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  #721  
Old Posted Mar 6, 2023, 7:49 PM
Doubleu1117 Doubleu1117 is offline
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Disappointing, but this tower was dormant for so long I was expecting nothing at all. First design was so good, but at least this new one will fit in very well in Lower Manhattan.

Tower Verre at full height would be one of most iconic buildings in the whole skyline. I see it peek through from my building sometimes and it's just such a nice design. Just totally buried.

One Vanderbilt height reduction was fine, but when the rest of Midtown East is built out it might have been nice to have the extra stature to hold up.
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  #722  
Old Posted Mar 9, 2023, 5:40 PM
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Quote:
Originally Posted by Nyc1986 View Post
It seems like ultra luxurious residential towers have no place in FIDI. If this project had been in midtown it would have definitely gotten built.
This building was never going to be ultra luxurious. A nice design, but nowhere near the “billionaires row” units being offered on W. 57th Street.



https://ny.curbed.com/2017/4/26/1543...aruddy-madison

Quote:
The Financial District’s latest planned supertall is officially moving forward after the development team held a groundbreaking ceremony at the construction site, at 45 Broad Street, Wednesday morning.

At the groundbreaking event on Tuesday, the development team announced that the project would feature 206 condos that come in studio through three-bedroom variants (including penthouses). Prices will start at just under $1 million and go up to $6 million.



But as we’ve seen, the district can be attractive with the right timing and product.

An example of some sales, (though this is dated a couple of years)…























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  #723  
Old Posted Mar 21, 2023, 4:40 PM
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Meanwhile…


https://therealdeal.com/new-york/202...si-conversion/

Office tenant sues to stop 55 Broad resi conversion
Silverstein, Metro Loft plan 571-unit project at Financial District office property



By Pat Ralph
Research by Jay Young


Quote:
One would think a residential real estate firm would support two of New York City’s biggest developers teaming up to convert a Financial District office building.

But it appears the pitch for a new multifamily property lands differently when it comes at the expense of your own office.

Allen London’s Solstice Residential Group filed a lawsuit Wednesday to stop Silverstein Properties and Metro Loft Management’s office-to-residential conversion of 55 Broad Street, claiming it would be a violation of the firm’s lease and “extremely disruptive and dangerous” to the company.

The complaint also names Rudin Management Company, who Solstice claims knew about Silverstein and Metro Loft’s plans when Bill Rudin’s firm agreed to sell the Lower Manhattan office building to the developers last May.

Silverstein and Metro Loft unveiled plans last summer to convert the office building into a 571-unit residential property, with work expected to begin soon and continue for at least two years.

The company said it “never imagined, and would never have countenanced, moving into a residential apartment building for the conduct of its business.”

…. Building rules outlined in the firm’s lease stated that no tenant could use its space for residential purposes, and Solstice and Rudin reached an agreement that the landlord would not seek to redevelop the office property for an alternative use before the company’s lease expired in September 2029, according to the complaint.
Quote:
The only way in which the landlord could move forward with redeveloping the property would be if it invoked a demolition clause, which would require it to terminate Solstice’s lease.

But Solstice accused Silverstein and Metro Loft of trying to circumvent the firm’s lease by going forward with their office-to-resi conversion play without invoking such a clause. The tenant claims the conversion would harm Solstice’s ability to conduct business and “severely disrupt” its right to occupy its office.

“All our planned landlord renovation work will be undertaken in accordance with applicable law and lease terms,” a spokesperson for Silverstein said. “We are working closely with the building’s tenants to ensure a smooth move, in some cases to other office buildings we own.”

Solstice also claimed that asbestos removal at the property “would cause an imminently hazardous condition that would jeopardize the life, health and safety” of employees and visitors. The firm is now asking the court to stop the conversion before its lease expires in six years.
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  #724  
Old Posted Apr 3, 2023, 1:13 AM
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This is the kind of news we need. May be too late for this one though.



https://nypost.com/2023/04/02/condo-...ence-downtown/

Luxury condo sales at 130 William provide residential resurgence in downtown NYC





By Steve Cuozzo
April 2, 2023


Quote:
In a much-needed flash of residential energy downtown, the 242 luxury condo apartments at Lightstone Group’s 130 William St. are nearly sold out, according to an analysis of public records posted on the city’s Department of Finance ACRIS database.

The flood of pricey purchases since marketing began in 2018 hopefully portends a resurgence for the whole area, which needs all the resurgence it can get.

The apartment sales are the real 130 William story, but have largely been eclipsed by puffy, design-focused stories about the 66-story tower’s views, classy amenities, and architect David Adjaye’s vision — which is like nothing else on the Lower Manhattan skyline.
Quote:
The building’s public face is hard for anyone to miss. Huge, arched windows are set in a hand-cast concrete facade that reads as black from a distance, but softens to silver-gray at closer range. The structure’s monolithic, Moorish-reminiscent profile is as striking a departure from Downtown’s skyline as Rafael Vinoly’s all-white, square-windowed 432 Park Ave. is from Midtown’s.

Lightstone senior VP of development Scott Avram said, “130 William Street is over 90% sold and occupied and recognized as the best-selling condo tower in the city over the past few years.”

The impressive record was achieved during a five-year sales effort that included the near-three-year pandemic, when much of Lower Manhattan was desolate. Sensible pricing contributed to the project’s popularity. (Notwithstanding a few $10 million deals for penthouses, most units have sold in the $2 million-$3 million range, according to Finance Department data).

“Lightstone was smart by pricing their product reasonably at the outset, so they didn’t get the negative publicity of price-cutting the way some uptown locations did,” one analyst said.

In fact, most 130 William units sold at or very close to the original “asks.” Average prices were around $3,000 per square foot or less, compared with above $5,000 at 432 Park Ave. or even higher at Extell’s Central Park Tower.
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