NEW YORK | Central Park Tower (Nordstrom)| 1,550 FT | 131 FLOORS - Page 46

NYguy · #**901** Posted **Jun 24, 2013, 7:40 PM**

( JUNE 21, 2013 )

Nice and tidy across the street...

JayPro · #**902** Posted **Jun 24, 2013, 8:31 PM**

Mixed use in this case, of course, can be seen as a blessing in that tenants on the res side are easier to come by. Especially intriguing is how many potential residents will crash the gates to sign up for penthouse space in a skyscraper *at least* 500' taller at that level than One57.
Plus, look at it this way. Residents who want to snag fine apparel at upscale pricies as ridiculous as their rents won't have far to go. In fact, they won't even have to leave the building.

Crawford · #**903** Posted **Jun 25, 2013, 12:44 AM**

Quote:

Originally Posted by Onn

IThe $1 billion loan is probably only half of the total costs.

Remember that Nordstrom will own its piece of the building, and has already committed $600 million towards construction costs. So figure a $1 billion loan for the remainder, and Extell will have to put down some money of its own (I assume).

And I really hope Vornado gets going on their lot just to the north. It would be amazing to see these two towers rise simultaneously. I know Extell and Vornado are still negotiating over the particulars for the Vornado site on Central Park South.

Submariner · #**904** Posted **Jun 26, 2013, 8:15 PM**

It would be nice if they could tear down all those horrible apartments, too.

scalziand · #**905** Posted **Jun 27, 2013, 3:30 AM**

Quote:

Originally Posted by Submariner

It would be nice if they could tear down all those horrible apartments, too.

That's not happening, at least not anytime soon. Those are the backs of apartments facing Central Park, and worth mondo bucks in their current state. It's frankly surprising that Vornado managed to even empty 220 CPS at all

vandelay · #**906** Posted **Jun 27, 2013, 12:50 PM**

220 CPS was a rental building, so they could just end the leases. Of course there were some rent-controlled tenants who had to be paid millions of dollars to get them out.

Submariner · #**907** Posted **Jun 27, 2013, 7:24 PM**

Quote:

Originally Posted by scalziand

That's not happening, at least not anytime soon. Those are the backs of apartments facing Central Park, and worth mondo bucks in their current state. It's frankly surprising that Vornado managed to even empty 220 CPS at all

That's kind of my point though. Such incredible real estate deserves spectacular buildings.

NYguy · #**908** Posted **Jun 28, 2013, 7:47 PM**

I wonder which will announce financing first, this one or the Tower Verre...

http://www.globalconreview.com/news/...sks-china-1bn/

New York developer asks China for $1bn

26 June 2013

Quote:

A New York developer has asked a Chinese bank for about $1bn to build a residential tower set to be taller than the Empire State Building.

Gary Barnett is founder of Extell Development, a company which is constructing one of the most expensive real-estate towers in history, with some apartments in contract to sell for over $90m each, reports the Wall Street Journal.

Barnett has asked state-owned Export-Import Bank of China for a $1bn loan to build a new skyscraper next to Manhattan’s Central Park, according to sources familiar with the deal.

He is also reported to be in talks with a Chinese contractor about building it.

Busy Bee · #**909** Posted **Jun 28, 2013, 8:25 PM**

F****** unreal it's come to this. I don't particularly care how its financed, but what does it look like that in the American financial capital, it takes a Chinese bank loan and even a Chinese builder to construct this project. Domestic banks ought to be ashamed of themselves, but we all know that isn't even possible.

vandelay · #**910** Posted **Jun 28, 2013, 8:44 PM**

This, 30 Park Place, Tower Verre have needed an injection of foreign capital. Of course a lot of the future owners of apartments will be foreigners as well.

jd3189 · #**911** Posted **Jun 28, 2013, 8:49 PM**

Doesn't bother me at all. As long as more supertalls are getting built, the skyline will offer more surprises.

NYguy · #**912** Posted **Jun 28, 2013, 9:03 PM**

Quote:

Originally Posted by Busy Bee

I don't particularly care how its financed, but what does it look like that in the American financial capital, it takes a Chinese bank loan and even a Chinese builder to construct this project.

If that's part of the condition for getting financing, so be it. New York is a global city. The fact that this tower could get financing from outside the country speaks more of that "star power" (and proven record of late) the city has with these developments. Ten years from now, when I'm looking up at this tower on the skyline, the last thing on my mind will be who financed its construction and which company built it. Unless, of course, there is no one to finance it. But New York has been getting a lot of investment from outside the country.

Barbarossa · #**913** Posted **Jun 28, 2013, 11:23 PM**

Quote:

Originally Posted by Busy Bee

F****** unreal it's come to this. I don't particularly care how its financed, but what does it look like that in the American financial capital, it takes a Chinese bank loan and even a Chinese builder to construct this project. Domestic banks ought to be ashamed of themselves, but we all know that isn't even possible.

Shocking, even with all this money printing.

scalziand · #**914** Posted **Jun 29, 2013, 3:49 AM**

Quote:

He is also reported to be in talks with a Chinese contractor about building it.

The unions aren't going to be very happy about that.

hunser · #**915** Posted **Jun 29, 2013, 9:25 AM**

Quote:

Originally Posted by scalziand

The unions aren't going to be very happy about that.

Well, earning $40+ / hour is maybe a bit too pricy for him (one of the reasons the new WTC costs so much).

Busy Bee · #**916** Posted **Jun 29, 2013, 3:16 PM**

Yeah how could we possibly ask a building for people making 1000 dollars an hour be built by ones making forty. The heresy.

Crawford · #**917** Posted **Jun 29, 2013, 7:05 PM**

Quote:

Originally Posted by Busy Bee

F****** unreal it's come to this. I don't particularly care how its financed, but what does it look like that in the American financial capital, it takes a Chinese bank loan and even a Chinese builder to construct this project. Domestic banks ought to be ashamed of themselves, but we all know that isn't even possible.

Foreign banks offer lower loan terms than domestic banks, because they're eager to break into the U.S. market. I don't see why this is a problem.

Not surprisingly, developers prefer the more favorable rates offered by non-U.S. banks.

Quote:

Originally Posted by scalziand

The unions aren't going to be very happy about that.

The Chinese contractor is a joint-venture with an existing NYC construction manager. It has nothing to do with unions or labor costs.

This building will be the same union labor as in other major projects.

NYguy · #**918** Posted **Jun 30, 2013, 12:56 PM**

I don't see a problem with it. This tower will bring jobs. Besides the construction, there is a very large store at the base that will employ many. Ask the people who may get those jobs if they care about the financing or who builds the store.

JACKinBeantown · #**919** Posted **Jul 1, 2013, 12:43 PM**

The Fed offers loans to banks at ridiculously low rates so that they can then offer loans to people/corporations who need them. That's the problem with it. The banks can afford to finance a project like this... they just choose not to. Apparently that's not the way to make the most money even when given loans at rates much lower than average people or students can get. (and yes, this is on subject.)

TechTalkGuy · #**920** Posted **Jul 2, 2013, 4:08 AM**

Quote:

Originally Posted by NYguy

If that's part of the condition for getting financing, so be it. New York is a global city. The fact that this tower could get financing from outside the country speaks more of that "star power" (and proven record of late) the city has with these developments. Ten years from now, when I'm looking up at this tower on the skyline, the last thing on my mind will be who financed its construction and which company built it. Unless, of course, there is no one to finance it. But New York has been getting a lot of investment from outside the country.

I totally agree with you on this, Mr. NYguy!

You can't think of NYC without thinking about the UN. So let's celebrate this major initiative going on here!