NEW YORK | 570 5th Ave (Extell) | 858 - 1,060 FT | 47 - 78 FLOORS

[Zapatan]

So the likelyhood is that we'll get an 850+ foot office tower? Not much by NY standards but it is a cool building. I wish it were more noticeably taller than 30 rock though...

I'm surprised Gary Barnett isn't being more ambitious and balling out more

[SkyHigher]

Homage to Rockefeller Center?

[NYguy]

Originally Posted by Zapatan

So the likelyhood is that we'll get an 850+ foot office tower? Not much by NY standards but it is a cool building. I wish it were more noticeably taller than 30 rock though...

I'm surprised Gary Barnett isn't being more ambitious and balling out more

In his eyes, he is being ambitious. You people only look at things in terms of height, developers don’t look at projects that way. Oppurtunities to build a large office tower (and the office tower is slightly larger) on prime 5th Avenue are extremely rare. It never happens, and he feels he’s put in the effort assembling this site, and wants to be rewarded. Can he build a tall residential tower/hotel? See 57th Street.

[JMKeynes]

Originally Posted by NYguy

In his eyes, he is being ambitious. You people only look at things in terms of height, developers don’t look at projects that way. Oppurtunities to build a large office tower (and the office tower is slightly larger) on prime 5th Avenue are extremely rare. It never happens, and he feels he’s put in the effort assembling this site, and wants to be rewarded. Can he build a tall residential tower/hotel? See 57th Street.

I'm surprised that Silverstein's piece of junk on 44th, and 530 Fifth, and a few other garbage sites nearby on 5th don't get redeveloped.

[NYguy]

Well 666 5th Avenue was another site suitable for a new ground up office tower, but they decided to renovate and upgrade the current building. 570 Fifth really has no competition on 5th as far as that goes. We have a couple of supertall residentials (one of them mixed-use) getting underway on 5th, though one is further removed.

[MAC123]

Originally Posted by NYguy

Well 666 5th Avenue was another site suitable for a new ground up office tower, but they decided to renovate and upgrade the current building. 570 Fifth really has no competition on 5th as far as that goes. We have a couple of supertall residentials (one of them mixed-use) getting underway on 5th, though one is further removed.

666 will eventually turn into another tower. It'll just be 20, 30, etc years from now.

[JMKeynes]

Originally Posted by MAC123

666 will eventually turn into another tower. It'll just be 20, 30, etc years from now.

Without a doubt.

[Busy Bee]

Well I'll volunteer to doubt that. I don't see it likely that they pump a half billion into a top to bottom renovation just to tear it down in 20 or 30 years. I'd say 666, er 660 is still standing when we're all dead, for better or worse. Move on, there's plenty of potential in other sites.

[MAC123]

Originally Posted by Busy Bee

Well I'll volunteer to doubt that. I don't see it likely that they pump a half billion into a top to bottom renovation just to tear it down in 20 or 30 years. I'd say 666, er 660 is still standing when we're all dead, for better or worse. Move on, there's plenty of potential in other sites.

"20, 30, etc. " as in, it goes beyond that. It might be, it might not. 20 to 30 years is quite a bit of time, standards change, tenants needs change, the owners of the property change, etc. Lots of sites go untouched for stupid amounts of time and like you said there's already a lot of other potential sites so it definitely doesn't have the odds but it's a possibility.
Though if medical tech keeps advancing at the pace it is (among other things), who knows, it might not be.

[Busy Bee]

I think the factor that differentiates 660 is the level of investment in this renovation. We're not talking about a property owner spending 20 30 40 million dollars to replace the hvac and elevators and put in a more trendy color of marble in the lobby. A 400+ million dollar renovation is essentially a new building and a statement of confidence this building isn't coming down soon, and as far as property owners think, probably ever. No one is going to turn to dust a sunk cost this large, even in 50 years and since a steel building like this well maintained can essentially survive in perpetuity, likely not in 80 90 or 100 either. New systems, interior finishes and another exterior cosmetic upgrade? Sure. But unless a tragedy strikes I don't see it going anywhere. But hey believe what you want.

[jackster99]

^Obviously it is a very extreme example, and by no means the norm, but JP Morgan completed something like a $200+ million renovation on 270 Park Avenue only about 6 years prior to tearing it down. So stranger things can happen if the market/needs are right.

[The New York Lion]

Originally Posted by Busy Bee

I think the factor that differentiates 660 is the level of investment in this renovation. We're not talking about a property owner spending 20 30 40 million dollars to replace the hvac and elevators and put in a more trendy color of marble in the lobby. A 400+ million dollar renovation is essentially a new building and a statement of confidence this building isn't coming down soon, and as far as property owners think, probably ever. No one is going to turn to dust a sunk cost this large, even in 50 years and since a steel building like this well maintained can essentially survive in perpetuity, likely not in 80 90 or 100 either. New systems, interior finishes and another exterior cosmetic upgrade? Sure. But unless a tragedy strikes I don't see it going anywhere. But hey believe what you want.

You are very likely wrong.

Brookfield's annual revenue is north of $50 billion. $400 million for a project in an alpha city like NY is a drop in the bucket for them. It's like me purchasing a Big Mac and a Coke for lunch.

This building has 1.4 million square feet. As of right- prime location.

Considering the residential views at this location would draw enormous sums, I could easily see a 1,000+ foot mixed use tower rising here in 20 years.

Also, 20 years is a very long time. Essentially 20 years ago the Twin Towers were still standing.

I'd bet we are close to 75 supertalls either completed, UC, or proposed in 2040.

100 by 2050.

The rapacious development of NY is only beginning. The 1960s-1990s were a historical anomaly in that NY was viewed as dirty, rude, dilapidated- even third world. It was incredibly unusual for the most powerful city in the world's most powerful country.

For several reasons, those days of "Gritty NYC" are over.

And nowhere in the world is going to topple America and NYC as the dominant global power as long as any of us are alive.

Enjoy the Age of Ramses!

[BuildThemTaller]

Originally Posted by The New York Lion

Also, 20 years is a very long time. Essentially 20 years ago the Twin Towers were still standing.

What?

[SkyHigher]

Originally Posted by The New York Lion

Also, 20 years is a very long time. Essentially 20 years ago the Twin Towers were still standing.


Enjoy the Age of...mostly dull value engineered glass box buildings.

Well.....kinda.

[MAC123]

Originally Posted by SkyHigher

Well.....not even slightly.

[NYguy]

https://nypost.com/2022/01/13/how-sh...hest-pads/amp/

By Jennifer Gould
January 13, 2022

Down in the Diamond District, at 570 Fifth Ave., Extell has also filed permits to build a 1,100-foot supertall with 468 luxury condo units to join his International Gem Tower and another planned 534-key hotel along West 48th St.

That project is still in its early stages, but expect penthouses reminiscent of Extell’s other supertall feats: One57 (where a penthouse sold for more than $100 million) and Central Park Tower (where a unit is on the market for $65 million).

… Both 50 W. 66th St. and 570 Fifth Ave. were financially backed by the mysterious private equity firm Meridian Capital.

Even as a residential, this tower wouldnt be the same One57/CPT.

[SkyHigher]

Originally Posted by MAC123

There still was part of the site standing in January 2002 I recall. Sorry I upset your alt.

[NYguy]

JANUARY 18, 2022

[JMKeynes]

The building on the NW corner of 5th and 47th is very nice.

[nlosborne1]

Is there a crane on the site?