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Thread: 740 Eighth Ave. (@ 46th) - Related

  1. #91


    ^ Haha.

    Not that this is surprising but I e-mailed Related about a week ago about this project and still have yet to get a response.

  2. #92


    Quote Originally Posted by lofter1 View Post
    here it is (a hole lot of nothin') ...

    Thanks for posting these photos. I gues that Related still does not own the little buildings on 8th from the south corner to the mid-block. I assume they also don't own the muti-story parking deck that's pictured. It seems that this block will be like this for at least eight years. Ross is such a greedy The old hotel on the north corner of the block was the nicest building on the site.

  3. #93


    This horrible building on the west side of 8th must go. I assume that it's a rental. Can anyone confirm?

  4. #94
    Senior Member
    Join Date
    Nov 2006
    Hell's Kitchen


    Quote Originally Posted by lofter1 View Post
    If a developer can't get money from creditors to build on a cleared lot then where would the developer find the money to pay government-imposed fines?
    I'm not suggesting fines. I'm suggesting eminent domain seizure of the land. Where the "penalty" would come in is the paper loss that the developer would suffer from the value of the land being significantly reduced.

    Of course, eminent domain seizure usually involves the government paying the assessed market value of the land.

    The city would go through these steps:

    1. downzone the land to an FAR of 0 as a penalty for demolishing buildings without putting anything new up.
    2. assess the F.A.R.-less value of the land,
    3. seize it using the urban blight clause, paying the developer the assessed F.A.R.-less value
    4. sell it to a developer who promises to build on the land, and
    5. restore the FAR.

  5. #95
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    Some questions about the proposal ...

    How long after a building comes down (these have only been gone a couple of months) befroe the "blight" is declared?

    The empty lot on Eighth where the St. James Bar used to be (across the Avenue, next block north) was taken down prior to the buildings here. Why no noise about that?

    If the FAR was marked back up for the new owner then I think a court would find that to be an improper taking.

    "sell it to a developer who promises to build on the land": Promises promises. What happens if, in turn, this promising new owner doesn't build / can't build?

    Where does the now-broke government get the money to buy this property?

  6. #96

    Default Massive Parking Lot?!

    Oh, f&$k me. These cheap bastards tore down a number of beautiful, character-full tenements that catered to lively, local businesses and now their gargantuan housing project of an office building is going to have a "parking lot" for 400+ cars?!?

    Can't tell if it's a lot, per se, or a garage, but neither of them is a good thing. Can't these motherf&$#ers go bankrupt, or find God, or move out of state, or be hit by a bus?


    Boston, Related Buy Big Development Rights for Eighth Avenue Office Building

    If their paper trail is any evidence, the ungodly economy is not preventing Mort Zuckerman and Stephen Ross from moving forward with plans to build an enormous office tower at 740 Eighth Avenue.

    Word of the tower has been seeping into the news since last year, when Boston Properties and Related Companies revealed they were putting together the project’s footprint by buying out about six property owners at a reported price of $350 million.

    The tower—on the east side of Eighth Avenue, between 45th and 46th streets, alongside the Imperial Theater and the Music Box—could rival the neighboring SJP Properties’ 11 Times Square and the New York Times tower in size at a possible 1 million square feet.

    On Oct. 23, the developers filed requests to transfer a total of 120,319 square feet of development rights from the Jacobs, Booth and Broadhurst theaters, all owned by the Shubert Organization. The development rights would, according to the documents, be used “to construct an office building.”
    The developers also requested “a special permit to build a 406-space attended public parking lot” on the site.

    Neither developer’s reps would comment for this story. But sources say that Related and Boston have promised a local parking lot owner a garage in the new tower in exchange for the right to buy his property.

    The Department of City Planning is currently reviewing the applications. The seven-month land-use review process is slated to begin some time in the coming months. So the tower, if completed, might just rise in tandem with the economy.

  7. #97


    I'm just a big fan of huge parking lots

  8. #98


    There was an article yesterday stating that Proskauer might back out of BP's tower on 55th. If so, I don't see how they could proceed with anything else for many years to come.

    Cheapo Zuckerman could have kept the buildings on the site and generated revenue. Instead, the greedy bastard will mar the landscape with a parking lot.

  9. #99


    The good news is that the developer is still planning to build something on the site. The bad news is it will apparently take an additional 7 months before equipment even begins moving in and in the end (judging by the description) it will be hideous. I'll take the good with the bad. I was expecting a repeat of the 11 Times Square "lot." Although lets not forget that ground was broken on that space in 2002 and we all know how long it took something to be built there.

  10. #100


    It seems that cheap SOB's like Zuckerman and Macklowe who build junk are geeting from they sow! Hopefully, Moinian will take one up the rear with the Newsweek building which he's desecrating!


    Updated On 11/26/08 at 05:30PM
    250 West 55th Street deal may fall through

    A deal for law firm Proskauer Rose to occupy about 500,000 square feet in the Boston Properties-developed office tower at 250 West 55th Street and Eighth Avenue may fall through. There has been speculation that the economy may end the deal, or that Proskauer may be trying to take advantage of uncertainty in the office market to land a better deal. But other brokers say the deal is taking no longer than large deals usually do. Morgan Stanley was said to have been offering Proskauer financial incentives to leave their shared building at 1585 Broadway so that the financial firm could have the whole building to itself. But those incentives may no longer be possible as Morgan Stanley's shares have fallen.

    More at: [Real Estate Weekly]

  11. #101


    ^^ I think you posted that in the wrong thread. This thread is about 740 46th.

  12. #102


    I know. I posted that article in connection with my comments that BP's 55th St. tower might turn out to be largely empty, and therefore, he won't start with this one for a long time.

  13. #103


    I agree that these terrorists (Macklowe, Zuckerman and -- hopefully -- Moinian) are reaping what they sew. And they're all old enough that maybe they'll even be ending their disgraceful careers on this low note.

    But developers are like rats: in the business world, they're the lowest of the low, the vermin who see a ripe market, buy up something (in New York's case, oftentimes a beautiful, tone-setting 19th-century tenement) to build the biggest, cheapest thing they can on top of it to profit. There are probably other businesses where this model works, but generally you need intelligence, a novel idea or a quality product in other industries. These guys don't need to have any of that -- just a desire to take risk and lots of arm hair.

    I doubt, therefore, that these old terrorists, if they live on, or their progeny, if they don't (see: Macklowe's kid and Moinian's, who at 23 has an entire floor of some downtown building to himself) will ever learn.

    What we need to hope is that the city -- pushed on by any of us here who has the initiative and good sense to get active -- learns from these mistakes and adapts. Pushing for better design by, for instance, adopting Ablarc's ideas about horizontal, rather than vertical, zoning is about the biggest thing that can be done. But making sure developers have a plan to build and financing lined up before they knock down 50+-year-old structures that, while perhaps not landmarks themselves, are vital components of a neighborhood is a start. So is increasing the budget of the LPC, firing Tierney, or adding a committee of urban planners and architects to the Economic Development committee or to advise Amanda Burden.

    There are steps that can be taken to improve New York's quality of life by making it a better-looking, better-planned and architecturally more interesting city. Developers aren't going to take them, and neither will the city on its own. But unlike developers, we can at least have an effect on the city, since it's beholden to us.

  14. #104


    You guys are all crazy.

    Boston Properties obviously isn't building a parking lot in the middle of Midtown; they're including an underground parking garage, which just replaces the current above-ground garage.

    If you are so militant anti-parking, you would be FOR this garage, because it reduces the total number of parking spaces on the site.

    Now I would agree 100% that in a perfect world there would be no parking whatsoever, but the current lot operator wants the spaces as a condition of the agreement., and it isn't as if the Theatre District doesn't have massive demand for parking.

  15. #105


    If, as it appears, Proskauer backs out, BP isn't getting money from its lenders, and it's not building anything. As someone said, I'd rather have a parking lot for five years with the hope that something better than the lame box proposed by BP will be built in the future.

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