Quote:
Originally Posted by Submariner
Turning it into an office makes the most sense. The site has a lot going for it and is prime for a trophy tower (large foot print, no land assembly, big FAR). However, the market for large towers may be temporarily or permanently depressed by COVID. We will see...
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Well, it obviously wouldn't be built tomorrow. Companies that need large spaces mostly sign because current leases have expiration dates coming up a few years down the line. Anything built here would be at least 6 or 7 years away, taking into account demo and everything else. But the planning alone could take a couple of years. That would mean bringing in a partner, gathering approvals, etc. There will always be a market for large towers, even with temporary dips. Truthfully though, the 1.6 msf they would get out if this site isn't really so large by NY standards. Too many big boys over 2 msf, both new and old. It's the location that makes this site stand out.