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  #4321  
Old Posted Jan 7, 2019, 2:07 AM
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Originally Posted by Crawford View Post
These towers are being built because that's what the market demands.
That's exactly right. These towers are only being built because of the demand.

New York may have a lot of skyscrapers, but what that means is that the city has a lot of old skyscrapers. Midtown for example...


https://commercialobserver.com/2018/...revive-or-die/

Quote:
Midtown, which today remains the world’s largest central business district and, in many respects, the dominant, bustling hub of commerce in New York City, from Times Square to Rockefeller Center to Grand Central Terminal. With more than 240 million square feet of inventory and 179 million square feet of Class A product, according to Cushman & Wakefield data, it is by far the greatest concentration of office space in the city.

And yet, even for the most bullish Midtown observers, it is undeniable that the market faces an unprecedented challenge to its dominance on the office front. Hudson Yards—embodied by Related Companies’ mega-development, as well as nearby projects like Brookfield Property Partners’ Manhattan West and Tishman Speyer’s The Spiral at 66 Hudson Boulevard—has, as numerous sources put it, changed the game, with major tenants flocking en masse to absorb the tens of millions of square feet due to come online on the Far West Side over the next few years.

....To some Midtown observers, the biggest thing that Hudson Yards has going for it is that it’s new. One statistic popularly bandied about in recent years is how the average age of Manhattan’s existing office stock is approaching 80 years old; Midtown, long entrenched as the city’s preeminent office hub, is home to many of those older buildings.

...“The millennial generation has spoken: They want [offices with] light, air, amenities and column-free efficient space,” said Bruce Mosler, C&W’s chairman of global brokerage. “Businesses today respond to what the workforce wants and not where the CEO lives. To be successful, they have to be in the locations and property types that attract the millennial generation.”

...“One thing that’s clear and evident, and Hudson Yards bears it out, is that tenants want new,” David Berkey, an executive vice president and director of leasing for L&L Holding Company, told CO. “They want modern workspaces—they can no longer live in these older workspaces—and there’s only a finite amount of [new space] getting built.”

This will continue, as the city's enormous supply of office space only continues to get older, gradually being rebuilt as we see now.



Anyway, this tower will look great at night when they can finally light up the crown...


https://www.instagram.com/p/BsRaPCShoY1/

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  #4322  
Old Posted Jan 8, 2019, 3:58 AM
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  #4323  
Old Posted Jan 8, 2019, 3:48 PM
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Cashing in...


https://www.wsj.com/articles/warnerm...in-11546956001

WarnerMedia Puts Its Stake in New HQ Building Up for Sale, Before It Moves In
Company follows in the footsteps of others looking to cash in on sale-leaseback agreements






By Keiko Morris
Jan. 8, 2019


Quote:
WarnerMedia isn’t expected to move into its future Manhattan headquarters until later this year, but it is already looking to unload its stake in the brand-new building.

The media and entertainment company, which includes HBO, CNN and the Warner Bros film company, aims to raise about $2 billion from the sale of the 1.4-million-square-foot Manhattan office condominium, according to real-estate firm Cushman & Wakefield , which is marketing the property. That would make it among the highest-priced U.S. single office building sales.

WarnerMedia has no plans to abandon the new HQ. Rather, it is hoping to cash in on the rising value of its office space at Manhattan’s new Hudson Yards development by selling it and signing a lease of about 20 years with the new owner.

The company, which was known as Time Warner Inc. before its acquisition last year by AT&T Inc., is one of many firms in recent years to pursue these types of arrangements. State Farm Auto Insurance Co., Verizon Communications Inc. and WarnerMedia’s parent company, AT&T, have also made such deals in recent years, which are known as sale-leaseback agreements.

Companies use this structure for a number of reasons: to raise cash and pay down debt, reinvest in the business and lower operating expenses. These days, companies are looking to take advantage of a real-estate market many believe is in the final stages of a long rally.

“These Fortune 500 companies are very smart, and they know it is a very good time to be a seller of real estate,” said Douglas Barker, a senior managing director at the sale-leaseback capital group at Chicago-based Mesirow Financial.
Quote:
While investors might be paying up for these properties, many feel confident owning a building with a guaranteed tenant for years that will continue generating revenue even if the economy slows.

Private-equity firms have also been big users of this type of deal structure for acquisitions, often selling a business’s real estate and leasing it back as a way to pay down debt.
Quote:
WarnerMedia has a history of taking advantage of rising real-estate values. Before the AT&T acquisition, Time Warner bought its headquarters in Midtown Manhattan for $520 million more than a decade ago. It sold its 1.1-million-square-foot stake in that office building for $1.31 billion to a group including Related Cos., the Government of Singapore Investment Corp. and the Abu Dhabi Investment Authority.

WarnerMedia then bought its office space at Hudson Yards, making it among the first to commit to the new development from Related and Oxford Properties Group that is opening in phases. Since then the development has sold and leased office space to marquee names such as giant money manager BlackRock Inc. and private-equity firm KKR & Co.

Coach, which in 2011 became the first tenant to commit to Hudson Yards, converted its ownership of offices at 10 Hudson Yards into a long-term lease for $707 million in 2016. Coach paid $530 million for its 738,000-square-foot portion of the tower and an additional $220 million to build out the space.

WarnerMedia’s early commitment to Hudson Yards was an endorsement of the project, said Doug Harmon, chairman of the capital markets group at real-estate services firm Cushman & Wakefield, which is marketing the property. “So why give all that appreciation to the developer when they can share in the upside they are helping to generate?” he asked.






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  #4324  
Old Posted Jan 8, 2019, 8:38 PM
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  #4325  
Old Posted Jan 10, 2019, 2:38 AM
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  #4326  
Old Posted Jan 10, 2019, 12:30 PM
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This building is going to be featured tonight on Impossible Engineering, which is on the Science Channel. Check your local listings.
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  #4327  
Old Posted Jan 11, 2019, 1:48 AM
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Originally Posted by skyscraper View Post
This building is going to be featured tonight on Impossible Engineering, which is on the Science Channel. Check your local listings.
Good heads up.



https://www.instagram.com/p/BseZA-7l2av/

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  #4328  
Old Posted Jan 11, 2019, 12:29 PM
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I only caught the last 15 minutes of it, then DVR'd the rerun of it later. They featured not just 30 HY but the whole complex, even mentioned the west side Phase 2. Really cool.
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  #4329  
Old Posted Jan 11, 2019, 5:12 PM
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Those above pictures from the deck, I cant wait to go up there, such great angles from up there!
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  #4330  
Old Posted Jan 11, 2019, 5:17 PM
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The deck should open sometime next year.


Quote:
Originally Posted by skyscraper View Post
I only caught the last 15 minutes of it, then DVR'd the rerun of it later. They featured not just 30 HY but the whole complex, even mentioned the west side Phase 2. Really cool.
I caught the episode. The thing that stuck with me from the episode is the 2 and 1/2 inch glass that will serve as the floor for a portion of the deck.
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  #4331  
Old Posted Jan 11, 2019, 5:31 PM
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Watched it. It was OK. Obviously very little new to nerds like us who actually follow this stuff "for fun." I did enjoy the first part about the railyards, but like most of these Science/Discovery type educational programs, much of the time is spent on tangential things, like the history of a specific load carrying bridge form or a gas fired generator, that really doesn't have much to do with the wide-view architecture or plannng part of the project. Interesting none the less, but I suspect most of us would rather watch 45 minutes of curtain wall being intalled, steel being erected and finshes apllied from the construction worker persepctive.
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  #4332  
Old Posted Jan 11, 2019, 5:45 PM
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Originally Posted by Busy Bee View Post
Watched it. It was OK. Obviously very little new to nerds like us who actually follow this stuff "for fun." I did enjoy the first part about the railyards, but like most of these Science/Discovery type educational programs, much of the time is spent on tangential things, like the history of a specific load carrying bridge form or a gas fired generator, that really doesn't have much to do with the wide-view architecture or plannng part of the project. Interesting none the less, but I suspect most of us would rather watch 45 minutes of curtain wall being intalled, steel being erected and finshes apllied from the construction worker persepctive.
I'm sure something like that will come from another ducumentary.
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  #4333  
Old Posted Jan 12, 2019, 2:33 AM
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  #4334  
Old Posted Jan 14, 2019, 2:04 AM
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  #4335  
Old Posted Yesterday, 4:41 AM
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Wow! It's so beautiful!

When it will be completed? When they will open it up?
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  #4336  
Old Posted Yesterday, 3:08 PM
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Wow! It's so beautiful!

When it will be completed? When they will open it up?

The building should be finished this year. The deck, next year.



https://www.instagram.com/p/BspbZc5FjtV/





https://www.instagram.com/p/Bsp4gZZhpOt/

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  #4337  
Old Posted Yesterday, 10:56 PM
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Hudson Yards NYC 2018

Hi all, I went to NYC back in Mid December. I apologize for just NOW posting these.. I got the opportunity to go up to the 40th floor of the Paramount Tower. Check out the views!

[IMG]fae8PshgTTq5vADdtY7Jeg by Roman Reyna, on Flickr[/IMG]

(My future Linkedin pic)
[IMG]IMG_0954 by Roman Reyna, on Flickr[/IMG]

[IMG]f1UwFCebQoeOtRuTkHaQ4A by Roman Reyna, on Flickr[/IMG]

(Top of One World Trade Center)
[IMG]TAhA2+RrTraFaoyOpStp3A by Roman Reyna, on Flickr[/IMG]
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  #4338  
Old Posted Yesterday, 11:54 PM
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^ Nice. The lower views of the skyline are often better than the higher observation deck views.



https://www.instagram.com/p/Bsp_hu-j6in/





https://www.instagram.com/p/BsiWUsGBnMV/









https://www.instagram.com/p/Br_2PeLgOBU/

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  #4339  
Old Posted Today, 5:48 AM
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Quote:
Originally Posted by NYguy View Post
The building should be finished this year. The deck, next year.



https://www.instagram.com/p/BspbZc5FjtV/





https://www.instagram.com/p/Bsp4gZZhpOt/

Nice! Thanks for sharing this! Don't you have Facebook page?
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