#CRE: #SCALAREPORT: The $1.00 office building on Park Avenue South at 26th. Chris Riegel, Scala.com. #STRATACACHE
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 1 March 2024
⏱️ 11 minutes
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Summary
#CRE: #SCALAREPORT: The $1.00 office building on Park Avenue South at 26th. Chris Riegel, Scala.com. #STRATACACHE
https://www.zerohedge.com/markets/who-could-be-next-largest-canadian-pension-fund-sells-manhattan-office-tower-1
1911 Brooklyn to Manhattan
Transcript
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| 0:00.0 | This is a |
| 0:05.0 | CBS I on the world, the Scholar Report with CEO Chris Regal of Scala. |
| 0:10.0 | com, a global technology firm, transforming the retail space with digital signage business on all continents. |
| 0:16.5 | We begin with North America, our favorite continent. |
| 0:19.5 | The United States of America, particularly New York City, particularly Madison Square Garden, and 34th |
| 0:26.4 | and 6th. |
| 0:27.4 | Right there. |
| 0:29.7 | The quote is breathtaking. In recent months, |
| 0:33.8 | Vornado Realty Trust's property near Madison Square Garden |
| 0:37.7 | halted construction of a planned 61 floor |
| 0:41.3 | our office tower after a Hotel Pennsylvania was demolished. |
| 0:45.4 | Hotel Pennsylvania stood right across from what used to be the Pennsylvania station. |
| 0:50.9 | That was taken down in the 1960s and in place was Madison Square Garden with Pennsylvania Station underneath |
| 0:56.6 | Hotel Pennsylvania right across the road and that's gone but the item goes on to say the unfolding commercial real estate crash |
| 1:08.0 | forced Vernato to pause construction on their new office building and the plans now temporarily we're |
| 1:15.8 | told are converting the property into tennis courts for the US Open. |
| 1:20.5 | Tennis courts on 6th Avenue, near 34th. |
| 1:25.0 | Chris, a very good evening to you. |
| 1:27.0 | I was flabbergasted. |
| 1:28.0 | Who would want to play tennis in that environment? |
| 1:31.0 | But there it is for Natto auto and building tennis courts on this is a |
| 1:36.2 | prime prime real estate you're right across from Pennsylvania station you're right across |
... |
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