[NYguy]

Originally Posted by antinimby

If only this was the design for CPT.

If this had been an option then, I wonder if Nordstrom would have chosen this prime location. We're talking a half million sq ft of retail at the base.

Originally Posted by gramsjdg

Excuse my ignorance, but what makes Kushner so confident in securing financing when Extell is having trouble getting it for CPT which is already under construction and has at least one guaranteed tenant (Nordstrom)?

Most likely the type of talks they are having, which is different from what Extell is seeking. Kushner is seeking a partner in the building and development (they will eventually only have about a 20% stake in the project) while Extell is seeking a construction loan. The buyers are out there for Manhattan buildings.



http://www.reuters.com/article/us-us...-idUSKBN16S2SF

China's HNA to buy New York office tower for $2.2 billion: source

Mar 22, 2017

China's HNA Group has agreed to purchase a marquee Manhattan office building for $2.21 billion in a deal that showcases the role of Chinese capital in New York's heady commercial real estate market.

https://therealdeal.com/2016/09/19/p...nese-investor/

Chinese institutional investors are still betting big on NYC real estate -- but they’re setting their own rules

September 19, 2016

...Faced with a fraught economic environment back home, the Chinese just want to rest easy, it’s said, and their pillows of choice are trophy buildings.

While that’s still true when it comes to their investments in many parts of the U.S., the situation in Manhattan is now quite different: The Chinese are increasingly taking on luxury ground-up development projects, some of the most complex and risky bets in this town. And they’re doing it on their own terms.

Just look at SMI USA. The U.S. arm of Shanghai Municipal Investment, which is Shanghai’s largest state-owned enterprise, has made three massive bets in the city over the past year: It partnered with Ceruzzi Properties to buy a development site at 520 Fifth Avenue for $325 million, and then teamed up again with them to buy the land under the Lipstick Building for $453 million. It also bought a $300 million equity stake in Gary Barnett’s Central Park Tower development. The Lipstick deal is a somewhat traditional long-term, cash-flow deal. The other two are anything but.

At 520 Fifth, SMI plans to develop a $1 billion luxury condo project, likely with retail and a hotel component.

....Kuafu Properties, which is backed by Chinese money, has spent over $750 million on a handful of properties, many of them development sites. At Hudson Rise, its mixed-use development on the Far West Side, Kuafu’s battles with its co-developers have delayed the project repeatedly. And though it paid a whopping $300 million for an East 60th Street assemblage with plans for a large condo tower