They probably got some suckers to put up committed financing before Sept 2008. And those loans have probably been (at least partially) sold off, which complicates things even more. Thus the threat of foreclosure.
The landmarking of the Broadway portion of the 225 W 57 site could / will add more height to that Extell project, as any bulk / height that could have risen there can now be added to the main part of the site.Originally Posted by londonlawyer
Looking at a Google MAP it appears that the 225 site is nearly 2X as large as the 157 / Carnegie site.
*
Thanks for the information, Lofter.
I suspected that 225 W 57th was significantly bigger than 157 W 57th. You get an idea as to how huge it is when viewed from 58th Street. The former Landmark HS and the Morton Williams buildings form a fairly large footprint.
If 157 will be over 1,000 feet tall, I assume that 225 will as well, particularly in light of what you note regarding air rights from the Broadway property.
Has the LPC voted against Extell, I think that this would have imperiled Extell's plans for the little pieces of crap on the north side of 58th Street. With its new tower, Extell has a vested interest in redeveloping this disgusting block that's in a prime location. When I lived in that area, I used to get naseous just looking at the broken down, filthy buildings on W 58th.
I have very high hopes for this project and for 157.
Wait, haven't been paying much attention...are they going to build both towers at the same time?
I assume that they're going to start building the 58th Street mid-rise to assure buyers at 225 W 57th that nothing will rise to the north of it that will block their Central Park views.
Aabar Investment, a company controlled by the Abu Dhabi Government, is helping fund the development of a 73-storey luxury apartment building and hotel in New York City.
Khadem al Qubaisi, the chairman of Aabar, confirmed the company had paid Extell Development for a majority stake in a project rising at 157 West 57th Street in Manhattan, just a block away from Central Park and next door to Essex House, a hotel owned by the Jumeirah Group of Dubai.“We selected Gary Barnett for our first project,” Mr al Qubaisi said, adding that the company was also reviewing other potential property deals in New York. “If things go well, we will start another project.”Hopefully so!Mr Barnett said the 57th Street development would be “one of the greatest buildings in the last 50 years” because of its prime location and ambitious design.
http://www.thenational.ae/apps/pbcs....711179852/1005
We'll decide whether it is an ambitious design or not. It is what we at WNY do best!
That article made my day. So this project is basically a go.
“We selected Gary Barnett for our first project,” Mr al Qubaisi said, adding that the company was also reviewing other potential property deals in New York. “If things go well, we will start another project.”
Please start 56 Leonard.
We need more of these foreign guys developing in New York, they have a hell of a lot more ambition than our bottom line developers. Here was a recent article from the Real Deal about a Chinese billionaire looking to develop a project in Manhattan.
http://therealdeal.net/newyork/artic...s-tires-in-nyc
Chinese developer kicks tires in NYC
November 04, 2009 03:00PM By Adam Pincus
Dai Zhikang, chairman of Shanghai Zendai Investment Group
The young founder of a massive real estate development firm based in Shanghai, China, is visiting New York City this week with a hope to build a mixed-use project here sometime within the next 10 years.
While Dai Zhikang, chairman of Shanghai Zendai Investment Group, has not bought any property and has no project plans, he already has set himself apart from most Chinese real estate executives touring the city these days: he wants to build his own project, not just invest in something.
"I have no interest to buy [exclusively as an investor]. I just want to develop," he said in an interview yesterday in a representative's office overlooking Union Square.
Dai was ranked 127th richest person in China with a net worth of $410 million, according to a Forbes ranking of the wealthiest 400 Chinese in 2008.
Real estate experts said very few China-based builders are touring the city to develop; most are looking to make investments as partners or to buy existing buildings.
Dai, 45, launched Zendai in 1993. The company has grown to hold $1.46 billion in assets, with developments in a number of Chinese cities, the firm says. The company holds a number of subsidiaries, including Shanghai Zendai Property Limited, which is listed on the Hong Kong Stock Exchange. It showed revenues of $935 million Hong Kong dollars, or $120 million, in the most recent report for the first half of 2009.
This is not Dai's first trip to New York. He's made about a half a dozen trips before, and even sketched out a massive 3 million-square-foot mixed-use development project in Staten Island that never got off the ground.
While he said land prices seemed pretty good now, having fallen significantly, he is not waiting for them to come down more before putting in offers. He is waiting for the dollar to fall against the Chinese Yuan, which will make property relatively cheaper to snap up.
"If the dollar devalues, it will definitely attract more investment from China," he said.
He has an expansive vision for a development, a "city within a city," that would include residential, commercial and Chinese cultural facilities, similar to a massive mixed-use project slated to open in 2010 in Shanghai called Himalayas Center. But such dreams often take decades, such as in Battery Park City.
He was not deterred by the legal and permitting hurdles facing him.
"I am not nervous, but I still need time to research," he said.
Although Dai has visited the outer boroughs, he has his eyes fixed on Manhattan for a transformative development.
"Manhattan is more international. I want to have something that can be shared for all over the world," he said.
While he hopes to build sometime within the next 10 years, he would not be tied down with a start date.
"Maybe next year. Maybe not," he said. But he said the city needed a shot of new construction. "New York has become old. It needs something to refresh it," he said.
To find additional builders to work with, Stroock & Stroock & Lavan partner Leonard Boxer has been introducing Dai to local developers. Boxer met Dai through the China-U.S. Real Estate Council, on which Boxer serves as an American co-chair.
"I have introduced Mr. Dai to certain developers in the New York area," Boxer said.
Ety Lee, senior director at Eastern Consolidated with a focus on Chinese investment, said about 10 to 15 Chinese investor groups were actively looking to buy in New York. She is not working with Dai.
"Right now they have a great return in China but everyone wants to diversify and New York is really the best place to put your money. So I really do expect money to come here but I can't say how soon," she said.
Last edited by Derek2k3; November 17th, 2009 at 08:43 PM.
I like the idea of starting a list of already-approved, already-designed projects that any foreign investors can quickly put a cash injection into and get started (as opposed to, say, bulldozing Grand Central and waiting 10 years and hundreds of millions of dollars for it to become a parking lot).
I like Derek's nominee. Mine is 80 South Street. Anyone else?
Interesting project.
Architect: Arata Isozaki
Seems that Mr. Dai has taste and likes quality.
For those who think there's junky stuff around now, take a look at how West 57th west of Sixth looked back in 1868 ...
^ Wow! What a picture. Now I know why this West Virginian hillbilly felt right at home the very first time I saw New York City. My friends were amazed at how quickly I made the transition. Now I know. Under the glitz, it's just a little bit of West Virginia gone astray.
wires?
what are those wires in that pic? this predates coned and the telephone.
adam
When de Portzamparc's design is released to
the public, there will be a run on handcream
at Duane Reade.
Ever heard of the telegraph?
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