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  #1021  
Old Posted Mar 12, 2015, 6:51 PM
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Of Course SHoP's 57th Street Tower Will Have $100M Condos

Not to be outdone by the rest of the super expensive towers coming to Manhattan, the SHoP-designed skinny mini at 111 West 57th Street will also have condos that will join the Nine-Digit Club. According to filings obtained from the Attorney General's office, the most expensive units in the 1,421-foot tower, developed by JDS Development Group and Property Markets Group, will ask around $100 million. The preliminary price list shows that there will be homes available in the landmarked Steinway Hall, as well as the tower. The "landmark units" will be smaller and cheaper, starting at $1 million for a studio, while the "tower units" will start at $13 million for a three-bedroom.

The landmark portion of the project will hold studios to four-bedrooms, with the priciest apartment being a three-bedroom that will list for around $24 million. The tower will hold two- to five-bedroom units, and interestingly, the largest units will not be the most expensive. The price list shows five-bedrooms maxing out at $75 million, while the range for two- and three-bedrooms tops out at $100 million. Perhaps this is due to the tower's tapering design?

A full offering plan has not yet been filed with the Attorney General's office, but this preliminary price list confirms what we all assumed: that this tower will be, like all of its supertall friends, ridiculously expensive.

http://ny.curbed.com/uploads/Screen%...19.39%20PM.png


http://cdn.cstatic.net/images/gridfs...ew%20north.jpg

http://cdn.cstatic.net/images/gridfs...ew%20north.jpg
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  #1022  
Old Posted Mar 13, 2015, 1:31 AM
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Not at all surprised at the pricing given what units went for in One57 as well as 432 Park.
     
     
  #1023  
Old Posted Mar 13, 2015, 3:27 PM
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is there financing for this beaut'?
     
     
  #1024  
Old Posted Mar 13, 2015, 3:51 PM
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Originally Posted by pico44 View Post
is there financing for this beaut'?

More on that...


Quote:
December 18, 2014

http://www.rew-online.com/2014/12/18...im-the-winner/


...They are currently looking for a $500 million construction loan, with Maloney saying they have “a couple of offers” from banks.


Quote:
January 4, 2015

http://www.crainsnewyork.com/article...ting-headwinds

Kevin Maloney, a co-developer of the 60-foot-wide, 1,400-foot-tall tower at 111 W. 57th St., offering views of Central Park, believes his project can double the $3,000 per square foot he needs just to break even. At least one big financier agrees with him: Mr. Maloney said they're finalizing a deal to secure a half-billion-dollar construction loan from a major financial institution.


Excitement is expected to ramp up sometime this summer...


Quote:
In September, an in-house crew of construction managers and nonunion subcontractors began pouring the property's elaborate foundation. By the summer, the developers are planning to begin raising the tower's reinforced cast concrete frame
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  #1025  
Old Posted Mar 13, 2015, 4:47 PM
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Thanks
     
     
  #1026  
Old Posted Mar 13, 2015, 8:35 PM
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Originally Posted by NYguy View Post

Excitement is expected to ramp up sometime this summer...
Quote:
In September, an in-house crew of construction managers and nonunion subcontractors began pouring the property's elaborate foundation. By the summer, the developers are planning to begin raising the tower's reinforced cast concrete frame
They were pouring foundation in September? Are we talking about the same building here because 111 W just started excevation/demo (not counting that one guy that was working with mini excavator last year)


     
     
  #1027  
Old Posted Mar 13, 2015, 9:37 PM
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They were pouring foundation in September? Are we talking about the same building here because 111 W just started excevation/demo (not counting that one guy that was working with mini excavator last year)

I have no idea. That was from a Crains article, the info apparently coming from the source.
http://www.crainsnewyork.com/article...shatter-record


It's a very complicated development, very little of which is visible from the street. It's possible they could have just meant "working" on the foundations.
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  #1028  
Old Posted Mar 13, 2015, 9:38 PM
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To the very right, in the back, it appears as if there is a low wall of fresh concrete. That could be what the article is talking about.
     
     
  #1029  
Old Posted Mar 17, 2015, 12:20 AM
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Another slight bump in height...


http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=05

Quote:
03/16/2015

AMENDMENT FILE TO REVISE PLANS PW-1 (SECT. #9, 12, 13) AND SCHEDULE A, TO SHOW ADDITIONAL FLOOR AREA FOR INCLUSIONARY HOUSING BONUS.


Quote:
Building Height (ft.): 1424
Building Stories: 82
Dwelling Units: 60
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  #1030  
Old Posted Mar 17, 2015, 1:31 AM
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^ At least we know now they are going with the taller version.
     
     
  #1031  
Old Posted Mar 17, 2015, 1:28 PM
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60 units!

This is yielding a new metric for development. Instead of units/acre or FAR we can talk about height/unit. This is a multi-family building at 23'-9" per unit!
     
     
  #1032  
Old Posted Mar 17, 2015, 2:31 PM
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Originally Posted by gttx View Post
60 units!

This is yielding a new metric for development. Instead of units/acre or FAR we can talk about height/unit. This is a multi-family building at 23'-9" per unit!
50 years from these buildings will represent the decadence of the 2010s, as the Chrysler building represents the 1920s.

Of course, I'm happy we are getting these buildings. This one in particular is a favorite of mine, but I can't say that it is sustainable development.
     
     
  #1033  
Old Posted Mar 17, 2015, 2:50 PM
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  #1034  
Old Posted Mar 18, 2015, 12:08 AM
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Originally Posted by meh_cd View Post
50 years from these buildings will represent the decadence of the 2010s, as the Chrysler building represents the 1920s.

Of course, I'm happy we are getting these buildings. This one in particular is a favorite of mine, but I can't say that it is sustainable development.
I wouldn't say that. These type of buildings have a relatively small footprint and in the overall scheme of NYC development, don't really amount to much of it. The height of these buildings and the money they generate get a lot of attention, but truthfully, if this is money that was being spent instead on townhouses or co-ops, or the relatively "unknown" corners of Downtown (which is also attracting a lot of money btw), we wouldn't really be talking about it. Think of it as multiple townhouses stacked on top of each other, as the units here will be multi-level. Also, there is a finite number of these towers that will be built at any one time.


There will be unoccupied wind breaks on floors 45, 65, and 80...
http://a810-bisweb.nyc.gov/bisweb/BS...de=ES211281994
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Last edited by NYguy; Mar 18, 2015 at 12:33 AM.
     
     
  #1035  
Old Posted Mar 18, 2015, 11:51 AM
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Originally Posted by NYguy View Post
I wouldn't say that. These type of buildings have a relatively small footprint and in the overall scheme of NYC development, don't really amount to much of it. The height of these buildings and the money they generate get a lot of attention, but truthfully, if this is money that was being spent instead on townhouses or co-ops, or the relatively "unknown" corners of Downtown (which is also attracting a lot of money btw), we wouldn't really be talking about it. Think of it as multiple townhouses stacked on top of each other, as the units here will be multi-level. Also, there is a finite number of these towers that will be built at any one time.
You have to be honest though, these are billion dollar+ buildings. They might be small, but they're uber expensive. I mean they build similar towers in Dubai at probably half the cost. I think that's what so unique about them. Most wouldn't even try to build a residential tower that expensive, just one for that amount of money. They are most like very high-end office buildings in their prices.

The outlook for the office market, by the way, seems pretty hot far into the future. Not the least of which is because the office market in New York City was dormant for so long, but also major companies/banks/real estate nationally and internally seem to be feeling its critical to have an office in New York. Smaller banks and businesses that are not so well known today in the US (like from Asia) will gain interest in the real estate market as they expand their operations.
     
     
  #1036  
Old Posted Mar 18, 2015, 12:14 PM
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Originally Posted by Onn View Post
I mean they build similar towers in Dubai at probably half the cost.
They don't, though. The residential market in Dubai is very different, and they don't have similar types of residences as you're seeing along 57th Street.
     
     
  #1037  
Old Posted Mar 18, 2015, 4:48 PM
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They don't, though. The residential market in Dubai is very different, and they don't have similar types of residences as you're seeing along 57th Street.
Your forgetting the labor is dirt cheap in Dubai, it's not like New York City at all. The price of the Burj Khalifa was $1.5 billion, 432 Park wasn't much cheaper at $1.25 billion. And the buildings (although both impressive) are in entirely different categories. One being a Megatall.
     
     
  #1038  
Old Posted Mar 18, 2015, 4:52 PM
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Originally Posted by Onn View Post
Your forgetting the labor is dirt cheap in Dubai, it's not like New York City at all. The price of the Burj Khalifa was $1.5 billion, 432 Park wasn't much cheaper at $1.25 billion. And the buildings (although both impressive) are in entirely different categories. One being a Megatall.
Onn, you need to read people's posts before responding. Nothing you just wrote has anything to do with the conversation, or my previous post.
     
     
  #1039  
Old Posted Mar 18, 2015, 4:54 PM
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Originally Posted by Crawford View Post
Onn, you need to read people's posts before responding. Nothing you just wrote has anything to do with the conversation, or my previous post.
Read it completely and responded completely. You said the residences weren't similar, but they're very similar.
     
     
  #1040  
Old Posted Mar 18, 2015, 5:34 PM
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Originally Posted by Onn View Post
Read it completely and responded completely. You said the residences weren't similar, but they're very similar.
No, they're completely, utterly different, and your response didn't discuss whether they were similar or different residential markets, you just wrote random sentences on labor costs, building heights, and the Burj Khalfia, none of which have anything to do with the topic.
     
     
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