Quote:
Originally Posted by Crawford
Please tell me more predictions. You predicted 9/11 in 1991? You predicted the 2008 credit meltdown in 1998?
 |
A friendly little update.
Downtown Express:
50 West delay
Another casualty of the free-falling economy is 50 West St., the condo tower Time Equities hopes to build in Greenwich St. South.
Francis Greenburger, C.E.O. of Time Equities, told Crain’s New York Business last month that the firm is slowing work on 50 West’s foundation, because he doesn’t have a construction loan to build the 65-story tower.
“Our main bank group told us they can’t do it now,” Greenburger told Crain’s. “They advised us to come back to them in the spring.”
UnderCover called Greenburger’s spokesperson for more information, but she would not confirm anything and would not give a new completion date for the tower. The building was supposed to rise above ground next summer and open in 2011.
The luxury tower was not one of the community board’s favorite projects, but that doesn’t mean board members are happy to see it stalled.
“The last thing this community needs is another uncompleted project…or another hole in the ground,” said Catherine McVay Hughes of Community Board 1. “Hopefully the financing will come through and what was promised can be realized.”
New York Observer:
Vornado Exec: 125th Street MLB Project ‘Shut Down’
Another new development project canceled.
Speaking at an investor conference yesterday, Vornado CFO Joseph Macnow gave word that the company’s troubled plans for Harlem Park, an office tower on 125th Street, have been officially scuttled.
“We’ve shut down a couple of development projects,” Mr. Macnow said.
“We were going to build the first office building in Harlem in 50 years on 125th Street and Park Avenue. We’ve shut that project down. The economics are not warranted today to do that job.”
Vornado had once wanted to build a 630,000-square-foot office building as a home for a Major League Baseball television network. The developers said they had tentative leases on only about one-third of the space, and thus Vornado couldn’t find financing to build the tower.
In preparation for the tower, Vornado had even gone to the community board and negotiated a concession package in order to gain an exemption from a planned rezoning that would have limited the height.
http://www.observer.com/2008/real-es...ject-shut-down
© 2008 Observer Media Group
Everything's still a-go and a-okay, right?