Our pal Elevator View (one of the best photo tweeters/bloggers in town) shot us this photo of new construction fencing going up at 400 Park Avenue South, suggesting that Christian de Portzamparc’s long-delayed crystalline apartment building will finally rise there starting this year.
“The project is now 10 years old, it’s time to build it!”
That was Andre Terzibachian’s response when The Observer emailed him about 400 Park Avenue South on Friday. A partner at Atelier Christian de Portzamparc, Mr. Terzibachian is responsible for many of the firm’s projects in New York, where the Pritzker Prize-winning Frenchman has had a number of surprising successes: the jagged LVMH North American headquarters on 57th Street; the skyline-redefining, outrageously priced One57 now rising a few blocks to the west; and beyond that, abutting the Hudson River, a daring complex of five towers at Riverside South.
All the while, 400 Park Avenue South was in the works the middle of Manhattan as a small-time developer tried, and eventually failed, to get an ambitious project off the ground. (Oddly enough, it is the only of Mr. de Portzamparc’s projects not somewhere on 57th Street.) Construction was set to begin after years of development and zoning approvals. Then the recession hit. In December, the site was sold to a partnership of two of the nation’s biggest builders, Toll Brothers and Sam Zell’s Equity Residential. It was not clear at the time what the fate of this crystalline castle would be, but it turns out Mr. de Portzamparc will be planting another shard in the New York skyline after all.
the lead indicator
The potential for disruptions to global financial stability increased heading into last weekend. In Europe, both Germany and the European Central Bank rejected calls to expand the bailout to include large-scale bond purchases, insisting instead that the latter’s credibility depends upon its prioritization of price stability.
At a gathering of the Frankfurt Banking Conference, German Bundesbank president and European Central Bank Governing Council member Jens Weidmann said on Friday that “the economic costs of any form of monetary financing of public debts and deficits outweigh its benefits so clearly that it will not help to stabilize the current situation.”
When Chicagoans Speak
We talked to Sam Zell, the grave dancer himself, this afternoon. It was short and sweet, and mostly about a profile The Observer‘s working on. But, Mr. Zell, whose Equity Residential recently bought three apartment buildings in Manhattan, did have this to say about the New York real estate market:
Equity Residential recently went on a shopping spree for Upper West Side apartment buildings, and spent close to $180 million.
The Chicago-based firm purchased 228 West 71st Street and 238 West 71st Street for $75 million total; 41 West 86th for $45 million; and 52 West 77th Street for $58 million, according to city Read More