NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS - Page 132

mrnyc · #**2621** Posted **Jan 7, 2025, 2:09 PM**

a strong and surging local economy will help —

AI will help drive NYC economy in 2025, but some jobs could be 'displaced,' report says

By Arun Venugopal
Published Jan 7, 2025

…
The report characterized the city’s labor market as “strong and improving,” with a record 4.1 million private sector jobs. Additionally, the city leads the nation in drawing young talent, with nearly a half-million recent graduates choosing to live here since 2021, according to the Economic Development Corporation.

Another bright spot: A record 68 million tourists are expected to visit in 2025, according to the report.

The report said fears of a “commercial doom loop” — widely described as urban decline fueled by the loss of tax revenues tied to vacant office buildings — had not come to pass, in part because commercial real estate had begun to stabilize and employers had been bringing workers back into offices after pandemic shutdowns.

The report also indicated that the city’s finance sector remains strong, with 21,500 more jobs than in the pre-pandemic era. That has allowed New York to remain the “global financial capital," the Economic Development Corporation said.

Job creation in the city’s tech sector grew by 72% from 2013 to 2023, according to the report. It acknowledged that some local jobs “could be displaced by AI” in the coming years, but added that “for every job that gets displaced by AI, between four and 10 jobs might be augmented by AI.”

The report cited projections by the consultancy McKinsey that the adoption of AI and other technologies would help add 200,000 net jobs to the New York City region by 2030. The report did not specify where AI would displace workers.

more:
https://gothamist.com/news/ai-will-help-...some-jobs-could-be-displaced-report-says

NYguy · #**2622** Posted **Jan 8, 2025, 5:10 AM**

One of the largest, and most expensive office buildings built in recent years in the city is nearly full (joining the rest of them). All the way on the west side. The market will swallow this building.

https://www.bisnow.com/new-york/news/cap...close-on-285b-refi-for-the-spiral-127423

Tishman Speyer To Cash Out Nearly $1B In Pending Refinancing Of The Spiral

January 7, 2025
Sasha Jones

Quote:

Just 174K SF of the 2.8M SF building, which delivered in 2023, is vacant. Pfizer, AllianceBernstein and Debevoise & Plimpton all have their headquarters at the building, alongside HSBC's U.S. headquarters.

ChiND · #**2623** Posted **Jan 8, 2025, 5:16 PM**

https://www.msn.com/en-us/money/economy/...694b094b27b43155ab42d40bed&ei=13#details

"Commercial real estate won't be as distressed as last year, says RXR CEO Scott Rechler
Scott Rechler, RXR chairman and CEO, joins 'Squawk on the Street' to discuss where things stand in the commercial real estate industry."

DCReid · #**2624** Posted **Jan 9, 2025, 1:41 PM**

Sore thumb? Hyatt has history?

https://www.youtube.com/watch?v=In6sZemAbBk&t=194s

NYguy · #**2625** Posted **Jan 9, 2025, 2:20 PM**

Quote:

Originally Posted by DCReid

Sore thumb? Hyatt has history?

https://www.youtube.com/watch?v=In6sZemAbBk&t=194s

That's just some nonsense some idiot put together. You have to bypass those things.

BanBrokenChatBots · #**2626** Posted **Jan 9, 2025, 2:32 PM**

By the time this tower is even built (exterior/interior) companies will be willing to move out of their current grade A office space into this

NYguy · #**2627** Posted **Jan 9, 2025, 6:00 PM**

Quote:

Originally Posted by BanBrokenChatBots

By the time this tower is even built (exterior/interior) companies will be willing to move out of their current grade A office space into this

There's always a tremendous amount of leasing activity in the city every year. Most of it involves renewals or extensions. Even those that have plans to move sometimes have to get lease extensions signed because any new building is years away (just look at Citadel's recent half a million sf lease).

Some of the largest lease signings in the city last year:

https://therealdeal.com/new-york/2024/12/26/manhattans-largest-office-leases-of-2024/

Quote:

Meanwhile, Vanderbilt, which this tower wants to model itself on, is fully leased...

https://www.bisnow.com/new-york/news/deal-sheet/this-weeks-ny-deal-sheet-125733

Quote:

This Week's N.Y. Deal Sheet: One Vanderbilt Hits 100% Occupancy With $265-Per-SF Lease

September 3, 2024
Ciara Long

NYguy · #**2628** Posted **Jan 12, 2025, 3:51 AM**

https://www.leadersmag.com/issues/2024.4_Oct/NYC/LEADERS_Elder_RXR.html

An Interview with William Elder,
Executive Vice President and Managing Director, New York City Leasing, RXR

Quote:

What do you feel will be the impact of RXR’s development at 175 Park Avenue on the future of New York?

I believe this will be one of the greatest buildings ever built since it has so many critical and unique components to it. We have spent months designing this building from the inside out, and it will have one of the best floor plates ever built.

175 Park Avenue will yield 2.3 million square feet of Class A office space; a 200-key ultra-luxury hotel developed in coordination with Hyatt Hotels; and an elevated, 25,000-square-foot publicly accessible plaza space populated with artwork and views overlooking the surrounding Midtown streets. There is also a major emphasis on sustainability and a commitment to the health and wellness of the people who will be working and visiting the building.

The project is a true public-private partnership with the City and State of New York and the MTA. In addition to building a new all-electric, state-of-the-art office tower that will have the highest office floor, restaurant, and hotel in the Western hemisphere, we are creating new entry sequences into Grand Central and a new subway station that will make millions of New Yorkers’ lives easier and more accessible. There is clearly a desire for companies and employees to be in buildings that are close to public transportation, and it doesn’t get much better than 175 Park Avenue.

There has been a major transformation taking place around Grand Central with buildings such as One Vanderbilt and 270 Park Avenue, and we believe that 175 Park Avenue will play a critical role in this ongoing transformation.

ChiND · #**2629** Posted **Jan 12, 2025, 4:13 AM**

I pray that a tenant is announced soon.

ssh · #**2630** Posted **Jan 12, 2025, 4:31 AM**

Dude couldn't have asked "When do you expect the demolition process to begin" or something?

ChiND · #**2631** Posted **Jan 12, 2025, 2:00 PM**

I believe that this article refers to 175 Park. Can anyone open it?

https://www.crainsnewyork.com/real-estat...ces-hudson-yards-tower-pockets-1-billion

NYguy · #**2632** Posted **Jan 12, 2025, 2:25 PM**

Quote:

Originally Posted by ChiND

I believe that this article refers to 175 Park. Can anyone open it?

https://www.crainsnewyork.com/real-estat...ces-hudson-yards-tower-pockets-1-billion

It doesn’t, it just list planned new towers.

ChiND · #**2633** Posted **Jan 12, 2025, 3:16 PM**

Quote:

Originally Posted by NYguy

It doesn’t, it just list planned new towers.

Thanks

NYguy · #**2634** Posted **Jan 14, 2025, 4:55 PM**

https://www.businessinsider.com/develope...deral-billions-for-nyc-mega-tower-2025-1

Daniel Geiger
Jan 14, 2025

Quote:

RXR and TF Cornerstone are planning to apply for as much as $4.84 billion of federal loans to help pay for the tower, according to the document. The developers expect to spend as much as $6.5 billion on the project, a sum that includes about $550 million of accompanying transit improvements they will make as part of the project. The team is listed as having submitted a draft letter of interest in the federal money, a preliminary and non-binding step in applying for the funding.

The federal money is discretionary and administered by the US Department of Transportation, meaning that the incoming Trump administration — and possibly even the president himself — will have decision-making authority over which projects are ultimately awarded.

… Rechler said the project team behind 175 Park Avenue is exploring the federal loans because of lingering dislocations in the lending market that have made it difficult to source financing from private sector lenders.

….. RXR and TF Cornerstone are aiming to tap lending programs called the Transportation Infrastructure Finance and Innovation Act and Railroad Rehabilitation and Improvement Financing. The programs, known by their acronyms Tifia and Rrif, respectively, offer projects access to low-cost financing and long payback periods stretching 35 years or more.

…… To receive the financing, the 175 Park Avenue project must receive an investment grade credit rating from a major ratings agency and pass through a federal environmental review.

ChiND · #**2635** Posted **Jan 14, 2025, 5:06 PM**

It sounds like RXR is ready to build but needs financing.

Rendering printed in the FT.

ChiND · #**2636** Posted **Jan 14, 2025, 5:37 PM**

BI posted another article about this tower two hours ago.

https://www.businessinsider.com/nyc-skys...al-funding-donald-trump-challenge-2025-1

ssh · #**2637** Posted **Jan 14, 2025, 6:08 PM**

Quote:

Originally Posted by NYguy

https://www.businessinsider.com/develope...deral-billions-for-nyc-mega-tower-2025-1

Daniel Geiger
Jan 14, 2025

I'm an optimist, but convincing Trump to provide federal funding to a project looking to tear down one of his own developments is a next to impossible. I won't get into the reasons.

And I agree, looks like they have an anchor in the works, otherwise Rechler wouldn't be using this dialogue.

NYguy · #**2638** Posted **Jan 14, 2025, 6:12 PM**

Listen, we’re NOT going to get into politics. The man says he’s a builder, and I see no reason for him to not want to see something rise that he can take “credit” for.

NYguy · #**2639** Posted **Jan 15, 2025, 1:06 AM**

Quote:

RXR and TF Cornerstone are planning to apply for as much as $4.84 billion of federal loans to help pay for the tower, according to the document. The developers expect to spend as much as $6.5 billion on the project, a sum that includes about $550 million of accompanying transit improvements they will make as part of the project. The team is listed as having submitted a draft letter of interest in the federal money, a preliminary and non-binding step in applying for the funding.

Here's a list of projects applying for the loan. I've highlighted the NY projects. News broke today that the Port Authority Bus Terminal has received its loan towards the terminal replacement:

ChiND · #**2640** Posted **Jan 15, 2025, 8:46 PM**

There's nothing new in this article, but I hope that The Donald helps his city.

https://therealdeal.com/new-york/2025/01/15/rxr-tf-cornerstone-seek-4-8b-in-financing-for-175-park/