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

[NYguy]

Originally Posted by streetscaper

They said demolition and foundation work would happen at the same time

Correct. In theory, given where the foundation work will be, they could start some site prep even before demo. No demo permits have been filed as of yet, even though new building (construction) permits are in the review process. But demo permits are generally approved sooner, as are foundation permits. Most buildings start foundation work even before the new building permits are approved.

[streetscaper]

Originally Posted by NYguy

Correct. In theory, given where the foundation work will be, they could start some site prep even before demo. No demo permits have been filed as of yet, even though new building (construction) permits are in the review process. But demo permits are generally approved sooner, as are foundation permits. Most buildings start foundation work even before the new building permits are approved.

good to know!! We're all very excited for this bad boy. I'm hoping for a start sometime this summer

[NYguy]

Hard to get a precise timeline with so many moving parts and the feds involved. But I'm sure there will be a large press release, with details on height, more renderings, when things do move forward.

[HappyCapSlapper]

Originally Posted by NYguy

Hard to get a precise timeline with so many moving parts and the feds involved. But I'm sure there will be a large press release, with details on height, more renderings, when things do move forward.

Capital stack also still needs to come together on this. The predevelopment phase is the highest risk component on this project and they need to raise an additional ~$500m of equity to get ready to go vertical. The capital raise for that component has been tough given circular nature of the anchor tenant discussions (Anchor tenant want to know project is capitalized, capital wants to know there's an anchor tenant and wants high return for preevelopment risk)

[ChiND]

Originally Posted by HappyCapSlapper

Capital stack also still needs to come together on this. The predevelopment phase is the highest risk component on this project and they need to raise an additional ~$500m of equity to get ready to go vertical. The capital raise for that component has been tough given circular nature of the anchor tenant discussions (Anchor tenant want to know project is capitalized, capital wants to know there's an anchor tenant and wants high return for preevelopment risk)

Happy CS:

Does this project have an anchor tenant or was Rechler BS'ing?

[The New York Lion]

Reading between the lines, it sounds like the anchor tenant at the very least isn't firm.

Not a big deal, as this (or something huge like it) will eventually be built.

But I am not beholden to any timeline here.

[HappyCapSlapper]

Originally Posted by The New York Lion

Reading between the lines, it sounds like the anchor tenant at the very least isn't firm.

Not a big deal, as this (or something huge like it) will eventually be built.

But I am not beholden to any timeline here.

Spot on - Recent chatter has been that Rechler / CBRE was embellishing on the certainty of the anchor tenant. Very recently heard that SocGen may be backing off because the delivery timeline is looking more likely to slip past their lease expiration at 245 Park. As far as I know MS could still be in the mix

[NYguy]

I will say this, skyscraper watching is not for the impatient. As much as we may want to see towers rise or hear news on what's going on, they aren't doing this solely for out entertainment, nor are they working in our timeframe. When they said they "expected" to begin work in June, it wasn't because they were expecting a lease to be finalized. That has more to do with getting their "ducks in a row", and more than likely in this case, the federal financing being resolved. If and when that happens, things will move forward. As far as the earlier mention of a tenant signing, it was stated to be at record rents. That alone tells you that it will likely be on the upper floors, and not of a size to be the anchor tenant of the tower. As far as a specific tenant, RXR is likely talking to many potential tenants for this tower, as every developer does. When that happens, it happens. It could be well after work has already begun, even if we get news of a likely signing.

[Zapatan]

Originally Posted by The New York Lion

Reading between the lines, it sounds like the anchor tenant at the very least isn't firm.

Not a big deal, as this (or something huge like it) will eventually be built.

My fingers are crossed but nothing is guaranteed. This project is a long shot even in NYC (which if the stars align could pull it off).

Something will be built here eventually, but this tall and beautiful? This decade? Who knows.

[streetscaper]

Originally Posted by Zapatan

Something will be built here eventually, but this tall and beautiful? This decade? Who knows.

Exactly

[NYguy]

Originally Posted by Zapatan

Something will be built here eventually, but this tall and beautiful? This decade? Who knows.

Yeah, they just threw away over $1 Million for a construction permit that may happen, may never happen? Who knows? I think they know. That you don't is irrelevant.

[streetscaper]

$1 million dollars is nothing compared to $6.5 BBBillion this is estimated to cost

Like saying you can't change your mind on a $6,500 car because there's just no way you would forfeit your one dollar ($1) deposit lolol. Also who says you can't modify the permits for a smaller nominal fee. Either way we've gone over this ad nauseam, so why not just ignore us the way we largely ignore you ...

[Zapatan]

Originally Posted by NYguy

Yeah, they just threw away over $1 Million for a construction permit that may happen, may never happen? Who knows? I think they know. That you don't is irrelevant.

People have put millions into projects that have never happened.

(Not claiming this one won't but just saying)

[pianowizard]

Originally Posted by Zapatan

My fingers are crossed but nothing is guaranteed. This project is a long shot even in NYC (which if the stars align could pull it off).

Something will be built here eventually, but this tall and beautiful? This decade? Who knows.

I must have seen hundreds of renderings and yet I still dislike the design, even though most of you love it.

If this doesn't get built, I would of course be disappointed but only because of the height, not because it's beautiful.

[Zapatan]

Originally Posted by pianowizard

I must have seen hundreds of renderings and yet I still dislike the design, even though most of you love it.

If this doesn't get built, I would of course be disappointed but only because of the height, not because it's beautiful.

I'd make the setbacks and tapering a little less dramatic but overall it's a cool addition if it manages to happen as is.

[mrnyc]

Originally Posted by pianowizard

I must have seen hundreds of renderings and yet I still dislike the design, even though most of you love it.

If this doesn't get built, I would of course be disappointed but only because of the height, not because it's beautiful.

i can give you your opinion on the tower itself, but you are way, way off regarding the absolutely stunning base. not to mention thats the part we all interact with anyway.

[Mtb]

Originally Posted by NYguy

Just a matter of weeks. No demo permits have been filed, only the new construction, which on their terms could begin sooner. But the subway station and neighboring buildings will get protective coverings as well, for demo.

So I work at the building site and I feel bad for you guys.

I have been checking this forum for many months but couldn’t comment because the site makes it hard and long wait to register

Anyway, no there will be no demo in June lol and no demo in September or even anytime this year. The earliest demo now is probably sometime early 2027, and that’s a maybe
It’s not just an anchor issue and financing. Also there is a union contractual agreement that they have to notify existing employees atleast 6-month in advance of hotel closure, let alone demo.
They have not notified the union. Once notified, owners have to payout millions to the hotel workers and finalize the union contract before doing anything.

But this does not mean the project is doomed because owners have already agreed to do payouts and actually began selling out some hotel items to liquidators since April. So things are moving but very slowly

Sorry I wish I could have shared this earlier but blame skyscraperpage.com for delaying me

[NYguy]

Originally Posted by Mtb

So I work at the building site and I feel bad for you guys.

I have been checking this forum for many months but couldn’t comment because the site makes it hard and long wait to register

Anyway, no there will be no demo in June lol and no demo in September or even anytime this year. The earliest demo now is probably sometime early 2027, and that’s a maybe
It’s not just an anchor issue and financing. Also there is a union contractual agreement that they have to notify existing employees atleast 6-month in advance of hotel closure, let alone demo.
They have not notified the union. Once notified, owners have to payout millions to the hotel workers and finalize the union contract before doing anything.

But this does not mean the project is doomed because owners have already agreed to do payouts and actually began selling out some hotel items to liquidators since April. So things are moving but very slowly

Sorry I wish I could have shared this earlier but blame skyscraperpage.com for delaying me

LOL, I’m aware of the union issue, and no demo permits have been filed. But simply being a hotel worker, if you in fact are, doesn’t give you direct insight into their specific development process. Wexare all awaiting thecdetails, so welcome, and sit back with the rest if us to see how this unfolds. The hammer will fall. Demo prep however, will also be appreciated.

[Busy Bee]

What NYguy meant to say is welcome to the forum and thanks for your insight and sorry about the long wait to contribute, he'll look into that.

[streetscaper]

Originally Posted by Busy Bee

What NYguy meant to say is welcome to the forum and thanks for your insight and sorry about the long wait to contribute, he'll look into that.

lolol.. yes!