[NYguy]

Originally Posted by WIGGLEWORTH

The massive skyscrapers are only inefficient in the way their space is being allocated. If we had dense, quality highrises being built I dont think there would be such a problem... but what we have in the market right now is a craving for ultra-luxury, ultra-wasteful high rise apartaments.

There's nothing "wasteful" about ultra-luxury towers. They aren't replacing office space which requires land for larger floorplates. What would you rather have, those luxury mansions stacked vertically on top of each other, affecting very little footprint in the city, or sread out horizontally? The answer should be obvious.



http://nypost.com/2015/10/26/kkr-nea...-hudson-yards/

By Steve Cuozzo
October 26, 2015

There are rumored jumbo-space hunts which fizzle out before a deal is actually made, and then there are real ones. In the latter category is a search by UBS, which is methodically prowling for between 700,000 square feet and 900,000 square feet in Midtown.

The bank is not expanding but contracting: It recently scaled back its presence in Stamford, Conn., and at 299 Park Ave. in Manhattan. Its main business center is at 1285 Sixth Ave., where it has 900,000 square feet.

UBS must move because AXA, which owns 1285 Sixth with JP Morgan Asset Management and also owns by itself 787 Seventh Ave., has put both towers up for sale for a hoped-for $4 billion. We’ve learned that AXA has told UBS it won’t renew its lease, which is up in 2020.

Sources say UBS has seen or soon will see presentations by representatives for at least five possible new homes. Three are existing towers: the Durst Organization’s 4 Times Square, Related’s Time Warner Center at Columbus Circle and Rockefeller Group’s 1271 Sixth Ave. Two others are under construction — SL Green’s One Vanderbilt and Brookfield’s One Manhattan West.

Durst’s 4 Times Square will be empty when Skadden Arps leaves in 2020 (for Manhattan West); TWC will be available when Time Warner moves to 30 Hudson Yards in 2019; and 1271 Sixth when Time Inc. leaves for Brookfield Place downtown over the next two years.

Meanwhile, both One Vanderbilt and One Manhattan West will be completed in time for UBS in 2020. UBS is expected to issue a formal request for proposals once its preliminary look-sees at all the properties are completed.