NEW YORK | Tower Fifth | 1,556 FT | 96 FLOORS

[ArchGuy1]

Originally Posted by chris08876

I'd imagine something could still be built even without the full assemblage originally desired. Might not be in the final form but maybe its a blessing in that something can actually rise that has better odds of reality versus Tower Fifth in its entirety. Or a redesign.

Why has construction not begun despite being planned since 2019.

[madrian]

Originally Posted by ArchGuy1

There are at least three skyscrapers in London with observation decks that do not charge an admission fee. Two of them are 20 Fenchurch Street and 22 Bishopgate. Makes me wish New York City would negotiate to have the Tower Fifth observation deck become that way as a privately owned public space. The five skyscraper observation decks in New York City currently are fairly expensive experiences.

London vs New York City observation decks are incomparable just like London’s skyline vs NYC’s skyline are incomparable. People are willing to pay lots of money to see NYC 1400ft in the air vs London 400ft in the air.

[NYguy]

Originally Posted by ArchGuy1

There are at least three skyscrapers in London with observation decks that do not charge an admission fee. Two of them are 20 Fenchurch Street and 22 Bishopgate. Makes me wish New York City would negotiate to have the Tower Fifth observation deck become that way as a privately owned public space. The five skyscraper observation decks in New York City currently are fairly expensive experiences.

I knew you were coming to that. So let's be clear. New York - London. Two different cities.

This tower has a proposed observation deck, but not as a POPS, for obvious reasons.

But we aren't going to entertain your observation deck obsession beyond what we already know, which is very little, especially considering we don't even know if this tower will move forward. Give it a rest.

[NYguy]

Originally Posted by chris08876

I'd imagine something could still be built even without the full assemblage originally desired. Might not be in the final form but maybe its a blessing in that something can actually rise that has better odds of reality versus Tower Fifth in its entirety. Or a redesign.

I would imagine the assemblage is still in play. There's not much that can be done with that individual piece, and they could get more by selling it to Macklowe who actually wants to assemble something.




https://wikimapia.org/25228973/Pronovias-Building

[ArchGuy1]

Originally Posted by NYguy

I would imagine the assemblage is still in play. There's not much that can be done with that individual piece, and they could get more by selling it to Macklowe who actually wants to assemble something.




https://wikimapia.org/25228973/Pronovias-Building

They should also keep the base of the building's intact like what was done with Steinway Hall for the construction of the Central Park Tower.

[ChiND]

More great news today. It’s like Christmas!!

Hopefully, Naftali will acquire this and build a 1,200’ RAMSA.

https://therealdeal.com/national/202...town-projects/

Acquiring more buildings on 52nd will be the key.

[Busy Bee]

squirt

[ChiND]

Originally Posted by Busy Bee

squirt

I agree. I never thought that this project would rise. Macklowe doesn’t own many or the parcels, including the Venezuelan Consulate.

[NYguy]

https://therealdeal.com/national/202...town-projects/

Harry Macklowe faces major losses on Miami, Midtown projects
Fortress pursuing foreclosures on Macklowe’s developments


APR 16, 2024
By Keith Larsen

Fortress Investment Group initiated foreclosures tied to two of Macklowe’s properties: a site near the Dadeland Mall in Miami and Midtown rental where Macklowe once planned a supertall office tower.

Fortress is seeking to foreclose on Macklowe’s equity interests in 5 East 51st Street in Midtown Manhattan and 8609 Southwest 72nd Avenue in Miami. A U.C.C. foreclosure avoids the judicial process and allows a lender to take over a company that indirectly owns property. Often, these foreclosures are halted by a bankruptcy filing.

Macklowe took on $191 million in loans from Fortress in 2019 for three Midtown properties, including a six-story rental building at 5 East 51st. The properties were part of assemblage where Macklowe tried to build a super-tall office tower known as “Tower Fifth.” The project would rise 1,500 feet, span 1 million square feet and cost upwards of $1 billion. But those dreams appear to be over. Macklowe failed to close on the purchase of another piece of the assemblage at 14 East 52nd Street last year.

Macklowe, in his late 80s, is a titan of New York real estate. But lately he’s faced some troubles throughout his company and personal portfolio. CIM Group initiated a foreclosure on his personal units at 432 Park Avenue, but he stopped the foreclosure by putting the company that controls the properties into bankruptcy. He is listing his Hamptons estate for $38 million.

Fortress, an investment firm with $48 billion in assets, is among the more active buyers of distressed real estate. It has taken over as the lead developer 125 Greenwich, a stalled 71-story condo building in Lower Manhattan.

For reference...

[ChiND]

Originally Posted by Busy Bee

squirt

I agree. I never thought that this project would rise. Macklowe doesn’t own many or the parcels, including the Venezuelan Consulate.

Sadly, Harry significantly damaged the facade of 5 E 51st.

[NYguy]

Always the same game with Macklowe...


https://www.reuters.com/article/idUSN05116233/

Macklowe Properties in deal to regain Manhattan site

By Reuters
January 5, 2010

Macklowe Properties and its new partner real estate fund manager CIM Group have signed a deal to purchase debt in order to take control of the site of the former Drake Hotel, a person familiar with the deal said on Tuesday.

The deal, which calls for Macklowe to buy back the debt at a discount with the help of CIM, is signed but has not yet closed, the source said. A deal would help founder Harry Macklowe salvage his investment of more than $220 million in the property.

Macklowe Properties defaulted upon the loans of several properties, including the Drake site at Park Avenue and 56th Street, when credit began to dry up in late 2007.

Macklowe Properties spent more than $600 million -- including $418 million for the 2006 purchase -- in mortgage and other debt to buy and demolish the Drake Hotel. He planned to build a hotel-condominium project on the Drake site and a neighboring property, according to court papers.

However, in 2008 Deutsche Bank, acting as the agent for the lenders, initiated foreclosure on the sites. By that time, the unpaid principal on the mortgages was $483 million, according to court documents.

[Zapatan]

Good riddance.

[NYguy]

Originally Posted by Zapatan

Good riddance.

I wouldn't be so fast with that. We don't know how this will play out just yet. As I've said, Macklowe has been down this road before, and he's a stubborn old man. We shall see. Either way, these properties will be developed.

[Crawford]

I don't know who owns the Venezeulan consulate, but it apparently isn't Venezuela. That building is now emptied out.

I'd prefer Tower Fifth rise. Always liked Macklowe, who's a mensch. But if he loses the assemblage, I hope we get a skinny hotel-residential supertall. Wouldn't mind Extell or Zeckendorf here.

[ChiND]

I the last I heard, the Venezuelan government still owns it. When Harry presumptuously claimed to include that site in Tower Fifth (without even owning it), I recall their stating that they have no intention of selling it.

The key to developing this block are the lackluster buildings on 52nd. This could be a very lucrative project if done correctly.