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  #5461  
Old Posted Mar 6, 2014, 11:45 PM
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Nice drawing, we are getting there...



http://www.mainstreet.com/article/re...-estate-market

Ukrainian Money Poised to Flood New York Real Estate Market


By Juliette Fairley
March 6, 2014


Quote:
As turmoil continues to mount in Ukraine, wealthy Ukrainians have fixed their gaze on the New York real estate market to secure their assets.

But they're not looking at condominiums and co-ops here.

"They want to buy new construction, because there's not many questions asked," said Jacky Teplitzky, a real estate broker with Douglas Elliman. "With condos and co-ops, they'd have to give more information about themselves, which they don't want to do because this is a connected world and when there's turmoil, there could be some people left behind in the Ukraine who want to know where their money comes from or oppose their move to the U.S."

.....Teplitzky has been taking calls from wealth managers and accountants in the Ukraine about the best real estate investments for Ukrainians exploring ways to keep their money safe while the crisis with Russia is resolved.

"I started receiving calls last Friday and these phone calls have been steady every since," said Teplitzky, who specializes in Eastern European buyers. "Most of these people already have assets outside of the Ukraine, but this issue is pushing them more to think about where to put their money."

Buildings currently under construction that Teplitzky is recommending include 432 Park Avenue and 157 West 57th Street between 6th and 7th Avenues in Manhattan.

"These buildings sell for $7,000 per square foot and up, and the money they are looking to invest is way past $5 million," Teplitzky told MainStreet. "The Ukrainians you see featured on television are often peasants, but there are very wealthy people there. Some of the oligarchs are of Ukrainian descent, and they are exploring their options."
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  #5462  
Old Posted Mar 7, 2014, 1:00 AM
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iansand

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  #5463  
Old Posted Mar 7, 2014, 3:33 AM
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There'll be at least *five* more that'll rally to her side and guard her against the threat.
     
     
  #5464  
Old Posted Mar 8, 2014, 12:58 AM
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Originally Posted by JayPro View Post
There'll be at least *five* more that'll rally to her side and guard her against the threat.
Or claim her throne...


I'd say by June maybe? July?, 432 Park will claim it's rightful place as Manhattan's tallest residential, at least for the next couple of years or so.
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  #5465  
Old Posted Mar 8, 2014, 1:21 AM
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Quote:
Originally Posted by NYguy View Post
Or claim her throne...


I'd say by June maybe? July?, 432 Park will claim it's rightful place as Manhattan's tallest residential, at least for the next couple of years or so.
It seems that if built, 225 w 57th will be a bit taller... is that mixed use or completely residential as well?
     
     
  #5466  
Old Posted Mar 8, 2014, 1:42 AM
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Originally Posted by Zapatan View Post
It seems that if built, 225 w 57th will be a bit taller... is that mixed use or completely residential as well?
225 W57 will have a department store at the base, so I guess "mixed-use", but it really depends on the definition of the term. I mean, 432 Park will have retail at the base too, but not nearly as much.

I don't think 225 or 432 will end up the tallest building in this corner of Midtown, though. I think one or two of these half-dozen unknown 57th Street sites will yield some surprises.
     
     
  #5467  
Old Posted Mar 8, 2014, 1:48 AM
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Quote:
Originally Posted by Crawford View Post
225 W57 will have a department store at the base, so I guess "mixed-use", but it really depends on the definition of the term. I mean, 432 Park will have retail at the base too, but not nearly as much.

I don't think 225 or 432 will end up the tallest building in this corner of Midtown, though. I think one or two of these half-dozen unknown 57th Street sites will yield some surprises.

Well that would be just awesome if the case.
     
     
  #5468  
Old Posted Mar 8, 2014, 5:43 PM
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Oh yeah that would be great.
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  #5469  
Old Posted Mar 8, 2014, 11:17 PM
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Last edited by Tectonic; Mar 9, 2014 at 3:40 PM.
     
     
  #5470  
Old Posted Mar 9, 2014, 1:00 PM
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March 9, 2014....moving up on the skyline...



















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  #5471  
Old Posted Mar 9, 2014, 2:44 PM
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Quote:
Originally Posted by Tectonic View Post
03.08.14



©tectonic
As much as I love this building, I hate the way it exposes this unfinished side of 450 park.

Given that 432 has used up all of its air rights and isn't likely to be redeveloped for many decades, if ever, is it possible that the owners of 450 would add new windows there and reclad the uncovered area? I have no idea how the economics work out, but does anyone have a decent idea of how much it costs to do this versus how much rents would increase as a result of additional window space?

My hunch is that the numbers would only justify such a move in the context of a residential conversion, but I hope I'm wrong about that.
     
     
  #5472  
Old Posted Mar 9, 2014, 4:05 PM
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Originally Posted by Tectonic View Post
03.08.14



©tectonic
It's really looking nice in the sun, and you can see some of the glass without the white covering. It would be cool if someone could photoshop those on to the rest of the windows to really see what it will look like.
     
     
  #5473  
Old Posted Mar 9, 2014, 7:09 PM
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Quote:
Originally Posted by De Minimis NY View Post
As much as I love this building, I hate the way it exposes this unfinished side of 450 park.

Given that 432 has used up all of its air rights and isn't likely to be redeveloped for many decades, if ever, is it possible that the owners of 450 would add new windows there and reclad the uncovered area? I have no idea how the economics work out, but does anyone have a decent idea of how much it costs to do this versus how much rents would increase as a result of additional window space?

My hunch is that the numbers would only justify such a move in the context of a residential conversion, but I hope I'm wrong about that.
Seeing how 450 Park has been sold, I would guess that the new owners would want to take advantage of the light and views new windows would offer.

http://www.bloomberg.com/news/2014-0...-somerset.html
     
     
  #5474  
Old Posted Mar 9, 2014, 10:18 PM
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How tall is this at the moment I feel like it hasn't risen in a week or two.
     
     
  #5475  
Old Posted Mar 9, 2014, 10:54 PM
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Originally Posted by NYC GUY View Post
How tall is this at the moment I feel like it hasn't risen in a week or two.
Both the core and perimeter jumped last week. Yesterday they added some rebar cages for the perimeter and they rise to apparent floor 50 at 775' The core is on apparent floor 51 at 790' 6'' For actual floor count subtract 5 floors.
     
     
  #5476  
Old Posted Mar 9, 2014, 11:27 PM
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it must have past woolworth by now right?
     
     
  #5477  
Old Posted Mar 10, 2014, 12:47 AM
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Quote:
Originally Posted by De Minimis NY View Post
As much as I love this building, I hate the way it exposes this unfinished side of 450 park.

Given that 432 has used up all of its air rights and isn't likely to be redeveloped for many decades, if ever, is it possible that the owners of 450 would add new windows there and reclad the uncovered area? I have no idea how the economics work out, but does anyone have a decent idea of how much it costs to do this versus how much rents would increase as a result of additional window space?

My hunch is that the numbers would only justify such a move in the context of a residential conversion, but I hope I'm wrong about that.
I think they would just put matching black metal panels instead of cutting in new windows, if they did anything.

Quote:
Originally Posted by 1Boston View Post
It's really looking nice in the sun, and you can see some of the glass without the white covering. It would be cool if someone could photoshop those on to the rest of the windows to really see what it will look like.
Even those windows have a translucent blue covering.
     
     
  #5478  
Old Posted Mar 10, 2014, 1:03 AM
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Quote:
Originally Posted by De Minimis NY View Post
My hunch is that the numbers would only justify such a move in the context of a residential conversion, but I hope I'm wrong about that.
It wouldn't cost that much to put in windows.

That building will never be residential, BTW; the current office rents are astronomical.
     
     
  #5479  
Old Posted Mar 10, 2014, 2:00 AM
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Originally Posted by Robertitoam View Post
it must have past woolworth by now right?
Almost, with the core. Although it still looks small to average among the other Midtown buildings( the windows are now really distorting its height for me), 432 is now taller than most skyscrapers in America.
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  #5480  
Old Posted Mar 10, 2014, 4:24 AM
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Originally Posted by Crawford View Post
That building will never be residential, BTW; the current office rents are astronomical.
They are. But on the other hand, that's one of the reasons the Sony Building is going residential. Then again, back on the other hand, we see the new office tower 425 Park moving forward. I would rule on it staying office, at least in the foreseeable future.

Anyway, 432 Park looks to be the most expensive overall of new construction, according to this list...
http://mercedesberk.com/blog/new-construction/
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