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  1. No, I am suggesting that they overpaid for that...

    No, I am suggesting that they overpaid for that site. I am also saying that no company, instution, or investor is going to buy a brand new building with no future (at least 10 years out) upside in...
  2. Yes...but SJP has never built anything close to...

    Yes...but SJP has never built anything close to this in terms of size and scope. Good chance it could turn into a crap storm.

    In 2009, no one will be buying office buildings on 4 caps, especially...
  3. There will be no redesign. Milstein had two...

    There will be no redesign. Milstein had two office building's planned. One was 850,000 RSF and the other was 1.0mm RSF. SJP is developing the 1.0mm....that is the reason they are paying an...
  4. Is it official that Milstein has sold the site?

    Is it official that Milstein has sold the site?
  5. An anchor tenant will definitely want specifics...

    An anchor tenant will definitely want specifics needs, especially at a secondary building like "Milstein Tower" (ha.) In order to get a high rent, the developer, in this market, would definitely bend...
  6. 1) A developer can't lock in prices until he has...

    1) A developer can't lock in prices until he has Construction Documents..as the CM wont know what he is building until that point. Also, you can lock in costs for a GMP for any project...but to...
  7. Obviously, you are not a developer. ...

    Obviously, you are not a developer. Constructions costs are irrelevant? That is an amazing statement. If the building can be built for $600/NSF (including land), they would require an average Net...
  8. There is an existing subway station (not in use)...

    There is an existing subway station (not in use) located on the north side of 41st street that will affect the site as it will be part of the 7 train expansion. However, it is well below the...
  9. The Milstein's didnt lose the lot near...

    The Milstein's didnt lose the lot near WTC....they sold it to the state and, in additional to $50+mm, got the right to get the first crack at BPC Site 23/24. The Milsteins will definitely not...
  10. Still havent been able to post them. the design...

    Still havent been able to post them. the design is set in stone if the buyer wants the additional SF given by ESDC. if they decide to go as of right they will get 120,000 less buildable SF.
    ...
  11. how can I post renderings that are in PDF form?

    how can I post renderings that are in PDF form?
  12. Lot Size is about 38,500sf. Specially zoned for...

    Lot Size is about 38,500sf. Specially zoned for up to 1mm sf of office.
  13. 300 Madison looks nice but is terrible in terms...

    300 Madison looks nice but is terrible in terms of constructibility and design....there were a lot of law suits with that.
  14. You should be a detective. Not the same...

    You should be a detective. Not the same guy....sorry. Milstein and Brookfield did have a MOU last summer but it fell through in August or September....
  15. Not the same guy. I highly doubt you emailed...

    Not the same guy. I highly doubt you emailed anyone in the Milstein Office. if you did, you didnt email anyone of substance. I had lunch with the head of development at Milstein and he indicated...
  16. Thats why they probably will bring in a real...

    Thats why they probably will bring in a real office developer...think positive.
  17. Just so you anti-milstein people know...source at...

    Just so you anti-milstein people know...source at milstein says expect a big announcement in the next 90 days...my feelings are they selling the site to brookfield or vornado. but this site will...
  18. Hotel doesn't make economic sense at TS. Last...

    Hotel doesn't make economic sense at TS. Last estimats are heard were around $900,000 per key. The economics just wont work. I think hotel is going to be very difficult if not impossible to...
  19. MY bet is that Milstein doesnt just flip it. ...

    MY bet is that Milstein doesnt just flip it. They enter into a JV with a big boy office player (vornado or the like) and get some cash and a huge participation.

    Ill know better next week after...
  20. They need a market and for HPM to get off his...

    They need a market and for HPM to get off his a$$.....part of the reason I left. The development people are sitting on sites.....HPM is.
  21. - Even TSP and related bring do JV's. Just...

    - Even TSP and related bring do JV's. Just business. A bullish company could be sitting on 1MM SF of spec space and no market to hit your returns threshold right now.

    - The design has just been...
  22. As for moving 400,000sf of spec? Sure I could...

    As for moving 400,000sf of spec? Sure I could lease 300MM SF....but probably not at $100/sf.
  23. 1) No, they are actually looking to develop it....

    1) No, they are actually looking to develop it. Possibly do a JV. However, HPM doesnt really focus on Real Estate right now....more on his Private Bank. Real Estate is more a hobby...if someone came...
  24. Basically everything about Times Square Plaza and...

    Basically everything about Times Square Plaza and BPC - Site 23/24. I personally wrote and hand delivered the RFP for site 23/24. Renderings, Schematics, financial models...basically everything.
  25. I used to work for the Milsteins.....

    I used to work for the Milsteins.....
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