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More good news which should make it easy for Extell to finance 225 W57th:

therealdeal.com
High-end home shortage could help One57
November 21, 2011 09:30AM


From left: Rubicon Property CEO Jason Haber and a rendering of Extell's One57A lack of new construction, an influx of international buyers and prices still far from peaks have fueled a shortage of high-end apartments in New York City, Bloomberg News reported.

There were 832 homes on the market asking at least $5 million in New York City in October, according to Streeteasy.com, down 9.5 percent from the same time two years ago. Simultaneously, sales of Manhattan luxury apartments increased 17 percent in the third quarter from the prior-year quarter, according to Miller Samuel. There were more sales of at least $20 million in the third quarter this year than during any time since the third quarter of 2008.

Miller Samuel CEO Jonathan Miller traced the beginning of the trend to last November when William Lie Zeckendorf sold his 15 Central Park West penthouse for $40 million and a Superior Ink penthouse went for $31.5 million. By April, the number of pending contracts in the $5 million and greater price range rose to 152, the biggest resurgence since 2008, according to UrbanDigs.com.

The shortage is becoming severe enough that Rubicon Property has sent letters to clients with high-end homes gauging their interest in selling."That's a sign of the times," CEO Jason Haber said. "This is a ready, willing and able buyer and we can't find the product for him."

Bloomberg News said this could be good news for Extell Development's One57, which will launch sales later this month, two years ahead of other high end development. [Bloomberg News]

http://www.bloomberg.com/news/2011-11-21/manhattan-s-luxury-home-supply-dwindles-as-high-end-apartment-demand-jumps.html#
 
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Work on this site was in full swing on 29 Nov. 2011. The school, which was located at 220 W58th (on the northeast portion of the site) is gone, as is 217W57th. 221 W57th is nearly gone, and demolition is proceeding on 225 W58th.
 
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Work on this site was in full swing on 29 Nov. 2011. The school, which was located at 220 W58th (on the northeast portion of the site) is gone, as is 217W57th. 221 W57th is nearly gone, and demolition is proceeding on 225 W58th.
I think that all this activity in American big real estate market is due to Europe's situation. Investors look for anything that they can invest and NYC real estate market seems to attract them the most.

I only don't get why WTC don't get some real tenants...:dunno:
 

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Doubt it. Best case scenario for that is spring 2012. On the bright side, Extell has very deep pockets so they could conceivably pay for foundation work out of pocket, while looking to secure traditional financing.

The lack of updates on this isn't a bad sign, Extell played their cards very close to the chest even after construction had started at One57. All indications are that that will sell out in a short period, so hopefully the success of One57 will make getting financing for this easier.
 

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Yup, the demo has indeed moved ahead. Today, December 4th, from the 58th street side:


100_4330 by 600West218, on Flickr


100_4331 by 600West218, on Flickr


100_4332 by 600West218, on Flickr


100_4333 by 600West218, on Flickr

I still don't get what is going on with that supermarket. They need to be out of there asap. I think if they are not gone by February some of us SSCs will have to take matters into our own hands. We can't let the NYC skyline be held back because of one obstinate supermarket (for Gods sake people, go shop at Whole Foods in Columbus Circle!!).
 

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I believe that if Extell is doing very well with sales at One57, they'll simply pay more to get Morton Williams out. Extell is engaging in Machiavellian tactics at the moment by demolishing everything around the market and by de-constructing the five floors above the market. Morton Williams must be flooded with rats at the moment with all of the excavation that's occurring.
 
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This dilapidated school, which was razed recently, used to occupy the north part of the site on W58th St.

Lofter1
 
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Hey Robert. When do you think we'll get renders of this?
Even if actual construction on 221/225 starts in the spring or summer of 2012, it will be a while before we see renderings. Extell, the developer of 221/225 W57th and of One57, delays showing renderings. However, I speculate strongly that de Portzamparc will design it.
 
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A bit ironic that the school that was razed was called 'Landmark High School', but the real landmark couldn't rise until it was turned to rubble.
 

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why don't we move it to the supertall section then?

I just read it has 30% more air rights than one57, 1300 footer anyone?
 
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