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  #101  
Old Posted Mar 24, 2017, 3:19 AM
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Speaking on the 425 Park proposal...


Video Link





http://www.e-architect.co.uk/article...ue-competition


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  #102  
Old Posted Mar 27, 2017, 4:04 PM
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http://archidose.blogspot.com/2017/0...es-nouvel.html

Where's Nouvel?


Quote:
Today a rendering of Zaha Hadid Architects' design for the redesign/extension of Kushner Companies' 666 Fifth Avenue in Midtown Manhattan has been making its rounds in many of the usual places. The 1,400-foot-tall tower, if built, would sit prominently on Fifth Avenue between 52nd and 53rd Streets, about a half-block from the Museum of Modern Art.

Which made me wonder: Where is Jean Nouvel's 53W53 in the rendering? Now under construction, the 1,050-foot-tall skyscraper will tower over Cesar Pelli's Museum Tower, which is visible to the right of ZHA's tower. So in the interest of seeing how these two supertalls designed by celebrity architects would interact, I Photoshopped a side elevation of Nouvel's tower into ZHA's rendering:

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  #103  
Old Posted Mar 27, 2017, 7:04 PM
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Anyone know the square footage of the new tower. Are they keeping the same square footage. Fooking NYC zoning...
     
     
  #104  
Old Posted Mar 27, 2017, 7:42 PM
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Quote:
Originally Posted by CIA View Post
Anyone know the square footage of the new tower. Are they keeping the same square footage. Fooking NYC zoning...
Likely the same.



Quote:
Current zoning allows them to build a 1.45 million-square-foot tower as-of-right.

....Kushner Companies plans to take the opportunity to shed the building’s devil-tinged 666 address for a new one — 660 Fifth Avenue.

Quote:
Assuming all goes according to plan, the building would be home to ultra-luxury condos (going for as much as $6,000 per square foot), along with a hotel and nearly 500,000 square feet of retail.
Roughly a third would be for the retail.


About 660 Fifth Avenue, which used to stand on site, a look at the mansion...



http://daytoninmanhattan.blogspot.co...nsion-660.html






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  #105  
Old Posted Mar 29, 2017, 1:57 PM
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http://nypost.com/2017/03/28/chinese...panies-project


Quote:
“Kushner Companies is no longer in discussions with Anbang about 666 Fifth Ave.’s potential redevelopment, and our firms have mutually agreed to end talks regarding the property,” a spokesman said.

But the visionary plan is by no means dead.

While the Chinese insurance company, Anbang, is no longer part of the redevelopment, other money partners are stepping forward, sources say. “Kushner Companies remains in active, advanced negotiations around 666 Fifth Ave. with a number of potential investors,” the spokesman added.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #106  
Old Posted Mar 29, 2017, 3:00 PM
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Quote:
Originally Posted by NYguy View Post
Likely the same.








Roughly a third would be for the retail.


About 660 Fifth Avenue, which used to stand on site, a look at the mansion...



http://daytoninmanhattan.blogspot.co...nsion-660.html






Thanks for the pictures!!
     
     
  #107  
Old Posted Mar 29, 2017, 3:35 PM
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Originally Posted by NYguy View Post
It's being played off as no big deal, but I wonder if there are some serious issues behind the scene?
     
     
  #108  
Old Posted Mar 29, 2017, 4:25 PM
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Quote:
Originally Posted by CIA View Post
It's being played off as no big deal, but I wonder if there are some serious issues behind the scene?

The issues are they need a financial backer. If you look at the big deals recently, I'm sure they will get one. But there was speculation that the reports of talks with Anbang was to attract other interests, which Given how much this has been reported in the news could also be a play.
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  #109  
Old Posted Mar 29, 2017, 5:30 PM
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^ Top brass at Kushner Companies have obviously read The Art of the Deal. Deal-making of this scale is truly an art
     
     
  #110  
Old Posted Mar 29, 2017, 6:15 PM
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NY Post has additional details about the planned tower:

Sitting on the full blockfront between West 52nd and 53rd streets, Kushner will in five to seven years offer residences with unimpeded views.

Pricing would be around $6,000 per square foot, comparable to the mid-top of the current market.

A 94-key, seven-star hotel with banquet rooms would sit above a nine-level retail podium designed for small shops and topped by a food hall.

http://nypost.com/2017/03/28/chinese...anies-project/

To me, the biggest takeaway is the planned nine levels of retail. Wow!
     
     
  #111  
Old Posted Mar 29, 2017, 6:34 PM
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Quote:
Originally Posted by Crawford View Post
NY Post has additional details about the planned tower:

Sitting on the full blockfront between West 52nd and 53rd streets, Kushner will in five to seven years offer residences with unimpeded views.

Pricing would be around $6,000 per square foot, comparable to the mid-top of the current market.

A 94-key, seven-star hotel with banquet rooms would sit above a nine-level retail podium designed for small shops and topped by a food hall.

http://nypost.com/2017/03/28/chinese...anies-project/

To me, the biggest takeaway is the planned nine levels of retail. Wow!

Thanks for this! It sounds really exciting. They might as well take a page from Art of the Deal and commit the lobby for public open park space in exchange for higher densities.
     
     
  #112  
Old Posted Mar 29, 2017, 7:09 PM
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Yes, a third of the development will be the retail.



https://mobile.nytimes.com/2017/03/2...ww.google.com/


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Last edited by NYguy; Mar 30, 2017 at 3:01 AM.
     
     
  #113  
Old Posted Mar 29, 2017, 7:19 PM
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More from that NY Times article...

https://mobile.nytimes.com/2017/03/2...ww.google.com/


Quote:
“Fifth Avenue is synonymous with luxury and opulence of the highest standards in the world,” Mr. Kushner wrote in a brochure for the project. “This design will transform Fifth Avenue in a city that is continuously reinventing itself.”

.....Mr. Kushner and his father Charles began showing potential investors a “white book,” which laid out their vision for tearing down the blocky building to make way for the much taller, glassier skyscraper designed by Ms. Hadid.

The book portrayed a tower made up of a 9-story retail base, an 8-story, 150-room hotel, 55 stories of ultra-luxury condominiums, topped by a sky deck.

The Kushners also renamed the tower 660 Fifth, casting aside the “666” reference that some people may connect with the number for Satan in the Bible’s Book of Revelations.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #114  
Old Posted Mar 29, 2017, 8:26 PM
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I'm a bit confused about the shape of this tower. Is the top flat? Or a kind of hipped-roof shape?
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  #115  
Old Posted Mar 29, 2017, 8:33 PM
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Quote:
Originally Posted by Zerton View Post
I'm a bit confused about the shape of this tower. Is the top flat? Or a kind of hipped-roof shape?
It's not flat. The Times describes it as bullet shaped. The closest thing in NY that comes to mind is the top of the Empire State.



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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
  #116  
Old Posted Mar 29, 2017, 11:34 PM
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Anbang backs out of negotiations to redevelop 666 Fifth

Quote:
“Kushner Companies is no longer in discussions with Anbang about 666 Fifth Ave.’s potential redevelopment, and our firms have mutually agreed to end talks regarding the property,” a Kushner spokesperson told the New York Post.
Full article:
https://therealdeal.com/2017/03/29/a...lop-666-fifth/
     
     
  #117  
Old Posted Mar 29, 2017, 11:56 PM
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The longer I look at this proposal, the less I like it. It's just not elegant. To me it's weird for the sake of being weird. This location deserves something more along the lines of 9 DeKallb.
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  #118  
Old Posted Mar 30, 2017, 1:00 AM
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Originally Posted by tdawg View Post
The longer I look at this proposal, the less I like it. It's just not elegant. To me it's weird for the sake of being weird. This location deserves something more along the lines of 9 DeKallb.

I think we're getting that with 111 W. 57th Street. This tower is ok as is, but when you look at it and consider its 5th Ave address, its actually closer to the ESB in massing. I think it could support a spire, though I doubt they would go that route. But as with 432 Park Avenue, I think the skyline can absorb something new and different. By the time the likes of Central Park Tower, Steinway, 30 Hudson, One Vanderbilt, maybe even 2 WTC are built, this could be even more welcome.




http://www.cnbc.com/2017/03/29/kushn...ks-emerge.html

Kushner, Anbang end Manhattan tower talks, other talks emerge




Quote:
......Talks had centered on Anbang providing as much as half of $2.5 billion in equity for the planned redevelopment of 666 Fifth Avenue in Midtown Manhattan, a media report said last week.

....."Kushner Companies is no longer in discussions with Anbang about 666 Fifth Avenue's potential redevelopment, and our firms have mutually agreed to end talks regarding the property," a spokesman said in a statement.

.....The Kushner spokesman said advanced talks are ongoing with other investors to redevelop the 39-story building, valued for its proximity to St. Patrick's Cathedral and Rockefeller Center.

Any plan could be hampered by the cost of buying out tenants with long-term leases or Spanish retailer Zara's store on the corner of 52nd Street.

Zara is controlled by Amancio Ortega, the world's fourth-richest man according to Forbes magazine, who has no intention to sell, said a broker who represented the billionaire when one of his companies paid $324 million for the locale in 2011.
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NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

Last edited by NYguy; Mar 30, 2017 at 3:15 AM.
     
     
  #119  
Old Posted Mar 31, 2017, 1:01 AM
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Place it on this model, and the height and spacing seems right...




https://www.instagram.com/p/_FMAMdrB...n-at=622669083
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  #120  
Old Posted Apr 3, 2017, 9:17 PM
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https://www.nytimes.com/2017/04/03/n...enue.html?_r=0

At Kushners’ Flagship Building, Mounting Debt and a Foundered Deal





By CHARLES V. BAGLI
APRIL 3, 2017


Quote:
.....On Wednesday, the Kushners announced that talks had broken off with a Chinese financial conglomerate for a deal worth billions to redevelop the 41-story tower, at 666 Fifth Avenue, into a flashy 80-story ultraluxury skyscraper comprising a chic retail mall, a hotel and high-priced condominiums.

The official announcement said the company remained “in active, advanced negotiations” with a number of investors, whom it declined to name.

There is no question that the Kushner Companies — Jared has moved to Washington to serve as an adviser to his father-in-law, President Trump — needs to reach a deal soon, either to bring in a fresh infusion of cash or a well-heeled partner willing to foot the bill, if it wants to hold on to the building. Whomever it brings on as an investor would also have to buy out Vornado Realty Trust, the family’s partner in the tower.

More than a quarter of the office space in the building sits vacant. According to an analysis by Trepp L.L.C., a data and analytics firm that tracks bank lending, 666 Fifth Avenue has not generated enough money to pay its debts for several years, forcing the owners to cover the shortfall — at least $10 million in 2015. And that gap is growing. The interest-only $1.2 billion mortgage comes due in less than two years.

“This building has had financial issues for years now,” said Joe McBride, a senior associate at Trepp. “How much longer can they sustain it? Occupancy is at 70 percent, more leases are expiring, and they’re going into their own pocket to pay the debt.”

.....But the spokesman, James Yolles, said Charles Kushner remained optimistic that he would secure fresh investors who would not only pay off the existing debt on the building but also finance the demolition of the current structure and the construction of a 1,400-foot tower designed by Zaha Hadid. Jared Kushner sold his stake in the building to a family trust in January when he moved to Washington.

“We are well on our way to lining up the $2.5 billion in equity needed to get this deal done,” Mr. Yolles said, “and we’re confident that we’ll get there.”

.....The Kushners have not filled space as it opens up because they plan to demolish the aluminum-clad building. More than two years ago, when the market for superluxury condominiums and high-end retail was hot, they commissioned Ms. Hadid, a star architect who died last year, to design a residential and hotel tower sitting atop a base of high-end shopping to replace it.

The demolition and construction is projected to cost $7.5 billion. The Kushners are looking for a partner or partners to invest $3.3 billion, including $500 million from the Kushner family and others, who would own a 20 percent stake, according to Mr. Yolles, the company spokesman. Then they would need to borrow a staggering $4.2 billion.

To attract investors, developers typically put together an offering plan. The Kushners’ version is lavishly illustrated with renderings of the building by Ms. Hadid’s firm and rosy financial projections that show the retail and residential spaces commanding spectacular prices that, seven years from now, when the building is completed, would total more than $12 billion.

.....A year ago, a developer who owned the nearby Sony Building abandoned his very similar plan to convert that Madison Avenue office tower into a luxury mall, hotel and condominiums and sold it.

The Kushners’ spokesman said they were working with other potential investors to raise $2.5 billion. But Charles Kushner must offer a high enough price to also persuade Vornado to sell its stake in the building, buy out the remaining tenants and get Zara to vacate its space until the new tower is completed.


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