Spirits were high down in Lower Manhattan back in June, when developer Time Equities held a big press conference/ground breaking to formally announce its $600 million, 65-story glassy hotel/condo tower at 50 West Street, designed by famed architect Helmut Jahn (seen above in various design stages). But the Manhattan hotel market is crumbling and construction financing has dried up, and that's a bad mix for 50 West Street.
The Real Deal reports that the tower "could be delayed until 2012," which is one year behind schedule. Of course, delays are nothing new in this part of town, but this one seems serious. Foundation work has been ongoing, but the developer claims they may not get a construction loan until "third-quarter 2009." Reports of "slowing work" first surfaced in a Crain's story last month and was followed up by a Downtown Express item. The gang at Wired New York has also been chattering about the situation at 50 West Street, while mourning the loss of the "copper top" building that was demolished for the skyscraper and predicting that the site will be filled in and turned into a parking lot for the time being.
· 50 West Street completion date delayed [Real Deal]
· 50 West delay [Downtown Express]
· Check Out FiDi's Shiny New Helmut [Curbed]