View Poll Results: Do you like the final design of Beekman Place?

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  • Yes

    150 85.71%
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    25 14.29%
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Thread: 8 Spruce Street - Beekman Tower - by Frank Gehry

  1. #181

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    Im so gitty.

  2. #182
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    Other articles have stated that this building will be, at the very least, taller than AIG.

  3. #183
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    I was by this site today. CB1 is going to have a very tough time arguing anything against the building. It is bordered on the north by Pace, which supports its construction. It is bordered on the south by the hospital, which supports its construction. The buildings to the south are low rise tenaments, with bars and business service retail on the ground floor. The buildings to the West are turn-of-the-century, restored beauties that lose nothing from its construction and, to the west of them, is City Hall & City Hall Park. It casts no shadow to the south. It's morning shadow is cast on the building to the west which has minimal windows facing east and city hall park. Its shadow to the East might meet with some complaints, but I am guessing these are the folks negotiating for the community center (as they represent the only "coherent, identifiable community" who would have any real argument against the construction. I think this is going to go largely as planned and I hope it gives us a great new spike in the skyline.

  4. #184

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    The only issue with meat is the closeness of the tower to the two buildings that share the block. As pointed out by Gulcrapek a few pages back, a shorter building will be bulkier, and make it more difficult to provide space between the tower and those buildings. Height should not be an issue with those residents because even if lowered, the tower will still be taller than those buildings.

    As for shadows, in comparing tall with taller buildings, the impact of height is not as great as bulk. Even at its highest point, the sun is not straight up. A slightly lower building will still cast a significant shadow. What's important is how long it takes the sun to move from behind the building. The fatter the building, the longer it takes. This is more pronounced in Spring and Autumn, when you want more sun.

  5. #185

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    We'll have to see now how things play out...

    NY TIMES

    Pace Pulls Out of Expansion Project, Citing Builder's Price Increase

    By DAVID W. DUNLAP
    November 4, 2004

    Pace University withdrew from an enormous building project in Lower Manhattan yesterday, charging that the developer had changed the lease terms at the last moment and was seeking so much money that academic programs might be jeopardized.

    In response, the developer, Forest City Ratner Companies, said the higher price reflected the costs of constructing specialized space for the university.

    Pace was to have occupied a large part of a 1-million-square-foot apartment tower, designed by Frank Gehry, that Forest City Ratner is planning on Beekman Street. The site adjoins N.Y.U. Downtown Hospital on Gold Street and sits on Spruce Street opposite the main building of Pace's Lower Manhattan campus.

    At one time, the university planned to lease 330,000 square feet in the tower, where it would have housed 600 students, the Lubin School of Business, classrooms, an art gallery, the admissions office and dining areas.

    But late yesterday afternoon, David A. Caputo, the president of Pace, issued a statement saying that the university was ending its talks with the developer.

    "As we were negotiating the final lease terms," Dr. Caputo said, "we were informed by Forest City that the financial agreement we had reached had been substantially changed, and Forest City now has asked for a significant increase in Pace's financial obligation to the project. This occurred despite a signed term sheet specifying basic concepts and details, and after 11 months of good-faith negotiation."

    Though he pledged not to abandon Lower Manhattan, Dr. Caputo said that "neither will we financially jeopardize academic programs and scholarships for this project."

    He concluded, "We are disappointed that Forest City Ratner cannot see its way clear to fostering higher education as a lever for renewal and change."

    Neither Pace nor the developer would give specific costs, though more than $370 million in tax-exempt financing has been sought for the project. The hospital, which owns the site, is to have an ambulatory care center in the tower.

    Forest City Ratner is the development partner of The New York Times Company in building a new headquarters on Eighth Avenue opposite the Port Authority Bus Terminal.

    Michele de Milly, a spokeswoman for Forest City Ratner, said the projected cost of the Beekman Street project had "dramatically increased" as the program for Pace became better defined. The added costs, she said, were due in part to longer construction schedules.

    "We're extremely disappointed that the revised proposal was not approved by the Pace board of directors," Ms. de Milly said, "and we remain committed to the development of this important site."

  6. #186
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    So can we expect a reduction in size/height, or that the project is in jeopardy?

  7. #187

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    Could be one or the other...

    NY POST

    RATNER FAILS TO KEEP PACE DEAL

    By STEVE CUOZZO

    November 4, 2004 -- A widely publicized development deal between Bruce Ratner and Pace University has collapsed, threatening to scuttle or delay a planned Frank Gehry-designed skyscraper near City Hall.

    Pace balked over Ratner's demand that it accept 30 percent less space in the glamorous tower than was originally agreed to, but for the same cost — around $180 million, sources said.

    "Pace University is ending discussions" with Ratner, the school's president David A. Caputo said regarding its participation in the ambitious scheme, which was also to include luxury condo apartments, affordable rental units, stores, and an ambulatory-care facility for NYU Downtown Hospital.

    Caputo said the school was in the final stage of lease negotiations when Ratner told officials that "the financial agreement we had reached had been substantially changed, and Forest City now has asked for a significant increase in Pace's financial obligation."

    Caputo said this occurred "despite a signed term sheet" and "after 11 months of good faith negotiations" that involved state and city officials. "This decision will force Pace to reconsider its plans for downtown expansion," he said.

    Ratner, in a statement, said it had recently become clear that "the overall costs of the project had dramatically increased," owing to escalating construction costs and the complexity of a multi-use project.

    It said Ratner "worked closely with Pace" to try to "re-establish an appropriate price for Pace's portion of the building. We are disappointed that this revised proposal was not aproved by Pace's board of directors."

    City and state officials had agreed to allocate $370 million in tax-exempt Liberty Bonds to the project, but their approval was contingent in part on Pace's participation.

    A Ratner spokesperson said there was now "no expectation" of Liberty Bonds and that the developer instead would seek low-interest financing from the city and state available for residential projects that reserve 20 percent of their units for affordable rentals.



    Calls to the city's Economic Development Corp. to clarify the matter were not returned by press time.

    The scheme is one of several high-profile enterprises of Ratner, who is also the partner of the New York Times in its Eighth Avenue headquarters and the would-be developer of a Nets arena at Atlantic Yards in Brooklyn.

    Although it has never been stated exactly how big the Gehry-designed building might be, sources said it might rise to 70 stories and hold 1 million square feet.

    Pace was supposed to occupy over 300,000 square feet on the lower floors — 205,000 square feet for dormitories and 125,000 feet for its business school.

    Sources said Ratner was poised to close on a contract to buy the land from NYU Downtown Hospital for about $85 million. At the same time, Pace, whose campus is across the street, was to sign a long-term lease with Ratner with an option to buy the space after several years.

    But then, insiders said, Ratner said he would only go ahead if the university agreed to take 25-30 percent less space for the same price.

    That made the deal too costly for Pace, which told Ratner it would not do the dormitories but still wanted the business school. Ratner is said to have responded that a business school-alone deal would cost Pace 30 percent more to buy or lease on a per-square-foot basis.

    "[Deputy Mayor] Dan Doctoroff had shepherded this thing along," one insider said. "And then Ratner reneged."

  8. #188

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    November 4, 2004

    Pace Pulls Out of Expansion Project, Citing Builder's Price Increase

    By DAVID W. DUNLAP

    Pace University withdrew from an enormous building project in Lower Manhattan yesterday, charging that the developer had changed the lease terms at the last moment and was seeking so much money that academic programs might be jeopardized.

    In response, the developer, Forest City Ratner Companies, said the higher price reflected the costs of constructing specialized space for the university.

    Pace was to have occupied a large part of a 1-million-square-foot apartment tower, designed by Frank Gehry, that Forest City Ratner is planning on Beekman Street. The site adjoins N.Y.U. Downtown Hospital on Gold Street and sits on Spruce Street opposite the main building of Pace's Lower Manhattan campus.

    At one time, the university planned to lease 330,000 square feet in the tower, where it would have housed 600 students, the Lubin School of Business, classrooms, an art gallery, the admissions office and dining areas.

    But late yesterday afternoon, David A. Caputo, the president of Pace, issued a statement saying that the university was ending its talks with the developer.

    "As we were negotiating the final lease terms," Dr. Caputo said, "we were informed by Forest City that the financial agreement we had reached had been substantially changed, and Forest City now has asked for a significant increase in Pace's financial obligation to the project. This occurred despite a signed term sheet specifying basic concepts and details, and after 11 months of good-faith negotiation."

    Though he pledged not to abandon Lower Manhattan, Dr. Caputo said that "neither will we financially jeopardize academic programs and scholarships for this project."

    He concluded, "We are disappointed that Forest City Ratner cannot see its way clear to fostering higher education as a lever for renewal and change."

    Neither Pace nor the developer would give specific costs, though more than $370 million in tax-exempt financing has been sought for the project. The hospital, which owns the site, is to have an ambulatory care center in the tower.

    Forest City Ratner is the development partner of The New York Times Company in building a new headquarters on Eighth Avenue opposite the Port Authority Bus Terminal.

    Michele de Milly, a spokeswoman for Forest City Ratner, said the projected cost of the Beekman Street project had "dramatically increased" as the program for Pace became better defined. The added costs, she said, were due in part to longer construction schedules.

    "We're extremely disappointed that the revised proposal was not approved by the Pace board of directors," Ms. de Milly said, "and we remain committed to the development of this important site."

    Copyright 2004 The New York Times Company

  9. #189

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    Welcome to NY, screw Pace, this thing WILL BE LOWERED NOW DAMMIT!

  10. #190

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    o heck no. I was so exited about this project. Hope instead of height declease, the with of it will be decleased.

  11. #191

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    Serious trouble here. The loss of a 300,000 sq ft tenant and $370 million.

  12. #192
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    Ditto. Where there's smoke, there's fire. Not only has a tenant with nearly a third of the square-footage balked, it's the tenant with specialized funding. There's more to this story and I'm sure it will leak to the press from both sides. Must drama accompany every large-scale project in Lower Manhattan? I'm hoping for an amicable resolution -- this isn't major filler like 2 Gold but a chance for something significant on the skyline. Stay tuned, I sense a dramatic conclusion.

  13. #193
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    I agree - walking away after a letter of terms was issued and nearly a year of negotiation. Someone pulled a fast one here. Negotiation is contentious by its nature. Sounds like Ratner was trying to stick it to Pace. Maybe Ratner has a perceived change in one of the markets (commercial, residential, institutional) that made a Pace tenant a money loser.

  14. #194

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    City and state officials had agreed to allocate $370 million in tax-exempt Liberty Bonds to the project, but their approval was contingent in part on Pace's participation.

    A Ratner spokesperson said there was now "no expectation" of Liberty Bonds and that the developer instead would seek low-interest financing from the city and state available for residential projects that reserve 20 percent of their units for affordable rentals.....

    The hospital, which owns the site, is to have an ambulatory care center in the tower.
    Maybe the 20% "affordable rentals" will take the Pace space, or maybe the hospital will increase its own space in the tower. Who knows...

  15. #195

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    No mention that Ratner will forego the project...

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