Considering Abu Dhabi's deep pockets, the demand for this project, and the absolutely unparalleled location, I hope that this proceeds in the near future.
While there has been a decline in sales volume within that sectors niche, the location, the city... will be the driving force for future sales. Kinda like Monaco, a playground for the rich, and NYC is not different, with the exception of being the world financial capital, which is a big driving force and so long as this continues, will continue to attract capital even amidst the high prices. So long as no meltdown happens at Indian Point, the region will continue to be a capital hot spot.
This will rise, just give it time folks. Even the ultra luxury sector can get saturated. The demand isn't astronomical as it is for units 400k to $1 mil, which we need more of, purchasing that is. Likewise with affordable units. But that's another topic for another thread.
On a side note, NYC's ultra-luxury units can also be seen as investments. Sort of analogous to that Class A Berkshire Hathaway Inc that seems to always rise and rise.
“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.
With all of the new developments planned on 57th St., I wonder when we'll get news about what Witkoff and his Abu Dhabi partners plan here. This is without a doubt the absolute premium development site in NY. I hope that it has office, a seven-star hotel, and condos, and is taller than Extell's new tower. I could see these condos going for well over $10k/sf.
The Park Lane isn't going anywhere for the foreseeable future and has, in fact, nearly completed a multi-million dollar renovation. Not just lipstick either...multiple food and beverage outlets, updated elevators and utilities, redesigned rooms. I don't mind it sticking around. I think the supertalls being built a block away somewhat preserves the Plaza/Essex House/Prewar character of CPS.
The Park Lane isn't going anywhere for the foreseeable future and has, in fact, nearly completed a multi-million dollar renovation. Not just lipstick either...multiple food and beverage outlets, updated elevators and utilities, redesigned rooms. I don't mind it sticking around. I think the supertalls being built a block away somewhat preserves the Plaza/Essex House/Prewar character of CPS.
Any renovation was very limited. This is the most valuable residential site in America and perhaps the world. Something unprecedented will rise here.
Any renovation was very limited. This is the most valuable residential site in America and perhaps the world. Something unprecedented will rise here.
Forgive me for asking, maybe it's a stupid question:
Why is this site so valuable? I know it faces Central Park, but why not any of the adjacent buildings?
Because it’s one of the most prime sites on CPS. It also has enough air rights to build a very tall tower, and it’s a hotel that can be closed and ready for demo at any time.
Hopefully, the junky 40 CPS next door, which is a market rate rental, will be part of this development.
Since Witkoff's partners are from the UAE, I'd like to see a seven-star Jumeriah hotel here with condos above it, and perhaps twenty stories of hyper-luxurious office space at the base.
Why is this site so valuable? I know it faces Central Park, but why not any of the adjacent buildings?
The adjacent buildings are mostly coops, and therefore nearly impossible to vacate/demolish. Plus they don't have the same development rights as the Park Lane site.
The adjacent buildings are coops, and therefore nearly impossible to vacate/demolish. Plus they don't have the same development rights as the Park Lane site.
40 CPS is a rental though. I hope that Witkoff acquires it.
I agree that this will be developed and its a matter of timing. Given the success of 220 CPS, CPT and Verre (111 W 57th will be added to this list), this in time will rise when the market is ripe and the risk is low, meaning they can go beyond CPT and 220 CPS and make a centerpiece. The location is impeccable. The timing of investment will be key.
When market conditions are ripe for the type of audience CPT for example caters to, this will be developed.
As its a matter of competition with the surrounding towers, to market it, they will most likely go grand on this.
Right now the waiting game is just risk based and when the timing is right, this will rise.
hope this breaks the 1700ft+ barrier and prays it has some sort of observatory or a restaurant near the peak. the view and location will be simply outstanding.
I'm pretty sure it will be a supertall, given the air rights. It would be foolish to sacrifice views from three sides, given that very tall towers are planned in proximity.
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