( JUNE 21, 2013 )


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Nice and tidy across the street...

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Mixed use in this case, of course, can be seen as a blessing in that tenants on the res side are easier to come by. Especially intriguing is how many potential residents will crash the gates to sign up for penthouse space in a skyscraper *at least* 500' taller at that level than One57.
Plus, look at it this way. Residents who want to snag fine apparel at upscale pricies as ridiculous as their rents won't have far to go. In fact, they won't even have to leave the building.

Remember that Nordstrom will own its piece of the building, and has already committed $600 million towards construction costs. So figure a $1 billion loan for the remainder, and Extell will have to put down some money of its own (I assume).

And I really hope Vornado gets going on their lot just to the north. It would be amazing to see these two towers rise simultaneously. I know Extell and Vornado are still negotiating over the particulars for the Vornado site on Central Park South.

It would be nice if they could tear down all those horrible apartments, too.

That's not happening, at least not anytime soon. Those are the backs of apartments facing Central Park, and worth mondo bucks in their current state. It's frankly surprising that Vornado managed to even empty 220 CPS at all

220 CPS was a rental building, so they could just end the leases. Of course there were some rent-controlled tenants who had to be paid millions of dollars to get them out.

That's kind of my point though. Such incredible real estate deserves spectacular buildings.

I wonder which will announce financing first, this one or the Tower Verre...


http://www.globalconreview.com/news/...sks-china-1bn/


New York developer asks China for $1bn


26 June 2013

F****** unreal it's come to this. I don't particularly care how its financed, but what does it look like that in the American financial capital, it takes a Chinese bank loan and even a Chinese builder to construct this project. Domestic banks ought to be ashamed of themselves, but we all know that isn't even possible.

This, 30 Park Place, Tower Verre have needed an injection of foreign capital. Of course a lot of the future owners of apartments will be foreigners as well.

Doesn't bother me at all. As long as more supertalls are getting built, the skyline will offer more surprises.

If that's part of the condition for getting financing, so be it. New York is a global city. The fact that this tower could get financing from outside the country speaks more of that "star power" (and proven record of late) the city has with these developments. Ten years from now, when I'm looking up at this tower on the skyline, the last thing on my mind will be who financed its construction and which company built it. Unless, of course, there is no one to finance it. But New York has been getting a lot of investment from outside the country.

Shocking, even with all this money printing.

The unions aren't going to be very happy about that.

Well, earning $40+ / hour is maybe a bit too pricy for him (one of the reasons the new WTC costs so much).

Yeah how could we possibly ask a building for people making 1000 dollars an hour be built by ones making forty. The heresy.

Foreign banks offer lower loan terms than domestic banks, because they're eager to break into the U.S. market. I don't see why this is a problem.

Not surprisingly, developers prefer the more favorable rates offered by non-U.S. banks.



The Chinese contractor is a joint-venture with an existing NYC construction manager. It has nothing to do with unions or labor costs.

This building will be the same union labor as in other major projects.

I don't see a problem with it. This tower will bring jobs. Besides the construction, there is a very large store at the base that will employ many. Ask the people who may get those jobs if they care about the financing or who builds the store.

The Fed offers loans to banks at ridiculously low rates so that they can then offer loans to people/corporations who need them. That's the problem with it. The banks can afford to finance a project like this... they just choose not to. Apparently that's not the way to make the most money even when given loans at rates much lower than average people or students can get. (and yes, this is on subject.)

I totally agree with you on this, Mr. NYguy! :cheers:

You can't think of NYC without thinking about the UN. So let's celebrate this major initiative going on here! :tup: