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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

#171

Post by apocalyptic0n3 »

pbhjpbhj wrote: post #161
notspanishflu wrote: post #59

Earlier quoted context omitted.

Has someone there considered to install a MULTI? That would be cool. https://multi.thyssenkrupp-elevator.com/en/

Is it fully tested yet, that page says their new tower "will" (not does) provide testing? It's not the sort of thing I'd want to be an early adopter on.

Tom Scott did a video[1] on it last summer. They have a working version in a test tower in Germany, but have not installed it in an actual for-public-use building yet and I'm unsure if testing phases have been completed

[1]: https://www.youtube.com/watch?v=kdTsbFS4xmI

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

#172

Post by samstave »

cmrdporcupine wrote: post #159
52-6F-62 wrote: post #31

Earlier quoted context omitted.

If the food is at least as good as Google Waterloo (alas, I was only visiting.), then holy hell—I don't blame you. Coming from a more traditional office (with a gradually updating for-pay cafeteria) I could hardly believe it. It was really great food with an active policy of reducing waste (with published counts).

As a Google Waterloo employee I personally think much of the food at Google NYC is better, maybe the best I've had at Google. Not all of it, but some. There are certainly more options, as we have only one cafe here but there are many in NYC. But I haven't been there in 5 years, so I can't say that with certainty, things may have changed.

Google should recruit talent from youngsters by giving them a field trip to their various cafes.

"work hard and study, and this will be the food you can eat every day" as a motivational trope

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

#173

Post by [deleted] »

stale2002 wrote: post #129
finkin1 wrote: post #106

Earlier quoted context omitted.

I appreciate you trying to make OP's case, and I'm genuinely interested in changing my mind about this. What do you think should be done? Should growing companies be prevented from expanding because it might 'erode the character of the city'? I'm not in favor of the city subsidizing a company's growth, even if it does stimulate the economy in the long-run, but I just can't get behind any policy that would prevent a g…

What should be done is that cities should relax zoning laws, and allow more housing to be built in high demand areas. That way the city can fit everyone, cheaply.

[deleted]

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

#174

Post by 52-6F-62 »

cmrdporcupine wrote: post #159
52-6F-62 wrote: post #31

Earlier quoted context omitted.

If the food is at least as good as Google Waterloo (alas, I was only visiting.), then holy hell—I don't blame you. Coming from a more traditional office (with a gradually updating for-pay cafeteria) I could hardly believe it. It was really great food with an active policy of reducing waste (with published counts).

As a Google Waterloo employee I personally think much of the food at Google NYC is better, maybe the best I've had at Google. Not all of it, but some. There are certainly more options, as we have only one cafe here but there are many in NYC. But I haven't been there in 5 years, so I can't say that with certainty, things may have changed.

They had an enclosure containing an environment for growing micro greens you could pick yourself. lol. It wasn't for us I/O'ers, though. I was impressed, but maybe I haven't been spoiled yet.

They did just have the one cafeteria when I was there, but I wouldn't talk it down. Waterloo isn't that large of an office, relatively speaking.

I wouldn't be surprised that the NYC location is slaying Kitchener/Waterloo. I'd hope so! I think the last time I was up that way was pre-university drinking with friends in Guelph and at the Sleeman Brewery. It's a nice place, and becoming more of a research and development hub, but still has a way to go.

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

#175

Post by moftz »

pbhjpbhj wrote: post #157
tomcam wrote: post #113

Earlier quoted context omitted.

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

I'd be surprised if the company in the building is the one who owns it - yes all Google, of course - but surely there's some tax avoidance possible ...

Google is just one of the tenants along with Food Network and Major League Baseball. They also own the building across the street, 111 Eighth Ave. Some other companies rent space in there too. Google has the cash, doesn't want to pay rent, and knows they are going to be there for a long time. Might as well buy the place. Not really a tax avoidance, although it certainly could be, but it's more like a cost avoidance. Estimated rent for 1.2m sqf is $6.1m/month for your typical office space in Chelsea. For a price of $2b, Google would get their money back in 30 years from collecting rent, assuming it never changes. I'm sure they are looking at closer to 15 years.

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

#176

Post by jtmcmc »

stale2002 wrote: post #129
finkin1 wrote: post #106

Earlier quoted context omitted.

I appreciate you trying to make OP's case, and I'm genuinely interested in changing my mind about this. What do you think should be done? Should growing companies be prevented from expanding because it might 'erode the character of the city'? I'm not in favor of the city subsidizing a company's growth, even if it does stimulate the economy in the long-run, but I just can't get behind any policy that would prevent a g…

What should be done is that cities should relax zoning laws, and allow more housing to be built in high demand areas. That way the city can fit everyone, cheaply.

100 times this

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

#177

Post by jtmcmc »

tptacek wrote: post #131
hueving wrote: post #104

Earlier quoted context omitted.

>The real answer is for cities to be built up so much that even a Google-sized company is a drop in the bucket. That's a repulsive suggestion to many people who live in Boulder. Living in a city of <250k people is a feature, not a bug. Boulder is not cheap, if people wanted density they could already move to Denver for the same price and climate.

Boulder can't have it both ways: you can't ask for blockbuster skyline employers and low density; or, you can, but as you can see from SFBA, the result is inhumane. If Boulder wants to be Ann Arbor of the Mountains, that's fine. But I suspect that's not what Boulder really wants; people who live in Boulder want to have a competitive employment market with multiple options for where to work and little risk of being fo…

but much like the bay area I'm sure a loud minority of people in boulder will express their demand for all of the above with constant density while being continually outraged that it doesn't seem to be working out as they expect.

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

#178

Post by jtmcmc »

hueving wrote: post #132
oh_sigh wrote: post #123

Earlier quoted context omitted.

Over half a million people live within commuting distance of Boulder. It may 'only' have 100k people in it, but you aren't forced to live in the city limits if you want to work at Google Boulder

But many will want to, and that's enough to impact the market there significantly. No Googlers are forced to live in Mountain View either. That doesn't change the fact that Google employees fight for houses in Mountain View. People with means who do not like commutes will buy closer housing. And guess what, most people don't like commutes.

sounds like a real reason to build more housing nearby...

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

#179

Post by mljoe »

moftz wrote: post #175
pbhjpbhj wrote: post #157

Earlier quoted context omitted.

I'd be surprised if the company in the building is the one who owns it - yes all Google, of course - but surely there's some tax avoidance possible ...

Google is just one of the tenants along with Food Network and Major League Baseball. They also own the building across the street, 111 Eighth Ave. Some other companies rent space in there too. Google has the cash, doesn't want to pay rent, and knows they are going to be there for a long time. Might as well buy the place. Not really a tax avoidance, although it certainly could be, but it's more like a cost avoidance.…

There are some corporate structures that seem better suited for owning real estate, like a Real Estate Investment Trust (REIT). Maybe there is a proxy "Google REIT" that is 100% owned by Google. Or some other proxy entity accounting stuff going on, such that Google is not "technically" the owner of the building, but a subsidiary with a different tax structure. I think that's what the parent meant.

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

#180

Post by epc »

CydeWeys wrote: post #88
eric_h wrote: post #70

Earlier quoted context omitted.

The building they purchased in 2010 (111 8th Ave) is a full city block that they picked up for $1.9 billion - seems to be the going rate for a block in Chelsea.

Chelsea Market is 1.2 million sqft. 111 8th Ave is 2.9 million sqft, and the fourth largest building by floor area in all of NYC. Not only is Chelsea Market much shorter on average than 111 8th Ave, its land area is smaller as well. The buildings themselves are also older and less modern, thus worth less. 111 8th Ave is an absolute tank of a building. We got an excellent post-recession deal on 111 8th Ave. Chelsea Ma…

Chelsea Market has a lot of unused FAR, I think 300,000 square feet or more. Also not landmarked so easier to redevelop.
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