We've made little secret of our continued fondness for Santiago Calatrava's 80 South Street Tower O' Penthouses, despite our near-certainty that the thing would never actually be built. Hey, dare to dream. Comes our boy William Neuman to dissect the odd possibility that, goodness, this tower might actually rise—if, that is, developer Frank Sciame can convince a bunch of prospective owners to drop $7+ million down payments before the building's financing is secured and construction actually begins. Potential buyers may also be put off by this quirk: "[Sciame] sold the land for the building to another developer in March for $34.5 million. He said he had a contract to buy the land back from the new owner, an affiliate of the Queens-based developer Cord Meyer, but would not explain his reason for the transaction."
So, in sum: your $30 million penthouse box has neither financing, nor, it seems, land. Naturally, we're predicting a sellout by month's end.
· But Will It Be Built? [NYTimes, second item]
· Calatrava's Tower O' Penthouses: Crank Up the Hype [Curbed]