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Old Posted Jun 9, 2012, 4:08 AM
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Quote:
Originally Posted by scalziand View Post
Yeah, the developers have very little if any desire to demolish a leased, income producing million square foot building to create an empty lot in order to put up a 2 or 3 million square foot building without tenants or financing guaranteed. This isn't like knocking down a couple of dinky tenements in anticipation of future development that will be of a much greater scale than the tenements.

Yeah, imagine the outrage if that entire block were demolished, only to sit as a vacant lot for a few years in the heart of Midtown. As with the 15 Penn site, having the right to build doesn't outright mean demolishing will commence. Things will proceed very orderly here.


Quote:
Unlike a typical development site, instead of sitting on an empty lot, paying taxes and not generating revenue, we instead have maintained the building's occupancy and collected rent.
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