Quote:
Originally Posted by tonyo
In Toronto, Brookfield is in the process of building a new office complex, the Bay Adelaide Center, whose later phases may be built on spec. If Brookfield likes Manhattan as much as Toronto as Clark seemed to suggest, could that mean the REIT may in fact go ahead with the 9th Avenue project, especially if it doesn’t win the right to develop the rail yards?
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That's a question that can't be answered in the short term.
Quote:
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Brookfield’s project is no simple matter. More than half of the five-acre site is over railroad tracks, which extend from Pennsylvania Station to the West Side railyards. Brookfield must build a three-acre platform, while trains continue to run below, before it can start putting up its first building. It hopes to sign a major tenant during the two years the job is expected to take.
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But two years is a lot of time to work it out. I was surprised with the speed tenants were found for the west side railyards, and this site sits in between that and the MSG/Penn Station development - both developments larger than this one. I'm confident they'll get a tenant, even if it's just spillover. This will be the key that ties it all together.