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imlavanow t1_jdd3klz wrote

why does that seem like...so much lower than i would expect a famous NYC building to go for? Shit has me thinking I was only a few bucks away

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leg_day t1_jdda483 wrote

It needs a shitload of work. Even in 2019 when it was still occupied it was pretty horrible inside -- and that was after a bunch of retrofits.

It's also landmarked, so everything costs more.

Trying to renovate and retrofit a landmarked building and bring it up to modern standards is hard. And risky. And time consuming. And expensive as shit.

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azdak t1_jddadfj wrote

the thing with ALL these iconic landmarks is that the internal infrastructure is a fucking mess, so any bid is taking into account the 9 figures they're gonna have to spend un-fucking it

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STcoleridgeXIX t1_jddl4jc wrote

Also the reason it’s famous (it’s crazy shape on a triangular lot) makes the floor layouts awful.

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GreenGreenGreenDDD t1_jdd6gv5 wrote

They might have bought the building only, and not the land. That brings the value down if they have to make large rent payments to the landowner.

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TeamMisha t1_jdefbu8 wrote

The only people nowadays looking to fill weird office space is maybe WeWork, this is gonna be riskier than investing in a quality, newer building that is in a better state of repairs and can more reliably attract tenants. Idt potential tenants are gonna be super keen to be stuck in a building with scaffolding blocking windows and endless reno work on it lol

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