Posted Aug 11, 2014, 7:10 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,907
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Quote:
Originally Posted by Eidolon
I always knew this tower wouldn't be cancelled, but I never expected it to be back on the table this soon. Hopefully this is u/c as fast as possible.
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It never made sense to me that it was shelved (if in in fact was). This is the first of the new towers on this side of Manhattan to ever get (and eventually lose) a tenant, and was close to being under construction. With everything else that's happening, seems it was only a matter of time it would be back in play.
http://www.nysun.com/business/merril...midtown/60427/
More....
http://www.nytimes.com/2007/10/25/bu...ynch.html?_r=0
Merrill Lynch Expected to Quit Downtown for Midtown
By CHARLES V. BAGLI
October 25, 2007
Quote:
Merrill Lynch & Company, the world’s largest brokerage firm, appears ready to move its longtime headquarters from Lower Manhattan to a new skyscraper in Midtown, across Seventh Avenue from Pennsylvania Station, according to government officials and real estate executives.
Both Larry A. Silverstein, the developer at ground zero, and Brookfield Properties, Merrill’s current landlord at the nearby World Financial Center, submitted sweetened last-minute offers last week that were as much as $1 billion cheaper than the Midtown option, according to government officials and real estate executives who have been briefed on the negotiations.
But the investment bank has “given every indication,” those officials and executives said, that it plans to build a $4 billion, 3 million-square-foot tower on Seventh Avenue, between 32nd and 33rd Streets, that would be home for 11,000 employees.
The potential relocation, which would not occur until 2013, comes as Merrill reported $7.9 billion in write-downs yesterday, leading to its first quarterly loss in six years. State officials hold out hope that the company’s difficult financial situation will prompt it to reconsider leaving Lower Manhattan.
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http://www.nypost.com/p/news/busines...3388CC0A85AC3C
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...Merrill Lynch execs would prefer to be at Vornado Realty Trust's Hotel Pennsylvania site opposite Madison Square Garden, sources told The Post.
While Brookfield Properties and Battery Park City officials have been able to enlarge their proposed trading floor addition by eating into the lobby of 2 World Financial Center, it would still mean relocating all of the employees for three to four years, as the investment bank doesn't want to endure a disruptive floor-by-floor renovation job.
"What Larry [Silverstein] has decked up financially is not superior to [Vornado's] Hotel Pennsylvania, and it's not big enough," our source said.
Top execs are expected to meet with city officials within a week to chomp the numbers and the land-use review time frame on the 3 million square-footer proposed by Vornado.
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http://www.thecityreview.com/hotelpenn.html
Quote:
...At one point, Vornado was planning to build two very tall office buildings on the site of the existing Garden, but in recent months public officials were reported to have decided against such a plan as too crowded. The design of the planned towers was never released to the public but were understood to have been exquisite skyscrapers........As an indication of the rather incredible "momentum" that has suddenly been generated for reshaping an area notorious for its uninspired architect and very substantial traffic problems in the nearby Garment Center and the Lincoln Tunnel was the recent disclosure that Merrill Lynch was considered relocating from the World Financial Center at Battery Park City into a very large skyscraper on the existing site of the Hotel Pennsylvania, which is one of very many sites in the vicinity owned by Vornado Real Estate Trust.
The Merrill Lynch plan is astounding given recent disclosures about the fact that it has lost several billion dollars this year in investments related to sub-prime mortgages and that a move uptown might cost it about one billion dollars more than remaining in Lower Manhattan...........In January, 2007, Lehman Brothers expressed interest in the Hotel Pennsylvania site, subsequently Merrill Lynch became the primary potential user of the site. According to an October 25, 2007 article in The New York Times by Charles V. Bagli, Merrill Lynch was negotiating a "billion-dollar 65-year lease" that called for demolishing the hotel and erecting a tower with 80,000-square-foot trading floors in its base.
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http://www.archpaper.com/e-board_rev.asp?News_ID=4786
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