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Thread: Verizon Building - 1095 Avenue of the Americas @ 42nd St.

  1. #346
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    The area has changed a little bit over the years








  2. #347
    Forum Veteran MidtownGuy's Avatar
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    The picture of the new little park looks great! Thanks, ramvid01.
    Gotta take a walk over there to check it out.

  3. #348
    Disgruntled Optimist lofter1's Avatar
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    The new plaza at the Eventi Hotel just off Sixth is now open.

  4. #349

  5. #350
    Forum Veteran MidtownGuy's Avatar
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    The skin is crisp and smooth, better than I expected... but I really dislike the milky base!

  6. #351

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    The Verizon reclad is lame in my opinion.

    Nonetheless, I was recently walking from Grand Central across 43rd toward BofA, and it looks quite nice. Moreover, as I approached 6th and crossed to 42nd, I thought how nicely that block has cleaned up. It used to be a disgusting embarrassment, and now it's quite nice. I was also pleased to see crews at work demolishing the POC next to the Bush Tower where the new hotel will rise.

  7. #352
    NYC Aficionado from Oz Merry's Avatar
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    Blackstone in Deal to Sell Manhattan Skyscraper for About $2.25 Billion

    If Completed, Deal Would Represent Second Most Expensive Sale of Individual Office Building in U.S.

    By Eliot Brown and Keiko Morris


    Blackstone Group plans to sell the tower at 1095 Avenue of the Americas, center left, to a venture led by Canadian property investor Ivanhoe Cambridge.
    Bryan Thomas for The Wall Street Journal

    Blackstone Group LP has reached a deal to sell a midtown Manhattan office tower for about $2.25 billion to a venture led by Canadian property investor Ivanhoé Cambridge, according to people familiar with the terms of the sale.

    The deal for 1095 Ave. of the Americas, if completed, would be the second-most-expensive sale of an individual office building in U.S. history, trailing only the 2008 sale of the General Motors building in Manhattan for $2.8 billion.

    The sale of the 1.2 million square-foot tower shows how foreign investors have become the dominant buyers of top-quality real estate within major U.S. cities. In the past year, foreign investors have snapped up stakes in glitzy office skyscrapers like Time Warner Inc. ’s headquarters and 601 Lexington Ave. in Manhattan, the former Citicorp Center, as they scour the globe for places to put growing pension and wealth-fund money.

    In turn, money coming from countries like China and Norway has helped push up prices to record levels in major cities, giving some observers concern that the markets may be overheating.

    Ivanhoé, the real-estate arm of public pension-fund manager Caisse de Dépôt et Placement du Québec, has been a leading foreign investor, buying skyscrapers in Seattle and New York in a bet that U.S. property prices are a good long-term wager. Its partner on those deals and the1095 Avenue of the Americas deal is Callahan Capital Partners.

    For Blackstone, the deal marks the latest move to sell the towers it still holds as a result of its $39 billion leveraged buyout of Sam Zell ’s Equity Office Properties Trust in 2007, and earlier acquisitions in 2006 and 2005. While it sold many properties in cities like Los Angeles and Washington at the time of the buyout, it held on to towers scattered around the U.S. for years, through the downturn and early years of the recovery.

    As prices have risen, Blackstone has picked up the sales.

    Earlier this year, the New York private-equity firm sold a set of Boston skyscrapers for more than $2 billion to Canadian investor Oxford Properties Group and the asset-management arm of J.P. Morgan Chase & Co., and it recently sold a set of Silicon Valley office buildings to Google Inc.

    At 1095 Ave. of the Americas, the deal ends years of redevelopment for a building that was once occupied by Verizon Inc. But Blackstone redeveloped the building, stripping it down to its steel and cladding it with a shiny green glass that stands out on the edge of Bryant Park.

    At the same time, it embarked on a major redevelopment of the retail, adding new space in distinctive clear glass boxes to which it lured tenants like Whole Foods and Asics. With the building now about 95% leased, earlier this year it tapped real-estate firm Eastdil Secured LLC to market the building, attracting numerous buyers from overseas and the U.S.

    For Ivanhoé and Callahan, the deal adds to their growing midtown Manhattan portfolio. Among others, the companies control 1411 Broadway and 1211 Ave. of the Americas, home of The Wall Street Journal and News Corp.

    http://online.wsj.com/articles/black...ion-1416269488

  8. #353
    Build the Tower Verre antinimby's Avatar
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    Why do people buy properties when there's a real estate/economic boom?

  9. #354

  10. #355

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    Quote Originally Posted by antinimby View Post
    Why do people buy properties when there's a real estate/economic boom?
    Things tend to walk hand in hand. Boom? Banks lending.

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