Posted Nov 21, 2013, 12:07 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,832
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http://www.nytimes.com/2013/11/20/re...dorf.html?_r=0
The 30-Minute Interview
Arthur W. Zeckendorf
By VIVIAN MARINO
November 19, 2013
Quote:
Q. What’s the status of your condo project at 44 East 60th Street, between Park and Madison?
A. We have our building permit, started the foundations in September. Probably about a year from now the foundation should be done.
It’s like a 15 Central Park West, with the same architecture, same limestone, same windows. It’s about 33 units, one per floor and duplex penthouses. It’s a long process: one year for foundations, and then 24 months going up.
Q. How much for those units?
A. “15” is getting $12,000 a foot. It’s a similar product. We think it’s a fantastic location; it will have great views of Central Park.
Q. Is it true that you paid $600 for the air rights at 44 East 60th Street?
A. I think we paid $430 a foot.
Q. There are many who are concerned about the abundance of luxury condos widening the gap between the haves and have-nots.
A. I don’t think you could ask for a tougher business, so if we’re going to spend our time building these buildings, it has to be worth our while. Unfortunately there’s the cost structure of land and the cost structure of construction, union, nonunion. I think there’s a lot of product being built that’s $2,000 a foot. A lot of them in Brooklyn and Queens.
Q. Would you ever consider developing more affordable buildings?
A. It’s just not our business model. It’s not what we do.
Q. What’s in the pipeline?
A. We don’t really have much in the pipeline. We have looked at every single site in Manhattan, but we haven’t found one that meets our criteria to be on a park.
Land has gotten extremely expensive.
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