Quote:
Originally Posted by Busy Bee
I think the factor that differentiates 660 is the level of investment in this renovation. We're not talking about a property owner spending 20 30 40 million dollars to replace the hvac and elevators and put in a more trendy color of marble in the lobby. A 400+ million dollar renovation is essentially a new building and a statement of confidence this building isn't coming down soon, and as far as property owners think, probably ever. No one is going to turn to dust a sunk cost this large, even in 50 years and since a steel building like this well maintained can essentially survive in perpetuity, likely not in 80 90 or 100 either. New systems, interior finishes and another exterior cosmetic upgrade? Sure. But unless a tragedy strikes I don't see it going anywhere. But hey believe what you want.
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You are very likely wrong.
Brookfield's annual revenue is north of $50 billion. $400 million for a project in an alpha city like NY is a drop in the bucket for them. It's like me purchasing a Big Mac and a Coke for lunch.
This building has 1.4 million square feet. As of right- prime location.
Considering the residential views at this location would draw enormous sums, I could easily see a 1,000+ foot mixed use tower rising here in 20 years.
Also, 20 years is a very long time. Essentially 20 years ago the Twin Towers were still standing.
I'd bet we are close to 75 supertalls either completed, UC, or proposed in 2040.
100 by 2050.
The rapacious development of NY is only beginning. The 1960s-1990s were a historical anomaly in that NY was viewed as dirty, rude, dilapidated- even third world. It was incredibly unusual for the most powerful city in the world's most powerful country.
For several reasons, those days of "Gritty NYC" are over.
And nowhere in the world is going to topple America and NYC as the dominant global power as long as any of us are alive.
Enjoy the Age of Ramses!