Posted Jul 13, 2012, 12:23 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,798
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http://www.nytimes.com/2012/07/15/re...pagewanted=all
Back In Business
From left, renderings of Baccarat Hotel and Residences in Manhattan, 388 Bridge Street in Brooklyn and 56 Leonard in Manhattan.
By C. J. HUGHES
July 12, 2012
Quote:
Now, in a move that seems to parallel the national housing recovery, the condo sector appears to be clawing its way back, according to brokers, developers and industry analysts. Workers are pouring concrete. Lenders are negotiating loans. And projects once written off as dead are coming back to life, which is stoking hopes that this comeback, unlike previous false starts, has some momentum. “I would call it a swell,” said Stephen Kliegerman, president for new development marketing of Halstead Property. “It’s not a wave yet, but it’s certainly not a drizzle either.”
BACCARAT HOTEL
Living in Midtown Manhattan may not be for everyone, but continued interest from foreign buyers and those looking for pieds-à-terre appears to be firing developers’ enthusiasm. An example is the Baccarat Hotel and Residences New York, a 46-story tower under construction at 20 West 53rd Street, across from the Museum of Modern Art.
Co-developed by Starwood Capital Group, the creator of the W hotel chain, and Tribeca Associates, the $400 million tower will have 114 hotel rooms and 64 condos over 45 stories. The condos will range from one- to three-bedrooms, and there will be a duplex penthouse. The units will have 12- to 16-foot ceilings, and some will have terraces, according to Starwood.
The building, designed by Skidmore Owings & Merrill, will meet feng shui standards, said Barry Sternlicht, Starwood’s chairman.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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