urbandreamer
recession proof
^Indeed. A good strategy to distance themselves from the Trump mess would be to cap it at parking, then when the economy improves relaunch the site either as a condo exclusively or under another brand.
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Which projects are most likely to get cancelled?
- Thread starter Adam
- Start date
Adam
New Member
Heard a few weeks back that trump was recently refinanced under plan 'B' (a hotel)... Unsure if this takes any floors out.
simuls
Senior Member
King West Life Condos is now "ON HOLD" according to Emporis website.
Roy G Biv
Senior Member
I heard from Lewis Builds that they heard about the "cap" rumour, and were told it's bs.
T
terrafirma
Guest
^aside from the tarnished and slightly bafoonish personal reputation of the brand anchor, this project appears to be (if you believe the developer's statements) sufficiently pre-sold to have obtained enough construction financing to proceed. Unless the developer chose to fund from internal resources (which would be very unconventionally, even for a purported billionaire) nothing should reasonably halt this train from its source. In fact, unless a substantial component of the sales just walked away (a reasonable possiblity) the construction lender is probably more likely to be repaid if it provides the developers the funds to complete the project and closes on the 70%+ of reported contracts. Otherwise how does the lender expect to be repaid?
I think of all options, a Donald Trump hotel is probably the least plausible in this city, in this climate, in this location.
urbandreamer
recession proof
The rumour is not mine; I was merely being a good UT "resident" and passing the info I heard (from a real live person btw
) the other day.
) the other day.
"Real live person"? So you only need to be able to fog a mirror to be a reputable source for a rumour? Oh wait, I remember, it was worth repeating because this person worked on another construction site in Yorkville, thus giving him expert status on Trump. Thanks for your penetrating investigative journalism, ud.
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urbandreamer
recession proof
^You're welcome.
Is it just me or does UT seem rather slow these days...echoing the recession?
Is it just me or does UT seem rather slow these days...echoing the recession?
Adam
New Member
Will be part hotel... like Plaza in NYC, according to well placed source.
RealEstateGirl
New Member
Urban Dreamer,
yes I echo your sentiments - the UT site does seem a little slower than previous months. Could be the recession I suppose - people worrying about bigger things than blogging I suppose!!
yes I echo your sentiments - the UT site does seem a little slower than previous months. Could be the recession I suppose - people worrying about bigger things than blogging I suppose!!
taal
Senior Member
Explain thy logic to me ?
If they sold x amount of condos would it not be in their favour to build a 10 story building (or whatever the # would be) rather then scrap all the residences that they've already sold.
Moreover - going from a 62 story to 10 story building probably wouldn't go over well with the city.
Adam
New Member
Not my logic but I don't see why anything is being scrapped here... build approx # condos already sold and turn the unsold into hotel rooms. Happens everywhere. I never said size would change at all...
taal
Senior Member
Oh sorry about that!
I misunderstood the first time.
Possible - but I'm sure most of the $$$ is coming from the condos so if there were a lot of unsold ones I think they'd be likely to chop off a few floors.
We haven't really seen a % sold figure in a while - TT might be able to tell us.
I misunderstood the first time.
Possible - but I'm sure most of the $$$ is coming from the condos so if there were a lot of unsold ones I think they'd be likely to chop off a few floors.
We haven't really seen a % sold figure in a while - TT might be able to tell us.
Adam
New Member
No worries at all... perhaps you're right, I just heard that they were happy to get financed (but it was under 'plan b', which included a hotel as they anticipated a high 'walk away' #)