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Old August 4th, 2011, 04:20 PM   #1681
600West218
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That doesn't accomplish anything. They'll "work" very slowly. Expect to see minimal progress until this is resolved.

The dispute is contractors want a 20% cut in pay on residential and hotel projects - commercial projects would still carry the same pay scale. So the contractors do want big take backs. I can understand why the workers would be upset. Especially at this site which would have the 20% cut.
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Old August 4th, 2011, 04:27 PM   #1682
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As expected, this tower already is a huge success! Bring on Torre Verre, The Drake and 225 West 57th!

http://www.bloomberg.com/news/2011-0...-mansions.html

Russian Billionaires Buy in U.S. as Mansions Lure Wealth
By John Gittelsohn and Oshrat Carmiel - Aug 3, 2011 12:29 PM ET .

Roustam Tariko, billionaire owner of Russian Standard Bank and Russian Standard Vodka, completed the most expensive home purchase in Miami Beach since 2006 when he bought a $25.5 million estate on Star Island in April....


International investors are buying some of the priciest homes in America as the broader housing market slumps and a weak dollar makes U.S. property more of a bargain. Sales of residences above $20 million are rising in New York, California and Florida, which are popular business and vacation destinations for foreigners, according to Miller Samuel Inc., DataQuick and real estate brokers who cater to luxury buyers....

Manhattan Record

More than two-thirds of the nation’s residences with asking prices of at least $20 million were in those three states, said Rick Goodwin, publisher of Unique Homes magazine in Princeton, New Jersey, which releases an annual list of luxury homes on the market each March.

Seven homes have sold in Manhattan for more than $20 million in the first six months of this year, up from five in the same period of 2010, data from New York-based appraiser Miller Samuel show. The median price of those transactions was $27.5 million, up 15 percent from the year-earlier period. The deals included a $48 million sale to Russian composer Igor Krutoy that set a record for a condominium in the city....



Of the 214 newcomers to Forbes magazine’s annual global ranking of billionaires this year, 54 were from China and 31 from Russia. The Asia-Pacific region had more billionaires than Europe for the first time in more than 10 years and gained the most of any region, with 105 additions, according to the list. Moscow displaced New York as the city with the greatest number of billionaires with 79, compared with New York’s 58.

Aspen Sales
The Forbes list was topped for a second year by Mexico’s Carlos Slim, who in July 2010 bought a Manhattan townhouse known as the Duke Semans mansion for $44 million.

Foreign buyers are also turning to resort locales such as the ski area of Aspen, Colorado, said Tim Estin, a broker at Mason Morse Real Estate in the town.

“It’s a pre-eminent international mountain resort brand,” Estin said of Aspen, where luxury properties are selling at discounts of as much as 30 percent from the peak.

In the last three years, Aspen had at least five deals above $10 million in which the purchaser was from Russia, according to Craig Morris, president of the town’s Morris & Fyrwald Sotheby’s International Realty.

“Four years ago we didn’t have any Russian buyers,” he said.

Slower Price Gains
New York and Los Angeles were near the bottom of a list measuring luxury real estate price appreciation in 15 cities that attract “the world’s global elite,” ahead of only Moscow, according to a June 4 report by Knight Frank LLP, a London-based property consulting firm. In the year through March 31, prices rose 1 percent in Manhattan and fell 2.2 percent in Los Angeles. Prices in Paris increased the most, with a 22 percent gain, followed by Hong Kong, Helsinki, Shanghai and Beijing.

The firm defines luxury as the top 5 percent to 10 percent of the market in each city....

“Compared to other markets around the western world, the U.S., including New York and Los Angeles, lost significant value during the crash and are more fairly priced,” Liam Bailey, the head of residential research at Knight Frank in London, said in an e-mail. “There is no doubt a surge in interest in New York, particularly for people looking for deals....”

A weakening U.S. currency helps make the nation’s homes seem like a good deal, said White, the Sotheby’s president. The dollar has fallen against each of the 16 most-traded currencies in the past year, according to data compiled by Bloomberg.

Among emerging-market currencies, the Russian ruble increased 7.7 percent against the dollar in the 12 months through yesterday. The Brazilian real advanced 12 percent, while the Chinese yuan gained 5.2 percent.

For Russians, interest in luxury properties is as much evidence of conspicuous consumption as it is efforts to capture bargains, said Edward Mermelstein, a real estate attorney Rheem Bell & Mermelstein LLP with offices in New York and Moscow....

In Manhattan, Krutoy and his wife, Olga, bought their 6,000-square-foot condo at the Plaza hotel in March. The deal came six months after the couple completed the purchase of a $12.85 million home in Long Island’s beach area of the Hamptons.

Gin Lane
The Krutoys razed the Southampton mansion and are building a new house at the site on Gin Lane, where neighbors have included designer Vera Wang, shopping-mall magnate Alfred Taubman and New York Times publisher Arthur Sulzberger.

“He was looking at Gin Lane because that’s what he knows - - it’s the Fifth Avenue of the Hamptons,” said Susan Breitenbach, a senior vice president at Corcoran Group, the Krutoys’ broker for the sale, one of five deals she handled this year involving Russian buyers. “That’s what they really wanted and that’s what they stuck with.”

Krutoy bought the Manhattan property because he was seeking a home in the city, rather than looking to take advantage of a bargain, said Ilya Bykov, principal at Protax Services Inc., a New York-based firm that provides legal, tax and property- management services for international clients. Bykov represented Krutoy in his search, negotiation and closing for the Plaza apartment, and helped provide legal representation for the Hamptons home.

Russian buyers “have the money and they always want the best in everything,” Bykov said of the people he represents. “Most of these people are buying pied-a-terres and it’s quite common that the person would buy a luxury apartment in New York and a condo or penthouse in Miami.”

$100 Million
Kirk Henckels, director of the private brokerage at New York’s Stribling & Associates, said he was approached by a would-be buyer from Russia seeking to spend $100 million on a Manhattan home.

“I said, ‘We don’t have properties that high,’” Henckels said in an interview.

The most expensive single residential property currently for sale in Manhattan is the Woolworth Mansion, a 1916 “neo- French Renaissance” edifice on East 80th Street. The sellers are asking $90 million, according to StreetEasy.com, a real estate listings website.

Buyers from Russia and China have expressed interest in the seven-floor mansion, said Paula Del Nunzio, the broker with Brown Harris Stevens who is listing the property.

Extell’s One57
The newest Manhattan condo building to catch the attention of foreign buyers is a 90-story tower under construction on West 57th Street by Extell Development Co., according to Mermelstein and Bykov. The property, known as One57, will be the tallest residential tower in New York when completed in 2013.

The 95-unit building will record “a number of signed contracts” in the next 30 days for units ranging from $7 million to “north of” $40 million, Gary Barnett, Extell’s president, said in a telephone interview. He declined to say where the buyers are from, but said inquiries have come in from overseas, including Russia.

Among the contracts to be signed in the next month is one for a full-floor, 6,200-square-foot unit that offers panoramic views of Manhattan, including Central Park, Barnett said.

“Three-hundred-sixty-degree views, unobstructed. That’s something special,” Barnett said. “If you were worth $100 million dollars or you were a billionaire, this is something unusual. If you can afford the best of the best, why shouldn’t you do that?”
To contact the reporter on this story: John Gittelsohn in New York at [email protected]; Oshrat Carmiel in New York at [email protected].
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Old August 4th, 2011, 07:37 PM   #1683
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Wonder if One57 is caught up in the bogus concrete inspections too:

http://www.nytimes.com/2011/08/05/ny...g-results.html

Maybe they'll be made to tear it down and start all over again.
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Old August 4th, 2011, 07:59 PM   #1684
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LOL, and I thought such things happened only in countries like Slovakia I just hope no skyscraper is affected
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Old August 4th, 2011, 10:50 PM   #1685
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Quote:
Originally Posted by RobertWalpole View Post
As expected, this tower already is a huge success! Bring on Torre Verre, The Drake and 225 West 57th!

http://www.bloomberg.com/news/2011-0...-mansions.html
And one57 is at the frontline of this new interest in high end apartments. Well timed.

Indeed bring on the others.
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Old August 5th, 2011, 05:52 PM   #1686
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Very good progress of work, I really think one of the fastest works of the city, right?

Impeccable design, will be great seeing it finished.
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Old August 5th, 2011, 06:02 PM   #1687
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Not of late it isn't. We are hoping the speed picks up. But there are two potential strike looming this month: one for concrete workers and one for carpenters.

Construction in NY could grind to a halt if those things don't get resolved.
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Old August 6th, 2011, 06:14 AM   #1688
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He means the whole city.
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Old August 7th, 2011, 04:20 AM   #1689
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no progress on this. Same height as last week. Dino will post the pics showing it.

Can't say I am surprised given the strike. I bet even when the concrete workers are working they are intentionally working slow. I really think this building is now at least 3 or 4 floors behind schedule. Sad as those 4 floors would be enough to make this start breaking out onto the skyline and more people would start noticing and taking pictures.
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Old August 7th, 2011, 12:36 PM   #1690
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August 6th, Dan Burnett..





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Old August 7th, 2011, 01:36 PM   #1691
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one year ago:

image hosted on flickr

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Old August 7th, 2011, 03:13 PM   #1692
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So they did the basement works and roughly 23 floors in only one year? WOW!!!
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Old August 7th, 2011, 03:18 PM   #1693
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I hope the concrete worker dispute won't cause delays anymore. I bet this will have the most expensive penthouses in NYC
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Old August 7th, 2011, 03:26 PM   #1694
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So they did the basement works and roughly 23 floors in only one year? WOW!!!
given the complexity and the shape this is quite an achievement.
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Old August 9th, 2011, 12:35 AM   #1695
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08.08.2011













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Old August 9th, 2011, 04:43 PM   #1696
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It looks like this is finally emerging amongst all of the buildings it's surrounded by
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Old August 9th, 2011, 07:41 PM   #1697
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Not quite. It needs about 5 or 6 more floors and each floor is taking forever now. Plus a big strike is looming.
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Old August 10th, 2011, 05:00 AM   #1698
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Quote:
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Plus a big strike is looming.
What unions are going to strike now?
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Old August 10th, 2011, 01:23 PM   #1699
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Hi, can someone show me, where One57 will exactly rise here?
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Old August 10th, 2011, 01:53 PM   #1700
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Hi, can someone show me, where One57 will exactly rise here?
At the very right of the photo, almost getting out of the edge.
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