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Old May 15th, 2013, 06:35 AM   #321
desertpunk
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Say Hello To The Four Seasons Hotel and Private Residences



http://stream.wsj.com/story/latest-h...9/SS-2-232234/

Quote:
Condo-Hotel Tower Aims for Superluxury

Silverstein Wins Loan for New Building in Lower Manhattan

Developer Larry Silverstein, who had to shelve a planned Lower Manhattan condo-and-hotel tower when the economy plunged, is getting another chance at the project.


Developer Larry Silverstein was forced to shelve a planned Lower Manhattan condo-and-hotel tower that was meant to soar above the Woolworth Building on the same block after the economy plunged in 2008.

Now he’s getting another chance.

Silverstein Properties Inc. has reached an agreement with a large London-based investment firm to provide a loan of up to $660 million construction of its 926-foot tower, said Martin Burger, co-chief executive at Silverstein. Should the financing deal with Children’s Investment Fund Management LLP be completed, it would clear the way for Silverstein Properties, the developer of three World Trade Center towers just 1½ blocks away, to break ground on the superluxury tower at 30 Park Place.

Designed by Robert A.M. Stern, who seeks to replicate the architecture of the 1920s, the building also is slated to include a 189-room Four Seasons hotel. The tower is be called the Four Seasons Hotel and Private Residences New York Downtown.


The deal—where condo units are expected to run as high as $34 million for a penthouse in the 157-unit building—marks the latest manifestation of the booming upper-crust condominium market in New York. Superluxury condos at under-construction buildings such as the green-glass tower One57 and the 1,396-foot 432 Park have been flying off the shelves as their cranes have risen, fetching new highs for prices just 4½ years after the financial crisis.

In part, this boom has come from pent-up demand from international buyers who see New York real estate as a safe, long-term investment, and have been paying up to live in tall, slim towers. “There’s a huge, huge international clientele in the New York market,” Mr. Burger said. “It’s not just coming from Russia, it’s not just coming from Brazil, it’s coming from everywhere.”

The $950 million project—previously named 99 Church—had its genesis back in 2006, when Mr. Silverstein and his partner, the California State Teachers Retirement System, bought the former headquarters of Moody’s Investors Service and moved to demolish the aging office building. In early 2008, at a tony breakfast before business leaders at Cipriani’s in Lower Manhattan, Mr. Silverstein unveiled designs for the tower, which at the time was to be the tallest residential building in the city.

The developer began digging, but the economic downturn—and plunging demand for condos—made the project unfeasible and the site was mothballed, with its construction fence shrouded in a public art project.

The company “waited until the world turned back,” Mr. Burger said.

Meanwhile, the success of other new developments has helped bolster Mr. Burger’s outlook for 30 Park Place.

For instance, the boxy glass tower 56 Leonard under construction in TriBeCa has signed more than $1 billion in contracts to sell more than 70% of the 145 units, according to Corcoran Group, which is marketing the building.

[...]

Mr. Burger said that the success of other projects helped assuage concerns of lenders, who have been showing more willingness to finance projects. “It really was validation for us of the pent up demand for condominiums,” he said.

[...]

Still, Mr. Burger and his lender see far more demand than supply for some time to come.“There’s a lot of appetite for high quality,” said Martin Frass-Ehrfeld, partner at Children’s Investment Fund. “We feel the market can absorb this—and there’s appetite for it.”

The fund wasn’t the only lender lining up. Mr. Burger was in advanced discussions with a group of banks that was preparing to make the loan, but then Silverstein switched course, multiple real-estate executives familiar with the discussions said.

Mr. Burger said he preferred a single lender to a group, given that one voice is easier than many in complex construction.

Should the deal be completed on scheduled, Mr. Burger said he expects the tower to be completed in 2016.
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Old May 15th, 2013, 06:46 AM   #322
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Thanks DP!
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Old May 15th, 2013, 06:56 AM   #323
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Great news.
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Old May 15th, 2013, 07:21 AM   #324
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Quote:
Originally Posted by Vertical_Gotham View Post
Great News!!! Silverstein has FINANCING!

Does someone have full access to digital WSJ?


Condo-Hotel Tower Aims for Superluxury
Silverstein Wins Loan for New Building in Lower Manhattan
http://stream.wsj.com/story/latest-h...9/SS-2-232234/

"Developer Larry Silverstein was forced to shelve a planned Lower Manhattan condo-and-hotel tower that was meant to soar above the Woolworth Building on the same block after the economy plunged in 2008. Now he’s getting another chance. Silverstein Properties Inc. has reached an agreement with a large London-based investment firm to provide a loan of [...]"
Awesome news!
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Old May 15th, 2013, 07:22 AM   #325
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Seriously awesome news!

Hopefully the design stays the same (sounds like it will).
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Old May 15th, 2013, 08:49 AM   #326
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Don't know how far that helps, but great news.
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Old May 15th, 2013, 09:16 AM   #327
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Best news of the week so far
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Old May 15th, 2013, 02:53 PM   #328
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Awesome news! Sounds very promising.

And there I was getting a little nervous ...

May 9th
Quote:
Originally Posted by hunser View Post
To be honest, I'm getting a bit pessimistic here. I mean the residential / hotel market is so hot right now, that it's simply beyond me why this project hasn't restarted yet.
But as some have mentioned here, it was never the question if but when the tower will resume construction.

Last edited by hunser; May 15th, 2013 at 03:01 PM.
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Old May 15th, 2013, 09:40 PM   #329
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can't wait for this one to rise next to the Woolworth Building.
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Old May 15th, 2013, 10:12 PM   #330
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yesssssssssssss!
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Old May 15th, 2013, 11:13 PM   #331
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One down, two to go (50 West & 610 Lex). Btw floor count is now 82.

http://www.rew-online.com/2013/05/15...-four-seasons/

Quote:
Silverstein Properties announced that the company has secured financing to construct a skyscraper at 30 Park Place in Tribeca that will include a Four Seasons hotel and Private Residences.

At 926 feet, the property will be the tallest residential tower in Downtown Manhattan and one of the tallest buildings in New York City, offering residents panoramic views of the Midtown skyline and New York Harbor.

Construction will begin on the 82-story tower in Fall 2013 with the grand opening set for 2016.
[...]
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Old May 16th, 2013, 12:11 AM   #332
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Quote:
Originally Posted by hunser View Post
One down, two to go (50 West & 610 Lex). Btw floor count is now 82.

http://www.rew-online.com/2013/05/15...-four-seasons/
I thought excavation was underway at 610 Lex. No?
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Old May 16th, 2013, 08:04 PM   #333
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Can any one show me the comparison of this tower and 56 leonard? These two towers will definitely leave their mark once they are built.
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Old May 16th, 2013, 08:18 PM   #334
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Quote:
Originally Posted by sbarn View Post
I thought excavation was underway at 610 Lex. No?
Well, I think it is. But I don't know if they are good to go, i.e. if financing is secured.
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Old May 17th, 2013, 04:07 AM   #335
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^ 610 Lex appears ready to roll.
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Old May 17th, 2013, 04:33 AM   #336
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This tower and 56Leonard will be nice additions to Church St., but Church is still dilapidated and has several sites in need of redevelopment.
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Old June 26th, 2013, 09:05 PM   #337
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I don't really like this design. Downtown already has too many Art Deco building. I think, that there should be build something modern( like WTC for example).
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Old June 26th, 2013, 09:06 PM   #338
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I wonder when this'll be alive again
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Old June 26th, 2013, 09:12 PM   #339
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^ Kanto. Look several posts up dated May 14th posted be desertpunk!

Silverstein secured financing! This should start rolling very soon.

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Old June 26th, 2013, 10:08 PM   #340
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LOL, that's the famous "Looking at older posts", everybody knows he/she should do it but nobody ever does it

Just kidding, thanks for the info. I can't wait to see this rise. Hopefully profit from presales in this building will help Larry with the WTC
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