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From the New York Public Library collection - Empire State Building pool on Flickr.
^^^
Great shots Derek.
Every new photograph of the ESB makes me feel like I'm seeing it for the first time.
I love this building.
From the New York Public Library collection - Empire State Building pool on Flickr.
taken today from the roof...
Last edited by scumonkey; April 17th, 2008 at 04:40 PM.
Empire State Building said to the sky "Pow!"
pretty much. kinda like get the F outta my way gravity i have records to break.
Awesome picture scumonkey!
ESB is in many ways just perfect
Interesting that this building was begun after the Stock Market Crash, and constructed in the very midst of the Depression, in 1 year and 45 days. That's the spirit! And I hope it puts to rest what self-styled "experts" predict about any possibility of financing and constructing a World's Tallest Building in a time of severe economic downturn.
(NOTE - It was not until the 1940s before ESB was able to finally claim full occupancy levels.)
The good news is the ESB held the record for the world's tallest building for about 40 years.
The bad news is that NYC has not had the world's tallest building for close to 40 years. Ironically, it is a few new yorkers, the few bad apples, that are intent to spoil our crown title for what new york is known for and being best at, that is, building the world's tallest and best buildings of its time.
I have no doubt, however, that the ESB will remain to be one of the best buildings of all time.
Last edited by Scraperfannyc; April 23rd, 2008 at 02:11 PM.
Im afraid it seems that having the world's tallest building has lost its prestige. Any old country with money can do it now. I just dont think its a challenge to build tall anymore, the burj is huge but I am in no way shocked at its construction, I dont look at it and wonder 'How the hell is that possible?' because even laymen now know it is.
Wouldn't mind being able see NYC from this height though. Height impresses me no less.
I would assume that many more people will want to visit Dubai after they are complete with their building boom.
Wow!!
Iconic Empire State Building seeks $660-million loan
Renovation needed to lure bigger tenants
Miles Weiss, Bloomberg Published: Monday, May 05, 2008
Developer Peter Malkin is seeking to finance a US$660-million renovation of the Empire State Building to lure large firms to New York City's tallest skyscraper, a haven for small businesses for decades.
Wien & Malkin LLC, a New York-based real estate company, is asking investors in Empire State Building Associates LLC to approve borrowing to pay for modernizing the iconic 1930s office tower.
The project will exponentially increase the building's current debt - a US$61-million first mortgage - at a time when many lenders are reluctant to finance commercial real estate projects. Raising the financing shouldn't be a problem, industry analysts said, as the total borrowings would still be less than half of the building's value, estimated at more than US$2-billion.
"When you get a trophy property like that with a very low loan-to-value ratio, there would be a lot of lenders that would be comfortable" providing the cash, said Cedrik Lachance, a senior analyst at Green Street Advisors, a Newport Beach, California, firm that provides research on real estate investment trusts. "A building like that would be worth dramatically in excess" of the total borrowings.
The new loan would leave the property with debt ranging from US$660-million to almost US$825-million, according to Bloomberg calculations based on documents filed April 24th with the U.S. Securities and Exchange Commission and interviews with real estate analysts.
Hard Times
The building, though famous, had fallen on hard times in recent years, in part because of poor management and in part because it was in a section of midtown Manhattan that was a less desirable market for office space, said Robert Sammons, research director at Colliers ABR Inc., a New York-based real estate broker. Now the area is more in demand.
"It just hasn't been on the radar screen for most tenants," Sammons said. Now "that whole area of midtown south has a strong appeal to a number of tenants because it is a mixed use neighborhood" with shops and residential buildings as well as offices.
Thomas Keltner, general counsel at Wien & Malkin, declined to comment. Peter Malkin, the firm's chairman, also heads the Associates partnership, which controls the building until 2076.
Malkin is improving the Empire State building's infrastructure and amenities, creating larger office spaces, and raising rents as part of a new leasing strategy for the landmark, located at 350 Fifth Ave., between 33rd and 34th streets in Manhattan. The goal is to bring in larger, more creditworthy tenants to the 102-story building, which was occupied by almost 700 businesses and firms at the end of 2006, according to SEC filings.
'Small Tenant Building'
"Historically, this was known as a small tenant building," said Stephen Eynon, a first vice president at CB Richard Ellis Group Inc., the brokerage that is marketing the property's office space. "We are looking to attract larger corporate users."
The building's occupancy rate had fallen to 79% as of April 7, according to the filing, in part because management is warehousing space to create larger offices for tenants, Eynon said. The building's rental rates on new office leases are now about US$52 to US$63 a square foot, up from US$32 to US$42 a year ago.
The total cost of the overhaul will be about US$660-million, including US$442-million for renovations to common areas and upgrades to electrical, heating, security and other systems, the April SEC filing shows. Another US$218-million will be spent to improve office spaces for tenants and to pay leasing commissions and finance closing costs.
'Unusual' Spending
"To spend that much just on a renovation is very unusual," said Woody Heller, executive managing director at Studley Inc., a New York-based real estate brokerage. "But there are very few buildings as large as this one, so by definition all the numbers are going to be very big."
The property may be worth about US$1,000 a square foot, said Heller, which would equal almost US$2.8-billion based on the 2.75-million rentable square feet listed in the SEC filing.
According to the April 24 filing, the additional borrowing will raise projected debt after ten years to about US$300 a square foot. That would equal about US$824-million, based on the building's 2.75-million square feet of rental office and retail space, as listed in the filing. The documents didn't say whether the projected debt figure includes the existing US$61-million mortgage.
The projected debt would be as much as 20% lower, or closer to US$660-million, were it based on usable square footage as opposed to rentable square footage, said Dan Fasulo, managing director of Manhattan-based Real Capital Analytics.
"It's more common for older buildings to have a bigger difference between usable and rentable space," said Fasulo, whose firm provides research and consulting services on the commercial real estate industry. "There is a lot more wasted space" in common areas such as corridors, he said.
In the filing, Wien & Malkin said that mortgage interest rates are "extremely low compared to historic levels." The documents also said that discussions are under way with several institutional lenders "who have indicated an ability and desire to proceed."
The Empire State Building's ownership structure is complex. The building itself is owned by W&H Properties, a partnership between the Malkin family and the late Leona Helmsley, according to Eynon. Empire State Building Associates, which has some 2,764 investors, holds a master lease on the building until 2076 and also owns the underlying land, purchased in 2002 through the US$61-million first mortgage.
The building, completed in 1931, was conceived by former General Motors Corp. executive John Jakob Raskob to be higher than Walter Chrysler's Art Deco tower on 42nd Street.
Bloomberg.com
I'm moving to the building on June 6th. There is a major lobby restoration going on that removes the flourescent drop ceilings and restores the orginal beautiful ceilings. I can't wait. Plus, we have a full floor and it will be a pretty spectacular interior space.
woohoo!
^ nice. how high up?
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