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Thread: New York Times Tower - 620 Eighth Avenue @ W. 41st Street - by Renzo Piano

  1. #151

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    You're done ? Already !
    That was fast.
    You sure didn't ponder much... OK, how about that : tax breaks for all the new tall buildings in Manhattan (say, over 900 ft).
    That could work and help the local economy.

  2. #152

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    Definately. Great idea Fabb! It'll not only improve the economy job-wise in NYC, but the steel industry will get some business too, not to mention architectual firms, etc.! And after all this the skyline will improve with some nice 900+ foot buildings. Fabb, this an ingenious idea. FABB FOR MAYOR!

  3. #153
    Forum Veteran krulltime's Avatar
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    I vote for FABB as mayor!!!

    Good thinking!

  4. #154

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    Stop it !
    I can't feel my legs.

  5. #155
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    This project will never get built

    New York Times Co. delays occupancy for HQ

    by Wendy Blake

    The New York Times Co. has pushed back the occupancy date for its new headquarters building, because the projectís developer has had delays in getting financing for the project.

    The Times Co. said in its earnings release today that it expects to occupy the building in 2006 or 2007, citing delays on the part of developer Forest City Ratner in securing backing. It had previously targeted 2006 as the occupancy date. Forest City has been seeking authorization from the city for $400 million in tax-exempt Liberty Bonds to help pay for the 52-story, Times Square-area skyscraper, but the city has balked at disbursing that much.

    Forest City could not immediately be reached for comment.


    Copyright 2003, Crain Communications, Inc

  6. #156

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    Oh jesus christ!

    is this becoming a pipedream?

  7. #157

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    October 17, 2003

    Times Tower Is Delayed as Partner Awaits Loan

    By CHARLES V. BAGLI

    The New York Times Company said yesterday that it would delay construction of a new headquarters on Eighth Avenue until its development partner obtains financing for the 52-story project.

    The Times said its partner, Forest City Ratner, had had difficulty obtaining a construction loan in the current economy for the portion of the tower that Ratner will own. The tower will be on Eighth Avenue between 40th and 41st Streets.

    Russell T. Lewis, chief executive of the Times Company, said in a conference call yesterday with stock analysts that he did not anticipate moving into the new building until late 2006 or early 2007, about two years later than the company had originally anticipated.

    Last month, the partners took possession of the property across the street from the Port Authority Bus Terminal where the skyscraper will be built. The 55 businesses on the site have all been relocated. But Forest City has been unable to land an anchor tenant for its space. Its negotiations with city officials for special tax-free financing known as Liberty Bonds are also at a standstill.

    "Obviously it's a difficult climate for large commercial projects of that nature," Mr. Lewis said. "As long as there's no financing, the project will not go forward. We certainly expect that the market will improve in the future and then we would be prepared to move forward. Projecting exactly what will happen is not something I want to do."

    But later in the day, Michael Golden, vice chairman and senior vice president of the Times Company, said he expected that Forest City would be able to get financing within the next year.

    More than two years ago, the Times Company and Forest City reached a deal with the state's 42nd Street Development Project to build a new headquarters. The Times will own the 2nd through 27th floors, about 875,000 square feet, while Forest City will own the upper floors, about 725,000 square feet.

    The partners are required to pay the acquisition costs of the land, but are liable only for $85.6 million. Anything above that will be refunded with interest over time. They are also required to demolish the existing structures and begin construction within a year after taking over the property.

    But with rents falling and vacancy rates at relatively high levels, Forest City has not found a prime tenant.

    In recent months, Forest City began negotiating with city officials for $400 million in Liberty Bonds, which were designated for rebuilding New York after the attack on the trade center. Forest City ultimately applied for $150 million in bonds, but has been unable to get city approval.

    Forest City declined to comment yesterday.

    Some good government groups, urban planners and executives involved in downtown rebuilding have criticized plans to use Liberty Bonds they say were meant for Lower Manhattan. Regulations may allow it, they say, but Forest City should be forced to live by the deal it struck more than two years ago.


    Copyright 2003 The New York Times Company

  8. #158

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    Geez, wouldn't you think they should have had all the financing issues dealt with before "relocating" 55 businesses.

  9. #159
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    Forest City is having finacial problems, so they cant risk building on spec

  10. #160
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    We're looking at least another year? WTF

  11. #161

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    I'm not suprised. But I also do not fear this project being scrapped.

    We can live with a delay. Look how long it took for Bloomberg?

  12. #162
    Senior Member DougGold's Avatar
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    I have to say it seems that asking to get Liberty Bonds to help finance this building is at least obnoxious, at most reprehensible. If anything like that is ever approved, it would be tantamount to outright theft.

  13. #163

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    Quote Originally Posted by enzo
    I'm not suprised. But I also do not fear this project being scrapped.

    We can live with a delay. Look how long it took for Bloomberg?
    Yeah, they have to build now too because people were evicted. If the site is left empty, the people who were evicted will make a huge stink. Then we'll have the questioning of all new construction projects, espically those that use eminant domain.

  14. #164
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    i dont want to defend this action but look at it from a developers stand point. After 9/11 many projects planeed fell apart because of the new economy, insurance problems and banks not giving construction loans out. This is all still going on as big name develpers like Durst cant get bank loans to build because the banks say NYC is to much of a target. SO in a way the Liberty Bonds will help get around this issue until the government comes down on the banks for this action

  15. #165

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    Why doesnt Ratner just build condo's ontop? The 42nd corridor is a hot-bed for "real" real-estate development.

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