NEW YORK | 432 Park Avenue (Drake Hotel dev.) | (1,396) FT / 432 M | 89 FLOORS - Page 44

NYguy · #**861** Posted **Dec 21, 2011, 2:54 PM**

Checking in on our cam, 9:49 a.m.

www.432park.com

NYguy · #**862** Posted **Dec 21, 2011, 5:21 PM**

http://therealdeal.com/newyork/articles/cim-s-shock-and-awe

CIM's shock and awe
Out-of-towners take Manhattan, jumping on projects before rivals, sometimes at high prices

December 02, 2011

Quote:

...It's unclear whether CIM got involved with the Drake site through Macklowe, who was fighting off foreclosure at the time, or iStar. However, when CIM arrived in late 2009 it agreed to pay off some 10 creditors, who held a total of $510 million of the debt, some at severely discounted rates.

That property still carries a significant degree of risk. According to news reports, CIM is planning to build a $1 billion condo and retail complex there. The site could include the tallest residential tower in New York. But to develop the site, CIM still needs to obtain a construction loan of as much as $700 million, no easy task in today's market. Yet they may be just the owners to do it.

Joshua Barbar, an analyst at investment banking firm Stifel Nicolaus who covers iStar, said that though construction lending has come back in recent years, in order to get a loan, he believes CIM will need to obtain at least some commitments from tenants willing to move in once the building is complete.

In October, Shemesh told the Wall Street Journal that he was confident CIM would get the loan. "We have long-standing relationships with lenders," he noted. "We anticipate our construction financing to be in place well in advance of any sort of deadline."

Meanwhile, CIM has continued to tap Macklowe's expertise as it's bought up the brownstones surrounding the Drake site (including 46 East 57th for $42.5 million and 42 East 57th for $32.4 million).

Dac150 · #**863** Posted **Dec 21, 2011, 5:24 PM**

Very positive article.

Dylan Leblanc · #**864** Posted **Dec 21, 2011, 5:27 PM**

hey neat that webcam link actually has a streaming video!

http://www.432park.com/

kingcity · #**865** Posted **Dec 21, 2011, 9:25 PM**

i love that webcam

but a webcam is normal for a 400+ building^^

Fluffybagel · #**866** Posted **Dec 22, 2011, 1:26 AM**

I hope they complete it. It'll add a more interesting modern building to midtown, aside from the BofA

Imo, of course.

YSL · #**867** Posted **Dec 22, 2011, 9:48 AM**

Quote:

Originally Posted by kingcity

underground parking?

yes

RobertWalpole · #**868** Posted **Dec 23, 2011, 9:23 AM**

There's great demand for these units.

http://online.wsj.com/article/SB10001424...7644092.html?mod=WSJ_NY_MIDDLETopStories

NY REAL ESTATE RESIDENTIALDECEMBER 23, 2011.New Sky High In Manhattan

By JOSH BARBANEL

Quote:

Despite sluggish sales in the rest of the Manhattan apartment market, demand for New York's most-expensive trophy properties has been soaring, drawing multimillionaire buyers from around the world and even some at home.

$30.6 million: 80 Columbus Circle, PH76B. Condos sold at the Time Warner Center, pictured, and the Plaza were among 2011's priciest.
.Brokers say that there is a shortage of trophy apartments—those with unrivaled views and features and international bragging rights—that has driven prices on some properties far above levels seen during the real-estate boom, at least on a per-square-foot basis.

The latest trophy example came this week, when a Russian billionaire, Dmitry Rybolovlev, issued a statement saying his 22-year-old daughter, Ekaterina, a student, was in contract to buy one of the best-known apartments in New York: the sprawling penthouse with a wrap-around terrace at 15 Central Park West.

The apartment was owned by Sanford I. Weill, the former chairman and chief executive of Citigroup Inc., who said he would donate the proceeds to charity.

Mr. Weill decided to list the 6,744-square-foot penthouse on the 20th floor at $88 million last month, a breathtaking price for the New York market, where the previous high sale had been a $53 million townhouse sale back in 2006.

NYguy · #**869** Posted **Dec 28, 2011, 7:45 PM**

Cam update from today (2:30 pm)

www.432park.com

NYguy · #**870** Posted **Dec 30, 2011, 10:17 PM**

A look at the action on the 57th Street side...

(December 30, 2011)

towerpower123 · #**871** Posted **Jan 3, 2012, 7:58 PM**

I looked at the webcam today at 2:55 PM and there was some movement but not much. About a dozen workers were carrying tools and one was doing something by one of the excavators, but none of the machines were moving. Time to finish that site preparation!

NYguy · #**872** Posted **Jan 3, 2012, 10:16 PM**

Looked at the cam earlier in the morning, there was some excavation, cement, assume they still have a schedule to keep. Here's a shot from a few minutes ago...

www.432park.com

Meanwhile, a swipe at the Vinoly design?

http://www.observer.com/2012/01/shiny-ch...ew-renderings-thoughts-on-one57-bonanza/
Shiny! Christian DePortzamparc Shares New Renderings, Thoughts on One57 Bonanza

By Matt Chaban
Jan 3, 2012

Quote:

Christian de Portzamparc...told the IBT that the building is a tribute to Central Park, of which it will have commanding views, as well as the skyline itself, where the new tower will “evoke the energetic cascade of New York’s verticality.”.....He also believes architecture can do more than it does for humanity and society. “We need to rediscover the essence of the meaning of ‘the use,’” Mr. de Portzamparc said. “Architecture is above all here for a better living. Every gesture, every shape must be justified by various reasons that would reinforce their reason to be, their use, and will give more sense to their beauty.”

What does Rafael Viñoly have to say to that?

http://online.wsj.com/article/SB10001424...mod=WSJ_NY_RealEstate_LEADNewsCollection

432 Park Ave.
Developer: CIM Group/ Harry Macklowe

Outlook: Good

Quote:

In one of the largest Manhattan purchases of the downturn, in January 2010, Los Angeles-based CIM Group picked up one of the country's most desirable development sites: 432 Park Ave., home of the former Drake Hotel.

Now the firm, working with developer Harry Macklowe, wants to build a 1,300-foot tower filled with condominiums and retail space.

In the past year, the market for high-end condos has been strong, although remaining below peak levels.

Still, CIM is in a good position to build. The main remaining hurdle is securing financing from lenders at a time when few banks are willing to give large loans for condo projects, even in Manhattan.

Zapatan · #**873** Posted **Jan 4, 2012, 8:44 AM**

This'll be a good one, although they do have air rights to 1420 feet, they should certainly use all of them...

NYguy · #**874** Posted **Jan 5, 2012, 2:56 PM**

^ Plans have not been filed for the entire building, so we'll get an idea of the final height then. Could be higher than what we have, could also be less.

Cam shot today, 9:54 am

www.432park.com

Stained · #**875** Posted **Jan 6, 2012, 2:09 AM**

I am fairly new to all this, but if a lot, especially one as prized as this, has air rights to 1420 feet, why would the developer not try to use as much of that as possible? I understand that we do not have a final design. I was merely curious.

UrbanImpact · #**876** Posted **Jan 6, 2012, 2:27 AM**

Quote:

Originally Posted by Stained

I am fairly new to all this, but if a lot, especially one as prized as this, has air rights to 1420 feet, why would the developer not try to use as much of that as possible? I understand that we do not have a final design. I was merely curious.

Sometimes building so tall is not so profitable for the developer.

Stained · #**877** Posted **Jan 6, 2012, 2:55 AM**

I understand that, but why would you purchase that much in air rights? Oh, I guess they had to in order to secure 1300+ feet?

THE BIG APPLE · #**878** Posted **Jan 6, 2012, 4:04 AM**

Quote:

Originally Posted by UrbanImpact

Sometimes building so tall is not so profitable for the developer.

In terms of residential, the taller the better. The higher the more valuable the upper floors become, and the pricier the housing becomes. Taller is ALWAYS more profitable for any developer, especially if the tower is in the middle of prime Manhattan real estate and views.

Zapatan · #**879** Posted **Jan 6, 2012, 4:06 AM**

Having the highest rooftop in the city would also be a good claim to fame, also, just imagine how much a Sears tower sized building would stand out next to central park. Crazy.

Stained · #**880** Posted **Jan 6, 2012, 4:20 AM**

Quote:

Originally Posted by THE BIG APPLE

In terms of residential, the taller the better. The higher the more valuable the upper floors become, and the pricier the housing becomes. Taller is ALWAYS more profitable for any developer, especially if the tower is in the middle of prime Manhattan real estate and views.

That is what I was thinking and why I asked if we could potentially see 120 feet of air rights "wasted." It would not make any sense to me: maybe for an office tower, but not for a residential one.