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

  1. #106
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    Anything?????????????????????????????

  2. #107

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    Stop bumping threads! If there was "anything" , "anything" would be posted!

  3. #108

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    I hea
    Last edited by merlyn316; June 9th, 2005 at 10:14 AM.

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  5. #110

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    What's my source? This my source, G!





  6. #111
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    Hey that's a good enough source for me!


  7. #112
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    well that's about enough wired new york for one day... love that teeny bopper set.

  8. #113
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    Getting back to Times Square Plaza though I propose an ordinance that would allow the City's Times Square Redevelopment district to take back property from incompetent developers if they don't build anything in a reasonable amount of time.

    How about we call it the "Milstein Ordinance"? Any takers?

  9. #114

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    Why is everyone so anti-milstein? Ever thought it has been a combination of a subpar office market post 2001 combined with an over ambitious zoning requirment for the 42nd street project area that has slowed the process??

  10. #115
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    Milstein has failed to deliver on a number of projects in terms of lining up tenants including a site on Liberty Street and a site near the seaport which he had three false starts, now everyone around him is getting things done in TS and his lot sits and grows weeds, the NYSZ EDC should reclaim the land and give it to a Boston properties or Durst who have a track record in TS

  11. #116

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    But honestly, do you think that is a realistic situation? 1) how many years and legal battles would it take for the State to reclaim the land? 2) Both durst and Boston have their hands full with attempting to lease up 2.1mm and 1.2mm, respectively. Would they want another 1.0mm sf to develop and deliver right next door?

    Either way...your solution would tangle up that site for another 10 years with legal troubles and what not.

  12. #117
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    actually it would not take that long. The TS redevelopment had very strict guidelines for development, each developer that got a lot was told what they could and could not build. If the state wanted to take it back under there rules it would be fast. The site is only zoned for about 850,000 sf and is not even as big as the Hearst addition, in that location if they were trying they could get a deal done.

    As for Durst, BOA is taking 1.1 million of the 2.1 million in his building and many many tenants have looked at it based on the fact its in such a great location for transportation. BP has almost leased all of TS Tower, with Anne Taylor taking almost a third of the space themselves

  13. #118

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    Actually, I believe it would. If Milstein is actively pursuing development within the guidelines of the ESDC code but not 100% complete there is no way that the state could take back that lot, especially with the pull they have in NYC, without a long litigious engagement.

    The midtown office market is strong but not 100% recovered. Durst asking rents are incredibly high and, from what Ive heard, they have been having problems with leasing....average market rent for Midtown offce is $60 gross...which translates to about $30's net.....Durst needs a boatload more than that to make that project have healthy returns. Same thing goes for Boston. For either of them to take that lot and attempt to tenant would not only be a nightmare...but also take away from their own projects and hurt their own leasing efforts. Sure, they could get it done...but it would be after their own project gets stabilized (in regards to leasing).

    Now, after a long litigious battle to rip away from the M's....do you think Durst or Boston have the time to deal with that anytime in the near future? That is the WORST case scenario.

  14. #119
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    merlyn316- before in the thread you said this "I heard Times Square Plaza is definitely up and running in pre-dev. The bros have an anchor office tenant just about inked and excavation starting in 1st Qtr 2006"" is that truth or not?

    cause if it is then why are we even talking about this and what BP and Durst could do???

  15. #120

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    thats what I heard.....

    Durst and BP need tenants for their own buildings first at $75-$100 gross, which is above market.

    Im guessing that rents at the Milstein's lot are more in tune with the market and built to suit.

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