Report: Bloomberg agrees to Lexington Ave. tower.
If it happens, it will tower almost 1,000 feet above midtown mid·town
A central portion of a city, between uptown and downtown.
US & Canad the centre of a town and straddle In the stock and commodity markets, a strategy in options contracts consisting of an equal number of put options and call options on the same underlying share, index, or commodity future. one of Manhattan's most contested cavities. Bloomberg has, in theory, agreed to anchor the proposed 75-story, 1.3 million square foot tower on the old Alexander's department store site at 59th street and Lexington Avenue. Vornado Realty proposed the tower, which will combine office space, high-end retail stores, a luxury hotel and approximately 200 condominiums.
On Sept. 21 The New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times reported there "was a breakthrough at a meeting" in recent days between Vornado and Bloomberg. The news couldn't come at a better moment for the city's real estate market.
Wendy Kopsick, a spokesman for Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. , declined to comment on the deal.
Despite the silence on both sides, the news is causing a stir throughout the real estate industry in Manhattan.
"I've had three clients ask me what's going into that hole in the ground," said Steve Perlo, Vice President of the Corcoran Group. "This is a superb location for a retail anchor. There's a ton of demand supporting every area in this proposal."
Another insider believes the anchor tenant might be someone new on the block.
"I think, given the location, the retail anchor will be someone new, possibly a retailer who isn't in New York yet," said Faith Hope Consolo, Vice Chairman of Garrick-Aug Associates Inc. Consolo added that. "we've been waiting with baited breath for this to come along." Though the breakdown of retail/residential/office space remains to be determined, the prospects are extremely optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op across the board. The outlook for office space couldn't be better.
"I see the potential for a foreign bank as another tenant here," said Robert Billingsley, the Executive President of Coliers ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits.
(2) (Available Bit R . "The rents will be outrageous, of course, but you have to remember that this is the only big building being proposed in that area. And that is a very strategic area." Billingsley cited the proposed tower's location, "walking distance from the decision makers on the east side," as another selling point selling point
An aspect of a product or service that is stressed in advertising or marketing.
Noun 1. selling point - a characteristic of something that is up for sale that makes it attractive to potential customers . He also sees Bloomberg's potential move as an affirmation of the company's dominance.
The history of this vacant lot on 59th street dates back to 1991 when Alexander's was bought by Steve Roth of Vornado. Roth negotiated with Sotheby's for two years when the auction house was looking to move. But Roth turned the tables on Sotheby's by courting Christies instead (Christies subsequently moved to Rockefeller Center Rockefeller Center, complex of buildings in central Manhattan, New York City, between 48th and 51st streets and Fifth Ave. and the Ave. of the Americas (Sixth Ave.). The project was sponsored by John D. Rockefeller, Jr. ). Then came a round of negotiations with Bloomberg, at which point Roth hired the fourth architect to work on the dormant project. Since he began talks with the market data giant, developments went sluggish as both sides tried to agree on a deal. Then this past June, Roth raised the stakes by sending Bloomberg an ultimatum ultimatum (ŭl'tĭmā`təm), in international law, final, definitive terms submitted by one disputant nation to the other for immediate acceptance or rejection. : accept the deal or forget it. Roth filed plans with the City Buildings Department last summer which apparently gave Bloomberg only four flors of office space versus the six that they apparently required. The news reported in the Times on September 19 gives new reason to think that a deal is imminent.