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  #41  
Old Posted Apr 4, 2016, 5:52 PM
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Originally Posted by chris08876 View Post
I think 6sqft would be better off mentioning that such a design will be in a similar style to Hadid's other work, but not use a stretched 1000 Museum for sake of hypothesizing a potential tower. Its misleading and a publicity tactic.
I guess they figured it was pretty obvious. As you caught it - could means exactly that. Always read precisely what the words say, and not just look at the pretty pictures....


Anyway, a 1,400 ft tower would look nice there. But between this and Barnet's potential new tower, along with the tower at 520 5th Ave., Fifth Ave is being pushed back into the spotlight of tall skyscrapers. None other than the ESB of course leads the way.
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  #42  
Old Posted Apr 21, 2016, 9:52 AM
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Grieving and Going Forward: How Zaha Hadid’s Firm Plans to Move On

By STEVEN ERLANGER
APRIL 20, 2016

Quote:
At the Hadid firm, it is falling to Patrik Schumacher, the thoughtful German who worked alongside Ms. Hadid for 28 years and was her senior partner, to pick up the pieces: keep the staff together, the work flow strong and the clients happy. In a recent interview, he said the firm was moving forward with existing projects, including a stadium for the 2022 World Cup in Qatar; a tower in New York; a bridge in Taipei, Taiwan; and the Iraqi Parliament.
I will patiently wait for this one (like there was something else to do at my end), but it seems that the resilient Hadid firm was not too badly shaken up by the sudden loss of their super star. Here's to hoping we get more info soon.
     
     
  #43  
Old Posted Apr 21, 2016, 12:09 PM
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In a recent interview, he said the firm was moving forward with existing projects, including a stadium for the 2022 World Cup in Qatar; a tower in New York
I do hope it's this one. I would love to see what they had planned here. There's also the building at the High Line, but I wouldn't call it a "tower".
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  #44  
Old Posted Apr 22, 2016, 4:47 AM
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Such a tragic loss the the architecture community, it is good to see some of her final projects will be moving forward.
     
     
  #45  
Old Posted Mar 14, 2017, 12:48 AM
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Kushners Set to Get $400 Million From Chinese Firm on Tower

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A company owned by the family of Jared Kushner, President Donald Trump’s son-in-law and senior adviser, stands to receive more than $400 million from a prominent Chinese company that is investing in the Kushners’ marquee Manhattan office tower at 666 Fifth Ave.

The planned $4-billion transaction includes terms that some real estate experts consider unusually favorable for the Kushners. It provides them with both a sizable cash payout from Anbang Insurance Group for a property that has struggled financially and an equity stake in a new partnership.


The details of the agreement, which is being circulated to attract additional investors, were shared with Bloomberg. It would make business partners of Kushner Cos. and Anbang, whose murky links to the Chinese power structure have raised national security concerns over its U.S. investments. In the process, an existing mortgage owed by the Kushners will be slashed to about a fifth of its current amount.

The document offers a rare look at a major deal by a close Trump associate and family member. It’s unclear whether the deal could prompt federal review, as occurred when Anbang bought other properties, like the Waldorf Astoria Hotel in Manhattan. Anbang could also face review by the Chinese government, which has been clamping down on overseas investments and which has a range of pending issues with the Trump administration.
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The proposed partnership is seeking additional participants through a controversial federal program known as EB-5, which is intended for economically distressed neighborhoods and provides residency permits to major foreign investors.

The deal would value the 41-story tower at $2.85 billion, the most ever for a single Manhattan building: $1.6 billion for the office section and $1.25 billion for the retail section. The new partnership will refinance $1.15 billion in existing mortgage debt.

"This is a huge, huge exit strategy for an office building," said Joshua Stein, a New York real estate lawyer. "It does sound like a home run of a transaction for Kushner and his group.”

Scott A. Singer, president of the Singer & Bassuk Organization, said the terms struck him as “aggressive but not absurd,” based on the net income and square footage metrics he was shown by Bloomberg. He said they were along the lines of what might be expected for a trophy asset at a prime location.
===========================
https://www.bloomberg.com/news/artic...-marquee-tower
     
     
  #46  
Old Posted Mar 14, 2017, 12:35 PM
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http://www.crainsnewyork.com/article...-666-fifth-ave

March 13, 2017


Quote:
.....Anbang will pay for most of the building and take out a construction loan of more than $4 billion to convert the property’s higher floors into luxury residential units.



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  #47  
Old Posted Mar 14, 2017, 1:22 PM
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$4 billion? Trophy asset? Bring it on!
     
     
  #48  
Old Posted Mar 14, 2017, 1:54 PM
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Originally Posted by hunser View Post
$4 billion? Trophy asset? Bring it on!

Yeah, we never quite got a look at the "reconfiguration" that was planned. But for the amounts of money involved, I definitely think this would be more than simply converting the upper floors to residential.


https://therealdeal.com/2017/03/13/a...ower-at-2-85b/

Quote:
.....The Chinese insurer is also seeking a $4 billion construction loan to turn the building’s top floors into luxury condominiums, according to Bloomberg. That loan, if received, would be the largest-ever construction loan for a single property in New York.

Documents sent out to prospective investors claim the finished building will be worth $7.2 billion, according to Bloomberg. It’s not clear how Kushner Companies arrived at that figure – the GM Building, long considered the most valuable office tower in the U.S., is valued at just $3.4 billion.
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  #49  
Old Posted Mar 14, 2017, 2:04 PM
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Yeah, we never quite got a look at the "reconfiguration" that was planned. But for the amounts of money involved, I definitely think this would be more than simply converting the upper floors to residential.
Current set up could support a super tall and 4 billion guarantees us at least 950 ft +.

Mixed used, with the addition of residential will make height a priority in terms of pricing. Better views demand better prices. So given that there is a luxury residential component on the upper floors, it will most likely catar to similar buys like we've seen on 57th Street. And with that, a tower needs to stand out to attract those tenants.
     
     
  #50  
Old Posted Mar 14, 2017, 2:08 PM
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Originally Posted by chris08876 View Post
Current set up could support a super tall and 4 billion guarantees us at least 950 ft +.

Mixed used, with the addition of residential will make height a priority in terms of pricing. Better views demand better prices. So given that there is a luxury residential component on the upper floors, it will most likely catar to similar buys like we've seen on 57th Street. And with that, a tower needs to stand out to attract those tenants.

This was the original plan:


Quote:
Real estate heavyweights Steve Roth and Jared Kushner are mulling a plan to reposition the 1957-era aluminum-clad 666 Fifth Ave. office tower into a 1,400-foot vertical mall, hotel and residential tower.

The Post has also learned that Pritzker Prize-winning architect Zaha Hadid has already prepared a scheme that would restack the current 41-story building into a slender, super-tall hotel and residential tower above a vertical retail podium.

Because of its location, a significant part of the tower would have unobstructed views of Central Park.

I can still see that scheme taking shape, it would need that large construction loan. The current king of "hybrid" new and old construction in New York is SHoP Architects. They should be in the mix, though we never know who would be involved in these things.
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  #51  
Old Posted Mar 14, 2017, 2:57 PM
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I work in close proximity to this building and can say that it’s MASSIVE, particularly the podium. There’s a lot to work with there so (coupled with the that $4bln figure) I’m excited to see how an architect can reconfigure a building of such size.
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  #52  
Old Posted Mar 14, 2017, 3:12 PM
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If they do in fact go higher, there are views to be had, including 53W53 as well as Central Park itself.















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  #53  
Old Posted Mar 14, 2017, 3:52 PM
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http://nypost.com/2017/03/13/kushner...moves-forward/

Kushner’s $2.9B condo deal with Chinese insurer moves forward


By Lois Weiss
March 13, 2017


Quote:
The $2.85 billion deal made by Kushner with the Chinese insurance giant Anbang to recapitalize 666 Fifth Ave. will allow the family company to reconfigure it into a 1,400-foot-tall luxury condominium building over a larger retail component — a plan that had been opposed by current partner, Steve Roth of Vornado, who is being bought out.

As The Post reported in 2015, Jared Kushner, President Trump’s son-in-law and senior adviser, had hired Pritzker Prize-winning architect Zaha Hadid to prepare the scheme.

The architect passed away suddenly last year, and while her firm continues, it is unclear if her plan would move forward or if another architect would be hired, or if a hotel is still planned as part of the new project.

In 2015, sources said Roth was seething about the idea of taking “a perfectly good performing office building” and making it vacant while renovations took place. Additionally, Roth knew the risks of developing into a declining luxury residential condominium market.
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  #54  
Old Posted Mar 14, 2017, 3:59 PM
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Sweet! I can't wait to see the plans.
     
     
  #55  
Old Posted Mar 14, 2017, 4:42 PM
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To an extent I do agree with Roth - it is a perfectly fine office building (and fine looking IMO). However, I'm sure the parties left involved would not move forward with such a project unless they felt confident it would succeed.
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  #56  
Old Posted Mar 14, 2017, 4:54 PM
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Originally Posted by Dac150 View Post
To an extent I do agree with Roth - it is a perfectly fine office building (and fine looking IMO). However, I'm sure the parties left involved would not move forward with such a project unless they felt confident it would succeed.
Also, I'm sure Roth didn't want any more competition coming at a time when they're selling 220 Central Park South. But I"m sure the location and the money they could make with luxury residential outweighs what they could make from the office, which isn't exactly among the modern office buildings of Manhattan (they have to be expecting a mult-billion dollar sellout with the condo tower). Even the former AT&T building was considering converting into luxury condos before the market slowdown. But this tower, along with the 1,400 plus foot 80 South Street would be among the new product that would tap into the market on the upswing. So I think the delay was a good thing, and by the time plans fall into place, towers such as the Steinway and CPT should be wrapping up.


Quote:
Documents sent out to prospective investors claim the finished building will be worth $7.2 billion, according to Bloomberg. It’s not clear how Kushner Companies arrived at that figure – the GM Building, long considered the most valuable office tower in the U.S., is valued at just $3.4 billion.
This to me says everything about why they are doing what they are doing.
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  #57  
Old Posted Mar 14, 2017, 5:22 PM
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All good points.

Quote:
Originally Posted by NYguy View Post
Even the former AT&T building was considering converting into luxury condos before the market slowdown.
Not to get off topic, but is this no longer happening?
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  #58  
Old Posted Mar 14, 2017, 5:25 PM
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All good points.

Not to get off topic, but is this no longer happening?
https://mobile.nytimes.com/2016/04/3...abandoned.html
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  #59  
Old Posted Mar 14, 2017, 5:28 PM
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Thrilled to see this is finally happening. A 1,400 ft. tower right on the most prime stretch of Fifth will be huge for the Midtown skyline.

Also, I hope the subway station below the tower receives new or expanded entrances. This station could really use added capacity. This tower sits right atop a busy subway station, and the entrances are built into the existing tower.
     
     
  #60  
Old Posted Mar 14, 2017, 5:44 PM
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Also, I hope the subway station below the tower receives new or expanded entrances. This station could really use added capacity. This tower sits right atop a busy subway station, and the entrances are built into the existing tower.
Perhaps the city will provide incentives for the developer to refurbish the subway station as part of the plan.
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