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

[Ed007Toronto]

Funny how construction is going full out without proper render being released.

[NYguy]

Originally Posted by Ed007Toronto

Funny how construction is going full out without proper render being released.

We've been getting that lately. Maybe they want to wait until all design details are final before releasing a proper rendering. It happened with the Gehry tower and One57 also.


May 24, 2012


www.432park.com

[dshane73]

I don't find it funny at all. Renders released to the public are sales pitches. If its funded and zoned there's no reason to release one. Other than for people on site like this to get off on.

[Yankee fan for life]

I have been wondering will 432 be seen here in Brooklyn ?

[Roadcruiser1]

Originally Posted by Yankee fan for life

I have been wondering will 432 be seen here in Brooklyn ?

It will be. Although it will look shorter it will be visible from Brooklyn Bridge Park. Look for a tall box behind the Empire State Building.

[Rational Plan3]

Originally Posted by dshane73

I don't find it funny at all. Renders released to the public are sales pitches. If its funded and zoned there's no reason to release one. Other than for people on site like this to get off on.

I take New York does nor require and design and acess statement as part of it's planning process with renders of views from nearby streets.

[NYguy]

Originally Posted by dshane73

I don't find it funny at all. Renders released to the public are sales pitches. If its funded and zoned there's no reason to release one. Other than for people on site like this to get off on.

Sales pitch, publicity, call it what you like. No one likes to build anything in secret because it defeats the purpose. Who will be interested in your building if no one knows anything about it? Usually when dealing with zoning issues, renderings are only required as they relate to the zoning "envelope". And renderings were being released to the public long before the days of the internet and sites "like this", so there goes that theory. Patience is all that's needed here.

[Ed007Toronto]

I don't find it funny at all. Renders released to the public are sales pitches. If its funded and zoned there's no reason to release one. Other than for people on site like this to get off on.

In Toronto developers have to sell up to 70% of the units before they can get construction financing to build. Because of that they need renders to help sell the project. Is this not the case in New York or are the developers using their own money to build?

[mrnyc]

there is no presale requirement nor are final renders needed.

the site and building are owned by cim group, who are foreigner israeli investors and i believe local developer harry macklowe is still somehow involved.

it seems to be a matter of cim fronting more loot to really get the construction going. isnt it always? ha. i read they need around $700M from banks and others for the $1B building to make it so:

http://online.wsj.com/article/SB10001424052970203658804576639543415136636.html

not sure how much of this cash has been secured at this point? we will know more only as (or if) construction picks up. as of now some rebar and dirt movement is a good sign that something is moving along in the right direction, even if at a slow pace at this point.

[Crawford]

Originally Posted by Ed007Toronto

In Toronto developers have to sell up to 70% of the units before they can get construction financing to build. Because of that they need renders to help sell the project. Is this not the case in New York or are the developers using their own money to build?

In NYC, it's kinda reversed. You can't even get approval to sell units until you have approval from NY State Attorney General, and this usually follows construction financing.

But I'm guessing in Toronto they don't actually have to sell the units for financing, right? You mean they have to put down deposits/sign a contract or something, I assume. How can you sell something that doesn't exist?

[dshane73]

Originally Posted by NYguy

Sales pitch, publicity, call it what you like. No one likes to build anything in secret because it defeats the purpose. Who will be interested in your building if no one knows anything about it? Usually when dealing with zoning issues, renderings are only required as they relate to the zoning "envelope". And renderings were being released to the public long before the days of the internet and sites "like this", so there goes that theory. Patience is all that's needed here.

And that is exactly my point. The building is under construction without a "render". Someone is already interested.

Sites like this just make it easier for more people to see. Renders released prior to the internet still were passed around like the — they are here.

And for the record I am here for construction —. But I like detailed blueprints better than cartoons.

[Ed007Toronto]

But I'm guessing in Toronto they don't actually have to sell the units for financing, right? You mean they have to put down deposits/sign a contract or something, I assume. How can you sell something that doesn't exist?

In Toronto you put down a deposit. 5% every 3 months up to 20%. The money is put into trust with a lawyer. You don't actually own the unit until it is built and registered with the province. If the building isn't built or the developer goes under the deposit money is returned with interest.

[yankeesfan1000]

On topic, watching the progress on this tower on their cam is addicting. The dimensions of this tower will make it an icon regardless of the facade or exoskeleton. Once this gets to street level, this should rise incredibly quickly as well. Can't wait.

[kickser]

I wonder what kind of lighting is possible for this tower, given the fact it´s a residential building, which can´t have fancy bright lighting.

[JACKinBeantown]

Originally Posted by RobertWalpole

Known supertalls coming to Midtown:

9. 432 Park


www.wsj.com

Be that as it may, in the rendering he posted, it seems as if this tower looks slightly thicker than in images I've seen before. Maybe because it's at close to a 45º angle.

[Eidolon]

In addition to the supertalls RW mentioned, there will be several more in the Far West Sude such as Sherwood Equities' 34th &10th, Extell's WPC site and 33rd & 10th (has the potential to be truly massive), and these are only a few of the commercial properties with over 1,000,000 sf of air rights in that area.

Several more supertalls in the area of the proposed midtown rezoning such as 425 Park and 237 Park will become possible should the mayor's plans for this area go through, which seems very likely considering it is being fast tracked. Then there is the approaching redevelopment of the Javits site which will probably yield the tallest skyscrapers in the city and maybe even #fingers crossed# New York's, or even America's first hypertall.

It's going to be a very busy decade to say the least.

[NYguy]

Originally Posted by dshane73

And that is exactly my point. The building is under construction without a "render". Someone is already interested.

Enough to get the building fully built? Not yet, but when the building is fully marketed, you'll have renderings.

[babybackribs2314]

There are definitely renderings/drawings, as the WSJ says they have a 67-page document confirming a 1,395' roof height. Units starting at $4,500 a square foot, too.

[NYguy]

http://blogs.wsj.com/developments/2012/05/29/details-revealed-for-super-tall-tower-in-new-york/

Details Revealed for Super-Tall Tower in New York

By Eliot Brown and Craig Karmin
May 29, 2012

The site of the former Drake Hotel on New York’s Park Avenue has long been a subject of fascination in the development world, given its prime location on a vaunted boulevard that’s barely seen any construction in a half-century. Now new details are emerging about the soaring condo tower planned for the site by its owner, the CIM Group, which scooped the property at 56th Street up in the depths of the downturn for $305 million.

CIM, the Los Angeles-based private equity fund, has been out looking for partners in its project, and in recent months circulated a packet in which it and its advisers at Citigroup sought to cobble together more than $100 million from investors putting in at least $1 million each. Within the 67-page document—reviewed by The Wall Street Journal —are a collection of striking images of what would be the tallest residential tower in the U.S. at 1,395 feet as well as a number of other interesting factoids about the tower, called 432 Park:

-The tower, designed by Rafael Viñoly and developed by Harry Macklowe, is expected to cost $1.2 billion; when everything is completed, CIM projects it would net $2.5 billion from sales of residential units and and other space, which is mostly retail.

-Its 128 units would vary in size from 1,390 square feet to more than 8,000 square feet.

-The expected average sales price is $4,500 per square foot, which would be below recent resales at the Time Warner Center and asking prices at One57.

-CIM expects to pre-sell 40 of them, and then sell four per month; closings are expected to begin in October 2014, and the building is planned to hit “substantial completion” in April 2015.

-There would be 25 studios “to house residential support staff.”

-The retail would run along 57th Street with 101 feet of frontage

[eseninobrandon]

Originally Posted by yankeesfan1000

On topic, watching the progress on this tower on their cam is addicting. The dimensions of this tower will make it an icon regardless of the facade or exoskeleton. Once this gets to street level, this should rise incredibly quickly as well. Can't wait.

they have a cam? can u gimme a link?