NEW YORK | 350 Park Avenue | 1,413 FT | 62 FLOORS

[SkyHigher]

Originally Posted by NYguy

I see you lack basic comprehension. Go back and read the article you posted, and tell exactly what it has to do with Blackstone’s plans for 1 msf of space. As far as when the project would start, anyone coukd tell you that yhings of this magnitude (and frankly much less) are planned out years in advance. In fact, even if you didn’t know that, and spent just a little time on this forum, it’s something you should know already.

The article is relevant because a week later Blackstone claim they still want to push ahead with the project. All these dates are irrelevant as the city and the world is facing an ongoing crisis. So a start date of 2023 is horse shit.

After what he said last week would have dented confidence so another 'puff piece' was required a week later.

Google has said it's keeping staff at home until July 2021 at the earliest. Therefore, Hudson Yards having already lost it's mall anchor tenant is not going to best pleased. Add the massive lost of tourism and less hotels stays a year on the over rated, over priced Hudson Yards is not looking so good.

So. Why can't you get it into your thick skull??!!! New York City et all is never going to be the same again. THIS is the new normal. Who in their right mind is going to bankroll something like this and many of the other projects. There is too much risk involved in the biggest crisis the city has faced since the 1930's.

A crisis the city will never fully recover from and to do so will need to evolve in terms of office space.

[NYguy]

[QUOTE=SkyHigher;8996658]The article is relevant because a week later Blackstone claim they still want to push ahead with the project. [/quite]

SO, you’re telling me you still haven’t read it.

All these dates are irrelevant as the city and the world is facing an ongoing crisis. So a start date of 2023 is horse shit.

Now, you’re just showing your ignorance. The dates are damn well relevant, because they involve lease expirations on both sides.

After what he said last week would have dented confidence so another 'puff piece' was required a week later.

Google has said it's keeping staff at home until July 2021 at the earliest. Therefore, Hudson Yards having already lost it's mall anchor tenant is not going to best pleased. Add the massive lost of tourism and less hotels stays a year on the over rated, over priced Hudson Yards is not looking so good.

You’re a fool. The Hudson Yards is booming, even the retail space - which by the way has been affected worlwide - is already being sought after.

So. Why can't you get it into your thick skull??!!! New York City et all is never going to be the same again. THIS is the new normal. Who in their right mind is going to bankroll something like this and many of the other projects. There is too much risk involved in the biggest crisis the city has faced since the 1930's.

So, since you have shown yourself to be unwilling to comprehend basic understanding, I’m just going to assume you are someone out to troll, and will no longer entertain you on this issue.

[Crawford]

Originally Posted by SkyHigher

The article is relevant because a week later Blackstone claim they still want to push ahead with the project.

Blackstone is searching for a new HQ right now. I don't know what you're talking about re. "push ahead with the project"; they're taking proposals right now.

Originally Posted by SkyHigher

All these dates are irrelevant as the city and the world is facing an ongoing crisis. So a start date of 2023 is horse shit.

I have no idea what this means. Again, they're doing it right now. Pretty sure Blackstone is aware there's a pandemic; that doesn't mean they don't do any planning.

Originally Posted by SkyHigher

After what he said last week would have dented confidence so an
other 'puff piece' was required a week later.

What does this mean? Are you actually reading the thread? You think CEOs are cartoon characters or something?

Originally Posted by SkyHigher

Google has said it's keeping staff at home until July 2021 at the earliest.

Wrong. Google is giving employees WFH option till mid-2021, like basically every major company in the U.S.

Originally Posted by SkyHigher

Therefore, Hudson Yards having already lost it's mall anchor tenant is not going to best pleased.

Also wrong. Related kicked out NM; not the other way around. NM is bankrupt and parent company took a buyout because they need $$.

Originally Posted by SkyHigher

Add the massive lost of tourism and less hotels stays a year on the over rated, over priced Hudson Yards is not looking so good.

This is all dumb. Are you posting in the wrong thread or something?

HY isn't a tourist attraction; it's a commercial complex. This thread is for 350 Park, which is nowhere near HY. And then WTF with bringing up Google, which is nowhere near Park Ave. or HY. Have you ever even been to NYC?

What does tourism during a pandemic, Google, and Hudson Yards have to do with 350 Park and Blackstone's office search? Are you just randomly trolling?

[NYguy]

https://seekingalpha.com/article/4364384...q2-2020-results-earnings-call-transcript

Vornado Realty Trust (VNO) CEO Steven Roth on Q2 2020 Results - Earnings Call Transcript

Aug. 4, 2020

Steven Roth

Thanks, Cathy, and good morning everyone.

I hope all of you are continuing to stay safe and healthy. Yesterday, after the close, we announced a very important 730,000 square foot lease with Facebook at our Farley Building. We normally don't go for the drama of timing deals with earnings call, but this one just worked out that way. This deal has been in the works for a while, and has not been a secret in the marketplace.

People have been speculating, will a - even a great company such as Facebook committed in the middle of the pandemic crisis? Will they commit their physical assets in light of all the work from home stuff? Will they continue to expand in New York, in effect doubling down? We now know the answer to these questions is yes.

This commitment is a dramatic statement from one of the most important global tech companies, that even in the midst of a pandemic, commerce must continue. This deal reinforces New York City as a great and unique place to do business, with an unlimited highly educated workforce. New York continues to be the place to be.

Farley is an unique property like none other in New York that occupies a double-wide block. It is actually part of the Penn Station Complex, the busiest transportation hub in the nation, across the street from Madison Square Garden, you get the picture.

220 Central Park South is the most successful residential development ever. We are 92% sold or under contract, and we are now reaping the financial rewards from 220. It is a financial engine feeding our liquidity and financial strength.

Year-to-date, through July, we are closed on 13 units for net proceeds of $598 million, all of this during the health crisis. From inception through July, we have closed 67 units for net proceeds of $2.42 billion. We expect closings in the balance of the year will bring in an additional $496 million in net proceeds.

Michael Franco

With the city reopening for construction in mid-June, our development efforts have resumed in the Penn district. At Farley, we are targeting a December opening at the Moynihan Train Hall, along with some limited retail openings and first delivery of office space in January 2021.

Retail demand is strong here given the expected daily foot tract. Farley, PENN 1 and PENN 2 are the center point of our vision to transform Penn district, the new eco center of New York, where we will be delivering for tenants, cutting edge, next generation, health and wellness environments, amenities and services unmatched anywhere.

Even during the shutdown the reactions in the brokers community and multiple perspective tenants for PENN 2 bustle design has been outstanding. And we are confident, this is exactly what tenants want as we emerge in a post-COVID world. As we have said before, these three large Penn district projects are debt free and are being funded out of our balance sheet, including the aforementioned proceeds in 220 Central Park South closes.

As these projects are completed and leased up, they will generate large accretive earnings. Beyond our developments, broader district improvements continue to progress also. The 33rd Street Long Island Railroad entrance is almost complete and on schedule to open this December, adding another signature elements to the district and improving the experience for commuters.

Steven Roth

Your comment specifically went to the Hotel Penn. I don't really have much to say about that except that, as we continue to march - to march along from the Farley Building to 2 PENN, to 1 PENN, et cetera, the Hotel Penn is arguably one of the top two or three development sites that are available in the city. By the way, at 350 Park Avenue, many of the people in the marketplace think is the single best development site. But be as it may be. I couldn't resist getting the plug in.

Steven Roth

The other thing, by the way, is the design of the building with the bustle creating the overhang, creating the prominence, creating the entrance to Penn Station, et cetera. I mean, it has got universal applause.

And so, we're pleased about that. There is an elephant company that's in the marketplace that is looking - by the way, it happens to be looking at both 350 Park Avenue, and 2 Penn, which is an interesting combination of locations. And their boss basically said that going through the renderings and the presentation that he thought that the design and the bustle were extraordinary piece of architecture and we agree with that.

Jamie Feldman

Okay. Thanks for the color. And you're saying that the tenant looking at 350 Park and 2 Penn, they would only take one. They are not --

Steven Roth

Glen is good, but he can't sell a space twice. No, they would only take one.

Alexander Goldfarb

....Next, I was going to give you a plug for talking to Steve Schwarzman, your buddy about anchoring 350, but sounds like Glen is also trying to sell him on Penn Station. So look forward to that as well.

Steven Roth

Well, first of all, I'll pass the congrats off to Glen and David. Second of all, don't make that conclusion. It's not a good conclusion.

[JMKeynes]

I hope that 245 Park also is redeveloped soon.

This is one of the worst buildings on Park IMO. It also occupies a full block on Lex, and unlike J Lo, its rear end is disgusting.

[NYguy]

The two that will go to make way for this tower...(Tower Fifth would also rise in this view at the other end).


AUGUST 7, 2020

[NYguy]

Surprisingly good depictions....(for this type)


https://twitter.com/nastycrafting/status/1294594071059550210

[MercurySky]

I love this building design, very unique!

[Sky88]

There is only a small error in the image. The tower at the bottom is Taipei 101 and has nothing to do with New York.

[chris08876]

Empire Station is really going to make the skyline crazy with super talls. Its essentially a flower pot that will yield super talls for the next 18 years.

Whats going to be dynamic from a skyline perspective at certain angles will be phase II of HY. We also have the LES cluster that once things return to normal, hopefully 2021/2022, we should see some action there. LES developments might make the most profound impact. Sometimes, its not the sheer height of the towers at hand, but where they are located.

LES, and HY really alter the aesthetics.

[SkyHigher]

Originally Posted by chris08876

Empire Station is really going to make the skyline crazy with super talls. Its essentially a flower pot that will yield super talls for the next 18 years.

Whats going to be dynamic from a skyline perspective at certain angles will be phase II of HY. We also have the LES cluster that once things return to normal, hopefully 2021/2022, we should see some action there. LES developments might make the most profound impact. Sometimes, its not the sheer height of the towers at hand, but where they are located.

LES, and HY really alter the aesthetics.

Sorry to burst your bubble and all but things will never be like they were before. The demand for such new builds will be very different to what they would have been. Some will happen, some won't and some may even get cancelled.

[chris08876]

Skyhigher, Please read the WSJ or the Real Deal or Crain's NY or any business news or read the articles posted to understand the leasing and forecast climate for NYC and its associated projects.

Google, Facebook, Blackstone, IBM... just a few examples as mentioned by JMKeynes.

There's a thread in city discussions, how covid is impacting your city... the discussion is more suitable for there than the 350 Park thread.

[SkyHigher]

Originally Posted by chris08876

Skyhigher, Please read the WSJ or the Real Deal or Crain's NY or any business news or read the articles posted to understand the leasing and forecast climate for NYC and its associated projects.

Google, Facebook, Blackstone, IBM... just a few examples as mentioned by JMKeynes.

There's a thread in city discussions, how covid is impacting your city... the discussion is more suitable for there than the 350 Park thread.

Not derailing, just calling you out. The city is never going to be the same. End of discussion.

[NYguy]

Originally Posted by MercurySky

I love this building design, very unique!

It will probably be refined more. I like the base a lot, the top could use a little work. Depending on what they do here, this could actually be the tallest building on Park Avenue. I expect a nice design from Foster & Partners either way.