The sky may be the limit when it comes to constructing cloud-skimming Manhattan luxury condos, but when a storm strikes, it’s the sidewalks below that developers need to worry about. In the last month, our eyes and cameras were fearfully focused on One57′s dangling crane boom, but it’s not the first time that high winds have made it mortally dangerous to walk beneath an under-construction skyscraper. Back in April 2004, a freakish wind storm—gusts of 34 mph were recorded in Central Park—dislodged construction material from an upper floor of the still-under-construction Time Warner Center.
Perhaps the most remarkable difference between the two incidents was Mayor Michael Bloomberg’s reaction. In the case of the Time Warner Center, he chastised the developer and ordered work stopped immediately. After the One57 incident, he defended Extell, noting that high wind gusts often cause blameless accidents (which, to be fair, may well be the case and gusts during Sandy did reach 60 mph).
Controversy swirled this week, as Mexican architect Enrique Norton accused developers of spoiling his most recent project, Cassa NY, a new hotel on West 45th Street. Mr. Norton was enraged that instead of the glass curtain he envisioned over the base, the building will have a white skin and rectangular punched windows, like the rest Read More
July brings more modestly optimistic news for the city’s commercial real estate industry, according to the latest report from brokerage Cassidy Turley.
Manhattan-wide vacancies are still dropping, down from May’s 13.1 percent to 12.8 in June, marking the lowest amount of empty office space since at least April of last year. Downtown Read More
Following today’s story in The Times that Gary Barnett’s Extell Development plans to start construction within weeks on its luxury residential tower across from Carnegie Hall, here’s a rendering provided by the developer. The tower, designed by Christian de Portzamparc, is to be the city’s tallest residential building.
Its name: Carnegie 57.
Steve Roth’s plan for what would be the city’s third tallest tower, across from Penn Station on the site of the current Hotel Pennsylvania, just got a boost, as Borough President Scott Stringer on Wednesday gave his conditional approval for the proposal.
The planned 1,200-foot skyscraper—which is theoretical in that it would not likely be Read More
Carlos Slim Helu, the richest man in the world, is in contract to buy an office building on Fifth Avenue, according to a source close to the transaction.
Mr. Slim, the Mexican telecom billionaire and The New York Times‘ largest creditor, is in contract to buy the building, at 417 Fifth Avenue, for $140 million, Read More
Maybe midtown’s investment sales market is finally coming back to life.
On Thursday came news of two building trades: SL Green officially announced its purchase of Hines’ 600 Lexington Avenue for $193 million, or about $636 a square foot, a healthy price for this economy. (More details of the deal here.)
And, GlobeSt.com Read More
And the winner is… SL Green! For almost 180 million smackeroos!
SL Green, the city’s largest office landlord, has won the bidding war for Hines’ 600 Lexington Avenue, the glass-clad, 36-story tower between 52nd and 53rd streets, according to Crain’s. Rumblings of the deal were first reported at Observer.com late last week.
According to Read More
Texas-based Hines Interests is in contract to sell the 36-story, 282,409-square-foot office tower at 600 Lexington Avenue for at least $160 million (other sources put the bids at $180 and $190 million), according to a representative of one of the losing bidders.
Darcy Stacom of CB Richard Ellis, who listed the tower for Hines, called the losing Read More