http://www.nytimes.com/2010/04/01/nyregion/01solow.html?ref=realestate Sheldon H. Solow’s swooping 50-story office tower on West 57th Street with the giant red “9” in front is half empty, a stunning development for a building that commands some of the highest rents in Manhattan. In 2008, Mr. Solow won approval for a $4 billion complex of seven towers on nine acres along First Avenue, but the only... [more]
http://www.nytimes.com/2010/04/01/nyregion/01solow.html?ref=realestate
Sheldon H. Solow’s swooping 50-story office tower on West 57th Street with the giant red “9” in front is half empty, a stunning development for a building that commands some of the highest rents in Manhattan.
In 2008, Mr. Solow won approval for a $4 billion complex of seven towers on nine acres along First Avenue, but the only thing erected there has been a parking lot. Work has shut down on another Solow project, a residential building on York Avenue.
In the past 15 months, several executives at his company have quit or been fired. Mr. Solow, who is 81, is said to have medical problems, and his wife, Mia, and son Stefan have taken control of the business, at least temporarily.
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Response by jasieg16
almost 16 years ago
Posts: 123
Member since: Oct 2009
Do you know why B of A built their own building on 6th? Its because they wanted to gain signage rights at 9 West 57th where they occupied most of the building but Sheldon said no F#cking way. Then they asked for an ATM kiosk in the lobby as an alternative to signage. Not gonna happen he said. So they built a massive building that is far better than 9. Sheldon has 0 debt on that property and has tenants still in there paying 150/ft. He can get away with holding out but he sure did piss off the brokerage community. no deals get done there. Now he has stepped aside and we see that CBRE has once again taken over as exclusive agents for the property. He has not lost his developments on the east side, he has simply put them on hold due to construction financing issues. Its so stupid when the media taks an occurance at a site or at a property and blasts it as the end of that developer. Poor Larry Silverstein, The genius and living legend, knows how this works all too well. The man has a target on his back bc of the WTC. Sheldon suffers a similar fate as he is a recluse and a notorious hard ass. Sensationalized media is no way to attain readership. The truth shall prevail.
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Response by nycfund
almost 16 years ago
Posts: 74
Member since: Nov 2008
Speaking of truth -- there is $400 million of debt on 9 West... Never heard signage story before and common sense telling me an ATM Kiosk wouldn't halted that move and undertaking... A good yarn nonetheless.
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Response by falcogold1
almost 16 years ago
Posts: 4159
Member since: Sep 2008
'In 2008, Mr. Solow won approval for a $4 billion complex of seven towers on nine acres along First Avenue, but the only thing erected there has been a parking lot. Work has shut down on another Solow project, a residential building on York Avenue.'
There's a parking lot???
That was my dream!
They pave over the whole thing and make it outdoor parking at great rates. Covers the property tax and some additional costs while Solow waits for greener times.
This would have a nice impact on the cost of parking up and down the eastside.
It would be the greatest parking lot the city has ever seen!
Maybe, they could even put in a car wash.
Dream dream dream..........................
Do you know why B of A built their own building on 6th? Its because they wanted to gain signage rights at 9 West 57th where they occupied most of the building but Sheldon said no F#cking way. Then they asked for an ATM kiosk in the lobby as an alternative to signage. Not gonna happen he said. So they built a massive building that is far better than 9. Sheldon has 0 debt on that property and has tenants still in there paying 150/ft. He can get away with holding out but he sure did piss off the brokerage community. no deals get done there. Now he has stepped aside and we see that CBRE has once again taken over as exclusive agents for the property. He has not lost his developments on the east side, he has simply put them on hold due to construction financing issues. Its so stupid when the media taks an occurance at a site or at a property and blasts it as the end of that developer. Poor Larry Silverstein, The genius and living legend, knows how this works all too well. The man has a target on his back bc of the WTC. Sheldon suffers a similar fate as he is a recluse and a notorious hard ass. Sensationalized media is no way to attain readership. The truth shall prevail.
Speaking of truth -- there is $400 million of debt on 9 West... Never heard signage story before and common sense telling me an ATM Kiosk wouldn't halted that move and undertaking... A good yarn nonetheless.
'In 2008, Mr. Solow won approval for a $4 billion complex of seven towers on nine acres along First Avenue, but the only thing erected there has been a parking lot. Work has shut down on another Solow project, a residential building on York Avenue.'
There's a parking lot???
That was my dream!
They pave over the whole thing and make it outdoor parking at great rates. Covers the property tax and some additional costs while Solow waits for greener times.
This would have a nice impact on the cost of parking up and down the eastside.
It would be the greatest parking lot the city has ever seen!
Maybe, they could even put in a car wash.
Dream dream dream..........................