New York Times Tower

[NYguy]

[Urban_Legend]

That's a nice lookin' tower! When is it expected to be completed?

[Allan]

Has it started construction yet? I really like the NY Times tower.

[NYguy]

Technically its not under construction yet, the site is still being cleared. Construction will start in a few months. Here are a few photos I've taken over the past few months of demolition work...

[NYguy]

Site demolition nearing its completion...(5/9/04)

GOING!

GOING!

GONE!

[NYguy]

NY Times...

Construction of Times Building Is Scheduled to Start in Summer

By CHARLES V. BAGLI

May 13, 2004

The New York Times Company and its partner plan to begin construction this summer of a long-awaited 52-story skyscraper at Eighth Avenue and 40th Street, where workers are now dismantling the vacant buildings on a two-acre site.

The Times and its partner, Forest City Ratner Companies, have tentatively scheduled a groundbreaking ceremony for late June on what will be an $850 million tower, the newspaper's third home in the Times Square neighborhood over the last century.

Forest City also expects to agree in the next month on about $300 million in financing for the tower from the GMAC Commercial Mortgage Corporation, according to real estate executives and government officials.

"They expect to close within the next 30 days on financing," one executive said. "Then the project will take off."

Under the partnership, The Times has a 58 percent stake in the project and will occupy 825,000 square feet of the 1.5 million-square-foot tower. Forest City and its partner, ING Financial, have the remaining 42 percent. The Times expects to occupy the building early in 2007, more than two years later than planned.

Forest City's pending deal with GMAC ends a degree of uncertainty that arose in October, when The Times announced that it would delay construction until its partner could obtain financing. Last year, Forest City asked the Bloomberg administration for $400 million in tax-exempt Liberty Bonds, which were designated for rebuilding New York after the attack on the World Trade Center.

City officials balked, not wanting to reopen a deal that was struck in 2000. Under the terms of its land lease with the city and the state, The Times and Forest City were required to begin construction by September 2004. Forest City subsequently pared its request to $150 million, but made little progress on the bonds. The developer then turned to GMAC.

The partners took possession of the site, between 40th and 41st Streets, across Eighth Avenue from the Port Authority Bus Terminal, in September 2003, after the 55 businesses there had moved out. Several months ago, demolition began. Only four buildings, all shrouded in black safety netting, remain on the site.

The Times and Forest City posted a $134 million letter of credit covering acquisition of the site, but they are liable for only $85.6 million. Anything above that will be refunded over time as a credit against the land rent paid to the state. Under the deal with the state, The Times also got $26.1 million in tax breaks.

[thumper]

This has to be one of the best looking modern towers that I have ever seen. Thanks for sharing the information.

[NYguy]

Got a good look at the site yesterday. They are still digging aggressively, so no foundation work yet. I'm not sure how deep they are going...

[NYguy]

Finally got a look at the site while it was inactive...

Nov 7, 2004

Judging from this shot of the Bank of America tower site a couple of blocks away, (also taken Nov 7, 2004) the NY Times tower still appears to be in the lead...it will be a fun race to watch...

[Fruit Cove]

i love this tower and the direction Ny is going with their architecture, with the boa building and wtc

[NYguy]

Dec 4, 2004

Site of Times tower....less rubble, excavation complete?

[NYguy]

April 2, 2005

Grabbed a few shots, despite the rain. Foundation work continues...

[lammius]

Nice set of pics. Thanks!

[NYguy]

Since I was in the area, I decided to improve upon yesterday's pics. These are easier to see....

APRIL 3 2005

The lowrise section of the NY Times tower:

Foundation work on the main body of the tower:

The NY Times tower already has a presence on 8th Avenue, thanks to large renderings on both the 40th and 41st street corners:

[NYguy]

A comparison pic, the Bank of America tower site, also taken today. More pics in the BOA thread

APRIL 3, 2005

[NYguy]

Now the real fun begins, as the tower will begin to climb into the sky..

APRIL 16, 2005

[NYguy]

APRIL 23, 2005

We now summon forth the New York Times tower. Rise up, and take your rightful place on the skyline.

[NYguy]

This thing sure is rising fast...

MAY 21, 2005

______________________________________________________

And a look back at how it all began...

[NYguy]

More pics from busy 8th Ave

MAY 27, 2005

[juancapitalcitydc]

i love this tower and the direction Ny is going with their architecture, with the boa building and wtc

<{POST_SNAPBACK}>

I'll definitely have to make a trip to NYC soon. NYC is experiencing another skyscraper boom! 80 South St, NY Times, Freedom Tower, etc! NYC is truely a vibrant city, the capital of the world!

[juancapitalcitydc]

I'll definitely have to make a trip to NYC soon.  NYC is experiencing another skyscraper boom!  80 South St, NY Times, Freedom Tower, etc!  NYC is truely a vibrant city, the capital of the world!

<{POST_SNAPBACK}>

And lets not forget the Bank of America Tower!

[JerseyBoy]

Here's the finished product incase anyone hasn't seen it:

(photos by Carlos)

[Lowerdeck]

Looks nice. Wonder how tall it is...

[JerseyBoy]

It's 52 floors (1,046 feet), I believe.

[Lowerdeck]

I thought it was over 1000 feet, but wasn't entirely sure.

But only 52 floors... that's odd. An average of 20 feet per floor?