Comments on: The Port Authority’s good deal with Condé Nast http://blogs.reuters.com/felix-salmon/2011/05/18/the-port-authoritys-good-deal-with-conde-nast/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: GregHao http://blogs.reuters.com/felix-salmon/2011/05/18/the-port-authoritys-good-deal-with-conde-nast/comment-page-1/#comment-26796 Thu, 19 May 2011 17:14:10 +0000 http://blogs.reuters.com/felix-salmon/?p=8294#comment-26796 something else that wasn’t mentioned in comments or the quotes pulled by Felix, Port Authority had to (per the article), “agreeing to assume the last four or five years of the company’s current lease in Times Square. “

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By: jomiku http://blogs.reuters.com/felix-salmon/2011/05/18/the-port-authoritys-good-deal-with-conde-nast/comment-page-1/#comment-26740 Wed, 18 May 2011 18:40:24 +0000 http://blogs.reuters.com/felix-salmon/?p=8294#comment-26740 There’s no mention of build-out. That’s a huge number: multiply the million sf by the cost of build out. Guess: there’s a trade in there, that CN saves a lot up front in build out and the lease is then backloaded.

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By: GRRR http://blogs.reuters.com/felix-salmon/2011/05/18/the-port-authoritys-good-deal-with-conde-nast/comment-page-1/#comment-26736 Wed, 18 May 2011 18:10:25 +0000 http://blogs.reuters.com/felix-salmon/?p=8294#comment-26736 Wow. Now I understand why NYers have been flooding Portland Oregon. $24/RSF NNN is typical, here.

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By: ajw http://blogs.reuters.com/felix-salmon/2011/05/18/the-port-authoritys-good-deal-with-conde-nast/comment-page-1/#comment-26727 Wed, 18 May 2011 16:22:15 +0000 http://blogs.reuters.com/felix-salmon/?p=8294#comment-26727 This is a good deal all around. With their lease running out in midtown I can only imagine what kind of jump in rent they were facing if they renewed there. And downtown could use more tenants badly.

As for transit, there are the A, E, 2, 3 and 1 a block away, and the N, R, 4, 5 and 6 are not far away. The people coming from Grand Central will be disappointed, fair enough, but are there many of those in fashion publishing? (I don’t know that world, so it’s an honest question).

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By: RZ0 http://blogs.reuters.com/felix-salmon/2011/05/18/the-port-authoritys-good-deal-with-conde-nast/comment-page-1/#comment-26711 Wed, 18 May 2011 14:15:49 +0000 http://blogs.reuters.com/felix-salmon/?p=8294#comment-26711 Just a reminder that there is a substantial transit hub underneath WTC – the PATH terminus, and the E subway and a couple of other lines.
Even so, Conde Nast’s move has added a half hour onto the commutes of all their workers, since their prior office was right next to Grand Central. Bet those guys are thrilled about it.
And like your previous commenter, I don’t see how there aren’t any significant givebacks and tax breaks built into this negotiation. There is no way the future of Manhattan real estate is in the Financial District. The transit links aren’t good enough.

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By: davew http://blogs.reuters.com/felix-salmon/2011/05/18/the-port-authoritys-good-deal-with-conde-nast/comment-page-1/#comment-26710 Wed, 18 May 2011 14:06:23 +0000 http://blogs.reuters.com/felix-salmon/?p=8294#comment-26710 Impossible.

The Port Authority needed this way too bad to force a blue chip client to pay top dollar. Surely Conde aren’t so stupid that they’d miss that negotiating point.

There will be fine print.

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