Isn't there supposed to be a parking garage as part of the building?
Nice!!! A 34th storey restaurant, hopefully overlooking 42nd and TS. *
NICE JOB. *I love when planning includes such great amenities like that.
Now, if we can only get W on the W back.
Isn't there supposed to be a parking garage as part of the building?
There does not look to be one. *However there will be another empty lot next to the building on 41st (see how the building is L shaped). *A good map to see this is the one Just Rich posted a ways back
I thought the building was L-shaped because the plot was L-shaped. *On the other hand - the L seems to be facing in the wrong direction, so maybe there will be an empty lot after all.
There is no empty lot and the floor plan views are from the South not from the West.
Very inspiring. They have lively posters with renderings at 41st & 8th and 42nd & 8th. *I have to admit I am extremely excited to see this one proceed.
I havent really had a chance to get to construction sites recently. But I snapped this one from the ESB cam.
Construction is underway.
Howard and Edward Milstein are building the 850,000-square-foot building, 11 Times Square, which will combine office space, street-level stores and possibly apartments on a parking lot at the southeast corner of 42nd Street and Eighth Avenue. New York Times Tower will replace the white 3-story building on 41st Street. 10 May 2003.
Those trucks haven't moved in a month. *Anyone know what the delay is?
If Milstein doesn't find an office tenant in 6 months he's going to build a residential tower. *It also seems that they might build the same KPF designed 505 Fifth Avenue. thread here \http://www.wirednewyork.com/forum/to...4&topic=27
From Globe St.
REBNY Members Discuss Spec Development in NYC
By Diana M. Rodriguez
Last updated: Jun 12, 2003 *02:53PM
NEW YORK CITY-With unemployment rates still high and the stock market still low, new construction, nationwide, has virtually come to a standstill. Yet, amidst all the negative performance figures, three real estate developers got together yesterday to explain their decisions for going forward with speculative developments here.
At a Real Estate Board of New York luncheon, held at the Waldorf=Astoria, Veronica Hackett, partner of the Clarett Group; Howard P. Milstein, managing partner of Milstein Properties; and Dr. Axel Stawski of the Kipp-Stawski Management Group, answered questions from moderator Warren Heller, executive managing director of Insignia/ESG, on the state of their respective development projects.
While both are building office properties, Stawski and Milstein are taking dramatically different approaches to filling their speculative space. Stawski's 253,000-sf building at 505 Fifth Ave., in the Grand Central Station district, is seeking 8-20 small leases to fill its floors. Conversely, Milstein is looking for one major office tenant to put its name on the Times Square property and occupy the entire 850,000-sf building.
Located at 42nd Street and Eighth Ave., Milstein's project is already in the excavation process with construction expected to begin in about six months. However, he admits that if no major tenant is found by the time of the ground-breaking ceremony, his company will consider building an apartments rather than offices.
"A Times Square building is not a standard building," he explained. "The retail there is valuable, the signage is valuable and the parking is valuable. You can get about $12 million exclusive of the apartment or office [leases]." He added that the property also marks the last piece of the Time Square redevelopment project.
Having had a previous bad experience with a major office tenant, Stawski now tries to look for diversity in his buildings to avoid dependency on major lessees. "We had a 300,000-sf building, where a 50,000-sf tenant left. We lost a significant amount of cash flow," he explained. "Now, I don't like big tenants because they always move out at the wrong time…We don't want our building to go down the drain with our tenants, so we stick to smaller leases."
Speaking for a different industry, Hackett detailed her development plans in the multifamily sector. In December, the Clarett Group sold its interest in two buildings that it had under a joint venture with Post Properties in order to form a new JV with Prudential, she said. Now, the residential development partners are looking at space here on 107th Street and Broadway.
"We purchased the property and expect the condos there to be ready in early 2005," she stated, noting the deal is not yet finalized.
Despite the poor job market, Hackett is convinced that Big Apple real estate will survive the downturn. "We look over 30 years. Supply has historically been low here," she remarked, noting there will be a need for new multifamily products when the economy turns around.
Great article Derek - I hope Milstein finds it's tenant. I'm not a fan of the new apartment towers in the area, but if the design is the same for either possible use, that would be fine with me!
Anyone know how long that site was a parking lot? What was there before? *I can't recall anything there in my lifetime. *Am I not remembering?
From The NY Post
GARGANO NOT SOLD ON MILSTEIN CONDO FLIP
By LOIS WEISS
June 12, 2003 -- The long-dormant plot on the northeast corner of Eighth Avenue and 42nd Street could give rise to luxury condominiums rather than a 1.1 million-square-foot office tower, its developers said yesterday.
Howard and Edward Milstein, who bought out their family and partner's interests just two years ago, are exploring options other than an office tower there, Howard told the Real Estate Board of New York at its luncheon yesterday.
Charles Gargano, the chairman of the Empire State Development Corp. told The Post he had not heard the Milsteins were considering apartments. "That's not what he's told us," Gargano said after leaving a Landmarks Conservancy lunch where he was honored.
Speaking on a panel at the Waldorf-Astoria, Howard Milstein said his firm doesn't need an office tenant to start construction, but could carry the site merely with its retail, parking and lucrative signage income.
But such use is contrary to what the city and Empire State Development Corp., which must grant the zoning variance for the large office structure, want there under the Times Square master plan.
Milstein has had trouble rounding up an anchor office tenant, but a REBNY audience member scoffed at the notion of luxury units there, asking, "Do you really want to live opposite the Port Authority Bus Terminal?"
Even if it was residential, which would be a bad thing, because the city could always use more apartments, would Milstein still keep the design the same???
Maybe this could be apartments or mixed use and that'll get the PA tower built - that would be nice to look at, further (and greatly) enhancing the area.