Now that the necessary period of intrigue and speculation has past, it's time to take a closer look at awesome building designed by the Pritzker Prize-winning Swiss duo of Herzog & de Meuron. What they have essentially done here is reinterpret New York's downtown loft vernacular through their own avant-guard prism. And to that Ian Schrager has added an expensive sheen of luxury to make this one of the most ambitious projects we've yet seen.