But does Paris have powerful politically connected high priced consultants?

It’s actually an overpay by more than 2x if the intention was to redevelop it as a class A office building.

Assuming its fully redeveloped and gets top of the market rents (which it won’t since the floor plates are inefficient and the ceilings are too low) of ~$100/RSF, it should have ~$70/RSF in net operating income which at a 5% cap rate is $1,400/sf exit value. Going in at $750/sf with $400/sf in redevelopment costs plus $100/sf in financing and operating shortfalls leaves you at a ~$1,250/sf total cost basis, 40% of which is equity for a total of $500/sf, which means your $150/sf entrepreneurial profit is a 0.3x multiple on invested equity. A deal of this level of risk would typically command a minimum of a 2.0x multiple, and that’s not even factoring the amount of time it would take to go through the redevelopment process and try to lease the full building up when the office market is in the shitter. It’s actually hilarious that so many people on here seem to think that this was a “good deal” when the buildings current owner and profiling Nyc landlord Jeff gural himself said that it was probably not worth more than $80 million. Jacob Garlick probably realized this sometime after having his day in the paper as he forgot to send in the court mandated 10% deposit by the deadline last Friday.

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Thanks for mentioning ellis island btw, that's a spot a lot of people just sail right by on the way back to manhattan but it's so packed with history that a LOT of us can directly trace our family trees through and it's quite eye opening to how different the world is now

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And I'd love to see what you make out of top of the rock! Your art style lends itself really well to high buildings it seems just based on this piece, it really captures that sense of vertigo I had up there

Thank you, yeah I had to book a couple of months ahead of my visit in March. The statue itself; best viewed from a distance on the boats, but the crown platform is something special (and worth the exercise!). Ellis Island too was a worthwhile experience, visiting from Ireland the immigration history was very important to learn.

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Didn't get to do the SummitOV, but will likely do it on my next visit. However, I visited Top of the Rock. I've a sketchbook of rough ideas I did on my trip, I might do a series of NYC illustrations in my free time somewhere down the line.

Yeah the real issue is that the bar is so low that we have to applaud the Post for doing this once in a blue moon.

The Post is full of BS way too often but I applaud them for occasionally digging into shit that none of our other local media outlets care about.

I wish the Times would pick up this story, unfortunately everyone just dismisses the Post.

>I was able to access the crown platform inside the Statue of Liberty

Good stuff, I keep telling people to book crown reserve tickets, super cool experience.

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Love this work btw! I'd love to see your take on the SummitOV deck one day :D

The Post does this every once in awhile. When it comes to local news they sometimes do good investigative journalism and I wouldn’t be surprised if it performs as well or better than their usual trolling

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Hello New Yorkers,

I'm an illustrator and artist based from Belfast in Ireland, and I visited your city a few weeks ago. I was able to access the crown platform inside the Statue of Liberty and I got this incredible view of lower Manhattan, Ellis Island, Brooklyn, and part of New Jersey. I had reference photos and a rough sketch, but it was a drawing I properly wanted to realise when I got back home and used Procreate on my iPad Pro. I finished this a few days ago. I enjoyed my time in your city and its people, I hope to get back soon in the near future.

If you like what I do I'm across the internet in different places, my instagram is jamesashestudio and website is https://jamesashestudio.com (I had difficulty setting a new account using my artist name, so using an old account 😑)

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Well said. How this doesn't cause massive wide spread outrage among New Yorkers and elected officials is beyond me.

Its a separate sovereign though. See: https://www.law.cornell.edu/wex/separate_sovereigns_doctrine

The federal government isn't a higher power than the states, its just a different power. Some stuff, like interstate commerce it was given the power to regulate. But all power not given to the federal goverment is reserved by the states.

Thanks for the link. I hadn't heard of that site before and it's definitely awesome. At first glance, they appear to focus on HPD data specifically for the purpose of examining housing and landlords as well as piercing LLCs. We pull a wider array of data in an attempt to cover various types of properties—residential, commercial, condos, etc.—and to enable different types of analyses such as via our explorer map. We also have a native iOS app that's quite useful when you're on the street.

They have some really cool features though. I'm going to dig around.

Imagine dealing with the DMV all the time. Thats why LL don't take vouchers.

Its called the free market. Would you want a job where you have to jump through hoops and nonsense to get paid? Or would you settlle on another job doing the same work and making the same amount without all the bullshit?

Therapy is really, really important. It will save you millions of dollars and leave you with your reputation intact.

If you are having frequent disagreements and cannot disengage for any reason, please find a therapist and unload. Please!

Woody Allen needed therapy. Charlie Sheen needs therapy. Robert Downey Jr needed therapy.

We all need therapy.

I hope Jonathan Majors can find peace along with the woman to whom he directed his anger. It's not okay.

Nor am I willing to dismiss this actor. He should have the privacy to find peace.

This is not the Will Smith slap. Dismissing the incident won't serve Mr. Majors

I do hope, growth and learning is on the agenda.

I am shocked by the accusation by not quite willing to dismiss a growing career.

Please see a therapist. Please publicly apologize to this woman.

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What a disappointment.

Now let’s see how open the employowners are to hiring new employowners and chalking up equity

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