I think this will go rental.
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I had assumed there were construction complications with that never-ending curtain wall installation; and I now know better. This building will get done, and yes, most likely go rental.
I am not sure why going rental is a better option than selling condos when a foreclosure on the property occurs, but that has been the pattern with most other NYC luxury residential foreclosure in the recent past.
This project has been quite a fascinating story; a âtwistedâ tale indeed. 
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Buildings go rental when they canât sell the units. Itâs not that itâs the better option, itâs the only option at that time. Some buildings revert back to condo conversion when the market improves.
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good to see somebody picked this up, though I hope HFZâs Fifth Avenue project gets canned.
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What a deal, good news.
Iâm still guessing rentals with later conversion to condo.
I assume those who signed up early got their money back. I think you may be right stache. I Cannât imagine this condo boom will continue for much longer. Unless a lot of it is fueled by wealthy investors buying up lots of property.
This is exactly what is driving the sharp increase in property prices in NYC. The is still a glut of unoccupied condo apartments, not even counting the âshadow inventoryâ hidden from the stats; and much more being built currently.
Real estate investment trusts, pension funds, individual investors domestic and foreign have vast amounts of capitol they are looking to invest in; and NY Real Estate remains the best (most secure) investment vehicle.
That being said: I see this project selling as Condo apartments if this investment frenzy continues for another year. It will probably take this developer at least that long to get this project completed and ready for occupancy.
This project looks fanatic - and glad to see it is now moving towards an imminent completion.
Bottom line: this is not âdemand drivenâ price increases in the market due to short supply. The other factor is high inflation resulting in higher prices without actual âhigher valueâ.
At least that is what I have read from some of the many âsubject matter expertsâ I follow⌠
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is this project on hold?
It was, but It looks like what Iâm hearing after the purchase theyâre going to resume work on this site
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theyâll probably need a bridge loan, but not a large one. With the superstructure already done, they just need to make these towers move-in ready and sell out. Since its on the high line it should sell quickly.
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I like everything about this building design aesthetics; except the choice of facade cladding. It also seems to be quite a bad choice in terms of construction detailing: it has been a slow, and painstaking process from the beginning.
That facade was not an âefficientâ choice for cladding, or particularly attractive - but overall this project will be fantastic simply because of the visually exciting âform factorâ.
Let the cladding commence⌠
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I agree.
Still not enamored by this one. My hope is that the cladding will smooth out the notches created by the offset concrete columns at each floor. At the moment it looks very clumsy.
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this is an all time boondoggle.
Worse than One Seaport?
I think One Seaport is worse, because the entire building may need to come down due to the faulty foundation method used to cut costs. There was some technical difference like âpile drivingâ verses poured concrete foundation: the entire building may need to be demolished at One Seaport.
These two are running neck-to-neck on biggest NYC construction boondoggle. The final âwinnerâ will be determined once the âfoundation issueâ is resolved over at One Seaport. Time will tell!
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45 Park Place is stalled too. And 125 Greenwich is still unfinished, but at least the exterior is done.
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Maybe there should be a thread for stalled projects and/or boondoggles.
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