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Originally Posted by scalziand
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.
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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.
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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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