NEW YORK | One57 (Carnegie 57) | 1,005 FT | 75 FLOORS - Page 48

RobertWalpole · #**941** Posted **Jan 3, 2011, 8:32 PM**

Barnett has said repeatedly that he has the funds from his Persian Gulf investors to complete the tower, but that he prefers to procure traditional financing instead. Gulf investors are financing several towers in London that don't have traditional financing.

scalziand · #**942** Posted **Jan 3, 2011, 8:56 PM**

Quote:

Originally Posted by Lecom

People like Gene Kaufman need a lesson from Jean Nouvel about how to properly do a streetwall.

This is done by Portzamparc, not Nouvel.

Lecom · #**943** Posted **Jan 3, 2011, 9:48 PM**

It's on the city's most expensive street (57th), featuring unparallelled views of Central Park. It's gotta be one of the hottest new real estate commodities, and I doubt it would stay stalled for long, even if they run out of funds for the time being.

Quote:

Originally Posted by scalziand

This is done by Portzamparc, not Nouvel.

Oh yes, my bad. Regardless, Kaufman can learn a thing or two from these guys, at least regarding respecting the street wall.

NYguy · #**944** Posted **Jan 3, 2011, 10:22 PM**

Quote:

Originally Posted by NYC4Life

By the looks of things, one would assume this tower has received all the necessary funding, which of course isn't quite the case yet.

Not yet. But Barnett is trying this method to get his projects at least started. The process here is very similar to his Diamond Tower under constrution...

Quote:

At a time when banks are reticent to finance any new buildings in the city, real-estate firm Extell Development says it will begin work on its planned 34-story International Gem Tower office building in Midtown even without a loan to finance its construction.

Developers rarely build without loans to finance construction given the high costs and risks. Banks have been particularly cautious in making such loans in the past three years, requiring landlords to have tenants committed to lease major portions of buildings at healthy rents.

Raizy Haas, a vice president at Extell in charge of the project, described the decision to move ahead as a "calculated risk," one that the firm's equity partners had agreed to fund.

Compared with typical buildings that begin construction in tough markets, that commitment level is low.

"At some point in the process, we're going to go to the banks and get a construction loan," she says. "But being able to have the commitment from the equity partners allows us to go ahead even without construction."

It's the same process going on here, and Barnett will likely get a constrution loan, he just doesn't have it yet.

_____________________________

http://therealdeal.com/newyork/artic...orthy-projects
Will Carnegie 57 take shape?

January 01, 2011
By C. J. Hughes

Quote:

Construction seems to be crawling at Extell's biggest undertaking, a 74-story Midtown tower to open in 2013 (and which could take the tallest residential building title from 8 Spruce) that's faced delays relating to loan issues.

Its address, on busy West 57th Street, may be a challenge, said Leonard Steinberg, a Prudential Douglas Elliman broker who specializes in the high-end market. Unlike 15 Central Park West, Carnegie 57 does not face the park, Steinberg pointed out, and the building's planned hotel tenant, Park Hyatt, "won't resonate as well as a Four Seasons." Plus, if a building ever arises at the former Drake Hotel site on Park Avenue -- an address with cachet -- Carnegie 57 could have stiff competition, Steinberg added. Besides, Hines has planned a 55-story tower designed by Jean Nouvel for West 53rd Street.

But one thing going for Extell, which wouldn't comment, may be that European buyers love the shopping and theater offerings in Midtown. Residents "can run across the street to Jean Georges and have dinner," Steinberg said.

STR · #**945** Posted **Jan 4, 2011, 11:11 PM**

kingsdl76 · #**946** Posted **Jan 4, 2011, 11:16 PM**

Quote:

Originally Posted by STR

OMG... Love it!!!

I realize I didnt need to paste the image again right after your post.. but I had to!!... that is just awesome!... it deserves a double post!..

I cant wait until all those projects are realized.. what an amazing skyline we have ahead!

Obey · #**947** Posted **Jan 4, 2011, 11:22 PM**

Very impressive rendering.

NYguy · #**948** Posted **Jan 4, 2011, 11:49 PM**

^ Agreed. Now let's get'em built!

CoolCzech · #**949** Posted **Jan 5, 2011, 12:33 AM**

Quote:

Originally Posted by kingsdl76

OMG... Love it!!!

I realize I didnt need to paste the image again right after your post.. but I had to!!... that is just awesome!... it deserves a double post!..

I cant wait until all those projects are realized.. what an amazing skyline we have ahead!

Isn't the NY Times tower missing, though?

patriotizzy · #**950** Posted **Jan 5, 2011, 12:50 AM**

NYC, the city of skyscrapers. There's a reason why it still holds it's name

Onn · #**951** Posted **Jan 5, 2011, 3:14 AM**

Quote:

http://therealdeal.com/newyork/artic...orthy-projects
Will Carnegie 57 take shape?

January 01, 2011
By C. J. Hughes

I told everyone that was going to happen! I don't like the sounds of this, I'm holding my breath until we gets 50 floors up.

Zapatan · #**952** Posted **Jan 5, 2011, 6:38 PM**

I think we all saw that coming,

It doesn't mean it won't get built eventually though, the building is already UC, it kind of has to proceed at some point, the economy is just in the toilet right now.

NYguy · #**953** Posted **Jan 6, 2011, 12:08 AM**

Quote:

Originally Posted by CoolCzech

Isn't the NY Times tower missing, though?

Only the spire, and the Conde Nast antenna.

Quote:

Originally Posted by Onn

I told everyone that was going to happen! I don't like the sounds of this, I'm holding my breath until we gets 50 floors up.

They're still working. No need to get excited at this point.

Obey · #**954** Posted **Jan 6, 2011, 1:31 AM**

The headline didn't read "Carnegie 57 Will Never Take Shape." No need to worry but I do hope for further construction soon.

RoldanTTLB · #**955** Posted **Jan 6, 2011, 11:37 PM**

I don't understand why anyone expects this thing to just take off. Weren't we all here watching each of the two WTC buildings slowly emerging from the ground? Did we not watch for months and months for the simple base of Beekman to go up before the tower part took off? This thing has something like a dozen floors of base to meet the street wall. The building itself won't take off until it hits that height or so. It appears to have a triple height lobby facing 58th st. It's going up a floor every few weeks still. I'm not sure what everyone is expecting. I understand the financing has been unclear on this, but there are plenty of towers built without clear financing (or where we never even talk about where the money comes from). As with any site that has a $70k/mo tower crane sitting on it, it's just a matter of time.

Obey · #**956** Posted **Jan 7, 2011, 1:42 AM**

Quote:

Originally Posted by RoldanTTLB

I don't understand why anyone expects this thing to just take off. Weren't we all here watching each of the two WTC buildings slowly emerging from the ground? Did we not watch for months and months for the simple base of Beekman to go up before the tower part took off? This thing has something like a dozen floors of base to meet the street wall. The building itself won't take off until it hits that height or so. It appears to have a triple height lobby facing 58th st. It's going up a floor every few weeks still. I'm not sure what everyone is expecting. I understand the financing has been unclear on this, but there are plenty of towers built without clear financing (or where we never even talk about where the money comes from). As with any site that has a $70k/mo tower crane sitting on it, it's just a matter of time.

I don't think anyone thinks this thing is going to takeoff but what you are saying that it will eventually be built.

RoldanTTLB · #**957** Posted **Jan 7, 2011, 4:04 AM**

But it is being built right now, not eventually. You can walk by the site and see progress every day. It's just at the part of any given building of this ilk that is slow going.

Lecom · #**958** Posted **Jan 7, 2011, 5:36 AM**

If anything, I'm surprised how fast this tower went from a deep hole in the ground to several floors above the street. I can't think of many other supertalls that went so fast from proposal to above ground construction, even in rapidly developing Asian countries.

NYguy · #**959** Posted **Jan 7, 2011, 6:51 AM**

Quote:

Originally Posted by Lecom

If anything, I'm surprised how fast this tower went from a deep hole in the ground to several floors above the street.

I think that's exactly the problem people are seeing here. It got to that point very quickly when Barnett said it would. We've been at this phase longer than it took to get here when construction began. Give it a couple of more months. If it's not rising by then, or Barnett hasn't recieved full funding (you'll know it when he does), then I would have serious concerns about delays. Again, we've already seen how this has played out with the Diamond tower (which itself is about to start rising again).

Lecom · #**960** Posted **Jan 7, 2011, 7:09 PM**

Besides, it's winter. Construction naturally slows down in cold climates. Try pouring concrete when the water in the mixture is freezing all the time. Sure, there are remedies like superplasticizers, but it's still a major pain compared to warmer months.