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

  1. #241
    Forum Veteran TREPYE's Avatar
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    Quote Originally Posted by lofter1 View Post
    Get out the kleenex ...

    I was walking past the 56 Leonard site today and noticed that the big work gates had been removed and that the foundation pit is now enclosed by a solid fence all around (and the fence has been moved back to the sidewalk and away from the street along Leonard).

    I asked a fellow who was directing some crane work for the still-bustling NYLS Library site next door if he knew what was up. He's heard that 56 Leonard construction had been "shut down."

    Quote Originally Posted by ablarc View Post
    ^ The whole country's shutting down, one new building at a time.
    Quote Originally Posted by BrooklynLove View Post
    Yes. Get used to it. Forget about construction financing - businesses can't even roll their short term operating debt. NO ONE is lending.
    Quote Originally Posted by Stern View Post
    It's going be the late 70's till mid 80's and the 1990's all over again.
    OK, OK Everybody relax!

    Lets get a hold of an official press release before we officially freak out.

  2. #242

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    Its going to get built just the way it goes in their video. One sunny day it will simply appear out of the sky!

  3. #243

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    Nooooo!!! We all jinxed it when we kept saying how great it was that this project was still moving forward. Who wants to stop by that swanky sales office to see if the door is still open?
    Last edited by spatulashack; December 9th, 2008 at 12:46 PM.

  4. #244

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    Quote Originally Posted by Sherpa View Post
    Its going to get built just the way it goes in their video. One sunny day it will simply appear out of the sky!
    I think that is how the Japanese build their structures now. They've been working on it for a while at least.

  5. #245

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    Quote Originally Posted by TREPYE View Post
    OK, OK Everybody relax!

    Lets get a hold of an official press release before we officially freak out.
    Of what? That we're in a recession, just pick up a newspaper.

  6. #246
    Forum Veteran TREPYE's Avatar
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    ^Per the topic of this thread (which is not about the recession) let not freak outabout this tower's construction having been stopped until we get an official confirmation.

  7. #247

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    I was remarking on the general state of the economy, the economy expands and contracts, the period we were in was the longest period of economic expansion since the mid 1850's, now that its contracting we're going into a period where there is going to be very little in the way of financing for large capital projects. 56 Leonard might get built since its so far along but many large projects that are yet to break ground (outside from the WTC) will not go forward for about another decade.

  8. #248

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    Anyone want to call the sales office and ask what is up? I would but I'm at work and our phones are being worked on. It's 212 965 1500.

  9. #249
    Build the Tower Verre antinimby's Avatar
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    The sales office won't tell you anything. Their job is to put a positive spin on everything. You need to wait for the press to talk with the developers in order to get to the bottom of it.

  10. #250

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    Quote Originally Posted by antinimby View Post
    The sales office won't tell you anything. Their job is to put a positive spin on everything. You need to wait for the press to talk with the developers in order to get to the bottom of it.
    True but if the project were completely scrapped would the developer bother keeping people on the payroll to answer phones about a project that will never be built? It wouldn't give us the final answer but it could give us a hint.

  11. #251

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    Quote Originally Posted by spatulashack View Post
    True but if the project were completely scrapped would the developer bother keeping people on the payroll to answer phones about a project that will never be built? It wouldn't give us the final answer but it could give us a hint.
    they picked up! I didn't have the b to ask if they wanted to sell me a $25 million Condo that may never be built.
    Last edited by stache; December 9th, 2008 at 05:01 PM.

  12. #252

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    Not sure if this means anything but it might. www.lowermanhattan.info does a pretty amazing job keeping track of all downtown construction projects with constant updates and there was one just posted a few days ago:

    Daily Activities

    *The following information was last updated on December 2, 2008.
    • There will be a Tower Crane installed in January 2009



    Maybe one of the contracts finished and another will begin in the New Year? One can hope.

  13. #253
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    spatula, no one said the project was scrapped. It may be stalled for whatever reason (most likely, financing).

    Sales staff salaries are very cheap relative to the hundreds of millions for the cost of a project like this. Of course they are going to keep them on.

    They are going to keep on selling as much as they can, even if they aren't building it for now.

  14. #254

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    Quote Originally Posted by antinimby View Post
    spatula, no one said the project was scrapped. It may be stalled for whatever reason (most likely, financing).

    Sales staff salaries are very cheap relative to the hundreds of millions for the cost of a project like this. Of course they are going to keep them on.

    They are going to keep on selling as much as they can, even if they aren't building it for now.
    True. I'm still always confused how regardless of the economic climate something could just stop mid-construction. Aren't constrution contracts that are issued binding and isn't financing and any credit needed already located and signed for before anything begins? I can understand if a project stalls after demolition work is completed because that is a completely separate contract.

  15. #255
    Crabby airline hostess - stache's Avatar
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    Loans like this are paid out in installments, depending on how much work has been done.

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