NEW YORK | 574 5th Ave (Extell) | 567 FT | 32 FLOORS

[Busy Bee]

I think the factor that differentiates 660 is the level of investment in this renovation. We're not talking about a property owner spending 20 30 40 million dollars to replace the hvac and elevators and put in a more trendy color of marble in the lobby. A 400+ million dollar renovation is essentially a new building and a statement of confidence this building isn't coming down soon, and as far as property owners think, probably ever. No one is going to turn to dust a sunk cost this large, even in 50 years and since a steel building like this well maintained can essentially survive in perpetuity, likely not in 80 90 or 100 either. New systems, interior finishes and another exterior cosmetic upgrade? Sure. But unless a tragedy strikes I don't see it going anywhere. But hey believe what you want.

[jackster99]

^Obviously it is a very extreme example, and by no means the norm, but JP Morgan completed something like a $200+ million renovation on 270 Park Avenue only about 6 years prior to tearing it down. So stranger things can happen if the market/needs are right.

[The New York Lion]

Originally Posted by Busy Bee

I think the factor that differentiates 660 is the level of investment in this renovation. We're not talking about a property owner spending 20 30 40 million dollars to replace the hvac and elevators and put in a more trendy color of marble in the lobby. A 400+ million dollar renovation is essentially a new building and a statement of confidence this building isn't coming down soon, and as far as property owners think, probably ever. No one is going to turn to dust a sunk cost this large, even in 50 years and since a steel building like this well maintained can essentially survive in perpetuity, likely not in 80 90 or 100 either. New systems, interior finishes and another exterior cosmetic upgrade? Sure. But unless a tragedy strikes I don't see it going anywhere. But hey believe what you want.

You are very likely wrong.

Brookfield's annual revenue is north of $50 billion. $400 million for a project in an alpha city like NY is a drop in the bucket for them. It's like me purchasing a Big Mac and a Coke for lunch.

This building has 1.4 million square feet. As of right- prime location.

Considering the residential views at this location would draw enormous sums, I could easily see a 1,000+ foot mixed use tower rising here in 20 years.

Also, 20 years is a very long time. Essentially 20 years ago the Twin Towers were still standing.

I'd bet we are close to 75 supertalls either completed, UC, or proposed in 2040.

100 by 2050.

The rapacious development of NY is only beginning. The 1960s-1990s were a historical anomaly in that NY was viewed as dirty, rude, dilapidated- even third world. It was incredibly unusual for the most powerful city in the world's most powerful country.

For several reasons, those days of "Gritty NYC" are over.

And nowhere in the world is going to topple America and NYC as the dominant global power as long as any of us are alive.

Enjoy the Age of Ramses!

[BuildThemTaller]

Originally Posted by The New York Lion

Also, 20 years is a very long time. Essentially 20 years ago the Twin Towers were still standing.

What?

[SkyHigher]

Originally Posted by The New York Lion

Also, 20 years is a very long time. Essentially 20 years ago the Twin Towers were still standing.


Enjoy the Age of...mostly dull value engineered glass box buildings.

Well.....kinda.

[MAC123]

Originally Posted by SkyHigher

Well.....not even slightly.

[NYguy]

https://nypost.com/2022/01/13/how-sh...hest-pads/amp/

By Jennifer Gould
January 13, 2022

Down in the Diamond District, at 570 Fifth Ave., Extell has also filed permits to build a 1,100-foot supertall with 468 luxury condo units to join his International Gem Tower and another planned 534-key hotel along West 48th St.

That project is still in its early stages, but expect penthouses reminiscent of Extell’s other supertall feats: One57 (where a penthouse sold for more than $100 million) and Central Park Tower (where a unit is on the market for $65 million).

… Both 50 W. 66th St. and 570 Fifth Ave. were financially backed by the mysterious private equity firm Meridian Capital.

Even as a residential, this tower wouldnt be the same One57/CPT.

[SkyHigher]

Originally Posted by MAC123

There still was part of the site standing in January 2002 I recall. Sorry I upset your alt.

[JMKeynes]

The building on the NW corner of 5th and 47th is very nice.

[nlosborne1]

Is there a crane on the site?

[JMKeynes]

Originally Posted by nlosborne1

Is there a crane on the site?

They haven't even finished demolishing the buildings on 47th. Also, Extell doesn't even know which proposal it will build at this point.

[NYguy]

• Video Link

[JMKeynes]

So the office building only has 1.1m sf of space? If it's that small, I wonder why it can't be built on spec.

[JMKeynes]

This article seems to contradict what Extell presented to the Community Board recently.

https://nypost.com/2022/02/20/extell...stery-holdout/

Extell’s Fifth Avenue tower may have to build around mystery buyer’s holdout
By Steve Cuozzo
February 20, 2022

[NYguy]

Originally Posted by JMKeynes

This article seems to contradict what Extell presented to the Community Board recently.

https://nypost.com/2022/02/20/extell...stery-holdout/

Extell’s Fifth Avenue tower may have to build around mystery buyer’s holdout
By Steve Cuozzo
February 20, 2022

I don’t see any contradictions, it’s just not broken down the way we know it to be.


Extell’s Fifth Avenue tower may have to build around mystery buyer’s holdout


By Steve Cuozzo
February 20, 2022

When Extell Development Corp. builds a long-awaited supertall office-and-retail tower at the corner of Fifth Avenue and 47th Street, one piece will be conspicuously missing from the 1,100 foot-tall giant — the actual corner of Fifth Avenue and 47th Street.

A mysterious Korean company swooped onto the site late last year and snatched up 576 Fifth Ave., the last parcel that Extell chief Gary Barnett needed to create a block-long façade on the avenue that he spent 10 years trying to assemble. He owns the rest of the blockfront — as well as vacant land and buildings along West 46th and 47th streets.

But his massive project will have a large missing tooth at its northern corner.

Barnett recently filed plans with the Department of Buildings for options for two different towers at the site: One option, a supertall, would be mainly for offices and would have 1.5 million square feet of floor space. The other option, which would be smaller, would stand only 476 feet in the event Extell can’t land an anchor office tenant to build the jumbo.

Both designs are wending their way through the city’s Uniform Land Use Review Procedure, hoping to earn a significant size bonus in exchange for upgrades that Extell would make to the nearby East 53rd Street and Fifth Avenue subway station. Such deals are allowed under new East Midtown zoning rules.

Among other proposed improvements, Extell would make the deep E, M and F station accessible to disabled people for the first time.

But Barnett must also deal with the challenge of designing and constructing his new tower around 576 Fifth Ave., which opened in 1907.

The Korean company swooped in last fall and bought the 1907-vintage, 12-story location for $101 million — or $1,285 per square foot.

By comparison, the average fourth-quarter sale price for Manhattan office buildings was $954.

The purchase price was below the $113 million asking price posted in October 2020, but much higher than other offers submitted in the blind-bidding process, according to a source.

Sources said those offers last summer, including one from Extell, were in the $60 million to $80 million range.

The pricier sale to the Korean group apparently took Barnett by surprise.

The head of Sae-A’s US operations, Chloe Saiyon Kim, did not respond to e-mails seeking comment on her firm’s plans for 576 Fifth Ave. Barnett didn’t respond to requests for comment, either.

Observers who didn’t want to be named wondered why Sae-A paid more than it needed to for a building faced with difficult years ahead.

Whatever they do, it’s going to be surrounded by Barnett’s project on three sides, with all the noise, demolition and debris that will bring,” one source said.

“Also, although there are no rules, it’s considered bad form to step into another company’s assemblage just when it’s nearly complete.”

Another possibility raised by a different insider is that Sae-A was aware of Barnett’s almost-complete assemblage and bought 576 Fifth in hopes of selling it to him for a higher price.

Everything checks out. We all know that the zoning approval was for an 1,100 ft zoning envelope that accomodated two different designs, as well as the standard, much shorter as of right version.

We also know Barnett, the King of assemblages, tried to consolidate his site, even presenting an image of a tower that included the 576 site. Barnett has a similar problem at his 8th Avenue tower site.

The only thing we didn’t know was who bought the 576 site.

[NYguy]

Originally Posted by nlosborne1

Is there a crane on the site?

The approvals process hasn't started, though it should begin next month. Final approval should be in place by the end of the summer. Demolition is still underway (seen in the photos), but should be complete within a year.

And then:

Assuming the city approves the tower, construction would begin in 2023 and last four and a half years before wrapping up in 2028.

[Hudson11]

I wish they would go with the residential/hotel supertall but I have a strong feeling Extell really wants an office building here. Plus Extell has two other hotel developments to build.

[JMKeynes]

Originally Posted by Hudson11

I wish they would go with the residential/hotel supertall but I have a strong feeling Extell really wants an office building here. Plus Extell has two other hotel developments to build.

But they need an anchor for an office building. Let’s if they get one.

[Busy Bee]

I'm all about that

[JMKeynes]

That looks like the office base. I hope that Extell builds the residential.