Quote:
Originally Posted by jackster99
Please tell me that junky low rise white building on the left will be torn down. Some absolute beauties were torn down on this block, it will be a travesty if that POS remains.
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Vornado owns that eyesore. If they do a JV with Sedesco, that PoS will be incorporated into a new project, though I don’t think that it can rise any higher. Presumably, though, it would get a new facade that's consistent with the whole site.
A JV makes sense for multipe reasons. First, Vornado is probably better situated than Sedesco to build and market an uber-sybaritic tower. Second, a JV would yield the rights to build a much taller tower, which is significant in light of, among other things, presumed future development at 36 C.P.S. Third, absent a JV, Sedesco's new tower will stand next to a weed-strewn lot apropos of Gahena for quite some time, as Vornado/LeFrak don't seem to be in any rush to develop their heinous bit of Tartarus on 57th. The same is true vis-a-vis Vornado's filthy, above-noted eyesore, 49 W 57th.
Michael Young