Good. Will be a great day in NYC when City Club is shut down. A bunch of radicals hijacked the organization and turned it into an ultra-NIMBY piggy bank. It used to be a civic organization striving for a healthier NYC, now it’s just an obstructionist org.
The G Man knows what he’s doing.
Organizations being ‘high jacked’ and diverted from the original intent is a major issue that is not well enough understood or recognized; the official term is “institutional capture”. This same has happened with the ‘Municipal Arts Society’. I will not expound on this as we will go way off topic: but I agree - good riddance to the City Club.
Looking forward to the eventual rise of 50 West 66th Street - this is fascinating project, great design.
Per NYguy:
https://commercialobserver.com/2022/…vp-management/
Extell Lands $967M Construction Loan for Upper West Side Condo Tower
BY ANDREW COEN
FEBRUARY 9, 2022
Quote:
Gary Barnett’s Extell Development has landed $967 million of construction financing for its planned 775-foot Upper West Side luxury condominium tower, Commercial Observer has learned.
Bank OZK was the senior lender on the deal, supplying an $800 million loan for Extell’s 69-story project at 50 West 66th Street. JVP Management provided a $167 million mezzanine loan as part of the debt package.
“The project will ultimately become one of the premier condominium buildings in the city,” said Candace Graham, a spokeswoman for Bank OZK. “Extell is the perfect sponsor to deliver a successful project in the highly desired Upper West Side submarket and market conditions are very favorable for delivery of this marque asset.”
Extell received the financing more than four years after first announcing plans for the residential tower in late 2017, which calls for 127 condo units and an outdoor terrace on the 16th floor with a garden and swimming pool, The New York Times reported.
Quote:
The development has faced legal challenges with the nonprofit City Club of New York suing Extell in April 2019 to try and halt the project over zoning and safety concerns. Extell responded with its own lawsuit against City Club in December 2019 after it claimed the nonprofit continued with its case even after agreeing to drop it for a $300,000 settlement payment.
Justice Arthur Engoron of New York State Supreme Court, ruled in favor of the nonprofit in September 2020 before the decision was overturned on appeal in July 2021 paving the way for construction, The Real Deal reported.
So, when will work resume or we’re not sure yet. I love this tower
I doesn’t say in the articles, you can assume as soon as possible.
Great to see! Hope it’s the same design!
Wow! Good news!
And of course the loan is from Bank OZK.
Same. I really hope they keep this design!
Fantastic!
Back on track!
is there any chance they will stop this gem again?
There’s a 100% chance the NIMBYs will still complain. There’s a 0% chance they have any legal path to stopping an as-of-right development.
YAYYYYYYYYYYYYYY! One of my most anticipated projects has finally sprouted to life… again.
Very exciting news. Snohetta does not design a lot of skyscrapers so this will be great for the city. Hopefully the design hasn’t changed!
More details on this decision of this skyscraper can be found here:
And here: