NEW YORK | 570 5th Ave (Extell) | 858 - 1,060 FT | 47 - 78 FLOORS

[JMKeynes]

These designs are decent, but I hope that they're not final. A crown would be nice. I think that Extell's condo on 66th St looks much better.

[NYguy]

JULY 9, 2022

[JMKeynes]

Isn’t Extell supposed to be back at the Community Board soon?

It would be nice if they tweak the designs. This tower will really stand out at this location, and a crown would be nice.

[NYguy]

Originally Posted by JMKeynes

Isn’t Extell supposed to be back at the Community Board soon?

It would be nice if they tweak the designs. This tower will really stand out at this location, and a crown would be nice.

Nothing soon. I’m guessing Extell may be altering plans. He has to get the right version/alternative through the approvals process.

[JMKeynes]

Originally Posted by NYguy

Nothing soon. I’m guessing Extell may be altering plans. He has to get the right version/alternative through the approvals process.

Thanks!

[chris08876]

Credit: JC_Heights

[JMKeynes]

Great photo. Hopefully, that final building will come down soon

[NYguy]

AUGUST 27, 2022

[NYguy]

Hard to say if Extell will land a tenant, or go the residential way. But there will be a lack of new building space available, with the newest towers filling up.


https://therealdeal.com/2022/09/02/m...-of-covid-era/

Companies still want a piece of Manhattan.

Some 3.4 million square feet of office space was leased in August, the most since January 2020, when the first Covid cases began to pop up in New York City, according to a Colliers’ report.

Notably, space in Midtown is steadily getting harder to find. More space was newly leased than became available in Manhattan’s central business district decreased for the sixth straight month, as was the case for Manhattan as a whole.

“If demand continues at the same rate, Midtown is on pace to nearly match 2019 leasing volumes of 15 million square feet,” said Franklin Wallach, director of research at Colliers.

[JMKeynes]

It’s not surprising that there’s a formidable demand for space in the Greatest City in the World.

[Prezrezreturns]

Originally Posted by NYguy

Hard to say if Extell will land a tenant, or go the residential way. But there will be a lack of new building space available, with the newest towers filling up.

There’re always the ‘burbs, with the Bronx being by far the most ripe for modern resi verticality.

[DCReid]

Originally Posted by NYguy

Hard to say if Extell will land a tenant, or go the residential way. But there will be a lack of new building space available, with the newest towers filling up.


https://therealdeal.com/2022/09/02/m...-of-covid-era/

"However, Midtown’s available office space has increased by 36 percent since March 2020. Wallach said that number is modest compared to Midtown South (where it has more than doubled), Downtown (up 95 percent), and Manhattan overall (up 67 percent.) Prospective tenants in Manhattan now have approximately 90 million square feet to choose from, according to Colliers..."

Still a lot of office space to fill... but from what I have been reading, there appears to be a good demand and desirability for new or refurbished class A offices...

[NYguy]

Originally Posted by DCReid

"However, Midtown’s available office space has increased by 36 percent since March 2020. Wallach said that number is modest compared to Midtown South (where it has more than doubled), Downtown (up 95 percent), and Manhattan overall (up 67 percent.) Prospective tenants in Manhattan now have approximately 90 million square feet to choose from, according to Colliers..."

Still a lot of office space to fill... but from what I have been reading, there appears to be a good demand and desirability for new or refurbished class A offices...

That doesn’t mean what you think it does. There is always an overall availability of office space. But’s not what we are talking about. We’re talking about the reason the city rezoned east midtown and the Hudson Yards. There is a lack of NEW office space, that’s the market we’re talking anout, and the reason the new towers, even at the WTC are filling up. With the lack of new starts on new office construction, (current proposals will take years to complete), this city demands more.

[chris08876]

That's the key, new office space. Vacancy rates are always fluctuating and sometimes its not a matter of adding a "net" but catering to the existing. A transfer of say 300k sq-ft from an "existing" tower to a "new" tower can mean all the difference. New space is in demand. Upgrading from say Class-C or Class-B to Class-A space.

The demand is there. And also accounting for growing business needs but the business of tenants seeking upgrades is always there.

Almost analogous to the residential sector... the jump from your basic run of the mill housing to say "luxury" housing. Stepping stones in some cases and that breeds demand.

NYC has supply shortage in that respect. In fact, if the city wasn't so expensive, we'd see the demand really skyrocket but even with the prices the way they are, its ludacris demand... to the point of a housing crisis. The city actually is NOT building enough!

[NYguy]

September 16, 2022

[JMKeynes]

I wonder if Extell is trying to buy 576 Fifth. I think that it’s a beautiful building and would like to see it restored, but I would not be surprised.

[chris08876]

Credit: bmosborne

[NYguy]

OCTOBER 8, 2022

[chris08876]

Credit: JC_Heights

[JMKeynes]