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Thread: Visionaire - 70 Little West Street - Downtown - Condo - by Pelli Clarke Pelli

  1. #46

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    BPCA almost always brings buildings on line one at a time.

    Site 16/17 was delayed until the Goldman Sachs deal on site 26 was finalized. GS is contributing to the public library in the base.

  2. #47

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    Quote Originally Posted by ZippyTheChimp
    BPCA almost always brings buildings on line one at a time.

    Site 16/17 was delayed until the Goldman Sachs deal on site 26 was finalized. GS is contributing to the public library in the base.
    I didnt know that was their plan. I thought sheldrake/plaza had some difficulties closing their construction loan in the fall....they were suppose to break ground in september but didnt until december. small delay but still had to cost money.

    With the market going the way its going....if 23/24 are condos....the M's would have to get going asap or they might miss the market. im sure they will make that case.

    Know anything about that community center?

  3. #48
    Build the Tower Verre antinimby's Avatar
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    Quote Originally Posted by TylerFC
    ...the M's would have to get going asap or they might miss the market. im sure they will make that case.
    LOL, the Milsteins and "missing the market" are synonymous. If next time, one wanted to say something missed the market then the phrase "they Milsteined it" would mean the same.

  4. #49

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    Quote Originally Posted by antinimby
    LOL, the Milsteins and "missing the market" are synonymous. If next time, one wanted to say something missed the market then the phrase "they Milsteined it" would mean the same.

    I'm sure the billionaires are hurt and insulted that you coined that phrase....I'm sure they are crying in their mansion in france right now....

    Good one! Anti!

  5. #50

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    The Milsteins developed several properties in BPC south, but that was before the family went dysfunctional.

    Technically, construction did begin on 16/17 lat fall. Workers were installing a static load test, where a pile is driven and weights are placed on top to measure displacement. I asked when the building was going up, and they said Jan or Feb.

    Per the GS agreement, the community center is to go in "a residential building." When the ballfields were made permanent, site 23 or 24 was specified, so that's probably where it will go.

  6. #51

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    Yeah...the liberty buildings (view, house, terrace and court), right? I just read that article in this post....how are they going to put a pool and a gymnasium "inside a residential building"??? Doesnt that pose a ton of expensive problems?

    16/17 was supposed to be further along than the currently are...Im positive they had an issue with financing.

  7. #52

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    does anybody have an update on millenium tower residences?

  8. #53

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    getting a tour from Gotham next friday....ill post pictures...

  9. #54

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    COOL! thanks tylerfc

  10. #55

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    The reason that the Milsteinís are having problems building a few of their development sites,
    (Such as by Times Square, 250 water street) I think itís because there was a breakup between Paul and son Howard with Paulís brother Seymour Milstein.

    http://www.forbes.com/forbes/2001/1126/052.html
    Kickin' Cousins
    Joanne Gordon, 11.26.01

    The death of a real estate mogul adds fuel to a family feud. It's cheaper to play nice.
    When Seymour Milstein died last month at the age of 81, New York City lost one of its grandest landlords. His heirs, however, must feel they've inherited nothing but headaches.

    That's because most of the $1 billion real estate empire that Seymour and his brother, Paul, built is held in some two dozen partnership agreements. With Seymour's death, by law, almost all of those partnerships must now dissolve. That means the family either has to form new partnerships, split the property or liquidate the assets. If no agreement is reached, the assets are sold at auction.

    .rust{color:#c0430e;} .blue{color:#2e505f;}GOING ONCEBank of America335 Madison Avenue
    1.1 million sq. ft.Normandy Court205 E. 95th Street
    1,470 apartmentsMilford Plaza Hotel270 West 45th Street
    1,300 rooms30 Lincoln Plaza600 apartments7 Hanover Square800,000 sq. ft.Windsor Court179 E. 31st Street
    709 apartmentsThe Claridge House201 E. 87th Street
    405 apartmentsLately the two sides can't agree on anything. Over the past two years the families have taken each other to court six times. Along the way the attacks have grown increasingly personal. Paul and his son Howard harp on Seymour's son Philip's "lack of business acumen." Seymour's heirs paint Howard as a powermonger "riding roughshod over his partners' rights" and exerting unilateral control.

    "Dealing with a person like Howard, it's hard to have a voice," says the soft-spoken Philip, sitting in his father's former office.

    What's loud and clear is the ownership structure that underlaid all of the partnerships: Paul and Seymour each own 20%; their children--Paul's four and Seymour's two--own 10% each. Paul and his family claim their majority ownership of 60% gives them controlling power, but even before Seymour's death, Philip and his father had begun dismantling the partnerships, dissolving three in the past two years. The first resulted in a court-appointed auction of a vacant lot in Times Square. Howard and his father won the auction with a $111 million bid--22 times what the family paid for it in the early 1980s. In March Seymour prompted the dissolution of another partnership that owned the Milford Plaza Hotel. The family is still arguing over whether to hold an auction.

    "We don't think a sealed-bid auction would maximize the property's value," says John Zuccotti, a lawyer for Howard Milstein. With the Manhattan real estate market in jitters since Sept. 11, auctions won't raise handsome prices from outsiders. The family might be better off collecting income from a hotel or office building. If, that is, the cousins can make peace.


  11. #56

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    I went to Lower Manhattan this week to take some pictures and see the WTC Site, and I went down to BPC. The sunsets there are incredible, as well as all those neat sculptures nearby the WFC and those Shinto-look displays along the promenade. I get the feeling that BPC is more of a suburbanized neighborhood, demographically and in terms of density. BTW, I have a question for you. I saw this old looking tugboat at the North Cove near the WFC. Do you know why that's docked there?

    Quote Originally Posted by ZippyTheChimp
    The architecture is bland, a notable exception is the Jewish museum now that the addition and landscaping are complete. However, the built environment is pleasing, due to the design guidelines that mandate stone facades on the first two floors. You won't buildings like 2 Gold or 10 Liberty in BPC. Surprisingly, the worst residential building in regard to materials is the upscale Ritz Carlton. The brickwork looks a little cheap.

    The small parks are well integrated into the neighborhood, maintained to a higher level than NYC parks, thanks to greater funding.

    I had hoped that Goldman Sachs would bring one skyscraper of great design into the neighborhood, but it's not to be. It's good to get the jobs though.

    The neighborhood has evolved well, changing from the first-envisioned yuppie enclave to a more diverse community. It was at its best just before 09/11. Workers discovered the place, and during the week (especially on Thursday evenings), they gave the neighborhood the required density. On weekends, you could still relax by the river, and hardly know you were on Manhattan.

    With the loss of tens of thousands of workers, that environment has pulled back somewhat - which is why the WTC site development is so important to me. There is an element in the community that wants to keep the area isolated, but I think that vision is in the minority.

    The restaurants are mediocre at best, but Tribeca is close by. Night life is non-existent, and I don't think that will change. Hopefully, it will happen across West St.

    The weather extremes that dictate activity in the rest of the city are magnified here. Summers are glorious, but a windy day in February can be brutal.

  12. #57

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    This is old...I think the Milstein's dont have any problems. That feud is over. Maybe the only problem they have is indecision.....


    Quote Originally Posted by jeffpark
    The reason that the Milsteinís are having problems building a few of their development sites,
    (Such as by Times Square, 250 water street) I think itís because there was a breakup between Paul and son Howard with Paulís brother Seymour Milstein.

    http://www.forbes.com/forbes/2001/1126/052.html
    Kickin' Cousins
    Joanne Gordon, 11.26.01

    The death of a real estate mogul adds fuel to a family feud. It's cheaper to play nice.
    When Seymour Milstein died last month at the age of 81, New York City lost one of its grandest landlords. His heirs, however, must feel they've inherited nothing but headaches.

    That's because most of the $1 billion real estate empire that Seymour and his brother, Paul, built is held in some two dozen partnership agreements. With Seymour's death, by law, almost all of those partnerships must now dissolve. That means the family either has to form new partnerships, split the property or liquidate the assets. If no agreement is reached, the assets are sold at auction.

    .rust{color:#c0430e;} .blue{color:#2e505f;}GOING ONCEBank of America335 Madison Avenue
    1.1 million sq. ft.Normandy Court205 E. 95th Street
    1,470 apartmentsMilford Plaza Hotel270 West 45th Street
    1,300 rooms30 Lincoln Plaza600 apartments7 Hanover Square800,000 sq. ft.Windsor Court179 E. 31st Street
    709 apartmentsThe Claridge House201 E. 87th Street
    405 apartmentsLately the two sides can't agree on anything. Over the past two years the families have taken each other to court six times. Along the way the attacks have grown increasingly personal. Paul and his son Howard harp on Seymour's son Philip's "lack of business acumen." Seymour's heirs paint Howard as a powermonger "riding roughshod over his partners' rights" and exerting unilateral control.

    "Dealing with a person like Howard, it's hard to have a voice," says the soft-spoken Philip, sitting in his father's former office.

    What's loud and clear is the ownership structure that underlaid all of the partnerships: Paul and Seymour each own 20%; their children--Paul's four and Seymour's two--own 10% each. Paul and his family claim their majority ownership of 60% gives them controlling power, but even before Seymour's death, Philip and his father had begun dismantling the partnerships, dissolving three in the past two years. The first resulted in a court-appointed auction of a vacant lot in Times Square. Howard and his father won the auction with a $111 million bid--22 times what the family paid for it in the early 1980s. In March Seymour prompted the dissolution of another partnership that owned the Milford Plaza Hotel. The family is still arguing over whether to hold an auction.

    "We don't think a sealed-bid auction would maximize the property's value," says John Zuccotti, a lawyer for Howard Milstein. With the Manhattan real estate market in jitters since Sept. 11, auctions won't raise handsome prices from outsiders. The family might be better off collecting income from a hotel or office building. If, that is, the cousins can make peace.

  13. #58

  14. #59

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    wow! thanks so much tylerFC!!!!

  15. #60

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    This building has topped out, right, it's just a bit shorter than the Ritz-Carlton.

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