http://www.nypost.com/seven/08102007...eve_cuozzo.htm
SEVEN MANHATTAN DEVELOPMENT PROJECTS TO WATCH
By STEVE CUOZZO
August 10, 2007
HERE are major Manhattan de velopers with planned office building projects that could be affected by credit-market turmoil.
None has signed tenants yet. No construction plans have been filed with the Buildings Dept. except where work has begun as noted.
SJP Properties
The site: 1.1 million square feet under construction at 11 Times Square, on the southeast corner of Eighth Avenue and 42nd Street.
The line: Expected to succeed because of its quality and because it's already out of the ground, so it can draw tenants while demand remains strong.
However, early talks with Australian investment bank Macquarie seem to have sputtered.
Brookfield Properties
The site: Possible buildings comprising 4.7 million square feet on the west blockfront of Ninth Avenue between 31st-33rd streets. No work has started on the project, which must include construction of a platform over the rail yard.
The line: Brookfield won't lift a shovel without tenants.
Vornado Realty Trust
The site: The Hotel Pennsylvania on Seventh Avenue between 32nd-33rd streets, to be demolished for a 2.5 million square foot office tower. The Hotel remains open while Vornado negotiates with Merrill Lynch as a possible tenant.
The line: Vornado chief Steve Roth sat on the Alexander's site for years until he signed Bloomberg LP as a tenant. Expect no less caution here.
Boston Properties
The site: Approximately 900,000 square feet on the east blockfront of Eighth Avenue between 54th-55th streets. Publicly held Boston Properties, in partnership with William Gladstone, have demolition under way with the owners said to be going "full speed ahead" on design plans and negotiating with unidentified possible tenants.
The line: Unlikely to build without at least one tenant.
Boston Prop./ Related Cos.
The site: 840,000 square feet on a portion of the east blockfront of Eighth Avenue between 45th-46th streets. The partnership is waiting to close on several building purchases and also negotiating for additional properties and/or air rights.
The line: Wait and see.
Macklowe Properties
The site: 350,000 square feet under construction at 510 Madison Avenue.
The line: A slam-dunk, even though no tenants have yet been announced. Super-luxurious "boutique" building with small floors will easily draw hedge funds and the like.
Macklowe Properties
The site: Potentially 1 million-plus square feet at 440 Park Avenue, the former Drake Hotel, which is now being demolished.
The line: A mystery. Great location, but rents will be astronomical.