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Thread: 475 Fifth Avenue

  1. #1

    Default 475 Fifth Avenue

    Michael Stoler reports that the filthy, disgusting pig Monian (those obviously are my words not Stoler's) may seek to raze 475 5th Avenue. I can't picture which building this is off the top of my head, but given Monian's Macklowe-esque greed and barbarism, I assume it's nice. Can anyone post a photo?

    Anyway, if it is nice, hopefully a reasonable person will buy it and restore it.

    Is There a Silver Lining To the Doom and Gloom?
    By MICHAEL STOLER | April 24, 2008

    Each week the picture gets darker, with layoffs, predictions of doom and gloom, and stagnation in the investment sales marketplace....

    One block north of the building is 475 Fifth Ave., an office tower owned by the Moinian Group and Westbrook Partners. The owners have retained an investment broker to sell the property, which is nearly 100% vacant, making it primed for redevelopment. Industry leaders believe that the property might be sold to a hospitality company.....

    Mr. Stoler, a contributing editor of The New York Sun, is a television and radio broadcaster and a senior principal at a real estate investment fund. He can be reached at mstoler@newyorkrealestatetv.com.

  2. #2
    Random Personality
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    This building faces the steps of the NY Public Library apparently according to google earth. I can't seem to find a picture but I found an article from '89 in the times about this building being fnished in 1926, so I am guessing it is nice.

    According to Emporis and Google Maps this is the building:

    http://www.emporis.com/en/wm/bu/?id=...orkcity-ny-usa
    Last edited by ramvid01; April 24th, 2008 at 04:17 PM.

  3. #3

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    Thanks. It must be this gem that was the topic of another thread last year.


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    Build the Tower Verre antinimby's Avatar
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    I wonder what Stoler meant by "primed for redevelopment."

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    Forum Veteran macreator's Avatar
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    I'm hoping what he means is a condo or hotel conversion...

  6. #6

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    Monian, purchased this building about a year ago and then tried to sell it last fall through C&W. Monian, like Macklow is a high leverage player. He probably
    is short on cash.


    I can't really believe that they would demo it. I think they are just trying to renew interest in the property.

  7. #7

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    With Monian, nothing is scared. He'd tear down the Empire State Building if it would give him a few extra million. Someone ought to demo his kids. BRB, FBI!!!! just kidding.

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  9. #9
    Build the Tower Verre antinimby's Avatar
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    His schtick is not tear downs but ill-advised glassy reclads, which when done on a beautiful old building like this, would be just as contemptible.

  10. #10

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    Quote Originally Posted by antinimby View Post
    His schtick is not tear downs but ill-advised glassy reclads, which when done on a beautiful old building like this, would be just as contemptible.
    That make more sense, he was going to do that when he first purchased the building.

    I agree that the building looks nice as it is, we do not need another glass box. He should rent the building at high rents and give the tenants a little more money for TI.

    My guess it that he is looking to liquidate but given current market conditions and the price he paid, he is stuck.

  11. #11

    Default 475 5th

    I work in this building (for 4 more days anyway!). Sadly the lobby (walls were marble from the 1920s!) is demolished and will be boring white walls. That was the nicest portion of the building - the rest of it is pretty chewed up and it's obvious the upkeep wasn't done. They are trying to rent the building to one office tenant. We'll see how that one goes...

  12. #12

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    ^That's sad. They did a great job cleaning the exterior.


    saravanansuri

  13. #13

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    It's great that this gem was saved. I hope that the little library annex down the street is not razed. This whole area should be landmarked.

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