that will be going up in NYC. Hopefully Silverstein will get the ok for this one to continue so Manhattan can have another 900 footer downtown.
Yes, I hate seeing this empty lot everyday. Hopefully it will commence soon
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Old October 12th, 2012, 05:32 AM   #293
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This is like Barclay's tower but 100 times better.
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Old October 12th, 2012, 08:49 PM   #294
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Larry sure likes downtown Manhattan. This building looks very good
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Old October 12th, 2012, 08:53 PM   #295
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Crawford on SSP:

"They hired contractors for this one back a few weeks ago, so this is a go. Workers should be back on site within days."

Edit: Thought I'd add a photo to show that the foundation has been built to basically the identical level that 56 Leonard was built to. So this would be above street level in the blink of an eye. The site as it stands today courtesy of NYGuy on SSP.

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Old October 12th, 2012, 10:00 PM   #296
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Awesome news
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Old October 12th, 2012, 10:07 PM   #297
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OMG this news are so sexy. Now we just have to wait for a reanimation of 50 West and the start of the other few towers just south of the Trade Centre site.
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Old October 14th, 2012, 12:47 AM   #298
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Quote:
Originally Posted by Hudson11 View Post
this is my favorite skyscraper that will be going up in NYC. Hopefully Silverstein will get the ok for this one to continue so Manhattan can have another 900 footer downtown.
I'll bet that something very similar to this rises at 220 CPS.
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Old October 14th, 2012, 12:47 AM   #299
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Nice to hear this one will be back on track soon, the foundation is ready so maybe this will rise simultaniously with 56 Leonard.
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Old October 14th, 2012, 03:13 PM   #300
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Quote:
Originally Posted by yankeesfan1000 View Post
Crawford on SSP:

"They hired contractors for this one back a few weeks ago, so this is a go. Workers should be back on site within days."

Edit: Thought I'd add a photo to show that the foundation has been built to basically the identical level that 56 Leonard was built to. So this would be above street level in the blink of an eye. The site as it stands today courtesy of NYGuy on SSP.
Great news!
The site looks like they can start immediately with this beauty.
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