NEW YORK | 555 West 33rd St - World Product Centre | 1,011 FT / 308 M | 60 FLOORS

[uaarkson]

So the skyscraper is scrapped?

[Zapatan]

Why build a much smaller building? Why not just wait till things get better or until there is office demand in New York City again?

editado por zapatan

[Bucktown718]

damn it this was like definitely one of the best skyscrapers in years has been proposed in nyc.
So there is no chances that it might get build or is it going to go through same process as Tower Verre.
damn i can't believe it. This is one of coolest buildings I've seen in years

[scalziand]

Going back to the subject at hand...

Originally Posted by NYCLuver

So basically a much smaller building?

John Strong, president and CEO of World Product Centre, told NashvillePost.com that developers have scrapped their plans to build the proposed 60-story, $1 billion medical mart in Midtown Manhattan in favor of repurposing existing Class A office space there.

They are not going to be building a radically scaled back proposal; they're going to remodel existing space so they can open sooner. Are there any 300,000sf blocks of office space for rent out there?

[STERNyc]

Yes. Manhattan office vacancy is 11.1% during the most recent quarter, its projected to go higher.

[Crawford]

Originally Posted by scalziand

Going back to the subject at hand...

They are not going to be building a radically scaled back proposal; they're going to remodel existing space so they can open sooner. Are there any 300,000sf blocks of office space for rent out there?

If we take the comments at face value, they will be first leasing out space in an existing Extell office tower.

Extell owns the site, and has full development rights, but obviously cannot proceed on a tower unless it receives financing.

Right now, while the markets are improving, we are unfortunately not at the point where large office towers can be financed.

If they're aiming at 2013 for temporary medical space, that should be plenty of time for the markets to recover, and we can see what happens.

[scalziand]

Originally Posted by Crawford

If we take the comments at face value, they will be first leasing out space in an existing Extell office tower.

Extell owns the site, and has full development rights, but obviously cannot proceed on a tower unless it receives financing.

Right now, while the markets are improving, we are unfortunately not at the point where large office towers can be financed.

If they're aiming at 2013 for temporary medical space, that should be plenty of time for the markets to recover, and we can see what happens.

It seems like Strong would still like to build out the full WPC eventually should the smaller version prove successful.
Unless I'm just being ridiculously optimistic.

[Zapatan]

Originally Posted by scalziand

It seems like Strong would still like to build out the full WPC eventually should the smaller version prove successful.
Unless I'm just being ridiculously optimistic.

You mean build it on top of it? Or are there two sites? Sorry for the silly question.

That sounds unrealistically optimistic.

[scalziand]

Originally Posted by Zapatan

You mean build it on top of it? Or are there two sites? Sorry for the silly question.

That sounds unrealistically optimistic.

I meant 555 W33rd as a second site. Initially, Strong is not going to build any new space; just rent existing space. I was wondering if that didn't preclude him building the full WPC at a later date. I know, wishful thinking.

[hunser]

here we go, another victim due to the recession. we can only hope that the site remains 'good enough' to invest in. maybe in two, three years we see another proposal which could be higher than this one. pretty sad, i mean we only have one supertall U/C at the moment. god knows what will happen to tower verre if the economy doesn't catch up in time; and also don't forget: there's no financing available for this tower. at least 157 west 57th street seems promising, they should start construction this january according to the permit nyguy posted in the other thread.

[NYguy]

Originally Posted by NYCLuver

So basically a much smaller building?

No, according to that piece, a smaller WPC will now open elsewhere in Manhattan in an existing buildng, provided they find the space (and they should). That leaves the specific proposal for this site canceled, or at least on hold for now. Remember, the WPC was planned to open Downtown somewhere near the WTC and was put on hold after 9/11. Apparently the commited companies don't want to sit around and wait for a tower to get built.

[Bucktown718]

Originally Posted by NYguy

No, according to that piece, a smaller WPC will now open elsewhere in Manhattan in an existing buildng, provided they find the space (and they should). That leaves the specific proposal for this site canceled, or at least on hold for now. Remember, the WPC was planned to open Downtown somewhere near the WTC and was put on hold after 9/11. Apparently the commited companies don't want to sit around and wait for a tower to get built.

So there are still chances for 1000 footer to get build? Because reading previous post by members of this forum it looks like they don't even know what they talking about.

[NYguy]

Originally Posted by hunser

here we go, another victim due to the recession. we can only hope that the site remains 'good enough' to invest in. maybe in two, three years we see another proposal which could be higher than this one.

Don't worry about this site. Other than this tower not being built as currently proposed, the info from that article is actually good news as far as the World Product Center itself goes. It will indeed open in Manhattan, regardless of whatever happens with similar developments in other cities. AS far as this site goes, Extell will still develop the site, which jumps to the top of the list for office development in Manhattan (don't forget that the subway station will still open in 2013).

Originally Posted by Bucktown718

So there are still chances for 1000 footer to get build? Because reading previous post by members of this forum it looks like they don't even know what they talking about.

It's zoned for an office tower, one of the largest in Hudson Yards. Extell hasn't been known to shy away from taller proposals, but it remains to be seen what design will take the place of the current tower. I'm guessing they will stick with the same architects, and the tower could in fact end up looking very much like the proposal we have. However, that's all just speculation. And it's not certain yet that the WPC won't eventually move there. It hasn't even been confirmed yet that the tower is canceled, though I suspect if may be.

[Zapatan]

That's all well and good but the article stated they "scrapped" their plans. My question is, why scrap their plans when they can just put the tower on hold? It would obviously be a great financial addition and landmark to the city, so why scrap it?

[NYguy]

Originally Posted by Zapatan

That's all well and good but the article stated they "scrapped" their plans. My question is, why scrap their plans when they can just put the tower on hold? It would obviously be a great financial addition and landmark to the city, so why scrap it?

If you are going to read part of it, read all of it...

“The advantages are we can deliver in 18 months and be considerably less expensive for our tenants,” Strong said.

If Strong and developer Extell Construction Corp. secure the new location within the next 60 days, as Strong expects, an 18-month timeline would put a WPC opening far ahead of the 2013 date projected for both the Nashville Medical Trade Center and Cleveland Medical Mart.

Extell has plans to develop an office tower on the site. If the World Product Center is going to be elsewhere, they are not going to put plans for development here on ice.

[Antares41]

I remain optimistic. I think Mr. Strong and WPC understood with the competition from Nashville and Cleveland it was more important to be "first" with the Medical Mart rather than adhering to a grandoise plan.

If it was NYC alone trying to open a Medical Mart the plans might remain as originally intended with financing being the only significant hurdle.

A smart move to go forward with the commitments you have and secure financing that aligned with the level of support.

Now, in the short term we may not get the skyline altering supertall skyscraper we all drool over, but, by securing NYC place in the whole Medical Mart arena, and, if it is successful, I am sure the demand from the healthcare industry will create further development and perhaps the supertall we all been expecting.

[STERNyc]

In this economic climate if Extell does anything its going to be on its super-prime sites. The two sites on 57th and its Riverside South site. They've already ceded control of its Highline site to its lenders. This project is one for the next boom.

[Zapatan]

Originally Posted by NYguy

If you are going to read part of it, read all of it...



Extell has plans to develop an office tower on the site. If the World Product Center is going to be elsewhere, they are not going to put plans for development here on ice.

I did, yes they need space sooner. But instead of cancel this building why not just open up the existing office space and put this tower on hold. I don't see why that's not the better option.

[Bucktown718]

Originally Posted by Zapatan

I did, yes they need space sooner. But instead of cancel this building why not just open up the existing office space and put this tower on hold. I don't see why that's not the better option.

Lmao dude you asked the same question about 4 times already and still don't get it. How about you via email WPC or who ever is running this project and then share their answer with us

[Zapatan]

I wasn't asking anyone here, it was retorical