Insane how many projects are in the process right now. Still got more along the way…
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We almost have 4 buildings 1000+ under construction. That doesn’t even include Extell’s developments at the ABC and Madison sites.
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The Age of Ramses next round
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why do i have a feeling once demo is complete theyll have money problems and be forced to scale down/change the design
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I’d expect that from a developer like Moinian or even Vornado. But this is no typical project.
Citadel is intricately embedded and has deep pockets unlike its ‘partner developers’ on this site which have typical RE debt. AND their HQ site in Miami is not even a hole in the ground yet while they will need A LOT of space in the 5-10 year time frame.
Scale down/design change is always possible - but this is Park Ave in the 50’s - highly desirable for high-end offices. They’ve already bought a ton of air rights which would be challenging to unload now; I think the chances of this getting scaled down are virtually nil.
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I wouldn’t worry about it. If anything Citadel will cash in on a crash.
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Great news
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Demolition finished by end of summer, foundation work finished by next spring?
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probably about right. start vertical summer 2028. foundations are very complex and phased due to adjacent MTA structures.
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