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March 20, 2009
Developer cuts tower from 76 stories to 38
Gehry Tower near City Hall put on hold 38 stories short of goal
Crain's NY Business
by Amanda Fung
The Beekman Tower, the Frank Gehry-designed luxury rental building in lower Manhattan, has been put on hold 38 stories short of its planned height of 76 floors.
Developer Forest City Ratner Cos. says that work will continue on the lower stories, but added that no additional floors will be added pending an evaluation of costs.
The tower will have a 100,000 square-foot public school for pre-K and eighth graders, ground floor retail space, and an ambulatory care center for its next door neighbor—the New York Downtown Hospital. The building was to have roughly 900 apartments with stunning views of lower Manhattan and the nearby Brooklyn Bridge and was expected to open next year.
“Given the current economy, we are conducting a study to assess costs, risks and overall timing,” said a spokesperson for the company, in a statement. “Work is continuing on the building including on the school and we should have some conclusive answers shortly.”
...Last year, Forest City Ratner closed $680 million in financing for the mixed-used development—the largest construction loan in the company’s history. It was seen as one of the few projects in the city that was bucking the overall real estate meltdown as construction continued. Construction on the foundation of the Beekman Tower began in 2006.
Posted by eric at March 20, 2009 1:31 AM