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Old Posted Nov 26, 2013, 4:30 PM
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NYguy NYguy is offline
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Join Date: Jul 2001
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Quote:
Originally Posted by Crawford View Post
The hotel has super-low floor heights. It's completely unworkable as luxury housing.

The value is in the land, not the building, which is why they spent so much to acquire the parcel. And it's probably also why they brought in Macklowe, who does super-luxury housing, and the Malaysian investors, who do new construction housing.

I will say that they know what they are doing here. It's too early to say that they will demolish the building, there are complicating factors, and they intend to keep the hotel running in the short term. But expect super-luxury here. That means high ceilings, and everything that comes with it.

What I DO NOT want is a glass building here.
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