NEW YORK | Central Park Tower (Nordstrom)| 1,550 FT | 131 FLOORS - Page 119

NYguy · #**2361** Posted **Jul 28, 2014, 5:48 AM**

http://therealdeal.com/blog/2014/07/...-extell-tower/

Judge dismisses Art Students League suit over Extell tower
Plaintiffs claimed league’s board improperly conducted vote on $32M development rights price

July 25, 2014
By Claire Moses

Quote:

A New York Supreme Court Justice dismissed a lawsuit brought by more than 100 members of the Art Students League of New York against the League, its 12-member board and Extell Development Company.

The opposing members filed suit against their own organization – a derivative suit – in attempt to block the sale of development rights to Gary Barnett’s Extell.

Extell is looking to build a mixed-use, cantilevered tower at 225 West 57th Street, which is next door to the League’s historic, four-story home at at 215 West 57th Street. The plaintiffs claimed that the agreed-upon price of $31.8 million for 6,000 square feet of development rights — as well as the right to build a cantilever over the League’s building — wasn’t enough.

Justice Melvin Schweitzer dismissed the case on Friday, ruling that the League’s board acted in good faith.

“The Board had a legitimate business interest in rallying the League’s members to vote on an extraordinary opportunity for the League,” Schweitzer’s decision stated.

The opposing Art Student League members claimed that the board improperly conducted the vote and that it didn’t provide enough information to make an informed decision. The court dismissed those charges too.

“The business decisions made were reasonable and in good faith,” Michael Volpe, one of the attorney representing the defendants, said. “The court has consistently and definitively upheld the actions by the board.”

An Extell representative was not immediately available to comment on the decision.

JayPro · #**2362** Posted **Jul 28, 2014, 10:12 AM**

::channelling baby Plucky Duck from Tiny Toons::

"NIMBY's go donna hooooooooooole........."

chris08876 · #**2363** Posted **Jul 28, 2014, 3:57 PM**

If there where any true artists there they would of realized a long time ago that this is art. Hell, if they wanted to cantilever this tower over by 30 foot home I'd gladly let them. All I have though are oak trees and a Japanese blossom as the skyscrapers in my neighborhood.

ILNY · #**2364** Posted **Jul 29, 2014, 4:29 AM**

7.26.14

Not under construction yet.

NYguy · #**2365** Posted **Aug 5, 2014, 6:07 AM**

Seems I've come home at just the right time to get into this. Latest permit list a building height of 1,490 ft. Of course, with a spire it will be much higher.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=07

hunser · #**2366** Posted **Aug 5, 2014, 1:05 PM**

^ 1,490' roof + 60' crown = 1,550'!

Would be epic if Nordstrom ends up taller.

NYguy · #**2367** Posted **Aug 5, 2014, 2:30 PM**

^ Yeah, I just want to put this in the column of finally knowing exactly what we are getting. Official renders would be nice, good or bad.

Submariner · #**2368** Posted **Aug 5, 2014, 3:16 PM**

For some reason I keep thinking this tower will have a small footprint, but this site really is quite large.

Well folks, regardless of what happens, we will be getting our first +/- 1500+ foot tower (not counting the spire). Very exciting stuff...

Onn · #**2369** Posted **Aug 5, 2014, 3:59 PM**

The tower footprint is huge! It's like on the scale of 1WTC (which is party due to the Nordstrom in the base.) 225 West 57th will definitely be on the scale of the tallest building in the city, if it were not for it being 1 foot shorter.

It's an ambitious and grand project on Barnett's side. This is kind of the like the 21st Century version of the Sears Tower in New York done by the same architect.

ILNY · #**2370** Posted **Aug 5, 2014, 5:10 PM**

Quote:

Originally Posted by Onn

The tower footprint is huge! It's like on the scale of 1WTC (which is party due to the Nordstrom in the base.) 225 West 57th will definitely be on the scale of the tallest building in the city, if it were not for it being 1 foot shorter.

Nordstrom tower will be the tallest building (roof) in the city, it might just have shorter spire. And it will remain the tallest for quite some time as with Hudson Spire out of the picture there in no competition.

Onn · #**2371** Posted **Aug 5, 2014, 6:14 PM**

Quote:

Originally Posted by ILNY

Nordstrom tower will be the tallest building (roof) in the city, it might just have shorter spire. And it will remain the tallest for quite some time as with Hudson Spire out of the picture there in no competition.

Well technically we're going by spire height, not roof height. So 1WTC is still the tallest building in the city. That's a tradition going back to the Petronas Towers in Malaysia. However this project is at least on the scale of 1WTC, which is already the tallest building in the country. It's like a second 1WTC going up in Midtown instead of Lower Manhattan, the roof height being a little taller.

Nothing will top 1WTC for awhile. I don't expect the Hudson Spire to get off the ground anytime soon if ever at the purposed height. This building boom will eventually trail off.

wilfredo267 · #**2372** Posted **Aug 5, 2014, 6:29 PM**

Quote:

Originally Posted by Onn

Well technically we're going by spire height, not roof height. So 1WTC is still the tallest building in the city. That's a tradition going back to the Petronas Towers in Malaysia. However this project is at least on the scale of 1WTC, which is already the tallest building in the country. It's like a second 1WTC going up in Midtown instead of Lower Manhattan, the roof height being a little taller.

Nothing will top 1WTC for awhile. I don't expect the Hudson Spire to get off the ground anytime soon if ever at the purposed height. This building boom will eventually trail off.

buzzkill

Crawford · #**2373** Posted **Aug 5, 2014, 6:36 PM**

Quote:

Originally Posted by Onn

Nothing will top 1WTC for awhile. I don't expect the Hudson Spire to get off the ground anytime soon if ever at the purposed height. This building boom will eventually trail off.

Well we don't know if anything will top 217 W57 or 1WTC. We'll just have to wait and see.

Right now, there is no serious proposal, though the Shvo Tower, at 100 floors, may be taller, and there are plenty of sites in Hudson Yards, Midtown and near Central Park.

Onn · #**2374** Posted **Aug 5, 2014, 8:25 PM**

Quote:

Originally Posted by Crawford

Well we don't know if anything will top 217 W57 or 1WTC. We'll just have to wait and see.

Right now, there is no serious proposal, though the Shvo Tower, at 100 floors, may be taller, and there are plenty of sites in Hudson Yards, Midtown and near Central Park.

There is going to be a recession at some point and many of these projects will end up in the dust bin. It's happened before, its not going to be shocking. In fact I would prepare yourself. Many projects starting construction right now will pass but ones a little further away may have a much harder time coming to past.

pico44 · #**2375** Posted **Aug 5, 2014, 9:30 PM**

Quote:

Originally Posted by Onn

There is going to be a recession at some point and many of these projects will end up in the dust bin. It's happened before, its not going to be shocking. In fact I would prepare yourself. Many projects starting construction right now will pass but ones a little further away may have a much harder time coming to past.

The last recession is hardly over and you're looking forward to the next one? You must be a blast at parties.

Onn · #**2376** Posted **Aug 5, 2014, 9:43 PM**

Quote:

Originally Posted by pico44

The last recession is hardly over and you're looking forward to the next one? You must be a blast at parties.

The last recession ended in 2009, its been 6 years already. I don't think there will be one tomorrow but its not 5 years away either. 2015 will likely be a strong for the economy, after that who knows though. This isn't the 1990s. New York City's real estate market is already highly leveraged, which is an advantage for these projects but it won't stay that way forever.

babybackribs2314 · #**2377** Posted **Aug 5, 2014, 9:57 PM**

Quote:

Originally Posted by Crawford

Well we don't know if anything will top 217 W57 or 1WTC. We'll just have to wait and see.

Right now, there is no serious proposal, though the Shvo Tower, at 100 floors, may be taller, and there are plenty of sites in Hudson Yards, Midtown and near Central Park.

Shvo Tower is 77 floors.

Blaze23 · #**2378** Posted **Aug 5, 2014, 10:13 PM**

^^ interesting news. How far along is that proposal? And do you have any idea when we will be seeing some action on that site (permits, renderings...)?

NYguy · #**2379** Posted **Aug 6, 2014, 12:11 AM**

^ I'm sure that'll be posted in the appropriate thread.

As far as this tower goes, if its at 1,775 ft, it'll be the second tallest, a foot shorter than the Freedom Tower (even if it has a higher roof height). But with so many supertall towers going up in Manhattan now and in the future, I think design is more important for this one.

chris08876 · #**2380** Posted **Aug 6, 2014, 12:20 AM**

Quote:

Originally Posted by Onn

The last recession ended in 2009, its been 6 years already. I don't think there will be one tomorrow but its not 5 years away either. 2015 will likely be a strong for the economy, after that who knows though. This isn't the 1990s. New York City's real estate market is already highly leveraged, which is an advantage for these projects but it won't stay that way forever.

Of course it won't stay. Thats the cycle of capitalism. I think we all know that, but for now, at least a recession isn't in the crosshairs. Lets be happy things are going smoothly and the economy is slowly improving (Although I wish it was faster). Lets hope for the best!