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

  1. #256
    Kings County Loyal BrooklynLove's Avatar
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    The usual way this happens is via a loan facility that the borrower draws upon. There are all kind of constraints lenders place on these facilities, many of which can be subject to market conditions. As market gets more risky, facility gets tighter.

  2. #257
    Disgruntled Optimist lofter1's Avatar
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    There's a big possibility that the money for the next phase is stalled.

    Whether or not cash will become available is anybody's guess. So it's way premature to say the project has been "scrapped."

    Remember that it was a construction worker who said he'd heard that 56 Leonard was "Shut Down" -- which, from his POV next door, is exactly what has happened: No one is currently working at the site.

  3. #258

    Default from todays "Curbed":

    Monday, December 22, 2008


    Is 56 Leonard Slipping Into a Deep Coma?







    Click the image above to view the full photogallery.

    Can it be true that 56 Leonard Street is being put on ice? The uber-luxe 57-story Tribeca condo project from Herzog & de Meuron opened a schnazzy show room this fall. By mid-November the foundation had been poured. But now the word from the construction gang at the very busy and newly-glassed New York Law School Library project going up next door at 40 Leonard Street is that the fantastical stack of glassy condos, while not yet dead, has been "shut down," and that the project will not be revived until either "March 2009" or "sometime in 2010." Further confirmation of the near-death notice comes from a little bird over at StreetEasy. There the song is somewhat sadder, claiming that KSW, a mechanical services company out of Long Island City, has been "directed not to perform any further work on the 56 Leonard Street Project ... they had been notified by the owner that the Project has been placed on hold."

  4. #259

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    Seems like they just wanted the foundation in place in case of any unforeseen zoning, or otherwise, changes and now they can sit on it.

  5. #260
    Disgruntled Optimist lofter1's Avatar
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    More on the KSW scoop from that Street Easy link:
    ... The HVAC contract for the Project is ~$24 mln, and was included in the co's previously reported backlog. At the present time, co has no information as to if and when work on the Project will resume.

  6. #261
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    Would make some sense to hold a project like this for now.

  7. #262

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    They're going to have a hard time turning this into a parking lot now, just like the Chicago Spire.

  8. #263

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    Another victim of these unfortunate times.

  9. #264

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    Hopefully because everything is in place for this to go ahead it will restart when the economy does.

  10. #265

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    Quote Originally Posted by alonzo-ny View Post
    Hopefully because everything is in place for this to go ahead it will restart when the economy does.
    Corcoran are still "selling" apartments in the building and the leasing office remains open so I assume they plan to do so. It's just a matter of when.

  11. #266
    Build the Tower Verre antinimby's Avatar
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    It's just a matter of when...they can get a construction loan.

  12. #267

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    Hopefully a christmas miracle happens and they sell enough apartments to get financing.

  13. #268
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    I think that this one will happen. They'll get their loan facility once things loosen up again.

  14. #269
    Disgruntled Optimist lofter1's Avatar
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    Jenga collapse?

    Downtown Express
    Under Cover
    December 25 - January 1, 2009 Edition

    Work has stopped at 56 Leonard St., where an 830-foot tower of stacked condo cubes is slated to rise.

    Izak Senbahar, principal at the Alexico Group, said workers finished the foundation about a month ago and are pausing before moving onto the aboveground construction. In the meantime, Con Edison is doing underground work, which will take until the end of January.

    But Senbahar also needs to get the last chunk of the $600 million project’s construction financing before work can move forward. The bank Eurohypo is supposed to provide it, and Senbahar said he is 90 percent sure it will come through in four to six weeks. If the money takes any longer to arrive, 56 Leonard’s December 2010 opening will not happen.

    Senbahar did not sound as impervious to the economic downturn as he did in September, when he said he was confident his Jenga-shaped building would attract buyers no matter the economy.

    “It’s a very challenging world,” Senbahar said last week. “It’s a different world than it was three months ago… It’s never about people not having the money, but it’s a mood thing, a psychological thing as well that makes people buy.”

    Senbahar said sales are in the double digits, but he admitted he’s only sold four units since the sales office opened October. Senbahar also hasn’t sold any of the 10 penthouses, which cost up to $33 million.

    “There are a lot of lookers, though,” Senbahar said.

    He is optimistic that the country’s mood will turn around early next year.
    UnderCover also spoke to a few workers at and around the site, who first told us two weeks ago the site was at a standstill.

    Across the street, a man smoking a cigarette sounded none too pleased about the tower.

    “Yeah, it’s another Bloomberg special,” he said.

    ***

    Jeesh ... Smokers


  15. #270

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    The article title doesn't fit the contents.

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