Setai Midtown

Yes - 400 Fifth Avenue at 36th Street.

0 floor building with a total gross area of approximately 570,000 square feet. The development will contain a five star hotel, with 214 hotel rooms, including 157 guestrooms and 57 hotel/suite apartments, a gracious lobby, restaurant, bar, spa, health club, and other amenities. Topping the tower will be 190 luxurious Midtown Manhattan residential condominiums. The project is scheduled to be completed in fall 2010.

A curving façade segment, at the intersection of Fifth Avenue and West 36th Street, continues the rhythm of the windows while acknowledging the continuity of the “front” façade, which extends from the residential entrance on 36th Street to the hotel entrance on Fifth Avenue. Limestone cladding at the podium relates the new building’s materials to the rich and varied palette of stone cladding characteristic of the adjacent historic structures.

In addition to relating to the landmarked Tiffany & Company building, consideration has been given to the formal relationship to the adjoining 404 Fifth Avenue building, which is also a recently designated landmark structure.

The tower is composed of a simple shape rising without setback, with vertical bands of masonry and windows capped by a metallic crown. This simple massing is designed to harmonize and not compete with the rectilinear massing of the adjacent landmarks, as well as to recall the massing of the Empire State Building. The vertically faceted windows create a unique profile, reinforced in silhouette as the windows wrap the building corners.

Capping the tower, inclined planes of linen finished stainless steal, inserted between the masonry columns and designed to conceal mechanical equipment, are lit from a concealed source and act as large scale reflectors for form a luminous crown. The crown establishes the identity of the building as a unique address, another distinctive tower in the New York City skyline.

oops - dropped the first character - should be "60 story building ...

I guess the 190 condos will have to be all cash purchases. I tried to refinance my condo in a hotel/condo and the bank that holds the mortgage (wells fargo) said they will no longer finance any hotel/condos --even though they hold the current note! My mortgage broker said to forget about it. Not a chance. I could refinance through smaller banks but never get rates that would be worth it.

Has anyone seen prices and projected availability dates for 400 5th Avenue?

A CONDO HOTEL IS NOT THE SAME AS A BUILDING HAVING TWO SEPARATE ENTITIES,A HOTEL AND A CONDO;WHICH I BELIEVE MIDTOWM SETAI IS.THEREFORE,IT WILL NOT BE 'BLACKLISTED',by lenders as a condo hotel.

A "condo hotel". Why do you think they have done so little marketing? Building is at an advanced stage of construction not to have more advertising?

In my building the hotel is a completely separate entity than the condos. All part of same development. Separate buildings. Banks won't touch it. Though my building is in Miami, the banker told me it is a nationwide ban. They won't touch Trump Soho for the same reason and I don't believe they will touch this Setai. It is a hotel/condo. I believe it will face the same fate as other hotel/condos and be blacklisted. If you know otherwise, can you please provide that information.

I like the building from the outside, but it's still not on the market, any insider here?

www.setaififthavenue.com

Any pricing insights?

there are 13 apts on the market now and 32G is the cheapest one with an asking price around $2,150 sq ft

nuts!

Not the best part of town in addition to being surrounded by tons of tourists...

Where do they get the nerve to ask $2000+/sq.ft.?

I heard that they went bankrupt. Does anyone know if that's true?

Look what the Setai brand did to the purchasers downtown:

http://ny.curbed.com/archives/2010/11/15/fidi_developer_sued_over_substandard_lighting_other_travesties.php

As soon as financial difficulties arise the brand threatens to pull their name over 25 Grand. This is a real class act.

Croissants went a bit stale did they?
Ordinarily you'd get a quite a bit of empathy from this board but considering you tried to suck everyone else on your sinking downtown boat and insulted everyone who pointed out the holes...at least change your screen name.

Looks like the hotel is open.....starting $595 per night
http://www.a1-discount-hotels.com/hotel/352611/the-setai-fifth-avenue-a-capella-managed-hotel/rates/?destination=New York, NY, US&hotel-name=setai&

No worries for me truthskr10. Still happy and satisfied, just dissapointed in the Setai brand of threatening to pull their name over 25 grand after they already carved out 2.5 million.

I suspect that the buyers of the Fifth Avenue project should be just as concerned (six times the amount of money has been financed at the Fifth Avenue project over the 40 Broad project). Just wait until the bank takes over that one. With respect to the downtown project, the Setai brand fully knew of any deviations long ago, but as long as they were getting paid, no harm no foul. Screw the owners who bought into the project - as long as the Setai brand gets their money who cares about promises and representations. It appears from the suit that they got their 2.5 million up front and are only going to get $25,000 per year going forward. Was it really the carpet and lighting - or their 25 grand?

Obviously there is something deeper going on. Kind of like firing a coach/manager after a 5 game losing streak, it wasn't the immediate couple of losses.
I'd say it's not the carpet and lighting or the 25K, it's trying to remove 40 broad from it's resume as it tries to sell a larger product with more at stake.
Bright side is the Setai is a viable company with assets that a class action by you and fellow residents may consider, if it's that important. Obviously it depends on what's on all that fine print in the branding docs.
I think the 5th ave project should have less concern because more than anything, 2 such events in a row would probably destroy the Setai as a brand and it is also half a hotel.

Could be worse though (look at Beaver House), and I don't know what's the future of 20 Pine. I really liked the amenities there but they have too many unsold apartments and half of them dreadfully face north next door to that monstrosity (Equitable building?).

If your happy where you are, don't waste your time on the sideshows going on.

If not, and you are a gambler, sell for a loss and trade up somewhere else.
Example, if you bought an 800 sq ft for $1m, sell it for 750K and then buy a 1600 sq ft for $1.5m.
Same percentages but break even in real money.
Easier said than done I know but if I bought pre Lehman it's what I'd be doing if I weren't happy where I am.

For some reason, most people understand and have no problem dumping stock, taking the loss and moving on to the next one, but refuse to lose a dime on real estate.

Thuthskr - I think that the 5th Avenue project buyers should have more concern. See the recent Wall Street Journal article. Setai has filed suit threating to pull their name from the 5th Avenue project as well!!!

If they are trying to drive the brand name into the ground, they are doing a great job.

Anyone have insight on the pricing in this building? It appears the few units that have closed have been for 30%+ back of asking prices.

Hotel portion of the Setai Fifth Ave. trades for $229M
http://therealdeal.com/blog/2012/10/08/hotel-portion-of-the-setai-trades-for-229m/