Reply With QuoteIt's big. It's tall. It's shiny.
It's boring.
Well it's a large building. The mass compares to ESB. Time Warner Center went up ten years ago and it's a big one too, plus it has twin towers. It was about a billion. It's pretty shocking how little the dollar is able to buy these days.
It's big. It's tall. It's shiny.
It's boring.
Well, let's think about this a little, shall we? This building will probably rent at, eh, guess $70psf average when all is said and done. This building is 2.3msf. That's $161m/yr in rents. If the cap rate on this building is about 8% (reasonable for a relatively low risk building in NYC), then you're looking at an overall burden of about $158m. Even at $2b of cost, you're only looking at rolling 6% forever at about $120m a year, leaving you $3m a month in operating. In any event, if it didn't cost that much, profits would be huge and everybody would be building a tower.
It's getting filled with tenants, government or not. Towers 2 and 3 aren't. Obviously, in the end, the big picture is the square footage and the views, not the design.Originally Posted by Bob
November 3rd, 2011
It's a high quality tower. If you find this boring, please never ever ever go to Japan to view architecture. This is 10X nicer than most Tokyo office blocks.
This has 1990's HK written all over it, which is not a bad thing IMO. Asian sleekness is something that will do wonders for NYC.
What did you think of the memorial DKNY?
It was my second time visiting actually, I went in September and now again. Its really amazing to be standing there and looking around, all the trees surrounding you, the city surrounding you. To be standing in front of the waterfalls and just smelling the water and hearing it is quite a feeling. Not to mention running your fingers over some of the names of the people. There were a lot of people, I went at night and its quite beautiful with all the lights. Its definitely a must see destination for anyone visiting New York City. When the whole complex is done it will be extraordinary.
So, does hearing all that water make you want to pee?
11.05.11
©tectonic
Last edited by Tectonic; November 6th, 2011 at 11:09 AM.
So steel is now visible from my office. This is about to get fun!
Bloomberg
November 9, 2011
Silverstein Says Rents at 4 World Trade Center Will Start at $75 a Foot
By Katie Spencer and David M. Levitt
Annual rents for the remaining space at 4 World Trade Center will start at around $75 a square foot, Larry Silverstein, the building’s developer, said today at the Bloomberg Commercial Real Estate Summit in New York.
Silverstein, chief executive officer of Silverstein Properties Inc., is developing the 977-foot (298-meter) tower on the southeast corner of the World Trade Center site in lower Manhattan, along with two other buildings.
“The rent is going to be a function of the market and $75 per square foot is really where it’s at,” Silverstein said, adding that the concession package for tenants will be “conventional.”
Silverstein signed a 99-year, $3.2 billion lease on the World Trade Center complex six weeks before the Sept. 11 attacks. Development on the site had been stalled for years because of indecision on its design, infighting among stakeholders and a lack of financing and tenant interest after the financial meltdown.
©2011 BLOOMBERG L.P. ALL RIGHTS RESERVED.
Look at this, all 4 column splices coming out the top of the transfer/setback floor. This will be great in the next few weeks...
Vin Schiano on Flickr
November 26, 2011
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