Couldn't have happened to a better person.
I hope that the filthy pig Macklowe does not make money on the insurance proceeds.
I would not be surprised if Macklowe was torching his own sinisiter work to collect on insurance. This is probably the best thing Macklowe could do for NYC. This is better than letting Macklowe teari down the Drake for making one of these.
I guess it's the only way Macklowe can get potential tenants to give a second look at this snoozer...
510 Madison’s sole office tenant may bolt
By Theresa Agovino
Published: February 17, 2009 - 3:38 pm
There may be more bad news in store for 510 Madison Ave., the yet-to-open tower that was damaged in an electrical fire earlier this month. Sources say that its only office tenant, investment firm Jay Goldman & Co., may never move into the 30-story building which is owned by troubled New York developer Macklowe Properties.
Brokers note that its lease had several clauses that would allow the firm to get out of its deal to rent the building’s entire 19th floor, which covers about 11,500 square feet, and that it is attempting to exercise at least one of them. Sources said the company was paying an average of $145 a square foot over 10 years for the space.
Meanwhile, Jay Goldman & Co. can certainly stay in its current home at Carnegie Hall Tower at 152 W. 57th St.
“It is all set for them to stay,” said William Cohen, an executive vice president and principal at Newmark Knight Frank, who handles leasing in the building. “Our arrangement is done.”
Jay Goldman & Co. and a spokesman for Macklowe Properties, which owns 510 Madison Ave., declined to comment on the lease. The building does have one retail tenant: Luxury watch maker Tourneau.
The Macklowe spokesman said the building suffered “minimal” damage and that the fire wouldn’t affect its opening which is slated for later this year.
Sources say that 510 Madison Ave. is having trouble attracting tenants because its debut is ill-timed for the current market. Equipped with a gym, pool and golf simulator, 510 Madison was designed to accommodate high flying hedge and private investment funds that would dole out significant sums for the plush amenities and Plaza District location. However, the recession and credit crunch have caused many such firms to either disappear or scale back and sublease all or some of their beautifully appointed offices.
Even if the cheap SOB Macklowe wanted a box to maximize space, he could have hired R.A.M. Stern to design a brick and limeston gem that was fitting for this area.
I'm glad that he's failing miserably.
I see Macklowe was shooting for a Gold LEED's certification. Is that still possible post-fire? What effect (if any) will the fire have on indoor environmental quality points?
If proper repairs can be made, I don't think the building's LEED certification will be affected...unfortunately. However, anything that forces Macklowe to fork over more of his earnings in his attempt to banalize is more than welcome...
be granted in the general course in completion of the construction, the fire issue not withstanding.
In all, the 510 project will be very successful.
I'm sure updates on significant tenant signings will be posted here.
You only have three posts in the past week advocating the greatness of 510 Madision and Harry Macklowe.
Are you Harry?
The most likely tenant at this point are the lenders. And I'm using the term tenant loosely.
As for me, having participated in the design, construction, and operation of Manhattan properties for the past 25 years you can qualify me as a passionate admirer of all buildings and their architecture. Of course, some more than others.
As for Harry's work, everyone's entitled to their own opinion, but if their's one thing you must agree on, you can't count the guy out. He always seems to come back.
As for Harry as a business person, you can love him or hate him. Most on this forum clearly chose the latter.
That said, how many NYC developers made your Xmas list last year anyway?
I guess if business prowess is a crime then Harry is Madoff ll.
Harry destroys NYC greatness in the most desirable areas and replaces them with cheaper bulk of little taste to achieve profit, or sells empty lots where great buildings he knocked down once stood.
I'm sure Harry would be more than happy to replace luxury limos with supershuttle vans and charge the same too.
It only makes sense to me hat the only people promoting guys like Harry would be those who have business interests.