A few weeks ago, Real Estate Weekly reported that SJP Properties was close to securing the French bank Natixis as an anchor tenant for its 40-story, 1.1 million-square-foot speculative 11 Times Square project at the corner of 42nd Street and 8th Avenue, which will seek a LEED Gold rating from USGBC. Yesterday, the developer announced (with some degree of fanfare) that it has started erection of the $1.1 billion building’s 7,000 tons of structural steel. In a prepared statement, SJP CFO David Welch said that “[t]he arrival and implementation of the steel phase will allow interior core and floor framing for the structure to take shape. We remain ahead of schedule and will deliver the building for tenant occupancy by late 2009.” Designed by FXFOWLE, the tower will feature a concrete core enclosing its elevator banks and utility risers, which allows tenant floors to remain column-free and insulates them from noise emanating from the concrete-enclosed mechanical rooms.
April 10th, 2008 | Stephen Del Percio | 0 comments | ContinuedAll Posts Tagged With: "subprime lending"
French Bank May Say Oui to Gold at 11 Times Square
In early February, we noted an interview that SJP Properties’ Stephen Pozycki gave to Real Estate Weekly about progress at LEED Gold hopeful 11 Times Square, which is currently under construction at the corner of 42nd Street and 8th Avenue. “Tenants will come,” Pozycki said at the time, while also expressing his expectation that the tower would be half-leased come summer. Despite the softening market, it appears that Mr. Pozycki’s prediction may prove prescient, as Real Estate Weekly reported this week that the French bank Natixis is considering up to 250,000 square feet at 11 Times Square. The bank is apparently conducting test fit-outs but has yet to commit to occupying space at the tower. Natixis currently leases space in a number of Midtown trophy buildings- including 9 West 57th Street and 1350 Avenue of the Americas- that it wants to consolidate into one similarly prestigious space- LEED Gold, even on 8th Avenue, appears to meet that litmus test.
March 20th, 2008 | Stephen Del Percio | 0 comments | Continued
Green Building in Crisis? Bear Stearns Meltdown May Drown Beer Belly Building
Late yesterday, Crain’s reported that JPMorgan Chase will move its investment banking operations into the former offices of Bear Stearns on Madison Avenue at 47th Street in Midtown, which JPMorgan purchased on Monday in the aftermath of Bear’s meltdown last week. The decision places the proposed LEED Platinum Beer Belly Building project at 5 World Trade Center in jeopardy- if not completely shelving it- though according to a spokesman the bank is still considering its options in connection with the site. Crain’s also reports that JPMorgan will continue negotiating with the Port Authority about building at 5 WTC, but the same spokesman “couldn’t say what might be built . . . or when a decision would be reached.”
March 18th, 2008 | Stephen Del Percio | 2 comments | Continued
The Subprime Lending Meltdown: What Does It Mean for Green Building Part II?
Following up on yesterday’s Monday LEEDoff, an article on the cover page of this week’s edition of Crain’s ominously noted that “[t]he credit crunch [stemming from the subprime meltdown] is paralyzing the New York real estate market. In the past few weeks, financing for almost all large commercial and residential projects in the city has [...]
August 21st, 2007 | Stephen Del Percio | 0 comments | Continued
Monday LEEDoff: 11 Times Square and the Subprime Lending Meltdown- What Does it Mean for Green Building?
Over the past couple of weeks, it’s been impossible to ignore the economic doomsday scenarios that pundits have been tossing about in the wake of several high profile bankruptcy declarations by subprime lenders like American Home Mortgage (as well as the $11.5 billion loan obtained by Countrywide Financial to bolster its cash reserves). So, should [...]
August 20th, 2007 | Stephen Del Percio | 0 comments | Continued