NYC isnt getting any new towers for a while. I think you can stick a fork in any new commercial development that is not a bespoke project until after this commercial lending crisis passes that hasnt quite hit yet.
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NYCâs grandiose old buildings are essential to its allure.
JRF: Do you think that 175 and 350 Park will proceed?
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i dont. but i think if one did, it would be 350.
at the same time, i dont think ken griffin is going to rush into it and pay a lot more to raise the money needed to build it.
for the time, everyone sits tight.
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So 175 is basically on hold?
I believe they will be built because of large leases coming due soon. Never as a spec development. Same for 2 WTC.
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Thatâs what I assumed. If Blackstone, for example, wanted to anchor it, their lease is expiring on Park Ave. I guess that Rudin could give them an extension.
Didnât anyone say that the climb from 175 Park Ave. is guaranteed.
175 Park Ave. increases to 100%
Once the recession hits we might see more construction due to reduced costs but we still have all this empty office space.
Most of the office space that is currently empty wouldnât compete with new Class A+ product. Itâs a bit apples to oranges.
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Antonio is dead on.
The future for prime office space is extremely bright. Employees love Manhattan over any other American city.
As of a few years ago, the average age of Manhattan office space was over 70 years old.
Itâs a market begging for premium product as the de facto world capital.
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Could it be that we have strayed a bit from the original topic of âMadison Squre Gardenâ?
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Hell yeah! They donât have any binding power as far as I know but a unanimous resolution should turn some heads.
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I agree.
Donât hold your breath. Even if the interest rates went down this banking crisis is sure to have spooked any type of lending. These banks will want to stay as liquid as they can to avoid any solvency issues for a little while.
Durning the pandemic, when interest rates were 0%, lots of people gobbled up that risk-less money. That created a lending bubble that has yet to pop. Itâs almost like we were going the speed limit, (pandemic hits) we SLAMMED on the breaks. In order to get back up to speed we floored it, Blew straight past what we were aiming for and now weâre going to fast. We just have to find a way to get back down to the speed limit. But I donât think building more stuff in that plan at the moment.
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MSG must go. I used to ride the LIRR a lot. Penn is utterly vile. NY deserves a world-class station at Penn. Not to mention, construction of a new MSG on the dilapidated parcels between between 32nd and 34th, for example, together with a new Penn, would dramatically fuel the redevelopment of this area, which is presently among the worst below 96th St.
As noted above, this is utterly appalling.
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MSG moving is great news. It means a better Penn Station and construction for a new MSG. But I donât see how they can fund a new Penn Station without the proposed skyscrapers around it.
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The state can sell bonds. Theyâre looking to spend $8b to extend the Second Ave subway through vile, crime-filled parts of Harlem. They can spend money on the heart of the city.
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Doesnât less fortunate parts of NYC deserve a chance to rebound?
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