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Old December 15th, 2011, 01:44 PM   #801
Eric Offereins
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So disappointing with 5 supertalls UC and quite a few in development.


At least, a big nearby competitor of the Hudson yards is gone. But I would like to see this one being built.
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Old December 15th, 2011, 01:48 PM   #802
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I have a strange mix of feelings. On one hand, that is an amazing Hotel and I wouldn't like to see it disappear, but on the other hand the proposed supertall was a good addition to NY skyline, despite the fact it was close to ESB, though it was not a problem for me.
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Old December 15th, 2011, 02:45 PM   #803
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Quote:
Originally Posted by yankeesfan1000 View Post
Kanto, there are two smaller buildings, one will be residential and one is up in the air, could be office, could be hotel, could be a combo. Neither will be as tall as the twinish build ins we know but both will be several hundred feet, I'd do some research as the details are sketchy and hard to come by. But the twin-ish office buildings we know are just the first phase, then followed by the other two.

NY has plenty of other projects to follow and eventually this will be built, but looks like it's in hold for a couple of years.

Edit: the third building at Manhattan West will be between 1-1.2 million square feet and will most likely be a residential, or hotel, or a combo. That's a tall building. The fourth will be much smaller by all accounts and retail and some office or hotel.
Thanks for the info
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Old December 15th, 2011, 03:00 PM   #804
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This tower and 2 and 3 WTC are a few years off. No developer can compete cost-wise with Related's Hudson Yards. Silverstein and Vornado need to clear $90 to $100/sf to make their projects viable. Once Vornado leases its 6m sf, which might not take more than a few years, then the other projects will proceed. NY, as the financial capital of the world, constantly needs new space.

FINANCIAL CAPITAL OF THE WORLD


Last edited by RobertWalpole; December 15th, 2011 at 03:05 PM.
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Old December 15th, 2011, 03:08 PM   #805
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Why can't they compete cost-wuise with the Hudson Yards? What makes the Hudson Yards so cheap?
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Old December 15th, 2011, 03:11 PM   #806
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The Hudson Yards has substantial state and city subsidies, which enables Related to rent space at $70/sf. Moreover, Related has said repeatedly that it does not seek any profit on the office space at the Yards. It seeks to make money on the residential and retail segments. No other developer is looking to break even on its new office projects. Therefore, Related is at a massive advantage over everyone else and its space will be leased before any others.
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Old December 15th, 2011, 03:21 PM   #807
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Thanks for the info. So this means that the Hudson Yards should start construction soon. I have kinda mixed feelings about this. I like the Hudson Yards and I can't wait to see them rise but I like 2WTC, 3WTC and 15 Penn even more
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Old December 15th, 2011, 07:23 PM   #808
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Good news for Hotel Pennsylvania! Is it still there or is it demolished yet?
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Old December 15th, 2011, 07:30 PM   #809
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No it still exists and you can still stay there. If it was demolished they couldn't consider a renovation.
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Old December 15th, 2011, 09:51 PM   #810
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Bye bye 15 penn.
I knew it was too good to be true...
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Old December 15th, 2011, 11:21 PM   #811
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^
Oh well...
at least I get to keep my ESB bedroom view...
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Old December 16th, 2011, 12:11 AM   #812
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Quote:
Originally Posted by Jay View Post
Yea NYC is probably the most dissapointing skyscraper city, I'm not going to hold my breath for any of the other supertall proposals either.
dissapointing city???


youre totally wrong
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Old December 16th, 2011, 12:53 AM   #813
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@Kanto: Hudson Yards is starting in the spring with the shorter of the two office towers, the 997 footer or whatever.

And this isn't cancelled. Being out on the back burner for a few years but for the forseeable future it's on hold.
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Old December 16th, 2011, 01:00 AM   #814
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Quote:
Originally Posted by yankeesfan1000 View Post
@Kanto: Hudson Yards is starting in the spring with the shorter of the two office towers, the 997 footer or whatever.

And this isn't cancelled. Being out on the back burner for a few years but for the forseeable future it's on hold.
Correct. This site with over 2m sf as of right will be redeveloped. However, it's a question of when. As noted, no developer can compete with Related's discount pricing at the moment. That being said, if, in two or three years, Related's towers are pre-leased and the economy is doing very well, this will be built at that time.

NY is the financial capital of the world and has an insatiable desire for new construction which is unmatched by any other US city.

Anyway, for those who aren't familiar with NY or with Vornado's plans, here's the article regarding the mere delay for 15 Penn:

http://www.nypost.com/p/news/busines...AVT5Ocs4QFn5IJ

15 Dec. 2011
NY Post

Lois Weiss

BETWEEN THE BRICKS

The Empire State Building just might keep the 34th Street skyline to itself for a few more years.

Sources tell us that Vornado Realty Trust is putting off constructing its taller challenger to the west at 15 Penn Plaza until market rents reach a point where it’s worthwhile to redevelop the site with an office building.In the meantime, Vornado is mulling plowing millions of dollars into renovating its Hotel Pennsylvania, a dowdy cash cow that now sits on the future development site at Seventh Avenue between West 32nd and 33rd streets, across from Penn Station and Madison Square Garden.

“It could cost $30 million just to renovate the rooms,” said one executive who was not authorized to speak on the record. “It’s 1,000 rooms and everything adds up.”

Vornado would also commit millions of dollars more to update the lobby and common areas.

In December 2007, Vornado was days away from signing a lease that would enable it to develop a new tower and trading floors for Merrill Lynch when the Wall Street firm switched CEOs and gears amid its deepening financial crisis.

Since then, financial firms that would be the natural anchor tenants have found themselves cutting headcount and putting off major moves until the global economy improves.

Vornado is also facing increased competition for anchor tenants as Brookfield readies its $5 billion, four-tower 5.4 million-square-foot Manhattan West site on Ninth Avenue and Related Cos. gets traction on the West Side with Coach becoming the first tenant/owner for the first Hudson Yards tower.

Downtown also continues to be redeveloped with four World Trade Center towers and availabilities in Brookfield’s World Financial Center, along with Edward J. Minskoff’s redevelopment of 101 Ave. of the Americas, as Post colleague Steve Cuozzo reported yesterday, and his spec building at 10 Astor Place. There is also ready-to-go space in 11 Times Square



Read more: http://www.nypost.com/p/news/busines...#ixzz1gesgzmeN

Last edited by RobertWalpole; December 16th, 2011 at 03:54 AM.
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Old December 17th, 2011, 12:13 AM   #815
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This is terrific news! The should redevelop the block at the foot of Greeley square instead of the Hotel Pennsylvania. Hopefully they will restore Hotel Pennsylvania to its former glory.
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Old December 17th, 2011, 12:30 AM   #816
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This is terrific news! The should redevelop the block at the foot of Greeley square instead of the Hotel Pennsylvania. Hopefully they will restore Hotel Pennsylvania to its former glory.
That would be nice, but it won't happen. Vornado will put the barest amount of investment into this property.
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Old December 17th, 2011, 12:45 AM   #817
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that is very well designed
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Old December 17th, 2011, 04:07 AM   #818
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I'd say keep the hotel and get rid of this tower. It was not a very interesting design from the start.
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Old December 17th, 2011, 05:07 AM   #819
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But that won't happen. A site with over 2m sf as of right will be developed.
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Old December 17th, 2011, 07:18 AM   #820
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I'm alright with moving the tower somewhere else. I think there are some empty/unused spaces down 7th ave I think they can use.
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