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Old February 12th, 2012, 04:55 PM   #401
GOL2007
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Looks like CBRE is going to make a lot of money this year...

Maybe L'Oreal is a candidate for the Brookfield towers because with Coach as the anchor tenant in the Related Hudson Yards project they probably won't move in there.
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Old February 12th, 2012, 05:05 PM   #402
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Wouldn't there still be enough space for them in the Hudson Yards? I dunno but since Hudson Yards and the Brookfield Towers are so close to each other I can't imagine them not taking the cheaper Hudson Yards as long as there is still free space, though that's just a guess
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Old February 12th, 2012, 08:30 PM   #403
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Wouldn't there still be enough space for them in the Hudson Yards? I dunno but since Hudson Yards and the Brookfield Towers are so close to each other I can't imagine them not taking the cheaper Hudson Yards as long as there is still free space, though that's just a guess
The Yards has about 6 Million SF of office space. Robert and I have agreed to disagree on this but it seems unlikely that Brookfield will patiently wait till all of this space has been filled up to lease their $ 5 Billion project.

Especially since they are already moving on their $ 300 Million platform, I strongly believe that they have an anchor tenant for the first tower up their sleeve. Perhaps neither Robert nor my contacts their are willing to let slip more than they should.

Fingers crossed!
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Old February 12th, 2012, 08:56 PM   #404
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The Yards has about 6 Million SF of office space. Robert and I have agreed to disagree on this but it seems unlikely that Brookfield will patiently wait till all of this space has been filled up to lease their $ 5 Billion project.

Especially since they are already moving on their $ 300 Million platform, I strongly believe that they have an anchor tenant for the first tower up their sleeve. Perhaps neither Robert nor my contacts their are willing to let slip more than they should.

Fingers crossed!
I only state that the Yards will fill first because it's cheaper, better, and has better transport links. People can travel 3 subway stops from Grand Central to the Yards.
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Old February 12th, 2012, 09:47 PM   #405
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I only state that the Yards will fill first because it's cheaper, better, and has better transport links. People can travel 3 subway stops from Grand Central to the Yards.
MW is one block from Penn Station. We will be at this forever, let's wait it out and see.

I just hope that the Hudson Yards district itself starts getting built out soon and becomes a true economic engine. I am meeting someone at HYDC next week, let's see how things go.
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Old February 17th, 2012, 04:33 PM   #406
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looks great will be a great addition to the skyline
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Old February 17th, 2012, 09:03 PM   #407
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MW is one block from Penn Station.
But my point is that the HY is convenient to GCT and Penn Station. MW is not convenient to GCT.
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Old February 17th, 2012, 09:16 PM   #408
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One of these I would say:
I must say with stats like these, why is the PA having a hard time finding tenants for the WTC?
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Old February 18th, 2012, 08:58 AM   #409
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But my point is that the HY is convenient to GCT and Penn Station. MW is not convenient to GCT.
Lol, just to make a point. MW will be right on top of Penn Station once the Farley Post Office/Moynihan Station extension is complete (whenever that happens, hopefully in the next 5 years!) and the terminal station of the 7 line extension will be about a block away. I would call it quits.
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Old February 18th, 2012, 12:02 PM   #410
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It is a very good place to build, precisely because it is near a station.
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Old February 21st, 2012, 06:37 AM   #411
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Quote:
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Lol, just to make a point. MW will be right on top of Penn Station once the Farley Post Office/Moynihan Station extension is complete (whenever that happens, hopefully in the next 5 years!) and the terminal station of the 7 line extension will be about a block away. I would call it quits.
Phase I is going to take 5 years and they have not even got funding for phase II which is the actual station conversion.
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Old February 21st, 2012, 02:15 PM   #412
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http://www.nypost.com/p/news/busines...ZffIx4AdWMxN/1

Manhattan West, on deck
Brookfield needs to get Amtrak OKLast Updated: 12:50 AM, February 21, 2012

Posted: 12:50 AM, February 21, 2012

It’s come down to the nuts and bolts of keeping the trains running to get Brookfield Office Properties’ long-aborning Manhattan West project off the ground.

To build a platform over the sunken West Side rail yard between Ninth and Tenth avenues, Brookfield needs only an agreement with Amtrak, which controls the tracks through the exposed yard 65 feet below its West 31st and 33rd street boundaries.

Last week, Brookfield CEO Ric Clark told us work on the deck would start this spring. Brookfield owns both the rail yard land and development rights above it. But Amtrak needs to ensure smooth operation of trains along its right of way.

Amtrak was guarded about its discussions with the developer, which is itching to launch Manhattan West — a 5-acre, multibillion-dollar commercial project with up to 5 million square feet of offices in three towers atop 200,000 square feet of retail.

“Negotiations are progressing” was all Amtrak spokesman Clifford Cole would say. “We don’t have a certain date for a conclusion but hope to have an agreement shortly.”

Asked to comment on Brookfield officials’ statements to us that the Amtrak talks were “95 percent there,” Cole said, “That’s their assessment. But there are remaining issues, some substantive.”

Welcome to the city’s Most Misunderstood Deck Over a Rail Yard.

Related’s Hudson Yards and Brookfield’s much smaller Manhattan West — which is east of Hudson Yards — may blur in the public mind. But there’s this fundamental difference between them:

Where Related is poised to build an office tower without a platform, Brookfield is set to build a platform without an office tower.

Related’s first planned tower for Coach Inc. would rise on a “terra firma” corner of Related’s 26 acres west of 10th Avenue. It could go up even if a platform were never built.

Brookfield wants to build a deck now and the office buildings later. Brookfield President and Global Chief Investment Officer Dennis Friedrich said, “We’re not building for today, but for 2015-plus” — reasonable in light of a climate in which Wall Street firms, far from expanding, are shedding space.

Manhattan West lies behind a colorfully illustrated fence on the west side of the double-length Ninth Avenue block. The tracks disappear below 450 W. 33rd St., the hulking office building fronting on 10th Avenue, which Brookfield also owns.

Viewed looking east from the roof of 450 W. 33rd St., the rail yard crouches like an imposing impediment to development — although not as imposing as the Hudson Yards tracks, which stretch to the river, look from the roof’s west side.



Brookfield can afford to be patient.

It’s owned the rail yard ground and the air above it since predecessor company Olympia & York acquired them in the 1980s.

Industry sources estimated Brookfield’s land-basis cost for Manhattan West at a below-market $200 or less per buildable square foot, compared, for example, to the $300 a square foot incurred by SJP Properties at its new 11 Times Square.

The $200 per square foot would include $300 million to build the deck — half what Brookfield first expected to pay. Last year, it learned it could use bridge-construction engineering to install the deck in prefabricated segments by cranes, rather than on supports rising from the yard itself.

Brookfield’s deck, unlike Related’s, is not needed to support its towers. They would rise atop the site’s terra-firma corners, former parking lots, on its Ninth Avenue side, as you can see in the above photo.

Related’s platforms are necessary to support buildings other than Coach. But Brookfield needs its deck — 122,000 square feet, covering 57 percent of the site — just as much, to make what’s now a giant trench visually palatable to tenants being courted by Cushman & Wakefield.

The deck, as seen in the rendering on the right, above, would serve as the floor of a 1.5-acre plaza featuring a dramatic, glass-enclosed atrium. Under a deal with the city, the public amenities will provide Brookfield with a floor-area bonus it needs to build the site to its maximum permissible size.

Once the platform is under way, a tenant commitment for about 40 percent of the north tower’s 2 million square feet would get it off the ground, Friedrich said.

This column first reported Brookfield’s plan to build a deck on Nov. 2, 2006. The 2008 crash dampened immediate hopes. Then, last August, Clark told the New York Times work would start on the platform in January. A story in The Post later said it would begin in February.

Friedrich said yesterday, “Our balance sheet is strong enough to start this project now,” although he didn’t rule out borrowing or taking on an equity partner later.

The publicly-traded real estate investment trust, with 79 million square feet of office properties in the US, Canada and Australia, reported net operating income on its commercial properties rose 50 percent to $305 million in the fourth quarter of 2011.

Still, there’s Amtrak to deal with — but Clark and Friedrich sound sure a deal will be struck soon.

“If we start in June, we’ll complete the deck by spring of 2014,” Friedrich said. Then, he said, “We can start construction of the first tower in the fall of 2013, because by then we’d have enough of the deck built to integrate the foundations.”


Brookfield can afford to be patient.

It’s owned the rail yard ground and the air above it since predecessor company Olympia & York acquired them in the 1980s.

Industry sources estimated Brookfield’s land-basis cost for Manhattan West at a below-market $200 or less per buildable square foot, compared, for example, to the $300 a square foot incurred by SJP Properties at its new 11 Times Square.

The $200 per square foot would include $300 million to build the deck — half what Brookfield first expected to pay. Last year, it learned it could use bridge-construction engineering to install the deck in prefabricated segments by cranes, rather than on supports rising from the yard itself.

Brookfield’s deck, unlike Related’s, is not needed to support its towers. They would rise atop the site’s terra-firma corners, former parking lots, on its Ninth Avenue side, as you can see in the above photo.

Related’s platforms are necessary to support buildings other than Coach. But Brookfield needs its deck — 122,000 square feet, covering 57 percent of the site — just as much, to make what’s now a giant trench visually palatable to tenants being courted by Cushman & Wakefield.

The deck, as seen in the rendering on the right, above, would serve as the floor of a 1.5-acre plaza featuring a dramatic, glass-enclosed atrium. Under a deal with the city, the public amenities will provide Brookfield with a floor-area bonus it needs to build the site to its maximum permissible size.

Once the platform is under way, a tenant commitment for about 40 percent of the north tower’s 2 million square feet would get it off the ground, Friedrich said.

This column first reported Brookfield’s plan to build a deck on Nov. 2, 2006. The 2008 crash dampened immediate hopes. Then, last August, Clark told the New York Times work would start on the platform in January. A story in The Post later said it would begin in February.

Friedrich said yesterday, “Our balance sheet is strong enough to start this project now,” although he didn’t rule out borrowing or taking on an equity partner later.

The publicly-traded real estate investment trust, with 79 million square feet of office properties in the US, Canada and Australia, reported net operating income on its commercial properties rose 50 percent to $305 million in the fourth quarter of 2011.

Still, there’s Amtrak to deal with — but Clark and Friedrich sound sure a deal will be struck soon.

“If we start in June, we’ll complete the deck by spring of 2014,” Friedrich said. Then, he said, “We can start construction of the first tower in the fall of 2013, because by then we’d have enough of the deck built to integrate the foundations.”

[email protected]

Last edited by RobertWalpole; February 21st, 2012 at 02:26 PM.
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Old February 22nd, 2012, 08:07 PM   #413
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Interesting, it really depends on tenants.
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Old February 23rd, 2012, 04:57 AM   #414
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Not only can Brookfield not compete with Related on pricing, but Manhattan West's site is simply lame compared to the Yards. When this project is completed, I would love to live and work at the Yards.\



PS: This fountain will be huge! It looks to be around 3 stories tall and at least 30m long.
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Old February 23rd, 2012, 05:25 AM   #415
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- Let the market decide, Robert. I walked around both sites extensively yesterday, both are pretty much even Stevens right now. Brookfield is perhaps the most well capitalized developer out there and can afford to price aggressively. I like the Brookfield's idea of covering up the yards before tenants come in, Related's going to have a tough time convincing Coach to look out on those monstrous rail yards.
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Old March 8th, 2012, 02:47 PM   #416
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As noted, neither Brookfield, nor any other developer, can compete with Related on pricing. Unlike any other developer, Related seeks to merely break even on its office project and seeks no profit whatsoever.

http://www.forbes.com/forbes/2012/03...r-builder.html

The Last Master Builder
Stephen Ross is putting his billions, and his legacy, on the line to fix Manhattan's West Side-
and prove that private developers can still profitably transform the urban landscape.

Morgan Brennan
03.07.12


Quote:
Staring across Manhattan’s last untamed strip, the rows of sleek silver commuter trains sliding along the island’s only active rail yard, the Related Companies’ Stephen Ross points to the future. There, flanking the wildly successful High Line elevated park, is where the 56-story South Tower will go. And over there, on the other side of 33rd Street, where massive cranes bisect the sky, will be the new subway entrance.....If he can pull this off, Hudson Yards will become the most significant private development project in Manhattan since John D. Rockefeller Jr. spent $250 million (more than $3 billion in today’s terms) to create the 22-acre Rockefeller Center in the 1930s, expanding and recentering America’s largest and densest city.

In the 1980s the Metropolitan Transit Authority carved out train yards but also had the foresight to construct them in a way that would one day allow for platforms and buildings over the open-air tracks.....Before all the buildings can join Manhattan’s skyline, Tishman Construction, the master builder for the project, will stretch 17 acres’ worth of roughly 6-foot-thick steel-and-concrete platforms over the train yards--without disrupting service for more than 300,000 New Jersey and Long Island commuters a day. It will cost an estimated $800 million just to cover the eastern section of the project area.

Compounding that challenge: 1 World Trade Center, the 105-floor megatower rising at Ground Zero 3 miles to the south, which will open next year. Sixty percent leased, 1 WTC still has more than 1 million square feet empty, about the same amount that remains unfilled in the first of Related’s two high-rise towers. Ross is countering with an unheard-of deal for New York’s commercial tenants: the option to either lease or buy their space--at cost. In other words, Related and Oxford will not turn a profit on the office space but rather will use their tenants as de facto lenders, selling their commitments to cover the upfront costs of platform and building construction. Coach, the *luxury-handbag maker, has been the first to commit, buying 15 stories of the 56-story southern tower. “We will make our money in residential and retail,” says Ross. “We don’t need to make our money in office space.The glass-covered, LEED-certified, high-tech new buildings planned for the Yards represent a minute supply of streamlined, more cost-efficient office space. New York City has exponentially more office space than any other city in the U.S. Yet in Manhattan, where most of that Class A office building stock lies, more than 65% of it is 50 years or older. And only a fraction of that remaining 35% has been built within the past 10 years since light-filled glass walls, energy-cutting technology and wide-open work spaces gained popularity.

Ross says that his team is negotiating with tenants who could assume up to 22 million square feet in aggregate, though that will take some master salesmanship. Hearing that the window of opportunity to snag a prospective tenant is closing, I watch as Ross tells Cross to visit the company’s president immediately--despite the fact that a meeting has not been formally arranged and that it is Cross’ birthday.
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Old March 17th, 2012, 06:51 AM   #417
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Word is crews are getting ready to start work on the deck:

http://wirednewyork.com/forum/showth...l=1#post390492

http://wirednewyork.com/forum/showth...l=1#post390796






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Old March 17th, 2012, 08:09 AM   #418
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Went down there myself. Definitely some work going on. Workers were on site so it would've been kinda awkward to take pictures at that moment...
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Old March 19th, 2012, 02:50 PM   #419
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As noted, neither Brookfield, nor any other developer, can compete with Related on pricing. Unlike any other developer, Related seeks to merely break even on its office project and seeks no profit whatsoever.

..
Apparently, he will get his profit from the residential and retail part. Interesting.
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Old March 20th, 2012, 07:30 AM   #420
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EDIT: wrong amazing development in NY.

Last edited by waustralia; March 20th, 2012 at 07:56 AM.
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