Re: [Marxism] assisting the work of the police

[Louis Proyect <lnp3@xxxxxxxxx>]

Steve Gabosch wrote:
> One, I didn't know that there was an article on the sale of 410 West
> Street in the NY Times.  Is this article in the Marxmail archives or on
> someone's computer?  I would like to please see that.

The New York Times
November 24, 2002 Sunday
Late Edition - Final

SECTION: Section 11; Column 3; Real Estate Desk; Pg. 1

Along West Street, A Residential Makeover

By ALAN S. OSER

JOGGERS may have been the first to know -- or to suspect. Roy
Liebenthal, a 39-year-old restaurateur, was a jogger along West Street
on the lower West Side in the 1980's. Even then, he says, as he ran past
dilapidated piers and small commercial and industrial buildings he
foresaw a glorious future for residential development on the eastern
side of the street.

Glorious may be too extravagant a term to apply to the pockets of
residential growth that now dot a long stretch of the eastern edge of
West Street. But there is no denying growth itself. Buildings are
increasingly emerging that offer buyers and renters exceptional views
directly across West Street over the city's waterfront piers and the
Hudson River to the New Jersey shore.

(clip)

Most new owners are currently building out their space or making plans
to do so, brokers say. Occupancy is expected to start early next year. A
few buyers are trying to resell, the brokers said, among them Martha
Stewart, who closed on a $6-million 3,000-square-foot duplex penthouse
in September. Other celebrity buyers include Calvin Klein, Nicole Kidman
and William Joy, the founder of Sun Microsystems.

"We could have built a short, squat building as of right, of which there
are dozens in the area, and walked away and made a profit," Mr. Born
said. "But we had a vision of something special, looking out on the
river, making the most of the light and a 360-degree view." It was
expensive to do this. There are more square feet of glass curtain wall
in the building than of interior floor area. The curtain wall alone cost
more than $100 a square foot, Mr. Born said.

One consequence of the extraordinary level that prices reached in the
Perry Street condominium is that land prices for nearby property
suitable for development have risen as well. Just south of the Perry
Street site, bidding reportedly reached $250 a developable square foot
for such a parcel -- 12,000 square feet on West Street occupied by
Pathfinder Press. "They were looking for $300 a foot," or $23.4 million,
to build 78,000 gross square feet of building area, said Charles
Blaichman, a co-developer of the Perry Street condominium. "That hasn't
been paid anywhere. I think out-of-towners jacked up the price."

Unsuccessful bidders reported that a sales contract was signed for $20
million, or more than $250 for each square foot that can be built, with
an unidentified buyer, but parties to the sale declined to discuss it.

The value of the Pathfinder Press property reflects in part the fact
that demolition and new construction of a sizable building could begin
fairly promptly, without zoning or other complications, developers say.
This is rarely the case along West Street. Modest commercial and
industrial establishments of yesterday operate on some blocks, and they
will not disappear overnight.

(clip)

--

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