225 West 57th Street - Extell - Hotel / Condo

[londonlawyer]

That may be true in some (or even many) instances, but not this one. I shopped there when I lived on CPS, and this crap hole rips off many old people who live in rent-controlled apartments nearby. I'd like to see Morton Williams close altogether. It's overpriced and filthy.

[antinimby]

How do they rip off old people? Aren't prices the same for everybody that walks in?

Besides, I'm sure most people would rather have a grocery store, even one that is supposedly "overpriced and filthy" than another bank branch.



What all these damn banks should do is take a lesson from what supermarkets around the country do and that is to have a branch within the store.

We don't need an entire branch taking up the whole space within a building's ground floor like they do now. Most of that space is wasted anyway.

[londonlawyer]

They're overpriced, and most of the people I always saw in there looked like struggling people (old and young -- though mostly old) who lived in rent-regulated buildings nearby. There should be subsidized food coops in NY to accomodate these people.

[Stroika]

Oh, geez, this is a big slippery slope. I sensed it when the healthcare mess was starting up ... all the arguments about how healthcare is a "different" good from others because it's vital to life ... well, so are food, shelter, energy, transport, and other things -- so why not demand the dissolution of General Mills because it is a profitable institution, or a "public option" in breakfast cereals?

The issue is, once you start subsidizing things for people, the quality of those goods and their availability to customers are no longer primary concerns for the people providing them. On the flip side, if you don't subsidize people's rent to live at the epicenter of the country's business world, they'll live in a place where they can afford to eat, buy clothes, etc. Once you start the subsidies gravy train, it can go on and on until you're living in upside-down world where everything appears affordable, but it really isn't since there's no profitable businesses providing people with real livings and what you have is crappy products with little availability and lots of people feeling they're entitled to them ... built on the sandcastle of government fiat rather than a real economy. (Sorry for the non-architectural discussion, but subsidized rent and "the market" tend to thrust their way into conversations about architecture/real estate in New York! and when you've spent lots of time in the ex-Soviet Union, you take these things personally...)

[MidtownGuy]

^Life is not always about all or nothing. It's in the balance, Stroika.

[MidtownGuy]

Londonlawyer, I agree that Morton Williams is a price gouging piss hole but I also agree with antinimby that it beats the near certain alternative.

When can we get ATM transaction fees abolished in NYC (or reduced to a few cents)???

[econ_tim]

ponies are nice.

when do i get my free pony?

[londonlawyer]

x

[lofter1]

Not much going on with this site at DOB. However, a new permit for a sidewalk shed at the 226 W 58th Street brownstone was issued on 3.31.2010 (also, a renewal for the existing shed at 1780 Broadway was issued that same date).

However, regarding what might Extell might have in mind ...

Extell buys 57th Street air rights for tower

February 8, 2006

The Art Students League of New York has sold 135,000 square feet of air rights at 213 West 57th Street to Extell Development Corporation for an undisclosed sum ...

... Extell has also purchased the unused development rights from the St. Thomas Choir School on West 58th Street ...

I came across this map showing nearby properties, situated on this block and others across the way (both to the north and south) including the properties mentioned above plus (among others) 240 CPS, Fire Engine Company 23 at 215 W 58, The Osborne at 57th / Seventh, the Rodin Studio building across the way at 200 W 57, the big glassy office building at 212 W 57 / 888 Seventh Avenue and the old Paramount Building at the SE corner of Broadway / 57th. Apparently all these neighbors are sharing some air rights (scads of them ) with Extell for this site ...







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[lofter1]

NYC Department of Finance shows a recent Agreement (3.19.2010) for 1780 Broadway in the amount of $247,284,751.71 between "Broadway Trio LLC" / Extell and HSBC Bank. The document also lists properties / air rights ...





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Not sure if the DOF link will work. If not, then the document can be accessed at DOF using Block / Lot for the address: 1029 / 14

[londonlawyer]

It seeems that Extell is assembling enough rights for a tower of well over 1,000 feet. I can't wait for Morton Williams to close and for the old Landmarc HS to close.

[londonlawyer]

NYC Department of Finance shows a recent Agreement (3.19.2010) for 1780 Broadway in the amount of $247,284,751.71 between "Broadway Trio LLC" / Extell and HSBC Bank. The document also lists properties / air rights ...

Lofter,

Do you know how many square feet Extell can build here? At the time of the landmarking issue last fall, I think that had air rights for over 1m sf. I wonder if that figure has increased since then. If this tower is a residential/hotel tower, it could be around 1,200 feet tall.

[NoyokA]

That is a lot of air-rights. When this actually gets built who knows maybe more air rights will be accumulated.

[NoyokA]

According to property shark:

The site itself 225 west 57th street has 234,075 square feet.

211 West 57th has 192,492 available

205 West 57th has 96,470 available

910 Seventh Avenue has 6,225

202 West 58th Street is overbuilt???

Let me know if I'm missing any parcels and I'll look them up.

[londonlawyer]

Thanks for the info, Stern!