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Old April 23rd, 2009, 07:17 PM   #81
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yes they are still working there.
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Old May 19th, 2009, 12:56 AM   #82
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any news?
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Old May 19th, 2009, 02:35 AM   #83
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no theres no news its on hold
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Old May 20th, 2009, 01:48 PM   #84
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Quote:
Originally Posted by ZZ-II View Post
still on hold
In case of economic downtime I gues?
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Old May 20th, 2009, 10:38 PM   #85
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I hope the crisis kills this box and it won't get built.
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Old May 22nd, 2009, 09:38 PM   #86
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no need to build a special-design tower...you wouldn't see it in the skyline
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Old May 22nd, 2009, 10:00 PM   #87
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^ Uhm... What?


Yeah, sure, let's build nothing but boxes in Manhattan, they won't be spotted anyway
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Old March 9th, 2010, 07:58 PM   #88
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THE INN CROWD - HOTELS FIND WAYS TO GET COMFORTABLE IN CURRENT MARKET
21 October 2009
New York Post

HOTELIERS aren't getting much sleep these days as occupancy and room rates have taken a toll on revenues.

Fewer foreign tourists and business travelers along with locals' "staycation" trends have served to send hoteliers' into marketing overdrive.

Still, recent occupancy numbers show the Big Apple's rooms have been occupied 75 percent of the time, compared to the top 25 markets' nationwide average of 61 percent.

While city hoteliers prefer numbers in the 80 plus percent range, "To put it in perspective, most of the other markets never hit 75 percent in the best of times," said Mark Gordon, head of hotel group for Cushman & Wakefield Sonnenblick Goldman.

"I'm not wanting yet to break out the champagne but people are feeling more comfortable," said Laila Rach, Dean of NYU's Center for Hospitality, Tourism, and Travel Administration. "It doesn't mean they will turn to pre-Oct. 2007 behaviors, but they are feeling more comfortable about things. There is a light at the end of the tunnel but it's far away."

Rach says hoteliers here have dropped rates and visitors aren't shy about asking for further cuts. "Everyone asks, 'Is that the best you can do?" she said. "But tourists are staying at a better rate and better place."

Hotel owners are trying to get the most money they can to refinance maturing debt loads, especially those that bought or financed at the peak of 2006-2007. In some cases, hotels are in technical default on their mortgage but still paying and managing their debt loads.

"We recently closed on the financing on the Marriott East Side," said Gordon. "We're in the middle of several others and getting significant interests from lenders."

The stabilization is giving rise to intense interest from foreigners determined that this is their moment to enter the market or increase visibility. "There is clearly more demand for hotel acquisition than there is supply," said Gordon.

From 2001 to 2004, 3,000 hotel rooms were lost through conversion to residential occupancy. Only two upscale hotels are now moving forward in Midtown, where Gordon sees the most demand for rooms.

Demand in the Meatpacking District, SoHo and the Financial District will take some more time to stabilize, he observed.

With Macklowe's Drake Hotel site at 56th St. and Park Ave. in foreclosure and RFR's former Shangri-La hotel site at 610 Lexington Ave. also in limbo, opportunities remain for those ready to build.

"The challenge today is to put together financing to support the development," Gordon said. "Ideally you want to build a luxury hotel as the markets are beginning to run up, so you can capture the beginning of the cycle."
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Old March 10th, 2010, 07:03 PM   #89
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Without sounding like our adorable friend KazantaiP, ''any updates''?

I take from the article this is still far from resuming.
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Old March 10th, 2010, 11:36 PM   #90
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66 floors is an awful lot to squeeze into a 215 metre tall building?
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Old November 9th, 2011, 07:27 AM   #91
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Rosen one step closer to foreclosure at 610 Lex
May 20, 2011



Foreclosure is nearing on Aby Rosen and Michael Fuchs' 610 Lexington Avenue development site, where they and their partners had planned to build a Shangri-La hotel tower. According to Crain's, the group has failed in their attempt to re-argue a case they had lost, which clears the way for lenders ING Real Estate Finance and Swedbank AB to foreclose. In that case, they had argued that their obligation to repay their $130 million-plus loan should be suspended until market conditions improve, and alleged a conflict of interest between lender ING and ING Clarion, which was advising one of their development partners. Of course, many believe the developers will even now try to delay the foreclosure process further in the hopes that the market will improve and they'll be able to pay back the mortgage, on which they defaulted in April 2009.

----
As far as I know, the foreclosure process on this property is not yet complete. ( anyone out there know more??) A new buyer may choose to move forward with this design (especially since hotels are hot in NYC right now) or RFR might be able to stave off the banks and find new equity partners. Stay tuned...
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Old January 14th, 2012, 01:12 AM   #92
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http://therealdeal.com/blog/2012/01/...count-sources/

RFR buying $144M note at 610 Lexington at discount: sources
January 13, 2012 06:00PM
By Adam Pincus

From left: RFR's Aby Rosen, a rendering of the planned hotel, and 601 Lexington Avenue
Aby Rosen’s RFR Holding is in contract to buy back the debt for far less than the $144.2 million face value at the Midtown development site at 610 Lexington Avenue, a source familiar with the deal said.

Although the vacant property, where Rosen sought to build the Shangri-La Hotel, New York, is in contract to RFR Holding, it was not clear when the sale would close, the source said. The site is adjacent to Rosen’s iconic Seagram Building, at 375 Park Avenue.
In 2007, RFR borrowed $144.2 million from Lehman Brothers Holdings for the development of the 64-story hotel at the corner of Lexington Avenue and 53rd Street. However, the project stalled during the credit crisis. First, Lehman transferred the loans to ING Real Estate Finance in November 2008, city property records show. Then in April 2009 it was reported that Shangri-La had withdrawn from the project. Two months later, ING filed to foreclose on the loan.

Rosen’s company is expected to buy the note for about $75 million, but he had competition from various investors including Roy Stillman’s Stillman Development International, which signed a contract for $80 million, but did not close, according to another source.

The site has rights for just over 200,000 square feet of development, information from PropertyShark.com shows.

RFR did not respond to a request for comment, and Stillman Development and ING declined to comment.

Even as some of Rosen’s projects have been delayed by the downturn, hotel assets have strengthened in value over the past year in Manhattan.
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Last edited by RobertWalpole; January 14th, 2012 at 05:33 AM.
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Old January 14th, 2012, 06:27 AM   #93
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what does this mean for the project? does this tower have a chance of being built? if so, how great is that chance?
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Old January 14th, 2012, 06:31 AM   #94
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Quote:
Originally Posted by CantFindMe View Post
what does this mean for the project? does this tower have a chance of being built? if so, how great is that chance?
Yes. Since the initial project was by Rosen, and he owns the site again, I assume that he'll proceed with Foster's design. It would not surprise me if Shangri-La signs on to this again, although better locations will be available at Torre Verre, 225 W57th and 432 Park.
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Old January 14th, 2012, 06:44 AM   #95
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so if you were to estimate, when do you think construction of this could begin?
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Old January 14th, 2012, 07:14 AM   #96
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According to (the always reliable) Wikipedia, 610 Lexington has been canceled.
wiki/610 Lexington Avenue
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Old January 14th, 2012, 02:55 PM   #97
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so if you were to estimate, when do you think construction of this could begin?
Some time in 2012. There's a big demand for hotels and condos.
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Old January 14th, 2012, 02:58 PM   #98
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According to (the always reliable) Wikipedia, 610 Lexington has been canceled.
wiki/610 Lexington Avenue
it seems wikipedia is wrong .
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Old January 14th, 2012, 09:07 PM   #99
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it seems wikipedia is wrong .
That's no surprise.
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Old March 14th, 2012, 05:27 PM   #100
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This about to resume as per today's NY Post.
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