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  #221  
Old Posted Sep 17, 2008, 6:54 PM
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That construction wave began several years ago. What we are about to see now is a tsunami of construction activity.
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  #222  
Old Posted Sep 18, 2008, 12:08 PM
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That construction wave began several years ago. What we are about to see now is a tsunami of construction activity.
And what we have seen is nothing like what we are about to witness. I've been updating construction & development at this site for about 10 years, but its been pretty much spaced out enough that there was usually one dominant development overlapping others. Now we will witness several major developments - many larger than any one project we have witnessed before - all rising simultaneaously. I will be ready....
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  #223  
Old Posted Sep 21, 2008, 3:25 PM
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So are there any serious concerns about the recent events affecting the construction of this project and others like it (WTC excluding; I'm assuming a lot of political power is going to push that construction through no matter what.)?
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  #224  
Old Posted Sep 21, 2008, 10:16 PM
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So are there any serious concerns about the recent events affecting the construction of this project and others like it (WTC excluding; I'm assuming a lot of political power is going to push that construction through no matter what.)?
The are concerns about construction going forward in the city overall, but that's to be expected with recent events. keep in mind that financial tenants aren't the only commercial tenants that need space in the city. These towers wouldn't even be ready for about 5 years - at the earliest. So it could take a little longer. But the fact is, there is relatively little new office construction in Midtown. And one thing that is certain in New York, is that there is always a need for new, modern office space. Five years from now, the situation will only be worse. It's why developments like the WTC and Hudson Yards (railyards) have to get built.

The WTC is the exception where everything gets built at once (they're basically replacing office space that was there before). But everything else will be a more orderly progression. Look at the Times Square redevelopment for example, which saw a start over a decade ago with buildings like the Conde Naste, followed by many others like the Times Square Tower, Reuters, Ernst & Young, NY Times, and now 11 Times Sq. The city will continue to go through cycles where the demand for new space is more or less. But when you're talking skyscrapers that take years to develop and build, you don't just look at what's happening in today's world.
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  #225  
Old Posted Sep 22, 2008, 1:18 AM
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Momentarily OT, good to see you back here, NYguy.

Carry on.
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  #226  
Old Posted Sep 22, 2008, 3:49 AM
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Wrong thread, I know, but I haven't seen any news on Penn Station. Is there a thread for the project ?

Encouraging reports overall.
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  #227  
Old Posted Sep 22, 2008, 10:37 PM
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Wrong thread, I know, but I haven't seen any news on Penn Station. Is there a thread for the project ?

Encouraging reports overall.
The governor's supposed to have an update on Penn Station at the end of the month.
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  #228  
Old Posted Sep 23, 2008, 11:48 AM
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http://www.nypost.com/seven/09232008...362.htm?page=0

DURST EYES CONDE NAST STAYING



September 23, 2008


HOPING to turn the current financial chaos to its long-term advantage, the Durst Organization has "reached out" to media giant Condé Nast "with a proposal to stay" in its present home at 4 Times Square when its lease expires in 2019, real estate and media sources said.

The company led by Si Newhouse has previously said it will need more space than its 800,000 square feet at Douglas Durst's tower, and was to be the anchor tenant at Hudson Yards had a Durst/Vornado team won the MTA's nod for development rights there.

Those rights eventually ended up with Time Warner Center developer Related Cos.

Since then, sources said, Condé Nast has been talking both to Related about a move to the yards and to Brookfield Properties about its own development site on Ninth Avenue in the 30s.


Since the rest of 4 Times Square will be occupied by law firm Skadden Arps even after 2019, it wasn't immediately clear how Condé Nast could stay there and expand at the same time.

But a source pointed out that both the Related and Brookfield projects face public review and engineering challenges that raise questions about delivery schedules.

"Si is getting on and he wants a decision to be made soon, rather than wait until 10 years from now," the insider said.

Condé Nast's broker, CB Richard Ellis tristate CEO Mary Ann Tighe, declined comment, and calls to the offices of Durst and Brookfield were not immediately returned.

Related Cos. Chairman Stephen M. Ross politely said yesterday, "I'd rather not answer" when we asked him if Related was talking to Condé Nast.

But Ross was more than willing to talk about the Wall Street meltdown, which has hung question marks over everything down to a tiny retail space at 1796 Broadway - where sources said Prudential Douglas Elliman's Faith Hope Consolo recently nailed down a lease with Washington Mutual, a bank that's unlikely to survive.

"Too many people are too fast to want to talk doom and gloom about the New York real estate market," said Ross, who's confident about Hudson Yards but suggested a go-slow might be in the works at an Eighth Avenue development site.

"I don't think anyone has a handle on it yet.

"First, the real estate industry lags the rest of the economy. Nobody knows yet how many square feet really will be put back on the market.

"Companies have expanded and companies that need large blocks of space will still have those needs and must plan them way in advance.

"So, on new buildings at Hudson Yards, I don't think that what I like to believe is an aberration will affect those plans."


Ross downplayed predictions of a sublease glut.

"It doesn't mean there won't be additional space," he said. "But, during the last downturn, companies that put lots of floors on the market found it cost them a lot more after the upturn to go out and find new space when they needed it again."

Besides Hudson Yards, Related also hopes to develop Moynihan Station. Plus, it's already demolishing old buildings to prepare a new office tower site on Eighth Avenue between 45th-46th in partnership with Mort Zuckerman's Boston Properties.

Asked about the latter project, Ross said, "Could something like this be delayed? It could be - we have to look at the market and assess it with Boston."

Ross pointed out that Merrill Lynch and American International Group have both been substantially rescued. Major portions of Lehman Brothers will also survive and its headquarters tower at 750 Seventh Ave. is being scooped up by rescuer Barclays Plc.

The fact that not only 750 Seventh, but also much of Lehman's total 6.2 million of Midtown space, will not be dumped on the market also gave comfort to SJP Properties Chairman Steven J. Pozycki.

SJP is putting up the only large, speculative new office and retail tower in Manhattan, glamorous 11 Times Square at Eighth Avenue and 42nd Street.

It started the project in the expectation that when finished late next year, it would be the only 1 million square-foot location available in Midtown.

Although 750 Seventh, completed in 2001, is not as new as 11 Times Square, it's a first-class building with an arguably better location, and may have spelled competition for tenants.

Had parts of Lehman not been rescued by Barclays, Pozycki said, it would have created a "giant void. Clearly, Barclay's commitment buttresses the Times Square market," he said.
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  #229  
Old Posted Sep 23, 2008, 6:11 PM
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The governor's supposed to have an update on Penn Station at the end of the month.
Thanks. Good to know it's still (apparently) in play.
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  #230  
Old Posted Sep 24, 2008, 12:05 AM
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Thanks. Good to know it's still (apparently) in play.
Well, Moynihan Station - the Farley part of that development - has always been in play. That will be built, and was never in doubt. The problem is trying to find the funding to complete a much larger renovtion of the current Penn Station. Even if that was never to be done, the funding is already in place to begin the Farley project. It's being held up because the one thing everyone agrees on is that the current Penn Station is a mess, and we should take the oppurtunity now to fix it. Exactly how that gets paid for is the question.
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  #231  
Old Posted Sep 24, 2008, 3:19 AM
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Gotcha.
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  #232  
Old Posted Sep 25, 2008, 6:09 AM
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Meanwhile:

http://www.rew-online.com/news/story.aspx?id=441

Brookfield hasn't yet started Ninth Ave. platform
Firm said development would begin by summer


Daniel Geiger
9/23/2008

A spokesman for Brookfield, Matthew Cherry, wouldn’t characterize the situation as a delay and said that the company wasn’t backing away from building on the site because of the uncertain economy and tumult in the financial sector. He said that work was going on to ready the site but wouldn’t give a timeframe for when the project could begin.

_______________


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  #233  
Old Posted Sep 25, 2008, 4:29 PM
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good to hear, really can't wait until there U/C...they're just pefect for midtown
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  #234  
Old Posted Sep 26, 2008, 1:22 AM
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For now we'll just have to wait a bit longer, but it's definitely not a dead project.
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  #235  
Old Posted Oct 20, 2008, 10:59 PM
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  #236  
Old Posted Oct 21, 2008, 9:46 PM
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You can truly get a sense of the scale for this one. The west side will be the new frontier for New York skyscrapers.
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  #237  
Old Posted Oct 21, 2008, 11:16 PM
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Now, it's only a question of when these new West Side towers will be built.
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  #238  
Old Posted Oct 21, 2008, 11:40 PM
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Now, it's only a question of when these new West Side towers will be built.
Right, its a question of when as opposed to [/i]if[/i]. Nothing is going to get started before a tenant is found though, other than preparing the platform.
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  #239  
Old Posted Oct 23, 2008, 4:54 AM
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It looks like some sort of lighting shceme is being planned for the top of the towers:




Another rendering




In the center of other west side developments now in planning:

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  #240  
Old Posted Oct 23, 2008, 10:22 AM
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I never truly realized their enormity till I saw those skyline renders. Thanks for posting, NYguy.
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