6 ms·
Unfortunately, it’s been abandoned (and likely unmaintained) for nearly 5 years — with incomplete weatherproofing, etc. Who knows what’s been damaged or destroy
by zamfi 3y ago
Unfortunately, it’s been abandoned (and likely unmaintained) for nearly 5 years — with incomplete weatherproofing, etc. Who knows what’s been damaged or destroyed, invisibly?
It would be a major liability.
- pxmpxm 3y agoThe creditors have covenants to protect the asset and they've taken the possession in the fall of last year. 1) None of what you wrote makes sense - it's functionally owned by new york hedge fund 2) that specializes in real estate financing, and there's some local muni nonsense 3) that's slowing down the process. 1) https://therealdeal.com/la/2023/09/29/bermuda-court-orders-liquidation-of-china-oceanwide/ https://therealdeal.com/la/2023/09/29/bermuda-court-orders-l... 2) https://dwpartners.com/ https://dwpartners.com/ 3) https://therealdeal.com/la/2023/08/23/california-court-blocks-foreclosure-of-las-oceanwide-plaza/ https://therealdeal.com/la/2023/08/23/california-court-block...
- zamfi 3y agoI mean, sure, legally. But how many large-scale structures like this, that were paused for 5 years, end up completed? I only know of 22 Bishopsgate [1] — and that’s with the big caveat that they gutted the structural core of the building and replaced it. Don’t get me wrong, I’d love for someone to have been maintaining it, and for construction to complete rather than going entirely to waste. But given the levels of fraud that have been alleged around the project, I’m not holding my breath. [1] https://en.wikipedia.org/wiki/22_Bishopsgate https://en.wikipedia.org/wiki/22_Bishopsgate
- pxmpxm 3y agoNot uncommon, there was a ton of it after 2008. For steel and concrete highrises, it's not a huge deal. As matter of fact developers build these things in parallel, lower levels are getting interiors while upper floors are still open to elements concrete and middle is getting framed out for interior. Kinda interesting to see a tower that's getting washers/dryers and exterior windows installed at the same time... https://www.wsj.com/articles/SB10001424052748704226004575262580613845118 https://www.wsj.com/articles/SB10001424052748704226004575262...
- zamfi 3y agoSure, but I think this is a bit apples-and-oranges. 2008-era restarts were overwhelmingly completed by the original owners, with < 2y pauses, and most were pretty small. We’ll just have to wait and see I guess!
- prpl 3y agoFountainebleau Las Vegas https://en.m.wikipedia.org/wiki/Fontainebleau_Las_Vegas https://en.m.wikipedia.org/wiki/Fontainebleau_Las_Vegas
- zamfi 3y agoOooh, good example! Thanks!