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Google is buying Chelsea Market building for over $2B

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Re: Google is buying Chelsea Market building for over $2B

#111

Post by bllguo »

metalliqaz wrote: post #105
aresant wrote: post #82

This is such a fascinating cycle. Large pensions & sovereign wealth funds are so desperate for yield vs. low treasuries that they have pushed income producing commercial real estate values to all time highs. As a result these fund managers are then forced to take on larger risks to cover their liabilities by making larger portfolio allocations into public techs like Google, and privates like AirBNB & Uber. And this d…

What do you mean by "Google is taking themselves off the market as a tenant"?

They bought the building and thus don't need to rent. What's the confusion?

Re: Google is buying Chelsea Market building for over $2B

#112

Post by oh_sigh »

ionforce wrote: post #99
zohaibr wrote: post #18

Earlier quoted context omitted.

MLB occupies some space. But they were moving to midtown in 2019 but their lease is until 2022. Bamtech (recently acquired by Disney is there). I don't know what's going to happen for us. We'll find out.

> I don't know what's going to happen for us. Who is us?

"BAMTech" aka the old live video streaming arm started by MLB. They were bought out by Disney, which will be using the tech as the backbone of their own streaming service which is coming out in 2020 or so

Re: Google is buying Chelsea Market building for over $2B

#113

Post by tomcam »

metalliqaz wrote: post #105
aresant wrote: post #82

This is such a fascinating cycle. Large pensions & sovereign wealth funds are so desperate for yield vs. low treasuries that they have pushed income producing commercial real estate values to all time highs. As a result these fund managers are then forced to take on larger risks to cover their liabilities by making larger portfolio allocations into public techs like Google, and privates like AirBNB & Uber. And this d…

What do you mean by "Google is taking themselves off the market as a tenant"?

Instead of renting office space they're making huge real estate purchases.

Re: Google is buying Chelsea Market building for over $2B

#114

Post by [deleted] »

metalliqaz wrote: post #105
aresant wrote: post #82

This is such a fascinating cycle. Large pensions & sovereign wealth funds are so desperate for yield vs. low treasuries that they have pushed income producing commercial real estate values to all time highs. As a result these fund managers are then forced to take on larger risks to cover their liabilities by making larger portfolio allocations into public techs like Google, and privates like AirBNB & Uber. And this d…

What do you mean by "Google is taking themselves off the market as a tenant"?

[deleted]

Re: Google is buying Chelsea Market building for over $2B

#115

Post by bobthepanda »

yakitori wrote: post #101
CodeSheikh wrote: post #4

Google NYC is literally right across the block from Chelsea Market. This transaction would mean that Google will occupy the real estate above the actual market. Chelsea Market is an amazing place with great offerings of food etc. As long as this transaction does not ruin the ecosystem of CM then New Yorkers are OK with this transaction. Lets face it who would not want to sell their real estate to The Google?

> Chelsea Market is an amazing place with great offerings of food etc. It really isn't. It's a tourist trap, especially with the completion of the High Line. The food isn't good and it's overpriced to take advantage of the tourists. > As long as this transaction does not ruin the ecosystem of CM then New Yorkers are OK with this transaction. Like new yorkers' opinions matters in manhattan. The only thing that matters…

Agreed. CM ten years ago was a real neighborhood spot. CM five years ago was basically turning into the hipster version of Herald Square.

Re: Google is buying Chelsea Market building for over $2B

#116

Post by jacobmoe »

yakitori wrote: post #101
CodeSheikh wrote: post #4

Google NYC is literally right across the block from Chelsea Market. This transaction would mean that Google will occupy the real estate above the actual market. Chelsea Market is an amazing place with great offerings of food etc. As long as this transaction does not ruin the ecosystem of CM then New Yorkers are OK with this transaction. Lets face it who would not want to sell their real estate to The Google?

> Chelsea Market is an amazing place with great offerings of food etc. It really isn't. It's a tourist trap, especially with the completion of the High Line. The food isn't good and it's overpriced to take advantage of the tourists. > As long as this transaction does not ruin the ecosystem of CM then New Yorkers are OK with this transaction. Like new yorkers' opinions matters in manhattan. The only thing that matters…

I always enjoy the food there. What's _not_ a tourist trap in Manhattan?

Re: Google is buying Chelsea Market building for over $2B

#117

Post by oh_sigh »

fancyfacebook wrote: post #2

Google has largely ruined Boulder, CO after building a huge new sprawling thing and effectively dictating to locals and politicians exactly how they want the neighborhood and city to be structured going forward. Everyone who isn't a googler hates them and wishes we hadn't allowed that, much less given them massive amounts of corporate welfare. Resist googlers if you can, they destroy communities.

What? Googles new office on 30th and pearl is hardly 'sprawling' - the target and wholefoods that are right next to it each take up a much bigger footprint than the office, and that is just the buildings themselves - Target and WF have surface parking which takes up huge amounts of real estate for almost zero value - whereas the Google building has 3 or 4 levels of parking underneath it, reducing their overall footprint.

Man, if only Google left this lot condemned and abandoned, along with the defunct car dealership across the corner which is just an empty lot. Boulder would be so much better off.

You can verify all this with the satellite photos and street view.

Re: Google is buying Chelsea Market building for over $2B

#118

Post by hueving »

Xorlev wrote: post #80
fancyfacebook wrote: post #2

Google has largely ruined Boulder, CO after building a huge new sprawling thing and effectively dictating to locals and politicians exactly how they want the neighborhood and city to be structured going forward. Everyone who isn't a googler hates them and wishes we hadn't allowed that, much less given them massive amounts of corporate welfare. Resist googlers if you can, they destroy communities.

I've lived and worked in Colorado my whole life, joined Google Boulder about 8 months ago. Spent a ton of time in Boulder before that; my wife is from Boulder proper. Honestly? Google is barely a speck in the whirlwind of changes that Boulder is undergoing. Tech is a huge part of it, but you can't throw that entirely at Google's feet. There's been Silicon Valley expats and tons of other folks moving to Boulder for ye…

>I'd like to know what we're doing to destroy communities and how we can prevent that.

Stop moving into small cities with workers paid significantly above the average of the existing residents. Restaurants open that they can't afford, the limited housing stock gets bid up quickly, good schools get overcrowded, etc.

It's not a pleasant answer, but realistically that's ultimately what upsets a good chunk of the people that complain. If you bring in 2,000 people into any small city who make $200k/year+ when the average is down around $50k/year, it's going to result in a backlash and there is nothing you can really do unless you ban your employees from spending money there. The only real strategy is to pretend you are concerned and wait for the problem to gentrify away.

Re: Google is buying Chelsea Market building for over $2B

#119

Post by djtriptych »

ionforce wrote: post #96
djtriptych wrote: post #19

Earlier quoted context omitted.

Google employees already eat for free at 5-6 internal restaurants within the Google office space. I used to work at Google NYC and would occasionally eat at a nice Thai spot in Chelsea Market but most of the time I'd just take the free lunch.

> I used to work at Google NYC Where do you work now?

in ad tech

Re: Google is buying Chelsea Market building for over $2B

#120

Post by oh_sigh »

hueving wrote: post #100
finkin1 wrote: post #9

Earlier quoted context omitted.

I live in Boulder and don't share this sentiment whatsoever. Google already has a large campus here and they're expanding into an area that frankly needed to be renovated anyway. Their entire new + old complex is supposed to house ~2,000 employees. If adding 1.5k employees and a new building is "largely ruining Boulder" in your eyes you should see a doctor.

>If adding 1.5k employees and a new building is "largely ruining Boulder" in your eyes you should see a doctor. Put some effort into understanding perspectives before resorting to derision. Bringing thousands of highly paid employees into a smaller city is often not good for many who already lives there unless they own property. The majority of the new jobs will not go to existing residents, rents will increase, rest…

There are maybe 600k people within commuting distance of Google Boulder. Adding 1.5k high paying jobs isn't going to drastically affect the community.
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