big. ass. building. s.
Typical SOM .
Such ANEMIC building design......
Brookfield likes Manhattan as much as Toronto
Real Estate Weekly
But will Brookfield build on 9th without an anchor?
Yesterday The New York Times reported that Brookfield Properties plans to begin readying its development site on 9th Avenue between 31st and 33rd Streets for construction of up to 5.5 million square feet. The decision to begin the work, which entails building a platform over the LIRR rail yard tracks that run beneath the site, was first reported by rew-online.com on February 7 after the company’s chief executive, Richard Clark, mentioned that the construction would commence during a conference call that day.
The Times’ story provides a first look at renderings of the curvaceous pair of office towers that Brookfield wants to build on the parcel. The question is whether the firm will begin building the skyscrapers, once it has prepared the site, without an anchor tenant in place. The New York Observer, in a post yesterday, indicated that the answer to that would be no, a logical assumption considering the uncertain demand for office space now that the economy appears to be entering a pronounced slowdown.
On top of that, Brookfield is one of the bidders for the West Side rail yards a block west of its 9th Avenue site. Millions of square feet of office space and residential development are planned for the rail yards site, a major project that may discourage Brookfield from adding more supply in the area on speculative basis.
But during the conference call, Clark made an interesting comparison when assessing the risk of developing projects in the different office markers where Brookfield has a presence. Houston, which Clark described as a strong market because of the concentration of energy sector tenants there, was a city where Brookfield wouldn’t develop on spec because he said that other developers are planning projects that could quickly create a glut of supply.
“It makes us nervous,” Clark said. “It’s more risk than Toronto or New York.”
In Toronto, Brookfield is in the process of building a new office complex, the Bay Adelaide Center, whose later phases may be built on spec. If Brookfield likes Manhattan as much as Toronto as Clark seemed to suggest, could that mean the REIT may in fact go ahead with the 9th Avenue project, especially if it doesn’t win the right to develop the rail yards?
Building the platform now is a no brainer. Construction costs are only going to get higher with each passing year. Building the same platform five years from now will cost more, ten year from now even more than that and so on.
I'm certain their thinking is that eventually a platform is going to have to get built anyway so it might as well be built now. Once the platform is built, they can always build the towers immediately once a tenant is found.
I should have majored in and gone into business.
Not necessarily. There are only so many construction firms that can do a project like this. A major reason why construction is so expensive right now is because there is so much construction going on. These few firms are taking advantage of the basic principle of supply and demand. When construction dies down, and it will, say in five or ten years prices will shoot down.
There not going to go with aproject bigger then the ESB without something. They have had this site for years and have had multiple designs by not only SOM but Fox Fowle, Pei Cobb and even Costas for a residential tower.
They may build the platform, with a proper loan.suuport from the city but thats it for now
This is turning into one of my favorite Manhattan developments.
From the Manhattan West website:
A look at the plaza, and comparison with the Hudson Yards proposal...
It seens like this plaza should bear the name beaver moreso than Balaz's project.
Both designed to come down and ensnare unsuspecting passersby.
Wowza!!! This is really looking great! NYC is now getting the development it deserves from downtown to Midtown West.
WTF is that butterfly net thing supposed to be / do ?
Both this one and the crossed bayonets from the HY proposal are really lame looking. Neither appears to add much to a small-ish public plaza between two towers. In fact, both structures seem to enclose what is already cramped space.
The sole purpose of both seems to be to hide the hulking mass of concrete which rises on Tenth Avenue.
Two towers in a plaza with a random element between is what i see. Clearly underdeveloped. Placeholders... I hope.
this is probably why.....
Late-Breaking CurbedWire: Brookfield Out at Hudson Yards
Tuesday, February 26, 2008, by Joey
YARDSMANIA—The MTA just sent out a statement regarding the revised bids for the West Side Rail Yards: "In January, the MTA asked each of the five development teams that submitted proposals for the Hudson Yards to submit revised proposals adhering to a deal structure preferred by the MTA. The deadline for responses was today. We received revised proposals from four teams, which we are reviewing. Brookfield Properties did not submit a revised proposal. The MTA continues to adhere to the existing schedule." This is not surprising, given Brookfield's new money-sucking mini-Hudson Yards just to the east. Relive the good ol' days by checking out Brookfield's bid. R.I.P. [CurbedWire Inbox]
^ Well, because Brookfield was a favorite here, you just know it had to go.
We jinxed it. Now we just need to collectively root for more Kaufman-McSams.