It’s really depressing right now. The crane just swings in circles from the wind. They must have disengaged the motor or something. Somebody went up two days ago to take down a piece of netting that was flapping off. Something went very wrong with the developer.
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I need to check-in on this forum more often…lol
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Is there any news on what is happening with the stalled progress: It was moving along nicely when the crane was going. I found this quote which explains: " As Sharif El-Gamal sought to refinance 45 Park Place , construction crews prepared to abandon the luxury condo site this week over nearly $10 million in unpaid work — just a month shy of topping".
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Sharif el Gamal probably called up Al Jazeera to put that shot up, ha. They should put a big arrow on the screen saying “finish me!”
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I thought it may be something more basic: maybe construction industry inefficiency. The lag in the general productivity in construction lags significantly behind all other industries; this is a good place to put this informative article - even if the issue here is financing.
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No $ currently for this project.
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I do not understand how a developer can embark on a major construction project; then halfway through say - whoops, turns out I don’t have enough money. WTHeck. Anyway, good insight here: the Sharia Law financing seems to be meant exactly for this type of eventuality. This developer would have otherwise defaulted on the construction loan; and perhaps file for bankruptcy - the lender then taking over the property. This has happened with 111W57 and also the Sutton Place condo tower, among others: the Sharia loan means the lender with “work with” the borrower/developer so this does not happen. The details of this type loan is posted in one of the many YIMBY articles posted above in this thread. I always learn something new and interesting with each visit to the YIMBY forum.
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The typical model for this kind of building is they open a sales office/showroom near the site and presell the units, so as people buy units on spec, they can use these proceeds to finish construction. With the glut, particularly in this neighborhood, they weren’t getting enough sales traction to finish. I think this is what’s happening with the twisty twins in Meatpacking and Nordstrom tower to some extent.
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Very good to know; explains a lot. I have had time to, home a lot lately for Covid19, do a lot of YIMBY time, and I did not know how bad the luxury condo market has become until todays various readings. I do hope the “twisty twins” (good name) does not go rental: I would like to see some luxury interior design/remodeling take place in that Iconic work of Architecture.
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https://www.instagram.com/p/CALhbqlllJ8/
https://www.instagram.com/p/CAQSxQdgzyE/
https://www.instagram.com/p/CALAqYHDaxE/
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Deconstruction!!! What the fuck!!
This situation needs to come to a close one way or another soon. It’s right near where I live and it’s an eyesore that everyone hates. It’s literally an empty concrete shell – belongs in Caracas not Lower Manhattan
Good to see a reporter finally looking into this one – I have been at a loss of good info on it
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This building is arguably one of the biggest missed opportunities for that location. It’s bland and looks somehow out of place quality wise. Guess karma is taking care of the rest.
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