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  #61  
Old Posted Apr 10, 2011, 9:56 PM
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scalziand scalziand is offline
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That link doesn't work.

Here's a working link.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01
     
     
  #62  
Old Posted Apr 11, 2011, 2:03 PM
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Quote:
Originally Posted by RobertWalpole View Post
By the way, I have a friend who works for CIM who stated that this tower will exceed 1,000 feet.

http://www.observer.com/2011/real-es...aunted-assets#

Stirrings at Two Haunted Assets

By Laura Kusisto
April 6, 2011

With financing for development sites still virtually frozen, CIM Group has received a $30 million mortgage from Pacific Northwestern Bank on the former home of the Gilded Age hotel, according to public records.

...Sources said CIM still plans to build on the cluster of properties at 434 Park Avenue, as well as 38, 40, 44 and 50 East 57th Street. The company did not respond to requests for comment.

A quiet, but increasingly powerful player on the Manhattan development scene, CIM has also helped pay off loans held by iStar on the Beaver House site at 15 William Street.

Well, as they say, it's all in the details. With all of the towers planned for the westside, the eastside needs a few more high profile towers to keep up.
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  #63  
Old Posted Apr 11, 2011, 9:39 PM
RobertWalpole RobertWalpole is offline
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Originally Posted by NYguy View Post
Well, as they say, it's all in the details. With all of the towers planned for the westside, the eastside needs a few more high profile towers to keep up.
True. We have this and 250 E57th and eventually, the towers at Solow's site near the UN.
     
     
  #64  
Old Posted Apr 12, 2011, 3:18 PM
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Originally Posted by RobertWalpole View Post
We have this and 250 E57th and eventually, the towers at Solow's site near the UN.
The towers at the Con Ed site probably won't amount to much in terms of height, whoever eventually develops that site.
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  #65  
Old Posted Apr 15, 2011, 5:59 AM
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http://online.wsj.com/article/SB1000...googlenews_wsj

Work Set to Begin at Drake Hotel Site


Work is cleared to begin at the former site of the Drake Hotel on Park Avenue and 56th Street.


By CRAIG KARMIN
April 15, 2011

Quote:

The owner of the former Drake Hotel site on Park Avenue, one of the premier Manhattan development sites, is taking its first major step toward building on the property, according to a recent application with the Department of Buildings.

The application to begin excavation and other below-ground work on the site at Park Avenue and 56th Street marks the latest sign that real-estate development is stirring in New York.

With the city's economy adding jobs at a faster rate than the rest of the country, a number of developers are moving forward with plans to build office and residential property.

The owner, Los Angeles-based CIM Group, hasn't said what it's planning to build. The application calls for a five-story office building, but that's not a reliable indication of what's to come. The subterranean work for a five-story building or 50-story building is considered quite similar. Under current zoning, a much bigger tower could be built. The application allows the developers to begin initial work without tipping their hand.

The application marks a new chapter in the saga of the site. It was assembled by New York developer Harry Macklowe, who bought the Drake in 2006 for $418 million and then demolished the hotel.

Mr. Macklowe defaulted on the debt in November 2007, a time when financial clouds were growing over the world economy and his real-estate empire was in a tailspin.

In 2010, CIM purchased the $510 million loan that Mr. Macklowe took out to build on the Drake site. CIM also made a deal with Mr. Macklowe to keep him involved in the project.

Earlier this year, CIM purchased an East 57th Street townhouse near the site for $42.5 million, according to public property records.

Other developers moving forward with Manhattan development plans include Edward Minskoff, who is hoping to begin work on an office tower overloooking Astor Place in July, and Boston Properties, which has said it plans to begin construction on a $1 billion skyscraper this year at Eighth Avenue and 55th Street. A group led by Douglas Durst also plans to break ground within the year on a $350 million apartment tower just south of Herald Square.
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  #66  
Old Posted Apr 15, 2011, 10:52 AM
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I am confident that this will break 1,000 feet!
     
     
  #67  
Old Posted Apr 15, 2011, 2:22 PM
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Wow, this is fantastic news! Hopefully you're right RW. I said this before, and the article mentions it, but this is about as prime a spot as is humanly possible, there is no reason whatsoever the developer wouldn't build this to a max height.

Here's a real quick article on the booming high end condo market in NY right now. Hopefully this means that Tower Verre, 56 Leonard, etc will get going soon as well!

"RAPHAEL DENIRO (The DeNiro Group @ Douglas Elliman)

I'm seeing well priced, turn key properties, move very quickly. Particularly full service buildings in "A" locations. Mostly "all cash" deals. The only thing that matters in Manhattan high end real estate is, how the DJIA is doing on a given week, despite whatever is happening in Japan, Southern Europe, or the rest of the U.S.

NIKKI FIELD (The Field Team @ Sotheby's International)

I returned last week from a sales trip to Beijing, Shanghai and Hong Kong. The Chinese appetite for Manhattan Residential Real Estate is exploding. International buyers consider the NY market a stronger investment opportunity than other global capitals. A recent International market survey determined that residential values in Manhattan are -18% below London, -54% below Moscow and a whopping -94% below Hong Kong. No wonder the Chinese are taking advantage of the current market correction here. Their target is predominantly the over $5m market. They are purchasing for personal use as well as income investments. My 12 day trip has delivered a dozen deals in play to date.

With 1 European investor, I currently have in contract 3 brand-named condo deals: $7.5m, $13.3m and $15m. All selected during a 2 day shopping marathon.

Regarding my own exclusive listings inventory, I have closed or have in contract in Q1, 9 exclusive properties. A number of these listings had been languishing on the market for close to a year. In some cases, price corrections were surgically administered, but none were signed below fair value.

FREDERICK PETERS ( (Frederick Peters @ Warburg Realty)

I can't yet give you specific apartments. But overall, we are seeing that properties with trophy qualities, including, size, view, condition, and/or location, seem to be commanding prices 10% to 15% higher than they were at the beginning of the year. Many of the top pre-war buildings are seeing sales price as high or higher than at the peak of the market, with price records being set in building after building. One thing after another selling in overbids. One simply cannot believe it.

DEANNA KORY ( (Deanna Kory Team @ Corcoran)

"The high end market on CENTRAL PARK WEST is super strong. $7M+ is selling @ record prices and really quickly. I am having a bidding war on a near $10M apartment. With 4 bids over ask in 5 days!"

YUVAL GREENBLATT( (Manager @ Douglas Elliman)

It's funny you ask because only yesterday an agent in my office expressed concern that there wasn't much inventory in the very high end. Generally speaking, the 5mm+ market has been substantially active with few quality listings available. An example of activity within the past week is a CPW listing of ours that went quite a bit over the ask."

http://www.urbandigs.com/2011/04/hig...agers_are.html
     
     
  #68  
Old Posted Apr 15, 2011, 2:23 PM
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They're being very secretive about it, but sounds exciting.


http://www.observer.com/2011/real-es...velopment-site
Stirrings at North America's Most Valuable Development Site



By Laura Kusisto
April 15, 2011

Quote:

Developers are moving forward with super-secretive plans to begin construction on the most valuable development site in North America.

A team led by the California-based CIM Group has filed an application with the Department of Buildings to begin construction on the site, at Park Avenue and 57th Street where the Drake Hotel once was, according to public records. Associates of Harry Macklowe, which purchased the site for $418 million in 2006, are listed on the application.

The plans submitted to the city call for a mere five-story office tower, but that is a common tactic to get the development moving before plans are finalized or financing is secured.

Industry insiders told The Observer that a 70-story residential tower is planned, with three stories of luxury retail on the bottom. Nordstrom's, which was previously slated to take the retail space, is reportedly still considering it.

The Drake Hotel site has been fallow ever since Mr. Macklowe demolished the Gilded Age reminder. Deutsche Bank sued Mr. Macklowe over an unpaid $30 million debt on the site in August 2008. Los Angeles-based CIM purchased the site from Deutsche Bank for $305.4 million in January. They have also been quietly assembling several townhouses around the site, in preparation for development. Mr. Macklowe is still said to be involved in the planning, with little or no financial stake, according to people familiar with the deal, but not directly involved.

"It is inarguably the best development site in North America," Eric Anton of Eastern Consolidated told The Observer this week (he is not involved in the development plans). But, he added: "They need to get going. Time kills all deals."

A CIM spokesman declined yesterday to comment, saying the company does not engage in market speculation. Multiple voicemails to Harry Macklowe and his associates were not returned over the last week. Earlier, CIM secured a $30 million mortgage for the site, The Observer reported.
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  #69  
Old Posted Apr 15, 2011, 2:47 PM
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As noted, my source at CIM tells me that we will break 1,000 feet!
     
     
  #70  
Old Posted Apr 15, 2011, 6:04 PM
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Thank you for posting this information, NYGuy. It is too bad they have been so secretive about it. I have been aching to see development here so much that it has preoccupied/frustrated me every time I pass by it on a daily basis and would like to actually see something going up here pretty hard.
     
     
  #71  
Old Posted Apr 15, 2011, 6:06 PM
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Does anybody know how high the zoneing permits on the site? Is 1200 ft unrealistic?
     
     
  #72  
Old Posted Apr 15, 2011, 6:12 PM
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It's going to be fascinating to see the Midtown skyline in 10 years. Rather than the bulk of Downtown's supertalls, the new supertall buildings in the main cluster of Midtown--i.e., away from Hudson Yards etc--are very slender, and residential/hotel. They clearly have an impact on the skyline, but the neighborhood impact is smaller as is their "domination" (which the WTC and ESB have, hands down). Rather than looming buildings, they're more akin to Church spires, punctuating and accenting the skyline but not defining it, which I think is a good thing.
     
     
  #73  
Old Posted Apr 15, 2011, 6:18 PM
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Yuck, I want a decent bulky skyline, no crappy spires please. Please build more bulky skylines with real skyscrapers. Church spires leave no impression on me at all. I'll tell you what does. HK IFC, HK ICC, Shanghai WFC... Bulky towers that have a presence.

I hope this tower is very bulky at the top. I want this to be the defining tower for east midtown. No spire please, I hate them. I never even include spires in heights of buildings.
     
     
  #74  
Old Posted Apr 15, 2011, 6:29 PM
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I agree. Enough of these tepid "elegant" buildings. I'm also so sick to death of spires. I want something massive/looming/over the top with great presence that immediately draws your eyes to it when looking at the NY skyline.

This sounds promising. I love the former Drake building but something tells me that I'll get over it quickly and forget all about it if this comes out great.
     
     
  #75  
Old Posted Apr 16, 2011, 12:41 PM
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If you don't like spires, then you don't like the New York skyline at its best. Leave the flat, boring skylines to other cities, it's the spires that make New York's skyline what it is, and has for years. It's whey the New York skyline is so legendary around the world. It's the city that put skylines on the map.



Quote:
Originally Posted by NOPA View Post
Does anybody know how high the zoneing permits on the site? Is 1200 ft unrealistic?
There are no height limits on site, this building will be limited by its size.
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  #76  
Old Posted Apr 16, 2011, 5:51 PM
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Smile

Well, I like the skyscrapers with the spires and I hope for this site a tower of 1100-1150 ft tall (with spire).
     
     
  #77  
Old Posted Apr 16, 2011, 6:54 PM
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Originally Posted by NYguy View Post
Why couldn't they leave the Drake Hotel and the townhouses alone and demolish the dull outdated piece of s*** across Park Ave instead? In a perfect world...
     
     
  #78  
Old Posted Apr 16, 2011, 7:23 PM
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I think that the building across the street is quite nice. Its line are beautiful.
     
     
  #79  
Old Posted Apr 16, 2011, 9:13 PM
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Is that the old GE building/office of Mrs. Smith (Angelina Jolie)
     
     
  #80  
Old Posted Apr 16, 2011, 10:02 PM
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I watched that movie on a flight once. It rocked me.
     
     
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