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Originally Posted by JSsocal
Not sure if this is a net gain. Losing 1.5m sf of office space in a more then decent building for ultra-luxury units isn't beneficial to the area, and it's not the best use of this parcel, (as we know its very hard to find big rectangular plots in midtown east).
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Yes and no. The building is about 20% vacant, and I'm sure whatever redevelopment of the site as office would be, it would not be the $7 Billion they are planning with the new scheme. So yes, from that standpoint, the condo tower would be the best use of the site. The retail portion of the development is more valuable (in terms of space) than the office at this point. That's the one aspect that will stay regardless. Now, if someone could put a 4 - 5 msf office tower on the site, that would probably change. But a 2 msf or less tower wouldn't amount to the value they are seeking.
https://www.bloomberg.com/news/artic...er-not-correct
Anbang Says 'There Is No Investment' in Kushner Office Tower
by Caleb Melby and David Kocieniewski
March 14, 2017
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One day after Bloomberg News reported on a potential deal between Anbang Insurance Group and Kushner Cos. for a Manhattan office tower, the Chinese insurer said it hadn’t invested in the building.
...The three companies involved didn’t dispute the details of the financing proposal, which was shared with them prior to publication.
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Of course, this is obviously true.
Another view of the potential development site, along with the rising 53W53 and 111 W. 57th.
marcos2077
