is this all just for the LIRR entrance?
About 2/3rds of it is, the other 1/3rd will eventually serve the tower/Phase 2 programming.
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It’s a background building. A lot will depend on execution. Plus at 844 feet it will bump up the skyline a little.
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BXP Cuts Dividend, Announces Asset Sale To Help Fund New Office Tower
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When will the construction of the tower begin?
there is a lot of foundation to do. Q3 2026 for vertical construction
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The tenant is CV Starr.
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CV Starr lease is ~250K SF. Whole building is already spoken for on proposals - Very positive leasing traction
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Welcome.
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175 Park should take some inspiration, once ground breaks the tenants will come.
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Agreed - Anecdotally heard from Scott Rechler (RXR CEO) today at a luncheon that they will be announcing “breaking news” shortly on both an anchor tenant and construction financing for 175 Park. Will be aiming to break ground by end of year. Has been swirling around the rumor mills but good to hear from horse’s mouth.
(Perhaps wrong thread for this)
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End of year seems unrealistic, since the holiday travellers have bookings at the Hyatt, but if you’re right, that sounds promising to say the least.
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New York. The World Capital.
Unreal. Amazing. Unprecedented.
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RXR doesn’t have $6.5B sitting around to drop on this, lol. Not even a fraction.
For that approach, they will need to unload a lot of their portfolio towards this, just to get a bank loan too, that amounts to a huge risk that won’t repay itself in the next 30 years. They certainly won’t do that as they just bought a $1B asset elsewhere in midtown with a loan.
This will only rise with an anchor, and as we’ve seen in recent posts, that’s approaching. The rumor that just got posted, lines up with Bisnow and others saying last month that a tenant can land by year’s end.
Hotel bookings can be cancelled in relatively short notices (1-2 months), as The Mirage did last year. But they probably won’t close it before Christmas.
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Hyatt would never recover from screwing over holiday travellers that badly lol. The Mirage was an irrelevant dump by that time.
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They certainly won’t (close it that way).
The closure of the Mirage attracted a ton of people, and it’s certainly not an “irrelevant dump”, which is why Hard Rock broke away from their long tradition of not groundleasing development sites, to built their guitar.