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Old Posted Jan 29, 2020, 12:01 PM
Crawford Crawford is online now
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Location: Brooklyn, NYC/Polanco, DF
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Quote:
Originally Posted by suburbanite View Post
Wasn't 330 Madison recently re-clad? That type of capex doesn't bode well for a redevelopment. At these prices it would be extremely hard to make the economics work for a redevelopment of a productive office asset, even if you are building supertall.
330 Madison was marketed as a long-term redevelopment. I don't think it will be demolished anytime soon, but in the next 15-20 years, yeah, probably. It's one of the relatively few sites that can buy Grand Central air rights.

And you can spend a half-billion on renovations, like we're seeing now with 660 Fifth, but it doesn't fix the limitations of the midcentury towers. Low ceiling heights, limited space between floors and floorplates not ideal for modern-day workplace.

Pretty much any non-landmarked midcentury tower with Grand Central air rights potential will probably be gone or substantially redeveloped in the next few decades.
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