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  #701  
Old Posted Mar 22, 2013, 3:45 AM
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However I actually expected a response in that I'm probably more qualified then most here given I actually work in the commercial real estate development industry.
     
     
  #702  
Old Posted Mar 22, 2013, 3:48 AM
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I admire the sarcasm but believe me I already have done that. I'm sure you know what the outcome would be based on what you just suggested-which was no response
And you just gave up? Perhaps you should call media attention to the issue by either protesting outside the abandoned construction site, or outside of Silverstein Properties. Demand to know where the money is and why cranes aren't moving. If that seems a bit much, then just wait like the rest of us.
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  #703  
Old Posted Mar 22, 2013, 3:52 AM
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And you just gave up? Perhaps you should call media attention to the issue by either protesting outside the abandoned construction site, or outside of Silverstein Properties. Demand to know where the money is and why cranes aren't moving. If that seems a bit much, then just wait like the rest of us.
Sorry but I have better things to do then protest outside of a site. Anyone who actually has a job does. However in the meantime I thought I could at least call Silverstein offices ask (since I said I was interested in a unit) and also question the issue here on skyscraperpage since many, including yourself Nyguy, are so knowledgeable on the development game in NYC as a whole.
     
     
  #704  
Old Posted Apr 25, 2013, 10:37 PM
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There could be some very close competition...



http://therealdeal.com/blog/2013/04/...r-park51-site/

Park51 developer considering condos for controversial site
Brokers say Sharif El-Gamal's past controversies and high asking prices could doom the project






April 25, 2013
By Guelda Voien


Quote:
Developer Sharif El-Gamal appears to be considering a residential condominium development on the site of the stalled Park 51 project, also known as the “ground zero mosque.” El-Gamal has approached multiple brokers in Manhattan seeking advice on how to build and market condos at the site, sources told The Real Deal....El-Gamal‘s intention is to ask $2,000 to $2,500 per square foot for the units, according to one source who reviewed his plans.

In January, El-Gamal purchased the property next to the two Park Place parcels he already controls, at 43 Park Place, for $8 million. He owns 45-47 Park Place and leases 51 Park Place from ConEdison; the 45-47 and 51 properties comprise the planned Park51 project. No plans for demolition or major construction appear in Department of Buildings records for any of the three addresses.

“[El-Gamal] has called in a bunch of people to talk about doing a kind of a mega condo development on the site,” a real estate executive who was approached by the developer told The Real Deal. “But I can’t imagine anyone getting comfortable enough,” to undertake the project, he said. A rental might make more sense on the site, the executive said, but based on the projections he was shown, the project is already off schedule.
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  #705  
Old Posted May 15, 2013, 4:18 AM
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Breaking News!!! This tower may be back! From WSJ:

Quote:
Condo-Hotel Tower Aims for Superluxury

Silverstein Wins Loan for New Building in Lower Manhattan

Developer Larry Silverstein, who had to shelve a planned Lower Manhattan condo-and-hotel tower when the economy plunged, is getting another chance at the project.


Developer Larry Silverstein was forced to shelve a planned Lower Manhattan condo-and-hotel tower that was meant to soar above the Woolworth Building on the same block after the economy plunged in 2008.

Now he’s getting another chance.

Silverstein Properties Inc. has reached an agreement with a large London-based investment firm to provide a loan of up to $660 million construction of its 926-foot tower, said Martin Burger, co-chief executive at Silverstein. Should the financing deal with Children’s Investment Fund Management LLP be completed, it would clear the way for Silverstein Properties, the developer of three World Trade Center towers just 1½ blocks away, to break ground on the superluxury tower at 30 Park Place.

Designed by Robert A.M. Stern, who seeks to replicate the architecture of the 1920s, the building also is slated to include a 189-room Four Seasons hotel. The tower is be called the Four Seasons Hotel and Private Residences New York Downtown.

The deal—where condo units are expected to run as high as $34 million for a penthouse in the 157-unit building—marks the latest manifestation of the booming upper-crust condominium market in New York. Superluxury condos at under-construction buildings such as the green-glass tower One57 and the 1,396-foot 432 Park have been flying off the shelves as their cranes have risen, fetching new highs for prices just 4½ years after the financial crisis.

In part, this boom has come from pent-up demand from international buyers who see New York real estate as a safe, long-term investment, and have been paying up to live in tall, slim towers. “There’s a huge, huge international clientele in the New York market,” Mr. Burger said. “It’s not just coming from Russia, it’s not just coming from Brazil, it’s coming from everywhere.”

The $950 million project—previously named 99 Church—had its genesis back in 2006, when Mr. Silverstein and his partner, the California State Teachers Retirement System, bought the former headquarters of Moody’s Investors Service and moved to demolish the aging office building. In early 2008, at a tony breakfast before business leaders at Cipriani’s in Lower Manhattan, Mr. Silverstein unveiled designs for the tower, which at the time was to be the tallest residential building in the city.

The developer began digging, but the economic downturn—and plunging demand for condos—made the project unfeasible and the site was mothballed, with its construction fence shrouded in a public art project.

The company “waited until the world turned back,” Mr. Burger said.

Meanwhile, the success of other new developments has helped bolster Mr. Burger’s outlook for 30 Park Place.

For instance, the boxy glass tower 56 Leonard under construction in TriBeCa has signed more than $1 billion in contracts to sell more than 70% of the 145 units, according to Corcoran Group, which is marketing the building.

[...]

Mr. Burger said that the success of other projects helped assuage concerns of lenders, who have been showing more willingness to finance projects. “It really was validation for us of the pent up demand for condominiums,” he said.

[...]

Still, Mr. Burger and his lender see far more demand than supply for some time to come.“There’s a lot of appetite for high quality,” said Martin Frass-Ehrfeld, partner at Children’s Investment Fund. “We feel the market can absorb this—and there’s appetite for it.”

The fund wasn’t the only lender lining up. Mr. Burger was in advanced discussions with a group of banks that was preparing to make the loan, but then Silverstein switched course, multiple real-estate executives familiar with the discussions said.

Mr. Burger said he preferred a single lender to a group, given that one voice is easier than many in complex construction.

Should the deal be completed on scheduled, Mr. Burger said he expects the tower to be completed in 2016.
     
     
  #706  
Old Posted May 15, 2013, 5:32 AM
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Awesome! just when the luxury condo market is booming. No better time than now to get financing while the market is hot. IMO we should expect this deal to go through very soon.
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  #707  
Old Posted May 15, 2013, 9:58 AM
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Damn, that's fantastic news! It will be awesome to watch this and 56 Leonard rise together.

     
     
  #708  
Old Posted May 15, 2013, 10:35 AM
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56 Leonard got the head start but depending on if and when this one starts up, they both could be topping out at the same time.
     
     
  #709  
Old Posted May 15, 2013, 12:03 PM
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Great to see another project stalled project coming back to life. This, Beekman, and 56 Leonard, will make an awesome trio of downtown residential towers.
     
     
  #710  
Old Posted May 15, 2013, 12:05 PM
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Yes, sounds very promising indeed. Seems like Silverstein doesn't want to wait any longer.
I got a bit frustrated lately, that with the residential / hotel market so hot right now, this tower was still on hold.
     
     
  #711  
Old Posted May 15, 2013, 12:22 PM
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Silverstein Properties Inc. has reached an agreement with a large London-based investment firm to provide a loan of up to $660 million construction of its 926-foot tower, said Martin Burger, co-chief executive at Silverstein. Should the financing deal with Children’s Investment Fund Management LLP be completed, it would clear the way for Silverstein Properties, the developer of three World Trade Center towers just 1½ blocks away, to break ground on the superluxury tower at 30 Park Place.
There are only a handful of major developments that remain stalled. It seems not only are we back to boom times, but this boom seems to be larger. That's 2 big one's being financed from this fund.

Quote:
A plan to build the tallest residential tower in the United States, at 432 Park Avenue — with an estimated price tag of $1.25 billion — just scored an important financial backer. The Children’s Investment Fund Foundation, famous for donating a portion of its profits to charity, will lend $400 million to Los Angeles-based real-estate investors CIM Group and Harry Macklowe
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  #712  
Old Posted May 15, 2013, 12:30 PM
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This means that at least 2, possibly 3, classically-designed Robert A.M. Stern towers will be built simultaneously in NYC in the coming years. He's leaving quite a legacy.
     
     
  #713  
Old Posted May 15, 2013, 12:47 PM
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I just noticed something: the article states a height of 926 feet / 282 meters, meaning we got a height increase!?
     
     
  #714  
Old Posted May 15, 2013, 12:54 PM
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Originally Posted by hunser View Post
I just noticed something: the article states a height of 926 feet / 282 meters, meaning we got a height increase!?
This has been listed as 926 ft. in recent news articles, and comes directly from Silverstein Properties, so I think the height should be changed.

And occupancy is scheduled for three years from now, so I expect serious work within weeks. They need to get going if occupancy is 2016. A building of this size and level of luxury will take time for internal buildout.
     
     
  #715  
Old Posted May 15, 2013, 2:14 PM
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Lets hope this POS stays in its hole. Terrible design and totally disrespectful to perhaps the best building in New York.
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  #716  
Old Posted May 15, 2013, 3:32 PM
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Glad to see it's back on again.
     
     
  #717  
Old Posted May 15, 2013, 5:47 PM
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Originally Posted by Alliance View Post
Lets hope this POS stays in its hole. Terrible design and totally disrespectful to perhaps the best building in New York.
10 Barclay committed the original sin against Woolworth. This building will block out Barclay.
     
     
  #718  
Old Posted May 15, 2013, 7:25 PM
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http://www.businessweek.com/news/201...r-in-late-2013

Silverstein to Start 82-Story Lower Manhattan Tower in Late 2013


By David M. Levitt
May 15, 2013


Quote:
Developer Larry Silverstein said he plans to start building an 82-story hotel-and-condominium tower a block north of the World Trade Center site in lower Manhattan late this year, after getting a $660 million loan.

The 926-foot (282-meter) tower, to be the tallest residential structure downtown, will house a 185-room Four Seasons hotel and 157 Four Seasons-branded luxury residences, Silverstein Properties Inc. said today in an e-mailed statement.
London-based Children’s Investment Fund Management is providing the loan for the $950 million project.

“The Four Seasons Hotel New York Downtown will be the top hotel and apartment building in lower Manhattan,” Silverstein said in the statement. “Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”

The financing agreement revives a project Silverstein had to put on hold after the 2008 financial crisis froze credit worldwide. He acquired the property at 99 Church St. in partnership with California State Teachers’ Retirement System in 2007 from Moody’s Corp. for $170 million, and later tore down a building that had been the Moody’s headquarters. Silverstein is now calling the site 30 Park Place.

Many of New York’s tallest new skyscrapers are condo towers. Extell Development Co. expects to open its 1,004-foot One57 condo project on West 57th Street, across from Carnegie Hall, later this year. Plans for 432 Park Ave., which Harry Macklowe and CIM Group are building, call for it to top out at 1,397 feet.

Children’s Investment Fund also helped finance 432 Park, fund partner Martin Frass-Ehrfeld said in today’s statement. He called Silverstein and his co-investors “a pristine group of partners” and said 30 Park Place “perfectly fits our investment strategy,” which also includes financing 737 Park Ave., which Macklowe bought in 2011 and is converting to condos.

The 30 Park Place property is on the same city block as the Cass Gilbert-designed Woolworth Building, which was the world’s tallest skyscraper when completed in 1913. Silverstein is planning a limestone tower with setback terraces, designed by the firm of Robert A.M. Stern, dean of the Yale School of Architecture. Silverstein is close to completing 4 World Trade Center, one of three towers he has the right to build on the 16-acre (6.5-hectare) site to the south. He leased the twin towers for 99 years six weeks before they were destroyed in the 2001 terrorist attacks.

All of the development projects that we have going on right now is really more than we could have asked for.




http://www.rew-online.com/2013/05/15...-four-seasons/

Silverstein lands finance deal for new $950M Four Seasons

By REW Staff
May 15, 2013


Quote:
At 926 feet, the property will be the tallest residential tower in Downtown Manhattan and one of the tallest buildings in New York City, offering residents panoramic views of the Midtown skyline and New York Harbor. Construction will begin on the 82-story tower in Fall 2013 with the grand opening set for 2016.

The development will also include a public plaza. Sharing a city block with the Woolworth Building, Cass Gilbert’s beloved 1913 skyscraper, and strategically located one block from the new World Trade Center, the new tower will become a distinct landmark nestled among the city’s most recognizable skyscrapers.

“The day it opens, the Four Seasons Hotel New York Downtown will be the top hotel and apartment building in Lower Manhattan,” said Larry A. Silverstein, President and CEO of Silverstein Properties, Inc. “It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939.”

Robert A.M. Stern Architects is the architect for the building and is designing every aspect of the private residence floor plans and interiors. The Hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg, while the condominiums will be managed as Four Seasons Private Residences. SLCE Architects is the Architect-of-Record. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is the general contractor for Silverstein’s 3 and 4 World Trade Center, is serving as Construction Manager on the project.

“30 Park Place will counterpoint the glass-and-steel office towers that Larry Silverstein and his organization are building along Greenwich Street, and together these buildings will help Lower Manhattan realize its potential as one of the best places to live and work in the country. I am proud to be a part of this effort,” said Robert A.M. Stern, founder and senior partner of Robert A.M. Stern Architects and Dean of the Yale School of Architecture.

“Adding a second hotel to our existing iconic property in New York on 57th Street, will be a great addition to the portfolio of Four Seasons,” said Scott Woroch, Executive Vice President Worldwide Development, Four Seasons Hotels and Resorts. “This complementary property will cement our leadership position in this city and add another choice to discerning guests when travelling to this global destination.”

The hotel entrance on Barclay Street will lead visitors into three floors of lobbies, lounges, a restaurant, ballrooms, and meeting facilities, as well as a spa, fitness center and pool. A second entrance to the restaurant will be located on Church Street. The public rooms of the hotel will face a through-block, landscaped public plaza framed by a lower annex building that conceals building services and access to below-grade parking. A separate entrance and lobby at 30 Park Place will serve the private residences, each of which will enjoy full access to all hotel amenities. The residences also will feature 11 foot ceilings and formal entry foyers leading to light-filled living spaces, some with grand bay windows. Through careful planning, the living areas and the master bedroom suite in almost every residence will be placed at a corner location, thereby providing two exposures with panoramic river and city views. Many residences also will feature formal dining rooms, a rare offering in today’s new condominium market. The virtually column-free structural system also will allow for interior layouts that can be easily modified to suit each owner’s unique and changing lifestyle.
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Last edited by NYguy; May 15, 2013 at 7:39 PM.
     
     
  #719  
Old Posted May 15, 2013, 7:29 PM
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*resume, this one should be ready to shoot up by 2014 if things are quick enough
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  #720  
Old Posted May 15, 2013, 7:48 PM
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Great news. I waited many years for this news. Glad that this building will eventually be built.
     
     
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