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Thread: 56 Leonard Street - 57-story tower - by Herzog & de Meuron

  1. #181

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    here is my scoop:






  2. #182
    Crabby airline hostess - stache's Avatar
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    Thumbs up

    Fabulous, thank you!

  3. #183

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    The first photo shows a kind of pixelated entasis that is quite elegant.

    I hope there will be terrace gardens à la Habitat 67.




    There is a certain romantic ruin quality about the H&dM design.


    Jan Dirksz Both

    The kind of contrived decay of a garden folly.



  4. #184

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    posted by Buyckske Ruben on skyscrapercity

  5. #185

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    That skyline in a few years will be amazing.

  6. #186
    Moderator NYatKNIGHT's Avatar
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    Good job! EDIT: I just posted the same thing almost verbatum at the same time.^^

  7. #187
    Forum Veteran TREPYE's Avatar
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    Those pix above really go to show that balconies, when done right, can really add a nice touch of depth and complexity to a towers facade. In this case the irregular nature of their lay out work really well with the irregular overall shape. In terms of good balcony use it reminds me of Trump palace over in the UES.


  8. #188
    Crabby airline hostess - stache's Avatar
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    I think this is probably his best building.

  9. #189

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    NY Post

    UPSIDE DOWNTOWN

    TRIBECA BUILDINGS STILL HAVE GREAT EXPECTATIONS

    By KATHERINE DYKSTRA

    Posted: 12:02 am
    October 23, 2008



    The units at 56 Leonard include a $33 million penthouse that's $5,300-plus per square foot.

    The forthcoming 56 Leonard, a 60-story residential tower set to rise in TriBeCa, represents the epitome of downtown luxury.

    Designed by Pritzker Prize-winning Swiss architects Herzog & de Meuron, the building will consist of glass residences stacked not one on top of another, but this way and that - in a style reminiscent of a glass version of the game Jenga. Inside, the homes, each with a unique floor plan and private outdoor space, will be outfitted with the most over-the-top of finishes and flourishes.

    For this, the development team is asking an average of $2,700 per square foot. One penthouse is on the market for $33 million - or more than $5,300 per square foot.

    A couple years ago, during the height of the New York City real estate boom, those numbers wouldn't have seemed like a stretch. But today, as the city, nation and world battle a historic economic meltdown, such pricing comes off as out-of-touch, almost cheeky. Except that it is still in line with one market . . . the market in TriBeCa.

    In just the last nine months, TriBeCa has seen the launches of Five Franklin Place, the architecturally avant garde, Ben van Berkel-designed condo building whose 55 units are priced at an average of $2,100 per square foot; 34 Leonard, a contextually correct building with 16 condos priced at an average of $1,600 a foot; Pearline Soap Factory, a seven-unit ground-up development built in the historic factory style and priced up to $2,000 per square foot; and 56 Leonard, with its 145 residences.

    And consider the priciest units in the neighborhood: 56 Leonard alone will bring nine penthouses to market, including the 6,200-square-foot, $33 million residence. Among Artisan Lofts' four remaining units is an $11 million penthouse. And the ground-up Zinc has two of its 21 lofts left to sell, one being a $5.5 million penthouse. Even 101 Warren, which sold 90 percent of its units in less than a year at the height of the frenzy, is still waiting to unload its last unit, a penthouse, which at $16.35 million is $3,618 per square foot.

    And it isn't just the TriBeCa real estate market that seems still to be kicking it 2006-style. Rooms at the neighborhood's new Greenwich Hotel hover around $650 a night. Corton, the Drew Nieporent/Paul Liebrandt restaurant that just opened in the old Montrachet space, is offering its patrons their choice of a $76 prix fixe or a $110 tasting menu. And in an effort to increase traffic, Japanese eatery Megu just opened the M Lounge in its upstairs space, complete with $20 burgers and $200 sake bottle service.

    Earth to TriBeCa! Can there really be so much money flowing in such uncertain times?

    Developers and brokers, not surprisingly, insist there is.

    "We planned for a 15-month sellout, and we're going to meet that goal," says Jackie Urgo, president of the Marketing Directors, which is overseeing sales at 34 Leonard.

    But it's not exactly like TriBeCa condos are flying off the shelves. Since it opened for sales in February, 34 Leonard has sold just five of its 16 units.

    Despite Kanye West raving about Five Franklin Place on his blog, that building has sold only "15 percent" of its 55 units since hitting the market in May. That leaves more than 45 available. And One York still has 10 units - 25 percent - left to unload. It went on the market in late 2006.

    Compare all that to the four-month sellout of eight floor-through units at 408 Greenwich St., which were brought to market for $2,000 per square foot last January, and it's clear that despite all the optimism, things have slowed.

    "What we're seeing in real estate in TriBeCa in general is a very thoughtful period," says Corcoran Sunshine Marketing Group senior vice president Barrie Mandel, who is selling both Artisan Lofts and Zinc. "People are cautious and conservative and want to be very sure of what they're proceeding with."

    "We are in interesting times," admits Urgo, "but our target markets are from different walks of life; they're not all involved in the financial sector."

    This argument, that those who actually work in the financial sector are the only ones affected by the meltdown, is familiar but flawed. Tighter credit, losses in the stock market, the disappearance of retirement funds and a shaky world economy are affecting much more than just Wall Street.

    Perhaps a more apt point is that no matter what happens, life too happens alongside it. People get married, have babies, are left with empty nests, etc.

    "We're not seeing the traffic we were, but those we are seeing are real buyers," says Prudential Douglas Elliman broker Frances Katzen. "They are people who have to move. Their rental lease is up or they're expanding their families."

    And they gravitate toward established neighborhoods as always. Mandel argues that TriBeCa has features that will always keep people coming to the neighborhood.

    "First is the public school system. Private school is $20,000 to $30,000 per year," she says. "If I can send my three kids to public school, that's worth $75,000 to $100,000 a year over eight to 10 years."

    Point being, New York is still a richer city than most. And while cutting back in many parts of America means buying Hamburger Helper instead of going to Sizzler, in Manhattan it can simply mean ditching Chapin for PS 234.

    Still, prices are falling all over the city - check natefind.com or streeteasy.com for the evidence. And even in TriBeCa, some resales have been disappointing.

    "Even 101 Warren, which came out of the ground at $1,600 to $1,700 a foot, [has units that] are reducing to $1,450," says Katzen.

    If that is the case, then what's with all the through-the-roof pricing in TriBeCa?

    "No developer is happy in the current market," says Gerard Longo of Madison Estates and Properties, which is developing Pearline. "But we're faring better because of the area and the product."

    The fact that the penthouse at 145 Hudson, priced at $34.5 million, recently went to contract after just six weeks on the market might support that.

    And downtown Manhattan has a history of overcoming big setbacks.

    "We have gone through [downturns] many times in New York," says Izak Senbahar, principal of the Alexico Group, which is developing 56 Leonard.
    "You have a period where traffic is low, and people wait on the sidelines.
    But that hasn't lasted more than a few months, even after 9/11."
    And developers of rentals are seeing potential in this trying time.

    "We feel that it's a great opportunity for us to open as a rental building," says Kevin Coughlin, general manager of Truffles, a 291-unit rental building priced from $2,600 up to $9,000 a month and slated to open in early 2009.

    "Someone who wanted to live in TriBeCa but can't get a mortgage is able to rent."

    Others say they have factored tighter times into their pricing.

    "We are probably 20 percent underpriced [compared to] what we could have commanded in better times," says Leo Tsimmer, principal of Sleepy Hudson, the developer of Five Franklin Place.

    Longo, for one, has been flexible; he's already agreed to price reductions via renegotiations at Pearline. These he estimates to be around 10 percent of the asking price.

    But some are unwilling to bend, counting on real estate's cyclical nature and their own patience.

    "We've turned down some offers [on the penthouse] that were below asking price," says Stan Perelman, the developer of One York.

    The asking price on the 6,100-square-foot penthouse is $37 million.

    "Our loan is paid down to the extent that we can hold these units until the market improves," Perelman says. "We won't be having a fire sale. We think there is value in these apartments."


    Copyright 2008 NYP Holdings, Inc. All rights reserved.

  10. #190

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    I love it. I wonder what this building will look like once they get done ruining it.

  11. #191

  12. #192

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    The spiral staircase that will connect (we think) the building's amenities floors.


  13. #193
    Kings County Loyal BrooklynLove's Avatar
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    Glass panels were going up on the NY Law School building yesterday.

  14. #194
    Disgruntled Optimist lofter1's Avatar
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    Yep ^ Glass is now up on both the Worth & Leonard Street facades ...

    The Worth entry got glass (fretted) back in July ...









    And along Leonard Street, clear glass went up earlier this week ...









    This morning a new crane was being erected on Leonard Street ...









    nyls

  15. #195
    Build the Tower Verre antinimby's Avatar
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    I would have to believe that ^ crane is for the tower. Looks like it's getting built after all.

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