NEW YORK | 80 South St | 1,436 FT | 113 FLOORS


#143

Better not building at all than starting and not finishing like this building in Bangkok during the Asian financial crisis…


#144

This site deserves a supertall, Personally I would prefer a massive office building rivaling those at the WTC site but I’d settle for any supertall right now. Downtown needs more supertalls.


#145

Agreed. Odd to think there have only been 4 downtown, and two of them are replacements for another.

45 Broad is a saving grace but we need this too.


#146

Oh I completely agree. I don’t suggest anyone build without money or tenants lined up. Those ghost cities are prime examples of money down the drain. I just think it’s unfortunate that this current opportunity for 80 south seems to be a no go


#147

China Oceanwide’s problems appear to be quite serious. The company has booked $11.4 billion of development costs as a “current asset,” an amount that represents 88.5% of its total inventory balance. In other words, 88.5% of its real estate-related inventory is comprised of unfinished or not-even-started buildings. This is especially concerning given that 99.8% of the company’s inventory is real estate-related. At the same time, Chairman Lu Zhiqiang has used his company’s money to purchase more than $120 million in California real estate in some sort of play to shift assets overseas before the bottom falls out. I could go on but don’t want to bore people. I hope someone comes along and grabs this site away from them. If One Seaport is any guide, that area with the right building should not have a problem selling out in short order.


#148

Anyone know if they are still progressing at the oceanwide center in SF?


#149

they are, though progress is slow. They are not out of the ground yet. They did bring in a tower crane, so it stands to reason it will progress.


#150

The company purchased the site of the San Francisco tower for $300 million in 2016 from a private equity firm that paid $113 million for it only two years prior. This development is supposed to be the most expensive construction project in San Francisco with an estimated cost of $1.6 billion. Oceanwide began construction towards the end of 2016 but a Curbed article from early 2018 called the project “little more than a dream, a smile, and a pile of construction equipment.”


#151

I don’t see how they could secure construction loans for the project, given their current situation??


#152

There are apparently several serious accounting red flags in their books and the conglomerate has a very opaque structure. While it had previously enjoyed seemingly unlimited access to credit for reasons I cannot explain, the good times appear to be over. The S&P has a CCC+ rating on the conglomerate’s principal operating entity and recently referred to its capital structure as unsustainable.