Page 13 of 79 FirstFirst ... 3910111213141516172363 ... LastLast
Results 181 to 195 of 1185

Thread: Times Square Plaza - 11 Times Square - 42nd St @ 8th Ave - by FX Fowle Architects

  1. #181
    Banned Member
    Join Date
    Dec 2002
    Location
    Park Slope, Brooklyn, NY
    Posts
    8,113

    Default

    Quote Originally Posted by TylerFC
    ...Im not sure that the process of reviewing and rebidding is as easy as you make it out to be....that actually could be even worse for the site. If the Milstein's were serious and have invested a lot of time/money in this site...if the ESDC decides to remove them from the process...couldnt the Milstein's sue the state and cause the land to be tied up for an even longer period of time? Years?
    Charles Gargano of the ESDC is someone no one will cross. He'll work with you, but when he says you're done, like it or not, you're done. That corner is a blight in that neighborhood. If they were able to take the NYTimes Tower site through eminent domain citing blight, then this site should be able to be pulled back quite easily. Milsteins have very little excuse for not developing something there. Hotel? Residential? Office? The city's in the midst of one of its biggest booms and they don't know what to do. They are developers who lost their nerve.

  2. #182

    Default

    I still think that if Gargano decides to pull the property...that the Milstein's could enter into a litigious battle that would actually tie up the property for a long period of time.

    How would the state compensate the Milstein Family? Im sure that land values in 1998 were drastically lower than land values in 2006??? Eminent Domain requires just compensation......

  3. #183
    Forum Veteran
    Join Date
    Aug 2003
    Location
    Manhattan
    Posts
    2,636

    Default

    In the last two years, Milstein has lost a site near South Street Seaport and a site near Ground Zero, they recived money but nothing compared to what a developed site would make them. Based on this id have to assume that they would not make a big issue if the state moved in, they would probally take there payment and run

  4. #184
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    Location
    in Limbo
    Posts
    8,976

    Default

    Maybe that's their scheme all along. Why bother with the hassle of developing when you can just do nothing and in a few years, get paid off. If this the case, the ESDC should move in quickly and take over for the site's sake.

  5. #185

    Default

    The lack of any action at this site is worse than what has taken place at ground zero. Silverstein has at least managed to put up an office tower, given the green light.

    The intersection of 8th and 42nd is too vibrant for the city and state to allow this to drag on as it has.

  6. #186
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    Location
    in Limbo
    Posts
    8,976

    Default

    It's almost bordering on criminal if you ask me. I liken this to a situation where a negligent homeowner fails to upkeep his property (trash, junk, overgrown grass/weeds, graffiti, etc.) and makes the rest of the otherwise well-maintained neighborhood look bad. I know in some communities you can get fined.

  7. #187

    Default

    Quote Originally Posted by kliq6
    In the last two years, Milstein has lost a site near South Street Seaport and a site near Ground Zero, they recived money but nothing compared to what a developed site would make them. Based on this id have to assume that they would not make a big issue if the state moved in, they would probally take there payment and run
    Kliq6, you're just plain wrong about both accounts. Apparently you aren't as close to the real estate ground as you say you are.....

  8. #188

    Default

    Quote Originally Posted by antinimby
    It's almost bordering on criminal if you ask me. I liken this to a situation where a negligent homeowner fails to upkeep his property (trash, junk, overgrown grass/weeds, graffiti, etc.) and makes the rest of the otherwise well-maintained neighborhood look bad. I know in some communities you can get fined.
    I remember there was a groundbreaking there for a tower, before demolition even began on the site of the NY Times tower. Yet, as the Times tower now rises, weeds still grow on 42nd and 8th (right side of pic)...




    If someone told you that a large empty lot would sit vacant on 42nd Street in the middle of is revitalization - for years - you would never believe it. Yet here we are...

  9. #189

    Default

    Quote Originally Posted by NYguy
    The lack of any action at this site is worse than what has taken place at ground zero. Silverstein has at least managed to put up an office tower, given the green light.

    The intersection of 8th and 42nd is too vibrant for the city and state to allow this to drag on as it has.
    Good job to Silverstein...on a million sf building he leased one floor (40,000sf) at substantial completion....Im sure both his accountants and the taxpayers are really happy that building went up. Now we have a beautiful building that is 95% vacant that will be leased up (maybe) by state subsidies (ie, NYS tax payers). That is NOT the way to develop.

  10. #190

    Default

    Quote Originally Posted by TylerFC
    Good job to Silverstein...on a million sf building he leased one floor (40,000sf) at substantial completion....Im sure both his accountants and the taxpayers are really happy that building went up. Now we have a beautiful building that is 95% vacant that will be leased up (maybe) by state subsidies (ie, NYS tax payers). That is NOT the way to develop.
    You missed the point, which is something did get developed. And if you listen to everybody from the mayor to the press and just the general public, what Silverstein has built to date is nowhere nearly enough.

    But back to the Times Square Plaza, reportedly the developer was deciding between office and residential at one time. Don't tell me that a residential tower couldn't have gone up there, when they are rizing up on 42nd street almost overnight.

  11. #191
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    Location
    in Limbo
    Posts
    8,976

    Default

    Quote Originally Posted by TylerFC
    Now we have a beautiful building [7WTC]
    "Beautiful" is questionable.

  12. #192

    Default

    Quote Originally Posted by NYguy
    You missed the point, which is something did get developed. And if you listen to everybody from the mayor to the press and just the general public, what Silverstein has built to date is nowhere nearly enough.

    But back to the Times Square Plaza, reportedly the developer was deciding between office and residential at one time. Don't tell me that a residential tower couldn't have gone up there, when they are rizing up on 42nd street almost overnight.
    Actually, I think you missed my point. Something did get developed and it is just sitting there. You need something called "Cash Flow" once you've developed. There is not even CLOSE to enough cash flow to even cover .05x debt service. Yes, he did develop something but that "something" was the wrong product for the market at the time and it DEFINITELY shows through its leasing. Why do you think the other "buildings" dont even have a foundation? If it was your money, would you build another 10mm sf of office space when the first 1mm sf hasnt leased at all? Would you lend to somebody with that prospect?? NO WAY!!!! Why would you? That would be a very stupid move.

    Maybe they did miss the boat with Condo development....Ill give you that.

    I just like 7 WTC from the southern elevation....once anything gets developed at ground zero...that view's gonna be obstructed. Enjoying it while it lasts....

  13. #193
    Forum Veteran
    Join Date
    Aug 2003
    Location
    Manhattan
    Posts
    2,636

    Default

    tyler, look at the mans history of development in NYC, its non existant the last 20 years and if you dont cosider being a broker for a little firm called C&W a real estate insider, then your right

  14. #194

    Default

    A good article about the infighting within the Milstein family over the management of their real estate holdings was posted somewhere in this forum, but I can't locate it.

    The Milsteins held the parking lot at Liberty & West for years without any development, in spite of the fact that the pedestrian bridge there was designed to connect with a building.

    Now in exchange for that site, they have been awarded a site in BPC to develop. We'll see how that goes.

  15. #195

    Default

    Quote Originally Posted by kliq6
    tyler, look at the mans history of development in NYC, its non existant the last 20 years and if you dont cosider being a broker for a little firm called C&W a real estate insider, then your right
    I will repeat....apparently you aren't as close to the ground as you say you are....cause the info that you are dispersing is incorrect....

    Broker for Cushman doesn't really impress me. Sorry.

Similar Threads

  1. New Year in Times Square
    By Edward in forum New York City Guide For Visitors
    Replies: 33
    Last Post: November 16th, 2013, 06:29 AM
  2. Toys R Us Times Square
    By noharmony in forum New York City Guide For Visitors
    Replies: 2
    Last Post: December 2nd, 2008, 11:37 PM
  3. W New York - Times Square Hotel
    By hyperfine in forum New York City Guide For Visitors
    Replies: 9
    Last Post: January 18th, 2005, 09:55 PM
  4. Times Square 2002 Celebrations Part I
    By Edward in forum Photos and Videos of New York
    Replies: 0
    Last Post: January 1st, 2002, 12:39 AM
  5. Pictures of luxurious W Hotel - Times Square
    By Edward in forum New York City Guide For Visitors
    Replies: 0
    Last Post: December 29th, 2001, 01:36 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software