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Old Posted Oct 28, 2008, 1:33 PM
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Quote:
Originally Posted by Antares41 View Post
The height on this one has flippped-flopped several times over the past weeks. I believe 709ft was the original and is the most quoted height. I think I must have change my drawing about three times. Glad I had the foresight not to delete my original.
http://www.shangri-la.com/en/property/newyork/shangrila

This one has always been around 709 ft (at one point 715 was quoted). Foster has said he could have designed the tower to reach 800 ft, but didn't think his design worked well at that point.

Meanwhile:

http://www.nypost.com/seven/10222008...745.htm?page=2

LEHMAN CARNAGE HARMING NYC REAL-ESTATE PROJECTS

October 22, 2008

Several commercial real-estate projects in the city now find themselves under clouds of uncertainty as borrowers holding thousands of loans provided by Lehman discover the spigot has been turned off now that the once-venerable Wall Street firm's future rests in the hands of a bankruptcy judge.

RFR Holdings' fabulous Shangri-La Hotel project at 610 Lexington Ave., which still has foundation work underway by Turner Construction, faces uncertainty.

RFR has $145 million in combined acquisition and construction loans from Lehman on the site where Hines Interests is the owner's rep overseeing the daily work on the 712-foot high, 65-story glass tower designed by Lord Norman Foster.

No one affiliated with the project would discuss whether there is equity or other funds on hand to cover ongoing costs, or if further draw-downs will also be frozen in the Lehman mess.

RFR declined comment on the situation.

While spokespeople were unavailable, a person familiar with the Lehman situation concurred that things are moving slowly in the bankruptcy court and that no money on any Lehman loan is allowed to be drawn out.
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