Quote:
Originally Posted by scalziand
That's the first I remember hearing that this might not be residential.
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That was discussed around 2007 when NY had an utter lack of office space and rents on any decent project exceeded $100/sf.
To get financing on a office tower today, a massive pre-let would be required, and yet, that's not possible since an office tower on this site would not accomodate one user of 500,000 sf. Instead, space would go to scores of hedge funds and PE firms that require small blocks of space and that would be willing to pay $150/sf.
By contrast, a high-end residential would get financing readily in this market and would sell out quickly at $5,000+/sf.