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Old October 7th, 2014, 02:34 AM   #1501
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What's PPFA?
planned parenthood federation of america
the only holdout on the bock
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Old October 7th, 2014, 02:36 AM   #1502
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Planned Parenthood Federation of America. Very interesting. Everybody keep your ears to the ground on any news of a Brookfield deal, because obviously that would change everything.

According to this Real Deal article, they only bought the building in 2012, for $34.8M. I'd be willing to bet Brookfield would top that substantially.

Last edited by j-biz; October 7th, 2014 at 02:42 AM.
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Old October 7th, 2014, 02:49 AM   #1503
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Planned Parenthood Federation of America. Very interesting. Everybody keep your ears to the ground on any news of a Brookfield deal, because obviously that would change everything.

According to this Real Deal article, they only bought the building in 2012, for $34.8M. I'd be willing to bet Brookfield would top that substantially.
35 and change.....but I'm now getting into financial details (which is probably a big no no)

anyway, everybody around here is kind of AWARE of the big ass construction next door, with vibration alarms, tar smoke infiltrating the building, the constant noise........

was SHOCKED to find out a few months ago when first I started that there were no plans in place to either sell or move
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Old October 7th, 2014, 02:58 AM   #1504
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35 and Change?? They must have $$ troubles. Anyway very good news for the Manhattan West project as a whole. I wonder what the effects will be?
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Old October 7th, 2014, 03:05 AM   #1505
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35 and Change?? They must have $$ troubles. Anyway very good news for the Manhattan West project as a whole. I wonder what the effects will be?
hehe, there's no money problems, I work in the finance department: best year ever!!!

but they do realize, that "holding out" even though they bought in 2012 (a brilliant business move btw) makes no sense cause they have leverage only until Brookfield start construction
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Old October 7th, 2014, 03:12 AM   #1506
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I misread the no. reported on the real deal. I thought it said $38 m. They made some $$ indeed so not bad.
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Old October 7th, 2014, 03:23 AM   #1507
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I wonder how many more air rights this will yield.
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Old October 7th, 2014, 04:08 AM   #1508
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Unfortunately with this acquisition the result will be status quo for the planned MW towers 1, 2 & 3 and the site that would benefit will be 4 MW tower that will be a hotel (shortest tower planned in MW). The benefits IMO would yield a larger retail base and a taller tower with condos added to the high floors would be my guess.
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Old October 7th, 2014, 04:17 AM   #1509
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Well now who's to say, for sure?



We don't really have any idea if those footprints are set in stone, do we?
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Old October 7th, 2014, 04:19 AM   #1510
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The Waldorf deal changed the game for big hotels in NYC. They could make that little hotel tower into a beast and sell it off to the Chinese for $$$.
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Old October 7th, 2014, 04:29 AM   #1511
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Apparently 424 west 33rd is a 200k sq ft building.

Here's a article published Aug 6.

Lone office building a grey area for Brookfield as giant presses ahead with building a new Manhattan
http://www.rew-online.com/2014/08/06...new-manhattan/

Quote:
There is a mysterious grey square on the otherwise well-labelled site map of Brookfield’s Manhattan West project.

It is nestled in the middle of a U-shaped string of planned restaurants, retail units, an office tower and a hotel, exactly where planners might envision a public plaza.


424 West 33rd Street (outlined in red) is the only building on the block not under Brookfield’s control.

As it turns out, the grey square is a 13-story office building owned by Raju Shah’s Vectra Management Group. It is the only building on the block not under Brookfield’s control, and has become the figurative thorn in the side of the company’s $4.5 billion mixed-use megaproject.

For years, Vectra has resisted Brookfield’s attempts to buy the pre-war building at 424 West 33rd Street, forcing the company to build around it, measure every tiny vibration and limit construction work during business hours.

But Brookfield isn’t the only party with reason to be unhappy. Construction noise and the prospect of less daylight once the towers are complete are a problem for Vectra, and the company has been forced to offer tenants rent discounts to keep the building fully leased.

A sale would be a win-win situation right out of a business school textbook. That it hasn’t happened is, unsurprisingly, due to differences over money.

“Brookfield hasn’t made an offer that we found acceptable,” Vectra’s managing director Raju Shah told Real Estate Weekly. He added that he believes the building will ultimately benefit from the new development at Hudson Yards, Manhattan West and Moynihan Station, and that Vectra would be fine with keeping it. But between the lines, Shah indicated that a sale might still happen. “There is still time,” he said. “We say it’s not for sale, but of course there is a price for everything.”

At Manhattan West, Brookfield plans to build three mixed-used towers, low-rise retail buildings, a hotel and a public plaza between 32nd and 33rd Streets and 9th and 10th Avenues. It has already begun covering up the railroad tracks that make up most of the block and will remain operational. Seven of the 16 concrete spans that will cover the tracks are in place, and the company said it plans to have finished the platform by the end of the year.

Shah speculates that the company can still change its plans at this point and might have an incentive to buy the 200,000 s/f building. Tearing it down would create enough space for a fourth tower to replace the low-rise buildings currently planned around Vectra’s building.

Vectra, a private real estate investment, development and management firm, owns a number of properties across the U.S., including a portfolio of buildings in the Meatpacking District at 14th Street and Ninth Avenue.

According to Shah, Vectra and Brookfield aren’t currently in talks over a sale, leaving the site’s engineers with a major headache.

In order to avoid any damage to 424 West 33rd’s foundation, engineers and monitors check vibrations, helped by a system that triggers an alarm each time they reach a certain strength. Shah also said he pushed Brookfield not to do its blasting during business hours.

Brookfield declined to comment for this article. A company executive had previously confirmed that Brookfield had inquired about buying 424 West 33rd Street.

Vectra took over the building in late 2000. At that time, Brookfield already controlled most of the block, but plans for a large mixed-use project didn’t take off until the company purchased a parcel at its north-east corner in the mid-2000s.

First plans for Manhattan West were filed in 2008, but ended up being shelved during the recession. Construction finally began in January 2013.

Shah didn’t specify when Brookfield approached him about buying 424 West 33rd Street.

Robert Knakal, chairman of commercial brokerage Massey Knakal, said there are compelling reasons for Vectra to keep the building. “New development of any kind enhances a neighborhood,” he said, adding that construction work is not particularly disruptive to adjacent offices.

Any sale would be complicated by the building’s ownership structure. In 2012, Planned Parenthood bought the 104,000 s/f office space it had previously leased from Vectra for a reported $34.8 million. Although Shah said Vectra owns the building’s exterior and air rights and can build additional floors, no one can tear it down without first buying out Planned Parenthood.

For now, it seems that 424 West 33rd Street is destined to be a very lonely remnant of the old New York amid the shiny new world of Manhattan West.
* read the complicated ownership part in bold letters @ the end of article.

Assuming Brookifield bought Planned Parenthoods space, then the next logical step is for Brookfield to offer a deal that Vectra can't refuse to out right own the building.
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Last edited by Vertical_Gotham; October 7th, 2014 at 06:44 AM.
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Old October 7th, 2014, 04:37 AM   #1512
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that's right, about 250K are in play
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Old October 7th, 2014, 04:38 AM   #1513
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Quote:
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Unfortunately with this acquisition the result will be status quo for the planned MW towers 1, 2 & 3 and the site that would benefit will be 4 MW tower that will be a hotel (shortest tower planned in MW). The benefits IMO would yield a larger retail base and a taller tower with condos added to the high floors would be my guess.
Yeah, I bet you this is the end result. The hotel site becomes a very tall, skinny hotel-condo tower, now using the additional 200k air rights.
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Old October 7th, 2014, 05:42 PM   #1514
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5 MW today:


#5MW #nyc #construction #starting by ramona albert, on Flickr
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Old October 8th, 2014, 06:00 PM   #1515
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The 30-Minute Interview w/ Dennis H. Friedrich [Brookfield Properties CEO]

OCT. 7, 2014
By VIVIAN MARINO
New York Times

Quote:
...

Q. What is the status of Manhattan West in the Hudson Yards area?
A. We’ve incorporated an adjacent building that used to be called 450 West 33rd, so the project is actually seven million square feet now — 5.7 million of office, and then it’s going to be a mixed-use residential building that we’re going to launch by the end of this year. It will be close to 850 units for rent, and 250,000 square feet of retail and then a hotel component. The way our project is running we can turn over our first office building to tenants in 2018. Our residential will be 2017; there will be a groundbreaking later this year.

Q. Building in Hudson Yards can’t be very easy.
A. The project is one-third terra firma and two thirds open track. We own the land under the tracks, but we had to create the land across the entire parcel. We’ve been employing a bridge technology. We’re building in essence 16 spans or bridges across the site creating the plaza and the land required. We started working on the platform in the early parts of 2012.

The buildings themselves will be built into bedrock, but the actual public areas will be across this platform. We’re on schedule to be completed with the platform at the end of this year. Then we will roll right into the residential and hopefully the first office tower.

Q. How does it feel being part of the creation of a brand-new Manhattan neighborhood?
A. We’ve been fortunate, partly due to our holdings, to be in the position to be part of two of the most exciting neighborhoods in the past two years — in Lower Manhattan and the evolving Far West Side, or the Hudson Yards, however you want to call it. With the Hudson Yards district, we really have the chance to create something completely from scratch. It hasn’t happened for some time in Manhattan.
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Old October 8th, 2014, 06:40 PM   #1516
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So we could see the design for the residential tower on the corner very soon then?
Sounds great!
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Old October 8th, 2014, 06:40 PM   #1517
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del - double post
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Old October 8th, 2014, 07:55 PM   #1518
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Hopefully it has some flair.
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Old October 9th, 2014, 03:29 AM   #1519
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Hopefully it has some flair.
for the 1980's
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Old October 9th, 2014, 06:51 PM   #1520
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Manhattan West Facebook Page
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NEARING PLATFORM COMPLETION: We placed Span 14 on Monday night.. only two more to go!
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