Posted May 25, 2017, 3:21 AM
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An Optimistic Realist
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Join Date: Dec 2010
Location: Loma Linda, CA / West Palm Beach, FL
Posts: 5,593
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Quote:
Originally Posted by NYguy
It's not comparable to the Hudson Yards (at least Related's towers) because of the special case there (those towers for the most part aren't leased towers). But this tower will obtain financing the traditional way, by first signing a tenant or tenants, which would allow for construction financing by the banks. It's a way to allow the market to decide what get's built, and not dump an unnecessary amount of office space on the market that would take years to fill. That was the case with the original WTC complex. Even the ESB got built at a time when it couldn't get any tenants, taking years to fill space. But short of demolition, this site (and the tower 5 site) are the only remaining sites for large office construction in the financial district. That's very significant.
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Okay, I forgot about the tenant situation. Thanks for the clarification.
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Working towards making American cities walkable again!
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