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Originally Posted by Dac150
To an extent I do agree with Roth - it is a perfectly fine office building (and fine looking IMO). However, I'm sure the parties left involved would not move forward with such a project unless they felt confident it would succeed.
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Also, I'm sure Roth didn't want any more competition coming at a time when they're selling 220 Central Park South. But I"m sure the location and the money they could make with luxury residential outweighs what they could make from the office, which isn't exactly among the modern office buildings of Manhattan (they have to be expecting a mult-billion dollar sellout with the condo tower). Even the former AT&T building was considering converting into luxury condos before the market slowdown. But this tower, along with the 1,400 plus foot 80 South Street would be among the new product that would tap into the market on the upswing. So I think the delay was a good thing, and by the time plans fall into place, towers such as the Steinway and CPT should be wrapping up.
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Documents sent out to prospective investors claim the finished building will be worth $7.2 billion, according to Bloomberg. It’s not clear how Kushner Companies arrived at that figure – the GM Building, long considered the most valuable office tower in the U.S., is valued at just $3.4 billion.
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This to me says everything about why they are doing what they are doing.