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  #161  
Old Posted Feb 7, 2020, 3:57 AM
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  #162  
Old Posted Feb 8, 2020, 7:39 PM
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  #163  
Old Posted Feb 20, 2020, 12:18 AM
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  #164  
Old Posted Feb 26, 2020, 2:39 PM
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  #165  
Old Posted Feb 27, 2020, 10:22 PM
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This building is great, but seems to be on hold
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  #166  
Old Posted Mar 26, 2020, 7:12 PM
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  #167  
Old Posted May 1, 2020, 6:34 PM
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  #168  
Old Posted May 9, 2020, 3:33 AM
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  #169  
Old Posted May 9, 2020, 11:31 AM
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Shame this one didn't have a red tint to the facade or at least another color.
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  #170  
Old Posted May 10, 2020, 3:18 PM
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  #171  
Old Posted May 22, 2020, 3:10 PM
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Sharif El-Gamal threatening to deconstruct condo tower, lender claims



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Sharif El-Gamal built a 667-foot condo tower in Tribeca. Now he’s threatening to rip the top of it down, his lender says.

The developer is playing hardball, according to the lender, warning that if a foreclosure proceeds, he will make the project much less valuable.


The seeds of the strategy were sown in 2016 when El-Gamal, the head of Soho Properties, merged two zoning lots at the former so-called “Ground Zero mosque” site, where he planned to build a two-story Islamic cultural center and a 43-story condominium at 45 Park Place.

That allowed El-Gamal to use air rights from the proposed Islamic Museum of New York to build 45 Park Place roughly one-third taller than otherwise permitted, boosting its projected sellout to nearly $448 million.

But the project has suffered a series of setbacks, and its consortium of overseas lenders has cut off funding and is moving to foreclose. To stave off the action, El-Gamal is warning those air rights could disappear, the consortium says.

It’s a complicated maneuver. This February, attorneys for the entity that owns the cultural site wrote to the entity that owns the condo tower, threatening to undo the zoning-lot merger unless the lender releases the funds to complete the project. Both entities are controlled by El-Gamal, according to the lender, although the developer denies that.

The attorneys said the merger rollback would yank 40,000 square feet of rights from the nearly completed condo tower. That would render the most valuable 15 or so floors illegal.

The lending group fired back. In a letter asserting that both entities answer to El-Gamal, it accused him of orchestrating a “bad faith scheme” to “gain leverage in negotiations.”
====================
TRD
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  #172  
Old Posted Jun 4, 2020, 3:03 AM
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From today's Chopper 4.



To the right of Woolworth (45 Park). Also can see 130 William on the left.
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  #173  
Old Posted Aug 4, 2020, 1:15 AM
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  #174  
Old Posted Aug 21, 2020, 11:59 PM
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  #175  
Old Posted Sep 1, 2020, 12:10 AM
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  #176  
Old Posted Oct 3, 2020, 2:03 AM
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  #177  
Old Posted Oct 23, 2020, 10:15 PM
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  #178  
Old Posted Nov 24, 2020, 12:58 AM
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Construction On 45 Park Place Remains Stalled In Tribeca



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YIMBY’s Turkey Week tour of stalled projects continues with 45 Park Place, a 667-foot-tall residential skyscraper in Tribeca. Designed by SOMA Architects with Ismael Leyva Architects as the executive and residential architect, the 43-story tower has been on hold since late 2019. Sharif el-Gamal of Soho Properties is developing the project, with Piero Lissoni serving as the interior designer. 45 Park Place is located between Church Street and West Broadway, just to the north of the border with the Financial District. Permasteelisa Group and Vidaris are the façade consultants.

Photos from above and below the slender reinforced concrete superstructure show the glass curtain wall about two-thirds of the way toward its stepped roof parapet. The construction crane still hangs off the partially cantilevering western elevation. We hope to see activity resume some time in the near future.

Work has also yet to commence on an annex of the property at 51 Park Place, which is slated to become a 71-foot-tall, 16,000-square-foot Islamic cultural center. YIMBY last heard that Scott Newman of Cooper Robertson is listed as the architect for the upcoming facility, though it’s unclear if it is still planning to be built. If so, it would rise directly to the west of the lower floors of SOMA’s skyscraper.

A revised completion date for 45 Park Place has yet to be announced.
===================
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  #179  
Old Posted Apr 22, 2021, 1:01 AM
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  #180  
Old Posted Apr 22, 2021, 2:46 AM
DCReid DCReid is offline
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Quote:
Originally Posted by chris08876 View Post
Wonder why this is stalled? Aren't there two other downtown residential towers under construction that are stalled as well? I guess downtown is not doing well, especially compared with the rest of the city. I visited Greenwich Village about one year ago, and most of the main streets had empty storefronts.
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