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Thread: Potential new large tower in Midtown (Roosevelt Hotel Site)

  1. #151
    Build the Tower Verre antinimby's Avatar
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    What are you talking about? Neither one of us was talking about the Roosevelt.

  2. #152

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    Sorry. It IS a Roosevelt thread.

  3. #153

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    Quote Originally Posted by BBMW View Post
    You're crossing the commercial and residential markets. There's a 98.678% chance that when the Roosevelt site gets redeveloped, it will be commercial. Who knows, maybe there'll be some hotel element included in the site. But I REALLY doubt that they'd build residential in that location.

    Masonry wall construction is now more expensive than glass wall. Masonry is also heavier, so it creates a need for a heavier, and therefor more expensive structure. For something like 15 CPW, where they're selling the building (and for tippy top dollar), they can use it as a selling point. Commercial renters don't care. They want as flashy as possible, with the best views possable, at the lowest rent possible. The cost savings with glass curtain wall construction gives the landlord more margin to play with. No one actually involved in the transaction cares what the curtain wall is made of, other than how it effects cost.
    At this point, I don't think it's a matter of "when" the Roosevelt site gets redeveloped, but rather "if". The New York Landmarks Conservancy included the Roosevelt Hotel along with 15 other Midtown buildings that they will "push to be designated as landmarks". Considering that the Conservancy is the only advocacy organization that the LPC seems to take seriously, there is a good chance that most, if not all the buildings, will be protected. Furthermore, as evidenced at Wednesday night's CB5 meeting, there's beginning to be quite a backlash against excessive development in Midtown (ie super-tall skyscrapers). Many high up officials including David Garidnock and the Manhattan Borough President seemed pretty adamant about tempering Midtown development. Finally, the hotel received a major multi-million dollar upgrade a few years ago and apparently it is a significant cash cow. So, perhaps this thread isn't particularly relevant after all.

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