You should provide a link to the article.
WSJ said:Even some successful properties near Central Park are being eyed for a change to residential use. Consider 650 Madison Ave., a 27-story office tower, which has been put up for sale. Although it fetches top-tier office rents, the property's seller is highlighting in marketing material that a buyer would be able to tear it down and build a condo tower, with hotel and retail, in its place once the properties' leases expire.
An 800-foot residential tower could be built on the site at 60th Street, according to marketing material sent to potential buyers by advisory firm Eastdil Secured LLC. It's a "development opportunity without peers," the marketing material says.
According to the WSJ article, it is being marketed as a site that could support an approximately "800 foot" residential tower.The guys on SSP have said this part of Midtown doesn't have a height restriction. Robert, do you have any idea where the 260m figure comes from? Given the location, you'd think whoever buys this lot will want to build as high as they feasibly can to compete with the 57th street ultraluxury condos.
do you think this could possibly be over 300m or do you think it will most likely stay below 300m which is fine in itselfAccording to the WSJ article, it is being marketed as a site that could support an approximately "800 foot" residential tower.
It's amazing that a mediocre, 27 story tower is generated bids well-over $1billion.
Hopefully, Ralph Lauren leaves here and goes to the HY, in which case, it will be delivered basically empty.
This is pretty speculative stuff, unless and until a new owner decides to take advantage of the residential potential. Boutique office rents in this neighborhood exceed $100 per sq. ft. making this "lowly 27 story building" a real prize just as it is. The Park Lane Hotel site could be much more interesting although NIMBYs prefer to maintain the streetwall along CPS at a more modest height. Setbacks there could satisfy those people while allowing a much taller tower to rise towards the rear of the property. Both will be very much worth watching. :cheers:NY REAL ESTATE COMMERCIAL May 19, 2013, 10:26 p.m. ET
Helmsley Hotel on Central Park South Is Set for Condos
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Even some successful properties near Central Park are being eyed for a change to residential use. Consider 650 Madison Ave., a 27-story office tower, which has been put up for sale. Although it fetches top-tier office rents, the property's seller is highlighting in marketing material that a buyer would be able to tear it down and build a condo tower, with hotel and retail, in its place once the properties' leases expire.
An 800-foot residential tower could be built on the site at 60th Street, according to marketing material sent to potential buyers by advisory firm Eastdil Secured LLC. It's a "development opportunity without peers," the marketing material says.
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