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Thread: The Bank of America Tower a.k.a. One Bryant Park - by Cook + Fox Architects

  1. #16

    Default Future tower for Bank of America

    A more likely candidate for a site, city and state officials said, is at 42nd Street and the Avenue of the Americas, where Douglas Durst has long wanted to build a skyscraper. The two sides have met several times and Mr. Durst has asked state officials if they would condemn a handful of properties he does not already own on the block.

  2. #17
    Banned Member
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    Dec 2002
    Park Slope, Brooklyn, NY

    Default Future tower for Bank of America

    The ray of hope for the future - a company is actually looking for 1 million square feet of space.

  3. #18
    Senior Member DougGold's Avatar
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    Jan 2003
    LA, formerly NY

    Default Future tower for Bank of America

    I don't understand why they'd be looking to build their own skyscraper when Silverstein is obviously going to be tenant-hungry for whatever goes up on the WTC site. I'm sure he'd bow to any design demands they'd have if they signed up for major occupancy.

  4. #19

    Default Future tower for Bank of America

    Agreed. And what better way to advertise a company named Bank of America.

  5. #20
    Forum Veteran
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    Jan 2003
    Garden City, LI

    Default Future tower for Bank of America

    It would be nice if they considered this their Corp Headquarters, and not just their NYC headquarters.

  6. #21

    Default Future tower for Bank of America

    Corporate or NYC headquarters...who cares? *As long as Silverstein secures them as a major lease holder in Office tower 1 connected to the Garden tower!!!

  7. #22
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    Jan 2003
    Garden City, LI

    Default Future tower for Bank of America

    True, but it's always good for ego to have a huge corp. headquarters, esecially since Phillip Morris is selling out after 100 yrs (bastards).

    If it is corp. head, then maybe some more folks would be placed here, esp. *free-spending execs - they always help the economy!

  8. #23

    Default Future tower for Bank of America

    Hehehe... talk about IRONY.

    Here is the story about the Philip Morris move from the Bloomberg Co. wires!

    Altria Moves U.S. Cigarette Headquarters to Richmond (Update2)
    By Courtney Schlisserman

    New York, March 4 (Bloomberg) -- Altria Group Inc. will move the headquarters of its Philip Morris USA tobacco unit to Richmond, Virginia, from New York to reduce expenses as profit is hurt by rising cigarette taxes.

    The company, parent of the world's biggest cigarette maker and formerly known as Philip Morris Cos., expects to save about $60 million a year. All 682 employees of the Philip Morris USA staff in New York, or about 5 percent of the unit's workforce, will be affected, Altria said in a statement.

    Altria, which expects $120 million in costs from the move, is losing sales as smokers switch to discount and counterfeit brands because of higher sales taxes. New York raised cigarette sales taxes and passed a law, to go into effect later this month, to further limit smoking in restaurants, bars and office buildings.

    ``This was a difficult decision to make because of our company's long corporate history in New York City and the impact it will have on our employees but I believe that it is the right decision,'' Philip Morris USA Chief Executive Michael Szymanczyk said in the statement.

    The move isn't related to the new laws, Philip Morris USA spokesman Brendan McCormick said. The company, whose employees currently are allowed to smoke in its New York building, plans to comply with the new laws, he said.

    Moving Philip Morris USA, ends more than 100 years of association between the unit and New York. Philip Morris & Co., Ltd. incorporated in the city in 1902. It opened its manufacturing facility in Richmond around 1919, McCormick said.

    Richmond Bound

    Altria owns 120 Park Avenue, a 554,000 square-foot, 26-story building half a block from Grand Central Station and leases another six floors of a building across the street, from SL Green Realty Corp. Altria Group's 740 other employees at the site will remain in New York, the company said.

    Shares of Altria rose 2 cent to $39 at 2:19 p.m. in New York Stock Exchange composite trading. They had slumped 28 percent in the past year.

    Philip Morris USA already has 6,800 employees, or about half its staff, in Richmond.

    The first employees will arrive this summer and some workers currently located at the company's Richmond offices off of I-95 will move to former home of Reynolds Metals Co., which Philip Morris USA is going to rent from the University of Richmond. The move will be completed by June 2004.

    Altria changed its name in January to differentiate itself from the companies it owns. In addition to Philip Morris USA, the company also owns Philip Morris International, 84 percent of Kraft Foods Inc. and 36 percent of SABMiller Plc.

    New York Mayor Michael Bloomberg is the founder and majority owner of Bloomberg LP, parent of Bloomberg News.

  9. #24

    Default Future tower for Bank of America

    ENZO, ur totally right about the history, but i have 1 question, dont they have more than that 26 story building on park avenue, and the 6 floors of the building adjascent?

  10. #25

    Default Future tower for Bank of America

    (NY Times)

    Bank Is Close to a Deal for a Tower Off Times Sq.

    Bank of America is close to signing a deal with the developer Douglas Durst to build a skyscraper on 42nd Street, near the Avenue of the Americas, which would become the bank's New York headquarters.

    The bank would be a partner in the project and occupy half the space in the proposed $1 billion tower, which is expected to contain 2 million square feet of space, according to real estate executives and government officials. It would stand next to the Condé Nast Tower, the 48-story skyscraper Mr. Durst built in Times Square four years ago.

    If the project goes forward, it will strike an upbeat note at a time when the city is playing a blues medley of corporate layoffs, deep municipal budget cuts and tax increases. Little office construction is going on, because millions of square feet of office space are sitting empty. Yet when much of the financial industry is shrinking, Bank of America, which has about 3,000 employees at five locations in Manhattan, would be expanding its presence in New York with the new building.

    "It's proof that New York, despite the recession, has intrinsic strengths that no major bank can ignore," said Mitchell Moss, director of the Urban Research Center at New York University. "You can't be a major banker and not be in New York."

    The skyscraper would also be a personal triumph for Mr. Durst. He would be completing a development his father, Seymour, began 40 years ago when he bought his first parcel on the block between 42nd and 43rd Streets, from Broadway to the Avenue of the Americas. Seymour Durst died in 1995; the Durst family now owns or controls all but two parcels on the long block, where development has had a long and contentious history.

    On Thursday, the city sent a letter to the state expressing support for the proposed project on 42nd Street. According to a senior state official, the state is considering condemning the block. If the state condemned the property, Mr. Durst would not have to negotiate a sale price with the owners of the two parcels he does not already have. In all likelihood, the state would take control of the land and lease it back to the bank and the developer for a nominal sum. The state would also have to persuade a court that the condemnation was for a public purpose.

    The Empire State Development Corporation is expected to issue a notice this week that it will hold a public hearing on condemnation.

    Peter G. Riguardi, president of Jones Lang LaSalle, a real estate company representing Bank of America, declined to comment, other than to say: "The bank is committed to New York City. We're looking at all deals seriously." But a state official said he considered the talks between the bank and Mr. Durst to be "very serious."

    "Next week is a big week," said one executive who has been involved in the negotiations.

    Bank of America has also talked to state and city officials about an incentive package for the deal. The Bloomberg administration has often said it is reluctant to grant companies special tax breaks, which critics call corporate welfare. But earlier this month, the state and city granted Pfizer, the world's largest pharmaceutical company, up to $46.1 million in tax breaks and other subsidies in connection with the company's purchase of a building at 685 Third Avenue, at 43rd Street, and a pledge to transfer 1,000 jobs to Manhattan from outside of New York City.

    Real estate executives said they expected Bank of America to get some sort of incentive package from the city, although some of the benefits would be tied to job growth. State officials had tried unsuccessfully to persuade the bank to move to Lower Manhattan, which has lost thousands of financial jobs since Sept. 11.

    New York was still suffering a deep recession and a real estate depression in 1995 when Mr. Durst first announced plans to build the Condé Nast tower. Unlike many other developers, the Durst family had little debt on its holdings and was able to finance the project.

    The following year, Mr. Durst quickly lined up two major tenants — Condé Nast and Skadden, Arps, Slate, Meagher & Flom, the law firm — and began building 4 Times Square, a structure that heralded a building boom.

    "A new office tower will be music to the ears of the real estate community," said Ross F. Moskowitz, a real estate lawyer at Stroock & Stroock & Lavan. "As they did with the Condé Nast building in the mid-90's, the Dursts will look to be a first-market mover and trendsetter with this building."

    But New York City is still losing jobs. According to Newmark & Company, a real estate firm, 58.1 million square feet of office space sits vacant or available, more than the entire commercial market in Boston.

    A block away from Mr. Durst's project, the developer Boston Properties lost its anchor tenant last summer and is still trying to fill Times Square Tower, its building with 47 stories and 1.2 million square feet under construction on 42nd Street. To the east, the Canadian Imperial Bank of Commerce is also chasing tenants to fill the 35-story office building under construction at Madison Avenue and 42nd Street. The bank is no longer planning to occupy most of the tower.

    So far, The New York Times Company and its partner, Forest City Ratner, have been unable to lure a tenant to the newspaper's proposed new headquarters, on Eighth Avenue between 40th and 41st Streets. The Times plans to use about half the tower.

    The Bank of America project has the support of state and city officials, but nothing is guaranteed on this block, where feuds and near-misses abound. In the past, the Durst family has almost struck deals with Morgan Stanley, Chemical Bank, Nasdaq, L'Oreal and Zurich Insurance.

    But the Dursts now own or control more than 90 percent of the block. Susan Rosenberg owns a small building at the southwest corner of 43rd Street and the Avenue of the Americas where her late father, Harry Goldberg, opened a pawnshop in 1948. She has vowed to be the last to sell.

    A group led by Joseph Bernstein owns an L-shaped parcel that fronts on both 42nd Street and the Avenue of the Americas. In 1985, the Bernstein group nearly bought out the Durst holdings, but the deal fell apart. Since then, the two sides have been at loggerheads, with Mr. Durst seeking to buy out the Bernstein group, while Mr. Bernstein has refused, offering instead to become Mr. Durst's partner.

    The Bernstein group filed a lawsuit to block the state from condemning the property in the late 1990's, when Mr. Durst was close to striking a deal with Nasdaq to build a headquarters. That deal also fell apart and Mr. Bernstein withdrew the suit after the attack on the World Trade Center on Sept. 11, 2001.

    "We're willing to negotiate," Mr. Bernstein said. "We're definitely sellers at the right price."

    Mr. Durst also needs permission from the New York City Landmarks Preservation Commission to move Henry Miller's Theater, which sits in the middle of the block, west to a spot next to the Condé Nast Tower.

  11. #26

    Default Future tower for Bank of America

    Darn, you beat me by an hour. *You have to wake up pretty early in the morning to scoop members of this forum.

  12. #27

    Default Future tower for Bank of America

    When the news is that good, it's worth waking up early.
    I hope the 2 million sq-ft tower will be tall and slender. Like the 70-story building that was once envisioned.

  13. #28
    Senior Member
    Join Date
    Oct 2002
    NYC - Hoboken

    Default Future tower for Bank of America

    2 million square feet with a billion dollar price tag sounds like a significant building. *Does anyone know what the height restrictions are for that block (are there any air rights near by that Durst can purchase)?

  14. #29

    Default Future tower for Bank of America

    The current proposal is for 781 feet. I believe Stern has a rendering on his website.

    I'm sure it could change radically if a major tenant gets involved with their own input though.

  15. #30

    Default Future tower for Bank of America

    That proposal is so old that it can't be left without modifications. I bet there will be an entirely new design.

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