Posted Jul 13, 2012, 1:10 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,398
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http://www.nytimes.com/2012/07/15/re...pagewanted=all
Back in Business
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.”
432 PARK AVENUE
Perhaps nothing embodies the renewed interest in large-scale condo projects in quite the same way as 432 Park Avenue, the home of the former Drake Hotel. Mr. Macklowe bought the hotel for $418 million in 2006 and tore it down a year later, with the intention of building a condo. Then he lost the site (along with much else) in the recession.
Now, like a phoenix, a condo plan has resurfaced, and so has Mr. Macklowe, though he has partnered this go-around with the CIM Group, which took control of the site in 2010. The plan, according to a source close to the project, is to erect a condo tower 1,398 feet tall, which would easily make it the city’s tallest apartment building. (One57, which will be the tallest until 432 Park opens, clocks in at 1,004 feet.)
Designed by Rafael Viñoly, 432 Park will probably have 128 units of one to three bedrooms, according to a source close to the project, though the submitted offering plan has not yet been approved. The L-shaped site, which touches East 56th and East 57th Streets, will also have space for 16 retail stores, according to public documents.
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Another look at that view...
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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.
Last edited by NYguy; Jul 13, 2012 at 1:21 AM.
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