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As far as the Park Lane goes, by the time that that fetid piece of excrement is dismantled and a new tower risers, there will be massive demand for super luxury condos. |
Do you guys really think there will be a demand for new premium office towers and condos when we emerge from the oncoming severe recession (or even depression)? I’m honestly seeking opinions, wondering how things will be affected here too. In addition to much wealth disappearing, won’t many businesses become even more accustomed to employees working from home?
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Remember, this is also happening at the same time that millennials are starting families and (if they can swing it) looking to buy homes. They don't necessarily want homes in the suburbs specifically, but urban real estate is out of reach for a great many people, especially if they want access to good public schools or if they need to budget for private schools. So they get pushed into suburban markets, especially older suburbs from the 1950s and 60s with more starter homes. And prime suburban office sites (near malls, major interchanges, etc) can be scooped up by businesses for a steal. This is not pre-determined, but it's something that city leaders in every major city should be prepared to fight. |
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I think it's waaaay to early to speculate the timing/extent of economic rebound and the impact on future locational decisions. I am more worried about the former than the latter; there is no obvious reason to think that a segment young people aren't gonna prefer cities because there was a virus. You aren't safer from a virus in suburbia (or anywhere, really), unless you completely forego restaurants, social gatherings, public parks, concerts, sports, etc. Most people aren't gonna be willing to permanently forego human interaction because of a one-time event.
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This discussion always comes up everytime something happens, certainly after 9/11. But the most important thing to remember is the new office construction in NY is driven more by lease expirations. There are times when it will slow down, which is why you are seeing so much of it being built now. Another of the biggest factors you are seeing drive construction is the age of NY office stock - most of it is old. There are a lot of buildings here, sure, but they are very old. Manhattan's CBDs will never empty out. Could or should more people work from home? Maybe. But it would be a drop in the bucket. New York will still need to house it's companies. Leases will run out. And due to the nature of construction, which can take years, the planning always has to begin years ahead of time. And this tower in particular won't just be run-of-the-mill new office space. It will be the rare new premium space sought after in east Midtown, where there really isn't much. For all of it's size, 270 Park Avenue won't be leasing any space to outside tenants. Tower Fifth and 350 Park are years away from happening (just like this one). The demand will be there. |
https://www.bisnow.com/new-york/news...l-sheet-103445
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https://www.pincusco.com/tf-cornerst...al-air-rights/ TF Cornerstone and RXR Realty pay $32M to MSD Capital for stake in Grand Central air rights |
I really hope that they expedite the closure and demo of this hotel! :cheers:
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I think mega tall is 1650 feet?
In any event, isn't the height pretty set in stone? |
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