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

  1. #391

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    NY POST

    TAX SLAP FOR TIMES TOWER

    By SAM SMITH
    April 3, 2005


    New state guidelines threaten to yank hundreds of millions of dollars in tax credits from some of the city's biggest new developments, including the New York Times tower planned for Eighth Avenue in Midtown.

    Under the state's 2003 brownfield law, which gives tax breaks for cleaning and building on contaminated land, the Times is in line for up to $170 million in breaks.

    But now the Department of Environmental Conservation can reject properties whose cleanup costs are not "significant" compared to the total cost of the project, a criterion written specifically for the Times, observers contend.


    "That project certainly focused the issue," said attorney Larry Schnapf, who represents a number of developments applying for tax credits.

    "What is unfortunate is when one bad apple ruins it for rest," said Rochester attorney Linda Shaw, who is also representing brownfield projects. "This Times building has gotten such attention, it's going to impact real good projects that should get in."

    A spokesperson for Forest City Ratner, the developer of the $850 million Times building, had no comment.

    Under brownfield rules, a project receives tax credits based on the total cost of the project, not just the cleanup, which balloons the New York Times credits.

    The DEC has received 176 applications from developers statewide. The agency could not say how many applications had been filed from the city.

    Critics of the new rules contend the DEC is unfairly curtailing one of the most generous brownfield programs in the country.

    Schnapf says another large project a planned $20 million, 500-unit apartment complex on Roosevelt Island will probably be rejected because of another new DEC rule that scrutinizes properties only contaminated with fill.

  2. #392

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    Ouch, that isn't fair...can't just institute that halfway into the project...$170 million in tax! that is a crazy amount....i think the NY Times Lawyers will work out a deal though.

  3. #393

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    Since I was in the area, I decided to improve upon yesterday's pics. These are easier to see....

    APRIL 3 2005

    The lowrise section of the NY Times tower:













    Foundation work on the main body of the tower:













    The NY Times tower already has a presence on 8th Avenue, thanks to large renderings on both the 40th and 41st street corners:






  4. #394

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    A comparison pic, the Bank of America tower site, also taken today. More pics in the BOA thread

    APRIL 3, 2005


  5. #395

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    wow, looks like they are 15-20 feet

  6. #396

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    Ahh...still have some work ahead of them...still see the foundation of the preceeding building

  7. #397

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    Quote Originally Posted by Kolbster
    Ahh...still have some work ahead of them...still see the foundation of the preceeding building

    The Bank of America tower? Yeah, they're still digging.

  8. #398
    Moderator NYatKNIGHT's Avatar
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    Nice updates NYguy - hey, was there a hole in the wall at BOA? I couldn't find any breach for my camera last time I was there. Conversely (and suprisingly), NYTimes seems to have created viewing holes for people to watch construction.

  9. #399

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    Quote Originally Posted by NYatKNIGHT
    Nice updates NYguy - hey, was there a hole in the wall at BOA? I couldn't find any breach for my camera last time I was there. Conversely (and suprisingly), NYTimes seems to have created viewing holes for people to watch construction.
    The BOA site has openings in the wall large enough to peek through. The Times site does have viewing openings, but it had more at one point.

  10. #400

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    Quote Originally Posted by Kolbster
    Ouch, that isn't fair...can't just institute that halfway into the project...$170 million in tax! that is a crazy amount....i think the NY Times Lawyers will work out a deal though.
    Well, this project was essentially underway by the time the brownfields tax credits appeared. I suspect they were largely gravy for the NYT - which is why there has been such an outcry against them. I doubt very much whether they are losing financing they counted on when they started.

  11. #401

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    Hi everybody!

    I'm a long time time reader first-time poster. I passed by the site today and noticed that the first steel beams have been anchored to the concrete blocks in the foundation! This building is waaayyy ahead of Bank of America in the race to the sky and I found out why from a construction manager working on the site: Despite the fact that the BoA tower and the Times tower are only a few blocks from each other, the Times constuction people hit bedrock at just over 30 feet (a la Empire State Building) while the BoA people are still wrestling with their massive job since bedrock over there is 70 feet down (a la World Trade Center). I didn't think there were serious differences in the depth of the bedrock over so little area in Manhattan, but I guess we learn a little about geology every day. At this point I'd estimate the gap between the BoA tower and the Times tower as least three months (meaning a not-so-close skyscraper race ).

  12. #402

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    Quote Originally Posted by Phentente
    I didn't think there were serious differences in the depth of the bedrock over so little area in Manhattan, but I guess we learn a little about geology every day.
    Me neither. Who knew? NYTIMES won the geological lottery in that it will have its grade-A space on the market before BOFA.

    To think they have to drill about 200 feet in lower manhattan. Generally excavations are easy and affable for tall structures in midtown, the only obstacles usually being subway and underground rail lines.

  13. #403

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    Now the real fun begins, as the tower will begin to climb into the sky..

    APRIL 16, 2005
























  14. #404

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    They look to be crane footings. Which could also be structural....

  15. #405

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    Quote Originally Posted by Stern
    They look to be crane footings. Which could also be structural....
    That's the good news! Once we see those cranes rising in the sky, its only a matter of time.

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