Some kind of welding (or cutting) on the crane tonight around 11:15
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So let me get this straight: they are going to try to sell the remaining units, in this market, with these interest rates, with all the negative press, and the stench of "receivership" and the prospect of legal claims and liens and maybe the building not being completed as designed?

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣😂😂😂🤣🤣🤣🤣🤣


(sorry for bringing up real estate again. But I wanted to have some fun. And let's face it: if they do not get buyers, financing is less likely. And it is difficult to complete a building without money.)
 
Just heard the news, if anything even if it continues to height One Youge is almost certain to be completed first now.
 
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alklay said:
So let me get this straight: they are going to try to sell the remaining units, in this market, with these interest rates, with all the negative press, and the stench of "receivership" and the prospect of legal claims and liens and maybe the building not being completed as designed?

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣😂😂😂🤣🤣🤣🤣🤣


(sorry for bringing up real estate again. But I wanted to have some fun. And let's face it: if they do not get buyers, financing is less likely. And it is difficult to complete a building without money.)
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I mean it's kinda like one of those movies or even a series you see on Netflix you really enjoy...if you try not to think too hard about it. Where the logistics of it tend to spoil your experience of it...

...so it's the same with this building. Where one can sit back and enjoy the construction ride...and try not to think how this will be all budgeted, how it will be paid off or if it will ever turn a profit, because that will just spoil the fun, IMO. I get the armchair real estate economists are not helping much here...kinda like that person sitting next to you in the theatre who think they're the Lord's replacement for Siskel & Ebert and never shut up about it. But here's the thing though, this receivership has given an extend life to this project, so until that fat person starts to sing...enjoy the ride up to the top. And for what that's worth. <3
 
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To be clear - this building is likely going to lose a ton of money for its shareholders. Right now they are focused on minimizing those losses.

A completed building is ultimately worth more than a half-built hulking mass of concrete, which is why they are pushing forwards. Will they find the cash to reach the finish line? We’ll have to see.
 
innsertnamehere said:
To be clear - this building is likely going to lose a f***ton of money for its shareholders. Right now they are focused on minimizing those losses.

A completed building is ultimately worth more than a half-built hulking mass of concrete, which is why they are pushing forwards. Will they find the cash to reach the finish line? We’ll have to see.
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With the specialized construction, my assumption is that tearing down what's currently there to build something else would be far more expensive than tearing down just any standard building. And selling a property with a half-completed building on it is gonna be problematic as well, regardless of location.

This is not The Stump; this is much, much further along.
 
zang said:
With the specialized construction, my assumption is that tearing down what's currently there to build something else would be far more expensive than tearing down just any standard building. And selling a property with a half-completed building on it is gonna be problematic as well, regardless of location.

This is not The Stump; this is much, much further along.
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if they did halt construction and sell, the purchaser would likely implement a similar plan using the existing structure, particularly given its advanced state. Think about how Concord and Pemberton are basically just building Cresford's failed buildings, and those were at far earlier stages in construction.
 
innsertnamehere said:
if they did halt construction and sell, the purchaser would likely implement a similar plan using the existing structure, particularly given its advanced state. Think about how Concord and Pemberton are basically just building Cresford's failed buildings, and those were at far earlier stages in construction.
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The construction style might be a bit of an albatross then; a bit more expensive than most might want to pay for scooping up something on a firesale.
 
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