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  #3941  
Old Posted Feb 12, 2019, 9:36 PM
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  #3942  
Old Posted Feb 13, 2019, 4:39 AM
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  #3943  
Old Posted Feb 14, 2019, 3:06 AM
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https://www.crainsnewyork.com/real-e...uxe-moma-tower

Dispute among partners of superluxe MoMA tower


DANIEL GEIGER
February 13, 2019


Quote:
A rift has opened between the partners that built the soaring ultra-luxury condo tower at 53 W. 53rd St.

Hines, Goldman Sachs, and the Singapore-based real estate investment firm Pontiac Land Group recently resorted to an arbitration process to resolve a dispute over how much the building's units should be discounted, sources said.

One source familiar with the situation said that the dispute stemmed from Hines wanting greater leeway to sharply slash prices at the 1,050 foot tall, Jean Nouvel-designed spire, where sales are widely regarded to be poor in a market saturated with newly-built, high-end offerings.
Quote:
In September 2018, just over $123 million of reductions were filed. In total, roughly $167 million of price cuts have been made by the developers since the tower's initial projection of more-than $2 billion in sales was disclosed in 2014.

Market experts say a general malaise has settled over the uppermost tier of the residential market in Manhattan. Because there is a large inventory of competing projects, such as units in 520 Park Ave., Central Park Tower, One57 and 100 E. 53rd St., condo buyers have felt less urgency to pounce on deals.
Quote:
At least 15% of the 145 units at 53 W. 53rd St. are in contract, rendering MoMA Tower effective. Closings are set to begin in the spring, a spokeswoman for the project said.

Other buildings envisioned as ambitious entrants to the super luxury market have also failed to impress buyers. A conversion of the upper portion of the Woolworth Building to condos has closed only three sales according to property records, despite a sales effort that began several years ago. The 31-unit residential project, which goes by the address 2 Park Pl., is being developed by a partnership led by Alchemy Properties that, so far, has held firm on prices.
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  #3944  
Old Posted Feb 14, 2019, 4:30 AM
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A discount sounds nice. I'm still hoping we all at SSP can pitch in for a unit, and share it. Figure 52 weeks in a year, so the highest 52 bidders are allowed 1 week per year? The remainder of the bidders who didn't make it, I'll just pocket the change as a brokers fee?

Sounds like a good idea!
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  #3945  
Old Posted Feb 15, 2019, 6:43 PM
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  #3946  
Old Posted Feb 17, 2019, 2:00 AM
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  #3947  
Old Posted Feb 19, 2019, 8:39 AM
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does anybody know what became of the air rights for the 200’ that were clipped off this tower design? were they ever applied elsewhere that we know of?
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  #3948  
Old Posted Feb 19, 2019, 2:03 PM
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Originally Posted by mrnyc View Post
does anybody know what became of the air rights for the 200’ that were clipped off this tower design? were they ever applied elsewhere that we know of?
The space was shifted in the redesign. So the air rights are not representative in any height, but rather the amount of space a building has.
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  #3949  
Old Posted Feb 19, 2019, 3:15 PM
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ah i see, so it got wider somewhere.

i had discounted that because thought the air rights were more valuable for height and thus may have gotten transferred to another hines project.
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  #3950  
Old Posted Feb 19, 2019, 3:58 PM
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Quote:
Originally Posted by mrnyc View Post
ah i see, so it got wider somewhere.

i had discounted that because thought the air rights were more valuable for height and thus may have gotten transferred to another hines project.
These air rights can't travel very far, and since they came from the top there isn't much occupiable SF up there to begin with. Most of the height reduction likely came at the cost of mechanical space.
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  #3951  
Old Posted Feb 19, 2019, 10:49 PM
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Originally Posted by mrnyc View Post
ah i see, so it got wider somewhere.

i had discounted that because thought the air rights were more valuable for height and thus may have gotten transferred to another hines project.
No, they could have built higher as-of-right. There are no height limits on the site, like most of Midtown. There was a restriction on the height placed there by City Planning and also for this particular design because city planning actually liked it that much - and yet didn't feel the top was worthy of the greater height. If it had come just a few years later...



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Last edited by NYguy; Feb 19, 2019 at 10:59 PM.
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  #3952  
Old Posted Feb 20, 2019, 12:33 AM
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[QUOTE=NYguy;8480049]



I'm still trying to figure out what that corner platform purpose is-----?
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  #3953  
Old Posted Feb 20, 2019, 1:23 AM
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Originally Posted by NYguy View Post
No, they could have built higher as-of-right. There are no height limits on the site, like most of Midtown. There was a restriction on the height placed there by City Planning and also for this particular design because city planning actually liked it that much - and yet didn't feel the top was worthy of the greater height. If it had come just a few years later...
well if that isn't some real double talk. not by you, but by the city. i mean if they could build higher as of right, and city planning made them cut the height, then as of right doesn't mean much. its sure not easy to build around here!
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  #3954  
Old Posted Feb 20, 2019, 4:10 AM
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Originally Posted by mrnyc View Post
well if that isn't some real double talk. not by you, but by the city. i mean if they could build higher as of right, and city planning made them cut the height,
then as of right doesn't mean much. its sure not easy to build around here!
Well that depends. Look at all of the taller towers that went up in the area. They were built as-of-right, which made the NIMBYs angry. Maybe some of the designs could have been better,
but this tower suffered because the design itself wasn't something that was able to be built as-of-right, they needed special permits because it doesn't conform to zoning.




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  #3955  
Old Posted Feb 20, 2019, 4:22 AM
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Beautiful building.
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  #3956  
Old Posted Feb 22, 2019, 1:06 AM
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  #3957  
Old Posted Feb 22, 2019, 4:49 AM
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^ yeow! i dk where that view pic is taken from, but its gotta be best angle possible of the whole of the tower.


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  #3958  
Old Posted Feb 22, 2019, 4:57 AM
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one more from today — via sunnyside yards stop n shop parking deck


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  #3959  
Old Posted Feb 24, 2019, 5:20 AM
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https://www.instagram.com/p/BuPM6_jFsMW/

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Liebherr 542 Tower Crane take down at 1000ft. Inches to spare as the building tapers out. Great job with a solid crew.

























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  #3960  
Old Posted Feb 24, 2019, 9:56 PM
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Ridiculous.
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