NEW YORK | 45 Park Place | 665 FT | 43 FLOORS

Construction workers come back at night. I’ve seen this around town.

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Starting to look like Oceanwide Plaza in LA :woozy_face:

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Crane is still active. Unless its just swinging in the wind

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I was recently fooled by that movement too; and thought this project had been revived. I have since learned that this ‘movement’ is called weathervaning.
If a tower is not allowed to swing with the wind it is at risk of collapse. Weathervaning is the practice of releasing the brakes on a crane. This allows the crane to rotate it’s full 360 degrees with the natural direction of the wind.

https://www.quora.com/Why-are-tower-cranes-boom-left-to-spin-freely-in-the-wind

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What an embarrassment!

This was a feature of Türkiye Week, YIMBY’s annual celebration of the NYC mayor’s favorite republic.

Photos by Michael Young

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Such a shame. Just like scaffolding, there has to be more enforcement around projects like this sitting idle for 5-6 years on end.

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I liked this tower originally, but it’s been stalled for so long that now I’m just over it

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Some pics I took from my office again last week.

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Lender Malayan Bank Berhad initiated a foreclosure on the property in 2020, but a judge denied summary judgment, allowing El-Gamal to keep fighting — and the project to remain stalled. In 2022, an affiliate of Michael Dell’s MSD Partners acquired the $174 million loan backing the project, hoping his high-octane firm, known for complex deals, would be the one to seize control of the tower.

Three years later, MSD is still at a standstill. El-Gamal has successfully managed to dodge foreclosures, but the litigation could start ramping up.

In one recent lawsuit, a subcontractor alleges the project’s lenders and developer have refused to allow the firm to remove its 42-story hoist and related construction equipment. Six years since the project stalled, S&E Bridge & Scaffold claims it has been unable to reclaim its hoist from the property.

Construction on the Michel Abboud-designed tower’s glass curtain wall is only about two-thirds completed. El-Gamal used a complex debt package in compliance with Islamic law to finance the project, complicating the foreclosure process.

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I find the idea of “interest free loans” intriguing. This MAY be what the above article is referring to regarding the “complex debt package”.

This financing approach of “emphasizing risk sharing” seems quite equitable. I checked with Ai to learn more… :thinking:

Question to GROK - What are the key features of Islamic/Sharia Law financing

Answer (excerpt) GROK -
Sharia law and interest-free loans

Sharia law, the religious law of Islam, prohibits the charging or receiving of interest, known as riba. Islamic finance, therefore, offers alternative structures that avoid traditional interest-based lending.

Here’s how Islamic finance addresses the prohibition of interest in loans:

Profit-sharing and risk-sharing models:* Islamic finance utilizes models where the financier and the client share the risks and rewards of an investment or project, rather than the financier simply charging interest on a loan.*

Murabaha (Cost-plus financing):* The bank purchases an asset (e.g., a car, house) at the customer’s request and then sells it to the customer at a higher, pre-agreed price, with the customer making installment payments. The markup is considered profit from the sale, not interest on a loan.*

(Lease-to-own):** The bank buys and leases an asset to the customer, with the customer making rental payments. A portion of the payments can go towards the customer’s future ownership of the asset.*

In essence, Islamic finance replaces the concept of an interest-bearing loan with alternative structures that comply with Sharia principles by emphasizing risk-sharing, asset-backed transactions, and transparent dealings.*

So much for testing the crane. What a tease

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the annual identical “Turkey Week” non-update

https://newyorkyimby.com/2025/11/45-park-place-continues-to-languish-unfinished-in-tribeca-manhattan.html

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