NEW YORK | 80 South Street | 1,436 FT | 113 FLOORS

[Hudson11]

Originally Posted by JMKeynes

With the restrictions that China is placing on the use of capital overseas, I can see this site getting sold and developed by another entity.

Oceanwide already has major projects under construction in San Francisco and Los Angeles. That being said, if a swap occurs hopefully that speeds things up and doesn't make the site dormant again.
No new filings with the DOB since May, and no signs of demolition on the exterior. Hopefully we'll hear/see something soon.

[NYguy]

Originally Posted by Hudson11

No new filings with the DOB since May, and no signs of demolition on the exterior. Hopefully we'll hear/see something soon.

The latest filings were from July and August. But I don't see a rush to building here. The units here will likely be on the higher end of things, where we have seen a slowdown. Even if it would be a few years before anything here got on the market, I would expect them to start building now. Also, the building under construction next door is extremely close, not sure how much of an effect that would have on construction plans.

[Prezrezc]

It could be that we'll have to wat till 1 Seaport/161 Maiden finishes superstructural work till we at least get a first "official" render.
Perhaps by then everything getsin place into place so this tower can start.

[Hudson11]

Originally Posted by Prezrezc

It could be that we'll have to wat till 1 Seaport/161 Maiden finishes superstructural work till we at least get a first "official" render.
Perhaps by then everything getsin place into place so this tower can start.

that might be awhile considering One Seaport has had a stop work order for almost two months now following that fatal incident which led to an investigation that reportedly found numerous violations.

[NYguy]

Originally Posted by Hudson11

that might be awhile considering One Seaport has had a stop work order for almost two months now following that fatal incident which led to an investigation that reportedly found numerous violations.

Still waiting on a render for 80 South St, but let's get this finished and out of the way...


https://therealdeal.com/2018/01/25/f...and-lich-site/

The 1 Seaport project, which is a 60-story condo tower, contains 98 apartments and is 76 percent pre-sold. Seventy-four units are under contract at an average sales price of $2,171 per square foot, according to marketing materials.

Fortis is under the gun to deliver closings. The condo offering plan states that closings are slated to begin this month and that the developer would have to update the project’s budget if the first closing does not occur by June.

JANUARY 27, 2018

[JMKeynes]

I'm very dubious about China Oceanwide's ability to develop this tower given the Chinese government's latest proscriptions against overseas property ventures . I think that this will only proceed with the current owner only if its principals are favored by "Chairman" Xi.

[NYguy]

Originally Posted by JMKeynes

I'm very dubious about China Oceanwide's ability to develop this tower given the Chinese government's latest proscriptions against overseas property ventures . I think that this will only proceed with the current owner only if its principals are favored by "Chairman" Xi.

Doesn't matter who builds it, so long as it gets built. All of the approvals are in place.

[JMKeynes]

Originally Posted by NYguy

Doesn't matter who builds it, so long as it gets built. All of the approvals are in place.

I agree, but will a new owner build to over 1,400'?

[NYguy]

Originally Posted by JMKeynes

I agree, but will a new owner build to over 1,400'?

You don't think a new developer would just throw away those air rights do you? The sale of the site to Oceanwide was contingent on those developmemt rights being put in place, and they were. There's not a single developer in NY or elsewhere that will just use a portion of those air rights. And anything built on that site will have to be narrow. It would likely be higher than the given height.

[Hudson11]

Originally Posted by JMKeynes

I'm very dubious about China Oceanwide's ability to develop this tower given the Chinese government's latest proscriptions against overseas property ventures . I think that this will only proceed with the current owner only if its principals are favored by "Chairman" Xi.

Oceanwide is currently working on high profile, skyline-altering developments in Los Angeles and San Francisco. Clearly they can do it. The question is, when will they do it?

[JMKeynes]

Those Ca projects, like Wanda's, seem to have started before the crackdown .

Also, any new developer won't forego air rights, but they can go thicker and shorter.

I hope that I'm wrong, but the climate in China is Stalinesque right now.

[NYguy]

Originally Posted by JMKeynes

Also, any new developer won't forego air rights, but they can go thicker and shorter.

Not with that footprint, city zoning, and that playground in play. You should worry when there's actual reason to worry. This tower doesn't have to be built tomorrow. In the meantime, there are other residential towers like 45 Broad that will at least get underway before this one does. Not everything has to rise at once, and it's not like we don't have our hands full in New York already. Now, if we get a fantastic rendering, that would make us want it built sooner.

[JMKeynes]

I hope so

[Hudson11]

With Wanda Group selling their Vista Hotel Tower project in Chicago I'm now more open to believe Oceanwide will not develop this tower due to Chinese gov't pressure. Hopefully they'll sell it before the next economic slowdown and SHoP will be retained.

[NYguy]

Originally Posted by Hudson11

With Wanda Group selling their Vista Hotel Tower project in Chicago I'm now more open to believe Oceanwide will not develop this tower due to Chinese gov't pressure. Hopefully they'll sell it before the next economic slowdown and SHoP will be retained.

Chicago and New York are two different places.

If the site is put up for sale, it won't matter when. It will be snapped up because this town doesn't have such prime development sites with approvals already in place in supply. It will be a gift to any developer in or out of town.

[Sky88]

Originally Posted by Hudson11

With Wanda Group selling their Vista Hotel Tower project in Chicago I'm now more open to believe Oceanwide will not develop this tower due to Chinese gov't pressure. Hopefully they'll sell it before the next economic slowdown and SHoP will be retained.

Please, let's talk about serious things and not about possible journalistic speculations. Is there an official communication from Oceanwide on the sale of this site? NO ... and then what are we talking about.

[Hudson11]

Originally Posted by Sky88

Please, let's talk about serious things and not about possible journalistic speculations. Is there an official communication from Oceanwide on the sale of this site? NO ... and then what are we talking about.

-no filings since August.
-demolition was approved over half a year ago but no action
-another Chinese developer prolific here in the US is inexplicably selling off their properties including an under construction supertall

it's not exactly reading between the lines. I agree that this site will sell quickly if it's put up. I just hope Oceanwide doesn't hold on for it for a long time to do nothing here.

I'm a bit ancy because after over a decade of the site swapping hands, Oceanwide came in and started to move things along. However, now things are now silent again.

[chris08876]

Originally Posted by Sky88

Please, let's talk about serious things and not about possible journalistic speculations. Is there an official communication from Oceanwide on the sale of this site? NO ... and then what are we talking about.

Hudson11 has a point. The crackdown on the moguls is very real, and as seen with Wanda. Going after projects that are full of debt or the potential for debt.

Also, there doesn't have to be official, media drawn communication on the sale of any portfolio asset. Could keep it in-network.

When major events happen, it'll be reported and made public, but the framework of what may or may not occur is kept in house.

For plenty of reasons. Shareholders, fear/selling of important stocks. The timing must be precise and calculated!

[NYguy]

Originally Posted by Hudson11

-no filings since August.
-demolition was approved over half a year ago but no action
-another Chinese developer prolific here in the US is inexplicably selling off their properties including an under construction supertall

Lack of filings doesn't mean anything. There's the issue of the market that will determine when this thing kicks off. There's no rush to build here.

[JMKeynes]

This obviously will rise, but who will build it?

https://therealdeal.com/2018/02/03/e...n-re-holdings/